Document:

Term Loan Credit Agreement

 Exhibit 10.4 
 $125,000,000 TERM LOAN CREDIT AGREEMENT 
 Dated as
of July 6, 2007 
 Among 
 EXPRESS HOLDING, LLC, 
 as Parent 
 EXPRESS, LLC, 
 as Borrower 
 and 
 THE INITIAL LENDERS NAMED HEREIN 
 as Initial Lenders 
 and 
 MORGAN
STANLEY & CO. INCORPORATED 
 as Collateral Agent 
 and 
 MORGAN STANLEY SENIOR FUNDING, INC., 

as Administrative Agent and Syndication Agent 
  
  
 MORGAN STANLEY
SENIOR FUNDING, INC., 
 as Sole Lead Arranger and Sole Bookrunner 

 T A B L E  O F  C O N T E N T S 
  

					
	 Section
	  	 	  	Page
	 ARTICLE I
  
 DEFINITIONS AND ACCOUNTING TERMS
	  	
			
	 SECTION 1.01.
	  	Certain Defined Terms	  	1
	 SECTION 1.02.
	  	Computation of Time Periods; Other Definitional Provisions	  	26
	 SECTION 1.03.
	  	Accounting Terms	  	26
		
	 ARTICLE II
  
 AMOUNTS AND TERMS OF THE ADVANCES
	  	
			
	 SECTION 2.01.
	  	The Term Advances	  	26
	 SECTION 2.02.
	  	Making the Advances	  	26
	 SECTION 2.03.
	  	Repayment of Advances	  	27
	 SECTION 2.04.
	  	Prepayments	  	28
	 SECTION 2.05.
	  	Interest	  	28
	 SECTION 2.06.
	  	Fees	  	29
	 SECTION 2.07.
	  	Conversion of Advances	  	29
	 SECTION 2.08.
	  	Increased Costs, Etc.	  	30
	 SECTION 2.09.
	  	Payments and Computations	  	31
	 SECTION 2.10.
	  	Taxes	  	33
	 SECTION 2.11.
	  	Sharing of Payments, Etc.	  	35
	 SECTION 2.12.
	  	Use of Proceeds	  	36
	 SECTION 2.13.
	  	Defaulting Lenders	  	36
	 SECTION 2.14.
	  	Evidence of Debt	  	38
	 SECTION 2.15.
	  	Increase in Commitments	  	39
		
	 ARTICLE III
  
 CONDITIONS TO EFFECTIVENESS AND OF LENDING
	  	
			
	 SECTION 3.01.
	  	Conditions Precedent	  	39
	 SECTION 3.02.
	  	Conditions Precedent to Initial Borrowing	  	42
	 SECTION 3.03.
	  	Determinations Under Section 3.01	  	43
		
	 ARTICLE IV
  
 REPRESENTATIONS AND WARRANTIES
	  	
			
	 SECTION 4.01.
	  	Representations and Warranties	  	43
		
	 ARTICLE V
  
 COVENANTS OF THE PARENT
	  	
			
	 SECTION 5.01.
	  	Affirmative Covenants	  	48

  

 Express – Term Loan Credit Agreement 

					
	 SECTION 5.02.
	  	Negative Covenants	  	53
	 SECTION 5.03.
	  	Reporting Requirements	  	62
	 SECTION 5.04.
	  	Holding Company Status of Parent	  	64
	 SECTION 5.05.
	  	Financial Covenant	  	65
		
	 ARTICLE VI
  
 EVENTS OF DEFAULT
	  	
			
	 SECTION 6.01.
	  	Events of Default	  	65
		
	 ARTICLE VII
  
 THE AGENTS
	  	
			
	 SECTION 7.01.
	  	Authorization and Action	  	68
	 SECTION 7.02.
	  	Agents’ Reliance, Etc.	  	69
	 SECTION 7.03.
	  	MSSF, MS&Co and Affiliates	  	69
	 SECTION 7.04.
	  	Lender Party Credit Decision	  	69
	 SECTION 7.05.
	  	Indemnification	  	70
	 SECTION 7.06.
	  	Successor Agents	  	70
	 SECTION 7.07.
	  	Intercreditor Agreement	  	71
		
	 ARTICLE VIII
  
 GUARANTY
	  	
			
	 SECTION 8.01.
	  	Guaranty; Limitation of Liability	  	71
	 SECTION 8.02.
	  	Guaranty Absolute	  	72
	 SECTION 8.03.
	  	Waivers and Acknowledgments	  	73
	 SECTION 8.04.
	  	Subrogation	  	74
	 SECTION 8.05.
	  	Guaranty Supplements	  	74
	 SECTION 8.06.
	  	Subordination	  	75
	 SECTION 8.07.
	  	Continuing Guaranty; Assignments	  	75
		
	 ARTICLE IX
  
 MISCELLANEOUS
	  	
			
	 SECTION 9.01.
	  	Amendments, Etc.	  	75
	 SECTION 9.02.
	  	Notices, Etc.	  	76
	 SECTION 9.03.
	  	No Waiver; Remedies	  	78
	 SECTION 9.04.
	  	Costs and Expenses	  	78
	 SECTION 9.05.
	  	Right of Set-off	  	80
	 SECTION 9.06.
	  	Binding Effect	  	80
	 SECTION 9.07.
	  	Assignments and Participations	  	80
	 SECTION 9.08.
	  	Execution in Counterparts	  	83
	 SECTION 9.09.
	  	Confidentiality	  	83
	 SECTION 9.10.
	  	Release of Collateral	  	83
	 SECTION 9.11.
	  	Replacement of Holdout Lender	  	84
	 SECTION 9.12.
	  	Patriot Act Notice	  	84
	 SECTION 9.13.
	  	Jurisdiction, Etc.	  	84
	 SECTION 9.14.
	  	Governing Law	  	85
	 SECTION 9.15.
	  	Waiver of Jury Trial	  	85

  

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 SCHEDULES TO THE CREDIT AGREEMENT 
  

					
	 Schedule I
	  	-	    	Commitments and Applicable Lending Offices
	 Schedule II
	  	-	    	Subsidiary Guarantors
	 Schedule III
	  	-	    	EBITDA
	 Schedule 4.01(b)
	  	-	    	Loan Parties
	 Schedule 4.01(c)
	  	-	    	Subsidiaries and Other Equity Investments
	 Schedule 4.01(e)
	  	-	    	Governmental Authorizations
	 Schedule 4.01(g)
	  	-	    	Litigation
	 Schedule 4.01(q)
	  	-	    	Certain Employee Benefits Plans
	 Schedule 4.01(s)
	  	-	    	Tax Returns
	 Schedule 4.01(t)
	  	-	    	Existing Debt
	 Schedule 4.01(u)
	  	-	    	Surviving Debt
	 Schedule 4.01(v)
	  	-	    	Liens
	 Schedule 4.01(z)
	  	-	    	Intellectual Property
	 Schedule 5.02(f)
	  	-	    	Investments
	 Schedule 5.02(l)
	  	-	    	Negative Pledge
	 Schedule 5.02(h)
	  	-	    	Limited Liability Company Agreements

 EXHIBITS 
  

					
	 Exhibit A
	  	-	    	Form of Term Note
	 Exhibit B
	  	-	    	Form of Notice of Borrowing
	 Exhibit C
	  	-	    	Form of Assignment and Assumption
	 Exhibit D
	  	-	    	Form of Term Loan Security Agreement
	 Exhibit E
	  	-	    	Form of Guaranty Supplement
	 Exhibit F
	  	-	    	Form of Opinion of Counsel to the Loan Parties
	 Exhibit G
	  	-	    	Form of Solvency Certificate
	 Exhibit H
	  	-	    	Form of Intercreditor Agreement

  

 Express – Term Loan Credit Agreement 
 iii 

 TERM LOAN CREDIT AGREEMENT 
 TERM LOAN CREDIT AGREEMENT dated as of July 6, 2007 among EXPRESS HOLDING, LLC, a Delaware limited liability company (the
“Parent”), EXPRESS, LLC, a Delaware limited liability company (the “Borrower”), the Subsidiary Guarantors (as hereinafter defined), the Lenders (as hereinafter defined), MORGAN STANLEY & CO.
INCORPORATED (“MS&Co”), as collateral agent (together with any successor collateral agent appointed pursuant to Article VII, the “Collateral Agent”) for the Secured Parties (as hereinafter
defined), and MORGAN STANLEY SENIOR FUNDING, INC. (“MSSF”), as syndication agent, and MSSF, as administrative agent (together with any successor administrative agent appointed pursuant to Article VII, the
“Administrative Agent” and, together with the Collateral Agent, the “Agents”) for the Lender Parties (as hereinafter defined). 
 PRELIMINARY STATEMENTS: 
 (1) Express Investment Corp., a Delaware
corporation (“Express”), has entered into that certain Unit Purchase Agreement dated as of May 15, 2007, as amended, supplemented or otherwise modified in accordance with its terms, to the extent permitted hereunder (the
“Purchase Agreement”), with Limited Brands Store Operations, Inc., a Delaware corporation (the “Seller”), Limited Brands, Inc., a Delaware corporation, and the Parent for the purposes of acquiring (the
“Acquisition”) from the Seller 75% of the issued and outstanding limited liability company interests (the “Units”) of the Parent. 
 (2) The Borrower has requested that, substantially simultaneously with the consummation of the Acquisition, (a) the Lender Parties lend
to the Borrower $125,000,000 under the Facility (as hereinafter defined) and (b) the Lender Parties (as defined in the ABL Facility Credit Agreement (as hereinafter defined)) lend to the Borrower up to $200,000,000 under the ABL Facility (as
hereinafter defined). 
 (3) The Sponsor (as hereinafter defined) and certain co-investors will indirectly purchase for cash
equity of the Parent in an aggregate amount of not less than $484,875,000 (the “Equity Contribution”) and, upon consummation of the Acquisition, Express will own 75% of the Units of the Parent, and the Parent will own,
directly or indirectly, all of the Units of the Borrower. 
 (4) The proceeds of the Facility (as hereinafter defined) are to be
used to finance, in part, the Acquisition and to pay transaction fees and expenses relating to the Transaction (as hereinafter defined). 
 (5) The Lender Parties have indicated their willingness to agree to lend such amounts on the terms and conditions of this Agreement. 
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements contained herein, the parties hereto hereby
agree as follows: 
 ARTICLE I 
 DEFINITIONS AND ACCOUNTING TERMS 
 SECTION 1.01. Certain Defined
Terms. As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 
 “ABL Facility” means the senior secured asset-based revolving credit facility to be provided to the
Borrower concurrently with the Facility pursuant to the ABL Facility Credit Agreement. 
 Express – Term Loan Credit
Agreement 

 “ABL Facility Credit Agreement” means the credit
agreement of even date herewith among the Borrower, the Parent, the Administrative Agent (as defined in the ABL Facility Credit Agreement), the Collateral Agent (as defined in the ABL Facility Credit Agreement) and the lenders party thereto, as
amended, amended and restated, supplemented or otherwise modified from time to time in accordance with its terms. 
 “ABL Facility Loan Documents” means those documents that are specified as “Loan Documents” in the ABL Facility Credit Agreement. 
 “Acquisition” has the meaning specified in the preliminary statements to this Agreement. 

“Additional Term Commitment Amendment” has the meaning specified in Section 2.15(b).

 “Additional Commitments Effective Date” has the meaning specified in
Section 2.15(b). 
 “Additional Term Commitments” means the commitments of the
Additional Term Lenders to make Additional Term Advances pursuant to Section 2.15. 
 “Additional
Term Lenders” means the lenders providing the Additional Term Advances. 
 “Additional
Term Advances” means any loans made in respect of any Additional Term Commitments that shall have been added pursuant to Section 2.15. 
 “Administrative Agent” has the meaning specified in the recital of parties to this Agreement. 
 “Administrative Agent’s Account” means the account of the Administrative Agent specified by the
Administrative Agent in writing to the Lender Parties from time to time. 
 “Advance”
means a Term Advance or an Additional Term Advance. 
 “Advisory Agreement” means the
advisory agreement dated as of the date hereof among the Parent, the Borrower and GGC, as amended to the extent permitted under this Agreement. 
 “Affiliate” means, as to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person. For purposes of this
definition, the term “control” (including the terms “controlling,” “controlled by” and “under common control with”) of a Person means the possession, direct or indirect, of the power to direct or cause the
direction of the management and policies of such Person by contract or other agreement. 
 “Agents” has the meaning specified in the recital of parties to this Agreement. 
 “Agreement Value” means, for each Hedge Agreement, on any date of determination, an amount, if any, determined by the counterparty of the Hedge Agreement that is not a Loan Party or a Subsidiary of such Loan Party
that would be payable by such Loan Party or Subsidiary that is a party to such Hedge Agreement to its counterparty to such Hedge Agreement in accordance

  

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with its terms, as if (i) such Hedge Agreement was being terminated early on such date of determination, (ii) such Loan Party or Subsidiary was the sole “Affected Party” and
(iii) such counterparty was the sole party determining such payment amount. 
 “Applicable
Lending Office” means, with respect to each Lender Party, such Lender Party’s Domestic Lending Office in the case of a Base Rate Advance and such Lender Party’s Eurodollar Lending Office in the case of a Eurodollar Rate
Advance. 
 “Applicable Margin” means (a), for the first two full fiscal quarters
following the Effective Date, 1.75% per annum for Base Rate Advances and 2.75% per annum for Eurodollar Rate Advances and (b) thereafter, a percentage per annum determined by reference to the Leverage Ratio as set forth below:

  

							
	 Leverage Ratio
	  	Base Rate Advances	 	 	Eurodollar Rate
Advances	 
	 Level I
 less than 1.00:1.00
	  	1.50	% 	 	2.50	% 
	 Level II
 1.00:1.00 or greater
	  	1.75	% 	 	2.75	% 

 In the case of Term Advances following the first two full fiscal quarters after the
Effective Date, the Applicable Margin for Base Rate Advances shall be determined by reference to the Leverage Ratio in effect from time to time and the Applicable Margin for Eurodollar Rate Advances shall be determined by reference to the Leverage
Ratio in effect on the first day of each Interest Period for such Advance; provided, however, that (A) no reduction in the Applicable Margin shall be effective until the date on which the Administrative Agent receives the
financial statements required to be delivered pursuant to Section 5.03(b) or (c), as the case may be, and a schedule in form reasonably satisfactory to the Administrative Agent of the computations used by the Parent in determining compliance
with the covenant set forth in Section 5.05 and (B) the Applicable Margin shall be at Level II for so long as the Borrower has not submitted to the Administrative Agent the information described in clause (A) of this proviso as and
when required under Section 5.03(b) or (c), as the case may be. 
 If for any period the actual Leverage Ratio (the
“Actual Leverage Ratio”) is greater than the Leverage Ratio set forth in the schedule described in clause (A) of the proviso of this definition and application of the Actual Leverage Ratio would have resulted in a higher
Applicable Margin for any period (the “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (i) the Applicable Margin shall be determined as if Level II (as provided in this definition)
were applicable for such Applicable Period and (ii) such resulting additional interest shall accrue and be payable on the earlier of the Termination Date and demand. Notwithstanding anything contained herein, the foregoing shall not limit the
rights of the Administrative Agent and Lender Parties with respect to Sections 6.01 and 2.05(b). 
 “Approved Fund” means any Fund that is administered or managed by (i) a Lender Party, (ii) an Affiliate of a Lender Party or (iii) an entity or an Affiliate of an entity that administers or manages a
Lender Party. 
 “Assignment and Assumption” means an assignment and assumption entered
into by a Lender Party and an Eligible Assignee (with the consent of any party whose consent is required by Section 9.07 or by the definition of “Eligible Assignee”), and accepted by the Administrative Agent, in
accordance with Section 9.07 and in substantially the form of Exhibit C hereto or any other form approved by the Administrative Agent and Borrower. 
  

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 “Bankruptcy Law” means Title 11, U.S. Code, or any
similar foreign, federal or state law for the relief of debtors. 
 “Base Rate” means a
fluctuating interest rate per annum in effect from time to time, which rate per annum shall at all times be equal to the higher of: 
 (a) the rate of interest published by the Wall Street Journal from time to time, as the prime lending rate; and 
 (b)  1
/2 of 1% per annum above the Federal Funds Rate. 
 “Base Rate Advance” means an Advance that bears interest as provided in Section 2.05(a)(i).

 “Borrower” has the meaning specified in the recital of parties to this Agreement.

 “Borrower’s Account” means the account of the Borrower specified by the Borrower
in writing to the Administrative Agent from time to time. 
 “Borrowing” means a Term
Borrowing. 
 “Business Day” means a day of the year on which banks are not required or
authorized by law to close in New York City, and, if the applicable Business Day relates to any Eurodollar Rate Advances, on which dealings are carried on in the London interbank market. 
 “Capital Expenditures” means, for any Person for any period, without duplication, all expenditures
made, directly or indirectly, by such Person or any of its Subsidiaries during such period for equipment, fixed assets, real property or improvements, or for replacements or substitutions therefor or additions thereto, that have been or should be,
in accordance with GAAP, reflected as additions to property, plant or equipment on a Consolidated balance sheet of such Person. For purposes of this definition, “Capital Expenditures” shall not include expenditures (i) made to
restore, replace, rebuild, develop, maintain, improve or upgrade property, to the extent such expenditure is made with, or subsequently reimbursed out of, insurance proceeds, indemnity payments, condemnation awards (or payments in lieu thereof) or
damage recovery proceeds or other settlements relating to any damage, loss, destruction or condemnation of such property, (ii) constituting reinvestment of the net proceeds of any Transfer, to the extent permitted hereunder,
(iii) made by the Parent or any of its Subsidiaries as payment of the consideration for Permitted Acquisitions, (iv) made by Parent or any of its Subsidiaries to effect leasehold improvements to any property leased by Parent or any of its
Subsidiaries as lessee, to the extent that such expenses have been reimbursed in cash by the landlord, (v) actually paid for by a third party (excluding any Loan Party) and for which no Loan Party has provided or is required to provide or
incur, directly or indirectly, any consideration or monetary obligation to such third party or any other person (whether before, during or after such period), or (vi) made with the cash proceeds from the sale or issuance of Qualified Capital
Stock of Parent. 
 “Capitalized Leases” means all leases that have been or should be, in
accordance with GAAP, recorded as capitalized leases. 
  

 Express – Term Loan Credit Agreement 
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 “Cash Equivalents” means any of the following, to
the extent owned by the Parent or any of its Subsidiaries free and clear of all Liens other than Permitted Liens and Liens created under the Collateral Documents and, in each case, having a maturity of not greater than one year from the date of
issuance thereof: (a) readily marketable direct obligations of the Government of the United States or any agency or instrumentality thereof or obligations unconditionally guaranteed by the full faith and credit of the Government of the United
States, (b) readily marketable direct obligations of any member of the European Economic Area, Switzerland or Japan, or any agency or instrumentality thereof or obligations unconditionally guaranteed by the full faith and credit of such
country, and, at the time of acquisition thereof having a credit rating of at least AA- (or the equivalent grade) by Moody’s or Aa3 by S&P, (c) marketable general obligations issued by any state of the United States or any political
subdivision thereof or any or any instrumentality thereof that is guaranteed by the full faith and credit of such state and, at the time of acquisition thereof having a credit rating of at least AA- (or the equivalent grade) by Moody’s or Aa3
by S&P, (d) insured certificates of deposit, time deposits, eurodollar time deposits or overnight time deposits with any commercial bank that is organized under the laws of the United States or any State thereof, any member of the European
Economic Area, Switzerland or Japan and has combined capital and surplus of at least $500 million, (e) commercial paper issued by any Lender or any corporation organized under the laws of any State of the United States and rated at least
“Prime-1” (or the then equivalent grade) by Moody’s or “A-1” (or the then equivalent grade) by S&P, (f) repurchase agreements and reverse repurchase agreements with a duration of not more than 30 days for underlying
securities of the types set forth in clauses (a) through (e) entered into with any financial institution meeting the specifications in clause (d) above, (g) auction rate securities or (h) Investments in money market funds,
of which at least 95% of the portfolios are limited solely to Investments of the character, quality and maturity described in clauses (a) through (f) of this definition. With respect to any Foreign Subsidiary, “Cash Equivalents”
shall also include any Investment substantially comparable to the foregoing but in the currency of the jurisdiction of organization of such Subsidiary, Euros or U.S. Dollars. 
 “CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as
amended from time to time. 
 “CERCLIS” means the Comprehensive Environmental Response,
Compensation and Liability Information System maintained by the U.S. Environmental Protection Agency. 
 “CFC” means an entity that is a controlled foreign corporation of the Borrower under Section 957 of the Internal Revenue Code. 
 “Change of Control” means the occurrence of any of the following: (a) at any time prior to the
consummation of an IPO of the Equity Interests of the Parent, the Sponsor shall cease to own at least 50% (directly or indirectly) of the Voting Interests in the Parent; or (b) at any time after the consummation of an IPO of the Equity
Interests of the Parent, any Person or two or more Persons acting in concert other than the Sponsor shall have acquired beneficial ownership (within the meaning of Rule 13(d)-3 of the Securities and Exchange Commission under the Securities Exchange
Act of 1934), directly or indirectly, of Voting Interests (or other securities convertible into such Voting Interests) representing 35% or more of the combined voting power of all Voting Interests of the Parent, unless the Sponsor owns Voting
Interests representing a greater percentage; or (c) at any time after the consummation of an IPO of the Equity Interests of the Parent, during any period of up to 24 consecutive months, Continuing Directors shall cease for any reason to
constitute a majority of the board of directors of the Parent. 
  

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 “Collateral” means all “Collateral”
referred to in the Collateral Documents and all other property that is or is intended to be subject to any Lien in favor of the Collateral Agent for the benefit of the Secured Parties. 
 “Collateral Agent” has the meaning specified in the recital of parties to this Agreement. 

“Collateral Documents” means the Term Loan Security Agreement, the Intellectual Property Term Loan
Security Agreement, the Intercreditor Agreement, each of the collateral documents, instruments and agreements delivered pursuant to Section 5.01(j), and each other agreement that creates or purports to create a Lien in favor of the Collateral
Agent for the benefit of the Secured Parties. 
 “Commitment” means a Term Commitment.

 “Confidential Information” means information that any Loan Party or its Subsidiaries
furnishes to any Agent or any Lender Party, but does not include any such information that is or becomes generally available to the public other than as a result of a breach by such Agent or any Lender Party of its obligations hereunder or that is
or becomes available to such Agent or such Lender Party from a source other than the Loan Parties who is not subject to any legally binding obligation to any Loan Party or its Subsidiaries to keep such information confidential. 
 “Consolidated” refers to the consolidation of accounts in accordance with GAAP. 
 “Continuing Directors” means, in the case of the Parent, the directors of the Parent on the Effective
Date and each other director if, in each case, such other director’s nomination for election to the board of directors of the Parent is recommended by at least a majority of the then Continuing Directors. 
 “Conversion,” “Convert” and “Converted” each refer to
a conversion of Advances of one Type into Advances of the other Type pursuant to Section 2.07 or 2.08. 
 “Current Assets” of any Person means all assets of such Person that would, in accordance with GAAP, be classified as current assets of such Person, after deducting adequate reserves in each case in which a reserve is
proper in accordance with GAAP (excluding deferred taxes). 
 “Current Liabilities” of
any Person means all items (including taxes accrued as estimated) that in accordance with GAAP would be classified as current liabilities of such Person excluding Debt and deferred taxes. 
 “Debt” of any Person means, without duplication, (a) all indebtedness of such Person for
borrowed money, (b) all Obligations of such Person for the deferred purchase price of property or services (other than (1) trade payables not overdue by more than 90 days, deferred compensation and straight-line rent and landlord
allowance, in each case incurred in the ordinary course of such Person’s business and (2) purchase price adjustments under the Purchase Agreement), (c) all Obligations of such Person evidenced by notes, bonds, debentures or other
similar instruments, (d) all Obligations of such Person created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person, (e) all Obligations of such Person as lessee under
Capitalized Leases, (f) all Obligations of such Person under acceptance, letter of credit or similar facilities, (g) all Obligations of such Person with respect to Disqualified Stock, (h) all Obligations of such Person in respect of
Hedge Agreements, valued at the

  

 Express – Term Loan Credit Agreement 
 6 

 
Agreement Value thereof, (i) all Guaranteed Debt and Synthetic Debt of such Person and (j) all indebtedness and other payment Obligations referred to in clauses (a) through
(i) above of another Person secured by (or for which the holder of such Debt has an existing right, contingent or otherwise, to be secured by) any Lien on property (including, without limitation, accounts and contract rights) owned by such
Person, even though such Person has not assumed or become liable for the payment of such indebtedness or other payment Obligations; but limited in amount to the lesser of (i) the fair market value of such property or (ii) the amount of
such indebtedness or other payment obligations. 
 Notwithstanding anything to the contrary contained herein,
Debt shall not include (i) any amounts relating to preferred equity (other than Disqualified Stock), employee consulting arrangements, accrued expenses, deferred rent (other than Capitalized Leases), deferred taxes, obligations under employment
agreements, unredeemed gift card deferred revenue and deferred compensation, or (ii) in connection with the existing letters of credit or any Permitted Acquisition or other acquisition otherwise permitted hereunder or consented to by the
Lenders or consummated prior to the Effective Date, (A) reimbursement obligations in respect of such existing letters of credit or any letter of credit assumed in such Permitted Acquisition or other acquisition, the payment of which is either
fully (x) backed by a letter of credit or (y) cash collateralized, or (B) post-closing purchase price adjustments, earn-outs or similar obligations that are dependent upon the performance of the acquisition target after such closing
to which the seller in such Permitted Acquisition or acquisition may become entitled. 
 “Debt for
Borrowed Money” of any Person means, at any date of determination, the sum of (a) the outstanding principal amount of all Debt of the type referred to in clauses (a), (c) and (e) of the definition of “Debt”,
(b) all reimbursement Obligations at such date of such Person under acceptance, letter of credit or similar facilities at such date for amounts that have been drawn under such facilities and (c) all Synthetic Debt of such Person at such
date; provided, however, for purposes of calculating Debt for Borrowed Money, the amount of the Revolving Credit Advances (as defined in the ABL Facility Credit Agreement) included therein shall (i) for any date that is within
twelve (12) months after the date of this Agreement, be equal to $33,000,000, and (ii) for any date thereafter, be equal to the average daily outstanding balance of such revolving loans during the twelve (12) month period ended on
such date 
 “Default” means any Event of Default or any event that would constitute an
Event of Default but for the passage of time or the requirement that notice be given or both. 
 “Default Interest” has the meaning set forth in Section 2.05(b). 
 “Defaulted Advance” means, with respect to any Lender Party at any time, the portion of any Advance required to be made by such Lender Party to the Borrower pursuant to Section 2.01 or 2.02 at or prior to such
time that has not been made by such Lender Party or by the Administrative Agent for the account of such Lender Party pursuant to Section 2.02(d) as of such time. In the event that a portion of a Defaulted Advance shall be deemed made pursuant
to Section 2.13(a), the remaining portion of such Defaulted Advance shall be considered a Defaulted Advance originally required to be made pursuant to Section 2.01 on the same date as the Defaulted Advance so deemed made in part.

 “Defaulted Amount” means, with respect to any Lender Party at any time, any amount
required to be paid by such Lender Party to any Agent or any other Lender Party hereunder or under any other Loan Document at or prior to such time that has not been so paid by such Lender Party as of such time, including, without limitation, any
amount required to be paid by such

  

 Express – Term Loan Credit Agreement 
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Lender Party to (a) the Administrative Agent pursuant to Section 2.02(d) to reimburse the Administrative Agent for the amount of any Advance made by the Administrative Agent for the
account of such Lender Party and (b) any other Lender Party pursuant to Section 2.11 to purchase any participation in Advances owing to such other Lender Party. In the event that a portion of a Defaulted Amount shall be deemed paid
pursuant to Section 2.13(b), the remaining portion of such Defaulted Amount shall be considered a Defaulted Amount originally required to be paid hereunder or under any other Loan Document on the same date as the Defaulted Amount so deemed paid
in part. 
 “Defaulting Lender” means, at any time, any Lender Party that, at such time,
(a) owes a Defaulted Advance or a Defaulted Amount or (b) shall take any action or be the subject of any action or proceeding of a type described in Section 6.01(f). 
 “Disqualified Stock” means any Equity Interest that, by its terms, matures or is Redeemable, in whole
or in part, on or prior to the date that is 91 days after the Termination Date. The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Agreement shall be the maximum amount that the Loan Parties may become
obligated to pay upon such maturity of, or pursuant to such Redeemable provisions in respect of, such Disqualified Stock. 
 “Domestic Lending Office” means, with respect to any Lender Party, the office of such Lender Party specified as its “Domestic Lending Office” opposite its name on
Schedule I hereto or in the Assignment and Assumption pursuant to which it became a Lender Party, as the case may be, or such other office of such Lender Party as such Lender Party may from time to time specify to the Borrower and the Administrative
Agent. 
 “EBITDA” means, for any period and with respect to any Person, Consolidated Net
Income of such Person for such period, plus (a) without duplication and to the extent deducted in determining such Consolidated Net Income (except with respect to item (xiv)), the sum of (i) Consolidated interest expense,
amortization or writeoff of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with Debt (including the Advances hereunder and the ABL Facility) of such Person for such period,
(ii) Consolidated income tax (and franchise tax in the nature of income tax) (including federal, state, local and foreign income tax) expense and foreign withholding tax expense, in each case for such period, and any state single business
unitary or similar tax of such Person for such period, (iii) depreciation and amortization expense (including amortization or impairment of intangibles (including goodwill) and organization costs) for such period (excluding amortization expense
attributable to a prepaid cash item (except for deferred finance charges) that was paid in a prior period) of such Person for such period, (iv) any other non-cash deductions, losses, charges or expenses made in the ordinary course of business
in determining Consolidated Net Income (but excluding any such non-cash charge in respect of an item that increased Consolidated Net Income in a prior period (to the extent of such increase) of such Person for such period, (v) any extraordinary
losses and unusual or non-recurring expenses or charges incurred in such period, (vi) any Transaction Expenses paid in such period, (vii) costs and expenses incurred in the ordinary course of business in connection with acquisitions
permitted under Section 5.02(f), Excluded Issuances, recapitalizations, Transfers or incurrence of Debt permitted under Article V hereunder (for the purposes of this definition, each a “Permitted Item”),
(viii) any payments made or accrued pursuant to the Advisory Agreement (as in effect on the Effective Date or as permitted to be amended hereby) and of reimbursement of ordinary course out-of-pocket costs and expenses payable to GGC or its
Affiliates pursuant to the Advisory Agreement, (ix) foreign exchange losses recorded in “other income”, (x) expenses in connection with earn-out obligations, (xi) any

  

 Express – Term Loan Credit Agreement 
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one-time payments made related to any Permitted Item, including, without limitation, one-time compensation charges, stay bonuses paid to existing management and severance cost,
(xii) expenses incurred to the extent reimbursable by third parties pursuant to indemnification provisions and either so collected or reasonably expected to be so collected, (xiii) all losses during such period resulting from the sale or
disposition of any asset of Parent or any Subsidiary outside the ordinary course of business, (xiv) proceeds received from business interruption insurance, in each case, with respect to such measurement period, (xv) non-cash expenses
resulting from the grant or periodic remeasurement of stock options or other equity-related incentives (and, for the avoidance of doubt, including any non-cash expenses related to any stock option or other equity-related incentives resulting from
the acceleration of vesting in the event of a change in control) to any director, officer, employee, former employee or consultant of Parent or any Subsidiary pursuant to a written plan or agreement approved by the board of directors of Parent,
(xvi) salary, benefit and other direct savings resulting from workforce reductions implemented or reasonably expected to be implemented within the following twelve months and severance related thereto in connection with the Permitted
Acquisitions, (xvii) losses in respect of post-retirement benefits, as a result of the application of FASB 106, (xviii) losses during such period in connection with the extinguishment, retirement or write-off of Debt and (xix) the
amount of any loss from stores which have been closed or identified to be closed, 
 and minus (b) without
duplication and to the extent included in determining such Consolidated Net Income of such Person, any non-cash gains included in Consolidated Net Income of such Person for such period (other than any gains which represent the reversal of an accrual
or reserve for a potential cash item that reduced EBITDA in any prior period), minus (c) without duplication and to the extent included in determining such Consolidated Net Income of such Person, any extraordinary gains and unusual or
non-recurring gains for such period, all determined on a Consolidated basis in accordance with GAAP, minus (d) without duplication and to the extent included in determining such Consolidated Net Income of such Person, foreign exchange
gains recorded in “other income”, minus (e) without duplication and to the extent included in determining such Consolidated Net Income of such Person, all gains during such period resulting from the sale or disposition of any
asset of Parent or any Subsidiary outside the ordinary course of business, minus (f) without duplication and to the extent included in determining such Consolidated Net Income of such Person, the amount of any gain in respect of
post-retirement benefits as a result of the application of FASB 106; provided that, for the purpose of determining EBITDA for the first four fiscal quarters after the Effective Date, EBITDA shall be determined in accordance with the pro forma
adjustments set forth on Schedule III hereto, to the extent applicable. 
 The historical EBITDA for any Measurement Period of
entities (A) that are acquired by the Parent or any of its Subsidiaries after the Effective Date as permitted under the Loan Documents will be included in the calculation of EBITDA and (B) that are disposed of by the Parent or any of its
Subsidiaries after the Effective Date will be excluded in the calculation of EBITDA; provided that, in the case of entities that are acquired by the Parent or any of its Subsidiaries after the Effective Date, the Administrative Agent shall be
furnished with audited financial statements, or if audited financial statements are not available, other financial statements reasonably acceptable to the Administrative Agent, of such entities (or if the acquisition is of a division or branch of a
larger business or a group of businesses, the audited financial statements, or if audited financial statements are not available, other financial statements reasonably acceptable to the Administrative Agent of such larger business or group of
businesses, so long as the individual activities of the acquired entity are clearly reflected in such financial statements, together with a certificate certifying that the Parent has reviewed the historical financial statements of the division or
branch and that they reflect proper divisional accounting in relation to the large

  

 Express – Term Loan Credit Agreement 
 9 

 
business or group of businesses in all material respects), reasonably satisfactory to the Administrative Agent in all material respects, confirming such historical results. In addition, EBITDA
for any Measurement Period will be determined after giving effect to any identifiable cost savings resulting from any acquisition consummated during such Measurement Period and expected to be realized within 12 months following the closing thereof
on a pro forma basis, in each case to the extent calculated on terms reasonably satisfactory to the Administrative Agent and certified by a Responsible Officer of the Parent. 
 “Effective Date” has the meaning specified in Section 3.01. 
 “Eligible Assignee” means (a) a Lender Party; (b) an Affiliate of a Lender Party;
(c) an Approved Fund; and (d) any other Person (other than an individual) approved by the Administrative Agent and, unless an Event of Default under Section 6.01(a) and (f) has occurred and is continuing, the Borrower (each such
approval not to be unreasonably withheld or delayed); provided, however, that neither any Loan Party nor any Affiliate of a Loan Party shall qualify as an Eligible Assignee under this definition. 
 “Environmental Action” means any action, suit, demand, demand letter, claim, notice of non compliance
or violation, notice of liability or potential liability, investigation, proceeding, consent order or consent agreement relating in any way to any violation of, or liability under, any Environmental Law, or an Environmental Permit or arising from an
alleged injury or threat to the environment, or to health and safety with regard to exposure to Hazardous Materials, including, without limitation, and to the extent arising from the foregoing, by any governmental or regulatory authority or third
party for enforcement, cleanup, removal, response, remedial or other actions, damages, contribution, indemnification, cost recovery, compensation or injunctive relief. 
 “Environmental Law” means any Federal, state, local or foreign statute, law, ordinance, rule,
regulation, code, order, writ, judgment, injunction or decree relating to pollution or protection of the environment, natural resources or exposure of any individual to Hazardous Material, including, without limitation, those relating to the use,
handling, transportation, treatment, storage, disposal, release or discharge of Hazardous Materials. 
 “Environmental Permit” means any permit, approval, identification number, license or other authorization required under any Environmental Law. 
 “Equity Interests” means, with respect to any Person, shares of capital stock of (or other ownership
or profit interests in) such Person, warrants, options or other rights for the purchase or other acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, securities convertible into or
exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or other acquisition from such Person of such shares (or such other interests), and other ownership
or profit interests in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are authorized on any date
of determination. 
 “Equity Investor” means the Sponsor, the Seller and EXP Investments,
Inc., a Delaware corporation. 
 “ERISA” means the Employee Retirement Income Security
Act of 1974, as amended from time to time, and the regulations promulgated and rulings issued thereunder. 
  

 Express – Term Loan Credit Agreement 
 10 

 “ERISA Affiliate” means any Person that for purposes
of Title IV of ERISA is a member of the controlled group of any Loan Party, or under common control with any Loan Party, within the meaning of Section 4001(a)(14) of ERISA. 
 “ERISA Event” means (a)(i) the occurrence of a reportable event, within the meaning of
Section 4043 of ERISA, with respect to any Plan unless the 30 day notice requirement with respect to such event has been waived by the PBGC or (ii) the requirements of Section 4043(b) of ERISA apply with respect to a contributing
sponsor, as defined in Section 4001(a)(13) of ERISA, of a Plan, and an event described in paragraph (9), (10), (11), (12) or (13) of Section 4043(c) of ERISA is reasonably expected to occur with respect to such Plan within the
following 30 days; (b) the application for a minimum funding waiver with respect to a Plan; (c) the provision by the administrator of any Plan of a notice of intent to terminate such Plan, pursuant to Section 4041(a)(2) of ERISA
(including any such notice with respect to a plan amendment referred to in Section 4041(e) of ERISA); (d) the cessation of operations at a facility of any Loan Party or any ERISA Affiliate in the circumstances described in
Section 4062(e) of ERISA; (e) the withdrawal by any Loan Party or any ERISA Affiliate from a Multiple Employer Plan during a plan year for which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (f) the
conditions for imposition of a lien under Section 302(f) of ERISA shall have been met with respect to any Plan; (g) the adoption of an amendment to a Plan requiring the provision of security to such Plan pursuant to Section 307 of
ERISA; or (h) the institution by the PBGC of proceedings to terminate a Plan pursuant to Section 4042 of ERISA, or the occurrence of any event or condition described in Section 4042 of ERISA that constitutes grounds for the
termination of, or the appointment of a trustee to administer, such Plan. 
 “Escrow
Bank” has the meaning specified in Section 2.13(c). 
 “Eurodollar Lending
Office” means, with respect to any Lender Party, the office of such Lender Party specified as its “Eurodollar Lending Office” opposite its name on Schedule I hereto or in the Assignment and Assumption pursuant to which it
became a Lender Party (or, if no such office is specified, its Domestic Lending Office), or such other office of such Lender Party as such Lender Party may from time to time specify to the Borrower and the Administrative Agent. 
 “Eurodollar Rate” means, for any Interest Period for all Eurodollar Rate Advances comprising part of
the same Borrowing, an interest rate per annum equal to the rate per annum obtained by dividing (a) the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Telerate Page 3750 (or any successor page) as the
London interbank offered rate for deposits in U.S. dollars at 11:00 A.M. (London time) two Business Days before the first day of such Interest Period for a period equal to such Interest Period (provided that, if for any reason such rate is
not available, the term “Eurodollar Rate” shall mean, for any Interest Period for all Eurodollar Rate Advances comprising part of the same Borrowing, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing
on Reuters Screen LIBO Page as the London interbank offered rate for deposits in Dollars at approximately 11:00 A.M. (London time) two Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period;
provided, however, if more than one rate is specified on Reuters Screen LIBO Page, the applicable rate shall be the arithmetic mean of all such rates) by (b) a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage
for such Interest Period. 
 “Eurodollar Rate Advance” means an Advance that bears
interest as provided in Section 2.05(a)(ii). 
  

