Document:

Second Amended and Restated Limited Partnership Agreement

 Exhibit 10.6 

 
  

 
 SECOND AMENDED AND RESTATED
LIMITED PARTNERSHIP AGREEMENT 
 OF 
 Oaktree AIF Investments, L.P. 
 Dated as of October 29, 2008

  
  

 
 THE PARTNERSHIP UNITS OF OAKTREE AIF
INVESTMENTS, L.P. HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, THE SECURITIES LAWS OF ANY STATE, PROVINCE OR ANY OTHER APPLICABLE SECURITIES LAWS AND ARE BEING SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. SUCH UNITS MUST BE ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES
ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR PROVINCE, AND ANY OTHER APPLICABLE SECURITIES LAWS; AND (II) THE TERMS AND CONDITIONS OF THIS SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT. THE UNITS MAY NOT BE TRANSFERRED OF RECORD
EXCEPT IN COMPLIANCE WITH SUCH LAWS AND THIS LIMITED PARTNERSHIP AGREEMENT. THEREFORE, PURCHASERS AND OTHER TRANSFEREES OF SUCH UNITS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT OR ACQUISITION FOR AN INDEFINITE PERIOD OF TIME. 

 Table of Contents 

 

							
	 	  	 	  	Page	 
	
	ARTICLE I	  
	
	DEFINITIONS	  
			
	SECTION 1.01	  	Definitions	  	 	1	  
	
	ARTICLE II	  
	
	FORMATION, TERM, PURPOSE AND POWERS	  
			
	SECTION 2.01	  	Formation	  	 	7	  
	SECTION 2.02	  	Name	  	 	7	  
	SECTION 2.03	  	Term	  	 	7	  
	SECTION 2.04	  	Offices	  	 	7	  
	SECTION 2.05	  	Agent for Service of Process	  	 	7	  
	SECTION 2.06	  	Business Purpose	  	 	7	  
	SECTION 2.07	  	Powers of the Partnership	  	 	7	  
	SECTION 2.08	  	Partners	  	 	7	  
	SECTION 2.09	  	Withdrawal	  	 	8	  
	
	ARTICLE III	  
	
	MANAGEMENT	  
			
	SECTION 3.01	  	General Partner	  	 	8	  
	SECTION 3.02	  	Compensation	  	 	9	  
	SECTION 3.03	  	Expenses	  	 	9	  
	SECTION 3.04	  	Officers	  	 	9	  
	SECTION 3.05	  	Authority of Partners	  	 	9	  
	SECTION 3.06	  	Action by Written Consent or Ratification	  	 	10	  
	
	ARTICLE IV	  
	
	DISTRIBUTIONS	  
			
	SECTION 4.01	  	Distributions	  	 	10	  
	SECTION 4.02	  	Liquidation Distribution	  	 	10	  
	SECTION 4.03	  	Limitations on Distribution	  	 	10	  

  
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	ARTICLE V	  
	
	 CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS;

TAX ALLOCATIONS; TAX MATTERS
	   

  

			
	SECTION 5.01	  	Initial Capital Contributions	  	 	10	  
	SECTION 5.02	  	No Additional Capital Contributions	  	 	10	  
	SECTION 5.03	  	Capital Accounts	  	 	11	  
	SECTION 5.04	  	Allocations of Profits and Losses	  	 	11	  
	SECTION 5.05	  	Special Allocations	  	 	11	  
	SECTION 5.06	  	Tax Allocations	  	 	12	  
	SECTION 5.07	  	Tax Advances	  	 	13	  
	SECTION 5.08	  	Tax Matters	  	 	13	  
	SECTION 5.09	  	Other Allocation Provisions	  	 	13	  
	
	ARTICLE VI	  
	
	BOOKS AND RECORDS; REPORTS	  
			
	SECTION 6.01	  	Books and Records	  	 	14	  
	
	ARTICLE VII	  
	
	PARTNERSHIP UNITS	  
			
	SECTION 7.01	  	Units	  	 	14	  
	SECTION 7.02	  	Register	  	 	15	  
	SECTION 7.03	  	Registered Partners	  	 	15	  
	
	 ARTICLE VIII
	   

	
	 VESTING; FORFEITURE OF INTERESTS; ADMISSION OF

ADDITIONAL PARTNERS; TRANSFER RESTRICTIONS
	   

  

			
	SECTION 8.01	  	Units Subject to Vesting	  	 	15	  
	SECTION 8.02	  	Forfeiture of Unvested Units upon Trigger Event	  	 	15	  
	SECTION 8.03	  	Limited Partnership Transfers	  	 	16	  
	SECTION 8.04	  	Mandatory Exchanges	  	 	16	  
	SECTION 8.05	  	Further Restrictions	  	 	16	  
	SECTION 8.06	  	Rights of Assignees	  	 	17	  
	SECTION 8.07	  	Admissions, Withdrawals and Removals	  	 	17	  
	SECTION 8.08	  	Admission of Assignees as Substitute Limited Partners	  	 	17	  
	SECTION 8.09	  	Withdrawal and Removal of Limited Partners	  	 	18	  

  
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	 ARTICLE IX
	   

	
	DISSOLUTION, LIQUIDATION AND TERMINATION	  
			
	SECTION 9.01	  	No Dissolution	  	 	18	  
	SECTION 9.02	  	Events Causing Dissolution	  	 	18	  
	SECTION 9.03	  	Distribution upon Dissolution	  	 	19	  
	SECTION 9.04	  	Time for Liquidation	  	 	19	  
	SECTION 9.05	  	Termination	  	 	19	  
	SECTION 9.06	  	Claims of the Partners	  	 	19	  
	SECTION 9.07	  	Survival of Certain Provisions	  	 	20	  
	
	 ARTICLE X
	   

	
	 LIABILITY AND INDEMNIFICATION
	   

			
	SECTION 10.01	  	Liability of Partners	  	 	20	  
	SECTION 10.02	  	Indemnification	  	 	21	  
	
	 ARTICLE XI
	   

	
	 MISCELLANEOUS
	   

			
	SECTION 11.01	  	Severability	  	 	22	  
	SECTION 11.02	  	Notices	  	 	23	  
	SECTION 11.03	  	Cumulative Remedies	  	 	23	  
	SECTION 11.04	  	Binding Effect	  	 	23	  
	SECTION 11.05	  	Interpretation	  	 	24	  
	SECTION 11.06	  	Counterparts	  	 	24	  
	SECTION 11.07	  	Further Assurances	  	 	24	  
	SECTION 11.08	  	Entire Agreement	  	 	24	  
	SECTION 11.09	  	Governing Law	  	 	24	  
	SECTION 11.10	  	Arbitration of Disputes	  	 	24	  
	SECTION 11.11	  	Expenses	  	 	25	  
	SECTION 11.12	  	Amendments and Waivers	  	 	26	  
	SECTION 11.13	  	No Third Party Beneficiaries	  	 	27	  
	SECTION 11.14	  	Headings	  	 	27	  
	SECTION 11.15	  	Construction	  	 	27	  
	SECTION 11.16	  	Power of Attorney	  	 	27	  
	SECTION 11.17	  	Partnership Status	  	 	27	  

  
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 SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT 

OF 

OAKTREE AIF INVESTMENTS, L.P. 
 This SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Oaktree AIF Investments, L.P. (the “Partnership”) is made as of the 29th day of October, 2008, by and among Oaktree AIF Holdings, Inc., a
corporation formed under the laws of the State of Delaware, as general partner, and the Limited Partners (as defined herein) of the Partnership. 
 WHEREAS, the Partnership was formed as a limited partnership named Oaktree Media Investments, L.P. pursuant to the Delaware Revised Uniform Limited Partnership Act, 6 Del. C. Section 17-101, et seq.,
as it may be amended from time to time (the “Act”), by the filing of a Certificate of Limited Partnership (the “Certificate”) with the Office of the Secretary of State of the State of Delaware and the execution of
the Limited Partnership Agreement of the Partnership dated as of May 15, 2007 (the “Original Agreement”); 

WHEREAS, the Original Agreement was amended and restated in its entirety by an Amended and Restated Limited Partnership Agreement (the
“Amended Agreement”) dated as of May 25, 2007; 
 WHEREAS, the name of the Partnership was changed from
Oaktree Media Investments, L.P. to Oaktree AIF Investments, L.P. pursuant to the Act by the filing of a Certificate of Amendment with the Office of the Secretary of State of the State of Delaware on October 29, 2008; and 

WHEREAS, the parties hereto desire to enter into this Second Amended and Restated Limited Partnership Agreement of the Partnership to
reflect the change of name. 
 NOW, THEREFORE, in consideration of the mutual promises and agreements herein made and intending
to be legally bound hereby, the parties hereto agree to amend and restate the Amended Agreement (as defined herein) in its entirety to read as follows: 
 ARTICLE I 
 DEFINITIONS 

SECTION 1.01 Definitions. Capitalized terms used herein without definition have the following meanings (such meanings being
equally applicable to both the singular and plural form of the terms defined): 
 “Act” has the
meaning set forth in the preamble of this Agreement. 

 “Adjusted Capital Account Balance” means, with respect to
each Partner, the balance in such Partner’s Capital Account adjusted (i) by taking into account the adjustments, allocations and distributions described in U.S. Treasury Regulations Sections 1.704-1(b)(2)(ii)(c)(4), (5) and (6); and
(ii) by adding to such balance such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, determined pursuant to Regulations Sections 1.704-2(g) and 1.704-2(i)(5), any amounts such Partner is obligated to
restore pursuant to any provision of this Agreement or by applicable law. The foregoing definition of Adjusted Capital Account Balance is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be
interpreted consistently therewith. 
 “Affiliate” means, with respect to a specified Person,
any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person. 

“Agreement” has the meaning set forth in the preamble of this Agreement. 

“Amended Agreement” has the meaning set forth in the preamble of this Agreement. 

“Assignee” has the meaning set forth in Section 8.06. 

“Assumed Tax Rate” means the highest effective marginal combined U.S. federal, state and local income tax
rate for a Fiscal Year prescribed for an individual or corporate resident in Los Angeles, California or New York, New York (taking into account (a) the nondeductibility of expenses subject to the limitation described in Section 67(a) of
the Code and (b) the character (e.g., long-term or short-term capital gain or ordinary or exempt income) of the applicable income). For the avoidance of doubt, the Assumed Tax Rate will be the same for all Partners. 

“Available Cash” means, with respect to any fiscal period, the amount of cash on hand which the General
Partner, in its reasonable discretion, deems available for distribution to the Partners, taking into account all debts, liabilities and obligations of the Partnership then due and amounts which the General Partner, in its reasonable discretion,
deems necessary to expend or retain for working capital or to place into reserves for customary and usual claims with respect to the Partnership’s operations. 

“Capital Account” means the separate capital account maintained for each Partner in accordance with
Section 5.03 hereof. 
 “Capital Contribution” means, with respect to any Partner, the
aggregate amount of money contributed to the Partnership and the Carrying Value of any property (other than money), net of any liabilities assumed by the Partnership upon contribution or to which such property is subject, contributed to the
Partnership pursuant to Article V. 
 “Carrying Value” means, with respect to any Partnership
asset, the asset’s adjusted basis for U.S. federal income tax purposes, except that the initial carrying value of assets contributed to the Partnership shall be their respective gross fair market values on the date of contribution as determined
by the General Partner, and the Carrying Values of all 

  
 2 

 
Partnership assets shall be adjusted to equal their respective fair market values, in accordance with the rules set forth in United States Treasury Regulation Section 1.704-1(b)(2)(iv)(f),
except as otherwise provided herein, as of: (a) the date of the acquisition of any additional Partnership Interest by any new or existing Partner in exchange for more than a de minimis Capital Contribution; (b) the date of the distribution
of more than a de minimis amount of Partnership assets to a Partner; (c) the date a Partnership Interest is relinquished to the Partnership; or (d) any other date specified in the United States Treasury Regulations; provided however
that adjustments pursuant to clauses (a), (b) (c) and (d) above shall be made only if such adjustments are deemed necessary or appropriate by the General Partner to reflect the relative economic interests of the Partners. In the case
of any asset that has a Carrying Value that differs from its adjusted tax basis, Carrying Value shall be adjusted by the amount of depreciation calculated for purposes of the definition of “Net Income (Loss)” rather than the amount of
depreciation determined for U.S. federal income tax purposes, and depreciation shall be calculated by reference to Carrying Value rather than tax basis once Carrying Value differs from tax basis. 

“Certificate” has the meaning set forth in the preamble of this Agreement. 

“Class” means the classes of Units into which the interests in the Partnership may be classified or
divided from time to time pursuant to the provisions of this Agreement. 
 “Code” means the
Internal Revenue Code of 1986, as amended from time to time. 
 “Contingencies” has the meaning
set forth in Section 9.03(a). 
 “Creditable Foreign Tax” means a foreign tax paid or accrued
for United States federal income tax purposes by the Partnership, in either case to the extent that such tax is eligible for credit under Section 901(a) of the Code. A foreign tax is a creditable foreign tax for these purposes without regard to
whether a partner receiving an allocation of such foreign tax elects to claim a credit for such amount. This definition is intended to be consistent with the definition of “creditable foreign tax” in Temporary Treasury Regulations
Section 1.704-1T(b)(4)(xi)(b), and shall be interpreted consistently therewith. 
 “Disabling
Event” means the General Partner ceasing to be the general partner of the Partnership pursuant to Section 17-402 of the Act. 
 “Dissolution Event” has the meaning set forth in Section 9.02 of this Agreement. 
 “ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended, supplemented or restated from time to time, and any successor to such statute, and the rules and
regulations promulgated thereunder. 
 “Exchange Agreement” means one or more exchange
agreements providing for the exchange of Units and units in other members of the Oaktree Operating Group in accordance with the terms thereof. 
 “Exchange Transaction” means the distribution of Units by OCGH or other holder thereof to an employee of the Oaktree Operating Group or any other person pursuant to the

  
 3 

 
terms of the partnership agreement of OCGH, the Exchange Agreement or any other applicable document. 
 “Fiscal Year” means (i) the period commencing upon the formation of the Partnership and ending on December 31, 2008 or (ii) any subsequent twelve-month period commencing on
January 1 and ending on December 31. 
 “GAAP” means accounting principles generally
accepted in the United States of America as in effect from time to time. 
 “General Partner”
means Oaktree AIF Holdings, Inc., a corporation formed under the laws of the State of Delaware or any successor general partner admitted to the Partnership in accordance with the terms of this Agreement. 

“Incapacity” means, with respect to any Person, the bankruptcy, dissolution, termination, entry of an
order of incompetence, or the insanity, permanent disability or death of such Person. 

“Issuer” means Oaktree Capital Group, LLC, a limited liability company formed under the laws of the State
of Delaware, or any successor thereto. 
 “Law” means any statute, law, ordinance, regulation,
rule, code, executive order, injunction, judgment, decree or other order issued or promulgated by any national, supranational, state, federal, provincial, local or municipal government or any administrative or regulatory body with authority
therefrom with jurisdiction over the Partnership or any Partner, as the case may be. 
 “Limited
Partner” means each of the Persons from time to time listed as a limited partner in the books and records of the Partnership. 
 “Liquidation Agent” has the meaning set forth in Section 9.03 of this Agreement. 
 “Net Taxable Income” has the meaning set forth in Section 4.01(b). 
 “Nonrecourse Deductions” has the meaning set forth in Treasury Regulations Section 1.704-2(b). The amount of Nonrecourse Deductions of the Partnership for a fiscal year equals the
net increase, if any, in the amount of Partnership Minimum Gain of the Partnership during that fiscal year, determined according to the provisions of Treasury Regulations Section 1.704-2(c). 

“Oaktree Operating Group” means, collectively, the Partnership, Oaktree Capital I, L.P., a Delaware
limited partnership, Oaktree Capital II, L.P., a Delaware limited partnership, Oaktree Capital Management, L.P., a Delaware limited partnership and Oaktree Capital Management (Cayman), L.P., a Cayman Islands limited partnership, and any other direct
or indirect subsidiary of the Issuer (whether now existing or hereafter formed) that is designated as part of the Oaktree Operating Group by the Board of Directors of the Issuer. 

  
 4 

 “OCGH” means Oaktree Capital Group Holdings, L.P., a
Delaware limited partnership, and any successors thereto. 
 “Original Agreement” has the
meaning set forth in the preamble of this Agreement. 
 “Partners” means, at any time, each
person listed as a Partner (including the General Partner) on the books and records of the Partnership, in each case for so long as he, she or it remains a partner of the Partnership as provided hereunder. 

“Partnership” has the meaning set forth in the preamble of this Agreement. 

“Partnership Minimum Gain” has the meaning set forth in Treasury Regulations Sections 1.704-2(b)(2) and
1.704-2(d). 
 “Partner Nonrecourse Debt Minimum Gain” means an amount with respect to each
partner nonrecourse debt (as defined in Treasury Regulations Section 1.704-2(b)(4)) equal to the Partnership Minimum Gain that would result if such partner nonrecourse debt were treated as a nonrecourse liability (as defined in Treasury
Regulations Section 1.752-1(a)(2)) determined in accordance with Treasury Regulations Section 1.704-2(i)(3). 
 “Partner Nonrecourse Deductions” has the meaning ascribed to the term “partner nonrecourse deductions” set forth in Treasury Regulations Section 1.704-2(i)(2). 

“Person” means any individual, corporation, partnership, limited partnership, limited liability company,
limited company, joint venture, trust, unincorporated or governmental organization or any agency or political subdivision thereof. 
 “Profits” and “Losses” means, for each Fiscal Year or other period, the taxable income or loss of the Partnership, or particular items thereof, determined in accordance
with the accounting method used by the Partnership for U.S. federal income tax purposes with the following adjustments: (a) all items of income, gain, loss or deduction allocated pursuant to Section 5.05 shall not be taken into account in
computing such taxable income or loss; (b) any income of the Partnership that is exempt from U.S. federal income taxation and not otherwise taken into account in computing Profits and Losses shall be added to such taxable income or loss;
(c) if the Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income tax purposes, any gain or loss resulting from a disposition of such asset shall be calculated with reference to such Carrying Value;
(d) upon an adjustment to the Carrying Value (other than an adjustment in respect of depreciation) of any asset, pursuant to the definition of Carrying Value, the amount of the adjustment shall be included as gain or loss in computing such
taxable income or loss; (e) if the Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income tax purposes, the amount of depreciation, amortization or cost recovery deductions with respect to such asset for
purposes of determining Profits and Losses, if any, shall be an amount which bears the same ratio to such Carrying Value as the U.S. federal income tax depreciation, amortization or other cost recovery deductions bears to such adjusted tax basis
(provided that if the U.S. federal income tax depreciation, amortization or other cost recovery deduction is zero, the General Partner may use any reasonable method for purposes of determining depreciation, amortization or other cost recovery
deductions in calculating Profits and Losses); and (f)

  
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except for items in (a) above, any expenditures of the Partnership not deductible in computing taxable income or loss, not properly capitalizable and not otherwise taken into account in
computing Profits and Losses pursuant to this definition shall be treated as deductible items. 

“Similar Law” means any state, local, non-U.S. or other laws or regulations that would cause the
underlying assets of the Partnership to be treated as assets of an investing entity by virtue of its investment (or any beneficial interest) in the Partnership and thereby subject the Partnership, the General Partner or OCGH (or other Persons
responsible for the investment and operation of the Partnership’s assets) to laws or regulations that are similar to the fiduciary responsibility or prohibited transaction provisions contained in Title 1 of ERISA or Section 4975 of the
Code. 
 “Tax Advances” has the meaning set forth in Section 5.07. 

“Tax Amount” has the meaning set forth in Section 4.01(b). 

“Tax Distributions” has the meaning set forth in Section 4.01(b). 

“Tax Matters Partner” has the meaning set forth in Section 5.08. 

“Total Percentage Interest” means, with respect to any Partner, the quotient obtained by dividing the
number of Units (vested or unvested) then owned by such Partner by the number of Units then owned by all Partners. 
 “Transfer” means, in respect of any Unit, property or other asset, any sale, assignment, transfer, distribution or other disposition thereof, whether voluntarily or by operation of Law,
including, without limitation, the exchange of any Unit for any other security and any transfer that is part of an Exchange Transaction. 
 “Transferee” means any Person that is a transferee of a Partner’s interest in the Partnership, or part thereof. 

“Treasury Regulations” means the income tax regulations, including temporary regulations, promulgated
under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
 “Trigger Event” means an event or events designated by the General Partner at the time of issuance of any Units subject to vesting upon the occurrence of which any unvested Units subject
to such Trigger Even shall be forfeit pursuant to Section 8.02. For the avoidance of doubt, the General Partner may designate as a Trigger Event for any particular Units the termination of the employment of a Person with any member of the
Oaktree Operating Group. 
 “Unit” means a unit issued by the Partnership and authorized in
accordance with this Agreement, which shall constitute interests in the Partnership as provided in this Agreement and under the Act, entitling the holders thereof to the relative rights, title and interests in the profits, losses, deductions and
credits of the Partnership at any particular time as set forth in 

  
 6 

 
this Agreement, and any and all other benefits to which a holder thereof may be entitled as a Partner as provided in this Agreement, together with the obligations of such Partner to comply with
all terms and provisions of this Agreement. 
 ARTICLE II 

FORMATION, TERM, PURPOSE AND POWERS 
 SECTION 2.01 Formation. The Partnership was formed as a limited partnership under the provisions of the Act by the filing on May 15, 2007 of the Certificate as provided in the preamble of
this Agreement and the execution of the Original Agreement. If requested by the General Partner, the Limited Partners shall promptly execute all certificates and other documents consistent with the terms of this Agreement necessary for the General
Partner to accomplish all filing, recording, publishing and other acts as may be appropriate to comply with all requirements for (a) the formation and operation of a limited partnership under the laws of the State of Delaware, (b) if the
General Partner deems it advisable, the operation of the Partnership as a limited partnership, or partnership in which the Limited Partners have limited liability, in all jurisdictions where the Partnership proposes to operate and (c) all other
filings required to be made by the Partnership. 
 SECTION 2.02 Name. The name of the Partnership shall be, and the
business of the Partnership shall be conducted under the name of, Oaktree AIF Investments, L.P. 
 SECTION
2.03 Term. The term of the Partnership commenced on the date of the filing of the Certificate, and the term shall continue until the dissolution of the Partnership in accordance with Article IX. The existence of the Partnership shall
continue until cancellation of the Certificate in the manner required by the Act. 
 SECTION 2.04 Offices. The
Partnership may have offices at such places either within or outside the State of Delaware as the General Partner from time to time may select. 
 SECTION 2.05 Agent for Service of Process. The Partnership’s registered agent for service of process in the State of Delaware shall be as set forth in the Certificate, as the same may be
amended by the General Partner from time to time. 
 SECTION 2.06 Business Purpose. The Partnership was formed for
the object and purpose of, and the nature and character of the business to be conducted by the Partnership is, engaging in any lawful act or activity for which limited partnerships may be formed under the Act. 

SECTION 2.07 Powers of the Partnership. Subject to the limitations set forth in this Agreement, the Partnership will possess
and may exercise all of the powers and privileges granted to it by the Act including, without limitation, the ownership and operation of the assets contributed to the Partnership by the Partners, by any other Law or this Agreement, together with all
powers incidental thereto, so far as such powers are necessary or convenient to the conduct, promotion or attainment of the purpose of the Partnership set forth in Section 2.06. 

SECTION 2.08 Partners. Each of the Partners, by virtue of the execution of this Agreement, continues as a Partner of the
Partnership. The rights, duties and liabilities of the 

  
 7 

 
Partners shall be as provided in the Act, except as is otherwise expressly provided herein, and the Partners consent to the variation of such rights, duties and liabilities as provided herein. A
Person may be admitted from time to time as a new Partner in accordance with Article VIII; provided, however, that each new Partner shall execute and deliver to the General Partner an appropriate supplement to this Agreement pursuant to which
the new Partner agrees to be bound by the terms and conditions of the Agreement, as it may be amended from time to time. 

SECTION 2.09 Withdrawal. No Partner shall have the right to withdraw as a Partner of the Partnership other than following the
Transfer of all Units owned by such Partner in accordance with Article VIII; provided, however, that a new General Partner or substitute General Partner may be admitted to the Partnership in accordance with Section 8.07. 

ARTICLE III 

MANAGEMENT 

SECTION 3.01 General Partner. (a) The business, property and affairs of the Partnership shall be managed under the sole,
absolute and exclusive direction of the General Partner, which may from time to time delegate authority to officers or to others to act on behalf of the Partnership. 
 (b) Without limiting the foregoing provisions of this Section 3.01, the General Partner shall have the general power to manage or cause the management of the Partnership (which may be delegated to
officers of the Partnership), including, without limitation, the following powers: 
 (i) to develop and prepare
a business plan each year; 
 (ii) to execute and deliver or to authorize the execution and delivery of
contracts, deeds, leases, licenses, instruments of transfer and other documents on behalf of the Partnership; 

(iii) the making of any expenditures, the lending or borrowing of money, the assumption or guarantee of, or other
contracting for, indebtedness and other liabilities, the issuance of evidences of indebtedness and the incurring of any other obligations; 
 (iv) to employ, retain, consult with and dismiss personnel; 
 (v)
to establish and enforce limits of authority and internal controls with respect to all personnel and functions; 

(vi) to engage attorneys, consultants and accountants for the Partnership; 

(vii) to develop or cause to be developed accounting procedures for the maintenance of the Partnership’s books of
account; and 

  
 8 

 (viii) to do all such other acts as shall be authorized in this Agreement or
by the Partners in writing from time to time. 
 SECTION 3.02 Compensation. The General Partner shall not be
entitled to any compensation for services rendered to the Partnership in its capacity as General Partner. 
 SECTION
3.03 Expenses. The Partnership shall bear and/or reimburse the General Partner for any expenses incurred by the General Partner in connection with serving as the general partner of the Partnership. 

SECTION 3.04 Officers. Subject to the direction and oversight of the General Partner, the day-to-day administration of the
business of the Partnership may be carried out by employees and agents who may be designated as officers by the General Partner, with titles as and to the extent authorized by the General Partner. The officers of the Partnership shall have such
titles and powers and perform such duties as shall be determined from time to time by the General Partner and otherwise as shall customarily pertain to such offices. Any number of offices may be held by the same person. All employees, agents and
officers shall be subject to the supervision and direction of the General Partner and may be removed from such office by the General Partner and the authority, duties or responsibilities of any employee, agent or officer of the Partnership may be
suspended by the General Partner from time to time, in each case in the sole discretion of the General Partner. The General Partner shall not cease to be a general partner of the Partnership as a result of the delegation of any duties hereunder. No
officer of the Partnership, in its capacity as such, shall be considered a general partner of the Partnership by agreement, estoppel, as a result of the performance of its duties hereunder or otherwise. 

SECTION 3.05 Authority of Partners. No Limited Partner, in its capacity as such, shall participate in or have any control
over the business of the Partnership. Except as expressly provided herein, the Units do not confer any rights upon the Limited Partners to participate in the affairs of the Partnership described in this Agreement. Except as expressly provided
herein, the Limited Partners shall have no right to vote on any matter involving the Partnership, including with respect to any merger, consolidation, combination or conversion of the Partnership. The conduct, control and management of the
Partnership shall be vested exclusively in the General Partner. In all matters relating to or arising out of the conduct of the operation of the Partnership, the decision of the General Partner shall be the decision of the Partnership. Except as
required or permitted by Law, or expressly provided in the ultimate sentence of this Section 3.05 or by separate agreement with the Partnership, no Partner who is not also a General Partner (and acting in such capacity) shall take any part in
the management or control of the operation or business of the Partnership in its capacity as a Partner, nor shall any Partner who is not also a General Partner (and acting in such capacity) have any right, authority or power to act for or on behalf
of or bind the Partnership in his or its capacity as a Partner in any respect or assume any obligation or responsibility of the Partnership or of any other Partner. Notwithstanding the foregoing, the Partnership may employ one or more Partners from
time to time, and such Partners, in their capacity as employees of the Partnership (and not, for clarity, in their capacity as Limited Partners of the Partnership), may take part in the control and management of the business of the Partnership to
the extent such authority and power to act for or on behalf of the Partnership has been delegated to them by the General Partner. 

  
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 SECTION 3.06 Action by Written Consent or Ratification. Any action required or
permitted to be taken by the Partners pursuant to this Agreement shall be taken if all Partners whose consent or ratification is required consent thereto or provide a ratification in writing. 

ARTICLE IV 

DISTRIBUTIONS 

SECTION 4.01 Distributions. (a) The General Partner, in its sole discretion, may authorize distributions by the
Partnership to the Partners, which distributions shall be made pro rata in accordance with the Partners’ respective Total Percentage Interests. 
 (b) In addition to the foregoing, if the General Partner reasonably determines that the taxable income of the Partnership for a Fiscal Year will give rise to taxable income for the Partners (“Net
Taxable Income”), the General Partner shall cause the Partnership to distribute Available Cash in respect of income tax liabilities (the “Tax Distributions”) pro rata in accordance with the Partners’
respective Total Percentage Interest to the extent that other distributions made by the Partnership for such year are otherwise insufficient to cover such tax liabilities. The Tax Distributions payable with respect to a period shall be computed
based upon the General Partner’s estimate of the allocable Net Taxable Income in accordance with Article V for such period, multiplied by the Assumed Tax Rate (the “Tax Amount”). For purposes of computing the Tax
Amount, the effect of any benefit to a Partner under Section 743(b) of the Code will be ignored. The partnership shall make distributions under this Section 4.01 quarterly based on the expected, estimated taxable income of the Partnership
for the relevant quarter as reasonably determined by the General Partner, and within 90 days after the end of the Fiscal Year with respect to a Fiscal Year. 
 SECTION 4.02 Liquidation Distribution. Distributions made upon dissolution of the Partnership shall be made as provided in Section 9.03. 

SECTION 4.03 Limitations on Distribution. Notwithstanding any provision to the contrary contained in this Agreement, the
General Partner shall not make a Partnership distribution to any Partner if such distribution would violate Section 17-607 of the Act or other applicable Law. 
 ARTICLE V 
 CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; 

TAX ALLOCATIONS; TAX MATTERS 
 SECTION 5.01 Initial Capital Contributions. The Partners have made, on or prior to the date hereof, Capital Contributions and have acquired the number of Units as specified in the books and
records of the Partnership. 
 SECTION 5.02 No Additional Capital Contributions. Except as otherwise provided in
this Article V, no Partner shall be required to make additional Capital Contributions to the Partnership without the consent of such Partner or permitted to make additional capital contributions to the Partnership without the consent of the General
Partner. 

  
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 SECTION 5.03 Capital Accounts. A separate capital account (a “Capital
Account”) shall be established and maintained for each Partner in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv). The Capital Account of each Partner shall be credited with such Partner’s Capital
Contributions, if any, all Profits allocated to such Partner pursuant to Section 5.04 and any items of income or gain which are specially allocated pursuant to Section 5.05; and shall be debited with all Losses allocated to such Partner
pursuant to Section 5.04, any items of loss or deduction of the Partnership specially allocated to such Partner pursuant to Section 5.05, and all cash and the Carrying Value of any property (net of liabilities assumed by such Partner and
the liabilities to which such property is subject) distributed by the Partnership to such Partner. Any references in any section of this Agreement to the Capital Account of a Partner shall be deemed to refer to such Capital Account as the same may
be credited or debited from time to time as set forth above. In the event of any transfer of any interest in the Partnership in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the
extent it relates to the transferred interest. 
 SECTION 5.04 Allocations of Profits and Losses. Except as
otherwise provided in this Agreement, Profits and Losses (and, to the extent necessary, individual items of income, gain or loss or deduction of the Partnership) shall be allocated in a manner such that the Capital Account of each Partner after
giving effect to the Special Allocations set forth in Section 5.05 is, as nearly as possible, equal (proportionately) to (i) the distributions that would be made pursuant to Article IV if the Partnership were dissolved, its affairs wound
up and its assets sold for cash equal to their Carrying Value, all Partnership liabilities were satisfied (limited with respect to each non-recourse liability to the Carrying Value of the assets securing such liability) and the net assets of the
Partnership were distributed to the Partners pursuant to this Agreement, minus (ii) such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of
assets. The General Partner shall make such adjustments to Capital Accounts as it determines in its sole discretion to be appropriate to ensure allocations are made in accordance with a partner’s interest in the Partnership. 

SECTION 5.05 Special Allocations. Notwithstanding any other provision in this Article V: 

(a) Minimum Gain Chargeback. If there is a net decrease in Partnership Minimum Gain or Partner Nonrecourse Debt Minimum Gain
(determined in accordance with the principles of Treasury Regulations Sections 1.704-2(d) and 1.704-2(i)) during any Partnership taxable year, the Partners shall be specially allocated items of Partnership income and gain for such year (and, if
necessary, subsequent years) in an amount equal to their respective shares of such net decrease during such year, determined pursuant to Treasury Regulations Sections 1.704-2(g) and 1.704-2(i)(5). The items to be so allocated shall be determined in
accordance with Treasury Regulations Section 1.704-2(f). This Section 5.05(a) is intended to comply with the minimum gain chargeback requirements in such Treasury Regulations Sections and shall be interpreted consistently therewith;
including that no chargeback shall be required to the extent of the exceptions provided in Treasury Regulations Sections 1.704-2(f) and 1.704-2(i)(4). 
 (b) Qualified Income Offset. If any Partner unexpectedly receives any adjustments, allocations, or distributions described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or
(6), items of Partnership income and gain shall be specially allocated to 

  
 11 

 
such Partner in an amount and manner sufficient to eliminate the deficit balance in such Partner’s Adjusted Capital Account Balance created by such adjustments, allocations or distributions
as promptly as possible; provided that an allocation pursuant to this Section 5.05(b) shall be made only to the extent that a Partner would have a deficit Adjusted Capital Account Balance in excess of such sum after all other allocations
provided for in this Article V have been tentatively made as if this Section 5.05(b) were not in this Agreement. This Section 5.05(b) is intended to comply with the “qualified income offset” requirement of the Code and shall be
interpreted consistently therewith. 
 (c) Gross Income Allocation. If any Partner has a deficit Capital Account at the
end of any Fiscal Year which is in excess of the sum of (i) the amount such Partner is obligated to restore, if any, pursuant to any provision of this Agreement, and (ii) the amount such Partner is deemed to be obligated to restore
pursuant to the penultimate sentences of Treasury Regulations Section 1.704-2(g)(1) and 1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership income and gain in the amount of such excess as quickly as possible;
provided that an allocation pursuant to this Section 5.05(c) shall be made only if and to the extent that a Partner would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Article V
have been tentatively made as if Section 5.05(b) and this Section 5.05(c) were not in this Agreement. 
 (d)
Nonrecourse Deductions. Nonrecourse Deductions shall be allocated to the Partners in accordance with their respective Total Percentage Interests. 
 (e) Partner Nonrecourse Deductions. Partner Nonrecourse Deductions for any taxable period shall be allocated to the Partner who bears the economic risk of loss with respect to the liability to
which such Partner Nonrecourse Deductions are attributable in accordance with Treasury Regulations Section 1.704-2(j). 

(f) Creditable Foreign Taxes. Creditable Foreign Taxes for any taxable period attributable to the Partnership, or an entity owned
directly or indirectly by the Partnership, shall be allocated to the Partners in proportion to the partners’ distributive shares of income (including income allocated pursuant to Section 704(c) of the Code) to which the Creditable Foreign
Tax relates (under principles of Treasury Regulations Section 1.904-6). The provisions of this Section 5.05(f) are intended to comply with the provisions of Temporary Treasury Regulations Section 1.704-1T(b)(4)(xi), and shall be
interpreted consistently therewith. 
 (g) Ameliorative Allocations. Any special allocations of income or gain pursuant
to Sections 5.05(b) or 5.05(c) hereof shall be taken into account in computing subsequent allocations pursuant to Section 5.04 and this Section 5.05(g), so that the net amount of any items so allocated and all other items allocated to each
Partner shall, to the extent possible, be equal to the net amount that would have been allocated to each Partner if such allocations pursuant to Sections 5.05(b) or 5.05(c) had not occurred. 