 Express – Term Loan Credit Agreement 
 11 

 “Eurodollar Rate Reserve Percentage” for any
Interest Period for all Eurodollar Rate Advances comprising part of the same Borrowing means the reserve percentage applicable two Business Days before the first day of such Interest Period under regulations issued from time to time by the Board of
Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for a member bank of the Federal Reserve
System in New York City with respect to liabilities or assets consisting of or including Eurocurrency Liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on Eurodollar Rate
Advances is determined) having a term equal to such Interest Period. 
 “Events of
Default” has the meaning specified in Section 6.01. 
 “Excess Cash
Flow” means, for any period, 
 (a) the sum of, without duplication: 
 (i) Consolidated Net Income (or loss) of the Parent and its Subsidiaries for such period plus 
 (ii) depreciation, amortization and other non-cash charges or losses (including deferred income taxes) deducted in
determining Consolidated Net Income for such period plus 
 (iii) if there was a net increase in
Consolidated Current Liabilities of the Parent and its Subsidiaries during such period, the amount of such net increase plus 
 (iv) if there was a net decrease in Consolidated Current Assets (excluding cash and Cash Equivalents) of the Parent and its Subsidiaries during such period, the amount of such net decrease less

 (b) the sum of: 
 (i) the aggregate amount of all non cash credits included in arriving at such Consolidated Net Income (or loss) for such period plus 
 (ii) if there was a net decrease in Consolidated Current Liabilities of the Parent and its Subsidiaries during such period,
the amount of such net decrease plus 
 (iii) if there was a net increase in Consolidated Current Assets
(excluding cash and Cash Equivalents) of the Parent and its Subsidiaries during such period, the amount of such net increase plus 
 (iv) the aggregate amount of Capital Expenditures (and research and development expenditures and any other costs that are treated as additions to property, plant and equipment or other long-term assets or
other capital expenditures in accordance with GAAP), Investments and Restricted Payments, in each case paid by the Parent and its Subsidiaries to a party other than the Parent or any Subsidiary in cash during such period solely to the extent
permitted by this Agreement plus 
  

 Express – Term Loan Credit Agreement 
 12 

 (v) the aggregate amount of all regularly scheduled principal payments of
Funded Debt and Debt for Borrowed Money made during such period, excluding any amount funded with proceeds from the issuance of Debt (other than with the proceeds from the ABL Facility or from other revolving credit facilities) or Equity Interests
plus 
 (vi) the aggregate principal amount of all mandatory prepayments of the Facility pursuant to
Section 2.04(b)(ii) in respect of Net Cash Proceeds of the type described in clause (a) of the definition thereof to the extent that the applicable Net Cash Proceeds were taken into account in calculating such Consolidated Net Income (or
loss) for such period plus 
 (vii) the aggregate principal amount of any Debt voluntarily prepaid for
such period (other than prepayments of Term Advances pursuant to Section 2.04(a)); provided that such prepayments are otherwise permitted hereunder plus 
 (viii) the aggregate amount paid by Parent and the Subsidiaries during such period in respect of the Transaction Expenses,
except to the extent that such Transaction Expenses (to the extent not paid out of proceeds on the Effective Date) reduce Consolidated Net Income. 
 “Excluded Issuance” shall mean (i) an issuance and sale of Qualified Capital Stock of the Parent or Subordinated Debt to the Equity Investor (or any other stockholder
exercising preemptive rights triggered by such issuance), to the extent such Qualified Capital Stock or Subordinated Debt is used, or the net cash proceeds thereof shall be, within 90 days of the consummation of such issuance and sale, used or
committed to be used (and so used within 180 days of consummation), without duplication, to finance Capital Expenditures, or one or more permitted Investments permitted under Section 5.02(f) and (ii) an issuance and sale of Qualified
Capital Stock to satisfy legal requirements regarding the issuance of a de minimis amount of shares. 
 “Excluded Subsidiary” means (i) any CFC or (ii) any Subsidiary of the Parent that is organized under the laws of a jurisdiction located inside the United States that is not a Material Subsidiary;
provided that all Excluded Subsidiaries covered by this clause (ii) shall not represent, in the aggregate, more than 5% of Consolidated EBITDA or 5% of Consolidated tangible assets of the Parent and its Subsidiaries and the Parent shall
be obligated to designate one or more Subsidiaries that would otherwise qualify as Excluded Subsidiaries covered by this clause (ii) as Material Subsidiaries in order to comply with the terms of this proviso. 
 “Existing Debt” means such Debt set forth on Schedule 4.01(t). 
 “Extraordinary Receipt” means any cash amount actually received by any Loan Party (net of all
out-of-pocket fees, costs, legal fees, court costs, taxes and other expenses incurred by any Loan Party in connection with the collection, litigation, adjudication, arbitration, receipt or recovery of any such Extraordinary Receipt, in each case to
the extent such amounts are not deducted in calculating Consolidated Net Income) that is not received in the ordinary course of business and which is received as a result of proceeds of casualty insurance and condemnation awards (and payments in
lieu thereof); provided, however, that an Extraordinary Receipt shall not

  

 Express – Term Loan Credit Agreement 
 13 

 
include cash receipts received from proceeds of insurance or condemnation awards (or payments in lieu thereof) to the extent that such proceeds or awards are received by any Person in respect of
any third party claim against such Person and applied to pay (or to reimburse such Person for its prior payment of) such claim and the costs and expenses of such Person with respect thereto. 
 “Facility” means the Term Facility. 
 “Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day
during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the
next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day for such transactions received by the Administrative Agent from
three Federal funds brokers of recognized standing selected by it. 
 “Fee Letter” means
the fee letter dated July 6, 2007 between the Borrower and the Lead Arranger, as amended. 
 “Fiscal Year” means a fiscal year of the Parent and its Consolidated Subsidiaries ending on the Saturday closest to January 31 in any calendar year. 
 “Foreign Subsidiary” means a Subsidiary of the Parent that is organized under the laws of a
jurisdiction located outside of the United States. 
 “Fund” means any Person (other than
an individual) that is or will be engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 
 “Funded Debt” of any Person means all Debt of such Person that by its terms matures more than one
year after the date of determination or matures within one year from such date but is renewable or extendible, at the option of such Person, to a date more than one year after such date or arises under a revolving credit or similar agreement that
obligates the lender or lenders to extend credit during a period of more than one year after such date, including, without limitation, all amounts of Funded Debt of such Person required to be paid or prepaid within one year after the date of its
creation. 
 “GAAP” has the meaning specified in Section 1.03. 
 “GGC” means GGC Administration, LLC. 
 “Governmental Authority” means any nation or government, any state, province, city, municipal entity
or other political subdivision thereof, and any governmental, executive, legislative, judicial, administrative or regulatory agency, department, authority, instrumentality, commission, board, bureau or similar body, whether federal, state,
provincial, territorial, local or foreign. 
 “Governmental Authorization” means any
authorization, approval, consent, franchise, license, covenant, order, ruling, permit, certification, exemption, notice, declaration or similar right, undertaking or other action of, to or by, or any filing, qualification or registration with, any
Governmental Authority. 
  

 Express – Term Loan Credit Agreement 
 14 

 “Guaranteed Debt” means, with respect to any Person,
any Obligation or arrangement of such Person to guarantee or intended to guarantee any Debt (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or
indirectly, including, without limitation, (a) the direct or indirect guarantee, endorsement (other than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with recourse by such Person of the
Obligation of a primary obligor, (b) the Obligation to make take-or-pay or similar payments, if required, regardless of nonperformance by any other party or parties to an agreement or (c) any Obligation of such Person, whether or not
contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (A) for the purchase or payment of any such primary obligation or (B) to
maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, assets, securities or services primarily for the purpose of assuring the
owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the holder of such primary obligation against loss in respect thereof;
provided, however, that the term “Guaranteed Debt” shall not include any product warranties or other ordinary course contingent obligations incurred in the ordinary course of business, including indemnities. The amount of any
Guaranteed Debt shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guaranteed Debt is made (or, if less, the maximum amount of such primary obligation for which such Person
may be liable pursuant to the terms of the instrument evidencing such Guaranteed Debt) or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder), as
determined by such Person in good faith. 
 “Guaranteed Obligations” has the meaning
specified in Section 8.01. 
 “Guaranties” means the Parent Guaranty and the
Subsidiary Guaranty. 
 “Guarantors” means the Parent and the Subsidiary Guarantors.

 “Guaranty Supplement” has the meaning specified in Section 8.05. 
 “Hazardous Materials” means (a) petroleum or petroleum products, by-products or breakdown
products, radioactive materials, asbestos-containing materials, polychlorinated biphenyls, radon gas and toxic mold and (b) any other chemicals, materials or substances designated, classified or regulated as hazardous or toxic or as a pollutant
or contaminant under any Environmental Law. 
 “Hedge Agreements” means interest rate,
currency exchange rate or commodity price swap, cap or collar agreements, future or option contracts and other hedging agreements; provided that such Hedge Bank shall be required to be a Lender Party or an Affiliate of a Lender Party only at
the time that such Hedge Bank enters into such Secured Hedge Agreement. 
 “Hedge Bank”
means any Lender Party or an Affiliate of a Lender Party in its capacity as a party to a Secured Hedge Agreement. 
 “Indemnified Party” has the meaning specified in Section 9.04(b). 
 “Intercreditor Agreement” has the meaning specified in Section 3.01(a)(iii). 
 “Initial Extension of Credit” means the initial Borrowing hereunder. 
  

 Express – Term Loan Credit Agreement 
 15 

 “Initial Lender Parties” means the Initial Lenders.

 “Initial Lenders” means the banks, financial institutions and other institutional
lenders listed on the signature pages hereof as the Initial Lenders. 
 “Initial Pledged
Debt” has the meaning specified in the Term Loan Security Agreement. 
 “Initial Pledged
Equity” has the meaning specified in the Term Loan Security Agreement. 
 “Insufficiency” means, with respect to any Plan, the amount, if any, of a Plan’s accumulated benefit obligation (determined in accordance with GAAP) in excess of the Plan’s fair value of assets. 

“Intellectual Property Term Loan Security Agreement” has the meaning specified in the Term Loan
Security Agreement. 
 “Interest Period” means, for each Eurodollar
Rate Advance comprising part of the same Borrowing, the period commencing on the date of such Eurodollar Rate Advance or the date of the Conversion of any Base Rate Advance into such Eurodollar Rate Advance, and ending on the last day of the period
selected by the Borrower pursuant to the provisions below and, thereafter, each subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the last day of the period selected by the Borrower pursuant to
the provisions below. The duration of each such Interest Period shall be one, two, three or six months (or, until the completion of the primary syndication, two weeks or one month, provided that such period shall end on the 30th day after the date hereof (or such earlier date as shall be
specified in its sole discretion by the Administrative Agent in a written notice to the Borrower and the Lenders that such primary syndication has been achieved)), as the Borrower may, upon notice received by the Administrative Agent not later than
11:00 A.M. (New York City time) on the third Business Day prior to the first day of such Interest Period, select (or, if available to all Lenders, nine or twelve months thereafter, as selected by the Borrower in its Notice of Borrowing or
conversion); provided, however, that: 
 (a) the Borrower may not select any Interest Period with
respect to any Eurodollar Rate Advance under the Facility that ends after any principal repayment installment date for the Facility unless, after giving effect to such selection, the aggregate principal amount of Base Rate Advances and of Eurodollar
Rate Advances having Interest Periods that end on or prior to such principal repayment installment date for the Facility shall be at least equal to the aggregate principal amount of Advances under the Facility due and payable on or prior to such
date; 
 (b) Interest Periods commencing on the same date for Eurodollar Rate Advances comprising part of the
same Borrowing shall be of the same duration; 
 (c) whenever the last day of any Interest Period would otherwise
occur on a day other than a Business Day, the last day of such Interest Period shall be extended to occur on the next succeeding Business Day, provided, however, that, if such extension would cause the last day of such Interest Period
to occur in the next following calendar month, the last day of such Interest Period shall occur on the next preceding Business Day; and 
  

 Express – Term Loan Credit Agreement 
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 (d) whenever the first day of any Interest Period occurs on a day of an
initial calendar month for which there is no numerically corresponding day in the calendar month that succeeds such initial calendar month by the number of months equal to the number of months in such Interest Period, such Interest Period shall end
on the last Business Day of such succeeding calendar month. 
 “Internal Revenue Code”
means the Internal Revenue Code of 1986, as amended from time to time. 
 “Inventory”
means all Inventory referred to in Section 1(b) of the Term Loan Security Agreement. 
 “Investment” in any Person means any loan or advance to such Person (other than (a) third-party trade receivables or (b) intercompany trade receivables, in each case incurred in the ordinary course of such
Person’s business), any purchase or other acquisition of any Equity Interests or Debt or the assets comprising a division or business unit or a substantial part or all of the business of such Person, any capital contribution to such Person or
any other direct or indirect investment in such Person, including, without limitation, any acquisition by way of a merger or consolidation (or similar transaction) and any arrangement pursuant to which the investor incurs Debt of the types referred
to in clause (i) or (j) of the definition of “Debt” in respect of such Person. 
 “IPO” means, with respect to any Person, a registered initial public offering of the capital stock of such Person (other than on Form S-8). 
 “Lead Arranger” means Morgan Stanley Senior Funding, Inc. 
 “Lender Party” means any Lender. 
 “Lenders” means the Initial Lenders and each Person that shall become a Lender hereunder pursuant to
Section 9.07 for so long as such Initial Lender or Person, as the case may be, shall be a party to this Agreement. 
 “Leverage Ratio” means, at any date of determination, the ratio of Consolidated Debt for Borrowed Money (net of cash and Cash Equivalents) at such date to Consolidated EBITDA for the most recently completed
Measurement Period, in each case of the Parent and its Subsidiaries. 
 “Lien” means any
lien, security interest, pledge or other charge or encumbrance of any kind, or any other type of preferential arrangement intended for security, including, without limitation, the lien or retained security title of a conditional vendor and any
easement, right of way or other encumbrance on title to real property. 
 “Loan
Documents” means (i) this Agreement, (ii) the Notes, (iii) the Collateral Documents, (iv) the Fee Letter and (v) the Intercreditor Agreement. 
 “Loan Parties” means the Borrower and the Guarantors. 
 “Margin Stock” has the meaning specified in Regulation U. 
 “Material Adverse Effect” means a material adverse effect on (a) the business, financial
condition, operations, performance or properties of the Parent and its Subsidiaries, taken as a whole, (b) the rights and remedies of any Agent or any Lender Party under any Loan Document or (c) the ability of any Loan Party to perform its
Obligations under any Loan Document to which it is a party. 
  

 Express – Term Loan Credit Agreement 
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 “Material Subsidiary” means, at any time,
(i) any Subsidiary of the Parent that represents more than 5% of Consolidated EBITDA and more than 5% of Consolidated tangible assets of the Parent and its Subsidiaries, determined at the end of the most recently completed financial quarter of
the Parent based on the financial statements of the Parent delivered pursuant to Section 5.03(b) or (c) or (ii) any Subsidiary of the Parent designated by notice in writing given by the Parent to the Administrative Agent to be a
“Material Subsidiary”; provided that, any such Subsidiary so designated as a Material Subsidiary shall at all times thereafter remain a Material Subsidiary for the purposes of this Agreement unless otherwise agreed to by the
Borrower and the Required Lenders. 
 “Measurement Period” means each period of four
consecutive fiscal quarters of the Parent. 
 “Moody’s” means Moody’s Investors
Services, Inc. 
 “MS&Co” has the meaning specified in the recital of parties to this
Agreement. 
 “MSSF” has the meaning specified in the recital of parties to this
Agreement. 
 “Multiemployer Plan” means a multiemployer plan, as defined in
Section 4001(a)(3) of ERISA, to which any Loan Party or any ERISA Affiliate is making or accruing an obligation to make contributions, or with respect to which any Loan Party has any liability. 
 “Multiple Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of
ERISA and subject to Title IV of ERISA, that (a) is maintained for employees of any Loan Party or any ERISA Affiliate and at least one Person other than the Loan Parties and the ERISA Affiliates or (b) was so maintained and in respect of
which any Loan Party or any ERISA Affiliate could have liability under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated. 
 “Net Cash Proceeds” means, 
 (a) with respect to any Transfer of any asset of the Parent or any of its Subsidiaries (other than any Transfer of assets
pursuant to Section 5.02(e)(other than clause (v) thereof)), the excess, if any, of (i) the sum of cash and Cash Equivalents received in connection with such Transfer (including any cash or Cash Equivalents received by way of deferred
payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) over (ii) the sum of (A) the principal amount of any Debt (other than Debt under the Loan Documents) that is secured by such
asset and that is required to be repaid in connection with such Transfer thereof, (B) the reasonable and customary out-of-pocket costs, fees, commissions, premiums and expenses incurred by the Parent or its Subsidiaries, and (C) federal,
state, provincial, foreign and local taxes reasonably estimated (on a Consolidated basis) to be actually payable as a result of any gain recognized in connection therewith; provided, however, that Net Cash Proceeds shall not include
any such amounts to the extent such amounts are (x) reinvested (or intended to be reinvested) in similar assets used or useful in the business of Parent and its Subsidiaries within 12 months after the date of receipt thereof or
(y) committed to be reinvested in similar assets useful in the business of Parent and its Subsidiaries within 12 months after the date of receipt thereof and are so reinvested within 6 months after such commitment; provided,
further, however, that no such amounts resulting from any Transfer shall be considered Net Cash Proceeds until they aggregate $1,000,000 in any fiscal year; 
  

 Express – Term Loan Credit Agreement 
 18 

 (b) with respect to the incurrence or issuance of any Debt by the Parent or
any of its Subsidiaries (other than Debt incurred or issued pursuant to Section 5.02(b)), the excess of (i) the sum of the cash and Cash Equivalents received in connection with such incurrence or issuance over (ii) the underwriting
discounts and commissions or other similar payments, and other out-of-pocket costs, fees, commissions, premiums and expenses incurred by the Parent or any of its Subsidiaries in connection with such incurrence or issuance to the extent such amounts
were not deducted in determining the amount referred to in clause (i); and 
 (c) with respect to any
Extraordinary Receipt received by the Parent or any of its Subsidiaries that is not otherwise included in clauses (a) or (b) above, the sum of the cash and Cash Equivalents received in connection therewith; provided, however,
that Net Cash Proceeds shall not include any such amounts to the extent such amounts are (x) reinvested (or intended to be reinvested) in fixed or capital assets used or useful in the business of the Parent and its Subsidiaries within 12 months
after the date of receipt thereof or (y) committed to be reinvested in fixed or capital assets used or useful in the business of the Parent and its Subsidiaries within 12 months after the date of receipt thereof and are so reinvested within 6
months after such commitment. 
 “Net Income” means, for any period, the net income or
loss of the Parent and the Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) unrealized gains and losses with respect to Hedge Agreements during such period
and (b) the impact of purchase accounting or similar adjustments required or permitted by GAAP in connection with the Acquisition or any Permitted Acquisition (including the reduction of revenue from any write-down of deferred revenue).

 “Note” means a Term Note. 
 “Notice of Borrowing” has the meaning specified in Section 2.02(a). 
 “NPL” means the National Priorities List under CERCLA. 
 “Obligation” means, with respect to any Person, any payment, performance or other obligation of such
Person of any kind, including, without limitation, any liability of such Person on any claim, whether or not the right of any creditor to payment in respect of such claim is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured,
disputed, undisputed, legal, equitable, secured or unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any proceeding referred to in Section 6.01(f). Without limiting the generality of the foregoing, the
Obligations of any Loan Party under the Loan Documents include (a) the obligation to pay principal, interest, charges, expenses, fees, attorneys’ fees and disbursements, indemnities and other amounts payable by such Loan Party under any
Loan Document and (b) the obligation of such Loan Party to reimburse any amount in respect of any of the foregoing that any Lender Party, in its sole discretion, may elect to pay or advance on behalf of such Loan Party, to the extent permitted
by the Loan Documents. 
 “Other Taxes” has the meaning specified in
Section 2.10(b). 
 “Parent” has the meaning specified in the recital of parties to
this Agreement. 
  

 Express – Term Loan Credit Agreement 
 19 

 “Parent Guaranty” means the guaranty of the Parent
set forth in Article VIII. 
 “Patriot Act” means the Uniting and Strengthening America
by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56, signed into law October 26, 2001. 
 “PBGC” means the Pension Benefit Guaranty Corporation (or any successor). 
 “Permitted Distributions” shall mean (i) a payment by the Borrower or its Subsidiaries to or on behalf of Parent (and any subsequent payment by Parent) for fees, costs and
expenses paid to GGC or any of its Affiliates in accordance with the Advisory Agreement (as in effect on the Effective Date or as amended as permitted hereby); provided that nothing herein shall prohibit the accrual of any such fees under the
terms of the Advisory Agreement; (ii) payments by the Borrower or its Subsidiaries to or on behalf of Parent for franchise taxes and other fees required to maintain the legal existence of Parent or to pay the out-of-pocket legal, accounting and
other fees and expenses in the nature of overhead in the ordinary course of business of Parent, including without limitation payment of fees and reimbursement of expenses of the board of directors and (iii) any payments to Parent in order for
Parent to make tax distributions to its members pursuant to Section 4.2 of that certain Amended and Restated Limited Liability Company Agreement, dated July 6, 2007, by and between Limited Brands Store Operations, Inc., a Delaware
corporation, EXP Investments, Inc., a Delaware corporation and Express Investment Corp., a Delaware corporation; provided that the amount of such payment shall not exceed the amount that the Borrower would be required to pay in respect of
federal, state, local or non-US taxes were the Borrower a corporation filing a consolidated return with each of its domestic Subsidiaries since immediately before the closing date of the Acquisition. 
 “Permitted Liens” means: (a) Liens for taxes, assessments and governmental charges or levies to
the extent not required to be paid under Section 5.01(b) and Liens for taxes, assessments or governmental charges or levies, which are being contested in good faith by appropriate proceedings for which adequate reserves have been
established in accordance with GAAP; (b) Liens imposed by contract or law, such as materialmen’s, mechanics’, carriers’, workmen’s and repairmen’s Liens and other similar Liens arising in the ordinary course of business
securing obligations that (i) in the aggregate do not materially adversely affect the use of the property to which they relate and (ii) are being contested in good faith and for which adequate reserves have been established in accordance
with GAAP; (c) Liens in the ordinary course of business to secure obligations under workers’ compensation laws, unemployment insurance, social security or similar legislation or to secure public or statutory obligations; (d) deposits
to secure the performance of bids, trade contracts and leases (other than Debt), contracts for the purchase of property otherwise permitted by this Agreement, statutory obligations, surety bonds (other than bonds related to judgments or litigation),
performance bonds and other obligations of a like nature incurred in the ordinary course of business; (e) Liens securing judgments (or the payment of money) not constituting an Event of Default under Section 6.01(g) or securing appeal or
other surety bonds related to such judgments, (f) easements, rights of way, restrictions, and other encumbrances on title to real property that do not materially adversely affect the use of such property for its present purposes;
(g) statutory, common law or contractual Liens of landlords, creditor depository institutions or institutions holding securities accounts (including rights of set-off or similar rights and remedies), (h) any interest or title of a lessor
or sublessor under any lease of real estate or licensor or sublicensor of intellectual property not prohibited hereby, (i) Liens on the property of a Person existing at the time such Person becomes a Subsidiary of the Borrower; provided
that, any such Lien may not extend to any other Property of the Borrower or any other Subsidiary that is not a direct Subsidiary of such Person; and provided further that, any such Lien

  

 Express – Term Loan Credit Agreement 
 20 

 
was not created in anticipation of or in connection with the transaction or series of transactions pursuant to which such Person became a Subsidiary of the Borrower; (j) Liens on property at
the time the Borrower or any Subsidiary acquired such property, including any acquisition by means of a merger, amalgamation or consolidation with or into the Borrower or any of its Subsidiaries; provided that, such Lien may not extend to any
other property of the Borrower or any of its Subsidiaries; provided further that, such Liens shall not have been created in anticipation of or in connection with the transaction or series of transactions pursuant to which such property was
acquired by the Borrower or any Subsidiary; (k) Liens on specific items of inventory or other goods and the proceeds thereof (and each of the following relating thereto: documents, instruments, accounts, chattel paper, letter of credit rights,
general intangibles, supporting obligations, and claims under insurance policies) securing such Person’s obligations in respect of bankers’ acceptances or letters of credit issued or credited for the account of such Person to facilitate
the purchase, shipment or storage of such inventory or goods; (l) Liens arising under conditional sale, title retention, consignment or similar arrangements for the sale of goods in the ordinary course of business; (m) Liens on insurance
proceeds securing the payment of financed insurance premiums; (n) leases or subleases and licenses or sublicenses granted to others in the ordinary course of business; (o) customary Liens granted in favor of a trustee to secure fees and
other amounts owing to such trustee under an indenture or other agreement pursuant to which Debt permitted by Section 5.02(b) is issued; (p) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of
custom duties in connection with the importation of goods; (q) the filing of precautionary financing statements in connection with operating leases, consignment, Transfers permitted under Section 5.02(e) and similar matters; (r) Liens
on proceeds of sales of assets held in escrow pending resolution of indemnity or purchase price reduction claims; (s) other Liens on assets, securing Debt or other obligations not prohibited hereunder in an aggregate amount not to exceed
$7,500,000 at any time outstanding; (t) Liens granted pursuant to the Collateral Documents; (u) Liens under the ABL Facility Loan Documents and any Lien in existence on the Effective Date and set forth on Schedule 4.01(v);
(v) replacement, extension and renewal of any Lien permitted hereby (provided, however, that (1) no such Lien shall extend to or cover any property not theretofore subject to the Lien being extended, renewed or replaced and
(2) the aggregate amount secured shall not exceed the amount permitted to be secured prior to such extension, renewal or replacement); (w) Liens securing Debt incurred pursuant to Section 5.02(b)(ii), provided that any such
Liens attach only to the property being financed pursuant to such Indebtedness and do not encumber any other property of any Loan Party; (x) bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash and
Cash Equivalents on deposit in one or more accounts maintained by any Loan Party, in each case granted in the ordinary course of business in favor of the bank or banks with which such accounts are maintained, securing amounts owing to such bank with
respect to cash management and operating account arrangements, including those involving pooled accounts and netting arrangements, provided that, unless such Liens are non-consensual and arise by operation of law, in no case shall any such
Liens secure (either directly or indirectly) the repayment of any Debt; (y) purchase money Liens upon or in real property or equipment acquired or held by the Borrower or any of its Subsidiaries in the ordinary course of business to secure the
purchase price of such property or equipment or to secure Debt incurred solely for the purpose of financing the acquisition of any such property or equipment to be subject to such Liens, or Liens existing on any such property or equipment at the
time of acquisition (other than any such Liens created in contemplation of such acquisition that do not secure the purchase price), or extensions, renewals or replacements of any of the foregoing for the same or a lesser amount; provided,
however, that no such Lien shall extend to or cover any property other than the property or equipment being acquired, and (z) Liens on assets of Foreign Subsidiaries securing Debt of Foreign Subsidiaries permitted pursuant to
Section 5.02(b)(viii). 
  

 Express – Term Loan Credit Agreement 
 21 

 “Person” means an individual, partnership,
corporation (including a business trust), limited liability company, joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 
 “Plan” means a Single Employer Plan or a Multiple Employer Plan. 
 “Pledged Debt” has the meaning specified in the Term Loan Security Agreement. 
 “Post Petition Interest” has the meaning specified in Section 8.06(b). 
 “Prepayment Percentage” means the applicable percentage based on the Leverage Ratio set forth below
for each item set forth below: 
  

				
	 Level
	  	Excess Cash Flow	 
	 Level I
 Greater than
1.25:1.0
	  	50	% 
	 Level II
 Less than or
equal to 1.25:1.0 but equal to or greater than 1.0:1.0
	  	25	% 
	 Level III
 Less than
1.0:1.0
	  	0	% 

 Any increase or decrease in the Prepayment Percentage resulting from a change in the
Leverage Ratio shall become effective as of the first Business Day immediately following the date on which the financial statements are delivered pursuant to Section 5.03(b). 
 “Qualified Capital Stock” of any person shall mean any Equity Interests of such person that are not
Disqualified Stock. 
 “Redeemable” means, with respect to any Equity Interest, any such
Equity Interest that (a) the issuer has undertaken to redeem at a fixed or determinable date or dates, whether by operation of a sinking fund or otherwise, or upon the occurrence of a condition not solely within the control of the issuer or
(b) is redeemable at the option of the holder. 
 “Register” has the meaning
specified in Section 9.07(d). 
 “Regulation U” means Regulation U of the Board of
Governors of the Federal Reserve System, as in effect from time to time. 
 “Related
Documents” means the Purchase Agreement and related documents, the ABL Facility Loan Documents and the Advisory Agreement. 
 “Required Lenders” means, at any time, Lenders owed or holding at least a majority in interest of the sum of the aggregate principal amount of the Advances outstanding at such
time; provided, however, that if any Lender shall be a Defaulting Lender at such time, there shall be excluded from the determination of Required Lenders at such time the aggregate principal amount of the Advances owing to such Lender
(in its capacity as a Lender) and outstanding at such time. 
  

 Express – Term Loan Credit Agreement 
 22 

 “Responsible Officer” means the Chief Executive
Officer, Chief Financial Officer and Treasurer of the Parent or the Borrower, as applicable. 
 “Restricted Payment” has the meaning specified in Section 5.02(g). 
 “S&P” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. 
 “SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions. 
 “Secured Hedge Agreement” means any Hedge Agreement required or permitted under Article V that is
entered into by and between the Borrower and any Hedge Bank. 
 “Secured Obligations” has
the meaning specified in Section 2 of the Term Loan Security Agreement. 
 “Secured
Parties” means the Agents, the Lender Parties and the Hedge Banks. 
 “Significant
Guarantor” means, at any date of determination, any (i) Subsidiary Guarantor of the Borrower that individually has or (ii) group of Subsidiary Guarantors of the Borrower, that in the aggregate has, in either case, revenues,
assets or earnings in an amount equal to at least 5% of (a) the consolidated revenues of the Parent and its Subsidiaries for the most recently completed fiscal quarter for which the Lenders have received financial statements of the Parent and
its Subsidiaries pursuant to Section 5.03(b) or (c), (b) the consolidated assets of the Parent and its Subsidiaries as of the last day of the most recently completed fiscal quarter for which the Lenders have received financial statements
of the Parent and its Subsidiaries pursuant to Section 5.03(b) or (c), or (c) the consolidated net earnings of the Parent and its Subsidiaries for the most recently completed fiscal quarter for which the Lenders have received financial
statements of the Parent and its Subsidiaries pursuant to Section 5.03(b) or (c), in each case determined in accordance with GAAP for such period. 
 “Single Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA and subject to Title IV of ERISA, that (a) is maintained for employees of
any Loan Party or any ERISA Affiliate and no Person other than the Loan Parties and the ERISA Affiliates or (b) was so maintained and in respect of which any Loan Party or any ERISA Affiliate could have liability under Section 4069 of
ERISA in the event such plan has been or were to be terminated. 
 “Solvent” and
“Solvency” mean, with respect to any Person on a particular date, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including, without limitation,
contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and
matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature and (d) such Person is not engaged in business or
a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small capital. The amount of contingent liabilities at any time shall be computed as the amount that, in
the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 
  

 Express – Term Loan Credit Agreement 
 23 

 “Specified Representations” means (a) such of
the representations made by the Seller in the Purchase Agreement as are material to the interests of the Lenders, but only to the extent that the Parent has the right to terminate its obligations under the Purchase Agreement as a result of a breach
of such representations in the Purchase Agreement and (b) the representations and warranties made by the Borrower in Sections 4.01(a)(excluding the last sentence thereof), (d) (only as to the Loan Documents (excluding clauses
(iii) and (iv) therein and the last sentence thereof)), (f), (l), (m) and (n) (excluding the last sentence thereof) of this Agreement. 
 “Sponsor” means Golden Gate Private Equity, Inc., a Delaware corporation and each investment fund managed by it. 
 “Subordinated Debt” means any Debt of any Loan Party that is subordinated to the Obligations of such
Loan Party under the Loan Documents on, and that otherwise contains, terms and conditions reasonably satisfactory to the Administrative Agent. 
 “Subordinated Obligations” has the meaning specified in Section 8.06. 
 “Subsidiary” of any Person means any corporation, partnership, joint venture, limited liability company, trust or estate of which (or in which) more than 50% of (a) the issued
and outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether at the time capital stock of any other class or classes of such corporation shall or might have
voting power upon the occurrence of any contingency), (b) the interest in the capital or profits of such partnership, joint venture or limited liability company or (c) the beneficial interest in such trust or estate is, in the case of
clauses (a), (b) and (c), at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person’s other Subsidiaries. 
 “Subsidiary Guarantors” means the Subsidiaries of the Parent listed on Schedule II hereto and each
other Subsidiary of the Parent that shall be required to execute and deliver a guaranty pursuant to Section 5.01(j). 
 “Subsidiary Guaranty” means the guaranty of the Subsidiary Guarantors set forth in Article VIII, together with each other guaranty and guaranty supplement delivered pursuant to
Section 5.01(j), in each case as amended, amended and restated, modified or otherwise supplemented. 
 “Supplemental Collateral Agent” has the meaning specified in Section 7.01(c). 
 “Surviving Debt” means (i) Debt of each Loan Party and its Subsidiaries outstanding immediately before and after giving effect to the Initial Extension of Credit and (ii) Debt incurred under credit
facilities existing immediately before and after giving effect to the Initial Extension of Credit, in each case listed on Schedule 4.01(u) to this Agreement. 
 “Synthetic Debt” means, with respect to any Person, without duplication of any clause within the
definition of “Debt,” all (a) Obligations of such Person under any lease that is treated as an operating lease for financial accounting purposes and a financing lease for tax purposes (i.e., a “synthetic lease”) and
(b) Obligations of such Person in respect of transactions entered into by such Person that are intended to function primarily as a borrowing of funds (including, without limitation, any minority interest transactions that function primarily as
a borrowing) but are not otherwise included in the definition of “Debt” or as a liability on a Consolidated balance sheet of such Person and its Subsidiaries in accordance with GAAP. 
  

 Express – Term Loan Credit Agreement 
 24 

 “Taxes” has the meaning specified in
Section 2.10(a). 
 “Term Advance” has the meaning specified in Section 2.01.

 “Term Borrowing” means a borrowing consisting of simultaneous Term Advances of the
same Type made by the Term Lenders. 
 “Term Commitment” means, with respect to any Term
Lender at any time, the amount set forth opposite such Lender’s name on Schedule I hereto under the caption “Term Commitment” or, if such Lender has entered into one or more Assignment and Assumptions, set forth for such Lender in the
Register maintained by the Administrative Agent pursuant to Section 9.07(d) as such Lender’s “Term Commitment”. 
 “Term Facility” means, at any time, the aggregate amount of the Term Lenders’ Term Commitments at such time. 
 “Term Lender” means any Lender that has a Term Commitment. 
 “Term Loan First Lien Collateral” shall have the meaning specified in the Intercreditor Agreement.

 “Term Loan Security Agreement” has the meaning specified in Section 3.01(a)(ii).

 “Term Note” means a promissory note of the Borrower payable to the order of any Term
Lender, in substantially the form of Exhibit A hereto, evidencing the indebtedness of the Borrower to such Lender resulting from the Term Advance made by such Lender, as amended. 
 “Termination Date” means the earlier of (a) July __, 2014 and (b) the date the Advances are
declared due and payable pursuant to Section 6.01. 
 “Transaction” means the
Acquisition and the other transactions contemplated by the Transaction Documents. 
 “Transaction
Documents” means, collectively, the Loan Documents and the Related Documents. 
 “Transaction Expenses” means costs and expenses incurred in connection with the Transaction, dividend payments to any director, officer or employee in connection with the Transaction deemed to be an expense in
accordance with GAAP and retention bonuses paid to employees in an aggregate amount not to exceed $35,000,000 from the Effective Date through the anniversary of the Effective Date. 
 “Transfer” has the meaning set forth in Section 5.02(e). 
 “Type” refers to the distinction between Advances bearing interest at the Base Rate and Advances
bearing interest at the Eurodollar Rate. 
 “Unmatured Surviving Obligations” means
Obligations under this Agreement and the other Loan Documents that by their terms survive the termination of this Agreement or the other Loan Documents but are not, as of the date of determination, due and payable and for which no outstanding claim
has been made. 
  

 Express – Term Loan Credit Agreement 
 25 

 “Voting Interests” means shares of capital stock
issued by a corporation, or equivalent Equity Interests in any other Person, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such
Person, even if the right so to vote has been suspended by the happening of such a contingency. 
 “Welfare Plan” means a welfare benefit plan, as defined in Section 3(1) of ERISA, that is maintained for employees of any Loan Party or in respect of which any Loan Party could have liability. 
 “Withdrawal Liability” has the meaning specified in Part I of Subtitle E of Title IV of ERISA.

 SECTION 1.02. Computation of Time Periods; Other Definitional Provisions. In this Agreement and the other Loan
Documents in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and
“until” each mean “to but excluding.” References in the Loan Documents to any agreement or contract “as amended” shall mean and be a reference to such agreement or contract as amended,
amended and restated, supplemented or otherwise modified from time to time in accordance with its terms. 
 SECTION 1.03.
Accounting Terms. All accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting principles as in effect from time to time in the United States (“GAAP”).

 ARTICLE II 
 AMOUNTS AND TERMS OF THE ADVANCES 
 SECTION 2.01. The Term Advances.
Each Term Lender severally agrees, on the terms and conditions hereinafter set forth, to make a single advance (a “Term Advance”) to the Borrower on the Effective Date in an amount not to exceed such Lender’s Term
Commitment at such time. The Term Borrowing shall consist of Term Advances made simultaneously by the Term Lenders ratably according to their Term Commitments. Amounts borrowed under this Section 2.01 and repaid or prepaid may not be
reborrowed. 
 SECTION 2.02. Making the Advances. (a) The Borrowing shall be made on notice, given not later than
11:00 A.M. (New York City time) on the third Business Day prior to the date of the Borrowing in the case of a Borrowing consisting of Eurodollar Rate Advances, or the first Business Day prior to the date of the Borrowing in the case of a Borrowing
consisting of Base Rate Advances, by the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof by telecopier or electronic communication. Such notice of Borrowing (a “Notice of
Borrowing”) shall be by telephone, confirmed immediately in writing, or by telecopier or electronic communication, in substantially the form of Exhibit B hereto, specifying therein the requested (i) date of such Borrowing,
(ii) Type of Advances comprising such Borrowing, (iii) aggregate amount of such Borrowing and (iv) in the case of a Borrowing consisting of Eurodollar Rate Advances, initial Interest Period for each such Advance. Each Lender shall,
before 11:00 A.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at the Administrative Agent’s Account, in same day funds, such Lender’s
ratable portion of such Borrowing in accordance with the respective Commitments under the Facility of such Lender and the other Lenders. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions
set forth in Article III, the Administrative Agent will make such funds available to the Borrower by crediting the Borrower’s Account. 
  

 Express – Term Loan Credit Agreement 
 26 

 (b) Anything in subsection (a) above to the
contrary notwithstanding, the Borrower may only select Eurodollar Rate Advances with an Interest Period of two weeks or one month for the period from the date hereof for so long as is required by the Lead Arranger to achieve primary syndication;
provided that such period shall end on the 30th day
after the date hereof (or such earlier date as shall be specified in its sole discretion by the Administrative Agent in a written notice to the Borrower and the Lenders that such primary syndication has been achieved). 
 (c) The Notice of Borrowing shall be irrevocable and binding on the Borrower. In the case of a Borrowing that the related
Notice of Borrowing specifies is to be comprised of Eurodollar Rate Advances, the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender (as set forth in a written notice delivered by such Lender or the
Administrative Agent to the Borrower) as a result of any failure to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss
(excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such
Advance, as a result of such failure, is not made on such date. 
 (d) Unless the Administrative Agent shall have
received notice from a Lender prior to the date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made
such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on
such date a corresponding amount. If and to the extent that such Lender shall not have so made such ratable portion available to the Administrative Agent, such Lender and the Borrower severally agree to repay or pay to the Administrative Agent
forthwith on demand such corresponding amount and to pay interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid or paid to the Administrative Agent, at (i) in the case of
the Borrower, the interest rate applicable at such time under Section 2.05 to Advances comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall pay to the Administrative Agent such
corresponding amount, such amount so paid shall constitute such Lender’s Advance as part of such Borrowing for all purposes. 
 (e) The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such
Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing. 
 SECTION 2.03. Repayment of Advances. The Borrower shall repay to the Administrative Agent for the ratable account of the Lenders the aggregate outstanding principal amount of the Advances in
quarterly installments payable on the last Business Day of each April, July, October, and January commencing on October 31, 2007, in an amount equal to (i) on each such date occurring on or prior to the sixth year anniversary of the
Effective Date, 0.25% of the initial aggregate principal amount of the Term Advances and (ii) the remaining amount payable in full on the Termination Date (which amount shall be reduced as a result of the application of prepayments in
accordance with the order of priority set forth in Section 2.04) and in any event shall be in an amount equal to the aggregate principal amount of the Advances outstanding on such date. 
  

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 SECTION 2.04. Prepayments. (a) Optional. The Borrower may, upon at least
one Business Day’s notice in the case of Base Rate Advances and three Business Days’ notice in the case of Eurodollar Rate Advances, in each case to the Administrative Agent stating the proposed date and aggregate principal amount of the
prepayment, and if such notice is given, the Borrower shall prepay the outstanding aggregate principal amount of the Advances comprising part of the same Borrowing in whole or ratably in part, together with accrued interest to the date of such
prepayment on the aggregate principal amount prepaid without premium or penalty; provided, however, that (x) each partial prepayment shall be in an aggregate principal amount of $1,000,000 or an integral multiple of $500,000 in
excess thereof and (y) if any prepayment of a Eurodollar Rate Advance is made on a date other than the last day of an Interest Period for such Advance, the Borrower shall also pay any amounts owing pursuant to Section 9.04(c). Each such
prepayment of any Term Advances shall be applied as directed by the Borrower. Notwithstanding anything to the contrary contained in this Agreement, the Borrower may rescind any notice of prepayment under this Section 2.04(a) if such prepayment
would have resulted from a refinancing of the Facility, which refinancing shall not be consummated or shall otherwise be delayed. 
 (b) Mandatory. (i) Within five Business Days after the date the Borrower is required to deliver financial statements pursuant to Section 5.03(b) (commencing with the Fiscal Year ended
January 31, 2009), the Borrower shall prepay Advances in an amount equal to the amount by which (A) the Prepayment Percentage of Excess Cash Flow, if any, for the Fiscal Year covered by such financial statements exceeds (B) the
aggregate amount of all voluntary prepayments made during such fiscal year pursuant to Section 2.04(a). 
 (ii) The Borrower shall, not later than five Business Days after receipt of any Net Cash Proceeds by any Loan Party or any of its Subsidiaries (if not reinvested in accordance with the definition of Net Cash Proceeds) prepay an aggregate
principal amount of the Advances comprising part of the same Borrowings in an amount equal to the amount of such Net Cash Proceeds. 
 (iii) Each prepayment of Advances pursuant to clause (i) or (ii) of this Section 2.04(b) shall be applied in direct order to the remaining principal repayment installments of the Facility
until all such installments are paid in full. 
 (iv) All prepayments under this subsection (b) shall be
made together with accrued interest to the date of such prepayment on the principal amount prepaid, and subject to Section 2.04(v) below, together with any amounts owing pursuant to Section 9.04(c). 
 (v) In lieu of making any prepayment pursuant to this subsection (b) in respect of any Eurodollar Rate Advance other
than on the last day of the Interest Period therefor, so long as no Event of Default shall have occurred and be continuing, the Borrower at its option may deposit with the Administrative Agent an amount equal to the amount of the Eurodollar Rate
Advance to be prepaid and such Eurodollar Rate Advance shall be repaid on the last day of the Interest Period therefor in the required amount. Such deposit shall be held by the Administrative Agent in a corporate time deposit account established on
terms reasonably satisfactory to the Administrative Agent, earning interest at the then-customary rate for accounts of such type. 
 SECTION 2.05. Interest. (a) Scheduled Interest. The Borrower shall pay interest on the unpaid principal amount of each Advance owing to each Lender from the date of such Advance until such principal amount shall be paid
in full, at the following rates per annum: 
 (i) Base Rate Advances. During such periods as such Advance
is a Base Rate Advance, a rate per annum equal at all times to the sum of (A) the Base Rate in effect from time to time plus (B) the Applicable Margin in effect from time to time, payable in arrears quarterly on the last day of each
April, July, October and January during such periods and on the date such Base Rate Advance shall be Converted or paid in full. 
  

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 (ii) Eurodollar Rate Advances. During such periods as such Advance is
a Eurodollar Rate Advance, a rate per annum equal at all times during each Interest Period for such Advance to the sum of (A) the Eurodollar Rate for such Interest Period for such Advance plus (B) the Applicable Margin in effect on
the first day of such Interest Period, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day that occurs during such Interest Period every three months from the
first day of such Interest Period and on the date such Eurodollar Rate Advance shall be Converted or paid in full. 
 (b) Default Interest. Upon the occurrence and during the continuation of an Event of Default under Section 6.01(a) or (f), the Administrative Agent may, and upon the request of the Required Lenders shall, require that the
Borrower pay interest (“Default Interest”) on (A) any overdue principal amount, payable in arrears on the dates referred to in clause (i) or (ii) of Section 2.05(a), as applicable, and on demand, at a rate
per annum equal at all times to 2% per annum above the rate per annum required to be paid on such principal amount pursuant to clause (i) or (ii) of Section 2.05(a), as applicable, and (B) to the fullest extent permitted by
applicable law, the amount of any interest, fee or other amount payable (other than any principal of any Advance) under this Agreement or any other Loan Document to any Agent or any Lender Party that is not paid when due, from the date such amount
shall be due until such amount shall be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on Base
Rate Advances pursuant to clause (i) of Section 2.05(a). 
 (c) Notice of Interest Period and
Interest Rate. Promptly after receipt of a Notice of Borrowing pursuant to Section 2.02(a), a notice of Conversion pursuant to Section 2.07 or a notice of selection of an Interest Period pursuant to the terms of the definition of
“Interest Period,” the Administrative Agent shall give notice to the Borrower and each Lender of the applicable Interest Period and the applicable interest rate determined by the Administrative Agent for purposes of clause (a)(i) or
(a)(ii) above. 
 SECTION 2.06. Fees. The Borrower shall pay to each Agent for its own account such fees as may from time
to time be agreed between the Borrower and such Agent. 
 SECTION 2.07. Conversion of Advances. (a) Optional.
The Borrower may on any Business Day, upon notice given to the Administrative Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Conversion and subject to the provisions of
Section 2.08, Convert all or any portion of the Advances of one Type comprising the same Borrowing into Advances of the other Type; provided, however, that any Conversion of Eurodollar Rate Advances into Base Rate Advances shall
be made only on the last day of an Interest Period for such Eurodollar Rate Advances, any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an amount not less than $1,000,000, no Conversion of any Advances shall result in
more than 15 Interest Periods in effect and each Conversion of Advances comprising part of the same Borrowing shall be made ratably among the Lenders in accordance with their Commitments. Each such notice of Conversion shall, within the restrictions
specified above, specify (i) the date of such Conversion, (ii) the Advances to be Converted and (iii) if such Conversion is into Eurodollar Rate Advances, the duration of the initial Interest Period for such Advances. Each notice of
Conversion shall be irrevocable and binding on the Borrower. 
  

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 (b) Mandatory. (i) If the Borrower shall fail to select the
duration of any Interest Period for any Eurodollar Rate Advances in accordance with the provisions contained in the definition of “Interest Period” in Section 1.01, the Administrative Agent will forthwith so notify the Borrower and
the Lenders, whereupon with respect to each such Eurodollar Rate Advance, on the last day of the then existing Interest Period therefor, Borrower shall be deemed to have selected an Interest Period of one month’s duration. 
 (ii) Upon the occurrence and during the continuance of any Event of Default, the Administrative Agent and the Required
Lenders may require, by notice to the Borrower, that (x) at the end of the then existing applicable Interest Period each Eurodollar Rate Advance be Converted into a Base Rate Advance and (y) the obligation of the Lenders to make, or to
Convert Advances into, Eurodollar Rate Advances shall be suspended. 
 SECTION 2.08. Increased Costs, Etc. (a) If, due to
either (i) the introduction of or any change in or in the interpretation of any law or regulation by a central bank or governmental authority or (ii) the compliance with any guideline or request from any central bank or other governmental
authority (whether or not having the force of law), there shall be any increase in the cost to any Lender Party of agreeing to make or of making, funding or maintaining Eurodollar Rate Advances (excluding, for purposes of this Section 2.08, any
such increased costs resulting from (x) Taxes or Other Taxes (as to which Section 2.10 shall govern) and (y) changes in the basis of imposition, or the rate, of any taxes, levies, imposts, deductions, charges, withholdings or
liabilities that are excluded from the definition of Taxes), then the Borrower shall from time to time, upon demand by such Lender Party (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of
such Lender Party additional amounts sufficient to compensate such Lender Party for such increased cost. A certificate as to the amount of such increased cost, submitted to the Borrower by such Lender Party, shall be conclusive and binding for all
purposes, absent manifest error. Notwithstanding anything contained herein to the contrary, the Borrower shall not be required to compensate a Lender pursuant to this Section 2.08(a) for any such increased cost incurred more than
one-hundred-eighty (180) days prior to the date that such Lender demands compensation therefor; provided that, if the circumstance giving rise to such increased cost is retroactive, then such 180-day period shall be extended to include
the period of retroactive effect thereof. 
 (b) If any Lender Party determines that compliance with any law or
regulation or any guideline or request from any central bank or other governmental authority (whether or not having the force of law) affects or would affect the amount of capital required or expected to be maintained by such Lender Party or any
corporation controlling such Lender Party and that the amount of such capital is increased by or based upon the existence of such Lender Party’s commitment to lend hereunder, then, upon demand by such Lender Party or such corporation (with a
copy of such demand to the Administrative Agent), the Borrower shall pay to the Administrative Agent for the account of such Lender Party, from time to time as specified by such Lender Party, additional amounts sufficient to compensate such Lender
Party in the light of such circumstances, to the extent that such Lender Party reasonably determines such increase in capital to be allocable to the existence of such Lender Party’s commitment to lend hereunder. A certificate as to such amounts
submitted to the Borrower by such Lender Party shall be conclusive and binding for all purposes, absent manifest error. Notwithstanding anything contained herein to the contrary, the Borrower shall not be required to compensate a Lender pursuant to
this Section 2.08(b) for any such increased cost incurred more than one-hundred-eighty (180) days prior to the date that such Lender demands compensation therefor; provided that, if the circumstance giving rise to such increased
cost is retroactive, then such 180-day period shall be extended to include the period of retroactive effect thereof. 
 (c) If, with respect to any Eurodollar Rate Advances under the Facility, Lenders owed at least a majority of the then aggregate unpaid principal amount thereof notify the Administrative Agent that the Eurodollar Rate for any Interest Period
for such Advances will not adequately reflect the

  

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cost to such Lenders of making, funding or maintaining their Eurodollar Rate Advances for such Interest Period, the Administrative Agent shall forthwith so notify the Borrower and the Lenders,
whereupon (i) each such Eurodollar Rate Advance under such Facility will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance and (ii) the obligation of the Lenders to make, or to
Convert Advances into, Eurodollar Rate Advances shall be suspended until the Administrative Agent shall notify the Borrower that such Lenders have determined that the circumstances causing such suspension no longer exist. 
 (d) Notwithstanding any other provision of this Agreement, if the introduction of or any change in or in the interpretation
of any law or regulation shall make it unlawful, or any central bank or other governmental authority shall assert that it is unlawful, for any Lender or its Eurodollar Lending Office to perform its obligations hereunder to make Eurodollar Rate
Advances or to continue to fund or maintain Eurodollar Rate Advances hereunder, then, on notice thereof and demand therefor by such Lender to the Borrower through the Administrative Agent, (i) each Eurodollar Rate Advance will automatically,
upon such demand, Convert into a Base Rate Advance and (ii) the obligation of the Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended until the Administrative Agent shall notify the Borrower that such
Lender has determined that the circumstances causing such suspension no longer exist; provided, however, that, before making any such demand, such Lender agrees to use reasonable efforts (consistent with its internal policy and legal
and regulatory restrictions) to designate a different Eurodollar Lending Office if the making of such a designation would allow such Lender or its Eurodollar Lending Office to continue to perform its obligations to make Eurodollar Rate Advances or
to continue to fund or maintain Eurodollar Rate Advances and would not, in the judgment of such Lender, be otherwise disadvantageous to such Lender. 
 SECTION 2.09. Payments and Computations. (a) The Borrower shall make each payment hereunder and under the other Loan Documents, irrespective of any right of counterclaim or set-off (except as
otherwise provided in Section 2.13), not later than 11:00 A.M. (New York City time) on the day when due in U.S. dollars to the Administrative Agent at the Administrative Agent’s Account in same day funds, with payments being received by
the Administrative Agent after such time being deemed to have been received on the next succeeding Business Day. The Administrative Agent will promptly thereafter cause like funds to be distributed (i) if such payment by the Borrower is in
respect of principal, interest or any other Obligation then payable hereunder and under the other Loan Documents to more than one Lender Party, to such Lender Parties for the account of their respective Applicable Lending Offices ratably in
accordance with the amounts of such respective Obligations then payable to such Lender Parties and (ii) if such payment by the Borrower is in respect of any Obligation then payable hereunder to one Lender Party, to such Lender Party for the
account of its Applicable Lending Office, in each case to be applied in accordance with the terms of this Agreement. Upon its acceptance of an Assignment and Assumption and recording of the information contained therein in the Register pursuant to
Section 9.07(d), from and after the effective date of such Assignment and Assumption, the Administrative Agent shall make all payments hereunder and under the other Loan Documents in respect of the interest assigned thereby to the assignee
thereunder, and the parties to such Assignment and Assumption shall make all appropriate adjustments in such payments for periods prior to such effective date directly between themselves. 
 (b) INTENTIONALLY OMITTED. 
 (c) All computations of interest based on the Base Rate shall be made by the Administrative Agent on the basis of a year of
365 or 366 days, as the case may be, and all computations of interest based on the Eurodollar Rate and of fees shall be made by the Administrative Agent on the basis of a year of 360 days, in each case for the actual number of days (including the
first day but excluding the last day) occurring in the period for which such interest, fees or commissions are payable. Each determination by the Administrative Agent of an interest rate, fee or commission hereunder shall be conclusive and binding
for all purposes, absent manifest error. 
  

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 (d) Whenever any payment hereunder or under the other Loan Documents shall
be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest; provided,
however, that, if such extension would cause payment of interest on or principal of Eurodollar Rate Advances to be made in the next following calendar month, such payment shall be made on the preceding Business Day. 
 (e) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is
due to any Lender Party hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent may, in
reliance upon such assumption, cause to be distributed to each such Lender Party on such due date an amount equal to the amount then due such Lender Party. If and to the extent the Borrower shall not have so made such payment in full to the
Administrative Agent, each such Lender Party shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender Party together with interest thereon, for each day from the date such amount is distributed to such
Lender Party until the date such Lender Party repays such amount to the Administrative Agent, at the Federal Funds Rate. 
 (f) Whenever any payment received by the Administrative Agent from the Borrower under this Agreement or any of the other Loan Documents is insufficient to pay in full all amounts due and payable to the
Agents and the Lender Parties by the Borrower under or in respect of this Agreement and the other Loan Documents on any date, such payment shall be distributed by the Administrative Agent and applied by the Agents and the Lender Parties in the
following order of priority (x) upon the occurrence and during the continuance of an Event of Default or (y) at any other time that the Administrative Agent receives a payment from the Borrower without direction as to the application of
such payment: 
 (i) first, to the payment of all of the fees, indemnification payments, costs and
expenses that are due and payable to the Agents (solely in their respective capacities as Agents) under or in respect of this Agreement and the other Loan Documents on such date by such Borrower, ratably based upon the respective aggregate amounts
of all such fees, indemnification payments, costs and expenses owing to the Agents on such date; 
 (ii)
second, to the payment of all of the fees, indemnification payments (other than indemnification payments as set forth in clause (iii) below), costs and expenses that are due and payable to the applicable Lenders under or in respect of
this Agreement and the other Loan Documents on such date by such Borrower, ratably based upon the respective aggregate amounts of all such fees, indemnification payments, costs and expenses owing to the applicable Lenders on such date; 

(iii) third, to the payment of all of the indemnification payments, costs and expenses that are due and payable to
the Lenders under Sections 9.04 hereof, Section 21 of the Term Loan Security Agreement and any similar section of any other Loan Documents on such date by the Borrower, ratably based upon the respective aggregate amounts of all such
indemnification payments, costs and expenses owing to the applicable Lenders on such date; 
 (iv) fourth,
to the payment of all of the amounts that are due and payable to the Administrative Agent and the Lender Parties under Sections 2.08 and 2.10 hereof on such date by such Borrower, ratably based upon the respective aggregate amounts thereof owing to
the Administrative Agent and the Lender Parties on such date; 
  

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 (v) fifth, to the payment of all of the accrued and unpaid interest
on the Obligations of the Borrower under or in respect of the Loan Documents that is due and payable to the Agents and the applicable Lender Parties under Section 2.05 on such date, ratably based upon the respective aggregate amounts of all
such interest owing to the Agents and the applicable Lender Parties on such date; 
 (vi) sixth, to the
payment of the principal amount of all of the outstanding applicable Advances that is due and payable to the Agents and the applicable Lender Parties on such date by such Borrower, ratably based upon the respective aggregate amounts of all such
principal owing to the Agents and the applicable Lender Parties on such date; and 
 (vii) seventh, to the
payment of all other Obligations owing under or in respect of the Loan Documents that are due and payable to the Administrative Agent and the other Secured Parties on such date by such Borrower, ratably based upon the respective aggregate amounts of
all such Obligations owing to the Administrative Agent and the other Secured Parties on such date. 
 SECTION 2.10.
Taxes. (a) Any and all payments by any Loan Party to or for the account of any Lender Party or any Agent hereunder or under any other Loan Document shall be made, in accordance with Section 2.09 or the applicable provisions of such
other Loan Document, if any, free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding, in the case of each
Lender Party and each Agent, taxes that are imposed on its overall net income by the United States (including franchise taxes imposed in lieu thereof and branch profits taxes) and taxes that are imposed on its overall net income (and franchise taxes
imposed in lieu thereof and branch profits taxes) by the state or foreign jurisdiction under the laws of which such Lender Party or such Agent, as the case may be, is organized, or in which its principal office is located, or any political
subdivision thereof and, in the case of each Lender Party, taxes that are imposed on its overall net income (including franchise taxes imposed in lieu thereof and branch profits taxes) by the state or foreign jurisdiction of such Lender Party’s
Applicable Lending Office or any political subdivision thereof (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities in respect of payments hereunder or under any other Loan Document being hereinafter
referred to as “Taxes”). If any Loan Party shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder or under any other Loan Document to any Lender Party or any Agent, (i) the sum
payable by such Loan Party shall be increased as may be necessary so that after such Loan Party and the Administrative Agent have made all required deductions (including deductions applicable to additional sums payable under this Section 2.10)
such Lender Party or such Agent, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Loan Party shall make all such deductions and (iii) such Loan Party shall pay the
full amount deducted to the relevant taxation authority or other authority in accordance with applicable law. 
 (b) In addition, each Loan Party shall pay any present or future stamp, documentary, excise, property, intangible, mortgage recording or similar taxes, charges or levies that arise from any payment made by such Loan Party hereunder or under
any other Loan Documents or from the execution, delivery or registration of, performance under, or otherwise with respect to, this Agreement or the other Loan Documents (hereinafter referred to as “Other Taxes”). 

(c) The Loan Parties shall indemnify each Lender Party and each Agent for and hold them harmless against the full amount
of Taxes and Other Taxes, and for the full amount of taxes of any kind imposed or asserted by any jurisdiction on amounts payable under this Section 2.10, imposed on or paid by such Lender Party or such Agent (as the case may be) and any
liability (including penalties,

  

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additions to tax, interest and expenses) arising therefrom or with respect thereto. This indemnification shall be made within 30 days from the date such Lender Party or such Agent (as the case
may be) makes written demand therefor. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender Party (with a copy to the Administrative Agent) or by the Agents on their own behalf or on behalf of a Lender
Party shall be conclusive absent manifest error. 
 (d) Within 30 days after the date of any payment of Taxes,
the appropriate Loan Party shall furnish to the Administrative Agent, at its address referred to in Section 9.02, the original or a certified copy of a receipt evidencing such payment, to the extent such a receipt is issued therefor, or other
written proof of payment thereof that is reasonably satisfactory to the Administrative Agent. For purposes of subsections (e) of this Section 2.10, the terms “United States” and “United States
person” shall have the meanings specified in Section 7701 of the Internal Revenue Code. 
 (e)
(I) Each Lender Party organized under the laws of a jurisdiction outside the United States shall, on or prior to the date of its execution and delivery of this Agreement in the case of each Initial Lender Party and on the date of the Assignment and
Assumption pursuant to which it becomes a Lender Party in the case of each other Lender Party, and from time to time thereafter as reasonably requested in writing by the Borrower (but only so long thereafter as such Lender Party remains lawfully
able to do so), provide each of the Administrative Agent and the Borrower with two original Internal Revenue Service Forms W-8BEN or W-8ECI or (in the case of a Lender Party that has certified in writing to the Administrative Agent that it is not
(i) a “bank” as defined in Section 881(c)(3)(A) of the Internal Revenue Code), (ii) a 10-percent shareholder (within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code) of any Loan Party or (iii) a
controlled foreign corporation related to any Loan Party (within the meaning of Section 864(d)(4) of the Internal Revenue Code), Internal Revenue Service Form W-8BEN, as appropriate, or any successor or other form prescribed by the Internal
Revenue Service, certifying that such Lender Party is exempt from or entitled to a reduced rate of United States withholding tax on payments pursuant to this Agreement or any other Loan Document or, in the case of a Lender Party that has certified
that it is not a “bank” as described above, certifying that such Lender Party is a foreign corporation, partnership, estate or trust. If, at the time such Lender Party first becomes a party to this Agreement payments pursuant to this
Agreement or any other Loan Document are subject to withholding tax rate at a rate in excess of zero, withholding tax at such rate shall be considered excluded from Taxes unless and until such Lender Party provides the appropriate forms certifying
that a lesser rate applies, whereupon withholding tax at such lesser rate only shall be considered excluded from Taxes for periods governed by such forms; provided, however, that if, at the effective date of the Assignment and
Assumption pursuant to which a Lender Party becomes a party to this Agreement, the Lender Party assignor was entitled to payments under subsection (a) of this Section 2.10 in respect of United States withholding tax with respect to
interest paid at such date, then, to such extent, the term Taxes shall include (in addition to withholding taxes that may be imposed in the future as a result of a change in law after the date that a Lender becomes a party to this Agreement or other
amounts otherwise includable in Taxes) United States withholding tax, if any, applicable with respect to the Lender Party assignee on such date. 
 (II) Each Lender Party that is a “United States person” shall deliver to the Administrative Agent two duly signed completed copies of IRS Form W-9. If such Lender Party fails to deliver such
forms, then the Administrative Agent may withhold from any interest payment to such Lender an amount equivalent to the applicable backup withholding tax imposed by the Code, without reduction, and such amount shall be excluded from Taxes.

 (f) For any period with respect to which a Lender Party has failed to provide the Borrower with the
appropriate form, certificate or other document described in subsection (e) above (other than if such failure is due to a change in law, or in the interpretation or application thereof,

  

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occurring after the date on which a form, certificate or other document originally was required to be provided), such Lender Party shall not be entitled to indemnification under subsection
(a) or (c) of this Section 2.10 with respect to Taxes imposed by the United States by reason of such failure; provided, however, that should a Lender Party become subject to Taxes because of its failure to deliver a
form, certificate or other document required hereunder, the Loan Parties shall take such steps as such Lender Party shall reasonably request to assist such Lender Party to recover such Taxes. 
 (g) INTENTIONALLY OMITTED. 
 (h) If the Administrative Agent or a Lender Party determines that it has received a refund of any Taxes or Other Taxes as to
which it has been indemnified by the Loan Parties or with respect to which the Loan Parties have paid additional amounts pursuant to this Section, it shall pay to the Loan Parties an amount equal to such refund (but only to the extent of indemnity
payments made, or additional amounts paid, by the Loan Parties under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender Party, as the case
may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Loan Parties, upon the request of the Administrative Agent or such Lender Party, agrees to repay
the amount paid over to the Loan Parties (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender Party in the event the Administrative Agent or such Lender Party is
required to repay such refund to such Governmental Authority. This paragraph shall not be construed to require the Administrative Agent or any Lender Party to make available its tax returns (or any other information relating to its taxes that it
deems confidential) to the Loan Parties or any other Person. 
 (i) If any Lender Party requests compensation
under Section 2.08 or requires the Borrower to pay any additional amount to any Lender Party or any Governmental Authority for the account of any Lender Party pursuant to this Section 2.10, then such Lender Party shall use reasonable
efforts (consistent with its internal policy and legal and regulatory restrictions) to change the jurisdiction of its Applicable Lending Office for funding or booking its Advances hereunder or to assign its rights and obligations hereunder to
another of its offices, branches or affiliates or to file any certificate or document reasonably requested by the Borrower, if, in the judgment of such Lender Party, such designation, assignment or filing would (x) eliminate or reduce amounts
payable pursuant to Section 2.08 or 2.10, as the case may be, in the future and (y) would not subject such Lender Party to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender Party. The Borrower
hereby agrees to pay all reasonable costs and expenses incurred by any Lender Party in connection with any such designation or assignment. A certificate setting forth such costs and expenses submitted by such Lender Party to the Borrower shall be
conclusive absent manifest error. 
 SECTION 2.11. Sharing of Payments, Etc. If any Lender Party shall obtain at any time
any payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise, other than as a result of an assignment pursuant to Section 9.07) (a) on account of Obligations due and payable to such Lender Party
hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations due and payable to such Lender Party at such time to (ii) the aggregate amount of
the Obligations due and payable to all Lender Parties hereunder and under the other Loan Documents at such time) of payments on account of the Obligations due and payable to all Lender Parties hereunder and under the other Loan Documents at such
time obtained by all the Lender Parties at such time or (b) on account of Obligations owing (but not due and payable) to such Lender Party hereunder and under the other Loan Documents at such time in excess of its ratable share (according to
the proportion of (i) the amount of such Obligations owing to such Lender Party at such time to (ii) the aggregate amount of the Obligations owing (but not due and payable) to all Lender Parties hereunder and under the other Loan Documents
at such time) of payments on account of

  

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the Obligations owing (but not due and payable) to all Lender Parties hereunder and under the other Loan Documents at such time obtained by all of the Lender Parties at such time, such Lender
Party shall forthwith purchase from the other Lender Parties such interests or participating interests in the Obligations due and payable or owing to them, as the case may be, as shall be necessary to cause such purchasing Lender Party to share the
excess payment ratably with each of them; provided, however, that if all or any portion of such excess payment is thereafter recovered from such purchasing Lender Party, such purchase from each other Lender Party shall be rescinded and
such other Lender Party shall repay to the purchasing Lender Party the purchase price to the extent of such Lender Party’s ratable share (according to the proportion of (i) the purchase price paid to such Lender Party to (ii) the
aggregate purchase price paid to all Lender Parties) of such recovery together with an amount equal to such Lender Party’s ratable share (according to the proportion of (i) the amount of such other Lender Party’s required repayment to
(ii) the total amount so recovered from the purchasing Lender Party) of any interest or other amount paid or payable by the purchasing Lender Party in respect of the total amount so recovered. The Loan Parties agree that any Lender Party so
purchasing an interest or participating interest from another Lender Party pursuant to this Section 2.11 may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of set-off) with respect to such
interest or participating interest, as the case may be, as fully as if such Lender Party were the direct creditor of the Loan Parties in the amount of such interest or participating interest, as the case may be. 
 SECTION 2.12. Use of Proceeds. The proceeds of the Term Facility shall be available (and the Borrower agrees that it shall use such
proceeds) to finance, in part, the Acquisition, to pay transaction fees and expenses relating to the Transaction. 
 SECTION
2.13. Defaulting Lenders. (a) In the event that, at any one time, (i) any Lender Party shall be a Defaulting Lender, (ii) such Defaulting Lender shall owe a Defaulted Advance to the Borrower and (iii) the Borrower shall be
required to make any payment hereunder or under any other Loan Document to or for the account of such Defaulting Lender, then the Borrower may, so long as no Default shall occur or be continuing at such time and to the fullest extent permitted by
applicable law, set off and otherwise apply the Obligation of the Borrower to make such payment to or for the account of such Defaulting Lender against the obligation of such Defaulting Lender to make such Defaulted Advance. In the event that, on
any date, the Borrower shall so set off and otherwise apply its obligation to make any such payment against the obligation of such Defaulting Lender to make any such Defaulted Advance on or prior to such date, the amount so set off and otherwise
applied by the Borrower shall constitute for all purposes of this Agreement and the other Loan Documents an Advance by such Defaulting Lender made on the date of such setoff under the Facility pursuant to which such Defaulted Advance was originally
required to have been made pursuant to Section 2.01. Such Advance shall be considered, for all purposes of this Agreement, to comprise part of the Borrowing in connection with which such Defaulted Advance was originally required to have been
made pursuant to Section 2.01, even if the other Advances comprising such Borrowing shall be Eurodollar Rate Advances on the date such Advance is deemed to be made pursuant to this subsection (a). The Borrower shall notify the Administrative
Agent at any time the Borrower exercises its right of set-off pursuant to this subsection (a) and shall set forth in such notice (A) the name of the Defaulting Lender and the Defaulted Advance required to be made by such Defaulting Lender
and (B) the amount set off and otherwise applied in respect of such Defaulted Advance pursuant to this subsection (a). Any portion of such payment otherwise required to be made by the Borrower to or for the account of such Defaulting Lender
which is paid by the Borrower, after giving effect to the amount set off and otherwise applied by the Borrower pursuant to this subsection (a), shall be applied by the Administrative Agent as specified in subsection (b) or (c) of this
Section 2.13. 
 (b) In the event that, at any one time, (i) any Lender Party shall be a Defaulting
Lender, (ii) such Defaulting Lender shall owe a Defaulted Amount to any Agent or any of the other Lender Parties and (iii) the Borrower shall make any payment hereunder or under any other Loan

  

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Document to the Administrative Agent for the account of such Defaulting Lender, then the Administrative Agent may, on its behalf or on behalf of such other Agents or such other Lender Parties and
to the fullest extent permitted by applicable law, apply at such time the amount so paid by the Borrower to or for the account of such Defaulting Lender to the payment of each such Defaulted Amount to the extent required to pay such Defaulted
Amount. In the event that the Administrative Agent shall so apply any such amount to the payment of any such Defaulted Amount on any date, the amount so applied by the Administrative Agent shall constitute for all purposes of this Agreement and the
other Loan Documents payment, to such extent, of such Defaulted Amount on such date. Any such amount so applied by the Administrative Agent shall be retained by the Administrative Agent or distributed by the Administrative Agent to such other Agents
or such other Lender Parties in the following order of priority: 
 (i) first, to the Agents for any
Defaulted Amounts then owing to them, in their capacities as such, ratably in accordance with such respective Defaulted Amounts then owing to the Agents; and 
 (ii) second, to any other Lender Parties for any Defaulted Amounts then owing to such other Lender Parties, ratably in
accordance with such respective Defaulted Amounts then owing to such other Lender Parties. 
 Any portion of such amount paid by the Borrower
for the account of such Defaulting Lender remaining after giving effect to the amount applied by the Administrative Agent pursuant to this subsection (b) shall be applied by the Administrative Agent as specified in subsection (c) of this
Section 2.13. 
 (c) In the event that, at any one time, (i) any Lender Party shall be a Defaulting
Lender, (ii) such Defaulting Lender shall not owe a Defaulted Advance or a Defaulted Amount and (iii) the Borrower, any Agent or any other Lender Party shall be required to pay or distribute any amount hereunder or under any other Loan
Document to or for the account of such Defaulting Lender, then the Borrower or such Agent or such other Lender Party shall pay such amount to the Administrative Agent to be held by the Administrative Agent, to the fullest extent permitted by
applicable law, in escrow or the Administrative Agent shall, to the fullest extent permitted by applicable law, hold in escrow such amount otherwise held by it. Any funds held by the Administrative Agent in escrow under this subsection
(c) shall be deposited by the Administrative Agent in an account with a commercial bank selected by the Administrative Agent (the “Escrow Bank”), in the name and under the control of the Administrative Agent, but subject
to the provisions of this subsection (c). The terms applicable to such account, including the rate of interest payable with respect to the credit balance of such account from time to time, shall be the Escrow Bank’s standard terms applicable to
escrow accounts maintained with it. Any interest credited to such account from time to time shall be held by the Administrative Agent in escrow under, and applied by the Administrative Agent from time to time in accordance with the provisions of,
this subsection (c). The Administrative Agent shall, to the fullest extent permitted by applicable law, apply all funds so held in escrow from time to time to the extent necessary to make any Advances required to be made by such Defaulting Lender
and to pay any amount payable by such Defaulting Lender hereunder and under the other Loan Documents to the Administrative Agent or any other Lender Party, as and when such Advances or amounts are required to be made or paid and, if the amount so
held in escrow shall at any time be insufficient to make and pay all such Advances and amounts required to be made or paid at such time, in the following order of priority: 
 (i) first, to the Agents for any amounts then due and payable by such Defaulting Lender to them hereunder, in their
capacities as such, ratably in accordance with such respective amounts then due and payable to the Agents; 
  

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 (ii) second, to any other Lender Parties for any amount then due and
payable by such Defaulting Lender to such other Lender Parties hereunder, ratably in accordance with such respective amounts then due and payable to such other Lender Parties; and 
 (iii) third, to the Borrower for any Advance then required to be made by such Defaulting Lender pursuant to a
Commitment of such Defaulting Lender. 
 In the event that any Lender Party that is a Defaulting Lender shall, at any time, cease to be a
Defaulting Lender, any funds held by the Administrative Agent in escrow at such time with respect to such Lender Party shall be distributed by the Administrative Agent to such Lender Party and applied by such Lender Party to the Obligations owing to
such Lender Party at such time under this Agreement and the other Loan Documents ratably in accordance with the respective amounts of such Obligations outstanding at such time. 
 (d) The rights and remedies against a Defaulting Lender under this Section 2.13 are in addition to other rights and
remedies that the Borrower may have against such Defaulting Lender with respect to any Defaulted Advance and that any Agent or any Lender Party may have against such Defaulting Lender with respect to any Defaulted Amount. 
 SECTION 2.14. Evidence of Debt. (a) Each Lender Party shall maintain in accordance with its usual practice an account or
accounts evidencing the indebtedness of the Borrower to such Lender Party resulting from each Advance owing to such Lender Party from time to time, including the amounts of principal and interest payable and paid to such Lender Party from time to
time hereunder. The Borrower agrees that upon notice by any Lender Party to the Borrower (with a copy of such notice to the Administrative Agent) to the effect that a promissory note or other evidence of indebtedness is required or appropriate in
order for such Lender Party to evidence (whether for purposes of pledge, enforcement or otherwise) the Advances owing to, or to be made by, such Lender Party, the Borrower shall promptly execute and deliver to such Lender Party, with a copy to the
Administrative Agent, a Term Note, as applicable, in substantially the form of Exhibit A hereto, payable to the order of such Lender Party in a principal amount equal to the Advances of such Lender Party. All references to Notes in the Loan
Documents shall mean Notes, if any, to the extent issued hereunder. 
 (b) The Register maintained by the
Administrative Agent pursuant to Section 9.07(d) shall include a control account, and a subsidiary account for each Lender Party, in which accounts (taken together) shall be recorded (i) the date and amount of each Borrowing made
hereunder, the Type of Advances comprising such Borrowing and, if appropriate, the Interest Period applicable thereto, (ii) the terms of each Assignment and Assumption delivered to and accepted by it, (iii) the amount of any principal or
interest due and payable or to become due and payable from the Borrower to each Lender Party hereunder and (iv) the amount of any sum received by the Administrative Agent from the Borrower hereunder and each Lender Party’s share thereof.

 (c) Entries made in good faith by the Administrative Agent in the Register pursuant to subsection
(b) above, and by each Lender Party in its account or accounts pursuant to subsection (a) above, shall be prima facie evidence of the amount of principal and interest due and payable or to become due and payable from the Borrower
to, in the case of the Register, each Lender Party and, in the case of such account or accounts, such Lender Party, under this Agreement, absent manifest error; provided, however, that the failure of the Administrative Agent or such
Lender Party to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrower under this Agreement. 
  

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 SECTION 2.15. Increase in Commitments. (a) Upon notice to the Administrative
Agent, at any time after the Effective Date, the Borrower may request that Additional Term Commitments be provided by Additional Term Lenders (which may include Persons meeting the definition of an Eligible Assignee) on terms agreed to by the
Borrower and such Additional Term Lenders; provided that (i) after giving effect to any such Additional Term Commitments, the aggregate amount of Additional Term Commitments that have been added pursuant to this Section 2.15 shall
not exceed $75,000,000, (ii) the final maturity date of any Additional Term Advances shall be no earlier than the Termination Date for the Term Advances, and (iii) the average life to maturity of the Additional Term Advances shall be no
shorter than the remaining average life to maturity of the Term Advances. Notwithstanding anything to the contrary contained herein, the Lender Parties shall not be obligated to commit to the Additional Term Commitments. 
 (b) Any Additional Term Commitments to provide Additional Term Advances under this Section 2.15 shall be added to this
Agreement pursuant to an amendment (the “Additional Term Commitment Amendment”) among the Parent, the Borrower, the Administrative Agent and the Additional Term Lenders. As a condition precedent to the effectiveness of the
Additional Term Commitment Amendment, the Borrower shall deliver to the Administrative Agent a certificate on behalf of the Borrower dated as of the effective date (the “Additional Commitments Effective Date”) signed by a
Responsible Officer of the Borrower certifying that, before and after giving effect to such increase, (i) the representations and warranties of Loan Parties contained in Article IV and the other Loan Documents are true and correct in all
material respects on and as of the Additional Commitments Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date and (ii) no Default or Event of Default exists immediately before or
immediately after giving effect to such addition. On each Additional Commitments Effective Date, each applicable Lender, Eligible Assignee or other Person which is providing an Additional Term Commitment (i) shall become a “Term
Lender” for all purposes of this Agreement and the other Loan Documents and (ii) in the case of any Additional Term Commitment, shall make an Additional Term Advance to the Borrower in a principal amount equal to such Additional Term
Commitment, and such Additional Term Advance shall be a “Term Advance” for all purposes of this Agreement and the other Loan Documents. 
 (c) Any Additional Term Commitment Amendment and any related documentation may, without the consent of any Lenders (other than Additional Term Lenders that are party to such Additional Term Commitment
Amendment), effect such amendments to this Agreement and the other Loan Documents as may be reasonably necessary, in the opinion of the Administrative Agent, to effect the provisions of this Section 2.15. Any Additional Term Advances made
pursuant to this Section 2.15 shall be evidenced by one or more entries in the Register maintained by the Administrative Agent in accordance with the provisions set forth in Section 9.07(d). 
 (d) This Section 2.15 shall supersede any provisions in Section 9.01 to the contrary. Notwithstanding any other
provision of any Loan Document, the Loan Documents may be amended by the Administrative Agent and the Loan Parties, if necessary, to provide for terms applicable to each Additional Term Commitment. 
 ARTICLE III 
 CONDITIONS TO EFFECTIVENESS AND OF LENDING 
 SECTION 3.01. Conditions Precedent. Section 2.01 of
this Agreement shall become effective on and as of the first date on or before July 6, 2007 (the “Effective Date”) on which the following conditions precedent have been satisfied (and the obligation of each Lender to
make an Advance on the occasion of the Initial Extension of Credit hereunder is subject to the satisfaction of such conditions precedent before or concurrently with the Effective Date): 
 (a) The Administrative Agent shall have received on or before the Effective Date the following, each dated such day (unless
otherwise specified), in form and substance reasonably satisfactory to the Administrative Agent (unless otherwise specified): 
 (i) The Notes payable to the order of the Lenders to the extent requested by the Lenders pursuant to the terms of Section 2.14. 
  

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 (ii) A security agreement in substantially the form of Exhibit D hereto (the
“Term Loan Security Agreement”), duly executed by each Loan Party, together with: 
 (A)
certificates representing the Initial Pledged Equity referred to therein, to the extent certificated, accompanied by undated stock powers executed in blank and instruments evidencing the Initial Pledged Debt referred to therein, indorsed in blank;
provided, however, that if the delivery of such certificates may not be accomplished prior to the Effective Date without undue burden or expense, then the delivery of such certificates shall not constitute a condition precedent to the
Initial Extension of Credit and the applicable Lender Part shall agree to deliver or cause to be delivered such certificates within a reasonable period of time after the Effective Date (or such later date as may be agreed to by the Administrative
Agent); 
 (B) proper financing statements in form appropriate for filing under the Uniform Commercial Code of
all jurisdictions that the Administrative Agent may deem necessary, in the reasonable opinion of the Administrative Agent, in order to perfect and protect the liens and security interests created under the Term Loan Security Agreement and the
required priority thereof, covering the Collateral described in the Term Loan Security Agreement, 
 (C)
INTENTIONALLY OMITTED, 
 (D) the Intellectual Property Term Loan Security Agreement duly executed
by each Loan Party, 
 (E) INTENTIONALLY OMITTED, 
 (F) evidence of the insurance required by the terms of the Term Loan Security Agreement, 
 (G) INTENTIONALLY OMITTED, 
 (H) INTENTIONALLY OMITTED, and 
 (I) evidence that all other action that the Administrative Agent may deem necessary in order to perfect and protect the
liens and security interests created under the Term Loan Security Agreement and the required priority thereof has been taken (including, without limitation, receipt of duly executed payoff letters and UCC-3 termination statements). 
  

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 (iii) An intercreditor agreement in substantially the form of Exhibit I
hereto (the “Intercreditor Agreement”), duly executed by the Administrative Agent, the administrative agent for the ABL Facility and each Loan Party. 
 (iv) Certified copies of the resolutions of the board of directors of each Loan Party approving each Loan Document to which
it is or is to be a party. 
 (v) A copy of a certificate of the Secretary of State of the jurisdiction of
incorporation or formation of each Loan Party, dated reasonably near the Effective Date certifying (A) as to a true and correct copy of the charter of such Loan Party and each amendment thereto on file in such Secretary’s office and
(B) that (1) such amendments are the only amendments to such Loan Party’s charter on file in such Secretary’s office, (2) (to the extent customary for such jurisdiction’s Secretary of State’s certificate) such Loan
Party has paid all franchise taxes to the date of such certificate and (3) such Loan Party is duly incorporated and in good standing or presently subsisting under the laws of the State of the jurisdiction of its incorporation or formation.