SECTION 5.06 Tax Allocations. For income tax purposes, each item of income, gain, loss and deduction of the Partnership shall
be allocated among the Partners in the same manner as the corresponding items of Profits and Losses and specially allocated items are allocated for Capital Account purposes; provided that in the case of any asset the Carrying Value of which

  
 12 

 
differs from its adjusted tax basis for U.S. federal income tax purposes, income, gain, loss and deduction with respect to such asset shall be allocated solely for income tax purposes in
accordance with the principles of Sections 704(b) and (c) of the Code (as determined by the General Partner and permitted by the Code and Treasury Regulations) so as to take account of the difference between Carrying Value and adjusted basis of
such asset; provided, further, that the Partnership shall use the traditional method (as such term is defined in Treas. Reg. section 1.704-3(b)(1)) for all Section 704(c) and “reverse Section 704(c)” allocations. The General
Partner shall make such adjustments to Capital Accounts as it determines in its sole discretion to be appropriate to ensure allocations are made in accordance with a partner’s interest in the Partnership. 

SECTION 5.07 Tax Advances. To the extent the General Partner reasonably believes that the Partnership is required by law to
withhold or to make tax payments on behalf of or with respect to any Partner or the Partnership is subjected to tax itself by reason of the status of any Partner (“Tax Advances”), the General Partner may withhold such amounts and
make such tax payments as so required. All Tax Advances made on behalf of a Partner shall be repaid by reducing the amount of the current or next succeeding distribution or distributions which would otherwise have been made to such Partner or, if
such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Partner. For all purposes of this Agreement such Partner shall be treated as having received the amount of the distribution
that is equal to the Tax Advance. 
 SECTION 5.08 Tax Matters. The General Partner shall be the initial “tax
matters partner” within the meaning of Section 6231(a)(7) of the Code (the “Tax Matters Partner”). The Partnership shall file as a partnership for federal, state and local income tax purposes, except where otherwise
required by Law. All elections required or permitted to be made by the Partnership, and all other tax decisions and determinations relating to federal, state or local tax matters of the Partnership, shall be made by the Tax Matters Partner, in
consultation with the Partnership’s attorneys and/or accountants. Tax audits, controversies and litigations shall be conducted under the direction of the Tax Matters Partner. The Tax Matters Partner shall keep the other Partners reasonably
informed as to any tax actions, examinations or proceedings relating to the Partnership and shall submit to the other Partners, for their review and comment, any settlement or compromise offer with respect to any disputed item of income, gain, loss,
deduction or credit of the Partnership. As soon as reasonably practicable after the end of each Fiscal Year, the Partnership shall send to each Partner a copy of U.S. Internal Revenue Service Schedule K-1, and any comparable statements required by
applicable state or local income tax Law, with respect to such Fiscal Year. The Partnership also shall provide the Partners with such other information as may be reasonably requested for purposes of allowing the Partners (or the direct or indirect
owners of the Partners) to prepare and file their own tax returns. 
 SECTION 5.09 Other Allocation Provisions.
Certain of the foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner
consistent with such regulations. Sections 5.03, 5.04 and 5.05 may be amended at any time by the General Partner if necessary, in the opinion of tax counsel to the Partnership, to comply with such regulations, so long as any such amendment does not
materially change the relative economic interests of the Partners. 

  
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 ARTICLE VI 
 BOOKS AND RECORDS; REPORTS 
 SECTION 6.01 Books and Records.
(a) At all times during the continuance of the Partnership, the Partnership shall prepare and maintain separate books of account for the Partnership in accordance with GAAP. 

(b) Except as limited by Section 6.01(c), each Limited Partner shall have the right to receive, for a purpose reasonably related to
such Limited Partner’s interest as a Limited Partner in the Partnership, upon reasonable written demand stating the purpose of such demand and at such Limited Partner’s own expense: 

(i) a copy of the Certificate and this Agreement and all amendments thereto, together with a copy of the executed copies
of all powers of attorney pursuant to which the Certificate and this Agreement and all amendments thereto have been executed; and 
 (ii) promptly after their becoming available, copies of the Partnership’s federal, state and local income tax returns and reports, if any, for the three most recent years. 

(c) The General Partner may keep confidential from the Limited Partners, for such period of time as the General Partner determines in its
sole discretion, (i) any information that the General Partner reasonably believes to be in the nature of trade secrets or (ii) other information the disclosure of which the General Partner believes is not in the best interests of the
Partnership, could damage the Partnership or its business or that the Partnership is required by law or by agreement with any third party to keep confidential. 
 ARTICLE VII 
 PARTNERSHIP UNITS 

SECTION 7.01 Units. Interests in the Partnership shall be represented by Units. The Units initially are comprised of a single
Class. The General Partner may establish, from time to time in accordance with such procedures as the General Partner shall determine from time to time, other Classes, one or more series of any such Classes, or other Partnership securities with such
designations, preferences, rights, powers and duties (which may be senior to existing Classes and series of Units), as shall be determined by the General Partner, including (i) the right to share in Profits and Losses or items thereof;
(ii) the right to share in Partnership distributions; (iii) the rights upon dissolution and liquidation of the Partnership; (iv) whether, and the terms and conditions upon which, the Partnership may or shall be required to redeem the
Units (including sinking fund provisions); (v) whether such Unit is issued with the privilege of conversion or exchange and, if so, the terms and conditions of such conversion or exchange; (vi) the terms and conditions upon which each Unit
will be issued, evidenced by certificates and assigned or transferred; (vii) the method for determining the Total Percentage Interest as to such Units; and (viii) the right, if any, of the holder of each such Unit to vote on Partnership
matters, including matters relating to the relative designations, preferences, rights, powers and duties of such Units. Except as expressly provided in this Agreement to the contrary, any reference to “Units” shall include all Classes that
may be 

  
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established in accordance with this Agreement. All Units of a particular Class shall have identical rights in all respects as all other Units of such Class, except in each case as otherwise
specified in this Agreement. 
 SECTION 7.02 Register. The register of the Partnership shall be the definitive
record of ownership of each Unit and all relevant information with respect to each Partner. Unless the General Partner shall determine otherwise, Units shall be uncertificated and recorded in the books and records of the Partnership. 

SECTION 7.03 Registered Partners. The Partnership shall be entitled to recognize the exclusive right of a Person registered
on its records as the owner of Units for all purposes and shall not be bound to recognize any equitable or other claim to or interest in Units on the part of any other Person, whether or not it shall have express or other notice thereof, except as
otherwise provided by the Act or other applicable Law. 
 ARTICLE VIII 

VESTING; FORFEITURE OF INTERESTS; ADMISSION OF 
 ADDITIONAL PARTNERS; TRANSFER RESTRICTIONS 
 SECTION 8.01 Units Subject to
Vesting. (a) Subject to Section 8.02 or as otherwise agreed to in writing between the General Partner and the applicable Limited Partner and reflected in the books and records of the Partnership, the General Partner may issue Units
that are subject to vesting on a schedule determined by the General Partner at the time such Units are issued and reflected in the books and records of the Partnership. The General Partner shall designate a Trigger Event with respect to each Unit
issued that is subject to vesting, which shall be set forth in the books and records of the Partnership. All Units outstanding as of the date hereof are fully vested. 
 (b) In addition, the General Partner in its sole discretion may authorize the earlier vesting of all or a portion of any unvested Units owned by any one or more Limited Partners at any time and from time
to time, and in such event, such unvested Units shall vest and thereafter be vested Units for all purposes of this Agreement. Any such determination in the General Partner’s discretion in respect of unvested Units shall be final and binding.
Such determinations need not be uniform and may be made selectively among Limited Partners, whether or not such Limited Partners are similarly situated, and shall not constitute the breach of any duty hereunder or otherwise existing at law, in
equity or otherwise. 
 (c) Upon the vesting of any unvested Units in accordance with this Section 8.01, the General
Partner shall modify the books and records of the Partnership to reflect such vesting. 
 SECTION 8.02 Forfeiture of
Unvested Units upon Trigger Event. (a) Other than as set forth in Section 8.01(b) and except as agreed otherwise between the General Partner and the applicable Limited Partner and reflected in the books and records of the Partnership,
upon the occurrence of a Trigger Event any unvested Units subject to such Trigger Event shall be immediately forfeited without any consideration, and such Limited Partner shall cease to own or have any rights with respect to such unvested Units.

  
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 (b) Upon the forfeiture of any unvested Units in accordance with this Section 8.02, the
General Partner shall modify the books and records of the Partnership to reflect such forfeiture. 
 SECTION
8.03 Limited Partnership Transfers. No Limited Partner or Assignee thereof may Transfer (other than as part of an Exchange Transaction) all or any portion of its Units (or beneficial interest therein) without the prior consent of the
General Partner, which consent may be given or withheld, or made subject to such conditions (including, without limitation, the receipt of such legal opinions and other documents that the General Partner may require) as are determined by the General
Partner, in each case in the General Partner’s sole discretion. Any such determination in the General Partner’s discretion in respect of Units shall be final and binding. Such determinations need not be uniform and may be made selectively
among Limited Partners, whether or not such Limited Partners are similarly situated, and shall not constitute the breach of any duty hereunder or otherwise existing at law, in equity or otherwise. Any purported Transfer of Units that is not in
accordance with, or subsequently violates, this Agreement shall be, to the fullest extent permitted by law, null and void. 

SECTION 8.04 Mandatory Exchanges. The General Partner may, with the consent of Partners whose Total Percentage Interests
exceed 75% of the Total Percentage Interests of all Partners in the aggregate, require all Limited Partners to Transfer in an Exchange Transaction all Units held by them. 
 SECTION 8.05 Further Restrictions. Notwithstanding any contrary provision in this Agreement, in no event may any Transfer of a Unit be made by any Limited Partner or Assignee if: 

(a) such Transfer is made to any Person who lacks the legal right, power or capacity to own such Unit; 

(b) such Transfer would require the registration of such transferred Unit or of any Class of Unit pursuant to any
applicable United States federal or state securities laws (including, without limitation, the U.S. Securities Act of 1933, as amended, or the U.S. Securities Exchange Act of 1934, as amended) or other foreign securities laws or would constitute a
non-exempt distribution pursuant to applicable provincial or state securities laws; 
 (c) such Transfer would
not cause (i) all or any portion of the assets of the Partnership to (A) constitute “plan assets” (under ERISA, the Code or any applicable Similar Law) of any existing or contemplated Limited Partner, or (B) be subject to
the provisions of ERISA, Section 4975 of the Code or any applicable Similar Law, or (ii) the General Partner to become a fiduciary with respect to any existing or contemplated Limited Partner, pursuant to ERISA, any applicable Similar Law,
or otherwise; 
 (d) to the extent requested by the General Partner, the Partnership does not receive such legal
and/or tax opinions and written instruments (including, without limitation, copies of any instruments of Transfer and such Assignee’s consent to be bound 

  
 16 

 
by this Agreement as an Assignee) that are in a form satisfactory to the General Partner, as determined in the General Partner’s sole discretion. 

SECTION 8.06 Rights of Assignees. Subject to Section 8.05, the transferee of any permitted Transfer pursuant to this
Article VIII will be an assignee only (“Assignee”), and only will receive, to the extent transferred, the distributions and allocations of income, gain, loss, deduction, credit or similar item to which the Partner which transferred
its Units would be entitled, and such Assignee will not be entitled or enabled to exercise any other rights or powers of a Partner, such other rights, and all obligations relating to, or in connection with, such Interest remaining with the
transferring Partner. The transferring Partner will remain a Partner even if it has transferred all of its Units to one or more Assignees until such time as the Assignee(s) is admitted to the Partnership as a Partner pursuant to Section 8.08.

 SECTION 8.07 Admissions, Withdrawals and Removals. (a) No Person may be admitted to the Partnership as an
additional General Partner or substitute General Partner without the prior written consent or ratification of Partners whose Total Percentage Interests exceed 50% of the Total Percentage Interests of all Partners in the aggregate. A General Partner
will not be entitled to Transfer all of its Units or to withdraw from being a General Partner of the Partnership unless another General Partner shall have been admitted hereunder (and not have previously been removed or withdrawn). 

(b) No Limited Partner will be removed or entitled to withdraw from being a Partner of the Partnership except in accordance with
Section 8.09 hereof. 
 (c) Except as otherwise provided in Article IX or the Act, no admission, substitution, withdrawal
or removal of a Partner will cause the dissolution of the Partnership. To the fullest extent permitted by law, any purported admission, withdrawal or removal that is not in accordance with this Agreement shall be null and void. 

SECTION 8.08 Admission of Assignees as Substitute Limited Partners. An Assignee will become a substitute Limited Partner only
if and when each of the following conditions is satisfied: 
 (a) the General Partner consents in writing to such
admission, which consent may be given or withheld, or made subject to such conditions as are determined by the General Partner, in each case in the General Partner’s sole discretion; 

(b) if required by the General Partner, the General Partner receives written instruments (including, without limitation,
copies of any instruments of Transfer and such Assignee’s consent to be bound by this Agreement as a substitute Limited Partner) that are in a form satisfactory to the General Partner (as determined in its sole discretion); 

(c) if required by the General Partner, the General Partner receives an opinion of counsel satisfactory to the General
Partner to the effect that such Transfer is in compliance with this Agreement and all applicable laws; and 

  
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 (d) if required by the General Partner, the parties to the Transfer, or any
one of them, pays all of the Partnership’s reasonable expenses connected with such Transfer (including, but not limited to, the reasonable legal and accounting fees of the Partnership). 

SECTION 8.09 Withdrawal and Removal of Limited Partners. If a Limited Partner ceases to hold any Units, then such Limited
Partner shall withdraw from the Partnership and shall cease to be a Limited Partner and to have the power to exercise any rights or powers of a Limited Partner. 
 ARTICLE IX 
 DISSOLUTION, LIQUIDATION AND TERMINATION 

SECTION 9.01 No Dissolution. Except as required by the Act, Partnership shall not be dissolved by the admission of additional
Partners or withdrawal of Partners in accordance with the terms of this Agreement. The Partnership may be dissolved, liquidated wound up and terminated only pursuant to the provisions of this Article IX, and the Partners hereby irrevocably waive any
and all other rights they may have to cause a dissolution of the Partnership or a sale or partition of any or all of the Partnership assets. 
 SECTION 9.02 Events Causing Dissolution. The Partnership shall be dissolved and its affairs shall be wound up upon the occurrence of any of the following events (each, a “Dissolution
Event”): 
 (a) the expiration of the term of the Partnership as provided in Section 2.03;

 (b) the entry of a decree of judicial dissolution of the Partnership under Section 17-802 of the Act upon
the finding by a court of competent jurisdiction that the General Partner (i) is permanently incapable of performing its part of this Agreement, (ii) has been guilty of conduct that is calculated to affect prejudicially the carrying on of
the business of the Partnership, (iii) willfully or persistently commits a breach of this Agreement or (iv) conducts itself in a manner relating to the Partnership or its business such that it is not reasonably practicable for the other
Partners to carry on the business of the Partnership with the General Partner; 
 (c) any event which makes it
unlawful for the business of the Partnership to be carried on by the Partners; 
 (d) the written consent of all
Partners; 
 (e) any other event not inconsistent with any provision hereof causing a dissolution of the
Partnership under the Act; 
 (f) the Incapacity or removal of the General Partner or the occurrence of a
Disabling Event with respect to the General Partner; provided that the Partnership will not be dissolved or required to be wound up in connection with any of the events specified in this Section 9.02(f) if: (i) at the time of the
occurrence of such event there is at least one other general partner of the Partnership who is hereby authorized to, and elects to, carry on 

  
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the business of the Partnership; or (ii) all remaining Limited Partners consent to or ratify the continuation of the business of the Partnership and the appointment of another general
partner of the Partnership, effective as of the event that caused the General Partner to cease to be a general partner of the Partnership, within 90 days following the occurrence of any such event, which consent shall be deemed (and if requested
each Limited Partner shall provide a written consent or ratification) to have been given for all Limited Partners if the holders of more than 50% of the Units then outstanding agree in writing to so continue the business of the Partnership.

 SECTION 9.03 Distribution upon Dissolution. Upon dissolution, the Partnership shall not be terminated and shall
continue until the winding up of the affairs of the Partnership is completed. Upon the winding up of the Partnership, the General Partner, or any other Person designated by the General Partner (the “Liquidation Agent”), shall take
full account of the assets and liabilities of the Partnership and shall, unless the General Partner determines otherwise, liquidate the assets of the Partnership as promptly as is consistent with obtaining the fair value thereof. The proceeds of any
liquidation shall be applied and distributed in the following order: 
 (a) First, to the satisfaction of debts
and liabilities of the Partnership (including satisfaction of all indebtedness to Partners and/or their Affiliates to the extent otherwise permitted by law) including the expenses of liquidation, and including the establishment of any reserve which
the Liquidation Agent shall deem reasonably necessary for any contingent, conditional or unmatured contractual liabilities or obligations of the Partnership (“Contingencies”). Any such reserve may be paid over by the Liquidation
Agent to any attorney-at-law, or acceptable party, as escrow agent, to be held for disbursement in payment of any Contingencies and, at the expiration of such period as shall be deemed advisable by the Liquidation Agent for distribution of the
balance in the manner hereinafter provided in this Section 9.03; and 
 (b) The balance, if any, to the
Partners, pro rata to each of the Partners in accordance with their Total Percentage Interests. 
 SECTION
9.04 Time for Liquidation. A reasonable amount of time shall be allowed for the orderly liquidation of the assets of the Partnership and the discharge of liabilities to creditors so as to enable the Liquidation Agent to minimize the
losses attendant upon such liquidation. 
 SECTION 9.05 Termination. The Partnership shall terminate when all of the
assets of the Partnership, after payment of or due provision for all debts, liabilities and obligations of the Partnership, shall have been distributed to the holders of Units in the manner provided for in this Article IX, and the Certificate shall
have been cancelled in the manner required by the Act. 
 SECTION 9.06 Claims of the Partners. The Partners shall
look solely to the Partnership’s assets for the return of their Capital Contributions, and if the assets of the Partnership remaining after payment of or due provision for all debts, liabilities and obligations of the Partnership are
insufficient to return such Capital Contributions, the Partners shall have no recourse against the Partnership or any other Partner or any other Person. No Partner with a negative balance in such Partner’s Capital Account shall have any
obligation to the Partnership or to the other 

  
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Partners or to any creditor or other Person to restore such negative balance during the existence of the Partnership, upon dissolution or termination of the Partnership or otherwise, except to
the extent required by the Act. 
 SECTION 9.07 Survival of Certain Provisions. Notwithstanding anything to the
contrary in this Agreement, the provisions of Section 10.02 and Section 11.09 shall survive the termination of the Partnership. 
 ARTICLE X 
 LIABILITY AND INDEMNIFICATION 

SECTION 10.01 Liability of Partners. (a) No Limited Partner shall be liable for any debt, obligation or liability of the
Partnership or of any other Partner or have any obligation to restore any deficit balance in its Capital Account solely by reason of being a Partner of the Partnership, except to the extent required by the Act. 

(b) This Agreement is not intended to, and does not, create or impose any fiduciary duty on any of the Partners (including without
limitation, the General Partner) hereto or on their respective Affiliates. Further, the Partners hereby waive any and all fiduciary duties that, absent such waiver, may exist at or be implied by Law or in equity, and in doing so, recognize,
acknowledge and agree that their duties and obligations to one another and to the Partnership are only as expressly set forth in this Agreement and those required by the Act. 
 (c) To the extent that, at law or in equity, any Partner (including without limitation, the General Partner) has duties (including fiduciary duties) and liabilities relating thereto to the Partnership or
to another Partner, the Partners (including without limitation, the General Partner) acting under this Agreement will not be liable to the Partnership or to any such other Partner for their good faith reliance on the provisions of this Agreement.
The provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities relating thereto of any Partner (including without limitation, the General Partner) otherwise existing at law or in equity, are agreed by the
Partners to replace to that extent such other duties and liabilities of the Partners relating thereto (including without limitation, the General Partner). 
 (d) The General Partner may consult with legal counsel, accountants and financial or other advisors and any act or omission suffered or taken by the General Partner on behalf of the Partnership or in
furtherance of the interests of the Partnership in good faith in reliance upon and in accordance with the advice of such counsel, accountants or financial or other advisors will be full justification for any such act or omission, and the General
Partner will be fully protected in so acting or omitting to act so long as such counsel or accountants or financial or other advisors were selected with reasonable care. 
 (e) Notwithstanding any other provision of this Agreement or otherwise applicable provision of law or equity, whenever in this Agreement the General Partner is permitted or required to make a decision
(i) in its “sole discretion” or “discretion” or under a grant of similar authority or latitude, such General Partner shall be entitled to consider only such interests and factors as it desires, including its own interests,
and shall, to the fullest extent permitted by 

  
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applicable law, have no duty or obligation to give any consideration to any interest of or factors affecting the Partnership or the Limited Partners, or (ii) in its “good faith” or
under another expressed standard, such General Partner shall act under such express standard and shall not be subject to any other or different standards. 
 SECTION 10.02 Indemnification. (a) To the fullest extent permitted by law, the Partnership shall indemnify any person (and such person’s heirs, executors or administrators) who was
or is made or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding (brought in the right of the Partnership or otherwise), whether civil, criminal, administrative or
investigative, and whether formal or informal, including appeals, by reason of the fact that such person, or a person for whom such person was the legal representative, is or was a Partner (including without limitation, the General Partner) or a
director, officer or agent of a Partner (including without limitation, the General Partner) or the Partnership or, while a director, officer or agent of a Partner (including without limitation, the General Partner) or the Partnership, is or was
serving at the request of the Partnership as a director, officer, partner, trustee, employee or agent of another corporation, partnership, joint venture, trust, limited liability company, nonprofit entity or other enterprise, for and against all
loss and liability suffered and expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement reasonably incurred by such person or such heirs, executors or administrators in connection with such action, suit or
proceeding, including appeals; provided that such person shall not be entitled to indemnification hereunder only to the extent such person’s conduct constituted fraud, bad faith or willful misconduct. Notwithstanding the preceding
sentence, except as otherwise provided in Section 10.02(c), the Partnership shall be required to indemnify a person described in such sentence in connection with any action, suit or proceeding (or part thereof) commenced by such person only if
the commencement of such action, suit or proceeding (or part thereof) by such person was authorized by the General Partner. 

(b) Advancement of Expenses. To the fullest extent permitted by law, the Partnership shall promptly pay expenses (including
attorneys’ fees) incurred by any person described in Section 10.02(a) in appearing at, participating in or defending any action, suit or proceeding in advance of the final disposition of such action, suit or proceeding, including appeals,
upon presentation of an undertaking on behalf of such person to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified under this Section 10.02 or otherwise. Notwithstanding the preceding
sentence, except as otherwise provided in Section 10.02(c), the Partnership shall be required to pay expenses of a person described in such sentence in connection with any action, suit or proceeding (or part thereof) commenced by such person
only if the commencement of such action, suit or proceeding (or part thereof) by such person was authorized by the General Partner. 
 (c) Unpaid Claims. If a claim for indemnification (following the final disposition of such action, suit or proceeding) or advancement of expenses under this Section 10.02 is not paid in full
within thirty (30) days after a written claim therefor by any person described in Section 10.02(a) has been received by the Partnership, such person may file proceedings to recover the unpaid amount of such claim and, if successful in
whole or in part, shall be entitled to be paid the expense of prosecuting such claim. In any such action the Partnership shall have the burden of proving that such person is not entitled to the requested indemnification or advancement of expenses
under applicable law. 

  
 21 

 (d) Insurance. To the fullest extent permitted by law, the Partnership may purchase
and maintain insurance on behalf of any person described in Section 10.02(a) against any liability asserted against such person, whether or not the Partnership would have the power to indemnify such person against such liability under the
provisions of this Section 10.02 or otherwise. 
 (e) Non-Exclusivity of Rights. The provisions of this
Section 10.02 shall be applicable to all actions, claims, suits or proceedings made or commenced after the date of this Agreement, whether arising from acts or omissions to act occurring before or after its adoption. The provisions of this
Section 10.02 shall be deemed to be a contract between the Partnership and each person entitled to indemnification under this Section 10.02 (or legal representative thereof) who serves in such capacity at any time while this
Section 10.02 and the relevant provisions of applicable law, if any, are in effect, and any amendment, modification or repeal hereof shall not affect any rights or obligations then existing with respect to any state of facts or any action, suit
or proceeding then or theretofore existing, or any action, suit or proceeding thereafter brought or threatened based in whole or in part on any such state of facts. If any provision of this Section 10.02 shall be found to be invalid or limited
in application by reason of any law or regulation, it shall not affect the validity of the remaining provisions hereof. The rights of indemnification provided in this Section 10.02 shall neither be exclusive of, nor be deemed in limitation of,
any rights to which any person may otherwise be or become entitled or permitted by contract, this Partnership Agreement or as a matter of law, both as to actions in such person’s official capacity and actions in any other capacity, it being the
policy of the Partnership that indemnification of any person whom the Partnership is obligated to indemnify pursuant to Section 10.02(a) shall be made to the fullest extent permitted by law. 

For purposes of this Section 10.02, references to “other enterprises” shall include employee benefit plans; references to
“fines” shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references to “serving at the request of the Partnership” shall include any service as a director, officer, employee or
agent of the Partnership which imposes duties on, or involves services by, such director, officer, employee, or agent with respect to an employee benefit plan, its participants, or beneficiaries. 

This Section 10.02 shall not limit the right of the Partnership, to the extent and in the manner permitted by law, to indemnify and
to advance expenses to, and purchase and maintain insurance on behalf of, persons other than persons described in Section 10.02(a). 
 ARTICLE XI 
 MISCELLANEOUS 

SECTION 11.01 Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of
being enforced by any rule of Law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any
manner materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually 

  
 22 

 
acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

SECTION 11.02 Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and
shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt requested) or by registered or certified mail (postage prepaid, return receipt
requested) to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 11.02): 

(a) If to the Partnership, to: 
 Oaktree AIF Investments, L.P. 
 333 South Grand
Avenue, 28th Floor 

Los Angeles, CA 90071 
 Attention: General Counsel 
 Fax: (213) 830-8545 

Electronic Mail: tmolz@oaktreecapital.com 
 (b) If to any Partner, to: 
 c/o Oaktree AIF Holdings, Inc.

 333 South Grand Avenue, 28th Floor 
 Los Angeles, CA 90071 
 Attention: General Counsel 

Fax: (213) 830-8545 
 Electronic Mail: tmolz@oaktreecapital.com 
 (c) If to the General Partner, to:

 Oaktree AIF Holdings, Inc. 

333 South Grand Avenue, 28th Floor 
 Los Angeles, CA 90071 
 Attention: General Counsel 

Fax: (213) 830-8545 
 Electronic Mail: tmolz@oaktreecapital.com 
 SECTION 11.03 Cumulative
Remedies. The rights and remedies provided by this Agreement are cumulative and the use of any one right or remedy by any party shall not preclude or waive its right to use any or all other remedies. Said rights and remedies are given in
addition to any other rights the parties may have by Law. 
 SECTION 11.04 Binding Effect. This Agreement shall be
binding upon and inure to the benefit of all of the parties and, to the extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. 

  
 23 

 SECTION 11.05 Interpretation. Throughout this Agreement, nouns, pronouns and
verbs shall be construed as masculine, feminine, neuter, singular or plural, whichever shall be applicable. Unless otherwise specified, all references herein to “Articles,” “Sections” and paragraphs shall refer to corresponding
provisions of this Agreement. 
 SECTION 11.06 Counterparts. This Agreement may be executed and delivered (including
by facsimile transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one
and the same agreement. Copies of executed counterparts transmitted by telecopy or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 11.06. 

SECTION 11.07 Further Assurances. Each Limited Partner shall perform all other acts and execute and deliver all other
documents as may be necessary or appropriate to carry out the purposes and intent of this Agreement. 
 SECTION
11.08 Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 

SECTION 11.09 Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of
Delaware. 
 SECTION 11.10 Arbitration of Disputes. Any and all disputes, claims or controversies arising out of or
relating to this Agreement, including any and all disputes, claims or controversies arising out of or relating to (i) the Partnership, (ii) any Limited Partner’s rights and obligations hereunder, (iii) the validity or scope of
any provision of this Agreement, (iv) whether a particular dispute, claim or controversy is subject to arbitration under this Section 11.10 and (v) the power and authority of any arbitrator selected hereunder, that are not resolved by
mutual agreement shall be submitted to final and binding arbitration before Judicial Arbitration and Mediation Services, Inc. (“JAMS”) pursuant to the Federal Arbitration Act, 9 U.S.C. § 1 et seq. A party hereto
may commence the arbitration process by filing a written demand for arbitration with JAMS and delivering a copy of such demand to the other party or parties to the arbitration in accordance with the notice procedures set forth in Section 3.1.
The arbitration shall take place in Wilmington, Delaware, and shall be conducted in accordance with the provisions of JAMS Streamlined Arbitration Rules and Procedures in effect at the time of filing of the demand for arbitration. The parties to the
arbitration shall cooperate with JAMS and with each other in selecting an arbitrator from JAMS’ panel of neutrals and in scheduling the arbitration proceedings. The arbitrator selected shall be neutral and a former Delaware chancery court judge
or, if such judge is not available, a former U.S. federal judge with experience in adjudicating matters under the law of the State of Delaware; provided, that if no such person is both willing and able to undertake such a role, the parties to
the arbitration shall cooperate with each other and JAMS in good faith to select such other person as may be available from a JAMS’ panel of neutrals with experience in adjudicating matters under the law of the State of Delaware. The parties to
the arbitration shall participate in the arbitration in good faith. Each party to the arbitration shall pay those costs, if any, of arbitration that it must pay to cause this Section 11.10 to be enforceable, and all other costs of arbitration
shall be shared equally between the parties to the arbitration. 

  
 24 

 No party to an arbitration shall be entitled to undertake discovery in the arbitration;
provided, that, if discovery is required by applicable law, discovery shall not exceed (i) one witness deposition plus the depositions of any expert designated by the other party or parties, (ii) two interrogatories, (iii) ten
document requests and (iv) ten requests for admissions; provided, further, that additional discovery may be permitted to the extent such additional discovery is required by applicable law for this Section 11.10 to be
enforceable. The arbitrator shall have no power to modify any of the provisions of this Agreement, to make an award or impose a remedy that, in each case, is not available to the Delaware chancery court or to make an award or impose a remedy that
was not requested by a party to the dispute, and the jurisdiction of the arbitrator is limited accordingly. To the extent permitted by law, the arbitrator shall have the power to order injunctive relief, and shall expeditiously act on any petition
for such relief. 
 The provisions of this Section 11.10 may be enforced by any court of competent jurisdiction, and, to
the extent permitted by law, the party seeking enforcement shall be entitled to an award of all costs, fees and expenses, including attorneys’ fees, to be paid by the party against whom enforcement is ordered. Notwithstanding any provision of
this Agreement to the contrary, any party to an arbitration pursuant to this Section 11.10 shall be entitled to seek a restraining order or injunction in any court of competent jurisdiction to prevent any violation of the provisions of this
Agreement pending a final determination on the merits by the arbitrator, and each party hereby consents that such a restraining order or injunction may be granted without the necessity of posting any bond. 

The details of any arbitration pursuant to this Section 11.10, including the existence and/or outcome of such arbitration and any
information obtained in connection with any such arbitration, shall be kept strictly confidential and shall not be disclosed or discussed with any person not a party to the arbitration; provided, that such party may make such disclosures as
are required by applicable law or legal process; provided, further, that such party may make such disclosures to its, his or her attorneys, accountants or other agents and representatives who reasonably need to know the disclosed
information in connection with any arbitration pursuant to this Section 11.10 and who are obligated to keep such information confidential to the same extent as such party. If a party to an arbitration receives a subpoena or other request for
information from a third party that seeks disclosure of any information that is required to be kept confidential pursuant to the prior sentence, or otherwise believes that it, he or she may be required to disclose any such information, such party
shall (i) promptly notify the other party to the arbitration and (ii) reasonably cooperate with such other party in taking any legal or otherwise appropriate actions, including the seeking of a protective order, to prevent the disclosure,
or otherwise protect the confidentiality, of such information. 
 For the avoidance of doubt, (i) any arbitration pursuant
to this Section 11.10 shall not include any disputes, claims or controversies that do not arise out of or relate to this Agreement, and (ii) any arbitration pursuant to this Section 11.10 of disputes, claims or controversies arising
out of or relating to this Agreement is intended to be separate and distinct proceeding from any arbitration or other adjudication of disputes, claims or controversies between parties to this Agreement that do not arise out of or relate to this
Agreement. 
 SECTION 11.11 Expenses. Except as otherwise specified in this Agreement, the Partnership shall be
responsible for all costs and expenses, including, without limitation, fees and 

  
 25 

 
disbursements of counsel, financial advisors and accountants, incurred in connection with its operation. 
 SECTION 11.12 Amendments and Waivers. (a) This Agreement (including the Annexes hereto) may be amended, supplemented, waived or modified by the written consent of the General Partner;
provided that any amendment that would have a material adverse effect on the rights or preferences of any Class of Units in relation to other Classes of Units must be approved by the holders of not less than a majority of the Total Percentage
Interests of the Class affected; provided further, that the General Partner may, without the written consent of any Limited Partner or any other Person, amend, supplement, waive or modify any provision of this Agreement and execute,
swear to, acknowledge, deliver, file and record whatever documents may be required in connection therewith, to reflect: (i) any amendment, supplement, waiver or modification that the General Partner determines to be necessary or appropriate in
connection with the creation, authorization or issuance of any class or series of equity interest in the Partnership; (ii) the admission, substitution, withdrawal or removal of Partners in accordance with this Agreement; (iii) a change in
the name of the Partnership, the location of the principal place of business of the Partnership, the registered agent of the Partnership or the registered office of the Partnership; (iv) any amendment, supplement, waiver or modification that
the General Partner determines in its sole discretion to be necessary or appropriate to address changes in U.S. federal income tax regulations, legislation or interpretation; (v) a change in the Fiscal Year or taxable year of the Partnership
and any other changes that the General Partner determines to be necessary or appropriate as a result of a change in the Fiscal Year or taxable year of the Partnership including a change in the dates on which distributions are to be made by the
Partnership. 
 (b) No failure or delay by any party in exercising any right, power or privilege hereunder (other than a failure
or delay beyond a period of time specified herein) shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights
and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Law. 
 (c) The General
Partner may, in its sole discretion, unilaterally amend this Agreement on or before the effective date of the final regulations to provide for (i) the election of a safe harbor under Proposed Treasury Regulation Section 1.83-3(l) (or any
similar provision) under which the fair market value of a partnership interest that is transferred is treated as being equal to the liquidation value of that interest, (ii) an agreement by the Partnership and each of its Partners to comply with
all of the requirements set forth in such regulations and Notice 2005-43 (and any other guidance provided by the Internal Revenue Service with respect to such election) with respect to all partnership interests transferred in connection with the
performance of services while the election remains effective, (iii) the allocation of items of income, gains, deductions and losses required by the final regulations similar to Proposed Treasury Regulation Section 1.704-1(b)(4)(xii)(b) and
(c), and (iv) any other related amendments. 
 (d) Except as may be otherwise required by law in connection with the
winding-up, liquidation, or dissolution of the Partnership, each Partner hereby irrevocably waives any and all rights that it may have to maintain an action for judicial accounting or for partition of any of the Partnership’s property.

  
 26 

 SECTION 11.13 No Third Party Beneficiaries. This Agreement shall be binding upon
and inure solely to the benefit of the parties hereto and their permitted assigns and successors and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity, any legal or equitable right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement (other than pursuant to Section 10.02 hereof). 
 SECTION
11.14 Headings. The headings and subheadings in this Agreement are included for convenience and identification only and are in no way intended to describe, interpret, define or limit the scope, extent or intent of this Agreement or any
provision hereof. 
 SECTION 11.15 Construction. Each party hereto acknowledges and agrees it has had the
opportunity to draft, review and edit the language of this Agreement and that it is the intent of the parties hereto that no presumption for or against any party arising out of drafting all or any part of this Agreement will be applied in any
dispute relating to, in connection with or involving this Agreement. Accordingly, the parties hereby waive to the fullest extent permitted by law the benefit of any rule of Law or any legal decision that would require that in cases of uncertainty,
the language of a contract should be interpreted most strongly against the party who drafted such language. 
 SECTION
11.16 Power of Attorney. Each Limited Partner, by its execution hereof, hereby irrevocably makes, constitutes and appoints the General Partner as its true and lawful agent and attorney in fact, with full power of substitution and full
power and authority in its name, place and stead, to make, execute, sign, acknowledge, swear to, record and file (a) this Agreement and any amendment to this Agreement that has been adopted as herein provided; (b) the original certificate
of limited partnership of the Partnership and all amendments thereto required or permitted by law or the provisions of this Agreement; (c) all certificates and other instruments (including consents and ratifications which the Limited Partners
have agreed to provide upon a matter receiving the agreed support of Limited Partners) deemed advisable by the General Partner to carry out the provisions of this Agreement (including the provisions of Section 8.04) and Law or to permit the
Partnership to become or to continue as a limited partnership or partnership wherein the Limited Partners have limited liability in each jurisdiction where the Partnership may be doing business; (d) all instruments that the General Partner
deems appropriate to reflect a change or modification of this Agreement or the Partnership in accordance with this Agreement, including, without limitation, the admission of additional Limited Partners or substituted Limited Partners pursuant to the
provisions of this Agreement; (e) all conveyances and other instruments or papers deemed advisable by the General Partner to effect the liquidation and termination of the Partnership; and (f) all fictitious or assumed name certificates
required or permitted (in light of the Partnership’s activities) to be filed on behalf of the Partnership. 
 SECTION
11.17 Partnership Status. The parties intend to treat the Partnership as a partnership for U.S. federal income tax purposes. 

  
 27 

 IN WITNESS WHEREOF, the parties hereto have entered into this Agreement or have caused this
Agreement to be duly executed by their respective authorized officers, in each case as of the date first above stated. 
  

					
	GENERAL PARTNER:
	OAKTREE AIF HOLDINGS, INC.
		
	By:	 	 /S/ TODD MOLZ

		 	Name:	 	Todd Molz
		 	Title:	 	Vice President
		
	By:	 	 /S/ RICHARD TING

		 	Name:	 	Richard Ting
		 	Title:	 	Vice President
	
	LIMITED PARTNERS:
	OAKTREE AIF HOLDINGS, INC.
		
	By:	 	 /S/ TODD MOLZ

		 	Name:	 	Todd Molz
		 	Title:	 	Vice President
		
	By:	 	 /S/ RICHARD TING

		 	Name:	 	Richard Ting
		 	Title:	 	Vice President

 
					
	OAKTREE CAPITAL GROUP HOLDINGS, L.P.
	By:	 	Oaktree Capital Group Holdings GP, LLC, its
		 	general partner
		
	By:	 	 /S/ TODD MOLZ

		 	Name:	 	Todd Molz
		 	Title:	 	Managing Director and General Counsel
		
	By:	 	 /S/ RICHARD TING

		 	Name:	 	Richard Ting
		 	Title:	 	Managing Director and Associate General CounselCredit Agreement

 Exhibit 10.10 

 
  
 CREDIT AGREEMENT 
 dated as of 

January 7, 2011 
 among 
 OAKTREE CAPITAL MANAGEMENT, L.P., 

OAKTREE CAPITAL II, L.P., 
 OAKTREE AIF INVESTMENTS, L.P., 
 OAKTREE CAPITAL I, L.P., 

The Lenders Party Hereto, 
 and 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Administrative Agent, L/C Issuer and Swing Line Lender, 
 and 
 WELLS FARGO SECURITIES, LLC, 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 
 and 
 HSBC SECURITIES (USA), INC., 

as Joint Lead Arrangers and Joint Lead Bookrunners 
 and 
 BANK OF AMERICA, N.A., 

and 
 HSBC BANK
USA, N.A., 
 as Co-Syndication Agents 
 $550,000,000 SENIOR UNSECURED 
 CREDIT FACILITIES 

 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I. DEFINITIONS
	  	 	1	  
		
	 SECTION 1.1. Defined Terms
	  	 	1	  
		
	 SECTION 1.2. Terms Generally
	  	 	26	  
		
	 SECTION 1.3. Accounting Terms; GAAP
	  	 	26	  
		
	 SECTION 1.4. Time
	  	 	26	  
		
	 SECTION 1.5. Joint and Several Obligations
	  	 	26	  
		
	 SECTION 1.6. Classification of Loans and Borrowings
	  	 	27	  
		
	 ARTICLE II. THE CREDITS
	  	 	27	  
		
	 SECTION 2.1. Commitments; Commitment Increase(s)
	  	 	27	  
		
	 SECTION 2.2. Loans and Borrowings
	  	 	30	  
		
	 SECTION 2.3. Requests for Borrowings
	  	 	31	  
		
	 SECTION 2.4. Funding of Borrowings
	  	 	32	  
		
	 SECTION 2.5. Interest Elections
	  	 	32	  
		
	 SECTION 2.6. Termination and Reduction of Commitments
	  	 	34	  
		
	 SECTION 2.7. Repayment of Loans; Evidence of Debt
	  	 	34	  
		
	 SECTION 2.8. Prepayment of Loans
	  	 	35	  
		
	 SECTION 2.9. Fees
	  	 	36	  
		
	 SECTION 2.10. Interest
	  	 	36	  
		
	 SECTION 2.11. Alternate Rate of Interest
	  	 	37	  
		
	 SECTION 2.12. Increased Costs
	  	 	38	  
		
	 SECTION 2.13. Break Funding Payments
	  	 	38	  
		
	 SECTION 2.14. Taxes
	  	 	39	  
		
	 SECTION 2.15. Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	 	41	  
		
	 SECTION 2.16. Mitigation Obligations; Replacement of Lenders
	  	 	42	  
		
	 SECTION 2.17. Letters of Credit
	  	 	43	  
		
	 SECTION 2.18. Swing Line
	  	 	51	  
		
	 SECTION 2.19. Notes
	  	 	55	  
		
	 SECTION 2.20. Defaulting Lenders
	  	 	56	  
		
	 ARTICLE III. REPRESENTATIONS AND WARRANTIES
	  	 	57	  

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 SECTION 3.1. Organization; Powers
	  	 	58	  
		
	 SECTION 3.2. Authorization; Enforceability
	  	 	58	  
		
	 SECTION 3.3. Governmental Approvals; No Conflicts
	  	 	58	  
		
	 SECTION 3.4. Financial Condition; No Material Adverse Change
	  	 	58	  
		
	 SECTION 3.5. Properties
	  	 	59	  
		
	 SECTION 3.6. Litigation and Environmental Matters
	  	 	59	  
		
	 SECTION 3.7. Compliance with Laws and Agreements
	  	 	59	  
		
	 SECTION 3.8. Investment and Holding Company Status
	  	 	59	  
		
	 SECTION 3.9. Taxes
	  	 	60	  
		
	 SECTION 3.10. ERISA
	  	 	60	  
		
	 SECTION 3.11. Disclosure
	  	 	60	  
		
	 SECTION 3.12. No Default
	  	 	61	  
		
	 SECTION 3.13. Subsidiaries
	  	 	61	  
		
	 SECTION 3.14. Federal Regulations
	  	 	61	  
		
	 SECTION 3.15. No Burdensome Restrictions
	  	 	61	  
		
	 SECTION 3.16. Foreign Assets Control, Etc.
	  	 	61	  
		
	 SECTION 3.17. Obligations to Rank Pari Passu
	  	 	62	  
		
	 ARTICLE IV. CONDITIONS
	  	 	62	  
		
	 SECTION 4.1. Effective Date
	  	 	62	  
		
	 SECTION 4.2. Each Credit Event
	  	 	63	  
		
	 ARTICLE V. AFFIRMATIVE COVENANTS
	  	 	64	  
		
	 SECTION 5.1. Financial Statements and Other Information
	  	 	64	  
		
	 SECTION 5.2. Notices of Material Events
	  	 	66	  
		
	 SECTION 5.3. Existence; Conduct of Business
	  	 	66	  
		
	 SECTION 5.4. Payment of Obligations
	  	 	67	  
		
	 SECTION 5.5. Maintenance of Properties; Insurance
	  	 	67	  
		
	 SECTION 5.6. Books and Records; Inspection Rights
	  	 	67	  
		
	 SECTION 5.7. Compliance with Laws and Contractual Obligations
	  	 	67	  
		
	 SECTION 5.8. Use of Proceeds
	  	 	67	  
		
	 SECTION 5.9. Environmental Laws
	  	 	68	  

  
 -ii-

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 ARTICLE VI. NEGATIVE COVENANTS
	  	 	68	  
		
	 SECTION 6.1. Indebtedness
	  	 	68	  
		
	 SECTION 6.2. Liens
	  	 	70	  
		
	 SECTION 6.3. Fundamental Changes
	  	 	71	  
		
	 SECTION 6.4. Investments, Loans, Advances, Guarantees and Acquisitions; Hedging Agreements
	  	 	72	  
		
	 SECTION 6.5. Restricted Payments
	  	 	73	  
		
	 SECTION 6.6. Transactions with Affiliates
	  	 	73	  
		
	 SECTION 6.7. Restrictive Agreements; Negative Pledge Clauses
	  	 	74	  
		
	 SECTION 6.8. Financial Condition Covenants
	  	 	74	  
		
	 SECTION 6.9. Reserved
	  	 	74	  
		
	 SECTION 6.10. Changes in Fiscal Periods
	  	 	75	  
		
	 SECTION 6.11. Optional Payments and Modifications of Certain Debt Instruments
	  	 	75	  
		
	 ARTICLE VII. EVENTS OF DEFAULT
	  	 	75	  
		
	 ARTICLE VIII. THE ADMINISTRATIVE AGENT
	  	 	78	  
		
	 SECTION 8.1. Appointment, Powers and Immunities
	  	 	78	  
		
	 SECTION 8.2. Reliance by the Administrative Agent
	  	 	79	  
		
	 SECTION 8.3. Defaults
	  	 	79	  
		
	 SECTION 8.4. Indemnification
	  	 	79	  
		
	 SECTION 8.5. Non-Reliance
	  	 	80	  
		
	 SECTION 8.6. Resignation of the Administrative Agent
	  	 	80	  
		
	 SECTION 8.7. Collateral Matters
	  	 	81	  
		
	 SECTION 8.8. Performance of Conditions
	  	 	81	  
		
	 SECTION 8.9. The Administrative Agent in its Individual Capacity
	  	 	81	  
		
	 ARTICLE IX. MISCELLANEOUS
	  	 	82	  
		
	 SECTION 9.1. Notices
	  	 	82	  
		
	 SECTION 9.2. Waivers; Amendments
	  	 	83	  
		
	 SECTION 9.3. Expenses; Indemnity; Damage Waiver
	  	 	85	  
		
	 SECTION 9.4. Successors and Assigns
	  	 	86	  
		
	 SECTION 9.5. Survival
	  	 	90	  

  
 -iii-

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 SECTION 9.6. Counterparts; Integration; Effectiveness
	  	 	90	  
		
	 SECTION 9.7. Severability
	  	 	91	  
		
	 SECTION 9.8. Right of Setoff
	  	 	91	  
		
	 SECTION 9.9. Governing Law; Jurisdiction; Consent to Service of Process
	  	 	91	  
		
	 SECTION 9.10. No Third Party Rights
	  	 	92	  
		
	 SECTION 9.11. Relationship of Parties
	  	 	92	  
		
	 SECTION 9.12. WAIVER OF JURY TRIAL
	  	 	92	  
		
	 SECTION 9.13. Time
	  	 	93	  
		
	 SECTION 9.14. USA PATRIOT Act
	  	 	93	  
		
	 SECTION 9.15. Headings
	  	 	93	  
		
	 SECTION 9.16. Confidentiality
	  	 	93	  
		
	 SECTION 9.17. Interest Rate Limitation
	  	 	94	  
		
	 SECTION 9.18. Waivers and Agreements of Borrowers
	  	 	94	  
		
	 SECTION 9.19. Clarification
	  	 	95	  

 SCHEDULES: 
 Schedule 2.1 – Names, Addresses, Commitments, and Proportionate Shares of the Lenders 

Schedule 3.6 – Disclosed Matters 
 Schedule
3.13 – Subsidiaries 
 Schedule 6.1 – Existing Indebtedness 
 Schedule 6.2 – Existing Liens 
 Schedule 6.6 – Transactions with Affiliates 

Schedule 6.7 – Existing Restrictions 

EXHIBITS: 
 Exhibit A – Form of
Assignment and Acceptance 
 Exhibit B – Form of Legal Opinion of Munger, Tolles & Olson LLP, Special Counsel to Borrower

 Exhibit C-1 – Form of Report Under Section 5.1(e)(i) 
 Exhibit C-2 – Form of Report Under Section 5.1(e)(ii) 
 Exhibit D – Notice of Swing
Line Borrowing 
 Exhibit E – Form of Revolving Loan Note 
 Exhibit F – Form of Term Loan Note 
 Exhibit G – Form of Swing Line Note 

Exhibit H – Form of Compliance Certificate 

Exhibit I – Form of Borrowing Request 

  
 -iv-

 TABLE OF CONTENTS 

(continued) 
  

 Exhibit J – Form of Interest Election Request 

  
 -v-

 EXECUTION VERSION 

CREDIT AGREEMENT dated as of January 7, 2011 (as amended, restated, supplemented, or otherwise modified from time to time, this
“Agreement”), among OAKTREE CAPITAL MANAGEMENT, L.P., a Delaware limited partnership, OAKTREE CAPITAL II, L.P., a Delaware limited partnership, OAKTREE AIF INVESTMENTS, L.P., a Delaware limited partnership, OAKTREE CAPITAL I, L.P.,
a Delaware limited partnership (each a “Borrower” and collectively, the “Borrowers”), the LENDERS party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION as Administrative Agent for the Lenders (in such capacity,
the “Administrative Agent”), L/C Issuer and Swing Line Lender. WELLS FARGO SECURITIES, LLC (“Wells Fargo Securities”), MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (“MLPF&S”) and
HSBC SECURITIES (USA), INC. have each been given the titles of joint lead arranger and joint lead bookrunner in connection with this Agreement (in such capacity, collectively, the “Joint Lead Arrangers”) and Bank of America, N.A.
(“Bank of America”) and HSBC Bank USA, N.A. have each been given the title of co-syndication agent in connection with this Agreement (in such capacity, the “Co-Syndication Agents”). 

WHEREAS, the Borrowers have requested that the Lenders provide the credit facility set forth in this Agreement to the Borrowers,
including the Revolving Loans, Term Loans Swing Line Loans and the issuance of Letters of Credit; and 
 WHEREAS, each Borrower
will directly and indirectly benefit from the financing provided to it and to each other Borrower pursuant to this Agreement; 

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

DEFINITIONS 
 SECTION 1.1. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “ABR” when used in reference to any Loan (or in the case of the Term Loans, a portion thereof) or Borrowing, refers to whether such Loan (or portion thereof), or the Loans (or portion
thereof) comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 

“Acquired Portion” has the meaning given to that term in Section 2.1(b)(v). 

“Administrative Agent” has the meaning set forth in the preamble hereto. 

 “Administrative Questionnaire” means an Administrative Questionnaire in a
form supplied by the Administrative Agent. 
 “Affiliate” means, with respect to a specified Person, another
Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified; provided that for the purposes of Section 6.6, no member of Oaktree Operating
Group shall be considered to be an “Affiliate” of any other member of the Oaktree Operating Group. 

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

“Alternate Base Rate” means, on any day, the greatest of (a) the Prime Rate in effect on such day, (b) the
Federal Funds Effective Rate for the day immediately preceding such day plus one and one-half percent (1.50%) and (c) One Month LIBOR Rate for such day (determined on a daily basis as set forth below) plus one and one-half percent (1.50%).
As used in this definition, “One Month LIBOR Rate” shall mean, with respect to any interest rate calculation for a Loan, a portion of a Loan, Borrowing or any other obligation of any Borrower under the Loan Documents bearing interest at
the Alternate Base Rate, a rate per annum equal to the quotient (rounded upward if necessary to the nearest 1/100 of one percent) of (a) the rate per annum referred to as the BBA (British Bankers Association) LIBOR RATE as reported on Reuters
LIBOR page 1, or if not reported by Reuters, as reported by any service selected by the Administrative Agent, on the applicable day (provided that if such day is not a Business Day for which a LIBOR Rate is quoted, the next preceding Business Day
for which a LIBOR Rate is quoted) at or about 11:00 a.m., London time (or as soon thereafter as practicable), for dollar deposits being delivered in the London interbank eurodollar currency market for a term of one month commencing on such date of
determination, divided by (b) one minus the Reserve Requirement in effect on such day. If for any reason rates are not available as provided in clause (a) of the preceding sentence, the rate to be used in clause (a) shall be, at the
Administrative Agent’s discretion (in each case, rounded upward if necessary to the nearest 1/100 of one percent), (i) the rate per annum at which dollar deposits are offered to the Administrative Agent in the London interbank eurodollar
currency market or (ii) the rate at which dollar deposits are offered to the Administrative Agent in, or by the Administrative Agent to major banks in, any offshore interbank eurodollar market selected by the Administrative Agent, in each case
on the applicable day (provided that if such day is not a Business Day for which dollar deposits are offered to or by the Administrative Agent in the London or such offshore interbank eurodollar currency market, the next preceding Business Day for
which dollar deposits are offered to or by the Administrative Agent in the London or such offshore interbank eurodollar currency market) at or about 11:00 a.m., London time (or as soon thereafter as practicable) (for delivery on such date of
determination) for a one month term. 
 “Anti-Terrorism Law” means each of: (a) the Executive Order;
(b) the Patriot Act; (c) the Money Laundering Control Act of 1986, 18 U.S.C. Sect. 1956; and (d) any other Governmental Rule now or hereafter enacted to monitor, deter or otherwise prevent terrorism or the funding or support of
terrorism. 
 “Applicable Margin” means, at any time when there is a Debt Rating (as defined below),
(a) in the case of interest calculable with respect to each Eurodollar Loan, the percentage 

  
 2 

 
set forth in the column headed “Eurodollar” opposite the applicable Tier level below, (b) in the case of interest calculable with respect to each ABR Loan, the percentage set forth
below in the column headed “ABR” opposite the applicable Tier level below, and (c) in the case of the Commitment Fees, the percentage set forth in the column headed “Commitment Fees” opposite the applicable Tier level below:

  

															
	 Tier
	 	Debt Rating	 	Eurodollar	 	 	ABR	 	 	Commitment Fees	 
	I	 	3 A	 	 	1.250	% 	 	 	0.250	% 	 	 	0.175	% 
	II	 	A-	 	 	1.500	% 	 	 	0.500	% 	 	 	0.200	% 
	III	 	BBB+	 	 	1.625	% 	 	 	0.625	% 	 	 	0.225	% 
	IV	 	£ BBB	 	 	2.000	% 	 	 	1.000	% 	 	 	0.250	% 

 “Debt Rating” means, as of any date of determination, the rating as determined by either
S&P or Fitch Ratings of the non-credit-enhanced, senior unsecured long-term debt of Oaktree Capital Management, L.P. (along with its affiliates); provided that (a) if the respective Debt Ratings issued by the foregoing rating
agencies differ by one Tier, then the Tier for the higher of such Debt Ratings shall apply (with the Debt Rating for Tier I being the highest and the Debt Rating for Tier IV being the lowest) and (b) if such Debt Ratings differ by more than one
Tier, then the Tier that is one Tier above the Tier of the lower Debt Rating shall apply. 
 Initially the Applicable Margin
shall be based on Tier II. The Applicable Margin shall be subject to adjustment (upwards or downwards, as appropriate), effective as of the date on which S&P or Fitch Ratings announces a change of Debt Rating that results in a change in the
Applicable Margin. 
 Notwithstanding the foregoing, at any time when there is no Debt Rating, the Applicable Margin for each of
Eurodollar Loans, ABR Loans and Commitment Fees shall be determined pursuant to the following pricing grid: 
  

															
	 Tier
	 	Combined Leverage Ratio	 	Eurodollar	 	 	ABR	 	 	Commitment Fees	 
	I	 	<1.00	 	 	1.250	% 	 	 	0.250	% 	 	 	0.175	% 
	II	 	>1.00 <1.75	 	 	1.500	% 	 	 	0.500	% 	 	 	0.200	% 
	III	 	>1.75 <2.25	 	 	1.625	% 	 	 	0.625	% 	 	 	0.225	% 
	IV	 	>2.25	 	 	2.000	% 	 	 	1.000	% 	 	 	0.250	% 

 Any increase or decrease in the Applicable Margin resulting from a change in the Combined Leverage Ratio
shall become effective as of the fifth Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 5.1(c) with respect to any fiscal quarter or fiscal year; provided that (x) during the
period commencing on the date there is no Debt Rating (each, a “Debt Rating Drop Date”) until the fifth Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 5.1(c)

  
 3 

 
with respect to the fiscal quarter or fiscal year in which such Debt Rating Drop Date occurs, Tier IV shall apply and (y) at any time when there is no Debt Rating, if no Compliance
Certificate is delivered when due in accordance with Section 5.1(c), then Tier IV shall apply as of the date of the failure to deliver such Compliance Certificate until such date as the Borrowers deliver such Compliance Certificate and
thereafter the Applicable Margin shall be based on the Combined Leverage Ratio indicated on such Compliance Certificate until such time as the Applicable Margin is further adjusted as set forth in this definition. At any time when there is no Debt
Rating, if the Combined Leverage Ratio reported in any Compliance Certificate shall be determined to have been incorrectly reported and if correctly reported would have resulted in a higher Applicable Margin, then the Applicable Margin shall be
retroactively adjusted to reflect the higher rate that would have been applicable had the Combined Leverage Ratio been correctly reported in such Compliance Certificate and the additional amounts resulting therefrom shall be due and payable within
two (2) Business Days of written notice therefor from the Administrative Agent or any Lender (the Borrowers’ obligations to pay such additional amounts shall survive the payment and performance of all other Obligations and the termination
of this Agreement). At any time when there is no Debt Rating, if the Combined Leverage Ratio reported in any Compliance Certificate shall be determined to have been incorrectly reported and if correctly reported would have resulted in a lower
Applicable Margin and such determination is made within ninety (90) days after the delivery of such Compliance Certificate pursuant to Section 5.1(c) (and notice thereof has been provided to the Administrative Agent within such ninety
(90) day period), then the Applicable Margin shall be retroactively adjusted to reflect the lower rate that would have been applicable had the Combined Leverage Ratio been correctly reported in such Compliance Certificate, and any excess
interest paid by the Borrowers to the Lenders resulting from such incorrect reporting of the Combined Leverage Ratio shall be refunded to the Borrowers within two (2) Business Days of receipt by the applicable Lender or Lenders of written
demand therefor from the Borrowers (the Lenders’ obligations to refund such excess amounts shall survive the termination of this Agreement). 
 “Assets Under Management” means the Net Asset Value of all investment funds and accounts managed by any member of the Oaktree Operating Group or their respective subsidiaries plus the
amount of any undrawn capital that may be called from investors in such investment funds pursuant to the capital commitments of such investors to such investment funds. As used in this definition, “Net Asset Value” means, as of any
date, the value of all assets of an investment fund or account (including cash and accrued interest and dividends) less all liabilities of such investment fund or account (including accrued expenses and any reserves established for contingent
liabilities). 
 “Assignee” has the meaning set forth in Section 9.4. 

“Assignment and Acceptance” means an assignment and acceptance entered into by a Lender and an Assignee (with the
consent of any party whose consent is required by Section 9.4), and accepted by the Administrative Agent, substantially in the form of Exhibit A or any other form approved by the Administrative Agent. 

“Attributable Debt” means, in respect of a sale and leaseback transaction entered into by a Borrower or any Subsidiary
of a Borrower, at the time of determination, the present value of the total obligation of the lessee for rental payments during the remaining term of the 

  
 4 

 
lease included in such sale and leaseback transaction, including any period for which such lease has been extended or may, at the sole option of the lessor, be extended. Such present value shall
be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 
 “Availability Period” means the period from and including the Effective Date to but excluding the Revolving Loan Maturity Date. 

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

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

“Borrowing” means (a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the
case of Eurodollar Loans, as to which a single Interest Period is in effect, (b) Term Loans of the same Type made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect
or (c) a Swing Line Loan. 
 “Borrowing Request” means a request by a Borrower for a Borrowing in
accordance with Section 2.3 in the form of Exhibit I. 
 “Business Day” means any day that is not a
Saturday, Sunday or other day on which commercial banks in New York City or Los Angeles are authorized or required by law to remain closed; provided that when used in connection with a Eurodollar Loan, the term “Business Day”
shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market. 

“Capital Expenditures” means, 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. 
 “Capital Lease
Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are
required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP; provided, that for
purposes of this definition of Capital Lease Obligations, capital leases shall be determined based upon GAAP as in effect as of the date of this Agreement. 
 “Capital Stock” means any and all shares, partnership, membership or other 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. 

  
 5 

 “Cash Collateralize” means to pledge and deposit with or deliver to the
Administrative Agent, for the benefit of the L/C Issuer, the Swing Line Lender and/or the Lenders, as applicable, as collateral subject to a first priority security interest securing the Loans, the L/C Obligations and other obligations of the
Borrowers under this Agreement and the other Loan Documents, cash or deposit account balances in an amount equal to the L/C Obligations, obligations in respect of Swing Line Loans or obligations of a Defaulting Lender, as applicable, pursuant to
documentation in form and substance satisfactory to the Administrative Agent and the L/C Issuer or Swing Line Lender, as applicable (which documents are hereby consented to by the Lenders). Derivatives of such term shall have a corresponding
meaning. 
 “Change in Control” means (a) the acquisition of direct or indirect beneficial ownership by
any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof) of Capital Stock representing more than 50% of the aggregate ordinary
voting power represented by the issued and outstanding Capital Stock of any Borrower; or (b) the acquisition of Control of any Borrower by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the
Securities and Exchange Commission thereunder as in effect on the date hereof); other than, in the case of (a) or (b), by (i) any beneficial owner as of the Effective Date of ControlCo, (ii) any officer, employee or principal of any
member of the Oaktree Operating Group or any of their respective Subsidiaries that is an equity holder of Oaktree Capital Group, LLC or ControlCo on the Effective Date or is admitted as an equity holder of Oaktree Capital Group, LLC or ControlCo
after the Effective Date in the ordinary course of business, or (iii) any holding company or intermediate entity that is beneficially owned and controlled by any Person identified in the foregoing clauses (i) and (ii). 

“Change in Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement,
(b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender (or, for purposes of Section 2.12(b), by any
lending office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement;
provided, however, for purposes of this Agreement and to the extent permitted by applicable laws, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, guidelines or directives in connection therewith are
deemed to have gone into effect and adopted after the date of this Agreement. 
 “Charges” has the meaning set
forth in Section 9.17. 
 “Class”, when used in reference to any Loan or Borrowing, refers to whether such
Loan or the Loans comprising such Borrowing, are Revolving Loans, Term Loans or Swing Line Loans. 
 “Code”
means the Internal Revenue Code of 1986, as amended from time to time. 
 “Combined EBITDA” means, for any
period, Combined Net Income for such period plus, without duplication and to the extent reflected as a charge in the statement of such Combined Net Income for such period, the sum of (a) income tax expense, (b) Combined Interest

  
 6 

 
Expense, (c) amortization or writeoff of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness (including the Loans),
(d) depreciation and amortization expense, (e) amortization of intangibles (including, but not limited to, goodwill) and organization costs, (f) 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 Combined Net Income for such period, non-cash losses on sales of assets outside of the ordinary course of business); provided that the amounts referred to in this clause
(f) shall not, in the aggregate, exceed $4,000,000 for any fiscal year of the Borrowers, and (g) any other non-cash charges, including non-cash charges resulting from the vesting or issuance of equity to employees, principals or others,
and minus, without duplication and to the extent included as income or gain in the statement of such Combined Net Income for such period, the sum of (a) any extraordinary, unusual or non-recurring non-cash income or gains (including, whether or
not otherwise includable as a separate item in the statement of such Combined Net Income for such period, non-cash gains on the sales of assets outside of the ordinary course of business) and (b) any other non-cash income, all as determined on
a combined basis; provided that the contribution to Combined EBITDA of a Subsidiary that is not a wholly owned Subsidiary shall be calculated in proportion to the Borrowers’ aggregate direct or indirect economic interests in such
Subsidiary. For the purposes of calculating Combined EBITDA for any period of four consecutive fiscal quarters (each, a “Reference Period”) pursuant to any determination of the Combined Leverage Ratio, (i) if at any time during
such Reference Period the Borrowers or any Subsidiary shall have made any Material Disposition, the Combined EBITDA for such Reference Period shall be reduced by an amount equal to the Combined 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 Combined EBITDA (if negative) attributable thereto for such Reference Period and (ii) if during such Reference Period the Borrowers or
any Subsidiary shall have made a Material Acquisition, Combined 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 in excess of 51% of an operating unit of a business or constitutes
in excess of 51% of the common stock of a Person and (b) involves the payment of consideration by the Borrowers and their respective Subsidiaries in excess of $100,000,000; and “Material Disposition” means any Disposition of
property or series of related Dispositions of property that yields gross proceeds to one or more of the Borrowers and their respective Subsidiaries in excess of $100,000,000. 
 “Combined Fixed Charge Coverage Ratio” means, for any period, the ratio of (a) Combined EBITDA for such period to (b) the sum of (i) Combined Interest Expense for such
period plus (ii) payments of principal on Indebtedness scheduled to be paid during such period; provided that that the calculation made pursuant to clause (b) shall exclude (x) the scheduled principal payment with
respect to the Term Loans on the Term Loan Maturity Date and (y) the scheduled principal payment with respect to any private placement of debt by any Borrower on the final maturity date thereof. 

“Combined Interest Expense” means, for any period, the aggregate interest expense (including interest expense
attributable to Capital Lease Obligations) of the Borrowers 

  
 7 

 
and their respective Subsidiaries for such period in accordance with GAAP (without any deduction for any interest income of the Borrowers and their respective Subsidiaries). 

“Combined Leverage Ratio” means, as at the last day of any period, the ratio of (a) Combined Total Debt on such day
to (b) Combined EBITDA for such period. 
 “Combined Net Income” means, for any period, the combined net
income (or loss) of the Borrowers and their respective consolidated Subsidiaries, determined 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 any Borrower or is merged into or consolidated with any Borrower or any of the Subsidiaries, (b) the income (or deficit) of any Person (other than a Subsidiary of any of the Borrowers) in which any Borrower or any Subsidiary has
an ownership interest, except to the extent that any such income is actually received by such Borrower or such Subsidiary in the form of dividends or similar distributions and (c) the undistributed earnings of any Subsidiary of the Borrowers 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, Organizational Document or Requirement of Law applicable to such Subsidiary.

 “Combined Net Worth” means at any date, all amounts that would, in conformity with GAAP, be included on a
combined statement of financial condition of the Borrowers and their respective consolidated Subsidiaries under partners’ capital at such date without giving effect to any non-cash charges resulting from the vesting or issuance of equity to
employees, principals or others. 
 “Combined Total Debt” means, at any date, the combined principal amount of
all Indebtedness of the Borrowers and their respective consolidated Subsidiaries at such date, determined in accordance with GAAP. 
 “Commitment” means, with respect to each Lender, such Lender’s Revolving Loan Commitment or Term Loan Commitment (as the context requires). 

“Commitment Fees” has the meaning given to that term in Section 2.9(a). 

“Communications” has the meaning given to that term in Section 9.1(b). 

“Confidential Information” means information delivered to any Lender or the Administrative Agent by or on behalf of any
Borrower pursuant to the Loan Documents or otherwise related to the Loans that is non-public or proprietary in nature; provided; however, that such term does not include information that (a) was publicly known or otherwise known to the
receiving party prior to the time of such disclosure, other than from a source having or appearing to have breached its duties or obligations to any Borrower or its Affiliates by such disclosure, (b) subsequently becomes publicly known through
no act or omission by the receiving party or any person acting on its behalf, (c) otherwise becomes known to the receiving party other than through disclosure by any Borrower or from a source not having and not appearing to have breached its
duties or obligations to any Borrower or its Affiliates by such disclosure or (d) constitutes financial statements delivered to the Lenders and the Administrative Agent under Section 5.1 that are otherwise publicly available. For this
purpose, it is understood that 

  
 8 

 
disclosure of information through the GSTrUE trading platform (and any successor platform) to Persons who agree to maintain the confidentiality of such information by means of a
“click-through” confidentiality agreement or similar agreement shall not constitute public disclosure. 

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

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

“ControlCo” means Oaktree Capital Group Holdings, L.P., a Delaware limited partnership. 

“Co-Syndication Agents” has the meaning set forth in the preamble hereto. The capacity of the Co-Syndication Agents is
titular in nature, and neither Co-Syndication Agent shall have any special rights or obligations over those of a Lender by reason thereof. 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership,
insolvency, reorganization, or similar debtor relief Governmental Rules from time to time in effect affecting the rights of creditors generally. 
 “Decreasing Lender” has the meaning given to that term in Section 2.1(b)(v). 
 “Default” means any event or condition which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 

“Defaulting Lender” means, subject to Section 2.20(f), any Lender that has at any time (a) failed to fund its
portion of any amount required to be funded by it under this Agreement and has continued in such failure for one Business Day after written notice from the Administrative Agent, unless the subject of a good faith dispute, (b) otherwise failed
to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within one Business Day after the date when due, unless the subject of a good faith dispute, (c) been deemed insolvent or become
the subject of a bankruptcy or insolvency proceeding or that is a subsidiary or Affiliate of any Person that has become the subject of a bankruptcy or insolvency proceeding, (d) defaulted in fulfilling its monetary or other material obligations
under one or more other credit facilities in which it is a lender or become a “defaulting lender” (or equivalent designation) thereunder, (e) notified any Borrower, the Administrative Agent, the L/C Issuer, the Swing Line Lender or
any other Lender or party 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 credit facilities or (f) failed within three Business Days after request by the Administrative Agent to confirm in writing that it will comply with the terms of this Agreement relating to its obligations to fund any
Borrowing; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any 

  
 9 

 
equity interest by a Governmental Authority in such Lender or any direct or indirect parent company thereof. 
 “Designated Deposit Account” means a deposit account to be maintained by the Borrowers with the Administrative Agent, as from time to time designated by the Borrowers by written
notification to the Administrative Agent. 
 “Designated Person” means any Person who (a) is named on the
list of Specially Designated Nationals or Blocked Persons maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control and/or any other similar lists maintained by the U.S. Department of the Treasury’s Office of
Foreign Assets Control pursuant to authorizing statute, executive order or regulation, (b) (i) is a Person whose property or interest in property is blocked or subject to blocking pursuant to Section 1 of the Executive Order or any
related legislation or any other similar executive order(s) or (ii) engages in any dealings or transactions prohibited by Section 2 of the Executive Order or is otherwise associated with any such Person in any manner violative of
Section 2 of the Executive Order or (c)(i) is an agency of the government of a country, (ii) an organization controlled by a country, or (iii) a Person resident in a country that is subject to a sanctions program identified on
the list maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control, or as otherwise published from time to time, as such program may be applicable to such agency, organization or Person. 

“Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.6.