 (vi) A certificate of each Loan Party signed on behalf of such Loan Party by its Chief Executive Officer or a
Vice President, dated the Effective Date (the statements made in which certificate shall be true on and as of the Effective Date), certifying as to (A) the absence of any proceeding for the dissolution or liquidation of such Loan Party and
(B) the truth in all material respects of the Specified Representations, as though made on and as of the Effective Date, other than any Specified Representations that, by their terms, refer to a specific date other than the Effective Date, in
which case as of such specific date. 
 (vii) A certificate of the Secretary or an Assistant Secretary of each
Loan Party certifying as to (A) the absence of any amendments to the charter of such Loan Party since the date of the Secretary of State’s certificate referred to in Section 3.01(a)(v), (B) a true and correct copy of the bylaws
or operating agreement of such Loan Party as in effect on the date on which the resolutions referred to in Section 3.01(a)(iv) were adopted and on the Effective Date, (C) the due incorporation and good standing or valid existence of such
Loan Party as a corporation organized under the laws of the jurisdiction of its incorporation or formation and (D) the names and true signatures of the officers of such Loan Party authorized to sign each Loan Document to which it is or is to be
a party and the other documents to be delivered hereunder and thereunder. 
 (viii) INTENTIONALLY
OMITTED. 
 (ix) Unaudited combined statements of assets acquired and liabilities assumed and related
combined statements of revenues and direct and allocated expenses for the Parent for the Fiscal Year ended February 3, 2007; provided that the Lead Arranger acknowledges that it is reasonably satisfied with such statements provided on
June 14, 2007. 
 (x) Unaudited combined statement of assets acquired and liabilities assumed and related
combined statements of revenues and direct and allocated expenses for the Parent for the first quarter of the Fiscal Year 2007. 
  

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 (xi) A pro forma Consolidated combined statement of assets acquired and
liabilities assumed and related combined statements of revenues and direct and allocated expenses as of and for the three-month period ending at the end of the Parent’s first fiscal quarter for Fiscal Year 2007 after giving effect to the
Transaction as if the Transaction had occurred as of such date (which statement would not reflect final purchase accounting and normal year-end audit adjustments) (in the case of such statement of assets acquired and liabilities assumed) or at the
beginning of such period (in the case of such other financial statements). 
 (xii) A certificate, in
substantially the form of Exhibit H, attesting to the Solvency of the Loan Parties, taken as a whole, before and after giving effect to the Transaction, from its Chief Financial Officer. 
 (xiii) Certified copies of the Advisory Agreement, duly executed by the parties thereto and in form and substance
satisfactory to the Lender Parties. 
 (xiv) A favorable opinion of Kirkland & Ellis LLP, counsel for
the Loan Parties, in substantially the form of Exhibit F hereto. 
 (b) The Lender Parties shall be satisfied
that all Existing Debt, other than Surviving Debt, has been prepaid, redeemed or defeased in full or otherwise satisfied and extinguished and all commitments relating thereto terminated and that all Surviving Debt shall be on terms and conditions
satisfactory to the Lender Parties. 
 (c) Substantially concurrently with the funding of the Initial Extension
of Credit, the Borrower shall have made arrangements to pay, to the extent reasonably invoiced in advance, all accrued fees of the Agents, the Lead Arranger and the Lender Parties and all accrued expenses of the Agents and the Lead Arranger
(including the accrued fees and expenses of counsel to the Lead Arranger payable by the Borrower hereunder). 
 (d) The Administrative Agent shall have received confirmation that the Acquisition will be consummated in accordance with the terms of the Purchase Agreement, without any waiver or amendment of any term, provision or condition set forth
therein that is materially adverse to the Lenders and that has not been consented to by the Administrative Agent. 
 (e) The Administrative Agent shall have received confirmation that the sum of cash and Cash Equivalents to be paid to Limited Brands, Inc. and its Affiliates in connection with the Equity Contribution shall be equal to at least
$431,000,000. 
 (f) The Lead Arranger shall have received all documentation and other information required by
bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the Patriot Act. 
 SECTION 3.02. Conditions Precedent to Initial Borrowing. The obligation of each Lender to make an Advance on the occasion of the initial Borrowing shall be subject to the further conditions
precedent that on the date of such Borrowing the following statement shall be true (and the acceptance by the Borrower of the proceeds of such Borrowing shall constitute a representation and warranty by the Borrower that on the date of such
Borrowing such statement is true): 
 (i) the Specified Representations are correct in all material respects on
and as of the Effective Date, immediately before and immediately after giving effect to such Borrowing and to the application of the proceeds therefrom, as though made on and as of such date, other than any such Specified Representations that, by
their terms, refer to a specific date other than the Effective Date, in which case as of such specific date. 
  

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 SECTION 3.03. Determinations Under Section 3.01. For purposes of determining
compliance with the conditions specified in Section 3.01, each Lender Party shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by
or acceptable or satisfactory to the Lender Parties unless an officer of the Administrative Agent responsible for the transactions contemplated by the Loan Documents shall have received notice from such Lender Party prior to the Effective Date
specifying its objection thereto and such Lender Party shall not have made available to the Administrative Agent such Lender Party’s ratable portion of such Initial Extension of Credit. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 

 SECTION 4.01. Representations and Warranties. Subject to Section 3.02, each Loan Party represents and warrants as
follows: 
 (a) Each Loan Party and each of its Subsidiaries (i) is duly organized, validly existing and in
good standing under the laws of the jurisdiction of its formation, (ii) is duly qualified and in good standing (to the extent applicable in the relevant jurisdiction) in each other jurisdiction in which the conduct of its business requires it
to so qualify or be licensed except where the failure to so qualify or be licensed could not be reasonably expected to have a Material Adverse Effect and (iii) has all requisite power and authority (including, without limitation, all
Governmental Authorizations) to own or lease and operate its properties and to carry on its business as now conducted and as proposed to be conducted except where the failure to have such power and authority could not be reasonably expected to have
a Material Adverse Effect. All of the outstanding Equity Interests in the Borrower have been validly issued, are fully paid and non-assessable and, other than those Equity Interests in respect of stock options that have not been tendered pursuant to
the Purchase Agreement, are owned by the Parent free and clear of all Liens, except those created under the Collateral Documents, the ABL Facility Loan Documents and Permitted Liens. 
 (b) Set forth on Schedule 4.01(b) is a complete and accurate list of all Loan Parties, showing as of the date hereof (as to
each Loan Party) the jurisdiction of its incorporation or formation, the address of its principal place of business and its U.S. taxpayer identification number or, in the case of any non-U.S. Loan Party that does not have a U.S. taxpayer
identification number, its unique identification number issued to it by the jurisdiction of its incorporation or formation. 
 (c) Set forth on Schedule 4.01(c) is a complete and accurate list of all Subsidiaries of each Loan Party as of the date hereof, showing as of the date hereof (as to each such Subsidiary) the jurisdiction
of its formation, the number of shares, membership interests or partnership interests (as applicable) of each class of its Equity Interests authorized, and the number outstanding, on the date hereof and the percentage of each such class of its
Equity Interests owned (directly or indirectly) by such Loan Party and the number of shares covered by all outstanding options, warrants, rights of conversion or purchase and similar rights at the date hereof. All of the outstanding Equity Interests
in each Loan Party’s Subsidiaries have been validly issued, are fully paid and non-assessable and are owned by such Loan Party or one or more of its Subsidiaries free and clear of all Liens, except those created under the Collateral Documents,
the ABL Facility Loan Documents and Permitted Liens. 
  

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 (d) The execution, delivery and performance by each Loan Party of each
Transaction Document to which it is or is to be a party, and the consummation of the Transaction, are within such Loan Party’s powers, have been duly authorized by all necessary action, and do not (i) contravene such Loan Party’s
charter, bylaws, limited liability company agreement, partnership agreement or other constituent documents, (ii) violate any law, rule, regulation (including, without limitation, Regulation X of the Board of Governors of the Federal Reserve
System), order, writ, judgment, injunction, decree, determination or award, except for violations that (either individually or in the aggregate) could not reasonably be expected to have a Material Adverse Effect, (iii) conflict with or result
in the breach of, or constitute a default or require any payment to be made under, any material contract, loan agreement, indenture, mortgage, deed of trust, lease or other instrument binding on or affecting any Loan Party, any of its Subsidiaries
or any of their properties, except for violations, defaults or the creation of such rights that could not (either individually or in the aggregate) reasonably be expected to have a Material Adverse Effect, or (iv) except for the Liens created
under the Loan Documents, ABL Facility Loan Documents and Permitted Liens, result in or require the creation or imposition of any Lien upon or with respect to any of the properties of any Loan Party or any of its Subsidiaries. Each Loan Party and
each of its Subsidiaries is in compliance with all applicable laws, rules and regulations, except to the extent that failure to do so could not be reasonably expected to have a Material Adverse Effect. 
 (e) No Governmental Authorization, and no notice to or filing with, any Governmental Authority or any other third party is
required for (i) the due execution, delivery or performance by any Loan Party of any Transaction Document to which it is or is to be a party, or for the consummation of the Transaction, (ii) the grant by any Loan Party of the Liens granted
by it pursuant to the Collateral Documents, (iii) the perfection or maintenance of the Liens created under the Collateral Documents (including the first priority nature and second priority nature thereof) or (iv) the exercise by any Agent
or any Lender Party of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents, except for (w) the authorizations, approvals, actions, notices and filings contemplated by the
Collateral Documents and those listed on Schedule 4.01(e), (x) those authorizations, approvals, actions, notices and filings, the failure of which to obtain, take, give or make could not be reasonably expected to have a Material Adverse Effect,
(y) notices and filings which customarily are required in connection with the exercise of remedies in respect of the Collateral and (z) landlord consents and waivers. The Acquisition has been consummated in all material respects in
accordance with the Purchase Agreement (without any waiver or amendment of any term, provision or condition set forth therein that is materially adverse to the Lenders and that has not been consented to by the Administrative Agent). 
 (f) This Agreement has been, and each other Loan Document when delivered hereunder will have been, duly executed and
delivered by each Loan Party party thereto. This Agreement is, and each other Loan Document when delivered hereunder will be, the legal, valid and binding obligation of each Loan Party party thereto, enforceable against such Loan Party in accordance
with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles (regardless of whether enforcement is sought in equity
or at law). 
  

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 (g) Except as set forth in Schedule 4.01(g), there is no action, suit,
investigation, litigation or proceeding affecting any Loan Party or any of its Subsidiaries, including any Environmental Action, pending or threatened before any Governmental Authority or arbitrator that (i) could be reasonably expected to have
a Material Adverse Effect or (ii) purports to affect the legality, validity or enforceability of any Loan Document or the consummation of the Transaction. 
 (h) The unaudited combined statements of assets acquired and liabilities assumed delivered to the Administrative Agent
pursuant to Section 3.01(a)(ix) and (x), and the related combined statement of revenues and direct and allocated expenses for the period or periods then ended, (i) were prepared in accordance with GAAP consistently applied throughout the
period covered thereby, except as otherwise expressly noted therein and except for the exceptions set forth in Section 3.08 of the Purchase Agreement, and (ii) fairly present in all material respects the financial condition of the Parent
as of the date thereof and their results of operations for the period covered thereby, other than the exceptions set forth in Section 3.08 of the Purchase Agreement and as expressly noted therein (except in the case of Section 3.01(a)(x),
such statements would not reflect the normal year-end audit adjustments). 
 (i) The Consolidated pro forma
combined statement of assets acquired and liabilities assumed and related combined statements of revenues and direct and allocated expenses of the Parent and its Subsidiaries as at May 5, 2007, copies of which have been furnished to the
Administrative Agent, fairly present the Consolidated pro forma financial condition of the Parent and its Subsidiaries as at such date and the Consolidated pro forma results of operations of the Parent and its Subsidiaries for the period ended on
such date, in each case giving effect to the Transaction, all in accordance with GAAP other than the exceptions set forth in Section 3.08 of the Purchase Agreement and as expressly noted therein (except that such statement would not reflect
final purchase accounting and normal year-end audit adjustments). 
 (j) The Consolidated forecasted balance
sheets, statements of income and statement of cash flows of the Borrower and the Parent and their respective Subsidiaries delivered to the Administrative Agent pursuant to Section 5.03 were prepared in good faith on the basis of the assumptions
believed to be reasonable (it being understood that (i) such Consolidated forecasted balance sheets, statements of income and statement of cash flows are not to be viewed as facts and are subject to significant uncertainties and contingencies,
many of which are beyond the Borrower’s control, (ii) no assurance can be given that such Consolidated forecasted balance sheets, statements of income and statement of cash flows will be realized, (iii) actual results may differ and
(iv) such differences may be material). 
 (k) INTENTIONALLY OMITTED. 
 (l) The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying Margin Stock,
and no proceeds of any Advance will be used to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin Stock in violation of Regulations T, U or X promulgated by the Board of Governors of
the Federal Reserve System. 
 (m) Neither any Loan Party nor any of its Subsidiaries is an “investment
company,” or an “affiliated person” of, or “promoter” or “principal underwriter” for, an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended. 
 (n) The Collateral Documents create in favor of the Collateral Agent for the benefit of the Secured Parties a valid security
interest in the Collateral, securing the payment of the Obligations under the Loan Documents, and when (i) financing statements and other filings,

  

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including, without limitation, filings with the United States Patent and Trademark Office or the United States Copyright Office, in appropriate form are filed in the offices specified on Schedule
III to the Term Loan Security Agreement and (ii) upon the taking of possession or control by the Collateral Agent of the Collateral with respect to which a security interest may be perfected only by possession or control, the Liens created by
the Term Loan Security Agreement shall constitute fully perfected Liens on, and security interests in, all right, title and interest of the grantors in the Collateral (other than such Collateral in which a security interest cannot be perfected by
such action under the UCC as in effect at the relevant time in the relevant jurisdiction), in each case subject to no Liens other than Permitted Liens and other Liens created or permitted by the Loan Documents. The Loan Parties are the legal and
beneficial owners of the Collateral free and clear of any Lien, except for Permitted Liens. 
 (o) The Borrower
and each Guarantor, taken as a whole, are Solvent. 
 (p) No Default has occurred and is continuing or would
result from the consummation of the transactions contemplated by this Agreement or any other Loan Document. 
 (q) (i) Set forth on Schedule 4.01(q) is a complete and accurate list of all Plans, Multiemployer Plans and Welfare Plans as of the Effective Date. 
 (ii) No ERISA Event has occurred or is reasonably expected to occur with respect to any Plan that has resulted in or is
reasonably expected to result in a material liability of any Loan Party or any ERISA Affiliate. 
 (iii) Schedule
B (Actuarial Information) to the most recent annual report (Form 5500 Series) for each Plan, copies of which have been filed with the Internal Revenue Service and made available to the Administrative Agent, is complete and accurate and fairly
presents the funding status of such Plan, and since the date of such Schedule B there has been no material adverse change in such funding status. 
 (iv) Neither any Loan Party nor any ERISA Affiliate has incurred or is reasonably expected to incur any Withdrawal Liability to any Multiemployer Plan. 
 (v) Neither any Loan Party nor any ERISA Affiliate has been notified by the sponsor of a Multiemployer Plan that such
Multiemployer Plan is in reorganization or has been terminated, within the meaning of Title IV of ERISA, and no such Multiemployer Plan is reasonably expected to be in reorganization or to be terminated, within the meaning of Title IV of ERISA.

 (r) Except as would not reasonably be expected to result in a Material Adverse Effect (which representations
are, along with clause (g) above, the sole representations of the Loan Parties in respect of environmental matters): 
 (i) the operations and properties of each Loan Party and each of its Subsidiaries comply with all applicable Environmental Laws and Environmental Permits and all past non-compliance with such
Environmental Laws and Environmental Permits has been resolved without ongoing obligations or costs; 
 (ii) no
circumstances exist that would be reasonably likely to (A) form the basis of an Environmental Action against any Loan Party or any of its Subsidiaries or any of their properties or (B) cause any such property to be subject to any
restrictions on ownership, occupancy, transferability or use under any Environmental Law; 
  

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 (iii) none of the properties currently or, to the best of its knowledge,
formerly owned or operated by any Loan Party or any of its Subsidiaries is listed or proposed for listing on the NPL or on the CERCLIS or any analogous foreign, state or local list; 
 (iv) there are no underground or aboveground storage tanks or any surface impoundments, septic tanks, pits, sumps or lagoons
in which Hazardous Materials are being or have been treated, stored or disposed on any property currently owned or operated by any Loan Party or any of its Subsidiaries or, to the best of its knowledge, on any property formerly owned or operated by
any Loan Party or any of its Subsidiaries; 
 (v) Hazardous Materials have not been released, discharged or
disposed of on any property currently or, to the best of its knowledge, formerly owned or operated by any Loan Party or any of its Subsidiaries; 
 (vi) neither any Loan Party nor any of its Subsidiaries is undertaking, and has not completed, either individually or together with other potentially responsible parties, any investigation or assessment
or remedial or response action relating to any actual or threatened release, discharge or disposal of Hazardous Materials at any site, location or operation, either voluntarily or pursuant to the order of any governmental or regulatory authority or
the requirements of any Environmental Law; and 
 (vii) all Hazardous Materials generated, used, treated, handled
or stored at, or transported to or from, any property currently to the best of its knowledge or formerly owned or operated by any Loan Party or any of its Subsidiaries have been disposed of in a manner not reasonably expected to result in liability
to any Loan Party or any of its Subsidiaries. 
 (s) Except as set forth on Schedule 4.01(s): 
 (i) Neither any Loan Party nor any of its Subsidiaries is party to any tax sharing agreement. 
 (ii) Each Loan Party and each of its Subsidiaries (A) has filed, has caused to be filed or has been included in all
material tax returns (Federal, state, local and foreign) required to be filed and such tax returns are true and correct in all material respects and (B) has paid all taxes shown thereon to be due, together with applicable interest and penalties
or adequate provision therefor has been made in accordance with GAAP, except for taxes (x) that are being contested in good faith by appropriate proceedings and for which such Loan Party has set aside on its books adequate reserves in
accordance with GAAP and (y) that could not (individually or in the aggregate) have a Material Adverse Effect. 
 (iii) No issues have been raised in writing by any tax authorities that, in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 (t) Set forth on Schedule 4.01(t) is a complete and accurate list of all Existing Debt (other than (i) Surviving Debt,
(ii) Debt of Subsidiaries to Parent or another Subsidiary of Parent and (iii) Debt consisting of trade payables more than 90 days past due), showing as of the date hereof the obligor and the principal amount outstanding thereunder.

  

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 (u) Set forth on Schedule 4.01(u) is a complete and accurate list of all
Surviving Debt (other than in respect of Debt of Subsidiaries to Parent or another Subsidiary of Parent), showing as of the date hereof the obligor and the principal amount outstanding. 
 (v) Set forth on Schedule 4.01(v) is a complete and accurate list of all Liens on the property or assets of any Loan Party or
any of its Subsidiaries, showing as of the date hereof the lienholder thereof and the principal amount of the obligations secured thereby (other than Permitted Liens described in clauses (a), (b), (c), (d), (f), (g), (h), (l), (n), (p), (r) and
(x) of the definition thereof). 
 (w) INTENTIONALLY OMITTED. 
 (x) INTENTIONALLY OMITTED. 
 (ii) INTENTIONALLY OMITTED. 
 (y) INTENTIONALLY OMITTED. 
 (z) Except as set forth on Schedule 4.01(z) or as could not be expected to have a Material Adverse Effect, the Parent and
each of its Subsidiaries own, or possess the right to use, or could obtain the right to use all of the trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights
(collectively, “IP Rights”) that are reasonably necessary for the operation of their respective businesses, without conflict with the rights of any other Person, and Schedule 4.01(z) sets forth a complete and accurate list of
all registrations (or applications for registrations) for all such IP Rights owned by the Parent and each of its Subsidiaries. To the best knowledge of the Borrower, no slogan or other advertising device, product, process, method, substance, part or
other material now employed, or now contemplated to be employed, by the Parent or any of its Subsidiaries infringes upon any rights held by any other Person. No claim or litigation regarding any of the foregoing is pending or, to the best knowledge
of the Borrower, threatened, which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 ARTICLE V 
 COVENANTS OF THE PARENT 
 SECTION 5.01. Affirmative Covenants. So long as any Advance or any other Obligation of any Loan Party under any Loan Document shall
remain unpaid (other than Unmatured Surviving Obligations) or any Lender Party shall have any Commitment hereunder, each Loan Party will (unless Required Lenders consent): 
 (a) Compliance with Laws, Etc. Comply, and cause each of its Subsidiaries to comply with all applicable laws, rules,
regulations and orders, such compliance to include, without limitation, compliance with ERISA and the Racketeer Influenced and Corrupt Organizations Chapter of the Organized Crime Control Act of 1970, except to the extent that the failure to do so
could not reasonably be expected to have a Material Adverse Effect. 
 (b) Payment of Taxes, Etc. Pay and
discharge, and cause each of its Subsidiaries to pay and discharge, before the same shall become delinquent, (i) all material taxes, assessments and governmental charges or levies imposed upon it or upon its property and (ii) all material
lawful claims that, if unpaid, might by law become a Lien upon its property; provided, however,

  

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that neither the Parent nor any of its Subsidiaries shall be required to pay or discharge any such tax, assessment, charge or claim that is being contested in good faith and by proper proceedings
and as to which appropriate reserves are being maintained, unless and until any Lien resulting therefrom attaches to its property and becomes enforceable against its other creditors; provided, further, that neither the Parent nor any
of its Subsidiaries shall be required to pay and discharge any such tax, assessment, charge or claim where failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 (c) Compliance with Environmental Laws. Comply, and cause each of its Subsidiaries to use commercially reasonable
efforts to comply, with all applicable Environmental Laws and Environmental Permits; obtain and renew, and cause each of its Subsidiaries to obtain and renew, all Environmental Permits necessary for its operations and properties; and conduct, and
cause each of its Subsidiaries to conduct, any investigation, study, sampling and testing, and undertake any cleanup, removal, remedial or other action necessary to remove and clean up all Hazardous Materials from any of its properties, in
accordance with the requirements of all Environmental Laws, except, in each case, to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect; provided, however, that neither the Parent
nor any of its Subsidiaries shall be required to undertake any such cleanup, removal, remedial or other action to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being
maintained with respect to such circumstances or to undertake such actions where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 (d) Maintenance of Insurance. Maintain, and cause each of its Subsidiaries to maintain, insurance (as deemed to be
reasonably prudent in the good faith judgment of the Responsible Officers of such Loan Party or its Subsidiaries) (including, without limitation, business interruption insurance) with responsible and reputable insurance companies or associations in
such amounts and covering such risks as is usually carried by companies engaged in similar businesses and owning similar properties in the same general areas and with similar risk factors in which the Parent or such Subsidiary operates. 

(e) Preservation of Corporate Existence, Etc. Except as permitted under Section 5.02(d) or 5.02(e)(viii),
preserve and maintain, and cause each of its Subsidiaries to preserve and maintain, its existence, rights (charter and statutory), permits, licenses, approvals, privileges and franchises; provided that neither the Parent nor any of its
Subsidiaries shall be required to preserve or maintain any right, permit, license, approval, privilege or franchise if the failure to do so could not reasonably be expected to have a Material Adverse Effect. Nothing contained in this
Section 5.01(e) shall be deemed to prohibit any Subsidiary or the parent entity of such Subsidiary from reorganizing or changing the entity form of such Subsidiary upon prior notice to the Administrative Agent and provided that such
reorganization or change is not materially adverse to the Lenders. 
 (f) Visitation Rights. At any
reasonable time and from time to time, upon reasonable prior notice at any mutually agreeable reasonable time, permit any of the Agents or any of the Lender Parties, or any agents or representatives thereof, to examine and make copies of and
abstracts from the financial records and books of account of, and visit the properties of, the Parent and any of its Subsidiaries, and to discuss the affairs, finances and accounts of the Parent and any of its Subsidiaries with any of their officers
or directors and with their independent certified public accountants (subject to the consent of such accountants); provided, that, so long as no Event of Default has occurred and is continuing, the Agents and the Lender Parties shall
coordinate the exercise of such rights through the Administrative Agent and shall not be entitled

  

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to exercise the foregoing rights more than once in any calendar year at the expense of the Borrower, on a collective basis; provided, however, that a representative of the Borrower shall
be given the opportunity to be present for any communication with the independent accountants. 
 (g) Keeping
of Books. Keep, and cause each of its Subsidiaries to keep, proper books of record and account, in which full and correct entries in all material respects shall be made of all financial transactions and the assets and business of the Parent and
each such Subsidiary in accordance with generally accepted accounting principles in effect from time to time. 
 (h) Maintenance of Properties, Etc. Maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, all of its properties that are used or useful in the conduct of its business in good working order and condition,
ordinary wear and tear excepted, except to the extent the failure to do so could reasonably be expected not to have a Material Adverse Effect. 
 (i) Transactions with Affiliates. Conduct, and cause each of its Subsidiaries to conduct, all transactions otherwise permitted under the Loan Documents with any of their Affiliates on terms that
are no less favorable to the Parent or such Subsidiary than it would obtain in a comparable arm’s length transaction with a Person not an Affiliate; provided, the foregoing restriction shall not apply to (a) transactions between or
among Loan Parties or transactions between or among Subsidiaries of the Parent that are not Loan Parties or transactions between a Loan Party and a Subsidiary that is not a Loan Party so long as the terms of such transaction are no less favorable to
the Loan Party than it would obtain in a comparable arm’s length transaction with a Person not an Affiliate; (b) Restricted Payments permitted to be made pursuant to Section 5.02(g) and Investments permitted under Section 5.02(f)
and permitted intercompany Debt and asset transfers; (c) reasonable and customary fees paid to and indemnification of members of the board of directors (or similar governing body) of Parent and its Subsidiaries; (d) compensation and
indemnity arrangements and benefit plans for officers and other employees of the Parent and its Subsidiaries entered into or maintained or established in the ordinary course of business; (e) sales of Equity Interests of Parent to Affiliates of
Loan Parties or contributions to the equity capital of Parent by Equity Investors or any of its Affiliates not otherwise prohibited by the Loan Documents and the granting of registration and other customary rights in connection therewith;
(f) any transaction with an Affiliate where the only consideration paid is Equity Interests of Parent; (g) the transactions contemplated in connection with the Transaction Documents and all related documents; (h) the existence of, and
the performance by the Parent (or the Borrower on behalf of the Parent) and the Borrower of their respective obligations under the Advisory Agreement, any limited liability company, limited partnership or other constitutive document or security
holders agreement (including any registration rights agreement or purchase agreement related thereto); any other agreement containing agreements among Parent and its Subsidiaries and their Affiliates that is in effect as of the Effective Date and
has been disclosed to the Administrative Agent as of the Effective Date and similar agreements entered into after the Effective Date that (i) are not more adverse to the interest of the Lenders than those that exist as of the Effective Date
taken as a whole, or (ii) which have been disclosed to and consented to by the Administrative Agent and the Required Lenders. 
 (j) Covenant to Guarantee Obligations and Give Security. Upon (x) the request of the Collateral Agent following the occurrence and during the continuance of an Event of Default, (y) the
formation or acquisition of any new direct or indirect Subsidiaries (other than Excluded Subsidiaries) by any Loan Party or upon any Subsidiary (that is not a CFC) of a Loan Party being designated as a Material Subsidiary or (z) the acquisition
of any property by any Loan Party (1) that is of a similar nature to the property of the Loan Parties that is subject to the Liens created by

  

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the Collateral Documents or (2) in the case of fee-owned real estate has a fair market value of at least $250,000, and such property, in the judgment of the Collateral Agent, shall not
already be subject to a perfected (subject to Permitted Liens and other Liens created or permitted by the Loan Documents and the ABL Facility Loan Documents) security interest in favor of the Collateral Agent for the benefit of the Secured Parties,
then in each case at the Borrower’s expense: 
 (i) in connection with the formation or acquisition by a
Loan Party of a Subsidiary that is not an Excluded Subsidiary or upon any Subsidiary (that is not a CFC) of a Loan Party being designated as a Material Subsidiary, within 30 days after such formation, acquisition or designation, cause each such
Subsidiary, and cause each direct and indirect parent (that is not a CFC) of such Subsidiary (if it has not already done so), to duly execute and deliver to the Collateral Agent a guaranty or guaranty supplement, in form and substance reasonably
satisfactory to the Collateral Agent, guaranteeing the other Loan Parties’ obligations under the Loan Documents; provided that any Subsidiary of a CFC shall not be required to execute such guaranty or guaranty supplement, 
 (ii) INTENTIONALLY OMITTED. 
 (iii) within 45 days after (A) such request or acquisition of property by any Loan Party, duly execute and deliver, and
cause each Loan Party to duly execute and deliver, to the Collateral Agent such additional mortgages, pledges, assignments, security agreement supplements, intellectual property security agreement supplements and other security agreements as
specified by, and in form and substance reasonably satisfactory to the Collateral Agent, securing payment of all the Obligations of such Loan Party under the Loan Documents and constituting Liens on all such properties and (B) such formation or
acquisition of any new Subsidiary (other than an Excluded Subsidiary) or the designation of any Subsidiary (that is not a CFC) of a Loan Party as a Material Subsidiary, duly execute and deliver and cause such Subsidiary and each Loan Party acquiring
Equity Interests in such Subsidiary to duly execute and deliver to the Collateral Agent mortgages, pledges, assignments, security agreement supplements, intellectual property security agreement supplements and other security agreements as specified
by, and in form and substance reasonably satisfactory to, the Collateral Agent, securing payment of all of the obligations of such Subsidiary or Loan Party, respectively, under the Loan Documents; provided that (A) the Equity Interests
of any Subsidiary held by a CFC shall not be required to be pledged and (B) if such new property is Equity Interests in a CFC held by a Loan Party, no more than 65% of the Equity Interests in such CFC shall be pledged in favor of the Secured
Parties, 
 (iv) within 45 days after such request, formation, acquisition or designation, take, and cause each
Loan Party and each newly acquired or newly formed Subsidiary (other than an Excluded Subsidiary or a Subsidiary that is a CFC) to take, all reasonable actions (including, without limitation, the recording of mortgages, the filing of Uniform
Commercial Code financing statements, the giving of notices and the endorsement of notices on title documents) as may be necessary or advisable in the opinion of the Collateral Agent to vest in the Collateral Agent (or in any representative of the
Collateral Agent designated by it) valid and subsisting Liens on the properties purported to be subject to the mortgages, pledges, assignments, security agreement supplements, intellectual property security agreement supplements and security
agreements delivered pursuant to this Section 5.01(j), enforceable against all third parties in accordance with their terms, 
  

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 (v) within 60 days after such request, formation, acquisition or
designation, deliver to the Collateral Agent, upon the request of the Collateral Agent in its sole discretion, a signed copy of a favorable opinion, addressed to the Collateral Agent and the other Secured Parties, of counsel for the Loan Parties
acceptable to the Collateral Agent as to such other matters as the Collateral Agent may reasonably request, 
 (vi) as promptly as practicable after such request, formation or acquisition, deliver, following the occurrence and during an Event of Default, upon the reasonable request of the Collateral Agent, to the Collateral Agent with respect to
each parcel of real property that has a fair market value equal to or more than $250,000 and that is owned or held by each Loan Party and each newly acquired or newly formed Subsidiary (other than (x) any Subsidiary that is a CFC or an Excluded
Subsidiary and (y) any leased real property) title reports, surveys and engineering, soils and other reports, and environmental assessment reports, each in scope, form and substance reasonably satisfactory to the Collateral Agent,
provided, however, that to the extent that any Loan Party or any of its Subsidiaries shall have otherwise received any of the foregoing items with respect to such real property, such items shall, promptly after the receipt thereof, be
delivered to the Collateral Agent, and 
 (vii) at any time and from time to time, promptly execute and deliver,
and cause each Loan Party and each newly acquired or newly formed Subsidiary to execute and deliver, any and all further instruments and documents and take, and cause each Loan Party and each newly acquired or newly formed Subsidiary to take, all
such other action as the Collateral Agent may deem reasonably necessary in obtaining the full benefits of, or in perfecting and preserving the Liens of, such guaranties, mortgages, pledges, assignments, security agreement supplements, intellectual
property security agreement supplements and security agreements. 
 Notwithstanding anything in Section 4.01(z) to the
contrary, the Loan Parties shall have no obligation to prefect the Collateral Agent’s or other Secured Parties’ interests in intellectual property outside of the United States. The Collateral Agent may in its discretion lengthen the
foregoing time periods and otherwise modify (with the Borrower’s consent) the foregoing requirements to the extent it deems it reasonable and prudent to do so and may waive the foregoing requirements to the extent that the cost of obtaining a
security interest in the foregoing Collateral is excessive (as reasonably determined by the Collateral Agent) in relation to the benefits to the Lender Parties. 
 (k) Further Assurances. (i) Promptly upon the reasonable request by any Agent, or any Lender Party through the
Administrative Agent, correct, and cause each of its Subsidiaries promptly to correct, any matter that the parties mutually agree is a material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing
or recordation thereof, and 
 (ii) Promptly upon request by any Agent, or any Lender Party through the
Administrative Agent, do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any document or instrument supplemental to or confirmatory of the Collateral Documents as any Agent, or any Lender Party through the
Administrative Agent, may reasonably require from time to time in order to perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents and any of the Liens intended to be created thereunder. 
  

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 (l) Compliance with Terms of Leaseholds. Make all payments and
otherwise perform all obligations in respect of all leases of real property to which the Parent or any of its Subsidiaries is a party, keep such leases in full force and effect, except, in any case, where the failure to do so, either individually or
in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 
 (m) Interest Rate
Hedging. Enter into prior to the 90th day after the Effective Date, and maintain at all times thereafter, interest rate Hedge Agreements in form reasonably acceptable to the Administrative Agent, covering a notional amount of not less than 50%
of the Term Commitments under the Term Facility and providing for such Persons to make payments thereunder for a period of no less than three years. 
 (n) Ratings. The Borrower shall use commercially reasonable efforts to maintain corporate family credit and corporate family ratings with S&P and Moody’s, respectively. 
 (o) Conditions Subsequent. Within 45 days after the Initial Extension of Credit (or, upon the request of the Borrower,
such later date as the Administrative Agent shall approve in its reasonable discretion (such approval not to be unreasonably withheld or delayed) so long as the Borrower shall have used commercially reasonable efforts to satisfy the conditions set
forth below within such 45-day period), furnish to the Administrative Agent: 
 (i) the Deposit Account Control
Agreements referred to in the Term Loan Security Agreement, duly executed by the applicable Loan Parties and each Pledged Account Bank referred to in the Term Loan Security Agreement, and 
 (ii) the Securities Account Control Agreement referred to in the Term Loan Security Agreement, duly executed by the
applicable Loan Party and the applicable securities intermediary. 
 SECTION 5.02. Negative Covenants. So long as any
Advance or any other Obligation of any Loan Party under any Loan Document shall remain unpaid (other than Unmatured Surviving Obligations), or any Lender Party shall have any Commitment hereunder, unless the Required Lenders shall otherwise consent
in writing, no Loan Party will, at any time: 
 (a) Liens, Etc. Create, incur, assume or suffer to exist,
or permit any of its Subsidiaries to create, incur, assume or suffer to exist, any Lien on or with respect to any of its properties of any character (including, without limitation, accounts) whether now owned or hereafter acquired, or sign or file
or suffer to exist, or permit any of its Subsidiaries to sign or file or suffer to exist, under the Uniform Commercial Code of any jurisdiction, a financing statement that names the Parent or any of its Subsidiaries as debtor, or sign or suffer to
exist, or permit any of its Subsidiaries to sign or suffer to exist, any security agreement authorizing any secured party thereunder to file such financing statement, or assign, or permit any of its Subsidiaries to assign, any accounts or other
right to receive income, except for Permitted Liens and Transfers permitted by Section 5.02(e). 
 (b)
Debt. Create, incur, assume or suffer to exist, or permit any of its Subsidiaries to create, incur, assume or suffer to exist, any Debt, except: 
 (i) Debt under the Loan Documents or the ABL Facility Loan Documents; 
  

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 (ii) Capitalized Leases and Debt secured by Liens described in clause
(w) of the definition of “Permitted Liens” not to exceed in the aggregate $10,000,000 at any one time outstanding; 
 (iii) the Surviving Debt and any Debt extending the maturity of, or refunding or refinancing, in whole or in part, any Surviving Debt and guarantees of the Surviving Debt or the extension, refunding or
refinancing of such Surviving Debt; provided that (A) the amount of such extending, refunding or refinancing Debt does not result in an increase in the aggregate principal or facility amount thereof (plus the amount of any premium paid
in respect of such Debt in connection with any such extension, refunding or refinancing and plus the amount of reasonable expenses incurred by Parent and its Subsidiaries in connection therewith), (B) such Debt (if it is term debt) does not
have a weighted average life to maturity that is less than the weighted average life to maturity of the Debt being extended, refunded or refinanced, (C) such Debt (if it is term debt) does not have a final maturity earlier than the final
maturity of the Debt being extended, refunded or refinanced, (D) the direct and contingent obligors therefor shall not be changed (unless any contingent obligor is released), as a result of or in connection with such extension, refunding or
refinancing and (E) if the Debt being extended, refunded or refinanced is subordinate or junior to the Advances and any Guaranty thereof, then the Debt incurred to extend, refund or refinance such Debt shall be subordinate to the Advances and
any Guaranty, as the case may be, at least to the same extent and in the same manner as the Debt being extended, refunded or refinanced; 
 (iv) Debt in respect of Hedge Agreements designed to hedge against fluctuations in interest rates, commodity prices or currency exchange rates incurred in the ordinary course of business and consistent
with prudent business practice; 
 (v) Debt owed to the Borrower or a wholly owned Subsidiary of the Borrower,
which Debt shall (x) in the case of Debt owed to a Loan Party by a Loan Party, constitute Pledged Debt and (y) be otherwise permitted under the provisions of Section 5.02(f); 
 (vi) To the extent it constitutes Debt, Debt incurred by the Borrower or any of its Subsidiaries arising from agreements
providing for indemnification, adjustment of purchase price or similar obligations, or from guaranties or letters of credit, surety bonds or performance bonds securing the performance of the Borrower or any such Subsidiary pursuant to such
agreements, in connection with acquisitions permitted by Section 5.02(f) or Transfers permitted by Section 5.02(e); provided that, in respect of any Debt incurred hereunder pursuant to agreements providing for indemnification in
connection with Transfers permitted by Section 5.02(e), such Debt shall not exceed the amount of net cash proceeds received from such Transfers; 
 (vii) Debt which may be deemed to exist pursuant to any guaranties, performance, surety, statutory, appeal, completion guarantees, export or import indemnities, customs and revenue bonds or similar
instruments, workers’ compensation claims, self-insurance obligations and bankers acceptances issued for the account of any Loan Party in the ordinary course of business, including guarantees or obligations of any Loan Party with respect to
letters of credit supporting such bid, performance or surety bonds, workers’ compensation claims, self-insurance obligations and bankers acceptances (in each case other than for an obligation for money borrowed) or similar obligations incurred
in the ordinary course of business; 
  

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 (viii) Debt of Foreign Subsidiaries not to exceed $10,000,000 at any time
outstanding and unsecured guarantees of such Debt; 
 (ix) Debt of a Subsidiary outstanding on the date such
Subsidiary was acquired by the Borrower or any of its Subsidiaries or assumed in connection with the acquisition of assets from a Person (other than Debt incurred as consideration in, or to provide all or any portion of the funds or credit support
utilized to consummate, the transaction or series of transactions pursuant to which such Subsidiary became a Subsidiary of the Borrower or was otherwise acquired by the Borrower) in an acquisition permitted by Section 5.02(f); and 

(x) Debt consisting of the deferred purchase price of acquisitions permitted under Section 5.02(f); 
 (xi) other unsecured Debt of the Borrower and its Subsidiaries in an aggregate principal amount not to exceed at any time
$25,000,000 outstanding at any time; 
 (xii) other Debt of the Borrower and its Subsidiaries that is
subordinated to the Obligations under the Loan Documents on terms reasonably acceptable to the Administrative Agent, so long as, after giving effect to the incurrence or issuance of such Debt, the Parent and its Subsidiaries are in pro forma
compliance with the covenant set forth in Section 5.05; 
 (xiii) Guaranteed Debt of any Loan Party in
respect of Debt otherwise permitted under this Section 5.02; 
 (xiv) Debt arising in connection with
endorsement of instruments for collection or deposit in the ordinary course of business; 
 (xv) Debt arising
from the existing letters of credit so long as such existing letters of credit are secured by a letter of credit or cash collateral reasonably acceptable to Agents; 
 (xvi) Debt consisting of deferred purchase price or notes issued to officers, directors and employees to purchase equity
interests (or options or warrants or similar instruments) of Parent in an aggregate amount not to exceed $5,000,000 outstanding at any time; 
 (xvii) Debt incurred in connection with the financing of insurance premiums in an amount not to exceed the annual premiums in respect thereof at any one time outstanding; and 
 (xviii) the Transactions as contemplated by the Transaction Documents. 
 (c) Change in Nature of Business. Make, or permit any of its Subsidiaries to conduct any business other than the
businesses as carried on at the date hereof and other businesses substantially related, incidental thereto, or complementary thereto or are reasonable extensions thereof). 
  