 “dollars” (whether or not capitalized) or “$” refers to lawful money of the United States
of America. 
 “Downgraded Lender” means any Lender that has a non-investment grade rating from S&P or
another nationally recognized rating agency. 
 “Effective Amount” means (a) with respect to Revolving
Loans, Term Loans and Swing Line Loans on any date, the aggregate outstanding principal amount thereof after giving effect to (i) any borrowings and prepayments or repayments of Revolving Loans, Term Loans and Swing Line Loans and
(ii) with respect to Swing Line Loans, any risk participation amongst the Lenders, as the case may be, occurring or deemed to occur on such date; and (b) with respect to any L/C Obligations on any date, the amount of such L/C Obligations
on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements of outstanding unpaid drawings
under any Letters of Credit or any reductions in the maximum amount available for drawing under Letters of Credit taking effect on such date. 
 “Effective Date” means the date on which the conditions specified in Section 4.1 shall have been satisfied (or waived in accordance with Section 9.2), which date is the date of
this Agreement. 
 “Eligible Assignee” means (a) any Lender and any Affiliate of any Lender; and
(b) a Person that is (i) a commercial bank, savings and loan association or savings bank organized under the laws of the United States of America, or any state thereof, and having a 

  
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combined capital and surplus of at least $5,000,000,000, or (ii) a commercial bank organized under the laws of any other country that is a member of the Organization for Economic Cooperation
and Development (the “OECD”), or a political subdivision of any such country, and having a combined capital and surplus of at least $10,000,000,000; provided that (a) such bank is acting through a branch or agency located in
the country in which it is organized or another country which is also a member of the OECD, and (b) if such bank is not currently a Lender, such bank’s (or such bank’s parent’s) senior unsecured long term indebtedness must be
rated BBB or higher by S&P or Baa2 or higher by Moody’s. Notwithstanding the foregoing, “Eligible Assignee” shall not include (x) any Borrower or any Affiliate of any Borrower, (y) any natural person or (z) any
Defaulting Lender or any of its Subsidiaries, or any Person which, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (z). 

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

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with any Borrower, is treated
as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 

“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the
regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412
of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any
Plan; (d) the incurrence by any Borrower or any Borrower’s ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by any Borrower or any ERISA Affiliate from the PBGC or
a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by any Borrower or any Borrower’s ERISA Affiliates of any liability

  
 11 

 
with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by any Borrower or any Borrower’s ERISA Affiliate of any notice, or the
receipt by any Multiemployer Plan from any Borrower or any Borrower’s ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in
reorganization, within the meaning of Title IV of ERISA. 
 “Eurodollar”, when used in reference to any Loan
(or in the case of the Term Loans, any portion thereof) or Borrowing, refers to whether such Loan (or portion thereof), or the Loans (or portion thereof) comprising such Borrowing, are bearing interest at a rate determined by reference to the LIBOR
Rate. 
 “Event of Default” has the meaning assigned to such term in Article VII. 

“Evergreen Letter of Credit” has the meaning set forth in Section 2.17(b)(iii). 

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender, or any other recipient of any payment to
be made by or on account of any obligation of the Borrowers hereunder, (a) income or franchise Taxes imposed on (or measured by) its net income by the United States of America, or by any other jurisdiction, (b) any branch profits Taxes
imposed by the United States of America or any similar Tax imposed by any other jurisdiction, (c) any withholding Tax that is attributable to any U.S. Lender’s failure to comply with Section 2.14(f), and (d) in the case of a
Foreign Lender, any withholding Tax that is imposed on amounts payable to such Foreign Lender that is in effect at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Foreign
Lender’s failure or inability to comply with Section 2.14(e), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional
amounts from any Borrower with respect to such withholding Tax pursuant to Section 2.14(a). 
 “Executive
Order” means Executive Order No. 13224 on Terrorist Financings:—Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or Support Terrorism issued on 23rd September, 2001. 

“Existing Credit Agreement” means that certain Credit Agreement dated as of August 6, 2008, by and among Oaktree
Capital Management, L.P., Oaktree Capital II, L.P., Oaktree AIF Investments, L.P., Oaktree Capital I, L.P., the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent. 

“FASB ASC” shall mean the Accounting Standards Codification of the Financial Accounting Standards Board. 

“Federal Funds Effective Rate” means, for any day, the rate per annum (rounded upwards to the nearest 1/100 of 1%) equal
to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next
succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next 

  
 12 

 
preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Effective Rate for
such day shall be the average rate charged to Wells Fargo Bank, National Association on such day on such transactions as determined by the Administrative Agent. 
 “Fee Letters” mean, collectively, (i) the letter agreement dated as of December 1, 2010 between the Borrowers, Wells Fargo Securities, MLPF&S, the Administrative Agent and
Bank of America regarding certain fees payable by the Borrowers to Wells Fargo Securities and MLPF&S as expressly indicated therein, (ii) the letter agreement dated as of December 1, 2010 between the Borrowers, the Administrative Agent
and Wells Fargo Securities regarding certain fees payable by the Borrowers to the Administrative Agent as expressly indicated therein and (iii) any other fee letter, engagement letter, mandate letter or commitment letter executed by on or more
of the Borrowers and any of the Administrative Agent, the Co-Syndication Agents or the Joint Lead Arrangers in connection with this Agreement. 
 “Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of any of the Borrowers. 

“Forecast” has the meaning set forth in Section 5.1(d). 

“Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the
Borrowers are located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

“GAAP” means generally accepted accounting principles in the United States of America, except any requirement for the
consolidation of investment funds advised or managed by the Borrowers and other entities that may be required by FASB ASC 810-20 or similar and subsequent authoritative accounting pronouncements. 

“Governmental Authority” means the government of the United States of America, any other nation or government or any
political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government. 
 “Governmental Authorization” means any permit, license,
registration, approval, finding of suitability, authorization, plan, directive, order, consent, exemption, waiver, consent order or consent decree of or from, or notice to, action by or filing with, any Governmental Authority. 

“Governmental Rule” means any law, rule, regulation, ordinance, order, code interpretation, judgment, decree, directive,
Governmental Authorization, guidelines, policy or similar form of decision of any Governmental Authority. 

“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the
guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other similar obligation of any other Person (the “primary  

  
 13 

 
obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for
the purchase or payment of) such Indebtedness or other similar obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the
purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the
primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided that the term Guarantee shall
not include endorsements for collection or deposit in the ordinary course of business. The amount of any obligation under a Guarantee shall be deemed equal to the stated or determinable amount of the guarantor’s obligation in respect of which
such Guarantee is made or, if not stated or if indeterminable, the guarantor’s maximum liability in respect thereof. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances,
wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated
pursuant to any Environmental Law. 
 “Hedging Agreement” means any interest rate protection agreement, foreign
currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement. 
 “Honor Date” has the meaning given to that term in Section 2.17(c)(i). 
 “Increase Effective Date” has the meaning given to that term in Section 2.1(b)(iv). 
 “Increasing Lenders” has the meaning given to that term in Section 2.1(b)(i). 
 “Indebtedness” of any Person means, without duplication, (a) all indebtedness of such Person for borrowed money or payment obligations with respect to deposits or advances of any
kind, (b) all payment obligations of such Person evidenced by bonds, debentures, notes or similar instruments, representing an extension of credit to such Person, (c) all obligations of such Person upon which interest charges are
customarily paid, (d) all payment obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person for the deferred purchase price of
property or services (excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be
secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, but only to the extent of the fair market value of the assets subject to such Lien, (g) all Guarantees by
such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of reimbursement for draws under letters of credit and
letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances and (k) net liabilities of such Person under 

  
 14 

 
Hedging Agreements. The Indebtedness of any Person shall include the Indebtedness of any general partnership and any other entity under which the equity owners of such entity do not have limited
liability, in each case, to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not
liable therefor. 
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 

“Interest Election Request” means a request by the Borrowers to convert or continue a Revolving Loan in accordance with
Section 2.5. 
 “Interest Payment Date” means (a) with respect to any ABR Loan, each Quarterly
Payment Date and (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Loan with an Interest Period of more than three months’
duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period. 
 “Interest Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month
that is one, two, three or six months or one week or two weeks thereafter (or, in the case of the initial Eurodollar Term Loan Borrowing on the Effective Date, the initial Interest Period shall commence on the date of such Borrowing and end on
January 31, 2011), as the Borrowers may elect; provided that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, with respect to
an Interest Period of one month or greater, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, (b) any Interest Period with respect to any
Interest Period of one month or greater that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business
Day of the last calendar month of such Interest Period and (c) (i) any Interest Period for any Revolving Loan that would otherwise extend beyond the Revolving Loan Maturity Date shall end on the Revolving Loan Maturity Date and (ii) any
Interest Period for any Term Loan that would otherwise extend beyond the Term Loan Maturity Date shall end on the Term Loan Maturity Date. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and
thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 
 “Joint Lead
Arrangers” has the meaning set forth in the preamble hereto. Except as expressly set forth in Section 9.3, the capacity of the Joint Lead Arrangers is titular in nature, and the Joint Lead Arrangers shall have no special rights or
obligations over those of a Lender by reason thereof. 
 “L/C Advance” means with respect to each Lender, such
Lender’s participation in any L/C Borrowing in accordance with its L/C Risk Participation therein. 

  
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 “L/C Borrowing” means an extension of credit resulting from a drawing under
any Letter of Credit which has not been reimbursed on the date when made or refinanced or deemed refinanced as a Revolving Loan. 
 “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof, the amendment thereof, the extension of the expiry date thereof, or the renewal or increase of
the amount thereof. 
 “L/C Issuer” means Wells Fargo Bank, National Association in its capacity as issuer of
Letters of Credit hereunder or any successor issuer of Letters of Credit hereunder. 
 “L/C Obligations” means,
as at any date of determination, the aggregate undrawn face amount of all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. 

“L/C Risk Participation” means, with respect to any Lender and any Letter of Credit as of any date of determination, the
sum of (a) such Lender’s Revolving Proportionate Share of the Effective Amount of the L/C Obligation attributable to such Letter of Credit outstanding at such time plus (b) the aggregate amount of all Defaulting Lenders’
Revolving Proportionate Shares of the Effective Amount of the L/C Obligation attributable to such Letter of Credit outstanding at such time that have been reallocated to such Lender pursuant to Section 2.20(d). 

“Lenders” means the Persons listed on Schedule 2.1 and any other Person that shall have become a party hereto pursuant
to an Assignment and Acceptance in accordance with Section 9.4 or pursuant to Section 2.1(b), other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance; provided that Lenders shall also
include the L/C Issuer and the Swing Line Lender (unless the context requires otherwise). 
 “Letter of Credit”
means any of the standby letters of credit issued by the L/C Issuer under this Agreement, either as originally issued or as the same may be supplemented, modified, amended, extended, restated or supplanted. 

“Letter of Credit Application” means an application and agreement (including any master letter of credit agreement) for
the issuance or amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer. 
 “Letter of
Credit Expiration Date” means the day that is thirty (30) days prior to the Revolving Loan Maturity Date (or, if such day is not a Business Day, the next succeeding Business Day). 

“Letter of Credit Sublimit” means an amount equal to the lesser of (a) $10,000,000 and (b) the Total Revolving
Loan Commitment. The Letter of Credit Sublimit is part of, and not in addition to, the aggregate amount of the Total Revolving Loan Commitment. 
 “LIBOR Rate” means, with respect to any Interest Period for the Eurodollar Loans in any Eurodollar Borrowing, a rate per annum equal to the quotient of (a) the rate per annum
appearing referred to as the BBA (British Bankers Association) LIBOR RATE as set 

  
 16 

 
forth by any service selected by the Administrative Agent which has been nominated by the British Bankers’ Association as an authorized information vendor for the purpose of displaying such
rates on the second Business Day prior to the first day of such Interest Period at or about 11:00 a.m., London time (or as soon thereafter as practicable), for delivery on the first day of such Interest Period for a term comparable to such Interest
Period, divided by (b) one minus the Reserve Requirement for such Loans in effect from time to time. If for any reason rates are not available as provided in clause (a) of the preceding sentence, the rate to be used in clause
(a) shall be, at the Administrative Agent’s reasonable discretion, (i) the rate per annum at which dollar deposits are offered to the Administrative Agent in the London interbank eurodollar currency market or (ii) the rate at
which dollar deposits are offered to the Administrative Agent in, or by the Administrative Agent to major banks in, any offshore interbank eurodollar market selected by the Administrative Agent, in each case on the second Business Day prior to the
commencement of such Interest Period at or about 11:00 a.m., London time, for delivery on the first day of such Interest Period for a term comparable to such Interest Period and in an amount approximately equal to the amount of the Loan to be made
or funded by the Administrative Agent as part of such Borrowing. The LIBOR Rate shall be adjusted automatically as to all Eurodollar Loans then outstanding as of the effective date of any change in the Reserve Requirement. 

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance,
charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect
as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

“Loan” means a loan made by the Lenders to the Borrowers pursuant to this Agreement. 

“Loan Documents” means and includes this Agreement, the Notes, each Letter of Credit Application, each Borrowing
Request, each Notice of Swing Line Borrowing, each Interest Election Request, each notice of continuation or conversion, the Fee Letters, and all other documents, instruments and agreements delivered by any Borrower to the Administrative Agent or
any Lender in connection with this Agreement or any other Loan Document on or after the date of this Agreement, including any amendments, consents or waivers, as the same may be amended, restated, supplemented or modified from time to time.

 “Material Adverse Effect” means a material adverse effect on (a) the business, assets, property,
operations or financial condition of the Borrowers and all of their respective Subsidiaries taken as a whole, (b) the validity or enforceability of this Agreement or any other material Loan Document, or (c) the rights or remedies of the
Administrative Agent or the Lenders hereunder. 
 “Material Indebtedness” means Indebtedness (other than the
Loans), or obligations in respect of one or more Hedging Agreements, of any one or more of the Borrowers and their respective Subsidiaries in an aggregate principal amount exceeding $25,000,000. For purposes of determining Material Indebtedness, the
“principal amount” of the obligations of each 

  
 17 

 
Borrower or any Subsidiary in respect of any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that such Borrower or such Subsidiary
would be required to pay if such Hedging Agreement were terminated at such time. 
 “Material Subsidiary” of
the Borrowers means, at any time, any Subsidiary of any Borrower having or accounting for (a) assets with a value of not less than 5% of the total value of the aggregate assets of all the Borrowers and their respective Subsidiaries, taken as a
whole, or (b) Combined EBITDA of not less than 5% of the Combined EBITDA of all of the Borrowers and their respective Subsidiaries, taken as a whole, as at the last day of any period for four consecutive fiscal quarters of such Borrower.

 “Maximum Rate” has the meaning set forth in Section 9.17. 

“Moody’s” means Moody’s Investors Service, Inc. 

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

“New Lender” has the meaning set forth in Section 2.1(b)(ii). 

“Nonrenewal Notice Date” has the meaning set forth in Section 2.17(b)(iii). 

“Note” means a Revolving Loan Note, Term Loan Note or a Swing Line Note. 

“Notice” has the meaning given to that term in Section 9.1(b). 

“Notice of Swing Line Borrowing” means a notice of Swing Line Borrowing pursuant to Section 2.18(b), which if in
writing, shall be substantially in the form of Exhibit D. 
 “Oaktree Operating Group” means a
collective reference to Oaktree Capital I, L.P., Oaktree Capital II, L.P., Oaktree Capital Management (Cayman), L.P., Oaktree Capital Management, L.P. and Oaktree AIF Investments, L.P. 

“Organizational Document” means, as to any Person, the certificate of incorporation, by-laws, limited liability company
agreement or other organization or governing documents of such Person. 
 “Other Taxes” means any and all
present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement.

 “Participant” has the meaning set forth in Section 9.4. 

“Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001, Public Law 107-56 (commonly known as the USA Patriot Act). 

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

 (a) Liens imposed by law for Taxes that are not yet due or are being contested in compliance with Section 5.4;

 (b) landlords’, bankers’, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s
and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 60 days or are being contested in compliance with Section 5.4; 

(c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and
other social security laws or regulations; 
 (d) deposits to secure the performance of bids, trade contracts, leases, statutory
obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 
 (e) easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do
not materially detract from the value of the affected property or interfere with the ordinary conduct of business of any Borrower or any Subsidiary; and 
 (f) any interest or title of a lessor under any equipment lease entered into by any Borrower or any Subsidiary in the ordinary course of its business and covering only the equipment so leased. 

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

“Permitted Investments” means: 
 (a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America (or by any agency thereof), in each case maturing within
five years from the date of acquisition thereof; 
 (b) (i) investments in commercial paper having, at the date of
acquisition thereof, one of the highest two credit ratings obtainable from S&P or from Moody’s, (ii) investments in corporate, asset-backed and municipal and other governmental debt securities and preferred securities (excluding
convertible securities) that are freely tradeable in the financial markets of the U.S. (other than under Rule 144A), maturing within two years from the date of acquisition thereof and having, at such date of acquisition, a credit rating of at least
BBB- from S&P or Baa3 (or, in the case of preferred securities, baa3) from Moody’s, and (iii) investments, in an aggregate amount not in excess of $50,000,000 at any one time, in any securities based on municipal bonds that are freely
tradeable in the financial markets of the U.S. (other than under 

  
 19 

 
Rule 144A), maturing within 30 years from the date of acquisition thereof and having, at such date of acquisition, a credit rating of at least AAA- from S&P or Aaa from Moody’s;

 (c) investments in certificates of deposit, banker’s acceptances and time deposits maturing within two years from the
date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of, or licensed to conduct a banking or trust business
in, the United States of America or any State thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000; 
 (d) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clauses (a) through (c) above and entered into with a financial institution
satisfying the criteria described in clause (c) above; 
 (e) not more than an aggregate of $600,000,000 in any four
consecutive fiscal quarters of funded investments in (A) investment companies or funds in either case advised or managed by one or more of the Borrowers or any of their respective Subsidiaries or an unrelated third party or (B) investments
intended for sale to investment companies or funds advised or managed by one or more of the Borrowers or any of their respective Subsidiaries; 
 (f) not more than an aggregate of $800,000,000 during the term of this Agreement of repurchases of the Capital Stock of Oaktree Capital Group, LLC, ControlCo or any of their respective subsidiaries so
long as at the time of any such repurchase, no Default or Event of Default has occurred or would result therefrom; provided that in no event shall the repurchases of such Capital Stock in any four consecutive fiscal quarter period exceed
$300,000,000; 
 (g) funded investments in investment companies or funds the assets of which principally consist of obligations
and securities of the types referred to in clauses (a), (b), (c) or (d) above; and 
 (h) investments in Persons
engaged in a similar line of business as a Borrower or a Subsidiary of a Borrower in an aggregate amount not to exceed $100,000,000 invested during any twelve (12) consecutive month period. 

“Permitted Note Financing” means senior notes issued and/or guaranteed by any Borrower in an aggregate principal amount
not to exceed $550,000,000 at any time outstanding, including (a) $75,000,000 aggregate principal of senior notes issued under the Note Purchase Agreement, dated as of June 25, 2001, by and between Oaktree Capital Management, L.P. and each
of the Purchasers listed in Schedule A thereto, as amended; (b) $75,000,000 aggregate principal of senior notes issued under the Note Purchase Agreement, dated as of June 14, 2004, by and between Oaktree Capital Management, L.P. and
each of the Purchasers listed in Schedule A thereto, as amended; (c) $50,000,000 aggregate principal amount of senior notes issued under the Note Purchase Agreement, dated as of June 6, 2006, by and between Oaktree Capital Management, L.P.
and each of the Purchasers listed in Schedule A thereto, as amended; (d) $50,000,000 aggregate principal amount of senior notes issued under the Note Purchase Agreement, dated as of November 8, 2006 by and between Oaktree Capital
Management, L.P. and each of the Purchasers listed in Schedule A thereto, as amended; (e) $250,000,000 aggregate 

  
 20 

 
principal of senior notes issued under the Indenture, dated November 24, 2009, by and among Oaktree Capital Management, L.P., ControlCo, Oaktree Capital Group, LLC, Oaktree Capital I, L.P.,
Oaktree Capital II, L.P., Oaktree AIF Investments, L.P. and Wells Fargo Bank, National Association, as trustee, as amended; and (f) senior notes to be issued and/or guaranteed after the Effective Date by any Borrower. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity of whatever nature. 
 “Plan” means any employee pension
benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which any Borrower or any ERISA Affiliate is (or, if such plan were
terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Platform” has the meaning given to that term in Section 9.1(b). 
 “Prime Rate” means the per annum rate of interest most recently announced by Wells Fargo Bank, National Association at its principal office in San Francisco, California as its
Prime Rate, with the understanding that Wells Fargo Bank, National Association’s Prime Rate is one of its base rates and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto, and is
evidenced by the recording thereof after its announcement in such internal publication or publications as Wells Fargo Bank, National Association may designate. Any change in the Alternate Base Rate resulting from a change in the Prime Rate shall
become effective on the Business Day on which each such change in the Prime Rate is announced by Wells Fargo, National Association. 
 “Quarterly Payment Date” means the last Business Day of each March, June, September and December. 
 “Register” has the meaning set forth in Section 9.4. 

“Related Party” means, with respect to any specified Person, such Person’s Affiliates and the respective directors,
officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 “Required
Lenders” means, at any time, Lenders that are not Defaulting Lenders holding more than 50% of the sum of (i) the Revolving Credit Exposures, (ii) the unused Revolving Loan Commitments plus (iii) the aggregate outstanding
principal amount of the Term Loans (or if the Term Loans shall not yet have been made, the Total Term Loan Commitment), excluding from such sum the aggregate amount held by Defaulting Lenders, in each case determined at such time; provided
that Required Lenders shall comprise no less than two such Lenders that are not Affiliates of one another, unless (x) all Lenders that are not Defaulting Lenders are Affiliates of one another or (y) there is only one Lender that is not a
Defaulting Lender, at such time. 

  
 21 

 “Requirement of Law” means, as to any Person, any law, treaty, rule or
regulation or order 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. 

“Reserve Requirement” means, with respect to any day in an Interest Period for a Eurodollar Loan and for any calculation
of the One Month LIBOR Rate, the aggregate of the maximum of the reserve requirement rates (expressed as a decimal) in effect on such day 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. As used herein, the term “reserve requirement” shall include, without limitation, any basic, supplemental or emergency reserve requirements imposed on any Lender by the
Board. 
 “Responsible Officer” means, with respect to each Borrower or its Subsidiaries, the chief executive
officer, president, chief financial officer, managing director, vice president, principal accounting officer, treasurer, controller, assistant treasurer, assistant secretary or secretary of such Borrower or Subsidiary. Any document delivered
hereunder that is signed by a Responsible Officer of a Borrower or Subsidiary and any request or other communication conveyed telephonically or otherwise by a Responsible Officer of a Borrower or Subsidiary (or any individual reasonably believed by
the Administrative Agent to be such Responsible Officer) shall be presumed to have been authorized by all necessary corporate, company, partnership and/or other action on the part of such Borrower or Subsidiary and such Responsible Officer (or such
individual reasonably believed by the Administrative Agent to be such Responsible Officer) shall be presumed to have acted on behalf of such Borrower or Subsidiary. 
 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) on account of any shares of any class of Capital Stock of any Borrower or any
Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such shares of Capital
Stock of any Borrower or of any option, warrant or other right to acquire any such shares of Capital Stock of any Borrower. 

“Revolving Credit Exposure” means, with respect to any Lender at any time, the outstanding principal amount of such
Lender’s Revolving Loans and participations in Swing Line Loans and L/C Obligations at such time. 
 “Revolving
Lender” means at any time, any Lender that has a Revolving Loan Commitment at such time or, if the Revolving Loan Commitments have terminated or expired, a Lender with Revolving Credit Exposure. 

“Revolving Loan” means a Loan made pursuant to Section 2.1(a)(ii). 

“Revolving Loan Commitment” means with respect to each Revolving Lender, the commitment of such Lender to make Revolving
Loans, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.6, (b) reduced or

  
 22 

 
increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.4 and (c) increased from time to time pursuant to Section 2.1(b). The initial amount
of each Revolving Lender’s Revolving Loan Commitment is set forth on Schedule 2.1, and/or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Revolving Loan Commitment, as applicable. 

“Revolving Loan Maturity Date” means January 7, 2014. 

“Revolving Loan Note” has the meaning set forth in Section 2.19(a). 

“Revolving Proportionate Share” means: 
 (a) With respect to any Lender so long as the Revolving Loan Commitments are in effect, the ratio (expressed as a percentage rounded to the eighth digit to the right of the decimal point) of (i) such
Lender’s Revolving Loan Commitment at such time to (ii) the Total Revolving Loan Commitment at such time; and 
 (b)
With respect to any Lender at any other time, the ratio (expressed as a percentage rounded to the eighth digit to the right of the decimal point) of (i) the sum of (A) the aggregate Effective Amount of such Lender’s Revolving Loans,
(B) such Lender’s pro rata share of the Effective Amount of all L/C Obligations, and (C) such Lender’s pro rata share of the aggregate Effective Amount of all Swing Line Loans to (ii) the sum of (A) the aggregate
Effective Amount of all Revolving Loans and Swing Line Loans and (B) the Effective Amount of all L/C Obligations. 
 The
initial Revolving Proportionate Share of each Lender is set forth under the caption “Revolving Proportionate Share” opposite such Lender’s name on Schedule 2.1. 
 “S&P” means Standard & Poor’s. 

“subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited
liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with
GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the
ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more
subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 
 “Subsidiary” means
any subsidiary of the Borrowers other than any investment fund or any subsidiary thereof that is managed by any Borrower or any Subsidiary. 
 “Swing Line” means the revolving credit facility made available by the Swing Line Lender pursuant to Section 2.18. 

“Swing Line Borrowing” means a borrowing of a Swing Line Loan. 

  
 23 

 “Swing Line Lender” means Wells Fargo Bank, National Association in its
capacity as provider of Swing Line Loans, or any successor swing line lender hereunder. 
 “Swing Line Loan”
means the meaning specified in Section 2.18(a). 
 “Swing Line Note” has the meaning set forth in
Section 2.19(c). 
 “Swing Line Risk Participation” shall mean, with respect to any Lender and any Swing
Line Loan as of any date of determination, the sum of (a) such Lender’s Revolving Proportionate Share of the Effective Amount of such Swing Line Loan outstanding at such time plus (b) the aggregate amount of all Defaulting
Lenders’ Revolving Proportionate Shares of the Effective Amount of such Swing Line Loan outstanding at such time that have been reallocated to such Lender pursuant to Section 2.20(d). 

“Swing Line Settlement Date” means the fifteenth day of each month and the last Business Day of each month. 

“Swing Line Sublimit” means an amount equal to the lesser of (a) $20,000,000 and (b) the Total Revolving Loan
Commitment. The Swing Line Sublimit is part of, and not in addition to, the Total Revolving Loan Commitment. 

“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, withholdings or similar charges
imposed by any Governmental Authority. 
 “Term Lender” means a Lender with a Term Loan Commitment or an
outstanding Term Loan. 
 “Term Loan” means a Loan made pursuant to Section 2.1(a)(i). 

“Term Loan Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make a Term Loan
hereunder on the Effective Date, expressed as an amount representing the maximum principal amount of the Term Loans to be made by such Lender hereunder. The amount of each Lender’s Term Loan Commitment is set forth on Schedule 2.1. 

“Term Loan Maturity Date” means January 7, 2016. 

“Term Loan Note” has the meaning given to that term in Section 2.19(b). 

“Term Proportionate Share” means: 
 (a) With respect to any Lender at any time on or prior to the Effective Date, the ratio (expressed as a percentage rounded to the eighth digit to the right side of the decimal point) of (i) such
Lender’s Term Loan Commitment at such time to (ii) the Total Term Loan Commitment at such time; and 
 (b) With respect
to any Lender at any time after the Effective Date, the ratio (expressed as a percentage rounded to the eighth digit to the right of the decimal point) of (i) the 

  
 24 

 
Effective Amount of such Lender’s Term Loan outstanding at such time to (ii) the Effective Amount of all Term Loans outstanding at such time. 

The initial Term Proportionate Share of each Lender is set forth under the caption “Term Proportionate Share” opposite such
Lender’s name on Schedule 2.1. 
 “Total Lender Risk Participation” shall mean, with respect to any Lender
as of any date of determination, the sum of (a) such Lender’s L/C Risk Participations in all Letters of Credit outstanding at such time plus (b) such Lender’s Swing Line Risk Participations in all Swing Line Loans outstanding at
such time. 
 “Total Revolving Loan Commitment” means, at any time, Two Hundred Fifty Million Dollars
($250,000,000) or, if such amount is reduced pursuant to Section 2.6 or Article VII, the amount to which so reduced and in effect at such time, or, if such amount is increased pursuant to Section 2.1(b), the amount to which so increased
and in effect at such time. 
 “Total Term Loan Commitment” means, at any time, Three Hundred Million Dollars
($300,000,000) or, if such amount is reduced pursuant to Section 2.6, the amount to which so reduced and in effect at such time. 
 “Transactions” means the execution, delivery and performance by the Borrowers of this Agreement and the other Loan Documents, the borrowing of Loans, the incurrence of obligations in
respect of L/C Obligations and the use of the proceeds thereof. 
 “Type”, when used in reference to any Loan
or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the LIBOR Rate or the Alternate Base Rate. 

“Unfunded Pension Liability” means the excess of a pension plan’s benefit liabilities under
Section 4001(a)(16) of ERISA, over the current value of that pension plan’s assets, determined in accordance with the assumptions used for funding the pension plan pursuant to Section 412 of the IRC for the applicable plan year.

 “Unreimbursed Amount” has the meaning set forth in Section 2.17(c)(i). 

“Unused Commitment” means, at any time, the remainder of (a) the Total Revolving Loan Commitment at such time minus
(b) the sum of the Effective Amount of all Revolving Loans and the Effective Amount of all L/C Obligations outstanding at such time. For the avoidance of doubt, Swing Line Loans shall not be counted as Revolving Loans for purposes of
determining the amount of Unused Commitment. 
 “U.S. Lender” means a Lender other than a Foreign Lender.

 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial
withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

  
 25 

 SECTION 1.2. Terms Generally. The definitions of terms herein shall apply equally to
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any
definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to
any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION
1.3. Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that if the Borrowers
notify the Administrative Agent that any provision hereof requires amendment to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative
Agent notifies the Borrowers that any provision hereof requires amendment for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted
on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice is withdrawn or such provision is amended in accordance herewith. Notwithstanding the foregoing, for purposes of determining
compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness and other liabilities of the Borrowers shall be deemed to be carried at 100% of the outstanding principal amount thereof, and, to the
extent applicable, the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded. If generally accepted accounting principles in the United States, as in effect from time to time, is generally supplanted by the
adoption of International Financial Reporting Standards, or if such standards exist as an alternative to generally accepted accounting principles in the United States and the Borrowers select such standards, and such adoption or such selection would
alter the application of any provision of this Agreement, then such adoption or selection shall be treated as a “change occurring after the date hereof in GAAP” for purposes of the foregoing sentence. 

SECTION 1.4. Time. All references in this Agreement and each of the other Loan Documents to a time of day shall mean Los Angeles,
California time, unless otherwise indicated. 
 SECTION 1.5. Joint and Several Obligations. Each of the Borrowers agrees
that its obligations and liabilities under this Agreement and all other Loan Documents are joint and 

  
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several obligations. Each Borrower acknowledges and agrees that it receives a benefit from the availability of credit under this Agreement to itself and to each other Borrower. 

SECTION 1.6. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by
Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving
Loan Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving Loan Borrowing”). 
 ARTICLE II. 
 THE CREDITS 

SECTION 2.1. Commitments; Commitment Increase(s). 
 (a) Commitments. 
 (i) Term Loans. Subject to the
terms and conditions set forth herein, each Term Lender agrees to make a Term Loan to the Borrowers on the Effective Date in an amount equal to its Term Loan Commitment. 

(ii) Revolving Loans. Subject to the terms and conditions set forth herein, each Lender agrees to make Revolving
Loans to the Borrowers from time to time during the Availability Period; provided, however, that (i) the sum of (A) the Effective Amount of all Revolving Loans made by such Lender outstanding as of any date of determination
and (B) such Lender’s Total Lender Risk Participation at such time shall not exceed such Lender’s Revolving Loan Commitment at such time and (ii) the sum of (A) the Effective Amount of all Revolving Loans made by all the
Lenders outstanding as of any date of determination and (B) the Effective Amount of all L/C Obligations and Swing Line Loans outstanding at such time shall not exceed the Total Revolving Loan Commitment at such time. Within the foregoing limits
and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Revolving Loans until the Revolving Loan Maturity Date. 
 (b) Optional Increase. 
 (i) On the terms and subject to the
conditions set forth below, Borrowers may, at any time before the Revolving Loan Maturity Date, increase the Total Revolving Loan Commitment; provided that: 

(A) after giving effect to the requested increase, the aggregate amount of the increases in the Total Revolving Loan
Commitment pursuant to this Section 2.1(b)(i) shall not exceed $50,000,000; 
 (B) prior to the date of any
proposed increase, the Total Revolving Loan Commitment shall not have been decreased pursuant to Section 2.6; 

  
 27 

 (C) all required third party consents and approvals shall have been
obtained; 
 (D) each such increase in the Total Revolving Loan Commitment shall be equal to at least $10,000,000
plus an integral multiple of $5,000,000 in excess thereof; 
 (E) the aggregate number of increases in the Total
Revolving Loan Commitment made during the term of this Agreement does not exceed three (3); 
 (F) no Default or
Event of Default shall have occurred and be continuing or shall occur as a result of such increase; and 
 (G)
the Borrowers shall have executed and delivered such documents and instruments and taken such other actions as may be reasonably requested by the Administrative Agent in connection with any such increase in the Total Revolving Loan Commitment (new
or amended Notes, any related fee letters, documents evidencing the increased Revolving Loan Commitment held by any applicable Lender, any joinder agreements related to a new Lender, resolutions regarding the increase in the Total Revolving Loan
Commitment and related actions taken by Borrowers and certified as true and correct by a Responsible Officer and legal opinions, all in form and substance reasonably satisfactory to the Administrative Agent). 

Any request under this Section 2.1(b) shall be submitted by the Borrowers to the Administrative Agent (which shall promptly forward
copies to the Lenders), specify the proposed effective date and amount of such increase and be accompanied by a certificate of a Responsible Officer stating that no Default or Event of Default exists or will occur as a result of such increase. If
the Borrowers determine to pay or offer any fees in connection with such increase, the Administrative Agent in such notice (with the consent of the Borrowers) may also specify any fees offered to those Lenders (the “Increasing
Lenders”) that agree to increase the amount of their respective Revolving Loan Commitment, which fees may be variable based upon the amount by which any such Lender is willing to increase the amount of its Revolving Loan Commitment; no
Lender that is not an Increasing Lender shall be entitled to receive any such fees. No Lender shall have any obligation, express or implied, to offer to increase the amount of its Revolving Loan Commitment. No consent of the Lenders or
Administrative Agent shall be required for an increase in the amount of the Total Revolving Loan Commitment pursuant to this Section 2.1(b), other than the consent of each Increasing Lender, if any. No Lender that elects not to increase the
amount of its Revolving Loan Commitment may be replaced in respect of its existing Revolving Loan Commitment solely as a result of such election without such Lender’s written consent. 

(ii) Each Increasing Lender shall, as soon as practicable after the Borrowers have submitted a request under
Section 2.1(b)(i), specify the amount of the proposed increase in its Revolving Loan Commitment that it is willing to offer. To the extent the increased Revolving Loan Commitment offered by the Increasing Lenders is insufficient or there are no
Increasing Lenders, the Borrowers may designate new lenders that qualify 

  
 28 

 
as Eligible Assignees and that are reasonably acceptable to the Administrative Agent as additional Lenders hereunder in accordance with this Section 2.1(b)(ii) (each such new Lender being a
“New Lender”), which New Lender may assume all or a portion of the increase in the amount of the Total Revolving Loan Commitment. To the extent agreed by the Borrowers and the Administrative Agent, the Borrowers shall pay a fee to
the Administrative Agent solely for the account of the Administrative Agent in connection any such increase. The Borrowers in consultation with the Administrative Agent shall have discretion to adjust the allocation of the increased amount of the
Total Revolving Loan Commitment among Increasing Lenders and New Lenders. 
 (iii) Each New Lender designated by
the Borrowers and reasonably acceptable to the Administrative Agent shall become an additional party hereto as a New Lender concurrently with the effectiveness of the proposed increase in the amount of the Total Revolving Loan Commitment upon its
execution of an instrument of joinder (which may contain such modifications to this Agreement and terms and conditions relating thereto as may be necessary to ensure that such New Lender’s commitments to lend are treated as Revolving Loan
Commitments for all purposes under the Loan Documents), in each case prepared by the Administrative Agent and otherwise in form and substance reasonably satisfactory to the Administrative Agent and the Borrowers. 