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 (d) Mergers, Etc. Merge into or consolidate with any Person or permit
any Person to merge into it, or permit any of its Subsidiaries to do so, except that: 
 (i) any Subsidiary of
the Borrower may merge into or consolidate with any other Subsidiary of the Borrower or with the Borrower; provided that, in the case of any such merger or consolidation, the Person formed by such merger or consolidation shall be a wholly
owned Subsidiary of the Borrower or the Borrower; and provided further that, in the case of any such merger or consolidation to which a Subsidiary Guarantor is a party, the Person formed by such merger or consolidation shall be a Subsidiary
Guarantor or the Borrower; 
 (ii) as part of any acquisition permitted under Section 5.02(f), any
Subsidiary of the Borrower may merge into or consolidate with any other Person or permit any other Person to merge into or consolidate with it; provided that the Person surviving such merger shall be a wholly owned Subsidiary of the Borrower;
and provided further that, in the case of any merger or consolidation to which a Subsidiary Guarantor is a party, the Person formed by such merger or consolidation shall be a Subsidiary Guarantor; 
 (iii) as part of any Transfer permitted under Section 5.02(e), any Subsidiary of the Borrower may merge into or
consolidate with any other Person or permit any other Person to merge into or consolidate with it; 
 (iv) any
Subsidiary may dissolve, liquidate or wind up its affairs at any time; provided that such dissolution, liquidation or winding up, as applicable, could not reasonably be expected to have a Material Adverse Effect; 
 (v) the Loan Parties may perform the Transactions as contemplated by the Transaction Documents; and 
 (vi) Retail Factoring, LLC may be dissolved. 
 (e) Sales, Etc. of Assets. Sell, lease, transfer, assign, exchange, convey or otherwise dispose of (each a
“Transfer”), or permit any of its Subsidiaries to Transfer, any assets, except: 
 (i)
(A) Transfers of Inventory (including unusable, excess or slow-moving Inventory) and delinquent accounts receivables in the ordinary course of its business and Transfers of accounts receivables in connection with the private label credit card
programs in the ordinary course of business, (B) the granting of any option or other right to purchase, lease or otherwise acquire Inventory and delinquent accounts receivables in the ordinary course of its business; and (C) dispositions
of cash and Cash Equivalents in the ordinary course of business; 
 (ii) (A) Transfers of assets among Loan
Parties; (B) Transfers of assets among Subsidiaries that are not Loan Parties; (C) Transfers of assets from Subsidiaries that are not Loan Parties to Loan Parties; and (D) Transfers of assets from Loan Parties to Subsidiaries that are
not Loan Parties in a transaction that would be permitted under clause (i) of Section 5.02(f) if such Transfer had been a transaction involving cash; provided that, for purposes of determining the application of each of clauses
(A) through (D) above in connection with any Transfer made in connection with reorganizing or

  

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restructuring of Subsidiaries, any Transfer or series of related Transfers between Loan Parties and/or Subsidiaries shall be deemed to be a Transfer solely between the initial and the ultimate
holder of any such assets transferred without regard to any intermediate holder of such assets; 
 (iii)
Transfers of unneeded, used, worn out, obsolete or damaged equipment and trade-ins and exchanges of equipment in the ordinary course of business and the abandonment or other disposition of Intellectual Property that is, in the reasonable judgment of
Loan Parties, no longer economically practicable or commercially desirable to maintain or useful in the conduct of the business of the Loan Parties taken as a whole; 
 (iv) Transfers in connection with any transaction in which there is an Extraordinary Receipt; 
 (v) Transfers for fair value, the proceeds of which are less than $2,000,000 for any such single transaction and the proceeds
of which when aggregated with all other such Transactions during a fiscal year are less than $10,000,000; 
 (vi)
Leases and subleases, licenses and sublicenses of real or personal property in the ordinary course of business; 
 (vii) Licensing of intellectual property on a non-exclusive basis or on an exclusive basis so long as such exclusive licensing is limited to geographic areas, particular fields of use, customized products for customers or limited time
periods; 
 (viii) Any liquidation or dissolution of a Subsidiary so long as its immediate parent becomes the
owner of its assets; 
 (ix) Transfers of assets consisting of accounts receivable in a transaction involving
Foreign Subsidiaries that would be permitted under clause (viii) of Section 5.02(b) if such Transfer had been a transaction involving Debt; 
 (x) the Transactions as contemplated by the Transaction Documents; 
 (xi) mergers, amalgamations, consolidations and dissolutions in compliance with Section 5.02(d); 
 (xii) Investments in compliance with Section 5.02(f); 
 (xiii) discounts or forgiveness of
accounts receivable in the ordinary course of business or in connection with collection or compromise thereof; and 
 (xiv) Permitted Liens. 
 (f) Investments in Other Persons. Make or hold, or permit any of its
Subsidiaries to make or hold, any Investment in any Person, except: 
 (i) (A) Investments by the Parent and its
Subsidiaries in their Subsidiaries outstanding on the date hereof, (B) additional Investments by the Parent and its Subsidiaries in Loan Parties, (C) additional Investments by Subsidiaries of the Borrower that are not Loan Parties in other
Subsidiaries that are not Loan Parties, and (D)

  

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additional Investments by the Loan Parties in Subsidiaries that are not Loan Parties (including Subsidiaries that are Excluded Subsidiaries) in an aggregate amount invested from the date hereof
not to exceed $10,000,000 at the time such Investment is made; 
 (ii) loans and advances to employees in the
ordinary course of the business of the Borrower and its Subsidiaries as presently conducted in an aggregate principal amount not to exceed $2,000,000 at any time outstanding; 
 (iii) loans to directors, officers and employees to purchase Equity Interests of Parent; 
 (iv) Investments by the Borrower and its Subsidiaries in bank deposits in the ordinary course of business or Cash
Equivalents; 
 (v) Investments existing on the date hereof and described on Schedule 5.02(f); 
 (vi) Investments in Hedge Agreements permitted under Section 5.02(b)(iv); 
 (vii) the purchase or other acquisition of all or substantially all of the Equity Interests in any Person that, upon the
consummation thereof, will be wholly owned directly by the Borrower or one or more of its wholly owned Subsidiaries (including, without limitation, as a result of a merger or consolidation) and the purchase or other acquisition by the Borrower or
one or more of its wholly-owned Subsidiaries of all or substantially all of the property and assets of any Person (collectively, an “Permitted Acquisition”); provided that, with respect to each purchase or other
acquisition made pursuant to this clause (vii): 
 (A) the Loan Parties and any such newly created or acquired
Subsidiary shall comply with the requirements of Section 5.01(j); 
 (B) the lines of business of the
Person to be (or the property and assets of which are to be) so purchased or otherwise acquired shall be permitted by Section 5.02(c); 
 (C) such purchase or other acquisition shall not include or result in any contingent liabilities that could reasonably be expected to have a Material Adverse Effect on the Borrower and its Subsidiaries,
taken as a whole (as determined in good faith by the board of directors (or the persons performing similar functions) of the Borrower, if the board of directors is otherwise approving such transaction, or, in each other case, by the Responsible
Officer of the Borrower); 
 (D) the total cash consideration (including, without limitation, all indemnities,
earnouts reasonably anticipated by the Borrower to have to be paid and other contingent payment obligations to, and the aggregate amounts paid or to be paid under noncompete, consulting and other affiliated agreements with, the sellers of such
Person or assets, and all assumptions of debt, liabilities and other obligations in connection therewith permitted by Section 5.02(b)(ix) but excluding the portion paid with proceeds of any Equity Issuance to or contribution from directly or
indirectly the Equity Investors) paid by or on behalf

  

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of the Borrower and its Subsidiaries for any such purchase or other acquisition, shall not exceed, when aggregated with the total cash and noncash consideration paid by or on behalf of the
Borrower and its Subsidiaries for all other purchases and other acquisitions made by the Borrower and its Subsidiaries pursuant to this clause (vii), $100,000,000 at the time any such purchase or other acquisition is made; 
 (E) (1) immediately before and immediately after giving effect to any such purchase or other acquisition, no Event of
Default shall have occurred and be continuing and (2) immediately after giving effect to such purchase or other acquisition, the Parent and its Subsidiaries shall be in pro forma compliance with the covenant set forth in Section 5.05, such
compliance to be determined as of the last day of the most recently ended Measurement Period; and 
 (F) the
Borrower shall have delivered to the Administrative Agent, on behalf of the Lender Parties, at least five Business Days prior to the date on which any such purchase or other acquisition is to be consummated, a certificate of a Responsible Officer,
in form and substance reasonably satisfactory to the Administrative Agent, certifying that all of the requirements set forth in this clause (vii) have been satisfied or will be satisfied in all material respects on or prior to the consummation
of such purchase or other acquisition; 
 (viii) Investments (A) received in satisfaction or partial
satisfaction of accounts from financially troubled account debtors (whether in connection with a foreclosure, bankruptcy, workout or otherwise) and (B) consisting of deposits, prepayments and other credits to suppliers made in the ordinary
course of business consistent with the past practices of the Borrower and its Subsidiaries; 
 (ix) guaranties in
the ordinary course of business of obligations owed to or of landlords, suppliers, customers, franchisees and licensees of the Borrower and its Subsidiaries or otherwise permitted hereunder; 
 (x) other Investments in an aggregate amount not to exceed at any time the sum of (A) $15,000,000 (B) net proceeds
received from Investments permitted under this Section 5.02(f) and (C) any proceeds of Excluded Issuances used to make Investments; 
 (xi) the Loan Parties may (A) acquire and hold accounts receivable owing to any of them if created or acquired in the ordinary course of business and payable or dischargeable in accordance with
customary terms, (B) invest in, acquire and hold cash and Cash Equivalents, (C) endorse negotiable instruments held for collection in the ordinary course of business or (D) make lease, utility and other similar deposits in the
ordinary course of business; 
 (xii) the Loan Parties may sell or transfer amounts and acquire assets to the
extent permitted by Section 5.02(e); 
 (xiii) any Loan Party may hold Investments to the extent such
Investments reflect an increase in the value of Investments already made; and 
 (xiv) the Transactions as
contemplated by the Transaction Documents. 
  

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 For purposes of determining compliance with the provisions of this Section 5.02(f),
Investments made by the Borrower or any of its Subsidiaries (the “investor”) in any Subsidiary that are effected pursuant to one or more Investments made contemporaneously or in prompt succession by the investor and/or any of its
Subsidiaries shall be deemed one Investment by the investor. 
 (g) Restricted Payments. Declare or pay
any dividends, purchase, redeem, retire, defease or otherwise acquire for value any of its Equity Interests now or hereafter outstanding, return any capital to its stockholders, partners or members (or the equivalent Persons thereof) as such, make
any distribution of assets, Equity Interests, obligations or securities to Parent’s stockholders, partners or members (or the equivalent Persons thereof) as such, or permit any of its Subsidiaries to do any of the foregoing, or permit any of
its Subsidiaries to purchase, redeem, retire, defease or otherwise acquire for value any Equity Interests in the Borrower (any of the foregoing, a “Restricted Payment”), except that: 
 (i) the Parent may (A) declare and pay dividends and distributions payable only in Equity Interests of the Parent and
(B) purchase, redeem, retire, defease or otherwise acquire Equity Interests with the proceeds received contemporaneously from the issuance of Equity Interests with equal or inferior voting powers, designations, preferences and rights, so long
as no Event of Default shall have occurred and be continuing at the time of such purchase, redemption, retirement, defeasance or acquisition or would result therefrom; 
 (ii) each of the Parent and the Borrower may, at any time when the Leverage Ratio (calculated on a pro forma basis both
before and after giving effect to such cash dividends) shall be less than 1.0:1.0, declare and pay cash dividends to Parent’s equity holders and purchase, redeem, retire or otherwise acquire Parent’s Equity Interests for cash in an
aggregate amount not to exceed an amount equal to 75% of the portion of Excess Cash Flow not required to prepay the Facilities pursuant to Section 2.04(b)(i) as determined from and after, and for so long as, such Leverage Ratio is in effect and
so long as no Event of Default shall have occurred and be continuing at the time of such declaration and payment of cash dividend or would result therefrom; 
 (iii) any Subsidiary of the Borrower may declare and pay dividends or other distributions to the Borrower or to any Loan
Party of which it is a Subsidiary; 
 (iv) the Loan Parties may acquire Equity Interests of the Borrower or the
Parent or any other Loan Party in connection with the exercise of stock options (or the equivalent with respect to membership interests) or stock appreciation rights (or the equivalent with respect to membership interests) by way of cashless
exercise or in connection with the satisfaction of withholding tax obligations so long as no Event of Default shall have occurred and be continuing at the time of the acquisition of such Equity Interests or would result therefrom; 
 (v) the Loan Parties may purchase, redeem or acquire fractional shares of Equity Interests arising out of stock dividends,
splits or combinations or business combinations; 
 (vi) the Parent may convert convertible securities and make
cash payments in lieu of fractional shares in connection with any such conversion; 
  

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 (vii) in connection with any acquisition permitted by Section 5.02(f)
and so long as no Event of Default shall have occurred and be continuing at the time of such acquisition or would result therefrom, the Borrower or any Subsidiary may (A) receive or accept the return to the Borrower or any of its Subsidiaries
of Equity Interests constituting a portion of the purchase price consideration in settlement of indemnification claims or (B) make payments or distributions to dissenting stockholders pursuant to applicable law; 
 (viii) the Loan Parties may make Permitted Distributions; 
 (ix) so long as no Event of Default shall have occurred and be continuing at such time or would result therefrom, payments to
the Parent to permit the Parent, and the subsequent use of such payments by Parent, to repurchase or redeem Qualified Capital Stock of Parent held by officers, directors or employees or former officers, directors or employees (or their transferees,
estates or beneficiaries under their estates) of any Loan Party, upon their death, disability, retirement, severance or termination of employment or service, or to make payments on Indebtedness issued to buy such Qualified Capital Stock or pursuant
to and in accordance with stock option plans or other benefit plans; provided that the aggregate cash consideration paid for all such redemptions and payments shall not exceed, in any fiscal year, the sum of (x) net cash proceeds from
issuances of Equity Interests (other than Excluded Issuances or issuances of Equity Interests applied to satisfy any financial covenant under the ABL Facility Credit Agreement) plus (y) $3,000,000 (and up to 100% of such amount not used in any
fiscal year may be carried forward to the next succeeding (but no other) fiscal year) plus (z) the amount of any net cash proceeds received by or contributed to Borrower from the issuance and sale since the issue date of Qualified Capital Stock
of Parent to officers, directors or employees of any Loan Party that have not been used to make any repurchases, redemptions or payments under this clause (ix); and 
 (x) the Loan Parties may perform the Transactions as contemplated by the Transaction Documents. 
 (h) Amendments of Constitutive Documents. Other than in respect of the limited liability company agreements set forth
on Schedule 5.02(h), amend, or permit any of its Subsidiaries to amend, its certificate of incorporation or bylaws or other constitutive documents in a manner materially adverse to the Lenders. Nothing contained in this Section 5.01(h) shall be
deemed to prohibit any Subsidiary or the parent entity of such Subsidiary from reorganizing or changing the entity form of such Subsidiary upon prior notice to the Administrative Agent and provided that such reorganization or change is not
materially adverse to the Lenders (it being understood that any reorganization or change into a limited partnership or a limited liability company by any Subsidiary or the parent entity of such Subsidiary shall not be deemed to be materially adverse
to the Lenders). 
 (i) Accounting Changes. Make or permit, or permit any of its Subsidiaries to make or
permit, any change in Fiscal Year. 
 (j) Prepayments, Etc., of Debt. (i) Voluntarily prepay, redeem,
purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner, in each case in violation of any subordination terms of, any Subordinated Debt,; (ii) amend, modify or change in any manner materially adverse to the
Lenders any term or condition of any Subordinated Debt unless permitted by the subordination provisions thereof, or (iii) permit any of its Subsidiaries to do any of the foregoing, other than to prepay any Debt permitted to be incurred
hereunder payable to the Borrower or another Subsidiary. 
  

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 (k) Amendment, Etc., of Related Documents. Other than with respect to
the ABL Facility Loan Document (which may be amended or otherwise modified in accordance with the Intercreditor Agreement), amend, modify or change in any manner materially adverse to the Lenders any term or condition of any Related Document or give
any consent, waiver or approval thereunder that is materially adverse to the Lenders. 
 (l) Negative
Pledge. Enter into or suffer to exist, or permit any of its Subsidiaries to enter into or suffer to exist, any agreement prohibiting or conditioning the creation or assumption of any Lien upon any of its property or assets securing the
Obligations under the Loan Documents, except: (i) prohibitions or conditions under (A) any purchase money Debt permitted by Section 5.02(b)(ii) solely to the extent that the agreement or instrument governing such Debt prohibits a Lien
on the property acquired with the proceeds of such Debt (together with any accessions and additions thereto and the proceeds thereof), (B) any Surviving Debt or (C) any Capitalized Lease permitted by Section 5.02(b)(ii) solely to the
extent that such Capitalized Lease prohibits a Lien on the property subject thereto (together with any accessions and additions thereto and the proceeds thereof); (ii) specific property to be sold pursuant to an executed agreement with respect
to a permitted Transfer permitted under this agreement; (iii) restrictions by reason of customary provisions restricting Liens, assignments, subletting or other transfers contained in leases, licenses and similar agreements entered into in the
ordinary course of business (provided that such restrictions are limited to the property or assets secured by such Liens or the property or assets subject to such leases, licenses or similar agreements, as the case may be); (iv) restrictions
and conditions applicable to any Subsidiary acquired after the date hereof if such restrictions and conditions existed at the time such Subsidiary was acquired, were not created in anticipation of such acquisition and apply solely to such acquired
Subsidiary; (v) restrictions disclosed in Schedule 5.02(l); (vi) covenants in documents creating Liens permitted by Section 5.02(a) prohibiting further Liens on the properties encumbered thereby; (vii) prohibitions or limitations
that exist in any agreement governing Debt permitted by Section 5.02(b)(viii), (xii) or (xv), provided that such prohibition or limitation is not more restrictive in any material respect than those contained in the Loan Documents;
or (viii) restrictions or limitations imposed by any amendments or refinancings that are otherwise permitted by the Loan Documents of the contracts, instruments or obligations referred to in clause (ii), provided that such
amendments and refinancings are no more materially restrictive with respect to such prohibitions and limitations than those prior to such amendment or refinancing. 
 SECTION 5.03. Reporting Requirements. So long as any Advance or any other Obligation (other than Unmatured Surviving Obligations) of any Loan Party under any Loan Document shall remain unpaid, or
any Lender Party shall have any Commitment hereunder, the Borrower will furnish to the Administrative Agent: 
 (a) Default Notice. Within three Business Days after the occurrence of each Default or any event, development or occurrence that has resulted in a Material Adverse Effect continuing on the date of such statement, a statement of a
Responsible Officer of the Borrower setting forth details of such Default, event, development or occurrence and the action that the Borrower has taken and proposes to take with respect thereto. 
 (b) Annual Financials. Within 120 days after the end of each Fiscal Year, a copy of the annual audit report for such
year for the Parent and its Subsidiaries, including therein a Consolidated balance sheet of the Parent and its Subsidiaries as of the end of such Fiscal Year

  

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 62 

 
and a Consolidated statement of income and a Consolidated statement of cash flows of the Parent and its Subsidiaries for such Fiscal Year, in each case accompanied by an opinion as to such audit
report of any of the “Big-4” accounting firms or other independent public accountants of recognized standing reasonably acceptable to the Administrative Agent, which opinion shall not have any “going concern” qualification,
together with a schedule in form reasonably satisfactory to the Administrative Agent of the computations used by such accountants in determining, as of the end of such Fiscal Year, compliance with the covenant set forth in Section 5.05;
provided that, in the event of any change in GAAP used in the preparation of such financial statements, the Parent shall also provide a reconciliation of such financial statements to former GAAP and (iii) a certificate on behalf of the
Parent signed by a Responsible Officer of the Parent stating that no Default has occurred and is continuing or, if a Default has occurred and is continuing, a statement as to the nature thereof and the action that the Parent has taken and proposes
to take with respect thereto. 
 (c) Quarterly Financials. Within 60 days after the end of each of the
first three quarters of each Fiscal Year, a Consolidated balance sheet of the Parent and its Subsidiaries as of the end of such quarter and a Consolidated statement of income and a Consolidated statement of cash flows of the Parent and its
Subsidiaries for the period commencing at the end of the previous fiscal quarter and ending with the end of such fiscal quarter and a Consolidated statement of income and a Consolidated statement of cash flows of the Parent and its Subsidiaries for
the period commencing at the end of the previous Fiscal Year and ending with the end of such quarter, setting forth in each case in comparative form the corresponding figures for the corresponding date or period of the preceding Fiscal Year, all in
reasonable detail and duly certified (subject to normal year-end audit adjustments) by a Responsible Officer of the Parent as having been prepared in accordance with GAAP (other than the absence of footnotes), together with (i) a certificate on
behalf of Parent signed by a Responsible Officer stating that no Default has occurred and is continuing or, if a Default has occurred and is continuing, a statement as to the nature thereof and the action that the Parent has taken and proposes to
take with respect thereto and (ii) a schedule in form satisfactory to the Administrative Agent of the computations used by the Parent in determining compliance with the covenant set forth in Section 5.05. 
 (d) Annual Forecasts. No later than 45 days after the end of each Fiscal Year, forecasts prepared by management of the
Parent, in form reasonably satisfactory to the Administrative Agent, of balance sheets, income statements and cash flow statements on a quarterly basis for the Fiscal Year following such Fiscal Year. 
 (e) Litigation. Promptly after the commencement thereof, notice of all actions, suits, investigations, litigation and
proceedings before any Governmental Authority affecting any Loan Party or any of its Subsidiaries of the type described in Section 4.01(g). 
 (f) Securities Reports. Promptly after the sending or filing thereof copies of all regular, periodic and special reports, and all registration statements, that any Loan Party or any of its
Subsidiaries files with the Securities and Exchange Commission or any governmental authority that may be substituted therefor, or with any national securities exchange. 
 (g) INTENTIONALLY OMITTED. 
 (h) INTENTIONALLY OMITTED. 
  

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 (i) Plan Terminations. Promptly and in any event within two Business
Days after receipt thereof by any Loan Party or any ERISA Affiliate, copies of each notice from the PBGC stating its intention to terminate any Plan or to have a trustee appointed to administer any Plan. 
 (ii) Plan Annual Reports. Promptly upon request by the Administrative Agent, copies of each Schedule B (Actuarial
Information) to the annual report (Form 5500 Series) with respect to each Plan. 
 (iii) Multiemployer Plan
Notices. Promptly and in any event within five Business Days after receipt thereof by any Loan Party or any ERISA Affiliate from the sponsor of a Multiemployer Plan, copies of each notice concerning (A) the imposition of Withdrawal
Liability by any such Multiemployer Plan, (B) the reorganization or termination, within the meaning of Title IV of ERISA, of any such Multiemployer Plan or (C) the amount of liability incurred, or that may be incurred, by such Loan Party
or any ERISA Affiliate in connection with any event described in clause (A) or (B). 
 (i) Environmental
Conditions. Promptly after the assertion or occurrence thereof, notice of any Environmental Action against or of any noncompliance by any Loan Party or any of its Subsidiaries with any Environmental Law or Environmental Permit that could
(i) reasonably be expected to have a Material Adverse Effect or (ii) cause any property described in the Mortgages to be subject to any material restrictions on ownership, occupancy, transferability or use under any Environmental Law.

 (j) INTENTIONALLY OMITTED. 
 (k) INTENTIONALLY OMITTED. 
 (l) Other Information. Such other information respecting the business, financial condition, operations of any Loan
Party or any of its Subsidiaries as any Agent, or any Lender Party through the Administrative Agent, may from time to time reasonably request. Notwithstanding anything to the contrary in this Agreement, none of the Parent, the Borrower or any
Subsidiary will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (i) constitutes non-financial trade secrets or non-financial
proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by law or any binding agreement or (iii) is confidential or is
subject to attorney-client or similar privilege or constitutes attorney work product. 
 SECTION 5.04. Holding Company Status
of Parent. Parent shall not engage in any business or activity other than (i) the ownership of all outstanding Equity Interests in the Borrower, (ii) maintaining its corporate existence, (iii) participating in tax, accounting and
other administrative activities as parent of the consolidated group of companies including the Loan Parties, (iv) the performance of obligations under the Transaction Documents to which it is a party, (v) making or receiving any Restricted
Payment permitted under Section 5.02(g) and (vi) activities incidental to the businesses or activities described in the foregoing clauses (i) through (v). 
  

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 SECTION 5.05. Financial Covenant. (a) So long as any Advance or any other
Obligation (other than Unmatured Surviving Obligations) of any Loan Party under any Loan Document shall remain unpaid, or any Lender Party shall have any Commitment hereunder, the Parent will maintain at the end of each Measurement Period set forth
below a Leverage Ratio of not more than the amount set forth below for such Measurement Period: 
  

			
	 Measurement Period Ending
	  	Leverage Ratio
	 Third Quarter Fiscal Year 2007
	  	3.00:1.00
	 Fourth Quarter Fiscal Year 2007
	  	3.00:1.00
	 First Quarter Fiscal Year 2008
	  	2.75:1.00
	 Second Quarter Fiscal Year 2008
	  	2.75:1.00
	 Third Quarter Fiscal Year 2008
	  	2.75:1.00
	 Fourth Quarter Fiscal Year 2008
	  	2.75:1.00
	 First Quarter Fiscal Year 2009
	  	2.50:1.00
	 Second Quarter Fiscal Year 2009
	  	2.50:1.00
	 Third Quarter Fiscal Year 2009
	  	2.25:1.00
	 Fourth Quarter Fiscal Year 2009
	  	2.25:1.00
	 First Quarter Fiscal Year 2010
	  	2.00:1.00
	 Second Quarter Fiscal Year 2010
	  	2.00:1.00
	 Third Quarter Fiscal Year 2010
	  	1.75:1.00
	 Fourth Quarter Fiscal Year 2010
	  	1.75:1.00
	 Thereafter
	  	1.75:1.00

 (b) For purposes of determining compliance with the foregoing clause
(a), any equity investment made to the Borrower after the Effective Date and on or prior to the day that is ten (10) Business Days after the day on which financial statements are required to be delivered for a fiscal quarter shall, at the
request of the Borrower and in the event that the proceeds thereof have been contributed to the Borrower as common equity or other equity on terms and conditions reasonably acceptable to the Administrative Agent, be included in the calculation of
EBITDA for the purpose of determining compliance with such covenant at the end of such fiscal quarter and applicable subsequent periods (any such equity contribution so included in the calculation of EBITDA, a “Specified Equity
Contribution”); provided that (i) in each four consecutive fiscal quarter period there shall be a period of at least one fiscal quarter in which no Specified Equity Contribution is made and (ii) the amount of any
Specified Equity Contribution shall be no greater than the amount required to cause the Borrower to be in compliance with the covenant set forth in this Section 5.05 and the covenant set forth in Section 5.05 of the ABL Facility Credit
Agreement. 
 ARTICLE VI 
 EVENTS OF DEFAULT 
 SECTION 6.01. Events of Default. If any of the
following events (“Events of Default”) shall occur and be continuing: 
 (a) (i) the
Borrower shall fail to pay any principal of any Advance when the same shall become due and payable or (ii) the Borrower shall fail to pay any interest on any Advance or any fee within five Business Days after the same shall become due and
payable, or any Loan Party shall fail to make any other payment under any Loan Document within thirty days after the same shall become due and payable; or 
 (b) any representation or warranty made by any Loan Party (or any of its officers) under or in connection with any Loan Document shall prove to have been incorrect in any material respect when made; or

  

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 (c) the Borrower shall fail to perform or observe any term, covenant or
agreement contained in Sections 2.12, 5.01(e) (as to preservation of existence only), (f), (i) or 5.02, 5.03(a); or 
 (d) any Loan Party shall fail to perform or observe any other term, covenant or agreement contained in any Loan Document on its part to be performed or observed if such failure shall remain unremedied for
30 days after the earlier of the date on which (i) any Responsible Officer of a Loan Party becomes aware of such failure or (ii) written notice thereof shall have been given to the Borrower by any Agent or any Lender Party; or 

(e) any Loan Party or any of its Subsidiaries shall fail to pay any principal of, premium or interest on or any other
amount payable in respect of any Debt of such Loan Party or such Subsidiary (as the case may be) that is outstanding in a principal amount (or, in the case of any Hedge Agreement, an Agreement Value) of at least $15,000,000 either individually or in
the aggregate for all such Loan Parties and Subsidiaries (but excluding Debt outstanding hereunder), when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure
shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt; or any other event shall occur or condition shall exist under any agreement or instrument relating to any such Debt and shall
continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Debt or otherwise to cause, or to permit
the holder thereof to cause, such Debt to mature; or any such Debt shall be declared to be due and payable or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption or mandatory prepayments),
purchased or defeased, or an offer to prepay, redeem, purchase or defease such Debt shall be required to be made, in each case prior to the stated maturity thereof; provided that this clause (e) shall not apply to secured Debt that
becomes due as a result of the voluntary Transfer of the property or assets securing such Debt, if such Transfer is permitted hereunder and under the documents providing for such Debt; provided, further, that an Event of Default under
this clause (e) shall continue only so long as the applicable event or condition constituting such Event of Default is unremedied and is not waived or rescinded by the holders of such Debt; provided, further, that an “Event
of Default” under Section 5.05 of the ABL Facility Credit Agreement shall not be an Event of Default under this clause (e) unless such “Event of Default” shall be unremedied and is not waived or rescinded by the Lenders
under the ABL Facility Credit Agreement for a period of 30 days; or 
 (f) the Parent, the Borrower or any
Significant Guarantor shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be
instituted by or against any Loan Party or any of its Material Subsidiaries seeking to adjudicate it a bankrupt or insolvent, or, except as permitted under Section 5.02(e)(viii), 5.02(d)(iv) or 5.02(d)(vi), seeking liquidation, winding up,
reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of
a receiver, trustee or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it) that is being diligently contested by it in good faith, either
such proceeding shall remain undismissed or unstayed for a period of 60 days or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee,
custodian or other similar official for, it or any substantial part of its property) shall occur; or any Loan Party or any of its Material Subsidiaries shall take any corporate action to authorize any of the actions set forth above in this
subsection (f); or 
  

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 (g) any judgments or orders, either individually or in the aggregate, for
the payment of money in excess of $12,500,000 (to the extent not reasonably expected to be adequately covered by insurance in respect of which a solvent and unaffiliated insurance company has acknowledged coverage) shall be rendered against any Loan
Party or any of its Subsidiaries and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgment or order (and such proceedings shall not have been stayed) or (ii) there shall be any period of 30
consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or 
 (h) any material provision of any Loan Document after delivery thereof pursuant to Section 3.01 or 5.01(j) shall for any reason cease to be valid and binding on or enforceable against any Loan Party
party to it, or any such Loan Party shall so state in writing; or 
 (i) any Collateral Document or financing
statement after delivery thereof pursuant to Section 3.01 or 5.01(j) shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected first priority (except to the extent of Permitted Liens and other Liens
created or permitted by the Loan Documents) lien on and security interest in the First Lien Term Loan Collateral purported to be covered thereby, except to the extent that any such loss of perfection or priority results from the acts or omissions of
the Administrative Agent or the Collateral Agent; or 
 (j) a Change of Control shall occur; or 
 (k) any ERISA Event shall have occurred with respect to a Plan and the sum (determined as of the date of occurrence of such
ERISA Event) of the Insufficiency of such Plan and the Insufficiency of any and all other Plans with respect to which an ERISA Event shall have occurred and then exist (or the liability of the Loan Parties and the ERISA Affiliates related to such
ERISA Event) exceeds $12,500,000; or 
 (l) any Loan Party or any ERISA Affiliate shall have been notified by the
sponsor of a Multiemployer Plan that it has incurred Withdrawal Liability to such Multiemployer Plan in an amount that, when aggregated with all other amounts required to be paid to Multiemployer Plans by the Loan Parties and the ERISA Affiliates as
Withdrawal Liability (determined as of the date of such notification), exceeds $12,500,000 or requires payments exceeding $2,000,000 per annum; or 
 (m) any Loan Party or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization or is being terminated, within the meaning of
Title IV of ERISA, and as a result of such reorganization or termination the aggregate annual contributions of the Loan Parties and the ERISA Affiliates to all Multiemployer Plans that are then in reorganization or being terminated have been or will
be increased over the amounts contributed to such Multiemployer Plans for the plan years of such Multiemployer Plans immediately preceding the plan year in which such reorganization or termination occurs by an amount exceeding $12,500,000;

 then, and in any such event, the Administrative Agent (i) shall at the request, or may with the consent, of the Required Lenders, by
notice to the Borrower, declare the Commitments of each Lender Party and the obligation of each Lender Party to make Advances terminated and (ii) shall at the request, or may with the

  

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consent, of the Required Lenders, by notice to the Borrower, declare the Advances, all interest thereon and all other amounts payable under this Agreement and the other Loan Documents to be
forthwith due and payable, whereupon the Advances, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by
the Borrower; provided, however, that, in the event of an actual or deemed entry of an order for relief with respect to the Borrower under the Federal Bankruptcy Code, (x) the Commitments of each Lender Party and the obligation of
each Lender Party to make Advances shall automatically be terminated and (y) the Advances, all such interest and all such amounts shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind,
all of which are hereby expressly waived by the Borrower. 
 ARTICLE VII 
 THE AGENTS 
 SECTION 7.01. Authorization and Action. (a) Each Lender Party (in its capacities as a Lender and on behalf of itself and its Affiliates as potential Hedge Banks) hereby appoints and authorizes each Agent to take such action as
agent on its behalf and to exercise such powers and discretion under this Agreement and the other Loan Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental
thereto. As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or collection of the Obligations of the Loan Parties under the Loan Documents), no Agent shall be required to exercise any
discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Lenders, and such instructions shall be binding upon
all Lender Parties, all Hedge Banks and all holders of Notes; provided, however, that no Agent shall be required to take any action that exposes such Agent to personal liability or that is contrary to this Agreement or applicable law.

 (b) In furtherance of the foregoing, each Lender Party (in its capacities as a Lender and on behalf of itself
and its Affiliates as potential Hedge Banks) hereby appoints and authorizes the Collateral Agent to act as the agent of such Lender Party for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan
Parties to secure any of the Secured Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Collateral Agent (and any Supplemental Collateral Agents appointed by the Collateral Agent
pursuant to Section 7.01(c) for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights or remedies thereunder at the direction of the Collateral
Agent) shall be entitled to the benefits of this Article VII (including, without limitation, Section 7.05) as though the Collateral Agent (and any such Supplemental Collateral Agents) were an “Agent” under the Loan Documents, as if
set forth in full herein with respect thereto. 
 (c) Any Agent may execute any of its duties under this
Agreement or any other Loan Document (including for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents or of exercising any rights and remedies thereunder at the direction of
the Collateral Agent) by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such duties. The Collateral Agent may also from time to time,
when the Collateral Agent deems it to be necessary or desirable, appoint one or more trustees, co-trustees, collateral co-agents, collateral subagents or attorneys-in-fact (each, a “Supplemental Collateral Agent”) with
respect to all or any part of the Collateral; provided, however, that no such Supplemental Collateral Agent shall be authorized to take any action with respect to any Collateral unless and except to the extent expressly authorized in
writing by the

  

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Collateral Agent. Should any instrument in writing from the Borrower or any other Loan Party be required by any Supplemental Collateral Agent so appointed by the Collateral Agent to more fully or
certainly vest in and confirm to such Supplemental Collateral Agent such rights, powers, privileges and duties, the Borrower shall, or shall cause such Loan Party to, execute, acknowledge and deliver any and all such instruments promptly upon the
reasonable request by the Collateral Agent. If any Supplemental Collateral Agent, or successor thereto, shall die, become incapable of acting, resign or be removed, all rights, powers, privileges and duties of such Supplemental Collateral Agent, to
the extent permitted by law, shall automatically vest in and be exercised by the Collateral Agent until the appointment of a new Supplemental Collateral Agent. No Agent shall be responsible for the negligence or misconduct of any agent,
attorney-in-fact or Supplemental Collateral Agent that it selects in accordance with the foregoing provisions of this Section 7.01(c) in the absence of such Agent’s gross negligence or willful misconduct. 
 SECTION 7.02. Agents’ Reliance, Etc. Neither any Agent nor any of their respective directors, officers, agents or employees
shall be liable for any action taken or omitted to be taken by it or them under or in connection with the Loan Documents, except for its or their own gross negligence or willful misconduct. Without limitation of the generality of the foregoing, each
Agent: (a) may consult with legal counsel (including counsel for any Loan Party), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in
accordance with the advice of such counsel, accountants or experts; (b) makes no warranty or representation to any Lender Party and shall not be responsible to any Lender Party for any statements, warranties or representations (whether written
or oral) made in or in connection with the Loan Documents; (c) shall not have any duty to ascertain or to inquire as to the performance, observance or satisfaction of any of the terms, covenants or conditions of any Loan Document on the part of
any Loan Party or the existence at any time of any Default under the Loan Documents or to inspect the property (including the books and records) of any Loan Party; (d) shall not be responsible to any Lender Party for the due execution,
legality, validity, enforceability, genuineness, sufficiency or value of, or the perfection or priority of any lien or security interest created or purported to be created under or in connection with, any Loan Document or any other instrument or
document furnished pursuant thereto; and (e) shall incur no liability under or in respect of any Loan Document by acting upon any notice, consent, certificate or other instrument or writing (which may be by telegram, telecopy or electronic
communication) believed by it to be genuine and signed or sent by the proper party or parties. 
 SECTION 7.03. MSSF,
MS&Co and Affiliates. With respect to its Commitments, the Advances made by it and any Notes issued to it, MSSF and MS&Co shall each have the same rights and powers under the Loan Documents as any other Lender Party and may exercise the
same as though each were not an Agent; and the term “Lender Party” or “Lender Parties” shall, unless otherwise expressly indicated, include MSSF and MS&Co in their respective individual capacities. MSSF and MS&Co and
their respective affiliates may accept deposits from, lend money to, act as trustee under indentures of, accept investment banking engagements from and generally engage in any kind of business with, any Loan Party, any of its Subsidiaries and any
Person that may do business with or own securities of any Loan Party or any such Subsidiary, all as if MSSF and MS&Co were not Agents and without any duty to account therefor to the Lender Parties. No Agent shall have any duty to disclose any
information obtained or received by it or any of its Affiliates relating to any Loan Party or any of its Subsidiaries to the extent such information was obtained or received in any capacity other than as such Agent. 
 SECTION 7.04. Lender Party Credit Decision. Each Lender Party acknowledges that it has, independently and without reliance upon any
Agent or any other Lender Party and based on the financial statements referred to in Section 4.01 and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.
Each Lender Party also acknowledges that it will, independently and without reliance upon any Agent or any other Lender Party and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under this Agreement. 
  

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 SECTION 7.05. Indemnification. (a) Each Lender Party severally agrees to
indemnify each Agent (to the extent not promptly reimbursed by the Borrower) from and against such Lender Party’s ratable share (determined as provided below) of any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against such Agent in any way relating to or arising out of the Loan Documents or any action taken or omitted by
such Agent under the Loan Documents (collectively, the “Indemnified Costs”); provided, however, that no Lender Party shall be liable for any portion of such liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements resulting from such Agent’s gross negligence or willful misconduct as found in a final, non-appealable judgment by a court of competent jurisdiction. Without limitation of the
foregoing, each Lender Party agrees to reimburse each Agent promptly upon demand for its ratable share of any costs and expenses (including, without limitation, fees and expenses of counsel) payable by the Borrower under Section 9.04, to the
extent that such Agent is not promptly reimbursed for such costs and expenses by the Borrower. In the case of any investigation, litigation or proceeding giving rise to any Indemnified Costs, this Section 7.05 applies whether any such
investigation, litigation or proceeding is brought by any Lender Party or any other Person. 
 (b) For purposes
of this Section 7.05, each Lender Party’s ratable share of any amount shall be determined, at any time, according to the sum of (i) the aggregate principal amount of the Advances outstanding at such time and owing to such Lender Party
and (ii) the aggregate unused portions of such Lender Party’s Term Commitments at such time. The failure of any Lender Party to reimburse any Agent promptly upon demand for its ratable share of any amount required to be paid by the Lender
Parties to such Agent as provided herein shall not relieve any other Lender Party of its obligation hereunder to reimburse such Agent for its ratable share of such amount, but no Lender Party shall be responsible for the failure of any other Lender
Party to reimburse such Agent for such other Lender Party’s ratable share of such amount. Without prejudice to the survival of any other agreement of any Lender Party hereunder, the agreement and obligations of each Lender Party contained in
this Section 7.05 shall survive the payment in full of principal, interest and all other amounts payable hereunder and under the other Loan Documents. 
 SECTION 7.06. Successor Agents. Any Agent may resign at any time by giving written notice thereof to the Lender Parties and the Borrower and may be removed at any time with or without cause by the
Required Lenders; provided, however, that any removal of the Administrative Agent will not be effective until it has also been replaced as Collateral Agent and released from all of its obligations in respect thereof. Upon any such
resignation or removal, the Required Lenders shall have the right to appoint a successor Agent with the consent of the Borrower (not to be unreasonably withheld or delayed). If no successor Agent shall have been so appointed by the Required Lenders,
and shall have accepted such appointment, within 30 days after the retiring Agent’s giving of notice of resignation or the Required Lenders’ removal of the retiring Agent, then the retiring Agent may, on behalf of the Lender Parties, with
the consent of the Borrower (such consent not to be unreasonably withheld or delayed), appoint a successor Agent, which shall be a commercial bank organized under the laws of the United States or of any State thereof and having a combined capital
and surplus of at least $250,000,000; provided that, if, such retiring Administrative Agent is unable to find a commercial banking institution which is willing to accept such appointment and which meets the qualifications set forth above,
subject to this Section 7.06, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective and the Required Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until
such time, if any, as the Required Lenders appoint a successor as provided for above. Upon the acceptance of any appointment as Agent hereunder by a successor Agent and, in the case of a successor 
  

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Collateral Agent, upon the execution and filing or recording of such financing statements, or amendments thereto, and such amendments or supplements to the Mortgages, and such other instruments
or notices, as may be necessary or desirable, or as the Required Lenders may request, in order to continue the perfection of the Liens granted or purported to be granted by the Collateral Documents, such successor Agent shall succeed to and become
vested with all the rights, powers, discretion, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations under the Loan Documents. If within 45 days after written notice is given of the
retiring Agent’s resignation or removal under this Section 7.06 no successor Agent shall have been appointed and shall have accepted such appointment, then on such 45th day (a) the retiring Agent’s resignation or removal shall
become effective, (b) the retiring Agent shall thereupon be discharged from its duties and obligations under the Loan Documents and (c) the Required Lenders shall thereafter perform all duties of the retiring Agent under the Loan Documents
until such time, if any, as the Required Lenders appoint a successor Agent as provided above. After any retiring Agent’s resignation or removal hereunder as Agent shall have become effective, the provisions of this Article VII shall inure to
its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement. 
 SECTION 7.07.
Intercreditor Agreement. Each of the Lender Parties hereby acknowledges that it has received and reviewed the Intercreditor Agreement and agrees to be bound by the terms thereof. Each Lender Party (and each Person that becomes a Lender Party
hereunder pursuant to Section 9.07) hereby (i) acknowledges that each of MSSF and MS&Co. is acting under the Intercreditor Agreement in multiple capacities as the Administrative Agent or the Collateral Agent, as the case may, and the
Administrative Agent (as defined in the ABL Facility Credit Agreement) or Collateral Agent (as defined in the ABL Facility Credit Agreement), as the case may be, under the Intercreditor Agreement and (ii) waives any conflict of interest, now
contemplated or arising hereafter, in connection therewith and agrees not to assert against either MSSF or MS&Co any claims, causes of action, damages or liabilities of whatever kind or nature relating thereto, except to the extent such damages
or liabilities are determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted primarily from MSSF’s or MS&Co’s, as applicable, gross negligence or willful misconduct. Each Lender Party (and each
Person that becomes a Lender Party hereunder pursuant to Section 9.07) hereby authorizes and directs each of MSSF and MS&Co. to enter into the Intercreditor Agreement on behalf of such Lender and agrees that each of MSSF and MS&Co, in
its various capacities thereunder, may take such actions on its behalf as is contemplated by the terms of the Intercreditor Agreement. 
 ARTICLE VIII 
 GUARANTY 
 SECTION 8.01. Guaranty; Limitation of Liability. (a) Each Guarantor, jointly and severally, hereby absolutely, unconditionally and irrevocably guarantees the punctual payment when due, whether
at scheduled maturity or on any date of a required prepayment or by acceleration, demand or otherwise, of all Obligations of each other Loan Party now or hereafter existing under or in respect of the Loan Documents (including, without limitation,
any extensions, modifications, substitutions, amendments or renewals of any or all of the foregoing Obligations), whether direct or indirect, absolute or contingent, and whether for principal, interest, premiums, fees, indemnities, contract causes
of action, costs, expenses or otherwise (such Obligations being the “Guaranteed Obligations”), and agrees to pay any and all expenses (including, without limitation, fees and expenses of counsel) incurred by the
Administrative Agent or any other Lender Party in enforcing any rights under this Guaranty or any other Loan Document. Without limiting the generality of the foregoing, each Guarantor’s liability shall extend to all amounts that constitute part
of the Guaranteed Obligations and would be owed by any other Loan Party to any Lender Party under or in respect of the Loan Documents but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization
or similar proceeding involving such other Loan Party. 
  

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 (b) Each Guarantor, and by its acceptance of this Guaranty, the
Administrative Agent and each other Lender Party, hereby confirms that it is the intention of all such Persons that this Guaranty and the Obligations of each Subsidiary Guarantor hereunder not constitute a fraudulent transfer or conveyance for
purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to this Guaranty and the Obligations of each Subsidiary Guarantor hereunder.
To effectuate the foregoing intention, the Administrative Agent, the other Lender Parties and the Guarantors hereby irrevocably agree that the Obligations of each Subsidiary Guarantor under this Guaranty at any time shall be limited to the maximum
amount as will result in the Obligations of such Guarantor under this Guaranty not constituting a fraudulent transfer or conveyance. 
 (c) Each Guarantor hereby unconditionally and irrevocably agrees that in the event any payment shall be required to be made to any Lender Party under this Guaranty or any other guaranty, such Guarantor
will contribute, to the maximum extent permitted by law, such amounts to each other Guarantor and each other guarantor so as to maximize the aggregate amount paid to the Lender Parties under or in respect of the Loan Documents. 
 SECTION 8.02. Guaranty Absolute. Each Guarantor guarantees that the Guaranteed Obligations will be paid strictly in accordance with
the terms of the Loan Documents, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of any Lender Party with respect thereto. The Obligations of each Guarantor under or
in respect of this Guaranty are independent of the Guaranteed Obligations or any other Obligations of any other Loan Party under or in respect of the Loan Documents, and a separate action or actions may be brought and prosecuted against each
Guarantor to enforce this Guaranty, irrespective of whether any action is brought against the Borrower or any other Loan Party or whether the Borrower or any other Loan Party is joined in any such action or actions. The liability of each Guarantor
under this Guaranty shall be irrevocable, absolute and unconditional irrespective of, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to, any or all of the following: 
 (a) any lack of validity or enforceability of any Loan Document or any agreement or instrument relating thereto; 

(b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed
Obligations or any other Obligations of any other Loan Party under or in respect of the Loan Documents in accordance with its terms, or any other amendment or waiver of or any consent to departure from any Loan Document in accordance with its terms,
including, without limitation, any increase in the Guaranteed Obligations resulting from the extension of additional credit to any Loan Party or any of its Subsidiaries or otherwise; 
 (c) any taking, exchange, release or non-perfection of any Collateral or any other collateral, or any taking, release or
amendment or waiver of, or consent to departure from, any other guaranty in accordance with its terms, for all or any of the Guaranteed Obligations; 
 (d) any manner of application of Collateral or any other collateral, or proceeds thereof, to all or any of the Guaranteed Obligations, or any manner of sale or other disposition of any Collateral or any
other collateral for all or any of the Guaranteed Obligations or any other Obligations of any Loan Party under the Loan Documents or any other assets of any Loan Party or any of its Subsidiaries; 
  

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 (e) any change, restructuring or termination of the corporate structure or
existence of any Loan Party or any of its Subsidiaries; 
 (f) any failure of any Lender Party to disclose to any
Loan Party any information relating to the business, condition (financial or otherwise), operations, performance, properties or prospects of any other Loan Party now or hereafter known to such Lender Party (each Guarantor waiving any duty on the
part of the Lender Parties to disclose such information); 
 (g) the failure of any other Person to execute or
deliver this Agreement, any Guaranty Supplement or any other guaranty or agreement or the release or reduction of liability of any Guarantor or other guarantor or surety with respect to the Guaranteed Obligations; or 
 (h) any other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any
representation by any Lender Party that might otherwise constitute a defense available to, or a discharge of, any Loan Party or any other guarantor or surety, except payment in full. 
 This Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise be returned by any Lender
Party or any other Person upon the insolvency, bankruptcy or reorganization of the Borrower or any other Loan Party or otherwise, all as though such payment had not been made. 
 SECTION 8.03. Waivers and Acknowledgments. (a) Each Guarantor hereby unconditionally and irrevocably waives promptness,
diligence, notice of acceptance, presentment, demand for performance, notice of nonperformance, default, acceleration, protest or dishonor and, except for those notices specified under this Agreement, any other notice with respect to any of the
Guaranteed Obligations and this Guaranty and any requirement that any Lender Party protect, secure, perfect or insure any Lien or any property subject thereto or exhaust any right or take any action against any Loan Party or any other Person or any
Collateral. 
 (b) Each Guarantor hereby unconditionally and irrevocably waives any right to revoke this Guaranty
and acknowledges that this Guaranty is continuing in nature and applies to all Guaranteed Obligations, whether existing now or in the future. 
 (c) Each Guarantor hereby unconditionally and irrevocably waives (i) any defense arising by reason of any claim or defense based upon an election of remedies by any Lender Party that in any manner
impairs, reduces, releases or otherwise adversely affects the subrogation, reimbursement, exoneration, contribution or indemnification rights of such Guarantor or other rights of such Guarantor to proceed against any of the other Loan Parties, any
other guarantor or any other Person or any Collateral and (ii) any defense based on any right of set-off or counterclaim against or in respect of the Obligations of such Guarantor hereunder. 
 (d) Each Guarantor acknowledges that the Collateral Agent may, without notice to or demand upon such Guarantor and without
affecting the liability of such Guarantor under this Guaranty, foreclose under any mortgage by nonjudicial sale, and each Guarantor hereby waives any defense to the recovery by the Collateral Agent and the other Secured Parties against such
Guarantor of any deficiency after such nonjudicial sale and any defense or benefits that may be afforded by applicable law. 
 (e) Each Guarantor hereby unconditionally and irrevocably waives any duty on the part of any Lender Party to disclose to such Guarantor any matter, fact or thing relating to the business, condition
(financial or otherwise), operations, performance, properties or prospects of any other Loan Party or any of its Subsidiaries now or hereafter known by such Lender Party. 
  

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 (f) Each Guarantor acknowledges that it will receive substantial direct and
indirect benefits from the financing arrangements contemplated by the Loan Documents and that the waivers set forth in Section 8.02 and this Section 8.03 are knowingly made in contemplation of such benefits. 
 SECTION 8.04. Subrogation. Each Guarantor hereby unconditionally and irrevocably agrees not to exercise any rights that it may now
have or hereafter acquire against the Borrower, any other Loan Party or any other insider guarantor that arise from the existence, payment, performance or enforcement of such Guarantor’s Obligations under or in respect of this Guaranty or any
other Loan Document, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of any Lender Party against the Borrower, any other Loan
Party or any other insider guarantor or any Collateral, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from the Borrower, any other
Loan Party or any other insider guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right, unless and until all of the Guaranteed Obligations and
all other amounts payable under this Guaranty shall have been paid in full in cash, and all Secured Hedge Agreements shall have expired or been terminated and the Commitments shall have expired or been terminated. If any amount shall be paid to any
Guarantor in violation of the immediately preceding sentence at any time prior to the latest of (a) the payment in full in cash of the Guaranteed Obligations and all other amounts payable under this Guaranty, (b) the Termination Date and
(c) the latest date of expiration or termination of all Secured Hedge Agreements, such amount shall be received and held in trust for the benefit of the Lender Parties, shall be segregated from other property and funds of such Guarantor and
shall forthwith be paid or delivered to the Administrative Agent in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to the Guaranteed Obligations and all other amounts payable under this
Guaranty, whether matured or unmatured, in accordance with the terms of the Loan Documents, or to be held as Collateral for any Guaranteed Obligations or other amounts payable under this Guaranty thereafter arising. If (i) any Guarantor shall
make payment to any Lender Party of all or any part of the Guaranteed Obligations, (ii) all of the Guaranteed Obligations and all other amounts payable under this Guaranty shall have been paid in full in cash, (iii) the Termination Date
shall have occurred and (iv) all Secured Hedge Agreements shall have expired or been terminated, the Lender Parties will, at such Guarantor’s request and expense, execute and deliver to such Guarantor appropriate documents, without
recourse and without representation or warranty, necessary to evidence the transfer by subrogation to such Guarantor of an interest in the Guaranteed Obligations resulting from such payment made by such Guarantor pursuant to this Guaranty.

 SECTION 8.05. Guaranty Supplements. Upon the execution and delivery by any Person of a guaranty supplement in
substantially the form of Exhibit E hereto (each, a “Guaranty Supplement”), (a) such Person shall be referred to as an “Additional Guarantor” and shall become and be a Guarantor hereunder, and
each reference in this Guaranty to a “Guarantor” shall also mean and be a reference to such Additional Guarantor, and each reference in any other Loan Document to a “Subsidiary Guarantor” shall also mean and be a reference to
such Additional Guarantor, and (b) each reference herein to “this Guaranty,” “hereunder,” “hereof” or words of like import referring to this Guaranty, and each reference in any other Loan Document to the
“Guaranty,” “thereunder,” “thereof” or words of like import referring to this Guaranty, shall mean and be a reference to this Guaranty as supplemented by such Guaranty Supplement. 
  

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 SECTION 8.06. Subordination. Each Guarantor hereby subordinates any and all debts,
liabilities and other Obligations owed to such Guarantor by each other Loan Party (the “Subordinated Obligations”) to the Guaranteed Obligations to the extent and in the manner hereinafter set forth in this Section 8.06:

 (a) Prohibited Payments, Etc. Except during the continuance of an Event of Default, each Guarantor may
receive payments from any other Loan Party on account of the Subordinated Obligations. After the occurrence and during the continuance of any Event of Default, however, unless the Required Lenders otherwise agree, no Guarantor shall demand, accept
or take any action to collect any payment on account of the Subordinated Obligations. 
 (b) Prior Payment of
Guaranteed Obligations. In any proceeding under any Bankruptcy Law relating to any other Loan Party, each Guarantor agrees that the Lender Parties shall be entitled to receive payment in full in cash of all Guaranteed Obligations (including all
interest and expenses accruing after the commencement of a proceeding under any Bankruptcy Law, whether or not constituting an allowed claim in such proceeding (“Post-Petition Interest”)) before such Guarantor receives
payment of any Subordinated Obligations. 
 (c) Turn-Over. After the occurrence and during the continuance
of any Event of Default, each Guarantor shall, if the Administrative Agent so requests, collect, enforce and receive payments on account of the Subordinated Obligations as trustee for the Lender Parties and deliver such payments to the
Administrative Agent on account of the Guaranteed Obligations (including all Post-Petition Interest), together with any necessary endorsements or other instruments of transfer, but without reducing or affecting in any manner the liability of such
Guarantor under the other provisions of this Guaranty. 
 (d) Administrative Agent Authorization. After
the occurrence and during the continuance of any Event of Default, the Administrative Agent is authorized and empowered (but without any obligation to so do), in its discretion, (i) in the name of each Guarantor, to collect and enforce, and to
submit claims in respect of, the Subordinated Obligations and to apply any amounts received thereon to the Guaranteed Obligations (including any and all Post-Petition Interest), and (ii) to require each Guarantor (A) to collect and
enforce, and to submit claims in respect of, the Subordinated Obligations and (B) to pay any amounts received on such obligations to the Administrative Agent for application to the Guaranteed Obligations (including any and all Post-Petition
Interest). 
 SECTION 8.07. Continuing Guaranty; Assignments. This Guaranty is a continuing guaranty and shall
(a) remain in full force and effect until the later of (i) the payment in full in cash of the Guaranteed Obligations (other than Unmatured Surviving Obligations) and all other amounts payable under this Guaranty and (ii) the
Termination Date (b) be binding upon each Guarantor, its successors and assigns and (c) inure to the benefit of and be enforceable by the Lender Parties and their successors, transferees and assigns that are permitted under
Section 9.07. No Guarantor shall have the right to assign its rights hereunder or any interest herein without the prior written consent of the Lender Parties. 
 ARTICLE IX 
 MISCELLANEOUS 
 SECTION 9.01. Amendments, Etc. Except as provided in Section 2.15 with respect to any Additional Term Commitment Amendment, no
amendment or waiver of any provision of this Agreement or the Notes, nor consent to any departure by any Loan Party therefrom, shall in any event be effective unless the same shall be in writing and signed by the Required Lenders (except as provided
in Section 5.01(k)(i), which may be performed by the Administrative Agent), and then such waiver or consent shall

  

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be effective only in the specific instance and for the specific purpose for which given; provided, however, that (a) no amendment, waiver or consent shall, unless in writing
and signed by all of the Lender Parties (other than any Lender Party that is, at such time, a Defaulting Lender), do any of the following at any time: 
 (i) In the case of the Initial Extension of Credit, waive any of the conditions specified in Section 3.01 or Section 3.02, 
 (ii) amend the definition of “Required Lenders” or any other provision hereof that would change the percentage of
(x) the Commitments or (y) the aggregate unpaid principal amount of the Advances that, in each case, shall be required for the Lenders or any of them to take any action hereunder, 
 (iii) except pursuant to the Intercreditor Agreement and except to the extent that it would constitute a Transfer permitted
under Section 5.02(e), release one or more Significant Guarantors (or otherwise limit such Significant Guarantors’ liability with respect to the Obligations owing to the Agents and the Lender Parties under the Guaranties) if such release
or limitation is in respect of all or substantially all of the value of the Guaranties to the Lender Parties, except as a transfer or dissolution would be permitted under Section 5.02(d), 
 (iv) except pursuant to the Intercreditor Agreement, release all or substantially all of the Collateral in any transaction or
series of related transactions, or 
 (v) amend this Section 9.01, 
 and (b) no amendment, waiver or consent shall, unless in writing and signed by the Required Lenders and each Lender Party specified below for such
amendment, waiver or consent: 
 (i) increase the Commitments of a Lender Party without the consent of such
Lender Party; 
 (ii) reduce the principal of, or stated rate of interest (other than Default Rate) on, the
Advances owed to a Lender Party or any fees or other amounts stated to be payable hereunder or under the other Loan Documents to such Lender Party (other than in accordance with the terms hereof) without the consent of such Lender Party; or

 (iii) postpone any date scheduled for any payment of principal of, or interest on, the Advances pursuant to
Section 2.03 or 2.05 or any date fixed for any payment of fees hereunder in each case payable to a Lender Party without the consent of such Lender Party; 
 provided further that no amendment, waiver or consent shall, unless in writing and signed by an Agent in addition to the Lenders required above to take such action, affect the rights or duties of
such Agent under this Agreement or the other Loan Documents. 
 SECTION 9.02. Notices, Etc. (a) All notices and other
communications provided for hereunder shall be either (x) in writing (including telegraphic, telecopy or electronic communication) and mailed, telegraphed, telecopied or delivered or (y) as and to the extent set forth in
Section 9.02(b) and in the proviso to this Section 9.02(a), in an electronic medium and delivered as set forth in Section 9.02(b), if to any Loan Party, to the Borrower at its address at One Limited Parkway, Columbus, OH 43230,
Attention: Matt Moellering, Chief Financial Officer; Telecopy: (614) 415-4858, E-mail Address: mmoellering@expressfashion.com; with a copy to: Golden Gate Capital at its address at One

  

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Embarcadero Center, 33rd Floor, San Francisco, CA 94111, Attention: Joshua Olshansky, Telecopy: (415) 627-4501, E-mail Address: jolshansky@goldengatecap.com; with a copy to: Kirkland & Ellis LLP, 555 California
Street, Suite 2700, San Francisco, CA 94104, Telecopy: (415) 439-1500, Attention: John Friedrichs, E-mail Address: jfriedrichs@kirkland.com; if to any Initial Lender Party, at its Domestic Lending Office specified opposite its name on Schedule
I hereto; if to any other Lender Party, at its Domestic Lending Office specified in the Assignment and Assumption pursuant to which it became a Lender Party; if to the Collateral Agent, to Morgan Stanley & Co. Incorporated, at its address
at One Pierrepont Plaza, 7th Floor, 300 Cadman Plaza West, Brooklyn, New York, 11201, Attention: Erma Dell’Aquila, Telecopy: 212-507-3544, Email Address: Erma.Dell’Aquila@morganstanley.com; and if to the Administrative Agent, to Morgan
Stanley Senior Funding, Inc., at its address at One Pierrepont Plaza, 7th Floor, 300 Cadman Plaza West, Brooklyn, New York, 11201, Attention: Erma Dell’Aquila, Telecopy: 212-507-3544, Email Address: Erma.Dell’Aquila@morganstanley.com, with
a copy to Shearman & Sterling LLP, 599 Lexington Avenue, New York, New York, 10022, Attention: Maura O’ Sullivan, Esq., Telecopy: (646) 848 7897, E-mail Address: mosullivan@shearman.com; or, as to any party, at such other address
as shall be designated by such party in a written notice to the other parties; provided, however, that materials and information described in Section 9.02(b) shall be delivered to the Administrative Agent in accordance with the
provisions thereof or as otherwise specified to the Borrower by the Administrative Agent. All such notices and other communications shall, when mailed, telegraphed, telecopied, or e-mailed, be effective upon receipt. Delivery by telecopier of an
executed counterpart of a signature page to any amendment or waiver of any provision of this Agreement or the Notes shall be effective as delivery of an original executed counterpart thereof. 
 (b) The Borrower hereby agrees that it will provide to the Administrative Agent all information, documents and other
materials that it is obligated to furnish to the Administrative Agent pursuant to the Loan Documents, including, without limitation, all notices, requests, financial statements, financial and other reports, certificates and other information
materials, but excluding any such communication that (i) relates to a request for a Conversion of an existing, Borrowing (including any election of an interest rate or interest period relating thereto), (ii) relates to the payment of any
principal or other amount due under this Agreement prior to the scheduled date therefor, (iii) provides notice of any Default or Event of Default under this Agreement or (iv) is required to be delivered to satisfy any condition precedent
to the effectiveness of this Agreement and/or any Borrowing (all such non-excluded communications being referred to herein collectively as “Communications”), by transmitting the Communications in an electronic/soft medium in
a format acceptable to the Administrative Agent to an electronic mail address specified by the Administrative Agent to the Borrower. In addition, the Borrower agrees to continue to provide the Communications to the Administrative Agent in the manner
specified in the Loan Documents but only to the extent requested by the Administrative Agent. The Borrower further agrees that the Administrative Agent may make the Communications available to the Lenders by posting the Communications on IntraLinks
or a substantially similar electronic transmission system (the “Platform”). 
 (c) THE
PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS
OR OMISSIONS IN THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING, WITHOUT LIMITATION, 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 AGENT PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS AFFILIATES OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS,
ADVISORS OR

  

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REPRESENTATIVES (COLLECTIVELY, “AGENT PARTIES”) HAVE ANY LIABILITY TO THE BORROWER, ANY LENDER PARTY OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING, WITHOUT
LIMITATION, DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE BORROWER’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH
THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY AGENT PARTY IS FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY FROM SUCH AGENT PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.

 (d) The Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its
e-mail address set forth above shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents. Each Lender Party agrees that notice to it (as provided in the next sentence) specifying that
the Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Lender Party for purposes of the Loan Documents. Each Lender Party agrees (i) to notify the Administrative Agent in writing
(including by electronic communication) from time to time of such Lender Party’s e-mail address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such e-mail address.
Nothing herein shall prejudice the right of the Administrative Agent or any Lender Party to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document. 
 SECTION 9.03. No Waiver; Remedies. No failure on the part of any Lender Party or any Agent to exercise, and no delay in exercising,
any right hereunder or under any Note or any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The
remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 SECTION 9.04. Costs and
Expenses. (a) The Borrower agrees to pay within 30 days of demand with backup documentation (i) all reasonable, documented and out-of-pocket costs and expenses of each Agent and the Lead Arranger in connection with the preparation,
execution, delivery, administration, modification and amendment of, or any consent or waiver under, the Loan Documents (including, without limitation, (A) all due diligence, collateral review, syndication (including printing, distribution and
bank meetings), transportation, computer, duplication, appraisal, audit, insurance, consultant, search, filing and recording fees and expenses, (B) in connection with the “work-out” or restructuring of the obligations and (C) the
reasonable fees and expenses of one counsel (together with one local or foreign counsel in each relevant jurisdiction) representing both the Administrative Agent and the Lead Arranger with respect thereto, with respect to advising such Agent as to
its rights and responsibilities, or the perfection, protection or preservation of rights or interests, under the Loan Documents, with respect to negotiations with any Loan Party or with other creditors of any Loan Party or any of its Subsidiaries
arising out of any Event of Default or any events or circumstances that may give rise to an Event of Default and with respect to presenting claims in or otherwise participating in or monitoring any bankruptcy, insolvency or other similar proceeding
involving creditors’ rights generally and any proceeding ancillary thereto and (ii) all reasonable, documented and out-of-pocket costs and expenses of the Administrative Agent, the Lead Arranger and each Lender Party in connection with the
enforcement of the Loan Documents, whether in any action, suit or litigation, or any bankruptcy, insolvency or other similar proceeding affecting creditors’ rights generally (including, without limitation, the reasonable fees and expenses of
one counsel for the Administrative Agent and each Lender Party with respect thereto). 
  

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 (b) The Borrower agrees to indemnify, defend and save and hold harmless each
Agent, the Lead Arranger, each Lender Party and each of their Affiliates and their respective officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and against, and shall pay on demand, any
and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees and expenses of counsel) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in
connection with or by reason of (including, without limitation, in connection with any investigation, litigation or proceeding or preparation of a defense in connection therewith) (i) the Facilities, the actual or proposed use of the proceeds
of the Advances, the Transaction Documents or any of the transactions contemplated thereby, including, without limitation, any acquisition or proposed acquisition (including, without limitation, the Transaction) by the Sponsor or any of its
Subsidiaries or Affiliates of all or any portion of the Equity Interests in or Debt securities or substantially all of the assets of the Borrower or any of its Subsidiaries or (ii) the actual or alleged presence of Hazardous Materials on any
property of any Loan Party or any of its Subsidiaries or any Environmental Action relating in any way to any Loan Party or any of its Subsidiaries, except to the extent such claim, damage, loss, liability or expense is found in a final,
non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence, bad faith or willful misconduct or that of its affiliates, directors, officers, employees, advisors or agents;
provided that the Borrower shall not be required to reimburse the legal fees and expenses of more than one outside counsel (in addition to a single special counsel and up to one local counsel in each applicable local jurisdiction) for all
Indemnified Parties (which shall be selected by the Administrative Agent) unless, in the reasonable opinion of the Administrative Agent, representation of all such Indemnified Parties would be inappropriate due to existence of an actual or potential
conflict of interest. In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 9.04(b) applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is
brought by any Loan Party, its directors, shareholders or creditors, any Indemnified Party or any other Person, whether or not any Indemnified Party is otherwise a party thereto and whether or not the Transaction is consummated. The Borrower also
agrees not to assert any claim against the Administrative Agent, any Lender Party or any of their Affiliates, or any of their respective officers, directors, employees, agents and advisors, on any theory of liability, for special, indirect,
consequential or punitive damages arising out of or otherwise relating to the Facilities, the actual or proposed use of the proceeds of the Advances, the Transaction Documents or any of the transactions contemplated by the Transaction Documents.

 (c) If any payment of principal of, or Conversion of, any Eurodollar Rate Advance is made by the Borrower to
or for the account of a Lender Party other than on the last day of the Interest Period for such Advance, as a result of a payment or Conversion pursuant to Section 2.04, 2.07(a)(i) or 2.08(d), acceleration of the maturity of the Advances
pursuant to Section 6.01 or for any other reason, or if the Borrower fails to make any payment or prepayment of Eurodollar Rate Advance for which a notice of prepayment has been given or that is otherwise required to be made, whether pursuant
to Section 2.03, 2.04 or 6.01 or otherwise, the Borrower shall, upon demand by such Lender Party (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender Party any amounts required
to compensate such Lender Party for any additional losses, costs or expenses that it may reasonably incur as a result of such payment or Conversion or such failure to pay or prepay, as the case may be, including, without limitation, any loss
(excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender Party to fund or maintain such Advance. 
 (d) If any Loan Party fails to pay when due any undisputed costs, expenses or other amounts payable by it under any Loan
Document, including, without limitation, fees and expenses of counsel and indemnities, such amount may be paid on behalf of such Loan Party by the Administrative Agent or any Lender Party, in its sole discretion. 
  

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 (e) Without prejudice to the survival of any other agreement of any Loan
Party hereunder or under any other Loan Document, the agreements and obligations of the Borrower contained in Sections 2.08 and 2.10 and this Section 9.04 shall survive the payment in full of principal, interest and all other amounts payable
hereunder and under any of the other Loan Documents. 
 SECTION 9.05. Right of Set-off. Upon (a) the occurrence and
during the continuance of any Event of Default and (b) the making of the request or the granting of the consent specified by Section 6.01 to authorize the Administrative Agent to declare the Advances due and payable pursuant to the
provisions of Section 6.01, each Agent and each Lender Party and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and otherwise 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 Agent, such Lender Party or such Affiliate to or for the credit or the account of the Borrower against any and all
of the Obligations of the Borrower now or hereafter existing under the Loan Documents, irrespective of whether such Agent or such Lender Party shall have made any demand under this Agreement and although such Obligations may be unmatured. Each Agent
and each Lender Party agrees promptly to notify the Borrower after any such set-off and application; provided, however, that the failure to give such notice shall not affect the validity of such set-off and application. The rights of
each Agent and each Lender Party and their respective Affiliates under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off) that such Agent, such Lender Party and their respective
Affiliates may have. 
 SECTION 9.06. Binding Effect. This Agreement shall become effective when it shall have been
executed by the Borrower and each Agent and the Administrative Agent shall have been notified by each Initial Lender Party that such Initial Lender Party has executed it and thereafter shall be binding upon and inure to the benefit of the Borrower,
each Agent and each Lender Party and their respective successors and assigns, except that the Borrower shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of each Lender Party. 

SECTION 9.07. Assignments and Participations. (a) Each Lender may assign to one or more Eligible Assignees all or a portion
of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment, the Advances owing to it and the Note held by it); provided, however, that (i) except in the case of an
assignment to a Person that, immediately prior to such assignment, was a Lender, an Affiliate of any Lender or an Approved Fund of any Lender or an assignment of all of a Lender’s rights and obligations under this Agreement, the aggregate
amount of the Commitments being assigned to such Eligible Assignee pursuant to such assignment (determined as of the date of the Assignment and Assumption with respect to such assignment) shall in no event be less than $1,000,000, (ii) each
such assignment shall be to an Eligible Assignee, (iii) no such assignments shall be permitted without the consent of the Administrative Agent until the Administrative Agent shall have notified the Lender Parties that syndication of the
Commitments hereunder has been completed and (iv) the parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance and recording in the Register, an Assignment and Assumption, together with any Note
or Notes (if any). 
 (b) Upon such execution, delivery, acceptance and recording, from and after the effective
date specified in such Assignment and Assumption, (i) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Assumption, have the rights
and obligations of a Lender, as the case may be, hereunder and (ii) the Lender assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Assumption, relinquish its
rights (other than its rights under Sections 2.08, 2.10 and 9.04 to the extent any claim thereunder relates to an event arising prior to such assignment) and be released from its obligations under this Agreement (and, in the case of an Assignment
and Assumption covering all of the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto). 
  

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 (c) By executing and delivering an Assignment and Assumption, each Lender
Party assignor thereunder and each assignee thereunder confirm to and agree with each other and the other parties thereto and hereto as follows: (i) other than as provided in such Assignment and Assumption, such assigning Lender Party makes no
representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with any Loan Document or the execution, legality, validity, enforceability, genuineness, sufficiency or
value of, or the perfection or priority of any lien or security interest created or purported to be created under or in connection with, any Loan Document or any other instrument or document furnished pursuant thereto; (ii) such assigning
Lender Party makes no representation or warranty and assumes no responsibility with respect to the financial condition of any Loan Party or the performance or observance by any Loan Party of any of its obligations under any Loan Document or any
other instrument or document furnished pursuant thereto; (iii) such assignee confirms that it has received a copy of this Agreement, together with copies of the financial statements referred to in Section 4.01 and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Assumption; (iv) such assignee will, independently and without reliance upon any Agent, such assigning Lender Party or any
other Lender Party and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (v) such assignee confirms that it is an
Eligible Assignee; (vi) such assignee appoints and authorizes each Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Loan Documents as are delegated to such Agent by the terms hereof and
thereof, together with such powers and discretion as are reasonably incidental thereto; and (vii) such assignee agrees that it will perform in accordance with their terms all of the obligations that by the terms of this Agreement are required
to be performed by it as a Lender. 
 (d) The Administrative Agent, acting for this purpose (but only for this
purpose) as the agent of the Borrower, shall maintain at its address referred to in Section 9.02 a copy of each Assignment and Assumption delivered to and accepted by it and a register for the recordation of the names and addresses of the
Lender Parties and the Commitment under the Facility of, and principal amount of the Advances owing under the Facility to, each Lender Party from time to time (the “Register”). The entries in the Register shall be conclusive
and binding for all purposes, absent manifest error, and the Borrower, the Agents and the Lender Parties shall treat each Person whose name is recorded in the Register as a Lender Party hereunder for all purposes of this Agreement. The Register
shall be available for inspection by the Borrower or any Agent or any Lender Party at any reasonable time and from time to time upon reasonable prior notice. 
 (e) Upon its receipt of an Assignment and Assumption executed by an assigning Lender Party and an assignee, together with any
Note or Notes (if any) subject to such assignment, the Administrative Agent shall, if such Assignment and Assumption has been completed and is in substantially the form of Exhibit C hereto, (i) accept such Assignment and Assumption,
(ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Borrower and each other Agent. In the case of any assignment by a Lender, within five Business Days after its receipt of such notice,
the Borrower, at its own expense, shall execute and deliver to the Administrative Agent in exchange for the surrendered Note or Notes (if any) a new Note to the order of such Eligible Assignee in an amount equal to the Commitment assumed by it under
the Facility pursuant to such Assignment and Assumption and, if any assigning Lender that had a Note or Notes prior to such assignment has retained a Commitment hereunder, a new Note to the order of such assigning Lender in an amount equal to the
Commitment retained by it hereunder. Such new Note or Notes shall be dated the effective date of such Assignment and Assumption and shall otherwise be in substantially the form of Exhibit A hereto. 
  

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 (f) Each Lender Party may sell participations to one or more Persons (other
than any Loan Party or any of its Affiliates) in or to all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitments, the Advances owing to it and the Note or Notes (if any)
held by it); provided, however, that (i) such Lender Party’s obligations under this Agreement (including, without limitation, its Commitments) shall remain unchanged, (ii) such Lender Party shall remain solely
responsible to the other parties hereto for the performance of such obligations, (iii) such Lender Party shall remain the holder of any such Note for all purposes of this Agreement, (iv) the Borrower, the Agents and the other Lender
Parties shall continue to deal solely and directly with such Lender Party in connection with such Lender Party’s rights and obligations under this Agreement and (v) no participant under any such participation shall have any right to
approve any amendment or waiver of any provision of any Loan Document, or any consent to any departure by any Loan Party therefrom, except to the extent that such amendment, waiver or consent would reduce the principal of, or interest on, the
Advances or any fees or other amounts payable hereunder, in each case to the extent subject to such participation, postpone any date fixed for any payment of principal of, or interest on, the Advances or any fees or other amounts payable hereunder,
in each case to the extent subject to such participation, or release all or substantially all of the Collateral or the value of the Guaranties. 
 (g) Any Lender Party may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section 9.07, disclose to the assignee or participant or proposed
assignee or participant any information relating to the Borrower furnished to such Lender Party by or on behalf of the Borrower; provided, however, that, prior to any such disclosure, the assignee or participant or proposed assignee or
participant shall agree to preserve the confidentiality of any Confidential Information received by it from such Lender Party. 
 (h) Notwithstanding any other provision set forth in this Agreement, any Lender Party may at any time create a security interest in all or any portion of its rights under this Agreement (including,
without limitation, the Advances owing to it and the Note or Notes (if any) held by it) in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System. 
 (i) Notwithstanding anything to the contrary contained herein, any Lender that is a Fund may create a security interest in
all or any portion of the Advances owing to it and any Note or Notes held by it to the trustee for holders of obligations owed, or securities issued, by such Fund as security for such obligations or securities; provided that, unless and until
such trustee actually becomes a Lender in compliance with the other provisions of this Section 9.07, (i) no such pledge shall release the pledging Lender from any of its obligations under the Loan Documents and (ii) such trustee shall
not be entitled to exercise any of the rights of a Lender under the Loan Documents even though such trustee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise. 
 (j) Notwithstanding anything to the contrary contained herein, any Lender Party (a “Granting Lender”)
may grant to a special purpose funding vehicle identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower (an “SPC”) the option to provide all or any part of any
Advance that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to fund any Advance and (ii) if an SPC elects not to
exercise such option or otherwise fails to make all or any part of such Advance, the Granting Lender shall be obligated to make such Advance pursuant to the terms hereof. The making of an Advance by an SPC hereunder shall utilize the Commitment of
the Granting Lender to the same extent, and as if, such Advance were made by such Granting Lender. Each party hereto hereby agrees that (i) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a
Lender Party would be liable, (ii) no SPC shall be entitled to the

  

 Express – Term Loan Credit Agreement 
 82 

 
benefits of Sections 2.08 and 2.10 (or any other increased costs protection provision) and (iii) the Granting Lender shall for all purposes, including, without limitation, the approval of
any amendment or waiver of any provision of any Loan Document, remain the Lender Party of record hereunder. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that,
prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior Debt of any SPC, it will not institute against, or join any other person in instituting against, such SPC any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding under the laws of the United States or any State thereof. Notwithstanding anything to the contrary contained in this Agreement, any SPC may (i) with notice to, but without prior
consent of, the Borrower and the Administrative Agent, assign all or any portion of its interest in any Advance to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding of Advances to
any rating agency, commercial paper dealer or provider of any surety or guarantee or credit or liquidity enhancement to such SPC. This subsection (j) may not be amended without the prior written consent of each Granting Lender, all or any part
of whose Advances are being funded by the SPC at the time of such amendment. 
 SECTION 9.08. Execution in Counterparts.
This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same
agreement. Delivery by telecopier or by electronic file of an executed counterpart of a signature page to this Agreement shall be effective as delivery of an original executed counterpart of this Agreement. 
 SECTION 9.09. Confidentiality. Neither any Agent nor any Lender Party shall disclose any Confidential Information to any Person
without the consent of the Borrower, other than (a) to such Agent’s or such Lender Party’s Affiliates and their officers, directors, employees, agents and advisors and to actual or prospective Eligible Assignees and participants, and
then only on a confidential basis, (b) as required by any law, rule or regulation or judicial process, (c) as requested or required by any state, Federal or foreign authority or examiner (including the National Association of Insurance
Commissioners or any similar organization or quasi-regulatory authority) regulating such Lender Party, (d) to any rating agency when required by it, provided that, prior to any such disclosure, such rating agency shall undertake to
preserve the confidentiality of any Confidential Information relating to the Loan Parties received by it from such Lender Party or (e) in connection with the exercise of any right or remedy under this Agreement or any other Loan Document;
provided that, in the case of disclosure under clause (b), unless specifically prohibited by law or court order, each Agent and each Lender Party shall make reasonable efforts to notify the Borrower of any such requirement for disclosure
prior to the disclosure of such Confidential Information; or (f) to any direct or indirect contractual counterparty or prospective counterparty (or such contractual counterparty’s or prospective counterparty’s professional advisor) to
any credit derivative transaction relating to Obligations of the Borrower hereunder; provided that such counterparty (or such counterparty’s professional advisor) shall undertake to preserve the confidentiality of any Confidential
Information relating to the Loan Parties received by it in connection with such credit derivative transaction. 
 SECTION 9.10.
Release of Collateral. Upon the sale, lease, transfer or other disposition of any item of Collateral of any Loan Party in accordance with the terms of the Loan Documents, the Collateral Agent will, at the Borrower’s expense, execute and
deliver to such Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents in accordance with the terms of
the Loan Documents and, in the case of any sale or dissolution of any Guarantor (to the extent permitted by the Loan Documents), a release of such Guarantor from the Guaranty. 
  