(iv) Subject to the foregoing, any increase in the Total Revolving Loan Commitment requested by Borrowers shall be
effective as of the date proposed by Borrowers (the “Increase Effective Date”) and shall be in the principal amount equal to (A) the aggregate amount by which the Increasing Lenders offered to increase the amount of their
Revolving Loan Commitments, plus (B) the aggregate amount offered by the New Lenders, in either case as adjusted by Borrowers and the Administrative Agent pursuant to the last sentence of Section 2.1(b)(ii). 

(v) On or prior to the Increase Effective Date, with respect to any increase in the Total Revolving Loan Commitment, the
Administrative Agent shall notify each Lender of the amount required to be paid by or to such Lender so that the Revolving Loans held by the Lenders on the Increase Effective Date (before giving effect to any new Revolving Loans made on such date)
shall be held by each Lender pro rata in accordance with the Revolving Loan Commitments of the Lenders as adjusted pursuant to the last sentence of Section 2.1(b)(ii). Each Lender that is required to reduce the amount of Revolving Loans held by
it (each such Lender, a “Decreasing Lender”) shall irrevocably assign, without recourse or warranty of any kind whatsoever (except that each Decreasing Lender warrants that it is the legal and beneficial owner of the Revolving Loans
assigned by it under this Section 2.1(b)(v) and that such Revolving Loans are held by such Decreasing Lender free and clear of adverse claims), to each Increasing Lender and New Lender participating in the applicable increase in the Total
Revolving Loan Commitment, and each applicable Increasing Lender and New Lender shall irrevocably acquire from the Decreasing Lenders, a portion of the principal amount of the Revolving Loans of each Decreasing Lender (collectively, the
“Acquired Portion”) outstanding on the Increase Effective Date (before giving effect to any new Revolving Loans made on such date) in an amount such that the principal amount of the Revolving Loans held by each applicable Increasing
Lender, New Lender and Decreasing Lender as 

  
 29 

 
of the Increase Effective Date shall be held in accordance with each such Lender’s Revolving Proportionate Share (if any) as of such date (after giving effect to the increase in the Total
Revolving Loan Commitment). Such assignment and acquisition shall be effective on the Increase Effective Date automatically and without any action required on the part of any party other than the payment by the applicable Increasing Lenders and New
Lenders to the Administrative Agent for the account of the Decreasing Lenders of an aggregate amount equal to the Acquired Portion, which amount shall be allocated and paid by the Administrative Agent at or before 12:00 p.m. on the Increase
Effective Date to the Decreasing Lenders pro rata based upon the respective reductions in the principal amount of the Revolving Loans held by such Lenders on the Increase Effective Date (before giving effect to any new Revolving Loans made on such
date). Each of the Administrative Agent and the Lenders shall adjust its records accordingly to reflect the payment of the Acquired Portion. The payments to be made in respect of the Acquired Portion shall be made by the applicable Increasing
Lenders and New Lenders to the Administrative Agent in dollars in immediately available funds at or before 11:00 a.m. on the Increase Effective Date, such payments to be made by the applicable Increasing Lenders and New Lenders pro rata based upon
the respective increases in the amount of the Revolving Loan Commitments held by such Lenders on the Increase Effective Date (after giving effect to the increase in the Total Revolving Loan Commitment). 

(vi) To the extent any of the Revolving Loans acquired by the applicable Increasing Lenders and New Lenders from the
Decreasing Lenders pursuant to Section 2.1(b)(v) above are Eurodollar Loans and the Increase Effective Date is not the last day of an Interest Period for such Eurodollar Loans, the Decreasing Lenders shall be entitled to compensation from the
Borrowers as provided in Section 2.13 (as if the Borrowers had prepaid such Revolving Loans in an amount equal to the Acquired Portion on the Increase Effective Date); provided, that such Decreasing Lender shall not be entitled to such
compensation unless such Decreasing Lender shall have used its reasonable commercial efforts to assign Revolving Loans of a Type other than Eurodollar Loans to the applicable Increasing Lenders and New Lenders. 

SECTION 2.2. Loans and Borrowings. (a) Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans
made by the Revolving Lenders ratably in accordance with their respective Revolving Loan Commitments. Each Term Loan shall be made as part of a Borrowing consisting of Term Loans made by the Term Lenders ratably in accordance with their respective
Term Loan Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be
responsible for any other Lender’s failure to make Loans as required (except as a result of a reallocation of a Defaulting Lender’s Revolving Proportionate Share of the Effective Amount of L/C Obligations and Swing Line Loans pursuant to
Section 2.20(d)). 
 (b) Subject to Section 2.11, each Borrowing shall be comprised entirely of ABR Loans or Eurodollar
Loans as the Borrowers may request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan, provided that any exercise of such
option shall not 

  
 30 

 
affect the obligation of the Borrowers to repay such Loan in accordance with the terms of this Agreement. 
 (c) At the commencement of each Interest Period for any Eurodollar Borrowing, such Loan shall be in an aggregate amount that is an integral multiple of, and not less than, $1,000,000. At the time that
each ABR Borrowing is made, such Loan shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $500,000; provided that an ABR Revolving Loan Borrowing may be in an aggregate amount that is equal to the entire
Unused Commitment. Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of seven Eurodollar Borrowings outstanding. 

(d) Notwithstanding any other provision of this Agreement, (i) the Borrowers shall not be entitled to request, or to elect to convert
or continue, any Revolving Loan Borrowing if the Interest Period requested with respect thereto would end after the Revolving Loan Maturity Date and (ii) the Borrowers shall not be entitled to elect to convert or continue any Term Loan
Borrowing if the Interest Period requested with respect thereto would end after the Term Loan Maturity Date. 
 SECTION 2.3.
Requests for Borrowings. To request a Revolving Loan Borrowing or Term Loan Borrowing, the Borrowers shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m.
three Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 11:00 a.m. one Business Day before the date of the proposed Borrowing. Notwithstanding anything to the contrary
herein, the Term Loan Borrowings shall initially be Eurodollar Borrowings with an initial Interest Period of the duration set forth in the definition of Interest Period; provided that for any Eurodollar Borrowings to be made on the Effective
Date, the Borrowers shall have provided prior to or concurrently with their telephonic Borrowing Request an indemnification letter for the benefit of the Administrative Agent and the Lenders for any costs incurred as set forth in Section 2.13
hereof, in form and substance satisfactory to the Administrative Agent. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery, telecopy or e-mail to the Administrative Agent of a written
Borrowing Request substantially in the form of Exhibit I and signed by the Borrowers. Each such telephonic Borrowing Request and written Borrowing Request shall specify the following information in compliance with
Section 2.2: 
 (i) the aggregate amount of such Borrowing; 

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

(iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 

(iv) with respect to Borrowings on the Effective Date, whether such Borrowing is a Revolving Loan Borrowing or Term Loan
Borrowing; and 

  
 31 

 (v) in the case of a Eurodollar Borrowing, the initial Interest Period to be
applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period.” 
 If no election as to the
Type of any Revolving Loan Borrowing is specified, then the requested Borrowing shall be a Eurodollar Borrowing with a one-month Interest Period, provided that (A) no Default or Event of Default shall have occurred and be continuing and
(B) such Interest Period shall not extend beyond the Revolving Loan Maturity Date, otherwise such Revolving Loan Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then
the Borrowers shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details
thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 
 SECTION 2.4. Funding
of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 p.m. to the account of the Administrative Agent most recently designated by
it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrowers by promptly crediting the amounts so received, in like funds, to the Designated Deposit Account. 

(b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender
will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this
Section and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the
applicable Lender and the Borrowers agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but
excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the Federal Funds Effective Rate or (ii) in the case of the Borrowers, the interest rate applicable to the requested Loan; provided that
if both shall pay, the Administrative Agent will remit Borrowers’ payment back to the Borrowers, without interest. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included
in such Borrowing. 
 SECTION 2.5. Interest Elections. (a) Each Borrowing initially shall be of the Type specified
in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrowers may elect to convert such Borrowing to a different Type or to
continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrowers may elect different options with respect to different portions of the affected Borrowing, in
which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 

  
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 (b) To make an election pursuant to this Section, the Borrowers shall notify the
Administrative Agent of such election by telephone not later than 11:00 a.m. three Business Days before the effective date of the proposed election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly
by hand delivery, e-mail or telecopy to the Administrative Agent of a written Interest Election Request substantially in the form of Exhibit J and signed by the Borrowers. 

(c) Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.2:

 (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected
with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting
Borrowing); 
 (ii) the effective date of the election made pursuant to such Interest Election Request, which
shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar
Borrowing; 
 (iv) if the resulting Borrowing is an ABR Borrowing, the aggregate amount (which shall be an
integral multiple of $100,000 and not less than $500,000); 
 (v) if the resulting Borrowing is a Eurodollar
Borrowing, the aggregate amount (which shall be an integral multiple of, and not less than, $1,000,000); and 

(vi) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving
effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such Interest
Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrowers shall be deemed to have selected an Interest Period of one month’s duration. 

(d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof
and of such Lender’s portion of each resulting Borrowing. 
 (e) If the Borrowers fail to deliver a timely Interest Election
Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be continued as a Eurodollar
Borrowing with an Interest Period of one month, subject to the following sentence. Notwithstanding any contrary provision hereof, (i) if an Event of Default has occurred and is continuing and the Administrative Agent so notifies the Borrowers,
then, so long as an Event of Default is continuing (A) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (B) unless repaid, each Eurodollar 

  
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Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto and (ii) no Revolving Loan Borrowing or Term Loan Borrowing may be made as, be
converted into or be continued as a Eurodollar Borrowing with an Interest Period ending after the Revolving Loan Maturity Date or Term Loan Maturity Date, respectively. 
 SECTION 2.6. Termination and Reduction of Commitments. 
 (a) Unless
previously terminated, (i) the Revolving Loan Commitments shall terminate on the Revolving Loan Maturity Date and (ii) the Term Loan Commitments shall terminate on the Effective Date immediately after the funding of the Term Loans.

 (b) The Borrowers may at any time terminate, or from time to time reduce, the Revolving Loan Commitments; provided that
(i) each reduction of the Revolving Loan Commitments shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) the Borrowers shall not terminate or reduce the Revolving Loan Commitments if, after
giving effect to any concurrent prepayment of the Loans in accordance with Section 2.8, (A) the sum of the Effective Amount of all Revolving Loans, L/C Obligations and Swing Line Loans then outstanding would exceed the Total Revolving Loan
Commitment, (B) the Total Revolving Loan Commitment would not be greater than or equal to zero, or (C) the Revolving Loan Commitment of any Lender would not be greater than or equal to zero. 

(c) The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Revolving Loan Commitments under
paragraph (b) of this Section at least five Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative
Agent shall advise the Revolving Lenders of the contents thereof. Each notice delivered by the Borrowers pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Loan Commitments delivered by
the Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers or the date of termination extended (by notice to the Administrative Agent on or
prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Loan Commitments shall be permanent. Each reduction of the Revolving Loan Commitments shall be made ratably among the Lenders in
accordance with their respective Revolving Loan Commitments. 
 SECTION 2.7. Repayment of Loans; Evidence of Debt.
(a) The Borrowers hereby unconditionally promise to pay (i) to the Administrative Agent for the account of each Revolving Lender, on the Revolving Loan Maturity Date, the unpaid principal amount of each Revolving Loan of such Lender
outstanding as of such date and all Unreimbursed Amounts and (ii) to the Administrative Agent, for the account of each Term Lender, the aggregate outstanding principal amount of the Term Loans on each Quarterly Payment Date in equal
installments of $7,500,000, provided that the Borrowers shall pay all outstanding principal on the Term Loans, together with all accrued and unpaid interest thereon, on the Term Loan Maturity Date. The Borrowers hereby further agree to pay
interest on the unpaid principal amount of the Loans, L/C Obligations and other interest bearing obligations from time to time outstanding from the date hereof until payment in full thereof at the rates per annum, and on the dates, set forth in

  
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Section 2.10, Section 2.17, Section 2.18 or otherwise set forth in the Loan Documents, or if no date is specified, on demand. 

(b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing each Loan made by such Lender and
other amounts owing to such Lender under the Loan Documents, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 
 (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto and the
L/C Obligations, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrowers to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the
account of the Lenders and each Lender’s share thereof. The entries made in the accounts maintained pursuant to this paragraph (c) shall be prima facie evidence of the existence and amounts of the obligations recorded therein;
provided that the failure of the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrowers to repay the Loans and L/C Obligations in accordance with the terms of this
Agreement. 
 SECTION 2.8. Prepayment of Loans. 
 (a) Optional Prepayment. The Borrowers shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with
Section 2.8(a)(i) and subject to Section 2.13. 
 (i) The Borrowers shall notify the Administrative
Agent by telephone (confirmed by e-mail) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., three Business Days before the date of prepayment, (ii) in the case of prepayment of
an ABR Borrowing, not later than 11:00 a.m., one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be
prepaid; provided that if a notice of prepayment is given in connection with a conditional notice of termination of the Revolving Loan Commitments as contemplated by Section 2.6, then such notice of prepayment may be revoked or extended
if such notice of termination is revoked or extended in accordance with Section 2.6. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial
prepayment of any Borrowing shall be in an aggregate amount that is an integral multiple of, and not less than, $1,000,000, or, if less, the entire amount of such Borrowing. Each prepayment of a Borrowing shall be applied ratably to the Loans
included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.10. Optional prepayments of the Term Loans shall be applied to regular installments of principal due under the Term
Loans in inverse order of maturity. 
 (b) Mandatory Prepayment. The Borrowers shall prepay (or Cash Collateralize, as
applicable) the Loans, the L/C Obligations and other obligations of the Borrowers under this Agreement and the other Loan Documents as follows: 

  
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 (i) If, at any time, the Effective Amount of all Revolving Loans, Swing Line
Loans and L/C Obligations then outstanding exceeds the Total Revolving Loan Commitment at such time, the Borrowers shall immediately (A) prepay the Swing Line Loans in whole or to the extent Swing Line Loans in a sufficient amount are then
outstanding to eliminate such excess, in part, then (B) prepay the Revolving Loans in whole or to the extent Revolving Loans in a sufficient amount are then outstanding to eliminate such excess, in part, and then (C) Cash Collateralize the
L/C Obligations in an aggregate principal amount equal to any remaining excess. 
 (ii) The Borrowers shall repay
each Swing Line Loan on the earlier to occur of (A) the second Swing Line Settlement Date occurring after such Swing Line Loan is made and (B) the Revolving Loan Maturity Date. 

SECTION 2.9. Fees. (a) The Borrowers agree to pay to the Administrative Agent for the ratable benefit of the Lenders
commitment fees (collectively, “Commitment Fees”), for the period from and including the Effective Date to the Revolving Loan Maturity Date, computed at the Applicable Margin times the average daily amount of the Unused Commitment
during the period from and including the date hereof to but excluding the Revolving Loan Maturity Date. Accrued Commitment Fees shall be payable in arrears on each Quarterly Payment Date and on the date on which the Revolving Loan Commitments
terminate, commencing on the first such date to occur after the date hereof. All Commitment Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding
the last day). 
 (b) The Borrowers agree to pay to the Joint Lead Arrangers, the Administrative Agent and the Co-Syndication
Agents the fees payable in the amounts and at the times set forth in the Fee Letters. 
 (c) All fees payable hereunder shall be
paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, in the case of Commitment Fees, to the Lenders. Fees paid shall not be refundable under any circumstances. 

SECTION 2.10. Interest. (a) The Loans comprising each ABR Borrowing (including each Swing Line Loan) shall bear interest at a
rate per annum equal to the Alternate Base Rate plus the Applicable Margin. 
 (b) The Loans comprising each Eurodollar Borrowing
shall bear interest at a rate per annum equal to the LIBOR Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin. 
 (c) Notwithstanding the foregoing, (i) if any principal of or interest on any Loan or L/C Obligations is not paid when due, or any fee or other amount payable by the Borrowers under the Loan
Documents is not paid when due and notice thereof is given to the Borrowers, in each case, whether at stated maturity, upon acceleration or otherwise and (ii) upon the occurrence and during the continuance of an Event of Default described in
clause (h) or (i) of Article VII, such overdue amount (in the case of clause (i)) and all Obligations (in the case of clause (ii)) shall bear interest, after as well as before judgment, at a rate per annum equal to (A) in

  
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the case of any Loan, 2% plus the rate otherwise applicable to such Loan as provided above or (B) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided above;
provided that (I) in the case of clause (i) above the additional interest accruing hereunder shall accrue beginning on the date any such payment was due regardless of when the notice contemplated under clause (i) was given to
the Borrowers and (II) in the case of clause (ii) above the additional interest accruing hereunder shall accrue beginning on the first date of any such Event of Default described in clause (h) or (i) of Article VII. 

(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving
Loans, upon termination of the Revolving Loan Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any
Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, (iii) in the event of
any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion and (iv) all accrued interest on the Revolving Loans and
Term Loans shall be payable on the Revolving Loan Maturity Date and Term Loan Maturity Date, respectively. 
 (e) All interest
hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be
payable for the actual number of days elapsed (including the first day but excluding the last day); provided that any Loan, Unreimbursed Amount or L/C Borrowing that is paid on the same day it is made or otherwise arises shall bear interest for one
day. The applicable Alternate Base Rate or LIBOR Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 
 SECTION 2.11. Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing: 
 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the LIBOR Rate for such Interest
Period; or 
 (b) the Administrative Agent is advised by the Required Lenders that the LIBOR Rate for such Interest Period will
not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; 
 then the Administrative Agent shall give notice thereof to the Borrowers and the Lenders by telephone, e-mail or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies
the Borrowers and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing
shall be ineffective, (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing. 

  
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 SECTION 2.12. Increased Costs. (a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with
or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the LIBOR Rate); or 
 (ii) impose on any Lender or the London interbank market any other condition affecting this Agreement or Eurodollar Loans made by such Lender or any participation therein; 

and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of maintaining its
obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Borrowers will pay to such Lender such additional amount or amounts as will
compensate such Lender for such additional costs incurred or reduction suffered. 
 (b) If any Lender determines that any Change
in Law regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by
such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company
with respect to capital adequacy), then from time to time the Borrowers will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 

(c) A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case
may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrowers and shall be conclusive absent manifest error. The Borrowers shall pay such Lender the amount shown as due on any such certificate within
30 days after receipt thereof. 
 (d) Failure or delay on the part of any Lender to demand compensation pursuant to this
Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrowers shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions
incurred more than six months prior to the date that such Lender notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided
further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof. 

SECTION 2.13. Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on
the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to
borrow, 

  
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convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable or extendable under
Section 2.8(b) and is revoked or extended in accordance herewith), or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrowers pursuant to
Section 2.16 or as a result of Section 2.1(b), then, in any such event, the Borrowers shall compensate each Lender for the loss, cost and expense attributable to such event. The loss to any Lender attributable to any such event shall be
deemed to be equal to the excess, if any, of (i) the amount of interest that such Lender would pay for a deposit equal to the principal amount of such Loan for the period from the date of such payment, conversion, failure or assignment to the
last day of the then current Interest Period for such Loan (or, in the case of a failure to borrow, convert or continue, the duration of the Interest Period that would have resulted from such borrowing, conversion or continuation) if the interest
rate payable on such deposit were equal to the LIBOR Rate for such Interest Period, over (ii) the amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest such principal amount for
such period at the interest rate that would be bid by such Lender (or an affiliate of such Lender) for dollar deposits from other banks in the eurodollar market at the commencement of such period. A certificate of any Lender setting forth any amount
or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrowers and shall be conclusive absent manifest error. The Borrowers shall pay such Lender the amount shown as due on any such certificate
within 10 days after receipt thereof. 
 SECTION 2.14. Taxes. (a) Any and all payments by or on account of any
obligation of the Borrowers hereunder shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrowers shall be required to deduct any Indemnified Taxes or Other Taxes from such
payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent or Lender (as the case
may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrowers shall make such deductions and (iii) the Borrowers shall pay the full amount deducted to the relevant Governmental
Authority in accordance with applicable law. 
 (b) In addition, the Borrowers shall pay any Other Taxes to the relevant
Governmental Authority in accordance with applicable law. 
 (c) The Borrowers shall indemnify the Administrative Agent and each
Lender within 30 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or such Lender, as the case may be, on or with respect to any payment by or on account of any
obligation of the Borrowers hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.14), and any penalties, interest and reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrowers by a
Lender or by the Administrative Agent on its own behalf or on behalf of a Lender shall be conclusive absent manifest error. 

  
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 (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the
Borrowers to a Governmental Authority, the Borrowers shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment
or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (e) Any Foreign Lender that is entitled
to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrowers are located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the
Borrowers (with a copy to the Administrative Agent), at the time or times prescribed by applicable law or reasonably requested by the Borrowers, such properly completed and executed documentation prescribed by applicable law as will permit such
payments to be made without withholding or at a reduced rate of withholding. Each Lender shall promptly notify the Borrowers and the Administrative Agent of any change in circumstances of which it has knowledge which would modify adversely or render
invalid any such claimed exemption or reduction. Without limiting the generality of the foregoing, in the event that any Borrower is resident for tax purposes in the United States of America, any Foreign Lender shall deliver to the Borrowers and the
Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of the Borrowers or
the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: (i) duly completed copies of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income
tax treaty to which the United States is a party, (ii) duly completed copies of Internal Revenue Service Form W-8ECI, (iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (1) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (2) a “10 percent shareholder” of any
Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (3) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code and (y) duly completed copies of Internal Revenue Service Form
W-8BEN, or (iv) any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in United States federal withholding tax, duly completed, together with such supplementary documentation as may be prescribed by
applicable law to permit the Borrowers to determine the withholding or deduction required to be made. 
 (f) Each U.S. Lender
shall deliver to the Borrowers and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such U.S. Lender becomes a Lender under this Agreement (and from time to time thereafter
upon the request of the Borrowers or the Administrative Agent) duly completed originals of Internal Revenue Service Form W-9 (or any successor form) certifying that such U.S. Lender is entitled to an exemption from U.S. backup withholding tax.

 (g) If the Administrative Agent or a Lender determines, in its reasonable discretion, that it has received a refund of any
Taxes as to which it has been indemnified by the Borrowers or with respect to which the Borrowers have paid additional amounts pursuant to this Section 2.14, it shall pay over such refund to the Borrowers, net of all 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). Nothing contained in this Section

  
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2.14 shall require the Administrative Agent or any Lender to make available any of its tax returns (or any other information relating to its taxes which it deems to be confidential). 

(h) Each Lender shall use reasonable efforts (consistent with its internal policies and legal and regulatory restrictions) to select a
jurisdiction for its applicable lending office or change the jurisdiction of its applicable lending office, as the case may be, so as to avoid the imposition of any Indemnified Taxes or Other Taxes or to eliminate or reduce the payment of any
additional sums under this Section 2.14; provided that no such selection or change of the jurisdiction for its applicable lending office shall be made if, in the reasonable judgment of such Lender, such selection or change would be
materially disadvantageous to such Lender. 
 SECTION 2.15. Payments Generally; Pro Rata Treatment; Sharing of Set-offs.
(a) The Borrowers shall make each payment required to be made by it hereunder (whether of principal, interest, fees, or under Section 2.12, 2.13 or 2.14, or otherwise) prior to 1:00 p.m. on the date when due, in immediately available
funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest
thereon. All such payments shall be made to the Administrative Agent at its offices at the address set forth in Section 9.1 except that payments pursuant to Sections 2.12, 2.13, 2.14 and 9.3 shall be made directly to the Persons entitled
thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a
Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in
dollars. 
 (b) If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all
amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, to pay interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then
due to such parties, and (ii) second, to pay principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties. 

(c) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or
interest on any of its Loans or the participations in L/C Obligations or in Swing Line Loans held by it, resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans or participations in L/C Obligations or
Swing Line Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans and participations in L/C
Obligations and Swing Line Loans of other Lenders of the same Class to the extent necessary so that the benefit of all such payments shall be shared by the Lenders of the same Class ratably in accordance with the aggregate amount of principal of and
accrued interest on their respective Loans and participations in L/C Obligations and Swing Line Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered,
such participations shall be rescinded and the purchase price restored to the extent of such recovery, 

  
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without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrowers pursuant to and in accordance with the express terms of this
Agreement (including the application of funds provided for under Section 2.20(b) arising from the existence of a Defaulting Lender) or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of
its Loans or participation in L/C Obligations or Swing Line Loans to any Assignee or Participant, other than to the Borrowers or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrowers consent to
the foregoing and agree, to the extent the Borrowers may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrowers’ rights of set-off and
counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrowers in the amount of such participation. 
 (d) Unless the Administrative Agent shall have received notice from the Borrowers prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that
the Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such
event, if the Borrowers have not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and
including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Federal Funds Effective Rate. 
 (e) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.4(b) or 2.15(d), then the Administrative Agent may, in its discretion (notwithstanding any contrary
provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 

SECTION 2.16. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under
Section 2.12, or if the Borrowers are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.14, then such Lender shall use reasonable efforts to designate a
different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Section 2.12 or 2.14, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to
such Lender. 
 (b) If (i) any Lender requests compensation under Section 2.12, (ii) the Borrowers are required to
pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.14, (iii) any Lender defaults in its obligation to fund Loans hereunder, (iv) any Lender refuses to approve any
proposed amendment, modification, supplement, extension, termination, consent or waiver with respect to any Loan Document which requires the approval of all Lenders under Section 9.2 and which has been approved by the Required Lenders,
or (v) any Lender is a Defaulting Lender or a Downgraded 

  
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Lender, then in any such case the Borrowers may, at their sole expense and effort, upon notice to any such Lender and the Administrative Agent, require such Lender to assign and delegate, without
recourse (in accordance with and subject to the restrictions contained in Section 9.4), all its interests, rights and obligations under this Agreement to an Assignee that shall assume such obligations (which Assignee may be another Lender, if a
Lender accepts such assignment); provided that (A) the Assignee shall be reasonably satisfactory to the Administrative Agent if the Assignee is not another Lender, (B) such Lender shall have received payment of an amount equal to
the outstanding principal of its Loans and participations in L/C Obligations and Swing Line Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the Assignee (to the extent of such outstanding principal
and accrued interest and fees) or the Borrowers (in the case of all other amounts) and (C) in the case of any such assignment resulting from a claim for compensation under Section 2.12 or payments required to be made pursuant to
Section 2.14, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrowers to require such assignment and delegation cease to apply and the Borrowers have not already arranged in writing for one or more replacement Lenders and any each such potential replacement Lender has not yet
agreed in writing to be a replacement Lender with no conditions other than the execution and delivery of an Assignment and Acceptance. 
 SECTION 2.17. Letters of Credit. 
 (a) The Letter of Credit
Commitment. 
 (i) On the terms and subject to the conditions set forth herein, (A) the L/C Issuer
agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.17, (1) from time to time on any Business Day during the period from the Effective Date until the Letter of Credit Expiration Date, to issue
Letters of Credit in dollars for the account of a Borrower in support of the obligations of such Borrower, and to amend or renew Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drafts
under the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit; provided that the L/C Issuer shall not be obligated to make any L/C Credit Extension with respect to any Letter of Credit if
as of the date of such L/C Credit Extension, (x) the Effective Amount of all Revolving Loans, Swing Line Loans and L/C Obligations would exceed the Total Revolving Loan Commitment at such time, (y) the aggregate Effective Amount of the
Revolving Loans of any Revolving Lender, plus such Revolving Lender’s Total Lender Risk Participation would exceed such Lender’s Revolving Loan Commitment, or (z) the Effective Amount of the L/C Obligations would exceed the
Letter of Credit Sublimit. Each Letter of Credit shall be in a form acceptable to the L/C Issuer. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrowers’ ability to obtain Letters of Credit shall be fully
revolving, and accordingly the Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. 

(ii) The L/C Issuer shall be under no obligation to issue any Letter of Credit if: 

  
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 (A) any order, judgment or decree of any Governmental Authority or
arbitrator shall by its terms purport to enjoin or restrain the L/C Issuer from issuing such Letter of Credit, or any Requirement of Law applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from any
Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the L/C Issuer with
respect to such Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost
or expense which was not applicable on the Effective Date and which the L/C Issuer in good faith deems material to it; 
 (B) subject to Section 2.17(b)(iii), in the case of any Letter of Credit, the expiry date of such requested Letter of Credit would occur later than twelve months after the date of issuance or
last renewal unless the Required Lenders have approved such expiry date; 
 (C) the expiry date of such requested
Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the Lenders have approved such expiry date; 
 (D) the issuance of such Letter of Credit would violate one or more policies of the L/C Issuer or the terms and conditions of the applicable Letter of Credit Application; 

(E) such Letter of Credit is in a face amount less than $100,000, or denominated in a currency other than dollars; or

 (F) a default of any Lender’s obligations to fund under Section 2.17(c) exists or any Lender
is at such time a Defaulting Lender hereunder, unless the L/C Issuer has entered into arrangements satisfactory to the L/C Issuer with the Borrowers or such Lender to eliminate the L/C Issuer’s risk with respect to such Lender. 

(iii) The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) the L/C Issuer would have no
obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. 

(b) Procedures for Issuance and Amendment of Letters of Credit; Evergreen Letters of Credit. 

(i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrowers delivered to
the L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrowers. Such Letter of Credit Application must be received by the L/C
Issuer and the Administrative Agent not later 

  
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than 1:00 p.m., at least three Business Days (or such later date and time as the L/C Issuer may agree in a particular instance in its sole and reasonable discretion) prior to the proposed
issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer: (A) the proposed
issuance date of the requested Letter of Credit (which date shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by
such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the account party thereunder, and (H) such other matters as the L/C
Issuer may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer (A) the Letter of Credit to be amended;
(B) the proposed date of amendment thereof (which date shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the L/C Issuer may require. 

(ii) Promptly after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Administrative Agent
(by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrowers and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Upon receipt by the L/C
Issuer of confirmation from the Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue a
Letter of Credit for the account of the applicable Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices. Immediately upon the issuance of
each Letter of Credit, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer a participation in such Letter of Credit in an amount equal to the product of such Revolving
Lender’s Revolving Proportionate Share times the amount of such Letter of Credit; provided, however that the amount of such Lender’s participation shall be adjusted in the manner set forth in Section 2.20(d). The
Administrative Agent shall promptly notify each Lender upon the issuance of a Letter of Credit. 
 (iii) If the
Borrowers so request in any applicable Letter of Credit Application, the L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic renewal provisions (each, an “Evergreen Letter of
Credit”); provided that any such Evergreen Letter of Credit must permit the L/C Issuer to prevent any such renewal at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior
notice to the beneficiary thereof not later than a day (the “Nonrenewal Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the
Borrowers shall not be required to make a specific request to the L/C Issuer for any such renewal. Once an Evergreen Letter of Credit has been issued, the Revolving Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to
permit the renewal of such Letter of Credit at any time to a date not later than the Letter of Credit Expiration Date; provided, however, that the L/C Issuer shall not 

  
 45 

 
permit any such renewal if (A) the L/C Issuer would have no obligation at such time to issue such Letter of Credit in its renewed form under the terms hereof, or (B) it has received
notice (which may be by telephone or in writing) on or before the Business Day immediately preceding the Nonrenewal Notice Date (1) from the Administrative Agent that the Required Lenders have elected not to permit such renewal or (2) from
the Administrative Agent, any Lender or the Borrowers that one or more of the applicable conditions specified in Section 4.2 is not then satisfied. Notwithstanding anything to the contrary contained herein, the L/C Issuer shall have no
obligation to permit the renewal of any Evergreen Letter of Credit at any time. 
 (iv) Promptly after its
delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to the Borrowers and the Administrative Agent a true and complete copy
of such Letter of Credit or amendment. 
 (c) Drawings and Reimbursements; Funding of Participations. 

(i) Upon any drawing under any Letter of Credit, the L/C Issuer shall notify the Borrowers and the Administrative Agent of
the amount to be paid by the L/C Issuer as a result of such drawing and the date on which payment is to be made by the L/C Issuer to the beneficiary of such Letter of Credit in respect of such drawing. Not later than 1:00 p.m., on the date of any
payment by the L/C Issuer under a Letter of Credit (each such date of payment, an “Honor Date”), the Borrowers shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing. If the
Borrowers fail to so reimburse the L/C Issuer by such time, the Administrative Agent shall promptly notify each Revolving Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount
of such Revolving Lender’s L/C Risk Participation with respect thereto. In such event, the Borrowers shall be deemed to have requested an ABR Loan to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard
to the minimum and multiples specified in Section 2.2 for the principal amount of ABR Loans, but subject to the amount of the unutilized portion of the Total Revolving Loan Commitment and the conditions set forth in Section 4.2 (other than
the delivery of a Borrowing Request). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.17(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an
immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 
 (ii) Each
Revolving Lender (including the Revolving Lender acting as L/C Issuer) shall upon any notice pursuant to Section 2.17(c)(i) make funds available to the Administrative Agent for the account of the L/C Issuer at the Administrative Agent’s
Office in an amount equal to its Revolving Proportionate Share of the Unreimbursed Amount not later than 12:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of
Section 2.17(c)(iii), each Revolving Lender that so makes funds available shall be deemed to have made an ABR Loan to the Borrowers in such amount. The Administrative Agent shall remit the funds so received to the L/C Issuer. 

  
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 (iii) With respect to any Unreimbursed Amount that is not fully refinanced
by a Revolving Loan because the conditions set forth in Section 4.2 cannot be satisfied or for any other reason, the Borrowers shall be deemed to have incurred from the L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that
is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate applicable to Revolving Loans upon the occurrence and during the continuance of an Event of Default. In such
event, each Revolving Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.17(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C
Advance from such Revolving Lender in satisfaction of its participation obligation under this Section 2.17. 

(iv) Until each Revolving Lender funds its Revolving Loan or L/C Advance pursuant to this Section 2.17(c) to
reimburse the L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Revolving Lender’s L/C Risk Participation with respect thereto shall be solely for the account of the L/C Issuer. For the avoidance of doubt,
interest shall accrue beginning on the Honor Date for any such unreimbursed draw under a Letter of Credit. 
 (v)
Each Revolving Lender’s obligation to make Revolving Loans or L/C Advances to reimburse the L/C Issuer for, or participate in, amounts drawn under Letters of Credit, as contemplated by this Section 2.17(c), shall be absolute and
unconditional and shall not be affected by any circumstance, including (A) any set-off, counterclaim, recoupment, defense or other right which such Revolving Lender may have against the L/C Issuer, the Borrowers or any other Person for any
reason whatsoever; (B) the occurrence or continuance of a Default or Event of Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing. Any such reimbursement shall not relieve or otherwise
impair the obligation of the Borrowers to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. 

(vi) If any Revolving Lender fails to make available to the Administrative Agent for the account of the L/C Issuer any
amount required to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.17(c) by the time specified in Section 2.17(c)(ii), the L/C Issuer shall be entitled to recover from such Revolving Lender (acting
through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the
Federal Funds Effective Rate from time to time in effect. A certificate of the L/C Issuer submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) shall be conclusive absent
manifest error. 
 (d) Repayment of Participations. 

(i) At any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving
Lender such Revolving Lender’s L/C 

  
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Advance in respect of such payment in accordance with Section 2.17(c), if the Administrative Agent receives for the account of the L/C Issuer any payment related to such Letter of Credit
(whether directly from the Borrowers or otherwise), including proceeds of cash collateral applied thereto by the Administrative Agent or any payment of interest thereon, the Administrative Agent will distribute to such Revolving Lender a portion of
such payment allocable to such Revolving Lender’s L/C Risk Participation with respect to such Letter of Credit in the same funds as those received by the Administrative Agent. 

(ii) If any payment received by the Administrative Agent for the account of the L/C Issuer pursuant to
Section 2.17(c)(i) is required to be returned, each Revolving Lender shall pay to the Administrative Agent for the account of the L/C Issuer a portion of such payment allocable to such Revolving Lender’s L/C Risk Participation with respect
to such Letter of Credit on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Revolving Lender, at a rate per annum equal to the Federal Funds Effective Rate from time
to time in effect. 
 (e) Obligations Absolute. The obligation of the Borrowers to reimburse the L/C Issuer for each
drawing under each Letter of Credit, and to repay each L/C Borrowing and each drawing under a Letter of Credit that is refinanced by a Borrowing of Revolving Loans, shall be absolute, unconditional and irrevocable, and shall be paid strictly in
accordance with the terms of this Agreement and the other Loan Documents under all circumstances, including the following: 
 (i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other agreement or instrument relating thereto; 

(ii) any change in the time, manner or place of payment of, or in any other term of, all or any of the obligations of the
Borrowers in respect of any Letter of Credit or any other amendment or waiver of, or any consent to departure from, all or any of the Loan Documents; 
 (iii) the existence of any claim, counterclaim, set-off, defense or other right that a Borrower or any other Person may have at any time against any beneficiary or any transferee of such Letter of Credit
(or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or
instrument relating thereto, or any unrelated transaction; 
 (iv) any draft, demand, certificate or other
document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any
document required in order to make a drawing under such Letter of Credit; 

  
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 (v) any payment by the L/C Issuer under such Letter of Credit against
presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy,
debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under
any Debtor Relief Law; or 
 (vi) any other circumstance or happening whatsoever, whether or not similar to any
of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrowers. 
 The Borrowers’ unconditional obligation to reimburse the L/C Issuer as set forth above is not in limitation of any rights or claims the Borrowers may have against the L/C Issuer or any other Person
for payment under a Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit or failure to pay upon presentation of a draft or certificate that strictly complies with the
terms of such Letter of Credit. 
 (f) Role of L/C Issuer. Each of the Borrowers and the Revolving Lenders agrees that, in
paying any drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to
the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. Neither the Administrative Agent nor the L/C Issuer nor any of their respective affiliates, directors, officers, employees,
agents or advisors nor any of the correspondents, participants or assignees of the L/C Issuer shall be liable to any Revolving Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders
or the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related
to any Letter of Credit or Letter of Credit Application. The Borrowers hereby assume all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this
assumption is not intended to, and shall not, preclude the Borrowers’ pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. Neither the Administrative Agent nor the L/C
Issuer nor any of their respective affiliates, directors, officers, employees, agents or advisors nor any of the correspondents, participants or assignees of the L/C Issuer shall be liable or responsible for any of the matters described in clauses
(i) through (vi) of Section 2.17(e); provided, however, that anything in such clauses to the contrary notwithstanding, the Borrowers may have a claim against the L/C Issuer, and the L/C Issuer may be liable to the
Borrowers, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrowers arising from the L/C Issuer’s gross negligence or willful misconduct or the L/C Issuer’s failure
to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the
L/C Issuer may accept documents that appear on their face to be in substantial compliance with the terms of a Letter of Credit, without responsibility for further investigation, regardless of 

  
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any notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or
assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. 
 (g) Cash Collateral. 
 (i) Upon the request of the
Administrative Agent, if, as of the Revolving Loan Maturity Date, any Letter of Credit may for any reason remains outstanding and partially or wholly undrawn, the Borrowers shall immediately Cash Collateralize the outstanding L/C Obligations in an
amount equal to 105% of the then Effective Amount of the L/C Obligations. 
 (ii) Subject to
Section 2.20(e), if at any time during which one or more Letters of Credit are outstanding, any Lender is at such time a Defaulting Lender, then no later than five (5) Business Days of written demand thereof from the L/C Issuer the
Borrowers shall provide the Administrative Agent with cash collateral or similar security satisfactory to the L/C Issuer (in its sole discretion) in respect of such Defaulting Lender’s obligation to fund under Section 2.17(c) in an amount
not less than the aggregate amount of such obligations (after giving effect to Section 2.20(d)). If at any time the Administrative Agent determines that any funds held as cash collateral are subject to any right or claim of any Person other
than the Administrative Agent or that the total amount of such funds is less than the aggregate L/C Obligations in respect of such Defaulting Lender, the Borrowers will, promptly upon demand by the Administrative Agent, pay to the Administrative
Agent, as additional funds to be deposited as cash collateral, an amount equal to the excess of (x) such aggregate L/C Obligations over (y) the total amount of funds, if any, then held as cash collateral that the Administrative Agent
determines to be free and clear of any such right and claim. Upon the drawing of any for which funds are on deposit as cash collateral, such funds shall be applied, to the extent permitted under applicable Governmental Rules, to reimburse the L/C
Issuer. 
 (iii) The Borrowers hereby grant the Administrative Agent, for the benefit of the L/C Issuer and the
Lenders, a Lien on all such cash and deposit account balances described in the definition of “Cash Collateralize” and all other cash collateral described in this Section 2.17(g) as security for the L/C Obligations. Cash collateral
shall be maintained in segregated, blocked, interest bearing deposit accounts with the Administrative Agent or other institutions satisfactory to it. Such accounts must be the subject of control agreements pursuant to which the Administrative Agent
has “control” as such term is used in the Uniform Commercial Code, sufficient to perfect on a first priority basis a security interest in such cash collateral. The Lien held by the Administrative Agent in such cash collateral to secure the
L/C Obligations shall be released upon the satisfaction of each of the following conditions: (a) no Letters of Credit shall be outstanding, (b) all L/C Obligations shall have been repaid in full and (c) no Default shall have occurred
and be continuing. 
 (h) Applicability of ISP 98. Unless otherwise expressly agreed by the L/C Issuer and the Borrowers
when a Letter of Credit is issued, the rules of the “International Standby 

  
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Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance) shall apply to each
Letter of Credit. 
 (i) Letter of Credit Fees. The Borrowers shall pay, to the Administrative Agent for the account of
each Revolving Lender in accordance with its L/C Risk Participation in each Letter of Credit, a Letter of Credit fee for each such Letter of Credit for the period from the date of issuance of such Letter of Credit until the expiry thereof, at a per
annum rate equal to the Applicable Margin for Eurodollar Loans multiplied by the actual daily maximum amount available to be drawn under such Letter of Credit, provided that if the Borrowers have Cash Collateralized any portion
of a Defaulting Lender’s obligations to fund under any Letter of Credit pursuant to Section 2.17(g), the Borrowers shall not be required to pay any fees to such Defaulting Lender during the period such Defaulting Lender’s
obligations are Cash Collateralized. Such fee for each Letter of Credit shall be due and payable quarterly in arrears on each Quarterly Payment Date, commencing with the first such date to occur after the issuance of such Letter of Credit, and on
the Revolving Loan Maturity Date. Each such fee, when due, shall be fully earned and when paid, shall be non-refundable. All letter of credit fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number
of days elapsed. 
 (j) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The Borrowers shall pay
directly to the L/C Issuer for its own account a fronting fee in an amount with respect to each Letter of Credit equal to 0.125% per annum multiplied by the face amount of such Letter of Credit, due and payable quarterly in arrears on each
Quarterly Payment Date, commencing with the first such date to occur after the issuance of such Letter of Credit, and on the Revolving Loan Maturity Date; provided, that in the case of an increase in the amount of a Letter of Credit after the
issuance thereof, such fronting fee shall be payable only on the increased amount thereof. In addition, the Borrowers shall pay directly to the L/C Issuer for its own account the customary, issuance, presentation, amendment, negotiation and other
processing fees, and other standard costs and charges, of the L/C Issuer relating to letters of credit as from time to time in effect. Such fees and charges are due and payable on demand and are nonrefundable. 

(k) Conflict with Letter of Credit Application. In the event of any conflict between the terms hereof and the terms of any Letter
of Credit Application, the terms hereof shall control. 
 SECTION 2.18. Swing Line. 

(a) The Swing Line. On the terms and subject to the conditions set forth herein, the Swing Line Lender agrees to make loans (each
such loan, a “Swing Line Loan”) in dollars to the Borrowers from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit,
notwithstanding the fact that such Swing Line Loans, when aggregated with the Effective Amount of Revolving Loans of the Swing Line Lender in its capacity as a Revolving Lender of Revolving Loans, may exceed the amount of such Revolving
Lender’s Revolving Loan Commitment; provided, however, that after giving effect to any Swing Line Loan, (i) the aggregate Effective Amount of all Revolving Loans, Swing Line Loans and L/C Obligations shall not exceed the
Total Revolving Loan Commitment at such time, and (ii) the aggregate Effective Amount of the Revolving Loans of any Revolving Lender (other than the Swing Line Lender) at 

  
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such time, plus such Lender’s Total Lender Risk Participation at such time shall not exceed such Revolving Lender’s Revolving Loan Commitment, and provided, further, that
the Swing Line Lender shall not make any Swing Line Loan to refinance an outstanding Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.18, prepay
under Section 2.8, and reborrow under this Section 2.18. Each Swing Line Loan shall be an ABR Loan. Immediately upon the making of a Swing Line Loan, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally
agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to the product of such Lender’s Revolving Proportionate Share times the amount of such Swing Line Loan; provided, however that
the amount of such Lender’s risk participation shall be adjusted in the manner set forth in Section 2.20(d). Furthermore, subject to Section 2.20(e), before making any Swing Line Loans (if at such time any Lender is a Defaulting
Lender), the Swing Line Lender may condition the provision of such Swing Line Loans on its receipt of cash collateral or similar security satisfactory to the Swing Line Lender (in its sole discretion) from the Borrowers in respect of such Defaulting
Lender’s risk participation in such Swing Line Loans as set forth below (as adjusted pursuant to Section 2.20(d)). The Borrowers hereby grant to the Administrative Agent, for the benefit of the Swing Line Lender, a security interest in all
such cash collateral and all proceeds of the foregoing. Cash collateral shall be maintained in segregated, blocked, interest bearing deposit accounts with the Administrative Agent or other institutions satisfactory to it. Such accounts must be the
subject of control agreements pursuant to which the Administrative Agent has “control” as such term is used in the Uniform Commercial Code, sufficient to perfect on a first priority basis a security interest in such cash collateral. If at
any time the Administrative Agent determines that any funds held as cash collateral are subject to any right or claim of any Person other than the Administrative Agent or that the total amount of such funds is less than the aggregate risk
participation of such Defaulting Lender in the relevant Swing Line Loan, the Borrowers will, promptly upon demand by the Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited as cash collateral, an amount equal
to the excess of (x) such aggregate risk participation over (y) the total amount of funds, if any, then held as cash collateral that the Administrative Agent determines to be free and clear of any such right and claim. At such times there
are Swing Line Loans outstanding for which funds are on deposit as cash collateral, such funds shall be applied as and when determined by the Swing Line Lender, to the extent permitted under applicable Governmental Rules, to reimburse and otherwise
pay the applicable obligations owing to the Swing Line Lender. 
 (b) Borrowing Procedures. Each Swing Line Borrowing
shall be made upon the Borrowers’ irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by telephone. Each such notice must be received by the Swing Line Lender and the Administrative Agent not later than
3:00 p.m., on the requested borrowing date, and shall specify (i) the amount to be borrowed, which amount shall be a minimum amount of $100,000 or an integral multiple of $25,000 in excess thereof, and (ii) the requested borrowing date,
which shall be a Business Day. Each such telephonic notice must be confirmed promptly by the delivery to the Swing Line Lender and the Administrative Agent of a written Notice of Swing Line Borrowing, appropriately completed and signed by a
Responsible Officer of the Borrowers, which notice may be delivered by telecopy or e-mail. Promptly after receipt by the Swing Line Lender of any telephonic Notice of Swing Line Borrowing, the Swing Line Lender will confirm with the Administrative
Agent (by telephone or in writing) that the Administrative Agent has also received 

  
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such Notice of Swing Line Borrowing and, if not, the Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has
received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Revolving Lender) prior to 4:00 p.m., on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make
such Swing Line Loan as a result of the limitations set forth in the proviso to the first sentence of Section 2.18(a), or (B) that one or more of the applicable conditions specified in Section 4.2 is not then satisfied, then, subject
to the terms and conditions hereof, the Swing Line Lender will, not later than 4:30 p.m., on the borrowing date specified in such Notice of Swing Line Borrowing, make the amount of its Swing Line Loan available to the Borrowers at its office by
crediting the account of the Borrowers on the books of the Swing Line Lender in immediately available funds. 
 (c)
Refinancing of Swing Line Loans. 
 (i) The Swing Line Lender at any time in its sole and absolute
discretion may request, on behalf of the Borrowers (which hereby irrevocably requests the Swing Line Lender to act on its behalf for such purpose), under this subsection (c), that each Revolving Lender make an ABR Loan in an amount equal to the
amount of such Revolving Lender’s Swing Line Risk Participation with respect to the Swing Line Loans then outstanding. Such request shall be made in accordance with the requirements of Article II, without regard to the minimum and multiples
specified therein for the principal amount of ABR Loans, but subject to the unutilized portion of the Total Revolving Loan Commitment and the conditions set forth in Section 4.2. The Swing Line Lender shall furnish the Borrowers with a copy of
the applicable Borrowing Request promptly after delivering such notice to the Administrative Agent. Each Revolving Lender shall make an amount equal to its Swing Line Risk Participation in the amount specified in such Borrowing Request available to
the Administrative Agent in immediately available funds for the account of the Swing Line Lender at the Administrative Agent’s Office not later than 12:00 p.m., on the day specified in such Borrowing Request for Revolving Loans, whereupon,
subject to Section 2.18(c)(ii), each Revolving Lender that so makes funds available shall be deemed to have made an ABR Loan to the Borrowers in such amount. The Administrative Agent shall remit the funds so received to the Swing Line Lender.

 (ii) If for any reason any Revolving Loan cannot be requested in accordance with Section 2.18(c)(i) or
any Swing Line Loan cannot be refinanced by such a Revolving Loan, the Borrowing Request for Revolving Loans submitted by the Swing Line Lender shall be deemed to be a request by the Swing Line Lender that each of the Revolving Lenders fund the
amount of its Swing Line Risk Participation in the relevant Swing Line Loan and each Revolving Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.18(c)(i) shall be deemed payment in
respect of such Swing Line Risk Participation. 
 (iii) If any Revolving Lender fails to make available to the
Administrative Agent for the account of the Swing Line Lender any amount required to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.18(c) by the time specified in Section 2.18(c)(i), the Swing Line
Lender shall be entitled to recover from such Revolving Lender (acting through the Administrative Agent), on demand, such 

  
 53 

 
amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Swing Line Lender at a rate per annum equal to
the Federal Funds Effective Rate from time to time in effect. A certificate of the Swing Line Lender submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this clause (iii) shall be
conclusive absent manifest error. 
 (iv) Each Revolving Lender’s obligation to make Revolving Loans or to
purchase and fund Swing Line Risk Participations in Swing Line Loans pursuant to this Section 2.18(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any set-off, counterclaim, recoupment,
defense or other right which such Revolving Lender may have against the Swing Line Lender, the Borrowers or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or Event of Default, or (C) any other
occurrence, event or condition, whether or not similar to any of the foregoing. Any such purchase of participations shall not relieve or otherwise impair the obligation of the Borrowers to repay Swing Line Loans, together with interest as provided
herein. 
 (d) Repayment of Participations. 

(i) At any time after any Revolving Lender has purchased and funded a Swing Line Risk Participation in a Swing Line Loan,
if the Swing Line Lender receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Lender an amount equal to such Revolving Lender’s Swing Line Risk Participation with respect thereto (appropriately
adjusted, in the case of interest payments, to reflect the period of time during which such Revolving Lender’s Swing Line Risk Participation was outstanding and funded) in the same funds as those received by the Swing Line Lender. 

(ii) If any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is
required to be returned by the Swing Line Lender, each Revolving Lender shall pay to the Swing Line Lender the amount of such Revolving Lender’s Swing Line Risk Participation with respect thereto on demand of the Administrative Agent, plus
interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the Federal Funds Effective Rate. The Administrative Agent will make such demand upon the request of the Swing Line Lender. 

(e) Interest for Account of Swing Line Lender. Each Swing Line Loan shall bear interest on the outstanding principal amount thereof
from the applicable borrowing date at a rate per annum equal to (i) the Alternate Base Rate plus the Applicable Margin for ABR Loans minus (ii) the then applicable Commitment Fees percentage determined pursuant to the pricing grid
set forth in the definition of “Applicable Margin.” The Swing Line Lender shall be responsible for invoicing the Borrowers for interest on the Swing Line Loans. Until each Revolving Lender funds its Swing Line Risk Participation pursuant
to this Section 2.18 to refinance such Revolving Lender’s Swing Line Risk Participation with respect to any Swing Line Loan, interest in respect of such Swing Line Risk Participation shall be solely for the account of

  
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the Swing Line Lender. The Borrowers shall pay accrued interest on the unpaid principal amount of each Swing Line Loan on each Quarterly Payment Date and at maturity. 

(f) Payments Directly to Swing Line Lender. The Borrowers shall make all payments of principal and interest in respect of the Swing
Line Loans directly to the Swing Line Lender. 
 SECTION 2.19. Notes. 

(a) Revolving Loan Notes. Each Lender’s Revolving Loans shall be evidenced by a promissory note in the form of
Exhibit E (individually, a “Revolving Loan Note”) which note shall be (i) payable to such Lender, (ii) in the amount of such Lender’s Revolving Loan Commitment, (iii) dated the Effective Date and
(iv) otherwise appropriately completed. The Borrowers authorize each Lender to record on the schedule annexed to such Lender’s Revolving Loan Note the date and amount of each Revolving Loan made by such Lender and of each payment or
prepayment of principal thereon made by the Borrowers, and agrees that all such notations shall be prima facie evidence of the Loans, payments or prepayments noted thereon; provided, however, that any failure by a Lender to make, or
any error by any Lender in making, any such notation shall not affect the Borrowers’ Loans and other obligations under the Loan Documents. The Borrowers further authorize each Lender to attach to and make a part of such Lender’s Revolving
Loan Note continuations of the schedule attached thereto as necessary. If, because any Lender designates separate applicable lending offices for ABR Loans and Eurodollar Loans, such Lender requests that separate promissory notes be executed to
evidence separately such Revolving Loans, then each such note shall be in the form of Exhibit E, mutatis mutandis to reflect such division, and shall be (A) payable to such Lender, (B) in the amount of such Lender’s
Revolving Loan Commitment, (C) dated the Effective Date and (D) otherwise appropriately completed. Such notes shall, collectively, constitute a Revolving Loan Note. 
 (b) Term Loan Notes. Each Term Loan shall be evidenced by a promissory note to each Term Lender in the amount of their respective Term Proportionate Share in the form of Exhibit F
(individually, a “Term Loan Note”) which note shall be (i) payable to the order of such Term Lender, (ii) in the amount of such Term Lender’s Term Loan, (iii) dated the Effective Date (or such other date
acceptable to such Term Lender) and (iv) otherwise appropriately completed. If, because any Term Lender designates separate Applicable Lending Offices for ABR Loans and Eurodollar Loans, such Term Lender requests that separate promissory notes
be executed to evidence separately such Term Loans, then each such note shall be in the form of Exhibit F, mutatis mutandis to reflect such division, and shall be (w) payable to the order of such Term Lender, (x) in the amount
of such Term Lender’s Term Loan, (y) dated the Effective Date (or such other date acceptable to such Term Lender) and (z) otherwise appropriately completed. Such notes shall, collectively, constitute a Term Loan Note. 

(c) Swing Line Notes. The Swing Line Lender’s Swing Line Loans shall be evidenced by a promissory note in the form of
Exhibit G (individually, a “Swing Line Note”) which note shall be (i) payable to the Swing Line Lender, (ii) in the amount of the Swing Line Lender’s Swing Line Loans, (iii) dated the Effective Date and
(iv) otherwise appropriately completed. 

  
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 SECTION 2.20. Defaulting Lenders. Notwithstanding anything to the contrary contained
in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 
 (a) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the
definition of “Required Lenders” and in the last sentence of Section 9.2(b). 
 (b) Reallocation of
Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, upon acceleration or otherwise), shall be applied at
such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of
any amounts owing by such Defaulting Lender to the L/C Issuer or Swing Line Lender hereunder; third, if so determined by the Administrative Agent or requested by the L/C Issuer or Swing Line Lender, to be held as Cash Collateral for future
funding obligations of such Defaulting Lender of any participation in any Swing Line Loan or Letter of Credit; fourth, as the Borrowers may request (so long as no Event of Default exists), 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; fifth, as the Borrowers may request and if so agreed by the Administrative Agent, to be held in a deposit
account and released in order to satisfy obligations of such Defaulting Lender to fund Loans under this Agreement; sixth, to the payment of any amounts owing to the Lenders, the L/C Issuer or Swing Line Lender as a result of any judgment of a
court of competent jurisdiction obtained by any Lender, the L/C Issuer or Swing Line Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no
Default or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal
amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in
Section 4.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Borrowings
owed to, such Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section 2.20(b)
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 
 (c) Certain
Fees. The Defaulting Lender (i) shall not be entitled to receive any Commitment Fee under Section 2.9(a) for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fees that
otherwise would have been required to have been paid to that Defaulting Lender) and (ii) shall be limited in its right to receive Letter of Credit fees as provided in Section 2.17(i). 

  
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 (d) Reallocation of Participations. All or any part of such Defaulting Lender’s
Revolving Proportionate Share of the Effective Amount of L/C Obligations and Swing Line Loans shall automatically (effective on the day such Lender becomes a Defaulting Lender) be reallocated among the Non-Defaulting Lenders in accordance with their
respective Revolving Proportionate Shares (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that (i) the conditions set forth in Section 4.2 are satisfied at such time (and, unless the Borrowers
shall have otherwise notified the Administrative Agent at the time, the Borrowers shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (ii) such reallocation does not cause the sum of
(A) the Effective Amount of all Revolving Loans made by such Revolving Lender outstanding at such time and (B) such Revolving Lender’s Total Lender Risk Participation at such time to exceed such Revolving Lender’s Revolving Loan
Commitment at such time. 
 (e) Cash Collateral by Borrowers. If the reallocation described in clause (d) above
cannot, or can only partially, be effected, the Borrowers shall, without prejudice to any right or remedy available to it hereunder or under law, no later than five (5) Business Days following notice by the Administrative Agent, Cash
Collateralize such Defaulting Lender’s Revolving Proportionate Share of the Effective Amount of L/C Obligations and Swing Line Loans (after giving effect to any partial reallocation pursuant to clause (iv) above) in accordance with the
procedures set forth in Sections 2.17(g) and 2.18(a), as applicable, for so long as such L/C Obligations or Swing Line Loans are outstanding. 
 (f) Defaulting Lender Cure. If the Borrowers, the Administrative Agent, Swing Line Lender and the L/C Issuer agree in writing in their sole discretion that a Defaulting Lender should no longer be
deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to
any Cash Collateral), such Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Revolving Loans and
funded and unfunded participations in Letters of Credit and Swing Line Loans to be held on a pro rata basis by the Lenders in accordance with their Revolving Proportionate Shares (without giving effect to Section 2.20(d)), whereupon such Lender
will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while such Lender was a Defaulting Lender; and provided,
further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from such
Lender’s having been a Defaulting Lender. 
 ARTICLE III. 

REPRESENTATIONS AND WARRANTIES 
 The Borrowers represent and warrant to the Lenders that: 

  
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 SECTION 3.1. Organization; Powers. Each of the Borrowers and their respective
Subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 

SECTION 3.2. Authorization; Enforceability. The Transactions are within each Borrower’s organizational powers and have been
duly authorized by all necessary organizational action and, if required, action by its partners. Each of this Agreement and any other documents executed and delivered in connection with the Transactions has been duly executed and delivered by each
Borrower and constitutes a legal, valid and binding obligation of each Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

SECTION 3.3. Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of,
registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation other than violations which,
individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, (c) will not violate the charter, by-laws, articles, limited liability company agreement, limited partnership agreement or other
organizational documents of any Borrower or any Subsidiary or any order of any Governmental Authority, (d) will not violate or result in a default under any indenture, agreement or other instrument binding upon any Borrower or any Subsidiary or
the assets of any Borrower or any Subsidiary other than violations or defaults which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, (e) will not give rise to a right under any indenture,
agreement or other instrument binding upon any Borrower or any Subsidiary or upon the assets of any Borrower or any Subsidiary to require any material payment to be made by any Borrower or any Subsidiary, and (f) will not result in the creation
or imposition of any Lien on any asset of any Borrower or any Subsidiary. 
 SECTION 3.4. Financial Condition; No Material
Adverse Change. (a) The Borrowers have heretofore furnished to the Lenders combined consolidated statements of financial condition and statements of income, partners’ capital and cash flows (or their predecessor’s consolidated
statements) (i) as of and for the fiscal years ended December 31, 2007, 2008 and 2009, reported on by PricewaterhouseCoopers LLP, independent public accountants, and (ii) as of and for the fiscal quarter and the portion of the fiscal
year ended September 30, 2010, certified by the Borrowers’ chief financial officer. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Borrowers and
their respective consolidated Subsidiaries (or their predecessor and its consolidated subsidiaries) as of such dates and for such periods on a combined basis in accordance with GAAP, subject to year-end audit adjustments. As of the Effective Date,
none of the Borrowers or their respective Subsidiaries has any material Guarantees, material contingent liabilities and material liabilities for taxes, or any long-term leases or unusual forward or long-term commitments, including any interest rate
or foreign 

  
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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. 

(b) From December 31, 2009 to the Effective Date, there has been no event, development or circumstance that has had or would
reasonably be expected to have a Material Adverse Effect. 
 SECTION 3.5. Properties. (a) Each of the Borrowers and
their respective Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business and none of such property is subject to any Lien except as permitted by Section 6.2. 

(b) Each of the Borrowers and their respective Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents
and other intellectual property material to its business, and the use thereof by each of the Borrowers and their respective Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or
in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.6. Litigation and
Environmental Matters. (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrowers, threatened against or affecting any Borrower or any of their
respective Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect
(other than the Disclosed Matters) or (ii) that arises from this Agreement or the Transactions. 
 (b) Except for the
Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, none of the Borrowers or any of their respective Subsidiaries
(i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has
received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability. 
 (c) Since the date of this Agreement, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate, has resulted in, or materially increased the likelihood of, a
Material Adverse Effect. 
 SECTION 3.7. Compliance with Laws and Agreements. Each of the Borrowers and their respective
Subsidiaries is in compliance with all Requirements of Law and Contractual Obligations binding upon it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material
Adverse Effect. 
 SECTION 3.8. Investment and Holding Company Status. (a) None of the Borrowers or any of their
respective Subsidiaries is an “investment company”, or a company “controlled” by an “investment company”, each as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended. Except for
net capital and other requirements 

  
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imposed on registered broker-dealers, none of the Borrowers or any of their respective Subsidiaries is subject to any regulation under any Requirement of Law (other than Regulation X of the
Board) that limits its ability to incur Indebtedness. 
 (b) Each of the Borrowers and their respective Subsidiaries that is
engaged in investment advisory or investment management activities is, and at all times will be, duly registered as an investment adviser if and to the extent required under the Investment Advisers Act of 1940, as amended; and each Subsidiary of a
Borrower which is engaged in broker-dealer business is, and at all times will be, duly registered as a broker-dealer if and to the extent required under the Securities Exchange Act of 1934, as amended, and, as and to the extent required, is, and at
all times will be, a member in good standing of the National Association of Securities Dealers, Inc. 
 SECTION 3.9.
Taxes. Each of the Borrowers and their respective Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it when
due and payable, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which each of the Borrowers or such Subsidiary, as applicable, has set aside on its books adequate reserves with respect thereto in
accordance with GAAP or (b) to the extent that the failure to so file and/or pay could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.10. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur,
could reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did
not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $5,000,000 the fair market value of the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded
Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $10,000,000 the fair market
value of the assets of all such underfunded Plans. 
 SECTION 3.11. Disclosure. Each Borrower has disclosed to the
Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, would reasonably be expected to result in a
Material Adverse Effect. None of the reports, financial statements, certificates or other information furnished by or on behalf of the Borrowers to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or the
other Loan Documents or delivered hereunder or thereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrowers represent only that such information was prepared in good faith based upon assumptions
believed to be reasonable at the time of such preparation. 

  
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 SECTION 3.12. No Default. None of the Borrowers or any of their respective
Subsidiaries 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. 

SECTION 3.13. Subsidiaries. Except as disclosed to the Administrative Agent by the Borrowers in writing from time to time after
the Effective Date, (a) Schedule 3.13 sets forth the name and jurisdiction of incorporation, organization or formation of each Subsidiary and the name of the Borrower or other Subsidiary that is the parent of such Subsidiary and the percentage
of such Subsidiary owned directly or indirectly by such parent and (b) there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options or restricted stock granted to
employees or directors and directors’ qualifying shares) of any nature relating to any Capital Stock of any Borrower or any Subsidiary. 
 SECTION 3.14. Federal Regulations. No part of the proceeds of any Loans or Letters of Credit will be used for “buying” or “carrying” any “margin stock” within the
respective meanings of each of the quoted terms under Regulation U as now and from time to time hereafter in effect in any manner that violates the provisions of the Regulations of the Board or for any other purpose that violates the provisions of
the Regulations of the Board. The Borrowers are not engaged in the business of extending credit to others for the purpose of “buying” or “carrying” “margin stock”. If requested by any Lender or the Administrative Agent,
each 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. No more than 25% of the
consolidated assets of the Borrowers and their respective Subsidiaries (excluding treasury shares) consists of “margin stock” under Regulation U as now and from time to time hereafter in effect. 

SECTION 3.15. No Burdensome Restrictions. No Requirement of Law or Contractual Obligation of any Borrower would reasonably be
expected to have a Material Adverse Effect. 
 SECTION 3.16. Foreign Assets Control, Etc. 

(a) None of the Borrowers (i) is, or is controlled by, a Designated Person; (ii) has received funds or other property from a
Designated Person; or (iii) is in breach of or is the subject of any action or investigation under any Anti-Terrorism Law. None of the Borrowers engages or will engage in any dealings or transactions, or is or will be otherwise associated, with
any Designated Person. To the extent applicable, each of the Borrowers and their respective subsidiaries is in compliance, in all material respects, with the Patriot Act. Each Borrower has taken reasonable measures to ensure compliance with the
Anti-Terrorism Laws. 
 (b) No portion of the proceeds of any Loan, L/C Credit Extension or other credit made hereunder has been
or will be used, directly or indirectly for, and no fee, commission, rebate or other value has been or will be paid to, or for the benefit of, any governmental official, political party, official of a political party or any other Person acting in an
official capacity in violation of any Governmental Rule, including the U.S. Foreign Corrupt Practices Act of 1977, as amended. 

  
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 SECTION 3.17. Obligations to Rank Pari Passu. The Indebtedness created under the Loan
Documents constitutes unsecured obligations of the Borrowers ranking pari passu with all other present and future unsecured Indebtedness of the Borrowers that is not by its terms subordinate or junior in rank to any other Indebtedness of the
Borrowers. 
 ARTICLE IV. 
 CONDITIONS 
 SECTION 4.1. Effective Date. The obligations of the
Lenders to make Loans and the obligation of the L/C Issuer to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.2):

 (a) Principal Loan Documents. The Administrative Agent (and if applicable, the L/C Issuer or the Swing Line Lender)
shall have received: 
 (i) this Agreement, duly executed by the Borrowers and each Lender; 

(ii) a Revolving Loan Note in favor of each Revolving Lender requesting such a Note; 

(iii) a Term Loan Note in favor of each Term Lender requesting such a Note; and 

(iv) a Swing Line Note in favor of the Swing Line Lender. 

(b) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and
dated the Effective Date) of Munger, Tolles & Olson LLP, special counsel for the Borrowers, substantially in the form of Exhibit B, and covering such other matters relating to the Borrowers, this Agreement or the Transactions as the
Required Lenders shall reasonably request. The Borrowers hereby request such counsel to deliver such opinion. 
 (c) The
Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Borrower, the authorization of the
Transactions and any other legal matters relating to the Borrowers, this Agreement or the Transactions, all in form and substance satisfactory to the Administrative Agent. 
 (d) The Administrative Agent shall have received a certificate from each Borrower, dated the Effective Date and signed by a Responsible Officer of such Borrower, (i) confirming compliance with the
conditions set forth in paragraphs (b) and (c) of Section 4.2 and (ii) setting forth the Debt Ratings as of the Effective Date. 
 (e) The Administrative Agent, the Lenders and the Joint Lead Arrangers shall have received (i) to the extent invoiced, reimbursement or payment of all reasonable out-of-pocket

  
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expenses required to be reimbursed or paid by the Borrowers hereunder and (ii) all fees payable to the Joint Lead Arrangers pursuant to the Fee Letters. 

(f) All governmental and third party approvals reasonably necessary in connection with the continuing operations of the Borrowers and
their respective Subsidiaries and the transactions contemplated hereby shall have been obtained and be in full force and effect, and all applicable waiting periods shall have expired without any action being taken or threatened by any Governmental
Authority that would restrain, prevent or otherwise impose adverse conditions on the financing contemplated hereby. 
 (g) The
Lenders shall have received (i) audited consolidated financial statements of the Borrowers (or their predecessor) for the 2007, 2008 and 2009 fiscal years and (ii) unaudited interim consolidated financial statements of the Borrowers for
each quarterly period ended subsequent to the date of the latest applicable financial statements delivered pursuant to clause (i) of this paragraph as to which such financial statements are available, and such financial statements shall not, in
the reasonable judgment of the Lenders, reflect any material adverse change in the consolidated financial condition of any Borrower as reflected in the financial statements or projections furnished to the Lenders. 

(h) The Administrative Agent shall have received evidence reasonably satisfactory to it that all amounts outstanding, if any, under the
Existing Credit Agreement have been repaid in full as of the Effective Date and such agreement and the commitments thereunder have been terminated. 
 The Administrative Agent shall notify the Borrowers and the Lenders of the Effective Date, and such notice shall be conclusive and binding. 

SECTION 4.2. Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing or any L/C Credit
Extension (including its initial Loan) is subject to the satisfaction of the following conditions: 
 (a) The Borrowers shall
have delivered to the Administrative Agent and, if applicable, the L/C Issuer or the Swing Line Lender, a Borrowing Request, a Notice of Swing Line Borrowing, Letter of Credit Application or Interest Election Request, as the case may be, for such
extension of credit in accordance with this Agreement; 
 (b) The representations and warranties of the Borrowers set forth in
this Agreement shall be true and correct in all material respects on and as of the date of such Borrowing or L/C Credit Extension (unless stated to relate to a specific earlier date, in which case, such representations and warranties shall be true
and correct in all material respects as of such earlier date). 
 (c) At the time of and immediately after giving effect to such
Borrowing or L/C Credit Extension, no Default or Event of Default shall have occurred and be continuing. 
 Each Borrowing and
L/C Credit Extension shall be deemed to constitute a representation and warranty by the Borrowers on the date thereof as to the matters specified in paragraphs (b) and (c) of this Section. 