 Express – Term Loan Credit Agreement 
 83 

 SECTION 9.11. Replacement of Holdout Lender. (a) (i) If any action to be
taken by the Lender Parties or any Agent hereunder requires the unanimous consent, authorization, or agreement of all Lender Parties, and the consent of the Required Lenders is obtained but a Lender (“Holdout Lender”) fails
to give its consent, authorization, or agreement or (ii) if at any time any Lender becomes a Defaulting Lender or becomes insolvent or (iii) if at any time the Borrower becomes obligated to pay additional payments described in Sections
2.08 and 2.10(a) to a Lender, in each case, upon at least five (5) Business Days prior irrevocable notice to the Holdout Lender, the Defaulting Lender or other Lender, as the case may be, the Administrative Agent or the Borrower may permanently
replace the Holdout Lender, the Defaulting Lender or other Lender, as the case may be, with one or more substitute Lenders (each, a “Replacement Lender”), and the Holdout Lender, the Defaulting Lender or other Lender, as the
case may be, shall have no right to refuse to be replaced hereunder. Such notice to replace the Holdout Lender, the Defaulting Lender or other Lender, as the case may be, shall specify an effective date for such replacement, which date shall not be
later than 15 Business Days after the date such notice is given. 
 (b) Prior to the effective date of such
replacement, the Holdout Lender, the Defaulting Lender or other Lender, as the case may be, and each Replacement Lender shall execute and deliver an Assignment and Assumption, subject only to the Holdout Lender, the Defaulting Lender or other
Lender, as the case may be, being repaid its share of the outstanding Obligations under the Loan Documents without any premium or penalty of any kind whatsoever. If the Holdout Lender, the Defaulting Lender or other Lender, as the case may be, shall
refuse or fail to execute and deliver any such Assignment and Assumption prior to the effective date of such replacement, the Holdout Lender, the Defaulting Lender or other Lender, as the case may be, shall be deemed to have executed and delivered
such Assignment and Assumption. The replacement of any Holdout Lender, Defaulting Lender or other Lender, as the case may be, shall be made in accordance with the terms of Section 9.07. 
 SECTION 9.12. Patriot Act Notice. Each Lender Party and each Agent (for itself and not on behalf of any Lender Party) hereby notifies
the Loan Parties that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of such Loan Party and other information
that will allow such Lender Party or such Agent, as applicable, to identify such Loan Party in accordance with the Patriot Act. The Borrower shall, and shall cause each of its Subsidiaries to, provide such information and take such actions as are
reasonably requested by any Agent or any Lender Party in order to assist the Agents and the Lender Parties in maintaining compliance with the Patriot Act. 
 SECTION 9.13. Jurisdiction, Etc. (a) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State
court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any of the other Loan Documents to which it is a
party, 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 any such New York State
court or, to the fullest 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 any party may otherwise have to bring any action or proceeding relating to this Agreement or any of the other Loan Documents in the courts of any
jurisdiction. 
 (b) Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it
may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any of the other Loan Documents to which it is a party in any
New York State or Federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
  

 Express – Term Loan Credit Agreement 
 84 

 SECTION 9.14. Governing Law. This Agreement and the Notes shall be governed by, and
construed in accordance with, the laws of the State of New York. 
 SECTION 9.15. Waiver of Jury Trial. Each Loan Party,
the Agents and the Lender Parties irrevocably waives all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to any of the Loan Documents, the Advances or the
actions of any Agent or any Lender Party in the negotiation, administration, performance or enforcement thereof. 
  

 Express – Term Loan Credit Agreement 
 85 

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

			
	EXPRESS HOLDING, LLC, as Parent
		
	By 	 	/s/ Matt Moellering
		 	Name: Matt Moellering
		 	Title: Chief Financial Officer

  

			
	EXPRESS, LLC, as Borrower
		
	By 	 	/s/ Matt Moellering
		 	Name: Matt Moellering
		 	Title: Chief Financial Officer

  

			
	EXPRESS GC, LLC
		
	By 	 	/s/ Matt Moellering
		 	Name: Matt Moellering
		 	Title: Chief Financial Officer

  

			
	RETAIL FACTORING, LLC
		
	By 	 	/s/ Matt Moellering
		 	Name: Matt Moellering
		 	Title: Chief Financial Officer

  

 Express – Term Loan Credit Agreement 
 86 

			
	 MORGAN STANLEY SENIOR FUNDING, INC.,
 as Administrative Agent

		
	By	 	/s/ Eugene F. Martin
		 	Name: Eugene F. Martin
		 	Title: Vice President

  

			
	 MORGAN STANLEY & CO. INCORPORATED,
 as Collateral Agent

		
	By	 	/s/ Eugene F. Martin
		 	Name: Eugene F. Martin
		 	Title: Vice President

  

			
	 THE CIT GROUP/BUSINESS CREDIT, INC.,
 as Documentation Agent

		
	By	 	/s/ Robert L. Klein
		 	Name: Robert L. Klein
		 	Title: Vice President

  

 Express – Term Loan Credit Agreement 
 87 

 Initial Lenders 
  

			
	MORGAN STANLEY SENIOR FUNDING, INC., as Initial Lender
		
	By 	 	/s/ Paul Fassati
		 	Title: Vice President

  

 Express – Term Loan Credit Agreement 
 88Credit Agreement

 Exhibit 10.6 
  
  
 $300,000,000 
 CREDIT AGREEMENT 
 dated June 26, 2008 
 among 
 EXPRESS TOPCO LLC, 
 as Borrower, 
 THE LENDERS PARTY HERETO 
 and 
 KKR SCF LOAN ADMINISTRATION, LLC, 
 as Administrative
Agent 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 300 S. Grand Ave 
 Los Angeles, CA 90071 
  
  
  

 TABLE OF CONTENTS 
  

					
	 Section
	  	 	  	Page
		  	ARTICLE I	  	
			
		  	DEFINITIONS	  	
			
	 SECTION 1.01
	  	 Defined Terms
	  	1
	 SECTION 1.02
	  	 Terms Generally
	  	19
	 SECTION 1.03
	  	 Accounting Terms; GAAP
	  	19
	 SECTION 1.04
	  	 Resolution of Drafting Ambiguities
	  	19
			
		  	ARTICLE II	  	
			
		  	THE CREDITS	  	
			
	 SECTION 2.01
	  	 Commitments
	  	20
	 SECTION 2.02
	  	 Loans
	  	20
	 SECTION 2.03
	  	 Borrowing Procedure
	  	21
	 SECTION 2.04
	  	 Evidence of Debt; Repayment of Loans
	  	21
	 SECTION 2.05
	  	 Interest on Loans
	  	21
	 SECTION 2.06
	  	 Termination of Commitments
	  	22
	 SECTION 2.07
	  	 Optional and Mandatory Prepayments of Loans
	  	22
	 SECTION 2.08
	  	 Increased Costs
	  	24
	 SECTION 2.09
	  	 [Reserved]
	  	25
	 SECTION 2.10
	  	 Payments Generally; Pro Rata Treatment; Sharing of Setoffs
	  	25
	 SECTION 2.11
	  	 Taxes
	  	27
	 SECTION 2.12
	  	 Mitigation Obligations; Replacement of Lenders
	  	28
			
		  	ARTICLE III	  	
			
		  	REPRESENTATIONS AND WARRANTIES	  	
			
	 SECTION 3.01
	  	 Organization; Powers
	  	29
	 SECTION 3.02
	  	 Authorization; Enforceability
	  	29
	 SECTION 3.03
	  	 No Conflicts
	  	30
	 SECTION 3.04
	  	 Units
	  	30
	 SECTION 3.05
	  	 Collateral Documents
	  	30
	 SECTION 3.06
	  	 Litigation; Compliance with Laws
	  	30
	 SECTION 3.07
	  	 Federal Reserve Regulations
	  	30
	 SECTION 3.08
	  	 Investment Company Act
	  	31
	 SECTION 3.09
	  	 Use of Proceeds
	  	31
	 SECTION 3.10
	  	 No Material Misstatements
	  	31
	 SECTION 3.11
	  	 Solvency
	  	31
	 SECTION 3.12
	  	 Representations and Warranties in Opco Credit Agreements
	  	31

  

 -i- 

					
	 Section
	  	 	  	Page
			
		  	ARTICLE IV	  	
			
		  	CONDITIONS TO CREDIT EXTENSION	  	
			
	 SECTION 4.01
	  	 Conditions to the Initial Credit Extension
	  	31
	 SECTION 4.02
	  	 Conditions to the Delayed Draw Loans
	  	33
	 SECTION 4.03
	  	 Conditions to the Each Credit Extension
	  	33
			
		  	ARTICLE V	  	
			
		  	AFFIRMATIVE COVENANTS	  	
			
	 SECTION 5.01
	  	 Financial Statements, Reports, etc.
	  	34
	 SECTION 5.02
	  	 Litigation and Notices of other Material Events
	  	34
	 SECTION 5.03
	  	 Existence; Businesses and Properties
	  	35
	 SECTION 5.04
	  	 Obligations and Taxes
	  	35
	 SECTION 5.05
	  	 Maintaining Records; Access to Properties and Inspections; Annual Meetings
	  	36
	 SECTION 5.06
	  	 Transactions with Affiliates
	  	36
	 SECTION 5.07
	  	 Maintenance of Insurance
	  	36
	 SECTION 5.08
	  	 Further Assurances
	  	37
	 SECTION 5.09
	  	 Compliance with Terms of Leaseholds
	  	37
	 SECTION 5.10
	  	 Ratings
	  	37
			
		  	ARTICLE VI	  	
			
		  	NEGATIVE COVENANTS	  	
			
	 SECTION 6.01
	  	 Indebtedness
	  	37
	 SECTION 6.02
	  	 Mergers, Etc.
	  	39
	 SECTION 6.03
	  	 Sales, Etc. of Assets.
	  	39
	 SECTION 6.04
	  	 Investments in Other Persons.
	  	40
	 SECTION 6.05
	  	 Accounting Changes
	  	42
	 SECTION 6.06
	  	 Liens
	  	42
	 SECTION 6.07
	  	 Dividends
	  	42
	 SECTION 6.08
	  	 Modification of Organizational Documents; LLC Agreements; Advisory Agreement
	  	44
	 SECTION 6.09
	  	 Prepayments, Etc., of Indebtedness
	  	44
	 SECTION 6.10
	  	 Negative Pledge
	  	44
	 SECTION 6.11
	  	 Business
	  	44
	 SECTION 6.12
	  	 Financial Covenants
	  	44
			
		  	ARTICLE VII	  	
			
		  	EVENTS OF DEFAULT	  	
			
	 SECTION 7.01
	  	 Events of Default
	  	44

  

 -ii- 

					
	 Section
	  	 	  	Page
			
		  	ARTICLE VIII	  	
			
		  	THE ADMINISTRATIVE AGENT	  	
			
	 SECTION 8.01
	  	 Appointment
	  	47
	 SECTION 8.02
	  	 Administrative Agent in Its Individual Capacity
	  	47
	 SECTION 8.03
	  	 Exculpatory Provisions
	  	47
	 SECTION 8.04
	  	 Reliance by Administrative Agent
	  	47
	 SECTION 8.05
	  	 Delegation of Duties
	  	48
	 SECTION 8.06
	  	 Successor Administrative Agent
	  	48
	 SECTION 8.07
	  	 Non-Reliance on Administrative Agent and Other Lenders
	  	48
	 SECTION 8.08
	  	 Indemnification
	  	48
			
		  	ARTICLE IX	  	
			
		  	MISCELLANEOUS	  	
			
	 SECTION 9.01
	  	 Notices
	  	49
	 SECTION 9.02
	  	 Waivers; Amendment
	  	50
	 SECTION 9.03
	  	 Expenses; Indemnity
	  	52
	 SECTION 9.04
	  	 Successors and Assigns
	  	53
	 SECTION 9.05
	  	 Survival of Agreement
	  	55
	 SECTION 9.06
	  	 Counterparts; Integration; Effectiveness
	  	55
	 SECTION 9.07
	  	 Severability
	  	55
	 SECTION 9.08
	  	 Right of Setoff
	  	55
	 SECTION 9.09
	  	 Governing Law; Jurisdiction; Consent to Service of Process
	  	56
	 SECTION 9.10
	  	 Waiver of Jury Trial
	  	56
	 SECTION 9.11
	  	 Headings
	  	56
	 SECTION 9.12
	  	 Confidentiality
	  	57
	 SECTION 9.13
	  	 USA PATRIOT Act Notice
	  	57
			
	SCHEDULES	  		  	
			
	 Schedule I
	  	 Commitments
	  	
	 Schedule 5.06
	  	 Affiliate Transactions
	  	
	 Schedule 6.01
	  	 Existing Indebtedness
	  	
	 Schedule 6.04
	  	 Existing Investments
	  	
			
	EXHIBITS	  		  	
			
	 Exhibit A
	  	 Form of Assignment and Assumption
	  	
	 Exhibit B
	  	 Form of Borrowing Request
	  	
	 Exhibit C-1
	  	 Form of Term B Note
	  	
	 Exhibit C-2
	  	 Form of Term C Note
	  	
	 Exhibit D
	  	 Form of Opinion of Company Counsel
	  	
	 Exhibit E
	  	 Form of Solvency Certificate
	  	
	 Exhibit F
	  	 Form of Non-Bank Certificate
	  	
	 Exhibit G
	  	 Form of Pledge Agreement
	  	
	 Exhibit H
	  	 Form of Compliance Certificate
	  	

  

 -iii- 

 CREDIT AGREEMENT 
 This CREDIT AGREEMENT (this “Agreement”), dated June 26, 2008, among EXPRESS TOPCO LLC, a Delaware limited liability
company (“Borrower”), the Lenders, and KKR SCF LOAN ADMINISTRATION, LLC, a Delaware limited liability company, as administrative agent (in such capacity, “Administrative Agent”) for the Lenders. 
 WITNESSETH: 
 WHEREAS, Borrower has requested the Lenders to extend credit in the form of (x) Term B Loans in an aggregate principal amount of $150.0 million and (y) Term C Loans in an aggregate principal amount of $150.0 million. 

WHEREAS, the proceeds of the Loans are to be used to finance one or more Dividends to the Equity Investors and the payment of related
fees, costs and expenses. 
 NOW, THEREFORE, the Lenders are willing to extend such credit to Borrower on the terms and subject
to the conditions set forth herein. Accordingly, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings specified below: 
 “Accelerating Lenders” shall mean, at any time, a Lender or Lenders having more than 25% of the sum of (a) the
aggregate unpaid principal amount of all Loans outstanding and (ii) prior to the Commitment Termination Date, the aggregate Available Commitments then in effect. 
 “Administrative Agent” shall have the meaning assigned to such term in the preamble hereto and includes each other person appointed as the successor pursuant to Article VIII.

 “Acquisition Transactions” shall have the meaning assigned to the term “Transactions” in the Opco
Term Credit Agreement as of the date hereof. 
 “Advisory Agreement” means the advisory agreement dated as of
July 6, 2007, as amended, among Holdings, Opco, Parent and the Borrower and GGC, as amended to the extent permitted under this Agreement. 
 “AHYDO Mandatory Prepayment” shall have the meaning assigned in Section 2.07(c). 
 “AHYDO Mandatory Prepayment Amount” shall mean the minimum portion of the Term C Loans required to be prepaid to prevent such Term C Loan from being treated as an “applicable high
yield discount obligation” within the meaning of Section 163(i)(1) of the Code. 
 “AHYDO Mandatory Prepayment
Date” shall have the meaning assigned in Section 2.07(c). 

 “Affiliate” shall mean, when used 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. 
 “Agreement” shall have the meaning assigned to such term in the preamble hereto. 
 “Agreement Value” shall mean, for each Hedge Agreement, on any date of determination, an amount, if any, determined by the counterparty of the Hedge Agreement that is not the Borrower or
a Subsidiary of the Borrower that would be payable by the Borrower or such Subsidiary that is a party to such Hedge Agreement to its counterparty to such Hedge Agreement in accordance with its terms, as if (i) such Hedge Agreement was being
terminated early on such date of determination, (ii) the Borrower or such Subsidiary was the sole “Affected Party” and (iii) such counterparty was the sole party determining such payment amount. 
 “Approved Fund” shall mean any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender
or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Assignment and
Assumption” shall mean an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of each party whose consent is required by Section 9.04(b)), and accepted by the Administrative Agent,
substantially in the form of Exhibit A, or such other form as shall be approved by the Administrative Agent. 
 “Attributable Indebtedness” shall mean, when used with respect to any Sale and Leaseback Transaction, as at the time of determination, the present value (discounted at a rate equivalent to Borrower’s then-current
weighted average cost of funds for borrowed money as at the time of determination, compounded on a semi-annual basis) of the total obligations of the lessee for rental payments during the remaining term of the lease included in any such Sale and
Leaseback Transaction. 
 “Available Term B Loan Commitment” shall mean as to any Lender at any time during the
Commitment Period, an amount equal to the excess, if any, of (a) such Lender’s aggregate Commitment with respect to Term B Loans over (b) the aggregate principal amount of Term B Loans theretofore made hereunder in respect of such
Commitment. 
 “Available Term C Loan Commitment” shall mean as to any Lender at any time during the Commitment
Period, an amount equal to the excess, if any, of (a) such Lender’s aggregate Commitment with respect to Term C Loans over (b) the aggregate principal amount of Term C Loans theretofore made hereunder in respect of such Commitment.

 “Bankruptcy Code” shall mean Title 11 of the United States Code, as now constituted or hereafter
amended. 
 “Board” shall mean the Board of Governors of the Federal Reserve System of the United States.

 “Board of Directors” shall mean, with respect to any person, (i) in the case of any corporation, the
board of directors of such person and (ii) in any other case, the functional equivalent of the foregoing. 
 “Borrower” shall have the meaning assigned to such term in the preamble hereto. 
  

 -2- 

 “Borrower LLC Agreement” shall mean the Limited Liability Company Agreement
of Borrower dated as of the date hereof, as the same may be amended or modified from time to time in accordance with the terms of this Agreement. 
 “Borrowing Request” shall mean a request by Borrower in accordance with the terms of Section 2.03 and substantially in the form of Exhibit B, or such other form as
shall be approved by the Administrative Agent. 
 “Business Day” shall mean any day other than a Saturday,
Sunday or other day on which banks in New York City are authorized or required by law to close. 
 “Capitalized
Leases” means all leases that have been or should be, in accordance with GAAP, recorded as capitalized leases. 
 “Cash Equivalents” shall mean any of the following, to the extent owned by Borrower or any of its Subsidiaries and, in each case, having a maturity of not greater than one year from the date of issuance thereof:
(a) readily marketable direct obligations of the Government of the United States or any agency or instrumentality thereof or obligations unconditionally guaranteed by the full faith and credit of the Government of the United States,
(b) readily marketable direct obligations of any member of the European Economic Area, Switzerland or Japan, or any agency or instrumentality thereof or obligations unconditionally guaranteed by the full faith and credit of such country, and,
at the time of acquisition thereof having a credit rating of at least AA- (or the equivalent grade) by Moody’s or Aa3 by S&P, (c) marketable general obligations issued by any state of the United States or any political subdivision
thereof or any instrumentality thereof that is guaranteed by the full faith and credit of such state and, at the time of acquisition thereof having a credit rating of at least AA- (or the equivalent grade) by Moody’s or Aa3 by S&P,
(d) insured certificates of deposit, time deposits, eurodollar time deposits or overnight time deposits with any commercial bank that is organized under the laws of the United States or any State thereof, any member of the European Economic
Area, Switzerland or Japan and has combined capital and surplus of at least $500 million, (e) commercial paper issued by any lender under the Opco Term Credit Agreement or Opco ABL Credit Agreement or any corporation organized under the laws of
any State of the United States and rated at least “Prime-1” (or the then equivalent grade) by Moody’s or “A-1” (or the then equivalent grade) by S&P, (f) repurchase agreements and reverse repurchase agreements with
a duration of not more than 30 days for underlying securities of the types set forth in clauses (a) through (e) entered into with any financial institution meeting the specifications in clause (d) above, (g) auction rate
securities or (h) Investments in money market funds, of which at least 95% of the portfolios are limited solely to Investments of the character, quality and maturity described in clauses (a) through (f) of this definition. With
respect to any Foreign Subsidiary, “Cash Equivalents” shall also include any Investment substantially comparable to the foregoing but in the currency of the jurisdiction of organization of such Subsidiary, Euros or U.S. Dollars.

 “Change in Control” shall mean the occurrence of any of the following: (a) at any time prior to the
consummation of an IPO of the Equity Interests of the Parent, the Borrower or Holdings, the Sponsor shall cease to own at least 50% (directly or indirectly) of the Voting Interests in the Parent; or (b) at any time after the consummation of an
IPO of the Equity Interests of the Parent, the Borrower or Holdings, any Person or two or more Persons acting in concert other than the Sponsor shall have acquired beneficial ownership (within the meaning of Rule 13(d)-3 of the Securities and
Exchange Commission under the Securities Exchange Act of 1934), directly or indirectly, of Voting Interests (or other securities convertible into such Voting Interests) representing 35% or more of the combined voting power of all Voting Interests of
the Parent, unless the Sponsor owns Voting Interests representing a greater percentage; or (c) at any time after the consummation of an IPO of the Equity Interests of the Parent, the

  

 -3- 

 
Borrower or Holdings, during any period of up to 24 consecutive months, Continuing Directors shall cease for any reason to constitute a majority of the board of directors of the Borrower; or
(d) at any time, Parent shall cease to beneficially own and control 100% of the economic and voting interest in the Equity Interests of Borrower, Borrower shall cease to beneficially own and control 100% of the economic and voting interest in
the Equity Interests of Holdings or Holdings ceases to own and control 100% of the economic and voting interest in the Equity Interests of Opco. 
 “Change in Law” shall mean (a) the adoption of any law, treaty, order, rule or regulation after the Closing Date, (b) any change in any law, treaty, order, rule or regulation or
in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender (or for purposes of Section 2.08(c), 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 Closing Date. 
 “Closing Date” shall mean the date hereof. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 
 “Collateral” shall mean all of the Equity Interests in Holdings plus all other “Collateral” referred to in the Collateral Documents. 
 “Collateral Documents” shall mean the Pledge Agreement and any other agreement that creates or purports to create a Lien in
favor of the Administrative Agent for the benefit of the Secured Parties. 
 “Commitment” shall mean, with
respect to each Lender, the commitment, if any of such Lender to make Loans hereunder in the amounts set forth on Schedule I attached hereto or in the Assignment and Assumption pursuant to which a Lender becomes a party hereto. The aggregate
amount of all Lenders’ Commitments is $300.0 million. 
 “Commitment Period” shall mean the period from
and including the Closing Date to and including the Commitment Termination Date. 
 “Commitment Termination
Date” shall mean the earliest of (i) August 15, 2008, (ii) the date on which any of the Delayed Draw Term B Loans or the Delayed Draw Term C Loans are funded and (iii) the date on which the Commitments are otherwise
terminated pursuant to the terms of this Agreement. 
 “Companies” shall mean Borrower, Holdings, Opco and
their respective Subsidiaries; and “Company” shall mean any one of them. 
 “Compliance
Certificate” shall mean the compliance certificate substantially the form of Exhibit H. 
 “Confidential
Information” shall have the meaning assigned to such term in Section 9.12. 
 “Consolidated” refers to the consolidation of accounts in accordance with GAAP. 
  

 -4- 

 “Contingent Obligation” shall mean, with respect to any Person, any
Obligation or arrangement of such Person to guarantee or intended to guarantee any Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or
indirectly, including, without limitation, (a) the direct or indirect guarantee, endorsement (other than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with recourse by such Person of
the Obligation of a primary obligor, (b) the Obligation to make take-or-pay or similar payments, if required, regardless of nonperformance by any other party or parties to an agreement or (c) any Obligation of such Person, whether or not
contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (A) for the purchase or payment of any such primary obligation or (B) to
maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, assets, securities or services primarily for the purpose of assuring the
owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the holder of such primary obligation against loss in respect thereof;
provided, however, that the term “Contingent Obligation” shall not include any product warranties or other ordinary course contingent obligations incurred in the ordinary course of business, including indemnities. The amount
of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for
which such Person may be liable pursuant to the terms of the instrument evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to
perform thereunder), as determined by such Person in good faith. 
 “Continuing Directors” means, in the case
of the Borrower, the directors of the Borrower on the Closing Date and each other director if, in each case, such other director’s nomination for election to the board of directors of the Borrower is recommended by at least a majority of the
then Continuing Directors. 
 “Control” shall mean 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 ownership of voting securities, by contract or otherwise, and the terms “Controlling” and “Controlled” shall have meanings
correlative thereto. 
 “Credit Extension” shall mean the making of a Loan by a Lender. 
 “Debt for Borrowed Money” of any Person shall mean, at any date of determination, the sum of (a) the outstanding
principal amount of all Indebtedness of the type referred to in clauses (a), (c) and (e) of the definition of “Indebtedness”, (b) all reimbursement Obligations at such date of such Person under acceptance, letter of credit
or similar facilities at such date for amounts that have been drawn under such facilities and (c) all Synthetic Debt of such Person at such date; provided, however, for purposes of calculating Debt for Borrowed Money, the amount
of the Revolving Credit Advances (as defined in the Opco ABL Credit Agreement) included therein shall be equal to the average daily outstanding balance of such revolving loans during the twelve (12) month period ended on such date. 

“Default” shall mean any event, occurrence or condition which is, or upon notice, lapse of time or both would
constitute, an Event of Default. 
 “Default Rate” shall have the meaning assigned to such term in
Section 2.05(b). 
  

 -5- 

 “Delayed Draw Loans” shall mean the Delayed Draw Term B Loans and the
Delayed Draw Term C Loans, collectively. 
 “Delayed Draw Term B Loans” shall have the meaning assigned to such
term in Section 2.01(a). 
 “Delayed Draw Term C Loans” shall have the meaning assigned to such
term in Section 2.01(b). 
 “Disqualified Stock” means any Equity Interest that, by its terms,
matures or is Redeemable, in whole or in part, on or prior to the date that is 91 days after the Final Maturity Date. The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Agreement shall be the maximum amount
that Borrower or any of its Subsidiaries may become obligated to pay upon such maturity of, or pursuant to such Redeemable provisions in respect of, such Disqualified Stock. 
 “Dividend” with respect to any person shall mean that such person has declared or paid a dividend or returned any equity
capital to the holders of its Equity Interests or authorized or made any other distribution, payment or delivery of property (other than Equity Interests of such person) or cash to the holders of its Equity Interests as such, or redeemed, retired,
purchased or otherwise acquired, directly or indirectly, for consideration any of its Equity Interests outstanding (or any options or warrants issued by such person with respect to its Equity Interests), or set aside any funds for any of the
foregoing purposes, or shall have permitted any of its Subsidiaries to purchase or otherwise acquire for consideration any of the Equity Interests of such person outstanding (or any options or warrants issued by such person with respect to its
Equity Interests). Without limiting the foregoing, “Dividends” with respect to any person shall also include all payments made or required to be made by such person with respect to any stock appreciation rights or similar phantom stock
plans, equity incentive or achievement plans or any similar plans or setting aside of any funds for the foregoing purposes. 
 “dollars” or “$” shall mean lawful money of the United States. 
 “EBITDA” means, for any period and with respect to any Person, Consolidated Net Income of such Person for such period, plus (a) without duplication and to the extent deducted in determining such Consolidated Net
Income (except with respect to item (xiv)), the sum of (i) Consolidated interest expense, amortization or writeoff of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness of
such Person for such period, (ii) Consolidated income tax (and franchise tax in the nature of income tax) (including federal, state, local and foreign income tax) expense and foreign withholding tax expense, in each case for such period, and
any state single business unitary or similar tax of such Person for such period, (iii) depreciation and amortization expense (including amortization or impairment of intangibles (including goodwill) and organization costs) for such period
(excluding amortization expense attributable to a prepaid cash item (except for deferred finance charges) that was paid in a prior period) of such Person for such period, (iv) any other non-cash deductions, losses, charges or expenses made in
the ordinary course of business in determining Consolidated Net Income (but excluding any such non-cash charge in respect of an item that increased Consolidated Net Income in a prior period (to the extent of such increase) of such Person for such
period, (v) any extraordinary losses and unusual or non-recurring expenses or charges incurred in such period, (vi) any Transaction Expenses paid in such period, (vii) costs and expenses incurred in the ordinary course of business in
connection with acquisitions permitted under Section 6.04, issuances of Equity Interests of the Borrower (the net proceeds of which are contributed to Holdings and by Holdings to Opco), recapitalizations, Transfers or incurrence of Indebtedness
permitted under Section 6.01 hereunder (for the purposes of this definition, each a “Permitted Item”), (viii) any payments made or accrued pursuant to the Advisory

  

 -6- 

 
Agreement (as in effect on the Closing or as permitted to be amended hereby) and of reimbursement of ordinary course out-of-pocket costs and expenses payable to GGC or its Affiliates pursuant to
the Advisory Agreement, (ix) foreign exchange losses recorded in “other income”, (x) expenses in connection with earn-out obligations, (xi) any one-time payments made related to any Permitted Item, including, without
limitation, one-time compensation charges, stay bonuses paid to existing management and severance cost, and bonuses totaling $12.4 million paid to management of the Borrower and its Subsidiaries during the first Fiscal Quarter of 2008 in lieu of, or
in connection with, the simultaneous payment of Dividends to the Equity Investors, (xii) expenses incurred to the extent reimbursable by third parties pursuant to indemnification provisions and either so collected or reasonably expected to be
so collected, (xiii) all losses during such period resulting from the sale or disposition of any asset of the Borrower or any Subsidiary outside the ordinary course of business, (xiv) proceeds received from business interruption insurance,
in each case, with respect to such measurement period, (xv) non-cash expenses resulting from the grant or periodic re-measurement of stock options or other equity-related incentives (and, for the avoidance of doubt, including any non-cash
expenses related to any stock option or other equity-related incentives resulting from the acceleration of vesting in the event of a change in control) to any director, officer, employee, former employee or consultant of the Borrower or any of its
Subsidiaries pursuant to a written plan or agreement approved by the board of directors of the Parent or the Borrower, (xvi) salary, benefit and other direct savings resulting from workforce reductions implemented or reasonably expected to be
implemented within the following twelve months and severance related thereto in connection with the Permitted Acquisitions, (xvii) losses in respect of post-retirement benefits, as a result of the application of FASB 106, (xviii) losses
during such period in connection with the extinguishment, retirement or write-off of Indebtedness and (xix) the amount of any loss from stores which have been closed or identified to be closed, and minus (b) without duplication and
to the extent included in determining such Consolidated Net Income of such Person, any non-cash gains included in Consolidated Net Income of such Person for such period (other than any gains which represent the reversal of an accrual or reserve for
a potential cash item that reduced EBITDA in any prior period), minus (c) without duplication and to the extent included in determining such Consolidated Net Income of such Person, any extraordinary gains and unusual or non-recurring
gains for such period, all determined on a Consolidated basis in accordance with GAAP, minus (d) without duplication and to the extent included in determining such Consolidated Net Income of such Person, foreign exchange gains recorded
in “other income”, minus (e) without duplication and to the extent included in determining such Consolidated Net Income of such Person, all gains during such period resulting from the sale or disposition of any asset of the
Borrower or any of its Subsidiaries outside the ordinary course of business, minus (f) without duplication and to the extent included in determining such Consolidated Net Income of such Person, the amount of any gain in respect of
post-retirement benefits as a result of the application of FASB 106. 
 The historical EBITDA for any Measurement Period of
entities (A) that are acquired by Holdings or any of its Subsidiaries after the Closing Date as permitted under the Loan Documents will be included in the calculation of EBITDA and (B) that are disposed of by Holdings or any of its
Subsidiaries after the Closing Date will be excluded in the calculation of EBITDA; provided that, in the case of entities that are acquired by Holdings or any of its Subsidiaries after the Closing Date, the Administrative Agent shall be
furnished with audited financial statements, or if audited financial statements are not available, other financial statements reasonably acceptable to the Administrative Agent, of such entities (or if the acquisition is of a division or branch of a
larger business or a group of businesses, the audited financial statements, or if audited financial statements are not available, other financial statements reasonably acceptable to the Administrative Agent of such larger business or group of
businesses, so long as the individual activities of the acquired entity are clearly reflected in such financial statements, together with a certificate certifying that the Borrower has reviewed the historical financial statements of the division or
branch and that they reflect proper divisional accounting in relation to the large business or group of businesses in all material respects), reasonably satisfactory to the Administrative Agent in all material respects, confirming such historical
results. 
  

 -7- 

 “Eligible Assignee” shall mean (a) a Lender, (b) an Affiliate of
a Lender, (c) an Approved Fund, and (d) any other person (other than a natural person) approved by (i) the Administrative Agent and (ii) unless an Event of Default has occurred and is continuing, Borrower (each such approval by
Administrative Agent and Borrower not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include Parent, Borrower, Holdings or any of Borrower’s or Holdings’
Subsidiaries. 
 “Equity Interests” shall mean, with respect to any person, shares of capital stock of (or
other ownership or profit interests in) such person, warrants, options or other rights for the purchase or other acquisition from such person of shares of capital stock of (or other ownership or profit interests in) such person, securities
convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such person or warrants, rights or options for the purchase or other acquisition from such person of such shares (or such other interests),
and other ownership or profit interests in such person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are
authorized on any date of determination. 
 “Equity Investors” shall mean the direct or indirect owners of the
Equity Interests of the Borrower, including Opco management, the Sponsor, Limited Brands Store Operations, Inc., a Delaware corporation, and EXP Investments, Inc., a Delaware corporation and “Equity Investor” shall mean any of them.

 “Event of Default” shall have the meaning assigned to such term in Article VII. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 “Excluded Taxes” shall mean, 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 Borrower hereunder, (a) income, branch profits or franchise taxes imposed on (or measured by) its overall net income or overall gross income by the jurisdiction under the laws of which such
recipient is organized or in which its principal office is located or is otherwise doing business (other than a business deemed to arise as a result of Borrower’s activities or as a result of the transactions contemplated by this Agreement) or,
in the case of any Lender, in which its applicable lending office is located, (b) in the case of a Foreign Lender (other than an assignee pursuant to a request by Borrower under Section 2.12 or a participant pursuant to
Section 2.10(c) upon a default of Borrower), any U.S. Federal withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement or designates a new lending office,
except to the extent that such Foreign Lender was entitled, at the time of designation of a new lending office, to receive additional amounts from Borrower with respect to such withholding tax pursuant to Section 2.11(a), and
(c) any Taxes that are attributable to the failure to comply with Section 2.11(e) or (f). It is understood and agreed, for the avoidance of doubt, that any U.S. Federal withholding tax imposed on a Foreign Lender (including
an assignee) as a result of a Change in Law or regulation or interpretation thereof occurring after the time such Foreign Lender became a party to this Agreement shall not be an Excluded Tax. 
 “Extraordinary Receipt” means any cash amount actually received by any Company (net of all out-of-pocket fees, costs, legal
fees, court costs, taxes and other expenses incurred by any Company in connection with the collection, litigation, adjudication, arbitration, receipt or recovery of any

  

 -8- 

 
such Extraordinary Receipt, in each case to the extent such amounts are not deducted in calculating Consolidated Net Income) that is not received in the ordinary course of business and which is
received as a result of proceeds of casualty insurance and condemnation awards (and payments in lieu thereof); provided, however, that an Extraordinary Receipt shall not include cash receipts received from proceeds of insurance or
condemnation awards (or payments in lieu thereof) to the extent that such proceeds or awards are received by any Person in respect of any third party claim against such Person and applied to pay (or to reimburse such Person for its prior payment of)
such claim and the costs and expenses of such Person with respect thereto. 
 “Final Maturity Date” shall mean
June 26, 2015. 
 “Financial Officer” of any person shall mean the chief financial officer, principal
accounting officer, treasurer or controller of such person. 
 “Fiscal Quarter” means a fiscal quarter of
Borrower, Holdings and its Consolidated Subsidiaries ending on the Saturday ending on or next following the last day of April, July or October. 
 “Fiscal Year” means a fiscal year of Borrower, Holdings and its Consolidated Subsidiaries ending on the Saturday closest to January 31 in any calendar year. 
 “Foreign Lender” shall mean any Administrative Agent or Lender that is not a “United States person” within the
meaning of Section 7701(a) (30) of the Code. 
 “Foreign Subsidiary” means a Subsidiary of Holdings
that is organized under the laws of a jurisdiction located outside of the United States. 
 “Fund” shall mean
any person (other than a natural person) that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 
 “Funding Date” shall mean any date on which a Loan is made to the Borrower pursuant to Section 2.03 hereof.

 “GAAP” shall mean generally accepted accounting principles in the United States applied on a consistent
basis. 
 “GGC” means GGC Administration, LLC. 
 “Governmental Authority” shall mean any federal, state, local or foreign court, central bank or governmental agency,
authority, instrumentality or regulatory body or any subdivision thereof. 
 “Hedging Agreement” shall mean any
swap, cap, collar, forward purchase or similar agreements or arrangements dealing with interest rates, currency exchange rates or commodity prices, either generally or under specific contingencies. 
 “Hedging Obligations” shall mean obligations under or with respect to Hedging Agreements. 
 “Holdings” shall mean Express Holding, LLC, a Delaware limited liability company. 
  

 -9- 

 “Holdings LLC Agreement” shall mean the Second Amended and Restated Limited
Liability Company Agreement of Holdings dated as of the date hereof, as the same may be amended or modified from time to time in accordance with the terms of this Agreement. 
 “Income Tax Rate” shall mean 42.0%. 
 “Indebtedness” of any person shall mean, without duplication, (a) all indebtedness of such person for borrowed money, (b) all Obligations of such person for the deferred
purchase price of property or services (other than (1) trade payables not overdue by more than 90 days, deferred compensation and straight-line rent and landlord allowance, in each case incurred in the ordinary course of such person’s
business and (2) purchase price adjustments under the Unit Purchase Agreement), (c) all Obligations of such person evidenced by notes, bonds, debentures or other similar instruments, (d) all Obligations of such person created or
arising under any conditional sale or other title retention agreement with respect to property acquired by such person, (e) all Obligations of such person as lessee under Capitalized Leases, (f) all Obligations of such person under
acceptance, letter of credit or similar facilities, (g) all Obligations of such person with respect to Disqualified Stock, (h) all Obligations of such person in respect of Hedge Agreements, valued at the Agreement Value thereof,
(i) all Contingent Obligations and Synthetic Debt of such person and (j) all indebtedness and other payment Obligations referred to in clauses (a) through (i) above of another person 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 (including, without limitation, accounts and contract rights) owned by such person, even though such person has not assumed or become liable for the
payment of such indebtedness or other payment Obligations; but limited in amount to the lesser of (i) the fair market value of such property or (ii) the amount of such indebtedness or other payment obligations. 
 Notwithstanding anything to the contrary contained herein, Indebtedness shall not include (i) any amounts relating to preferred equity
(other than Disqualified Stock), employee consulting arrangements, accrued expenses, deferred rent (other than Capitalized Leases), deferred taxes, obligations under employment agreements, unredeemed gift card deferred revenue and deferred
compensation, or (ii) in connection with the existing letters of credit or any Permitted Acquisition or other acquisition otherwise permitted hereunder or consented to by the Lenders or in connection with the acquisition consummated pursuant to
the Unit Purchase Agreement, (A) reimbursement obligations in respect of such existing letters of credit or any letter of credit assumed in such Permitted Acquisition or other acquisition, the payment of which is either fully (x) backed by
a letter of credit or (y) cash collateralized, or (B) post-closing purchase price adjustments, earn-outs or similar obligations that are dependent upon the performance of the acquisition target after such closing to which the seller in
such Permitted Acquisition or acquisition may become entitled. 
 “Indemnified Taxes” shall mean Taxes other
than Excluded Taxes. 
 “Indemnitee” shall have the meaning assigned to such term in
Section 9.03(b). 
 “Initial Loans” shall mean the Initial Term B Loans and the Initial Term C
Loans, collectively. 
 “Initial Term B Loans” shall have the meaning assigned to such term in
Section 2.01(a). 
 “Initial Term C Loans” shall have the meaning assigned to such term in
Section 2.01(b). 
  