  
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 ARTICLE V. 
 AFFIRMATIVE COVENANTS 
 Until the Commitments have expired or been
terminated and the principal of and interest on each Loan, L/C Obligation and all fees payable hereunder shall have been paid in full, the Borrowers covenant and agree with the Lenders that: 

SECTION 5.1. Financial Statements and Other Information. The Borrowers will furnish to the Administrative Agent and each Lender:

 (a) (i) Annual Financial Statements—GAAP. within 90 days after the end of each fiscal year of the Borrowers, an
audited combined consolidated statement of financial condition and related statements of operations, partners’ capital and cash flows of the Borrowers and their respective consolidated Subsidiaries as of the end of and for such year, setting
forth in each case in comparative form the figures for the previous fiscal year (or for the Borrowers’ predecessor’s previous fiscal year), all reported on by PricewaterhouseCoopers LLP or other independent public accountants of recognized
national standing to the effect that such combined consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrowers and their respective consolidated Subsidiaries on a
combined basis in accordance with GAAP consistently applied, (B) copies of such accountants’ unqualified opinion and (C) to the extent delivered, management letters from such accountants in connection with all such combined
consolidated financial statements; 
 (ii) Annual Financial Statements—generally accepted accounting principals in the
U.S. within 90 days after the end of each fiscal year of the Borrowers, an audited combined consolidated statement of financial condition and related statements of operations, partners’ capital and cash flows of the Borrowers and their
respective consolidated Subsidiaries as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year (or for the Borrowers’ predecessor’s previous fiscal year), all reported on by
PricewaterhouseCoopers LLP or other independent public accountants of recognized national standing to the effect that such combined consolidated financial statements present fairly in all material respects the financial condition and results of
operations of the Borrowers and their respective consolidated Subsidiaries on a combined basis in accordance with generally accepted accounting principles in the United States of America consistently applied, (B) copies of such
accountants’ unqualified opinion and (C) to the extent delivered, management letters from such accountants in connection with all such combined consolidated financial statements; 

(b) (i) Quarterly Financial Statements—GAAP. within 60 days after the end of each of the first three fiscal quarters of
each fiscal year of the Borrowers, a combined consolidated statement of financial condition and related statements of operations, partners’ capital and cash flows of the Borrowers and their respective consolidated Subsidiaries as of the end of
and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the statement of financial condition, as of the
end of) the previous fiscal year (or for the Borrowers’ predecessor’s previous fiscal year), all certified by one of its Financial Officers as 

  
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presenting fairly in all material respects the financial condition and results of operations of the Borrowers and their respective consolidated Subsidiaries on a combined basis in accordance with
GAAP consistently applied, subject to normal year-end audit adjustments; 
 (ii) Quarterly Financial
Statements—generally accepted accounting principles in the U.S. within 60 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrowers, a combined consolidated statement of financial condition and
related statements of operations, partners’ capital and cash flows of the Borrowers and their respective consolidated Subsidiaries as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in
each case in comparative form the figures for the corresponding period or periods of (or, in the case of the statement of financial condition, as of the end of) the previous fiscal year (or for the Borrowers’ predecessor’s previous fiscal
year), all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrowers and their respective consolidated Subsidiaries on a combined basis in accordance
with generally accepted accounting principles in the United States of America consistently applied, subject to normal year-end audit adjustments; 
 (c) Compliance Certificate. concurrently with any delivery of financial statements under clause (a) or (b) above, a compliance certificate of a Financial Officer of each of the Borrowers
substantially in the form of Exhibit H (i) certifying as to whether a Default or Event of Default has occurred and, if a Default or Event of Default has occurred, specifying the details thereof and any action taken or proposed to be
taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Section 6.8 , (iii) stating whether any change in GAAP or in the application thereof has occurred since the date of the
audited financial statements referred to in Section 3.4 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate and (iv) certifying as to the then current Debt
Ratings; 
 (d) Reserved. 
 (e) Assets Under Management. within 45 days after the end of each fiscal quarter of the Borrowers, (i) a schedule of the Assets Under Management on the last day of such quarter, substantially
in the form of Exhibit C-1; and (ii) a statement of changes in Assets Under Management from the last day of the previous quarter to the last day of such quarter, substantially in the form of Exhibit C-2; 

(f) Fund or Strategy Information. without undue delay following the availability thereof, copies of quarterly letters provided to
the limited partners of the meaningful active investment funds managed by any Borrower or Subsidiary; provided that the Borrowers shall only be required to furnish such letters (i) to the extent that, and at such times as, such letters
are required to be furnished by the governing documents of such investment funds; (ii) for so long as such letters continue to be prepared pursuant to the Borrowers’ standard business procedures; and (iii) to the extent that such
letters can be furnished without violating any Governmental Rule or binding confidentiality obligation to which any Borrower or Subsidiary is a party; 
 (g) GSTrUE Materials. without undue delay following the availability thereof, copies of annual and quarterly reports containing “Management’s Discussion and Analysis” (i.e.,

  
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substantially equivalent to forms 10-K and 10-Q) provided to the unitholders of Oaktree Capital Group, LLC via the GSTrUE trading platform and any successor platform; provided that the
Borrowers shall only be required to furnish such reports (i) for so long as such reports continue to be prepared pursuant to the Borrowers’ standard business procedures; and (ii) to the extent that such reports can be furnished
without violating any Governmental Rule or binding confidentiality agreement to which any Borrower or Subsidiary is a party; and 

(h) Additional Information. promptly following any request therefor, such other information regarding the operations, business
affairs and financial condition of any Borrower or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender (through the Administrative Agent) may reasonably request; provided that the
Borrowers shall only be required to furnish such information (i) to the extent that such information can be furnished without violating any Governmental Rule or binding confidentiality agreement to which any Borrower or any Subsidiary is a
party; and (ii) to the extent such materials are not expressly excluded from the provisions of Section 5.1(a) through 5.1(g). 
 SECTION 5.2. Notices of Material Events. The Borrowers will furnish to the Administrative Agent and each Lender prompt written notice of the following: 

(a) the occurrence of any Default or Event of Default; 
 (b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting any Borrower or any Affiliate thereof that, if adversely
determined, would reasonably be expected to result in a Material Adverse Effect; 
 (c) any involuntary suspension or termination
of the registration of any Borrower or any Subsidiary as an investment adviser under the Investment Advisers Act of 1940, as amended, or any cancellation or expiration without renewal or replacement of any material investment advisory agreement or
similar contract to which any Borrower or any Subsidiary is a party; 
 (d) any announcement by S&P or Fitch Ratings of any
change in a Debt Rating; and 
 (e) any other development that results in, or would reasonably be expected to result in, a
Material Adverse Effect. 
 Each notice delivered under this Section shall be accompanied by a statement of a Responsible
Officer of the applicable Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

SECTION 5.3. Existence; Conduct of Business. Each Borrower will, and will cause each of its Subsidiaries to, do or cause to be
done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges 

  
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and franchises material to the conduct of its business; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under
Section 6.3. 
 SECTION 5.4. Payment of Obligations. Each Borrower will, and will cause each of its Subsidiaries to,
pay its obligations, including Tax liabilities, which, if not paid, would result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good
faith by appropriate proceedings, (b) such Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto if required in accordance with GAAP and (c) the failure to make payment pending such contest would not
reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.5. Maintenance of Properties; Insurance. Each
Borrower will, and will cause each of its Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and (b) maintain, with financially
sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. 

SECTION 5.6. Books and Records; Inspection Rights. Each Borrower will, and will cause each of its Subsidiaries to, keep proper
books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. Each Borrower will, and will cause each of its Subsidiaries to, permit any representatives
designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers
and independent accountants, all at such reasonable times and as often as reasonably requested, subject to Section 9.16 hereof. 
 SECTION 5.7. Compliance with Laws and Contractual Obligations. Each Borrower will, and will cause each of its Subsidiaries to, comply with (a) its Organizational Documents, (b) all
Requirements of Law applicable to it or its property and maintain all Governmental Authorizations, and (c) all Contractual Obligations, except where in each case, the failure to do so, individually or in the aggregate, would not reasonably be
expected to result in a Material Adverse Effect. 
 SECTION 5.8. Use of Proceeds. The proceeds of the Loans and Letters
of Credit will be used only to (a) provide for the working capital and general corporate purposes of the Borrowers and their respective Subsidiaries, including to repay any amounts outstanding under the Existing Credit Agreement, to provide the
funding necessary for the Borrowers to make capital contributions to investment companies, funds or accounts which are managed by a member of the Oaktree Operating Group or their respective Subsidiaries or for which such Oaktree Operating Group
member or such Subsidiary acts as a general partner or investment manager, and, to the extent permitted under this Agreement, to make equity distributions or fund repurchases by Oaktree Capital Group, LLC or ControlCo of their respective Capital
Stock, to make investments, loans or advances as permitted by Section 6.4 and to fund Restricted Payments permitted by Section 6.5 and (b) pay fees and expenses incurred in connection with the Transactions. No part of the proceeds of
any Loan or Letter of Credit will be used, whether 

  
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directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U or X. 

SECTION 5.9. Environmental Laws. Each Borrower will, and will cause each of its Subsidiaries to, (a) comply in all material
respects with all applicable Environmental Laws, and obtain and comply in all material respects with and maintain any and all Governmental Authorizations required by applicable Environmental Laws, and (b) conduct and complete all
investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply in all material respects with all lawful orders and directives of all Governmental Authorities regarding
Environmental Laws, except in each case to the extent that non-compliance therewith would not reasonably be expected to result in a Material Adverse Effect. 
 ARTICLE VI. 
 NEGATIVE COVENANTS 

Until the Commitments have expired or terminated and the principal of and interest on each Loan, L/C Obligation and all fees payable
hereunder have been paid in full, the Borrowers covenant and agree with the Lenders that: 
 SECTION 6.1. Indebtedness.
The Borrowers will not (x) create, incur, assume or permit to exist any Indebtedness or (y) permit any Subsidiary to create, incur, assume or permit to exist any Indebtedness or preferred Capital Stock, except, in each case: 

(a) Indebtedness created hereunder; 
 (b) Indebtedness existing on the date hereof and set forth in Schedule 6.1 and any extensions, renewals or replacements of any such Indebtedness that do not increase the outstanding principal amount, or
shorten the maturity, thereof; 
 (c) Indebtedness of a Borrower to any Subsidiary or other Borrower, and of any Subsidiary to
any Borrower or any wholly owned Subsidiary of a Borrower; 
 (d) Indebtedness of a Borrower or Subsidiary to Oaktree Capital
Management (Cayman), L.P. or any of its subsidiaries in an aggregate amount not to exceed $25,000,000 at any time outstanding; 

(e) Guarantees of Indebtedness permitted hereunder; 
 (f) Indebtedness of any Borrower or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets, including Capital Lease Obligations and any Indebtedness
assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal
amount thereof; provided that (i) such Indebtedness is incurred prior to or within 180 days after such acquisition or the completion of such construction or improvement and (ii) the aggregate principal

  
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amount of Indebtedness permitted by this clause (e) when added to the aggregate principal amount of Attributable Debt outstanding, shall not exceed $30,000,000 at any one time; 

(g) Indebtedness of any Person that becomes a Subsidiary after the date hereof; provided that such Indebtedness exists at the time
such Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary; 

(h) Indebtedness of any Borrower or any Subsidiary as an account party in respect of letters of credit in a maximum amount of $20,000,000
at any one time; 
 (i) Unsecured Indebtedness of a Borrower to its partners to finance the Borrowers’ equity contributions
in investment companies or funds for which it or any Subsidiary acts as a general partner or an investment advisor in an aggregate amount not to exceed $10,000,000 at any one time; 

(j) any Permitted Note Financing, provided that at the time of any new issuance or guarantee of any such senior notes, no Default
or Event of Default has occurred or would result therefrom; 
 (k) Indebtedness incurred for the purchase or lease of a corporate
jet, in an amount not to exceed $35,000,000 at any one time; 
 (l) Guarantees by the Borrowers of loans extended to employees or
principals of the Borrowers and other Persons for taxes payable upon the vesting of equity interests in connection with equity-based compensation arrangements; 
 (m) Indebtedness of the Borrowers or any of their Subsidiaries in the nature of any contingent obligations of any Borrower or any such Subsidiary as the general partner (or equivalent) of any investment
funds managed by any member of the Oaktree Operating Group or any of their respective subsidiaries, either now existing or newly created in respect of any Indebtedness of those funds; 

(n) obligations pursuant to Hedging Agreements entered into in the ordinary course of business and not for speculative purposes;

 (o) Indebtedness permitted by Section 6.4; 
 (p) Unsecured Indebtedness of the Borrowers and their respective Subsidiaries in an aggregate amount not to exceed $30,000,000 at any one time. 

For purposes of compliance with this Section, (1) in the event any Indebtedness meets the criteria set forth in more than one of
clauses (a) through (p) of this Section, the Borrowers in their sole collective discretion may (x) classify or reclassify such Indebtedness in any manner that complies with this Section and (y) divide and classify such
Indebtedness among more than one of the clauses of this Section and, in each case, such Indebtedness shall be treated as having been permitted pursuant to such clause, and (2) Indebtedness in any currency other than U.S. dollars shall be valued
in U.S. dollars as of the date such investment was made. 

  
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 SECTION 6.2. Liens. The Borrowers will not, and will not permit any Subsidiary to,
create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, except: 
 (a)
Permitted Encumbrances; 
 (b) any Lien on any property or asset of any Borrower or any Subsidiary existing on the date hereof
and set forth in Schedule 6.2; provided that (i) such Lien shall not apply to any other property or asset of any Borrower or any Subsidiary and (ii) such Lien shall secure only those obligations which it secures on the date hereof;

 (c) any Lien existing on any property or asset prior to the acquisition thereof (including by merger or consolidation) by any
Borrower or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary; provided that (i) such Lien is not created in contemplation
of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Borrowers or their respective Subsidiaries and (iii) such Lien shall
secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be; 
 (d) Liens on property, plant and equipment acquired, constructed or improved by the Borrowers or their respective Subsidiaries; provided that (i) such security interests secure Indebtedness
permitted by clause (f) of Section 6.1, (ii) such security interests and the Indebtedness secured thereby are incurred prior to or within 180 days after such acquisition or the completion of such construction or improvement,
(iii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such property, plant and equipment and (iv) such security interests shall not apply to any other property or assets of the Borrowers or
their respective Subsidiaries; 
 (e) Liens on the corporate jet described in Section 6.1(k) and the proceeds thereof
securing the Indebtedness permitted by Section 6.1(k); 
 (f) in the case of a Subsidiary that serves as the general partner
(or equivalent) of an investment fund managed by any of the Borrowers or any of their Affiliates, any Lien on such Subsidiary’s interests and rights as a general partner (or equivalent) of such fund or any special purpose vehicle owned by such
limited partnership; provided that such Lien shall not extend to such Subsidiary’s right to receive distributions or any incentive allocation from such fund; 
 (g) Liens on property acquired or leased by a Borrower or a Subsidiary of a Borrower securing the related Capital Lease Obligations permitted hereunder; 

(h) attachment, judgment and other similar Liens that do not constitute an Event of Default pursuant to subsection (k) of Article
VIII; and 
 (i) Liens arising out of the refinancing extension, renewal or refunding of any Indebtedness secured by any Lien
permitted by any of the foregoing clauses of this Section, provided that the Lien does not apply to any additional property or asset. 

  
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 For purposes of compliance with this Section, (x) in the event that any Lien meets the
criteria set forth in more than one of clauses (a) through (i) of this Section, Borrowers in their sole discretion may classify or reclassify such Lien in any manner that complies with this Section and such Lien shall be treated as having
been permitted pursuant to only one of such clauses of this section; and (y) any Indebtedness secured by a Lien may be divided and classified among more than one of the clauses of this Section and, in each case, such Lien shall be treated as
having been permitted pursuant to such clause. 
 SECTION 6.3. Fundamental Changes. (a) Each Borrower will not, and
will not permit any Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions)
all or substantially all of the Borrowers’ assets (measured on a collective basis across all Borrowers), or all or substantially all of the Capital Stock of the Borrowers’ Subsidiaries (measured on a collective basis across all Borrowers)
(in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default or Event of Default shall have occurred and be continuing (i) any
Person, including a Subsidiary or Borrower, may merge into or consolidate with any of the Borrowers in a transaction in which a Borrower is the surviving entity, (ii) any Subsidiary may merge into or consolidate with any Subsidiary in a
transaction in which the surviving entity is a wholly owned Subsidiary, (iii) any Borrower may merge into or consolidate with any Subsidiary in a transaction in which the surviving entity is a wholly owned Subsidiary, provided that
(solely in a case of such a transaction involving a Borrower other than Oaktree AIF Investments, L.P.), such wholly owned Subsidiary agrees to become a Borrower hereunder and executes and delivers documents reasonably requested by the Administrative
Agent in form and substance reasonably satisfactory to the Administrative Agent with respect thereto (including, but not limited to, an opinion of counsel), (iv) any Subsidiary may sell, transfer, lease or otherwise dispose of its assets to any
of the Borrowers or to a wholly owned Subsidiary, (v) any Borrower may sell, transfer, lease or otherwise dispose of its assets (including any Capital Stock) to any other Borrower, (vi) any Borrower may sell, transfer, lease or otherwise
dispose of its assets (including any Capital Stock) to a wholly owned Subsidiary, provided that in the event such transaction results in a transfer, lease or other disposition of all or substantially all of the Borrowers’ assets
(measured on a collective basis across all Borrowers) to such Subsidiary, such Subsidiary agrees to become a Borrower hereunder and executes and delivers documents reasonably requested by the Administrative Agent in form and substance reasonably
satisfactory to the Administrative Agent with respect thereto (including, but not limited to, an opinion of counsel), (vii) any Subsidiary may merge or consolidate with any other Person in a transaction in which the other Person is the
surviving entity or sell, transfer, lease or otherwise dispose of its assets to any other Person which, in each case, (A) prior to such transaction did not have any operations and (B) the Borrowers own the same type and percentage of
equity interests in such other Person as the Borrowers owned in such Subsidiary prior to such transaction, (viii) Oaktree AIF Investments, L.P. or any Subsidiary of a Borrower may liquidate or dissolve if Oaktree AIF Investments, L.P. or such
Borrower, respectively, determines in good faith that such liquidation or dissolution is in its best interests and is not materially disadvantageous to the Lenders and (ix) any Borrower may transfer any Capital Stock of any of its Subsidiaries
to any other Borrower or any wholly owned Subsidiary of another Borrower; provided that any such merger involving a Person that is not a wholly owned Subsidiary 

  
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immediately prior to such merger shall not be permitted unless the Borrowers’ investment therein is also permitted by Section 6.4. 

(b) Each Borrower will not, and will not permit any of its Subsidiaries to, engage to any material extent in any business other than
businesses of the type conducted by such Borrower and its Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto. 
 SECTION 6.4. Investments, Loans, Advances, Guarantees and Acquisitions; Hedging Agreements. (a) The Borrowers will not, and will not permit any of their respective Subsidiaries to, purchase,
hold or acquire (including pursuant to any merger with any Person that was not a wholly owned Subsidiary prior to such merger) any Capital Stock, evidences of indebtedness or other securities (including any option, warrant or other right to acquire
any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a
series of transactions) any assets of any other Person constituting a business unit, except: 
 (i) Permitted
Investments; 
 (ii) investments by a Borrower in the Capital Stock of its Subsidiaries (including newly created
Subsidiaries); 
 (iii) loans or advances made by the Borrowers to any Subsidiary and made by any Subsidiary to
the Borrowers or any other Subsidiary, and any loans and advances to any Subsidiary shall include such loans and advances to foreign Subsidiaries and Oaktree Capital Management (Cayman) L.P. and its subsidiaries to fund the operating costs and
budgeted Capital Expenditures of such entities; provided that at the time of such loan or advance, no Default or Event of Default shall have occurred and be continuing or would result therefrom; 

(iv) Guarantees (A) constituting Indebtedness permitted by Section 6.1 and (B) of other obligations
(including lease obligations of Subsidiaries and Oaktree Capital Management (Cayman) L.P. and its subsidiaries) not prohibited by this Agreement; and 
 (v) loans or advances made directly by a Borrower or indirectly by a Borrower through one or more intermediaries to the employees and/or principals of any member of the Oaktree Operating Group or any of
their respective subsidiaries (A) that are outstanding for less than four months, (B) that are secured by (x) the Capital Stock of ControlCo or (y) “points” in the management fee or incentive allocation of any
investment fund or any subsidiary thereof that is managed by any Borrower or any Subsidiary, in each case, held by such employees and/or principals, or (C) in an aggregate principal amount not to exceed $25,000,000 at any one time outstanding
for all Borrowers. 
 (b) The Borrowers will not, and will not permit any of their respective Subsidiaries to, enter into any
Hedging Agreement, other than Hedging Agreements entered into in the ordinary course of business to hedge or mitigate risks to which any member of the Oaktree 

  
 72 

 
Operating Group or any subsidiary thereof is exposed in the conduct of its business or the management of its liabilities or entered into in connection with the issuance or contemplated issuance
of a Permitted Note Financing. 
 SECTION 6.5. Restricted Payments. The Borrowers will not, and will not permit any of
their respective Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except (a) any Subsidiary of a Borrower may declare and pay dividends on, or make distributions with respect to, its
Capital Stock to a Borrower or any intervening Subsidiary, (b) that so long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, the Borrowers or any of their respective Subsidiaries may declare and
pay dividends with respect to its Capital Stock payable solely in additional shares of its Capital Stock, or declare and pay dividends or make distributions in cash solely to holders of its Capital Stock, (c) the Borrowers may make Restricted
Payments pursuant to and in accordance with stock option plans or other benefit plans for management or employees of the Borrowers and their respective Subsidiaries; (d) the Borrowers or any of their respective Subsidiaries may declare and pay
dividends and make distributions to holders of their Capital Stock at any time in amounts intended to enable such holders to discharge their respective U.S. federal, state and local and non-U.S. income and franchise tax liabilities arising from
allocations made (or expected to be made) to such holder in respect of such Capital Stock (which amounts may be calculated based on the assumption that such holders are taxed at the highest marginal federal, state and local tax rates applicable to
an individual domiciled in Los Angeles, California). 
 SECTION 6.6. Transactions with Affiliates. The Borrowers will
not, and will not permit any of their respective Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with,
any of its Affiliates, except 
 (a) in the ordinary course of business at prices and on terms and conditions not less favorable
to a Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties; 
 (b)
transactions between or among the Borrowers and their wholly owned Subsidiaries not involving any other Affiliate; 
 (c) any
Restricted Payment permitted by Section 6.5; 
 (d) as identified on Schedule 6.6; and 

(e) transfers or contributions of property, assets or Capital Stock from an Affiliate of any Borrower to any Subsidiary or Borrower,
provided that (i) no Default or Event of Default then exists or would result after giving effect thereto, (ii) the representations and warranties of the Borrowers set forth in this Agreement are true and correct in all material
respects on and as of the date of and after giving effect to such transfer or contribution (unless stated to relate to a specific earlier date, in which case, such representations and warranties shall be true and correct in all material respects as
of such earlier date), (iii) if the transfer or contribution is of Capital Stock of any Person and results in such Person becoming a Subsidiary of any Borrower, 

  
 73 

 
then no Default or Event of Default pursuant to Section 6.8 would have existed if such Person were a Subsidiary of a Borrower as of the last day of the Borrowers’ most recently ended
fiscal quarter and (iv) no cash or other property (other than equity interests of the recipient of such transfer or contribution to the transferor in respect thereof) is transferred from any of the Borrowers or their respective Subsidiaries to
such Affiliate or any owner, directly or indirectly, of such Affiliate, in connection with such transfer or contribution. 

SECTION 6.7. Restrictive Agreements; Negative Pledge Clauses. The Borrowers will not, and will not permit any of their respective
Subsidiaries to, directly or indirectly, enter into, incur or permit to exist or become effective any agreement or other arrangement that prohibits, limits, restricts or imposes any condition upon (a) the ability of any Borrower or any
Subsidiary to create, incur, assume or permit to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, or (b) the ability of any Subsidiary to pay dividends or other distributions on account of
any shares of its Capital Stock or to make or repay loans or advances to the Borrowers or any other Subsidiary or to Guarantee Indebtedness of the Borrowers or any other Subsidiary; provided that (i) the foregoing shall not apply to
restrictions and conditions imposed by law or by this Agreement, (ii) the foregoing shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.7 (and any extension, renewal or amendment or modification
thereof, provided that such extension, renewal, amendment or modification does not expand the scope of, any such restriction or condition), (iii) the foregoing shall not apply to customary restrictions and conditions contained in agreements
relating to the sale of a Subsidiary, business or assets pending such sale; provided such restrictions and conditions apply only to the Subsidiary, business or assets that is to be sold and such sale is permitted hereunder, (iv) clause
(a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such
Indebtedness; (v) clause (a) of the foregoing shall not apply to customary provisions in leases restricting the assignment thereof; and (vi) the foregoing shall not apply to restrictions and conditions contained in agreements
evidencing the Permitted Note Financing. 
 SECTION 6.8. Financial Condition Covenants. 

(a) Combined Leverage Ratio. The Borrowers will not permit the Combined Leverage Ratio as of the last day of any period of four
consecutive fiscal quarters of the Borrowers ending with any fiscal quarter to be equal to or greater than the ratio of 2.50 to 1.00. 
 (b) Combined Fixed Charge Coverage Ratio. The Borrowers will not permit the Combined Fixed Charge Coverage Ratio for any period of four consecutive fiscal quarters of the Borrowers ending with any
fiscal quarter to be equal to or less than the ratio of 2.50 to 1.00. 
 (c) Combined Net Worth. The Borrowers will not
permit the Combined Net Worth at any time to be less than $400,000,000. 
 (d) Minimum Assets. The Borrowers will not
permit the Assets Under Management at any time to be less than $50,000,000,000. 
 SECTION 6.9. Reserved. 

  
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 SECTION 6.10. Changes in Fiscal Periods. The Borrowers will not permit the fiscal
year of the Borrowers to end on a day other than December 31 or change the Borrowers’ method of determining fiscal quarters, except, in each case, with the consent (not to be unreasonably withheld) of the Required Lenders. 

SECTION 6.11. Optional Payments and Modifications of Certain Debt Instruments. The Borrowers will not, and will not permit any of
their respective Subsidiaries to, make or offer to make any optional or voluntary payment, prepayment, repurchase or redemption of or otherwise optionally or voluntarily defease any Indebtedness other than: 

(a) the Indebtedness under this Agreement and the other Loan Documents; and 

(b) so long as no Default or Event of Default has occurred or would result therefrom, prepayments of Indebtedness made when the sum of the
Effective Amount of all Revolving Loans , the Effective Amount of all Swing Line Loans , and the Effective Amount of all L/C Obligations outstanding at such time is equal to zero. 
 The Borrowers also will not, and will not permit any of their respective Subsidiaries to amend, modify, waive or otherwise change, or consent or agree to any amendment, modification, waiver or other
change to, any of the terms relating to the payment or prepayment of principal of or interest on, any such Indebtedness that would accelerate the maturity or increase the amount of any payment of principal thereof. 

ARTICLE VII. 

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

(a) any Borrower shall fail to pay any principal of any Loan or L/C Obligation when and as the same shall become due and payable, whether
at the due date thereof or at a date fixed for prepayment thereof or otherwise; 
 (b) any Borrower shall fail to pay any
interest on any Loan or L/C Obligation or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement or the other Loan Documents, when and as the same shall become due and payable,
and such failure shall continue unremedied for a period of five days; 
 (c) any representation or warranty made or deemed made
by or on behalf of any Borrower in or in connection with this Agreement or the other Loan Documents or any amendment or modification hereof or thereof, or in any report, certificate, financial statement or other document furnished pursuant to or in
connection with this Agreement or the other Loan Documents or any amendment or modification hereof or thereof, shall prove to have been materially incorrect when made or deemed made; 

(d) any Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.2, 5.3 (with respect to
such Borrower’s existence) or 5.8 or in Article VI; provided that with respect to any non-consensual Lien on any property or asset of any 

  
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Borrower or any Subsidiary, no Default or Event of Default shall exist under this clause (d) unless any such Lien shall not have been terminated, removed or released within 30 days from the
date such Lien was initially placed thereon; 
 (e) any Borrower shall fail to observe or perform any covenant, condition or
agreement contained in this Agreement or any other Loan Document (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days after notice thereof from the
Administrative Agent (given at the request of any Lender) to the Borrowers; 
 (f) any Borrower or any Material Subsidiary shall
fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable; 
 (g) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits the holder or holders of any Material Indebtedness or
any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause
(g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; 
 (h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of any Borrower or any Material
Subsidiary or their respective debts, or of a material part of their respective assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for any Borrower or any Material Subsidiary or for a material part of their respective assets, and, in any such case, such proceeding or petition shall continue undismissed for 90
days or an order or decree approving or ordering any of the foregoing shall be entered; 
 (i) any Borrower or any Material
Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in
effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for any Borrower or any Material Subsidiary or for a material part of their respective assets, (iv) file an answer admitting the material allegations of a petition filed against
any of them in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 

(j) any Borrower or any Material Subsidiary shall become unable, admit in writing or fail generally to pay their respective debts as they
become due; 

  
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 (k) one or more judgments for the payment of money in an aggregate amount in excess of
$20,000,000 in excess of applicable insurance shall be rendered against any Borrower, any Material Subsidiary or any combination thereof and the same shall remain undischarged for a period of 30 consecutive days during which execution shall not be
effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Borrower or any Material Subsidiary to enforce any such judgment; 

(l) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that
have occurred, could reasonably be expected to result in a Material Adverse Effect; 
 (m) a Change in Control shall occur;

 (n) any Borrower or any Subsidiary shall become a Designated Person; 

(o) the aggregate amount of the Unfunded Pension Liabilities of the Borrowers and their respective Subsidiaries shall exceed $10,000,000
at any time; or 
 (p) any Loan Document or any material term thereof shall cease to be, or be asserted by any Borrower not to
be, a legal, valid and binding obligation of such Borrower (or any other Borrower) enforceable in accordance with its terms; 
 then, and in
every such event (other than an event with respect to any Borrower described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the
Required Lenders shall, by notice to the Borrowers take one or all of the following actions, at the same or different times: (i) terminate the Commitments and any obligation of the L/C Issuer to make L/C Credit Extensions and thereupon the
Commitments and such obligation of the L/C Issuer shall terminate immediately, (ii) declare all or a portion of the Loans and L/C Obligations then outstanding to be due and payable in whole (or in part, in which case any principal not so
declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans and L/C Obligations so declared to be due and payable, together with accrued interest thereon and all fees and other
obligations of the Borrowers accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers to the extent permitted by applicable law,
(iii) require that the Borrowers Cash Collateralize the L/C Obligations in an amount equal to 105% of the then Effective Amount of the L/C Obligations, and (iv) exercise all other rights and remedies under the Loan Documents and applicable
law; and in case of any event with respect to any Borrower described in clause (h) or (i) of this Article, the Commitments and the obligation of the L/C Issuer to make L/C Credit Extensions shall automatically terminate and the principal
of the Loans and L/C Obligations then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or
other notice of any kind, all of which are hereby waived by the Borrowers, and the obligation of the Borrowers to Cash Collateralize the L/C Obligations in an amount equal to the then Effective Amount of the L/C Obligations shall automatically
become effective, which amounts shall be immediately pledged and delivered to the Administrative Agent as security for the L/C Obligations, without presentment, demand, 

  
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protest or other notice of any kind, all of which are hereby waived by the Borrowers to the extent permitted by applicable law. 

ARTICLE VIII. 

THE ADMINISTRATIVE AGENT 
 SECTION 8.1. Appointment, Powers and Immunities 
 (a) Each Lender hereby
appoints and authorizes Wells Fargo Bank, National Association and its successors to act as its administrative agent hereunder and under the other Loan Documents with such powers 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. Each Lender hereby authorizes the Administrative Agent to take such action on its behalf under the provisions of this Agreement and
the other Loan Documents and to exercise such powers as are set forth herein or therein, together with such other powers as are reasonably incidental thereto. The Joint Lead Arrangers and Co-Syndication Agents shall not have any duties or
responsibilities or any liabilities under this Agreement or any other Loan Document and any amendments, consents, waivers or any other actions taken in connection with this Agreement or the other Loan Documents shall not require the consent of the
Co-Syndication Agents or, except to the extent expressly set forth in Section 9.2(b), the Joint Lead Arrangers, in such capacity. The Administrative Agent shall not have any duties or responsibilities except those expressly set forth in
this Agreement or in any other Loan Document, be a trustee for any Lender or have any fiduciary duty to any Lender. Notwithstanding anything to the contrary contained herein the Administrative Agent shall not be required to take any action which is
contrary to this Agreement or any other Loan Document or any applicable Governmental Rule. None of the Administrative Agent or any Lender shall be responsible to any other Lender for any recitals, statements, representations or warranties made by
any Borrower contained in this Agreement or in any other Loan Document, for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure by any Borrower to perform its
obligations hereunder or thereunder. The Administrative Agent may employ agents and attorneys-in-fact and shall not be responsible to any Lender for the negligence or misconduct of any such agents or attorneys-in-fact selected by it with reasonable
care. None of the Administrative Agent or any of its directors, officers, employees, agents or advisors shall be responsible to any Lender for any action taken or omitted to be taken by it or them hereunder or under any other Loan Document or in
connection herewith or therewith, except to the extent arising from its or their own gross negligence or willful misconduct. Except as otherwise provided under this Agreement, the Administrative Agent shall take such action with respect to the Loan
Documents as shall be directed by the Required Lenders or in the absence of such direction such action as the Administrative Agent in good faith deems advisable under the circumstances. 

(b) The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated
therewith until such time (and except for so long) as the Administrative Agent may agree at the request of the Required Lenders to act for the L/C Issuer with respect thereto; provided, however, that the L/C Issuer shall have all
of the benefits and immunities (i) provided to the Administrative Agent in this Article VIII with respect 

  
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to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and the application and agreements for letters of credit
pertaining to the Letters of Credit as fully as if the term “Administrative Agent” as used in this Article VIII included the L/C Issuer with respect to such acts or omissions, and (ii) as additionally provided herein with respect to
the L/C Issuer. 
 SECTION 8.2. Reliance by the Administrative Agent. The Administrative Agent, the L/C Issuer and the
Swing Line Lender shall be entitled to rely upon any certificate, notice or other document (including any cable, telegram, facsimile, e-mail or telex) believed by it in good faith to be genuine and correct and to have been signed or sent by or on
behalf of the proper Person or Persons, and upon advice and statements of legal counsel, independent accountants and other experts selected by the Administrative Agent with reasonable care. As to any other matters not expressly provided for by this
Agreement, the Administrative Agent shall not be required to take any action or exercise any discretion, but shall be required to act or to refrain from acting upon instructions of the Required Lenders and shall in all cases be fully protected by
the Lenders in acting, or in refraining from acting, hereunder or under any other Loan Document in accordance with the instructions of the Required Lenders (or additional Lenders if required by Section 9.2), and such instructions of the
Required Lenders (or additional Lenders as the case may be) and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders. 
 SECTION 8.3. Defaults. 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 a
written notice from a Lender or the Borrowers, referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “Notice of Default”. If the Administrative Agent receives such a notice of the
occurrence of a Default or Event of Default, the Administrative Agent shall give prompt 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; provided, however, that 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 interest of the Lenders. Notwithstanding anything to the contrary contained herein, the order and manner in which the Lenders’ rights and remedies are to be
exercised (including the enforcement by any Lender of its Note) shall be determined by the Required Lenders in their sole discretion. 
 SECTION 8.4. Indemnification. Without limiting the obligations of the Borrowers hereunder, each Lender agrees to indemnify the Administrative Agent, ratably in accordance with its pro rata share of
all obligations of the Borrowers and Commitments, for any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may at any time be imposed on,
incurred by or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or the enforcement
of any of the terms hereof or thereof; provided, however, that no Lender shall be liable for any of the foregoing to the extent any of the foregoing arise from the Administrative Agent’s gross negligence or willful misconduct. The
Administrative Agent shall be fully justified in refusing to take or in continuing 

  
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to take any action hereunder unless it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or
continuing to take any such action. The obligations of each Lender under this Section 8.4 shall survive the payment and performance of the obligations of the Borrowers, the termination of this Agreement and any Lender ceasing to be a party to
this Agreement (with respect to events which occurred prior to the time such Lender ceased to be a Lender hereunder). 
 SECTION
8.5. Non-Reliance. Each Lender represents that it has, independently and without reliance on the Administrative Agent, or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of
the business, prospects, management, financial condition and affairs of the Borrowers and their respective Subsidiaries and its own decision to enter into this Agreement and agrees that it will, independently and without reliance upon the
Administrative 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 appraisals and decisions in taking or not taking action under this Agreement. Neither the
Administrative Agent nor any of its affiliates nor any of their respective directors, officers, employees, agents or advisors shall (a) be required to keep any Lender informed as to the performance or observance by any Borrower of the
obligations under this Agreement or any other document referred to or provided for herein or to make inquiry of, or to inspect the properties or books of any Borrower; (b) have any duty or responsibility to disclose to or otherwise provide any
Lender, and shall not be liable for the failure to disclose or otherwise provide any Lender, with any credit or other information concerning any Borrower which may come into the possession of the Administrative Agent or that is communicated to or
obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity, except for notices, reports and other documents and information expressly required to be furnished to the Lenders by the Administrative Agent hereunder;
or (c) be responsible to any Lender for (i) any recital, statement, representation or warranty made by any Borrower or any officer, employee or agent of any Borrower in this Agreement or in any of the other Loan Documents, (ii) the
value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any Loan Document, (iii) the value or sufficiency of the collateral, if any, or the validity or perfection of any of the liens or security interests
intended to be created by the Loan Documents, or (iv) any failure by any Borrower to perform its obligations under this Agreement or any other Loan Document. 
 SECTION 8.6. Resignation of the Administrative Agent. The Administrative Agent may resign at any time by giving thirty (30) days prior written notice thereof to the Borrowers and the Lenders.
Upon any such resignation, the Required Lenders shall have the right to appoint a successor Administrative Agent, which successor Administrative Agent, if not a Lender, shall be reasonably acceptable to the Borrowers; provided,
however, that the Borrowers shall have no right to approve a successor Administrative Agent if a Default or Event of Default has occurred and is continuing. Upon the acceptance of any appointment as the Administrative Agent hereunder by a
successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be
discharged from the duties and obligations thereafter arising hereunder; provided that the retiring Administrative Agent shall be discharged from the duties and obligations arising hereunder from and after the end of such thirty (30) day even
if no successor has been appointed. 

  
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If no such successor has been appointed, the Required Lenders shall act as the Administrative Agent hereunder. After any retiring Administrative Agent’s resignation hereunder as the
Administrative Agent, the provisions of this Article VIII shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Administrative Agent. The successor Administrative Agent (or
if there is no successor one of the Lenders appointed by the Required Lenders that accepts such appointment) shall also simultaneously replace the then existing Administrative Agent and the then existing Administrative Agent shall be fully released
as “L/C Issuer,” and “Swing Line Lender” hereunder pursuant to documentation in form and substance reasonably satisfactory to the then existing Administrative Agent. 

SECTION 8.7. Collateral Matters. Unless all the Lenders otherwise consent in writing, any and all cash collateral for the L/C
Obligations shall be released to the Borrowers, to the extent not applied to the L/C Obligations, only if (a) the Commitments have been terminated and (b) all L/C Obligations have been paid in full and are no longer outstanding.

 SECTION 8.8. Performance of Conditions. For the purpose of determining fulfillment by the Borrowers of conditions
precedent specified in Article IV only, each Lender shall be deemed to have consented to, and approved or accepted, or to be satisfied with each document or other matter sent by the Administrative Agent to such Lender for consent, approval,
acceptance or satisfaction, or required under Article IV to be consented to, or approved by or acceptable or satisfactory to, that Lender, unless an officer of the Administrative Agent who is responsible for the transactions contemplated by the Loan
Documents shall have received written notice from that Lender prior to the making of the requested Loan or the issuance of the requested Letter of Credit or the making of any other L/C Credit Extension specifying its objection thereto and either
(i) such objection shall not have been withdrawn by written notice to the Administrative Agent or (ii) in the case of any condition to the making of a Loan, that Lender shall not have made available to the Administrative Agent that
Lender’s Revolving Proportionate Share of such Loan, Letter of Credit or other L/C Credit Extension. 
 SECTION 8.9. The
Administrative Agent in its Individual Capacity. The Administrative Agent and its affiliates may make loans to, issue letters of credit for the account of, accept deposits from and generally engage in any kind of banking or other business with
any Borrower and its Affiliates as though the Administrative Agent were not the Administrative Agent, L/C Issuer or Swing Line Lender hereunder. With respect to Loans, if any, made by the Administrative Agent in its capacity as a Lender, the
Administrative Agent in its capacity as a Lender shall have the same rights and powers under this Agreement and the other Loan Documents as any other Lender and may exercise the same as though it were not the Administrative Agent, L/C Issuer or
Swing Line Lender, and the terms “Lender” or “Lenders” shall include the Administrative Agent in its capacity as a Lender. The Administrative Agent shall not be deemed to hold a fiduciary, trust or other special relationship with
any Lender and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or otherwise exist against the Administrative Agent. 

  
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 ARTICLE IX. 
 MISCELLANEOUS 
 SECTION 9.1. Notices. 

(a) Except as otherwise provided herein, all notices, requests, demands, consents, instructions or other communications to or upon the
Borrowers, any Lender or the Administrative Agent under this Agreement or the other Loan Documents shall be in writing and faxed, mailed, e-mailed or delivered, if to the Borrowers or to the Administrative Agent, the L/C Issuer or the Swing Line
Lender, at its respective telecopy number, e-mail address or address set forth below or, if to any Lender, at the address, e-mail address or telecopy number specified for such Lender in Schedule 2.1 (or to such other telecopy number, e-mail address
or address for any party as indicated in any notice given by that party to the other parties). All such notices and communications shall be effective (i) when sent by an overnight courier service of recognized standing, on the second Business
Day following the deposit with such service; (ii) when mailed, first-class postage prepaid and addressed as aforesaid through the United States Postal Service, upon receipt; (iii) when delivered by hand, upon delivery; and (iv) when
sent by telecopy transmission, upon confirmation of receipt; provided, however, that (A) any notice delivered to the Administrative Agent, the L/C Issuer or the Swing Line Lender under Article II shall not be effective until
actually received by such Person, (B) any notice delivered to the Administrative Agent, the L/C Issuer or the Swing Line Lender under Article II that is sent via e-mail must be sent in the form of a signed PDF or similar document image file
that is attached to an e-mail sent to the e-mail address or e-mail addresses of the Administrative Agent, the L/C Issuer or the Swing Line Lender, as applicable, (C) the e-mail or other web-based communication expressly permitted under
Section 9.1(b) or otherwise shall no longer be permitted if the Administrative Agent has notified the Borrowers that it is incapable of receiving such notices and communications by e-mail or other web-based communication and (D) unless the
Administrative Agent otherwise prescribes, notices and other web-based communication sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return
receipt requested” function, as available, return e-mail or other written acknowledgement (it being understood that an “auto-response” shall not constitute any such written acknowledgement)); provided that if such e-mail notice or
other web-based communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient. 

The Administrative Agent, 
 the L/C Issuer and 

	 the Swing Line Lender: 
	Wells Fargo Bank, National Association 

 333 South Grand
Avenue, 3rd Floor 
 Los Angeles, CA 90071 
 Attention: Janet N. Yamamoto 
 Tel. No. (213) 253-6141 

Fax No. (866) 359-9230 
 E-mail: yamamojn@wellsfargo.com 

  
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	 The Borrowers: 
	c/o Oaktree Capital Management, L.P. 

 333 South Grand
Avenue, 28th Floor 
 Los Angeles, California 90071 
 Attention: David M. Kirchheimer 
 Fax No. (213) 830-6290 

E-mail: dkircheimer@oaktreecapital.com 
 With copy to: Todd E. Molz 
 Fax No. (213) 830-8545 

E-mail: tmolz@oaktreecapital.com 
 In any case where this Agreement authorizes notices, requests, demands or other communications by the Borrowers to the Administrative Agent or any Lender to be made by telephone, e-mail or telecopy, the
Administrative Agent or any Lender may conclusively presume that anyone purporting to be a person designated in any incumbency certificate or other similar document received by the Administrative Agent or a Lender is such a person. 

(b) The Borrowers agree that the Administrative Agent may make any material delivered by the Borrowers to the Administrative Agent, as
well as any amendments, waivers, consents, and other written information, documents, instruments and other materials relating to the Borrowers, or any other materials or matters relating to this Agreement, the other Loan Documents or any of the
transactions contemplated hereby (collectively, the “Communications”) available to the Lenders by posting such notices on an electronic delivery system (which may be provided by the Administrative Agent, an Affiliate of the
Administrative Agent, or any Person that is not an Affiliate of the Administrative Agent), such as IntraLinks, The Debt Exchange, Inc. or a substantially similar electronic system (the “Platform”). The Borrowers acknowledge that
(i) the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution, (ii) the Platform is provided “as is” and “as
available” and (iii) neither the Administrative Agent nor any of its Affiliates warrants the accuracy, completeness, timeliness, sufficiency, or sequencing of the Communications posted on the Platform. The Administrative Agent and its
Affiliates expressly disclaim with respect to the Platform any liability for errors in transmission, incorrect or incomplete downloading, delays in posting or delivery, or problems accessing the Communications posted on the Platform and any
liability for any losses, costs, expenses or liabilities that may be suffered or incurred in connection with the Platform. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular
purpose, non-infringement of third party rights or freedom from viruses or other code defects, is made by the Administrative Agent or any of its Affiliates in connection with the Platform. Each Lender agrees that notice to it (as provided in the
next sentence) (a “Notice”) specifying that any Communication has been posted to the Platform shall for purposes of this Agreement constitute effective delivery to such Lender of such information, documents or other materials
comprising such Communication. Each Lender agrees (i) to notify, on or before the date such Lender becomes a party to this Agreement, the Administrative Agent in writing of such Lender’s e-mail address to which a Notice may be sent (and
from time to time thereafter to ensure that the Administrative Agent has on record an effective e-mail address for such Lender) and (ii) that any Notice may be sent to such e-mail address. 

SECTION 9.2. Waivers; Amendments. 

  
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 (a) No failure or delay by the Administrative Agent, the L/C Issuer or any Lender in
exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the L/C Issuer and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would
otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrowers therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or
consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or L/C Credit Extension shall not be construed as a waiver of any Default or Event
of Default, regardless of whether the Administrative Agent, the L/C Issuer or any Lender may have had notice or knowledge of such Default or Event of Default at the time. 
 (b) Neither this Agreement, nor any other Loan Document, nor any provision hereof or thereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the
Borrowers and the Required Lenders or by the Borrowers and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of
such Lender, (ii) reduce the principal amount of any Loan or L/C Obligation or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby, (iii) postpone the
scheduled date of payment of the principal amount of any Loan or L/C Obligation, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any
Commitment, without the written consent of each Lender affected thereby, (iv) change Section 2.15(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each
Lender, (v) amend, modify or otherwise affect the rights and duties of the Swing Line lender without the written consent of the Swing Line Lender, (vi) amend, modify or otherwise affect the rights and duties of the L/C Issuer under this
Agreement or any Letter of Credit Application relating to any Letter of Credit issued or to be issued without the written consent of the L/C Issuer, (vii) amend, modify or otherwise affect the rights of the Joint Lead Arrangers under
Section 9.3 without the written consent of the Joint Lead Arrangers or (viii) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or
percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender; provided further that no such agreement shall amend, modify or
otherwise affect the rights or duties of the Administrative Agent hereunder without the prior written consent of the Administrative Agent. 

Notwithstanding the foregoing, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any
amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Revolving Loan Commitment
of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects Defaulting Lenders
more 

  
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adversely than other affected Lenders shall require the consent of any then existing Defaulting Lender which has acknowledged that it is a Defaulting Lender. 

SECTION 9.3. Expenses; Indemnity; Damage Waiver. (a) The Borrowers shall pay (i) all reasonable out-of-pocket expenses
incurred by the Administrative Agent, L/C Issuer, the Joint Lead Arrangers, Swing Line Lender and their Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, L/C Issuer, the Joint Lead
Arrangers and Swing Line Lender, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement or any amendments, modifications or waivers of the provisions hereof (whether or
not the transactions contemplated hereby or thereby shall be consummated), and (ii) all out-of-pocket expenses incurred by the Administrative Agent or, upon the occurrence and during the continuation of a Default or an Event of Default,
Lenders, including the fees, charges and disbursements of one counsel for the Administrative Agent and the Lenders selected by the Administrative Agent, in connection with the enforcement or protection of their rights in connection with this
Agreement, including its rights under this Section, or in connection with the Loans or L/C Credit Extensions made hereunder, including in connection with any workout, restructuring or negotiations in respect thereof. 

(b) The Borrowers shall indemnify the Administrative Agent, the Joint Lead Arrangers, the L/C Issuer, the Swing Line Lender, and each
Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities, costs and related
expenses, including the fees, charges and disbursements of (A) one counsel for the Administrative Agent, the Joint Lead Arrangers, the L/C Issuer and the Swing Line Lender selected by the Administrative Agent and, if any such Indemnitee
determines in good faith (on its own or on the advice of counsel) that there are actual or potential conflicts of interest among one or more such Indemnitees, any counsel for each such Indemnitee making such determination and (B) one counsel
for the other Indemnitees selected by the Administrative Agent and, if any such Indemnitee determines in good faith (on its own or on the advice of counsel) that there are actual or potential conflicts of interest among one or more such Indemnitees,
any counsel for each such Indemnitee making such determination, in each case, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, the Loan
Documents or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan,
L/C Credit Extension or the use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrowers or any of their respective Subsidiaries, or any
Environmental Liability related in any way to the Borrowers or any of their respective Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract,
tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities, costs or related
expenses have resulted from the gross negligence or willful misconduct of such Indemnitee or such Indemnitee’s directors, officers or employees. For the avoidance of doubt, references to “one counsel” in this Section 9.3 shall
mean one law firm (as opposed to one lawyer) and each applicable Person with decision making authority may replace its counsel as it deems 

  
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appropriate and such original counsel and each subsequent replacement counsel, as applicable, shall be deemed to be one counsel for purposes of this Section 9.3. 

(c) To the extent that any Borrower fails to pay any amount required to be paid by it to the Administrative Agent or any of the Joint Lead
Arrangers under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent or such Joint Lead Arranger, as the case may be, such Lender’s pro rata share of all obligations of the Borrowers
and Commitments (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability, cost or related
expense, as the case may be, was incurred by or asserted against the Administrative Agent or such Joint Lead Arranger in its capacity as such. 
 (d) To the extent permitted by applicable law, the Borrowers shall not assert, and hereby waive, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or
punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, the Loan Documents or any agreement or instrument contemplated hereby, the Transactions, any Loan or L/C Credit
Extension or the use of the proceeds thereof. 
 SECTION 9.4. Successors and Assigns. (a) The provisions of this
Agreement and the Loan Documents shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Borrowers 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 Borrowers 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 Eligible Assignees (each, an “Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Revolving Loan
Commitments, L/C Obligations and the Loans at the time owing to it) with the prior written consent of: 
 (A) the
Borrowers; provided that no consent of the Borrowers shall be required for an assignment to a Lender, an affiliate of a Lender or, if an Event of Default has occurred and is continuing, any other Eligible Assignee; and 

(B) the Administrative Agent, L/C Issuer, and Swing Line Lender provided that (1) no consent of the
Administrative Agent, L/C Issuer or Swing Line Lender shall be required for an assignment of any Revolving Loan Commitment to an assignee that is a Lender with a Revolving Loan Commitment immediately prior to giving effect to such assignment,
(2) no consent of the L/C Issuer or Swing Line Lender shall be required for an assignment of any Term Loans and (3) such consent shall not be unreasonably withheld or delayed. 

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

  
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 (A) except in the case of an assignment to a Lender or an affiliate of a
Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the
Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrowers and the Administrative Agent otherwise consent; provided that (1) no such
consent of the Borrowers 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; 

(B) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance,
together with payment by such parties of a processing and recordation fee of $3,500; and 
 (C) the Assignee, if
it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 
 Notwithstanding anything
to the contrary contained herein, if at any time Wells Fargo Bank, National Association assigns all of its Commitments and Loans pursuant to subsection (b) above, Wells Fargo Bank, National Association may, (i) upon 30 days’ notice to
the Borrowers and the Lenders, resign as L/C Issuer and/or (ii) upon five Business Days’ notice to the Borrowers, terminate the Swing Line. In the event of any such resignation as L/C Issuer or termination of the Swing Line, the Borrowers
shall be entitled to appoint from among the Lenders a successor L/C Issuer or Swing Line Lender hereunder; provided, however, that no failure by the Borrowers to appoint any such successor shall affect the resignation of Wells Fargo Bank, National
Association as L/C Issuer or the termination of the Swing Line, as the case may be. Wells Fargo Bank, National Association shall retain all the rights and obligations of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as
of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make ABR Loans or fund participations in Unreimbursed Amounts pursuant to Section 2.17(c)). If
Wells Fargo Bank, National Association terminates the Swing Line, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such
termination, including the right to require the Lenders to make ABR Loans or fund participations in outstanding Swing Line Loans pursuant to Section 2.18(c). 
 In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set
forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of
participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrowers and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting
Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender

  
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hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swing Line Loans in
accordance with its Revolving Proportionate Share. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under Governmental Rules without compliance with
the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 

(iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) below, from and after the
effective date specified in each Assignment and Acceptance the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, 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 Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of
the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.12, 2.13, 2.14 and 9.3). Any assignment or transfer by a Lender of
rights or obligations under this Agreement that does not comply with this Section 9.4 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with
paragraph (c) of this Section. 
 (iv) The Administrative Agent, acting for this purpose as an agent of
the Borrowers, shall maintain at one of its offices a copy of each Assignment and Acceptance 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
owing to, each Lender pursuant to the, terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrowers, the Administrative Agent and the Lenders may treat
each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. 

(v) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an Assignee, the
Assignee’s completed Administrative Questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment
required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Acceptance 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) Any Lender may, without notice to or consent of the
Borrowers, at any time sell to one or more banks or other financial institutions (“Participants”) participating interests in all or a portion of any Loan owing to such Lender, any Commitment of such Lender or any other interest of
such Lender under this Agreement and the other Loan Documents (including for purposes of this subsection (c), participations in L/C Obligations and in Swing Line Loans ). In 

  
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the event of any such sale by a Lender of participating interests, such Lender’s obligations under this Agreement shall remain unchanged, such Lender shall remain solely responsible for the
performance thereof, and the Borrowers and the Administrative Agent 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 any
such sale is effected may require the selling Lender to obtain the consent of the Participant in order for such Lender to agree in writing to any amendment, waiver or consent of a type specified in clause (i), (ii) or (iii) of
Section 9.2(b) but may not otherwise require the selling Lender to obtain the consent of such Participant to any other amendment, waiver or consent hereunder; provided that increases in the Commitment or Loans shall be permitted without
the consent if any Participant’s participation is not increased as a result thereof. The Borrowers agree that if amounts outstanding under this Agreement and the other Loan Documents are not paid when due (whether upon acceleration or
otherwise), each Participant shall, to the fullest extent permitted by law, be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Agreement and any other Loan Documents to the same extent as if
the amount of its participating interest were owing directly to it as a Lender under this Agreement or any other Loan Documents; provided, however, that (i) no Participant shall exercise any rights under this sentence without the consent of the
Administrative Agent, (ii) no Participant shall have any rights under this sentence which are greater than those of the selling Lender and (iii) such rights of setoff shall be subject to the obligation of such Participant to share the
payment so obtained with all of the Lenders as provided in Section 2.15. The Borrowers also agree that any Lender which has transferred any participating interest in its Commitments or Loans shall, notwithstanding any such transfer, be entitled
to the full benefits accorded such Lender under Sections 2.12, 2.13 and 2.14, as if such Lender had not made such transfer. 

(d) Registration. Upon its receipt of an Assignment Agreement executed by an Assignor Lender and an Assignee Lender (and, to the
extent required by Section 9.4(b), by the Borrowers and the Administrative Agent) together with payment to the Administrative Agent by Assignor Lender of a registration and processing fee of $3,500 paid by the parties thereto, the
Administrative Agent shall (i) promptly accept such Assignment Agreement and (ii) on the Assignment Effective Date determined pursuant thereto record the information contained therein in the Register and give notice of such acceptance and
recordation to the Lenders and the Borrowers. The Administrative Agent may, from time to time at its election, prepare and deliver to the Lenders and the Borrowers a revised Schedule 2.1 reflecting the names, addresses and Commitment or Loans of all
Lenders then parties hereto (and in any event Schedule 2.1 shall be deemed amended to reflect any assignment consummated pursuant to the terms of this Agreement or upon any Lender becoming a party to this Agreement by any other means (including
pursuant to a joinder as contemplated by Section 2.1(b)). 
 (e) Confidentiality. Subject to Section 9.16, the
Administrative Agent and the Lenders may disclose the Loan Documents and any financial or other information relating to the Borrowers and their respective Subsidiaries to each other or to any potential Participant or Assignee Lender. 

(f) Pledges to Federal Reserve Banks; Other Pledges of Notes. Notwithstanding any other provision of this Agreement, any Lender may
at any time assign all or a portion of its rights under this Agreement and the other Loan Documents to a Federal Reserve 

  
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Bank. No such assignment shall relieve the assigning Lender from its obligations under this Agreement and the other Loan Documents. 

(g) True Sale. All participations in the Loans, the L/C Obligations and other obligations of the Borrowers under this Agreement and
the other Loan Documents or any portion thereof, whether pursuant to provisions hereof or otherwise, are intended to be “true sales” for purposes of financial reporting in accordance with Statement of Financial Accounting Standards
No. 140. Accordingly, the L/C Issuer or any Lender that sells or is deemed to have sold a participation in the Loans, the L/C Obligations and other obligations of the Borrowers under this Agreement and the other Loan Documents (including any
participations in Letters of Credit and/or Loans, any participations described in Section 9.4(c) and any participations under Section 2.15(c) (each a “Participation Seller”) hereby agrees that if such Participation Seller
receives any payment in respect of the Loans, the L/C Obligations and other obligations of the Borrowers under this Agreement and the other Loan Documents to which such participation relates through the exercise of setoff by such Participation
Seller against the Borrowers or any other obligor, then such Participation Seller agrees to promptly pay to the participating party in such participation such participant’s pro rata share of such setoff (after giving effect to any sharing with
the Lenders under Section 2.15(c) hereof). 
 SECTION 9.5. Survival. All covenants, agreements, representations and
warranties made by the Borrowers herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution
and delivery of this Agreement and the making of any Loans regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default,
Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any L/C Obligation or any fee or
any other amount payable under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of Sections 2.12, 2.13, 2.14 and 9.3 and Article VIII shall survive and remain in full force and
effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. 

SECTION 9.6. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the Loan Documents constitute the entire agreement among the parties relating
to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof (including, except to the extent expressly set forth therein, the commitment letter dated as of
December 1, 2010 between the Borrowers, Wells Fargo Securities, MLPF&S, the Administrative Agent and Bank of America, N.A.). Except as provided in Section 4.1, this Agreement shall become effective when it shall have been executed by
the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of
the 

  
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parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or by e-mail of a PDF or similar electronic image
file shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 9.7. Severability.
Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality
and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

SECTION 9.8. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender is hereby authorized at
any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender to
or for the credit or the account of the Borrowers against any of and all the obligations any Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under
this Agreement and although such obligations may be unmatured; provided, however, that such Lender shall not set off any amount owed to any Borrower under any credit or other debt facility in which any Borrower or a Subsidiary of a
Borrower or any investment funds for which a Borrower or a Subsidiary of a Borrower acts as a general partner or an investment advisor and such Lender are lenders thereunder or in which such Lender is an agent. The rights of each Lender under this
Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 
 SECTION
9.9. Governing Law; Jurisdiction; Consent to Service of Process. 
 (a) Unless otherwise expressly provided in any Loan
Document, this Agreement and each of the other Loan Documents shall be governed by and construed in accordance with the laws of the State of New York without reference to conflicts of law rules other than Section 5-1401 of the General
Obligations Law of the State of New York. The scope of the foregoing governing law provision is intended to be all-encompassing of any and all disputes that may be brought in any court or any mediation or arbitration proceeding and that relate to
the subject matter of the Loan Documents, including contract claims, tort claims, breach of duty claims and all other common law and statutory claims. 
 (b) Each Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and
of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each
of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the
parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any
right that the Administrative Agent or any Lender may otherwise have to bring any 

  
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action or proceeding relating to this Agreement against any Borrower or its properties in the courts of any jurisdiction. 
 (c) Each Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any
suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (d) Each party to this Agreement
irrevocably consents to service of process in the manner provided for notices in Section 9.1. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 9.10. No Third Party Rights. Nothing expressed in or to be implied from this Agreement is intended to give, or shall be
construed to give, any Person, other than the parties hereto and their permitted successors and assigns hereunder, any benefit or legal or equitable right, remedy or claim under or by virtue of this Agreement or under or by virtue of any provision
herein. 
 SECTION 9.11. Relationship of Parties. The relationship between the Borrowers, on the one hand, and the
Lenders and the Administrative Agent, on the other, is, and at all times shall remain, solely that of borrowers and lenders. None of the Lenders or the Administrative Agent shall under any circumstances be construed to be partners or joint venturers
of the Borrowers or any of their Affiliates; nor shall the Lenders nor the Administrative Agent under any circumstances be deemed to be in a relationship of confidence or trust or a fiduciary, advisory or agency relationship with the Borrowers or
any of their Affiliates, or to owe any fiduciary duty to the Borrowers or any of their Affiliates. The Lenders and the Administrative Agent do not undertake or assume any responsibility or duty to the Borrowers or any of their Affiliates to select,
review, inspect, supervise, pass judgment upon or otherwise inform the Borrowers or any of their Affiliates of any matter in connection with its or their property, any security held by the Administrative Agent or any Lender or the operations of the
Borrowers or any of their Affiliates. The Administrative Agent, each Lender and their Affiliates may have economic interests that conflict with those of the Borrowers. The Borrowers and each of their Affiliates shall rely entirely on their own
judgment with respect to such matters, and any review, inspection, supervision, exercise of judgment or supply of information undertaken or assumed by any Lender or the Administrative Agent in connection with such matters is solely for the
protection of the Lenders and the Administrative Agent and neither the Borrowers nor any of their Affiliates is entitled to rely thereon. 
 SECTION 9.12. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY
HAS 

  
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REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 SECTION 9.13. Time. Time is of the essence as to each term or provision of this Agreement and each of the other Loan Documents. 

SECTION 9.14. USA PATRIOT Act. Each Lender hereby notifies the Borrowers that pursuant to the requirements of the Patriot Act, it
is required to obtain, verify and record information that identifies the Borrowers, which information includes the name and address of the Borrowers and other information that will allow such Lender to identify the Borrowers in accordance with the
Patriot Act. 
 SECTION 9.15. Headings. Article and Section headings and the Table of Contents used herein are for
convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 SECTION 9.16. Confidentiality. Neither any Lender nor the Administrative Agent shall use the Confidential Information for any purpose other than in connection with the Loan Documents, the
transactions contemplated hereunder or any credit decisions that any Lender or the Administrative Agent may make or be contemplating in respect of any one or more entities in the Oaktree Operating Group and any of their respective subsidiaries and
Affiliates nor disclose to any Person any Confidential Information, except that any Lender or the Administrative Agent may disclose any Confidential Information (a) to its own directors, officers, employees, auditors, counsel and other advisors
and to its Affiliates and their respective agents and advisors who are bound by obligations of confidentiality sufficient to ensure their compliance herewith; (b) to any other Lender or the Administrative Agent; (c) if required, requested
or appropriate in any report, statement or testimony submitted to any Governmental Authority having or claiming to have jurisdiction over such Lender or the Administrative Agent (provided that the Administrative Agent and Lenders shall not be
required to provide notice regarding examination of the financial condition or other routine examination of the Administrative Agent or such Lender by such Governmental Authority); (d) if required in response to any summons or subpoena;
(e) in connection with any enforcement by the Lenders and the Administrative Agent of their rights under this Agreement or the other Loan Documents or any litigation among the parties relating to the Loan Documents or the transactions
contemplated thereby; (f) to comply with any Requirement of Law applicable to such Lender, the L/C Issuer or the Administrative Agent; (g) to any Assignee Lender or Participant, any prospective Assignee Lender or Participant or to any
direct or indirect contractual counterparties (or professional advisors thereto) to any swap or derivative transaction relating to any Borrower and its obligations hereunder; provided that such Assignee Lender or Participant or prospective
Assignee Lender or Participant, direct or indirect contractual counterparty and professional advisor thereto agrees to be bound by the provisions of (or provisions at least as restrictive as) this Section 9.16; (h) to any rating agency
when required by it, provided that, prior to any such disclosure, such rating agency shall undertake in writing to preserve the confidentiality of any Confidential Information received by it from the Administrative Agent or any Lender; or
(i)

  
 93 

 
otherwise with the prior consent of the Borrowers; provided, however, that any disclosure made in violation of this Agreement shall not affect the obligations of the Borrowers or
the rights of the Administrative Agent and the Lenders under this Agreement and the other Loan Documents. In the case of disclosure pursuant to clauses (c), (d) and (f), the disclosing Lender shall use reasonable efforts to, to the extent
permitted by law, provide prior notice of such disclosure to the Borrowers; provided, however, that any failure to provide such notice shall not affect the obligations of the Borrowers or the rights of the Administrative Agent and the
Lenders under this Agreement and the other Loan Documents. Nothing in this Section 9.16 shall limit the use of any Platform as described in Section 9.1(b); provided that the recipient of any Confidential Information through such
Platform shall be required to agree to maintain the confidentiality of such Confidential Information by means of a “click-through” confidentiality agreement or similar agreement. 

SECTION 9.17. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate
applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum
Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in
respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated
and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to
the date of repayment, shall have been received by such Lender. 
 SECTION 9.18. Waivers and Agreements of Borrowers.
While not intended by the parties hereto, if it is determined that any Borrower is a surety of any other Borrower: 
 (a) Without
limiting the provisions of Section 1.5, the covenants, agreements and obligations of each Borrower set forth herein are joint and several and shall be primary obligations of such Borrower, and such obligations shall be absolute, unconditional
and irrevocable, and shall remain in full force and effect without regard to, and shall not be released, discharged or in any way affected by, any circumstance or condition whatsoever, foreseeable or unforeseeable. 

(b) Each Borrower hereby waives, to the fullest extent permitted by applicable law, (i) any right of redemption with respect to any
collateral after the sale hereunder, and all rights, if any, of marshalling of any collateral or other security for the Loans, the L/C Obligations and other obligations of the Borrowers under this Agreement and the other Loan Documents and
(ii) any right (except as shall be required by applicable statute and cannot be waived) to require the Administrative Agent or any Lender to (A) proceed against any other Borrower or any other Person, (B) proceed against or exhaust
any other collateral or security for any of the Loans, the L/C Obligations and other obligations of the Borrowers under this Agreement and the other Loan Documents or (C) pursue any remedy in the Administrative Agent’s or any Lender’s
power whatsoever. Each Borrower hereby waives any defense based on or arising out of any defense of 

  
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any other Borrower or any other Person other than payment in full of the Loans, the L/C Obligations and other obligations of the Borrowers under this Agreement and the other Loan Documents,
including any defense based on or arising out of the disability of any other Borrower or any other Person, or the enforceability of the Loans, the L/C Obligations and other obligations of the Borrowers under this Agreement and the other Loan
Documents or any part thereof from any cause, or the cessation from any cause of the liability of any other Borrower other than payment in full of the Loans, the L/C Obligations and other obligations of the Borrowers under this Agreement and the
other Loan Documents. To the extent any collateral secures the Obligations, the Administrative Agent may, at its election, foreclose on any security held by the Administrative Agent by one or more judicial or non-judicial sales, whether or not every
aspect of any such sale is commercially reasonable (to the extent such sale is permitted by applicable law), or exercise any other right or remedy the Administrative Agent may have against any other Borrower or any other Person, or any security,
without affecting or impairing in any way the liability of any Borrower hereunder except to the extent the Loans, the L/C Obligations and other obligations of the Borrowers under this Agreement and the other Loan Documents have been paid in full.
Each Borrower waives all rights and defenses arising out of an election of remedies by the Administrative Agent, even though that election of remedies, such as nonjudicial foreclosure with respect to security for a guaranteed obligation, has
destroyed such Borrower’s rights of subrogation and reimbursement against the other Borrower. 
 SECTION 9.19.
Clarification. Notwithstanding anything to the contrary, the parties hereto understand and agree that Wells Fargo Bank, National Association is acting in various capacities under this Agreement and the other Loan Documents and therefore shall
be permitted to fulfill its roles and manage its various duties hereunder in such manner as Wells Fargo Bank, National Association sees fit and, for the avoidance of doubt, in lieu of sending notices to itself when acting in different capacities
Wells Fargo Bank, National Association may keep internal records regarding all such communications, notices and actions related to this Agreement and the other Loan Documents in accordance with its past practice. 

[This Space Intentionally Left Blank] 

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

			
	OAKTREE CAPITAL MANAGEMENT, L.P.
		
	By:	 	/S/ BRUCE A.
KARSH            
		 	 Name: Bruce A. Karsh
 Title:
President

		
	BY:	 	/S/ DAVID M. KIRCHHEIMER            
		 	  

		 	 Name: David M. Kirchheimer

Title: Principal, Chief Financial Officer and
 Administrative Officer

	
	OAKTREE CAPITAL II, L.P.
		
	By:	 	/S/ BRUCE A.
KARSH            
		 	 Name: Bruce A. Karsh
 Title:
President

		
	BY:	 	/S/ DAVID M. KIRCHHEIMER            
		 	  

		 	 Name: David M. Kirchheimer

Title: Chief Financial Officer

	
	OAKTREE AIF INVESTMENTS, L.P.
		
	By:	 	/S/ BRUCE A.
KARSH            
		 	 Name: Bruce A. Karsh
 Title:
President

		
	BY:	 	/S/ DAVID M. KIRCHHEIMER            
		 	  

		 	 Name: David M. Kirchheimer

Title: Chief Financial Officer

	
	OAKTREE CAPITAL I, L.P.
		
	By:	 	/S/ BRUCE A.
KARSH            
		 	 Name: Bruce A. Karsh
 Title:
President

		
	BY:	 	/S/ DAVID M. KIRCHHEIMER            
		 	  

		 	 Name: David M. Kirchheimer

Title: Chief Financial Officer

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

		
	By:	 	/S/ JANET N.
YAMAMOTO            
		 	Name: Janet N. Yamamoto
		 	Title: SVP

 
			
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	/S/ PHILLIP P.
WHEWELL            
		 	Name: Phillip P. Whewell
		 	Title: Assistant Vice President

 
			
	HSBC BANK USA, N.A., as a Lender
		
	By:	 	/S/ FERESHTAH THORNBERG
            
		 	Name: Fereshtah Thornberg
		 	Title: Director

 
			
	THE BANK OF NEW YORK MELLON, as a Lender
		
	By:	 	/S/ JOANNE
CAREY            
		 	Name: Joanne Carey
		 	Title: Vice President

 
			
	 CREDIT SUISSE AG, CAYMAN ISLANDS
 BRANCH, as a Lender

		
	By:	 	/S/ JAY
CHALL            
		 	Name: Jay Chall
		 	Title: Director
		
	By:	 	/S/ KATHRIN MARTI
            
		 	Name: Kathrin Marti
		 	Title: Assistant Vice President

 
			
	 NATIONAL AUSTRALIA BANK LIMITED,
 A.B.N. 12 004 044 937, as a Lender

		
	By:	 	/S/ RICHARD
GARRITT            
		 	Name: Richard Garritt
		 	Title: Director

 
			
	 COMMERZBANK AKTIENGESELLSCHAFT,
 NEW YORK AND GRAND CAYMAN
 BRANCHES, as a Lender

		
	By:	 	/S/ ANDREW CAMPBELL
            
		 	Name: Andrew Campbell
		 	Title: Managing Director
		
	By:	 	/S/ KELLY
WILSON            
		 	Name: Kelly Wilson
		 	Title: Vice President

 
			
	 DEUTSCHE BANK TRUST COMPANY
 AMERICAS, as a Lender

		
	By:	 	/S/ EVELYN
THIERYY            
		 	Name: Evelyn Thierry
		 	Title: Director
		
	By:	 	/S/ OMAYRA
LAUCELLA            
		 	Name: Omayra Laucella
		 	Title: Vice President

 
			
	GOLDMAN SACHS BANK USA, as a Lender
		
	By:	 	/S/ MARK
WALTON            
		 	Name: Mark Walton
		 	Title: Authorized Signatory

 
			
	MORGAN STANLEY BANK, N.A., as a Lender
		
	By:	 	/S/ RYAN
VETSCH            
		 	Name: Ryan Vetsch
		 	Title: Authorized Signatory

 
			
	UNION BANK, N.A., as a Lender
		
	By:	 	/S/ YUCHIRO
IZUMI            
		 	Name: Yuichiro Izumi
		 	Title: Credit Officer

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