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 “Interest Coverage Ratio” shall mean the ratio, determined as of the end of
a Fiscal Quarter for the most recently completed Measurement Period, of (x) EBITDA to (y) Interest Expense for such Measurement Period, all calculated for the Borrower and its Subsidiaries on a Consolidated basis. 
 “Interest Expense” shall mean, for any period, the total consolidated interest expense of Borrower and its Subsidiaries for
such period determined on a consolidated basis in accordance with GAAP plus, without duplication, any other amounts added back in the calculation of EBITDA of the Borrower and its Subsidiaries for such period pursuant to clause (a)(i) of the
definition thereof, and minus the amount of interest income earned by Borrower and its Subsidiaries during such Measurement Period; provided that (a) to the extent directly related to the Acquisition Transactions, the Transactions or the
Loans, debt issuance costs, debt discount or premium and other financing fees and expenses shall be excluded from the calculation of Interest Expense (including the amortization or writeoff thereof) and (b) Interest Expense shall be calculated
after giving effect to Hedging Agreements related to interest rates (including associated costs), but excluding unrealized gains and losses with respect to Hedging Agreements related to interest rates. 
 Interest Expense shall be calculated on a pro forma basis to give effect to any Indebtedness incurred, assumed or permanently repaid or
extinguished during the relevant Measurement Period in connection with any acquisitions permitted under Section 6.04 and Asset Sales permitted under Section 6.03 (other than any dispositions in the ordinary course of
business) as if such incurrence, assumption, repayment or extinguishing had been effected on the first day of such period. 
 “Interest Payment Date” shall mean (x) in the case of any Term B Loan, (a) the last day of each January and July to occur during any period in which any Term B Loans are outstanding and (b) the Final Maturity
Date and (y) in the case of any Term C Loan, (a) the last day of each January, April, July and October to occur during any period in which any Term C Loans are outstanding and (b) the Final Maturity Date. 
 “Interest Period” shall mean the period commencing on the Closing Date or on the last day of the immediately preceding
Interest Period, as applicable, and ending on the next following Interest Payment Date thereafter. Interest shall accrue from and including the first day of an Interest Period to but excluding the last day of such Interest Period. 
 “Interest Rate” shall mean, (x) in the case of interest on any Term B Loan, 13.5% per annum, and (y) in the
case of interest on any Term C Loan, 14.5% per annum; provided that if the Borrower elects to pay interest due on any Term C Loan on an Interest Payment Date as PIK Interest in accordance with Section 2.05, such Term C Loan shall
bear interest at 16.0% per annum for the Interest Period ending on such Interest Payment Date. 
 “Investment” in any Person means any loan or advance to such Person (other than (a) third-party trade receivables or (b) intercompany trade receivables, in each case incurred in the ordinary course of such
Person’s business), any purchase or other acquisition of any Equity Interests or Indebtedness or the assets comprising a division or business unit or a substantial part or all of the business of such Person, any capital contribution to such
Person or any other direct or indirect investment in such Person, including, without limitation, any acquisition by way of a merger or consolidation (or similar transaction) and any arrangement pursuant to which the investor incurs Indebtedness of
the types referred to in clause (i) or (j) of the definition of “Indebtedness” in respect of such Person 
  

 -11- 

 “IPO” shall mean the first underwritten public offering by any direct or
indirect holding company parent of Parent, Parent, Borrower, Holdings, Opco, or any of their Subsidiaries of its respective Equity Interests after the Closing Date pursuant to a registration statement filed with the Securities and Exchange
Commission in accordance with the Securities Act. For avoidance of doubt, an “IPO” shall not include any secondary sale of the Equity Interests of Parent or Borrower. 
 “Lenders” shall mean (a) the persons that are a party hereto as of the date hereof (other than Borrower and the
Administrative Agent in such capacity) and (b) any Eligible Assignee that has become a party hereto pursuant to an Assignment and Assumption, other than, in each case, any such person that has ceased to be a party hereto pursuant to an
Assignment and Assumption. 
 “Leverage Ratio” means, at any date of determination, the ratio of
(i) Consolidated Debt for Borrowed Money (net of cash and Cash Equivalents) at such date to (ii) Consolidated EBITDA, in each case for the Borrower and its Subsidiaries for the most recently completed Measurement Period. 
 “Lien” shall mean, with respect to any property, (a) any mortgage, deed of trust, lien, pledge, encumbrance, claim,
charge, assignment for security, hypothecation, security interest or encumbrance of any kind, in each case for security, or any filing of any financing statement under the UCC or any other similar notice of Lien under any similar notice or recording
statute of any Governmental Authority, including any easement, right-of-way or other encumbrance on title to Real Property, in each of the foregoing cases whether voluntary or imposed by law; (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 property; and (c) in the case of securities, including the
Units, any purchase option, call or similar right of a third party with respect to such securities (excluding any such right granted pursuant to Section 8 of the Holdings LLC Agreement). 
 “Loan Documents” shall mean this Agreement, the Notes (if any) and the Collateral Documents. 
 “Loan Document Obligations” shall mean (a) obligations from time to time arising in respect of the due and punctual
payment of (i) the principal of and premium, if any, and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such
proceeding) on each of the Loans, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise and (ii) all other monetary obligations, including fees, costs, expenses and indemnities, whether
primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such
proceeding), in each case, of Borrower under this Agreement and the other Loan Documents, and (b) the due and punctual performance of all covenants, agreements, obligations and liabilities of Borrower under or pursuant to this Agreement and the
other Loan Documents. 
 “Loan” or “Loans” shall mean, as the context may require, the Term B
Loans and/or the Term C Loans. 
 “Margin Stock” shall have the meaning assigned to such term in Regulation U.

 “Material Adverse Effect” shall mean (a) a material adverse effect on the business, property, results
of operations or financial condition of Borrower, Holdings and its Subsidiaries taken as a whole; (b) material impairment of the ability of Borrower to perform any of its obligations under any Loan Document; or (c) material impairment of
the rights of or benefits or remedies available to the Lenders under any Loan Document. 
  

 -12- 

 “Measurement Period” means each period of four consecutive fiscal quarters
of Borrower and its Subsidiaries. 
 “Net Cash Proceeds” shall mean: 
 (a) with respect to any Transfer of any asset of the Borrower or any of its Subsidiaries (other than any Transfer of assets pursuant to
Section 6.03 (other than clause (e) thereof)), the excess, if any, of (i) the sum of cash and Cash Equivalents received in connection with such Transfer (including any cash or Cash Equivalents received by way of deferred payment
pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) over (ii) the sum of (A) the principal amount of any Indebtedness (other than Indebtedness under the Loan Documents) that is secured
by such asset and that is required to be repaid in connection with such Transfer thereof, (B) the reasonable and customary out-of-pocket costs, fees, commissions, premiums and expenses incurred by the Borrower or its Subsidiaries, and
(C) federal, state, provincial, foreign and local taxes reasonably estimated (on a Consolidated basis) to be actually payable as a result of any gain recognized in connection therewith; provided, however, that Net Cash Proceeds
shall not include any such amounts to the extent such amounts are (x) reinvested (or intended to be reinvested) in similar assets used or useful in the business of Holdings and its Subsidiaries within 12 months after the date of receipt
thereof, (y) committed to be reinvested in similar assets useful in the business of Holdings and its Subsidiaries within 12 months after the date of receipt thereof and are so reinvested within 6 months after such commitment or (z) not
dividendable to the Borrower due to any contractual restriction or Requirement of Law then in effect (provided that any such amounts shall constitute Net Cash Proceeds at such time as such contractual or legal restrictions are no longer in effect or
otherwise permit such amounts to be dividended to Borrower); provided, further, however, that no such amounts resulting from any Transfer shall be considered Net Cash Proceeds until they aggregate $1,000,000 in any fiscal year;

 (b) with respect to the incurrence or issuance of any Indebtedness by Borrower or any of its Subsidiaries (other than
Indebtedness incurred or issued pursuant to Section 6.01), the excess of (i) the sum of the cash and Cash Equivalents received in connection with such incurrence or issuance over (ii) the underwriting discounts and commissions or
other similar payments, and other out-of-pocket costs, fees, commissions, premiums and expenses incurred by the Borrower or any of its Subsidiaries in connection with such incurrence or issuance to the extent such amounts were not deducted in
determining the amount referred to in clause (i); and 
 (c) with respect to any Extraordinary Receipt received by
the Borrower or any of its Subsidiaries that is not otherwise included in clauses (a) or (b) above, the sum of the cash and Cash Equivalents received in connection therewith; provided, however, that Net Cash Proceeds
shall not include any such amounts to the extent such amounts are (x) reinvested (or intended to be reinvested) in fixed or capital assets used or useful in the business of the Borrower and its Subsidiaries within 12 months after the date of
receipt thereof, (y) committed to be reinvested in fixed or capital assets used or useful in the business of Holdings and its Subsidiaries within 12 months after the date of receipt thereof and are so reinvested within 6 months after such
commitment or (z) not dividendable to the Borrower due to any contractual restriction or Requirement of Law then in effect (provided that any such amounts shall constitute Net Cash Proceeds at such time as such contractual or legal restrictions
are no longer in effect or otherwise permit such amounts to be dividended to Borrower). 
  

 -13- 

 “Net Income” means, for any period, the net income or loss of the Borrower
and its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) unrealized gains and losses with respect to Hedge Agreements during such period and (b) the
impact of purchase accounting or similar adjustments required or permitted by GAAP in connection with the Acquisition Transactions or any Permitted Acquisition (including the reduction of revenue from any write-down of deferred revenue). 

“Net Taxable Income” shall mean the amount by which the cumulative taxable income or gain for all years from the first
taxable year of the Borrower beginning after the Closing Date to the year of determination exceeds the cumulative tax loss of the Borrower for all such years (and, for the avoidance of doubt, taking into account the deductibility of
state income taxes for United States federal income tax purposes). 
 “Notes” shall mean each of the notes
evidencing the Term B Loans issued pursuant to this Agreement, if any, substantially in the form of Exhibit C-1 and each of the notes evidencing the Term C Loans issued pursuant to this Agreement, if any, substantially in the form of
Exhibit C-2. 
 “Obligations” shall mean, with respect to any Person, any payment, performance or
other obligation of such Person of any kind, including, without limitation, any liability of such Person on any claim, whether or not the right of any creditor to payment in respect of such claim is reduced to judgment, liquidated, unliquidated,
fixed, contingent, matured, disputed, undisputed, legal, equitable, secured or unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any proceeding referred to in Section 7.01(g). Without limiting the
generality of the foregoing, the Obligations of any Company under the Loan Documents include (a) the obligation to pay principal, interest, charges, expenses, fees, attorneys’ fees and disbursements, indemnities and other amounts payable
by such Company under any Loan Document and (b) the obligation of such Company to reimburse any amount in respect of any of the foregoing that any Lender, in its sole discretion, may elect to pay or advance on behalf of such Company, to the
extent permitted by the Loan Documents. 
 “Officers’ Certificate” shall mean, as to any person, a
certificate executed by the chairman of the Board of Directors (if an officer), the chief executive officer, the president or any one of the Financial Officers of such person, each in his or her official (and not individual) capacity. 
 “Opco” means Express, LLC, a Delaware limited liability company and a wholly owned subsidiary of Holdings. 
 “Opco ABL Credit Agreement” means (i) that certain Asset-Based Loan Credit Agreement dated as of July 6, 2007
among Holdings, Opco, the lenders party thereto, Wells Fargo Retail, as administrative agent and as collateral agent and Morgan Stanley Senior Funding, Inc., as initial issuing bank, as amended, restated, supplemented or modified from time to time
and (ii) any other credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any indebtedness or other financial accommodation that has been incurred to
extend or refinance in whole or in part the indebtedness and other obligations outstanding under the (x) credit agreement referred to in clause (i) or (y) any subsequent Opco ABL Credit Agreement, unless such agreement or instrument
expressly provides that it is not intended to be and is not an Opco ABL Credit Agreement hereunder. Any reference to the Opco ABL Credit Agreement hereunder shall be deemed a reference to any Opco ABL Credit Agreement then in existence. 

 

 -14- 

 “Opco Term Credit Agreement” means (i) that certain Term Loan Credit
Agreement dated as of July 6, 2007 among Holdings, Opco, the lenders party thereto, and Morgan Stanley Senior Funding, Inc., as administrative agent, as amended, restated, supplemented or modified from time to time and (ii) any other
credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any indebtedness or other financial accommodation that has been incurred to extend or refinance in
whole or in part the indebtedness and other obligations outstanding under the (x) credit agreement referred to in clause (i) or (y) any subsequent Opco Term Credit Agreement, unless such agreement or instrument expressly provides that
it is not intended to be and is not an Opco Term Credit Agreement hereunder. Any reference to the Opco Term Credit Agreement hereunder shall be deemed a reference to any Opco Term Credit Agreement then in existence. 
 “Organizational Documents” shall mean, with respect to any person, (i) in the case of any corporation, the certificate
of incorporation and by-laws (or similar documents) of such person, (ii) in the case of any limited liability company, the certificate of formation and operating agreement (or similar documents) of such person, (iii) in the case of any
limited partnership, the certificate of formation and limited partnership agreement (or similar documents) of such person, (iv) in the case of any general partnership, the partnership agreement (or similar document) of such person and
(v) in any other case, the functional equivalent of the foregoing. 
 “Other Taxes” shall mean any and all
present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies (including related interest, fines, penalties and additions to tax) arising from any payment made or required to be made under any Loan
Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document. 
 “Parent” means Express Parent LLC, a Delaware limited liability company which owns 100% of the Equity Interests of the Borrower. 
 “Participant” shall have the meaning assigned to such term in Section 9.04(e). 
 “Permitted Acquisition” shall have the meaning assigned to such term in Section 6.04(g). 
 “Permitted Borrower Subordinated Indebtedness” shall mean Indebtedness of the Borrower (a) that
does not have any scheduled principal payment, mandatory principal payment, sinking fund payment or similar payment due prior to the 91st day after the Final Maturity Date, (b) interest of which is payable in kind, (c) that is not secured by any
Lien on any property, (d) for which none of the Companies (other than the Borrower) are liable in any way, (e) that is subordinated in right of payment to the Loan Document Obligations in a manner that is, and otherwise has terms and
conditions that are, satisfactory to Administrative Agent, (f) that is held by a person or an Affiliate of a person that owns, directly or indirectly, Equity Interests in the Borrower and (g) that is in an amount that does not exceed the
amount necessary to pay interest that is then due and payable under this Agreement and such proceeds are used for such purpose. 
 “Permitted Distributions” shall mean, (i) the distribution by the Borrower to Parent of fees, costs and expenses due and payable to GGC or any of its Affiliates in accordance with the Advisory Agreement (as in effect
on the date hereof or as amended as permitted hereby) to the extent not otherwise paid by Borrower or its Subsidiaries; (ii) distributions by the Borrower to Parent for franchise taxes and other fees required to maintain the legal existence of
Parent or to pay the out-of-pocket legal, accounting and other fees and expenses in the nature of overhead in the ordinary course of business of Parent, including without limitation payment of fees and reimbursement of expenses of the board of
directors in an aggregate amount in any Fiscal Year not to exceed $1.0 million and (iii) for so long as the Borrower is

  

 -15- 

 
treated as a partnership or is disregarded as an entity for federal income tax purposes, distributions by Borrower to Parent in order for Parent to make tax distributions to its members
pursuant to Section 4.02 of that certain Amended and Restated Limited Liability Company Agreement, dated as of the date hereof, by and between Parent and its members in an amount equal to the product of (1) the Income Tax Rate and
(2) the amount of the increase, if any, for the taxable year in the Net Taxable Income of the Borrower allocable to Parent; provided that the amount of any such payment for any taxable year shall not exceed the amount of the
income tax obligations that would have been payable by Borrower for such taxable year if Borrower was and had been at all times a corporation for federal income tax purposes filing a consolidated, combined or similar group tax return, of which
Borrower and its domestic Subsidiaries were members, and subject to tax at the Income Tax Rate. 
 “Permitted
Liens” shall mean, (i) to the extent the same constitute Liens, the provisions of Section 8 of the Holdings LLC Agreement, (ii) Liens in favor of the Administrative Agent for the benefit of the Lenders granted pursuant to any
Loan Document; and (iii) Liens for taxes not yet due and payable or which are being contested in good faith by appropriate proceedings and in accordance with applicable law; provided that adequate reserves with respect thereto are maintained on
the books of Borrower in conformity with GAAP. 
 “person” shall mean any natural person, corporation, business
trust, joint venture, association, company, limited liability company, partnership or government, or any agency or political subdivision thereof, in any case, whether acting in a personal, fiduciary or other capacity. 
 “PIK Interest” shall have the meaning assigned to such term in Section 2.05(a). 
 “Pledge Agreement” shall mean the pledge agreement to be executed by Borrower in substantially the form of Exhibit
G, or such other form as shall be approved by the Administrative Agent, as it may be amended, supplemented or otherwise modified from time to time. 
 “Proceeding” shall mean, with respect to any person, any (a) insolvency, bankruptcy, receivership, reorganization, readjustment, composition or other similar proceeding relating to
such person or its property or creditors in such capacity, (b) proceeding for any liquidation, dissolution or other winding-up of such person, voluntary or involuntary, whether or not involving insolvency or proceedings under the Bankruptcy
Code, whether partial or complete and whether by operation of law or otherwise, (c) assignment for the benefit of creditors of such person or (d) other marshalling of the assets of such person. 
 “property” shall mean any right, title or interest in or to property or assets of any kind whatsoever, whether real,
personal or mixed and whether tangible or intangible and including Equity Interests or other ownership interests of any person and whether now in existence or owned or hereafter entered into or acquired, including all Real Property. 
 “Qualified Capital Stock” of any person shall mean any Equity Interests of such person that are not Disqualified Stock.

 “Redeemable” means, with respect to any Equity Interest, any such Equity Interest that (a) the issuer
has undertaken to redeem at a fixed or determinable date or dates, whether by operation of a sinking fund or otherwise, or upon the occurrence of a condition not solely within the control of the issuer or (b) is redeemable at the option of the
holder. 
 “Register” shall have the meaning assigned to such term in Section 9.04(c). 

 

 -16- 

 “Regulation D” shall mean Regulation D of the Board as from time to time in
effect and all official rulings and interpretations thereunder or thereof. 
 “Regulation T” shall mean
Regulation T of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof. 
 “Regulation U” shall mean Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof. 
 “Regulation X” shall mean Regulation X of the Board as from time to time in effect and all official rulings and
interpretations thereunder or thereof. 
 “Required Lenders” shall mean, at any time, a Lender or Lenders
having more than 50% of the sum of (a) the aggregate unpaid principal amount of all Loans outstanding and (ii) prior to the Commitment Termination Date, the aggregate Available Commitments then in effect; provided that for purposes
of such calculation, any Loans or Commitments held by any Affiliate of Borrower, Holdings, Parent or any Equity Investor shall be disregarded. 
 “Requirements of Law” shall mean, collectively, any and all requirements of any Governmental Authority including any and all laws, ordinances, rules, regulations or similar statutes or
case law. 
 “Responsible Officer” of any person shall mean any executive officer or Financial Officer of such
person or any other officer or similar official thereof with responsibility for the administration of the obligations of such person in respect of this Agreement. 
 “Sale and Leaseback Transaction” shall mean any arrangement, directly or indirectly, with any person whereby Borrower or any of its Subsidiaries shall sell or transfer any property, real
or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property which it intends to use for substantially the same purpose or purposes as the property being sold or
transferred. 
 “Secured Parties” shall mean the Administrative Agent and any Lender. 
 “Securities Act” shall mean the Securities Act of 1933. 
 “Significant Subsidiary” shall mean any Subsidiary of Opco that would be a “Significant Subsidiary” of Opco
within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC. 
 “Sponsor” means Golden Gate
Private Equity, Inc., a Delaware corporation and each investment fund managed by it. 
 “Subsidiary” shall
mean, with respect to any person (the “parent”) at any date, (i) any other corporation, limited liability company, association or other business entity of which securities or other ownership interests representing more than 50%
of the voting power of all Equity Interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Board of Directors thereof are, as of such date, owned, controlled or held by the parent and/or one or more
subsidiaries of the parent, (ii) any partnership (a) the sole general partner or the managing general partner of which is the parent and/or one or more subsidiaries of the parent or (b) the only general partners of which are the
parent and/or one or more subsidiaries of the parent and (iii) any other person that is otherwise Controlled by the parent and/or one or more subsidiaries of the parent. 
  

 -17- 

 “Successful Syndication” shall mean the assignment (at a cash purchase
price of 98% of the applicable principal amount) after the Closing Date by the Lenders listed on Schedule I (allocated among the Lenders as they may elect in their discretion) (the “Closing Date Lenders”) to one or more assignees
approved by the Sponsor in its sole discretion of $50.0 million in aggregate principal amount of Term B Loans and $50.0 million in aggregate principal amount of Term C Loans and the receipt by the Closing Date Lenders of the cash purchase price from
such assignees for such assignment; provided (i) the Closing Date Lenders shall not sell or otherwise transfer any of their Loans prior to the Commitment Termination Date except in connection with a Successful Syndication and (ii) if
Sponsor produces an Eligible Assignee that is ready, willing and able to consummate such assignment, then the Closing Date Lenders will consummate such assignment substantially concurrently with the draw of the Delayed Draw Loans and if the Closing
Date Lenders fail to do so, the Closing Date Lenders shall be deemed to have achieved a Successful Syndication. 
 “Synthetic Debt” shall mean, with respect to any person, without duplication of any clause within the definition of “Indebtedness,” all (a) Obligations of such person under any lease that is treated as an
operating lease for financial accounting purposes and a financing lease for tax purposes (i.e., a “synthetic lease”) and (b) Obligations of such person in respect of transactions entered into by such person that are intended to
function primarily as a borrowing of funds (including, without limitation, any minority interest transactions that function primarily as a borrowing) but are not otherwise included in the definition of “Indebtedness” or as a liability on a
Consolidated balance sheet of such person and its Subsidiaries in accordance with GAAP. 
 “Tax Return” shall
mean all returns, statements, filings, attachments and other documents or certifications required to be filed in respect of Taxes. 
 “Taxes” shall mean any and all present or future taxes, duties, levies, imposts, assessments, deductions, withholdings or other similar charges imposed by a Governmental Authority, whether computed on a separate,
consolidated, unitary, combined or other basis and any and all liabilities (including related interest, fines, penalties or additions to tax) with respect to the foregoing. 
 “Term B Loans” shall mean the Initial Term B Loans and the Delayed Draw Term B Loans, collectively. 
 “Term C Loans” shall mean the Initial Term C Loans and the Delayed Draw Term C Loans, collectively. 
 “Transaction Expenses” shall mean costs and expenses incurred in connection with the Acquisition Transactions and the
Transactions, dividend payments to any director, officer or employee in connection with the Acquisition Transactions or the Transactions deemed to be an expense in accordance with GAAP and retention bonuses paid to employees in an aggregate amount
not to exceed $5,000,000 from July 6, 2007 through July 5, 2008. 
 “Transactions” shall mean,
collectively, (a) the execution, delivery and performance of the Loan Documents and the borrowings hereunder; (b) the funding of the Dividends contemplated by Section 6.07(a);and (c) the payment of all fees and expenses to be
paid on or prior to the Closing Date and any other Funding Date and owing in connection with the foregoing. 
 “Transfer” shall have the meaning assigned to such term in Section 6.03. 
  

 -18- 

 “UCC” shall mean the Uniform Commercial Code as in effect from time to time
in any applicable state or jurisdiction. 
 “United States” shall mean the United States of America.

 “Unit Purchase Agreement” shall mean the Unit Purchase Agreement dated as of May 15, 2007, as amended,
supplemented or otherwise modified in accordance with its terms, among Express Investment Corp., a Delaware corporation, Limited Brands Store Operations, Inc., a Delaware corporation, Limited Brands, Inc., a Delaware corporation, and Holdings.

 “Units” means the ownership interest in Holdings held by the Borrower. 
 SECTION 1.02 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 Loan
Document, 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, unless otherwise indicated, (e) any reference to any law or regulation herein shall refer to such law or regulation as amended, modified or
supplemented from time to time and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights. 
 SECTION 1.03 Accounting Terms; GAAP. Except as otherwise expressly
provided herein, all financial statements to be delivered pursuant to this Agreement shall be prepared in accordance with GAAP as in effect from time to time and all terms of an accounting or financial nature (including those used in the calculation
of the covenants set forth in Section 6.12) shall be construed and interpreted in accordance with GAAP, as in effect on the date hereof unless otherwise agreed to by Borrower and the Required Lenders. 
 SECTION 1.04 Resolution of Drafting Ambiguities. Borrower acknowledges and agrees that it was represented by counsel in
connection with the execution and delivery of the Loan Documents to which it is a party, that it and its counsel reviewed and participated in the preparation and negotiation hereof and thereof and that any rule of construction to the effect that
ambiguities are to be resolved against the drafting party shall not be employed in the interpretation hereof or thereof. 
  

 -19- 

 ARTICLE II 
 THE CREDITS 
 SECTION 2.01
Commitments. 
 (a) Subject to the terms and conditions and relying upon the representations and warranties herein set
forth, each Lender agrees severally, and not jointly, to make a Loan to Borrower in dollars in a principal amount equal to 98.0% of its Commitment in respect of Term B Loans. Notwithstanding anything to the contrary herein and for the avoidance of
doubt, the principal amount of each Term B Loan owing to each Lender as of the Funding Date for such Loan (before giving effect to any subsequent repayments) shall be an amount equal to such Lender’s Commitment in respect of which Term B Loan
was made irrespective that the amount funded on the applicable Funding Date is 98.0% of such Commitment. Amounts paid or prepaid in respect of Term B Loans may not be reborrowed. The Term B Loans shall be available, subject to the terms and
conditions hereof, in two drawings: (i) an initial drawing on the Closing Date in an aggregate principal amount of $100,000,000 (such Term B Loan made on the Closing Date being referred to herein as the “Initial Term B Loans”)
and (ii) a second drawing (any such Term B Loan made in such second draw being a “Delayed Draw Term B Loan”) not later than the Commitment Termination Date of the remaining Available Term B Loan Commitments of the Lenders.

 (b) Subject to the terms and conditions and relying upon the representations and warranties herein set forth, each Lender
agrees severally, and not jointly, to make a Loan to Borrower in dollars in a principal amount equal to 98.0% of its Commitment in respect of Term C Loans. Notwithstanding anything to the contrary herein and for the avoidance of doubt, the principal
amount of each Loan owing to each Lender as of the Funding Date for such Term C Loan (before giving effect to any subsequent repayments) shall be an amount equal to such Lender’s Commitment in respect of which Term C Loan was made irrespective
that the amount funded on the applicable Funding Date is 98.0% of such Commitment. Amounts paid or prepaid in respect of Term C Loans may not be reborrowed. The Term C Loans shall be available, subject to the terms and conditions hereof, in two
drawings: (i) an initial drawing on the Closing Date in an aggregate principal amount of $100,000,000 (such Term C Loan made on the Closing Date being referred to herein as the “Initial Term C Loans”) and (ii) a second
drawing (any such Term C Loan made in such second draw being a “Delayed Draw Term C Loan”) not later than the Commitment Termination Date of the remaining Available Term C Loan Commitments of the Lenders. 
 SECTION 2.02 Loans. 
 (a) Each Term B Loan shall be made by the Lenders ratably in accordance with their applicable Commitments in respect thereof and each Term C Loan shall be made by the Lenders ratably in accordance with
their applicable Commitments in respect thereof; provided that the failure of any Lender to make any Loan shall not in itself relieve any other Lender of its obligation to lend hereunder (it being understood, however, that no Lender shall be
responsible for the failure of any other Lender to make any Loan required to be made by such other Lender). 
 (b) Each Lender
shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds to such account in New York City as the Administrative Agent may designate not later than 2:00 p.m., New York City time, and
the Administrative Agent shall promptly credit the amounts so received to an account as directed by Borrower in the applicable Borrowing Request or, if the borrowing shall not occur on such date because any condition precedent herein specified shall
not have been met, return the amounts so received to the respective Lenders. 
  

 -20- 

 SECTION 2.03 Borrowing Procedure. To request the borrowing, Borrower shall
deliver, by hand delivery, telecopier or “pdf” electronic transmission, a duly completed and executed Borrowing Request to the Administrative Agent not later than 1:00 p.m., New York City time, one Business Day before the anticipated
Funding Date. The Borrowing Request shall be substantially in the form of Exhibit B hereto. 
 SECTION 2.04
Evidence of Debt; Repayment of Loans. 
 (a) Borrower hereby unconditionally promises to pay to the Administrative
Agent for the account of each Lender, the principal amount of each Loan of such Lender on the Final Maturity Date, and Borrower hereby acknowledges that such amount shall be due and payable on such date. 
 (b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of Borrower to such
Lender resulting from the Loans made by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. 
 (c) The Administrative Agent shall maintain accounts in which it will record (i) the amount of each Loan made hereunder; (ii) the
amount of any principal or interest due and payable or to become due and payable from Borrower to each Lender hereunder; and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each
Lender’s share thereof. 
 (d) The entries made in the accounts maintained pursuant to paragraphs (b) and
(c) above shall be prima facie evidence of the existence and amounts of the obligations therein recorded; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not
in any manner affect the obligations of Borrower to repay any of the Loans in accordance with their terms. 
 (e) Any Lender by
written notice to Borrower (with a copy to the Administrative Agent) may request that any Loans made by it be evidenced by a promissory note. In such event, Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the
order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) in the form of Exhibit C-1, in the case of Term B Loans, and Exhibit C-2, in the case of Term C Loans. Thereafter, each of the Loans
evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the order of the payee named therein
(or, if such promissory note is a registered note, to such payee and its registered assigns). 
 SECTION 2.05 Interest on
Loans. 
 (a) Subject to the provisions of Section 2.05(b), each Loan shall bear interest at the Interest
Rate which shall be payable in cash on the applicable Interest Payment Date; provided that in the case of the Term C Loans, if the Borrower elects by written notice to Administrative Agent at least 5 Business Days prior to the applicable
Interest Payment Date to pay all or any portion of the same in kind, then such interest subject to such election shall accrue and be payable in kind, capitalized, compounded and added to the unpaid principal amount of the Term C Loans on the
applicable Interest Payment Date (the “PIK Interest”). Amounts representing the PIK Interest shall be treated as Term C Loans for purposes of this Agreement and shall bear interest in accordance with this Section 2.05.
The obligation of the Borrower to pay all such PIK Interest so added shall be automatically evidenced by any Notes issued to the Lenders with respect to Term C Loans. 
  

 -21- 

 (b) Notwithstanding the foregoing, if any principal of any Loan is not paid when due or
interest on any Loan is not paid within two Business Days after such amount is due, whether at stated maturity, upon acceleration or otherwise, at the request of the Required Lenders, all Loan Document Obligations shall, to the extent permitted by
applicable law, bear interest, after as well as before judgment, at a rate per annum equal to 1.5% plus the rate otherwise applicable to the Loans (assuming, in the case of Term C Loans, interest is paid as PIK Interest) as provided in
Section 2.05(a) (the “Default Rate”). 
 (c) Accrued interest on each Loan shall be payable in
arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to Section 2.05(b) shall be payable on demand and (ii) in the event of any repayment or prepayment of any Loan, accrued
interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment. 
 (d) The
initial Interest Period with respect to the Term B Loans shall commence on the Closing Date and end on July 31, 2008, and each subsequent Interest Period shall automatically, without any action by Borrower or any other Person, commence upon the
expiration of the immediately preceding Interest Period. The initial Interest Period with respect to the Term C Loans shall commence on the Closing Date and end on July 31, 2008, and each subsequent Interest Period shall automatically, without
any action by Borrower or any other Person, commence upon the expiration of the immediately preceding Interest Period. All interest hereunder shall be computed on the basis of a year of 365 days and shall be payable for the actual number of
days elapsed (including the first day but excluding the last day). 
 SECTION 2.06 Termination of Commitments. The
Commitments shall automatically terminate at 5:00 p.m., New York City time, on the Commitment Termination Date. 
 SECTION
2.07 Optional and Mandatory Prepayments of Loans. 
 (a) Optional Prepayments. The Borrower may, at its option,
prepay the Term B Loans in whole or in part at the redemption price set forth below (expressed as a percentage of the principal amount of Loans to be prepaid) plus accrued and unpaid interest, if any, to the date of prepayment; provided that
each partial prepayment shall be in an amount that is an integral multiple of $500,000 and not less than $500,000 or, if less, the aggregate outstanding principal amount of the Term B Loans: 
  

				
	 Period:
	  	 Redemption Price
	 
	 On or after the Closing Date but prior to the 18 month anniversary of the Closing Date
	  	114.00	% 
	 On or after the 18 month anniversary of the Closing Date but prior to the second year anniversary of the Closing
Date
	  	107.00	% 
	 On or after the second year anniversary of the Closing Date but prior to the third year anniversary of the Closing
Date
	  	104.00	% 
	 On or after the third year anniversary of the Closing Date but prior to the fourth year anniversary of the Closing
Date
	  	102.00	% 
	 Thereafter
	  	100.0	% 

  

 -22- 

 (b) The Borrower may, at its option, prepay the Term C Loans in whole or in part at the
redemption price set forth below (expressed as a percentage of the principal amount of Loans to be prepaid (excluding any portion of such Loans representing PIK Interest)) plus accrued and unpaid interest, if any, to the date of prepayment;
provided that each partial prepayment shall be in an amount that is an integral multiple of $500,000 and not less than $500,000 or, if less, the aggregate outstanding principal amount of the Term C Loans: 
  

				
	 Period:
	  	Redemption Price	 
	 On or after the Closing Date but prior to the first year anniversary of the Closing Date
	  	103.00	% 
	 On or after the first year anniversary of the Closing Date but prior to the second year anniversary of the Closing
Date
	  	102.00	% 
	 On or after the second year anniversary of the Closing Date but prior to the third year anniversary of the Closing
Date
	  	101.00	% 
	 Thereafter
	  	100.0	% 

 In the case of Term C Loans, amounts to be applied in connection with this
Section 2.07(b) shall be deemed to be applied first to PIK Interest theretofore added to principal and second to original principal amounts. 
 (c) Mandatory Prepayments. 
 (i) No later than the first Business
Day following the receipt of any Net Cash Proceeds by Borrower or any of the other Companies, Borrower shall offer to prepay the Loans (at par) as set forth in Section 2.07(e) in an amount equal to 100% of such Net Cash Proceeds, without
premium or penalty; provided that Borrower shall not be required to prepay any Loans in connection with this Section 2.07(c)(i) until the aggregate amount of all Net Cash Proceeds received (and not theretofore applied) equals or
exceeds $500,000. 
 (ii) If the Term C Loans would otherwise constitute “applicable high yield discount
obligations” within the meaning of Section 163(i)(1) of the Code, at the end of the first accrual period ending after the fifth anniversary of the Closing Date and each accrual period thereafter (each, an “AHYDO Prepayment
Date”), the Borrower will be required to prepay a portion of the Term C Loans then outstanding in an amount equal to the AHYDO Mandatory Prepayment Amount (such prepayment, an “AHYDO Mandatory Prepayment”), without premium
or penalty. 
 (iii) Not later than one Business Day following a Change in Control, Borrower shall prepay all
outstanding Loans at a redemption price equal to the then applicable redemption price for such Loans (as applicable) pursuant to Section 2.07(a) and (b). 
  

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 (iv) Not later than one Business Day after an IPO, Borrower shall
prepay the Loans, at a redemption price equal to the then applicable redemption price for such Loans (as applicable) pursuant to Section 2.07(a) and (b), in a principal amount equal to 50% of such proceeds, net of a
proportionate portion of customary fees, commissions, costs and other expenses incurred in connection with such equity issuance. 
 (d) Notice of Prepayment. Borrower shall notify the Administrative Agent by written notice of any prepayment hereunder not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment. Each such notice
shall be irrevocable. Each such notice shall specify the prepayment date, the principal amount of each Loan or portion thereof to be prepaid, the redemption price therefor and, in the case of a mandatory prepayment, a reasonably detailed calculation
of the amount of such prepayment. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Such notice to the Lenders may be by electronic communication. Each mandatory prepayment of a
Loan pursuant to Section 2.07(c) (other than pursuant to Section 2.07(c)(ii), which shall be applied solely to the Term C Loans) shall be applied ratably to the Term B Loans and Term C Loans and as to the amount applicable to a tranche of
Loans, shall be applied ratably to the Loans of such tranche. Each voluntary prepayment of a Loan pursuant to Section 2.07(a) and Section 2.07(b) shall be applied to the Term B Loans and the Term C Loans as directed by the Borrower.
Prepayments shall be accompanied by accrued interest to the extent required by Section 2.05. 
 (e) Lender
Opt-Out. With respect to any prepayment of Loans pursuant to Section 2.07(c)(i), any Lender, at its option, may elect not to accept such prepayment. Upon the dates set forth in Section 2.07(c)(i) for any such prepayment
of Loans, the Borrower shall notify the Administrative Agent of the amount that is available to prepay the Loans (the “Prepayment Amount”). Promptly after the date of receipt of such notice, the Administrative Agent shall provide
written notice (the “First Offer”) to the Lenders of the amount available to prepay the Loans. Any Lender declining such prepayment (a “Declining Lender”) shall give written notice thereof to the Administrative
Agent by 11:00 a.m. no later than two (2) Business Days after the date of such notice from the Administrative Agent. On such date the Administrative Agent shall then provide written notice (the “Second Offer”) to the Lenders
other than the Declining Lenders (such Lenders being the “Accepting Lenders”) of the additional amount available (due to such Declining Lenders’ declining such prepayment) to prepay Loans owing to such Accepting Lenders, such
available amount to be allocated on a pro rata basis among the Lenders that accept the Second Offer. Any Lender declining prepayment pursuant to such Second Offer shall give written notice thereof to the Administrative Agent by 11:00 a.m. no later
than one (1) Business Day after the date of such notice of a Second Offer. The Borrower shall prepay the Loans as set forth in Section 2.07(c)(i) within one Business Day after its receipt of notice from the Administrative Agent of
the aggregate amount of such prepayment. Amounts remaining after the allocation of accepted amounts with respect to the First Offer and the Second Offer to Accepting Lenders shall be retained by the Borrower. 
 SECTION 2.08 Increased Costs. 
 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; or 
 (ii) impose on any Lender or the London interbank market any other condition affecting this Agreement or Loans made by such Lender; 
  

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 and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining
any 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, then Borrower will pay to such Lender such additional amount or amounts as will compensate such
Lender for such additional costs incurred or reduction suffered (it being understood that this Section 2.08(a) shall not apply to Taxes which are governed by Section 2.11). 
 (b) If any Lender determines (in good faith, but in its sole absolute discretion) 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 Borrower 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 in reasonable detail 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 2.08 shall be delivered to Borrower (with a copy to the Administrative Agent) and shall be conclusive and binding absent manifest error. Borrower
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 2.08 shall not constitute a waiver of such Lender’s right to demand such compensation; provided that Borrower shall not be required to
compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the date that such Lender, as the case may be, notifies Borrower 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 180-day period referred to above
shall not begin earlier than the date of effectiveness of the Change in Law. 
 SECTION 2.09 [Reserved].

 SECTION 2.10 Payments Generally; Pro Rata Treatment; Sharing of Setoffs. 
 (a) Borrower shall make each payment required to be made by it hereunder or under any other Loan Document (whether of
principal, interest or fees, or of amounts payable under Section 2.08 or 2.11, or otherwise) on or before the time expressly required hereunder or under such other Loan Document for such payment (or, if no such time is expressly
required, prior to 2:00 p.m., New York City time), on the date when due, in immediately available funds, without setoff, deduction 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 555 California Street, 50th floor, San Francisco, California 94104 and except that payments
pursuant to Sections 2.08 and 9.03 shall be made directly to the persons entitled thereto and payments pursuant to other Loan Documents shall be made to the persons specified therein. 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 under any Loan Document shall be due on a day that is not a Business Day, unless specified otherwise,
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 under each Loan Document shall be made in
dollars. 
  

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 (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 other amounts then due hereunder, such funds shall be applied (i) first, towards payment of interest and other amounts then due hereunder, ratably among the parties entitled
thereto in accordance with the amounts of interest and other amounts then due to such parties, and (ii) second, towards payment of 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 setoff or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its 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 par value) participations in the Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders
ratably in accordance with the aggregate amount of principal of and accrued interest on their Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such
participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by Borrower pursuant to and in
accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to Parent, Holdings, Borrower or
any of its Subsidiaries (as to which the provisions of this paragraph shall apply). Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the
foregoing arrangements may exercise against Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of Borrower in the amount of such participation. 
 (d) Unless the Administrative Agent shall have received notice from Borrower prior to the date on which any payment is due to the
Administrative Agent for the account of the Lenders hereunder that Borrower will not make such payment, the Administrative Agent may assume that Borrower has 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 Borrower has 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 greater of the Federal Funds Effective Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation. 
 (e) If any Lender shall fail to
make any payment required to be made by it pursuant to Section 2.10(d) or 9.03(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. 
  

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 SECTION 2.11 Taxes. 
 (a) Any and all payments by or on account of any obligation of Borrower hereunder or under any other Loan Document shall be made without
setoff, counterclaim or other defense and free and clear of and without deduction or withholding for any and all Indemnified Taxes; provided that if Borrower shall be required by law to deduct any Indemnified Taxes from such payments, then
(i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions or withholdings applicable to additional sums payable under this Section 2.11) the Administrative Agent or any
Lender, as the case may be, receives an amount equal to the sum it would have received had no such deductions or withholdings been made, (ii) Borrower shall make such deductions or withholdings and (iii) Borrower shall pay the full amount
deducted or withheld to the relevant Governmental Authority in accordance with applicable law. 
 (b) In addition, Borrower
shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law and shall indemnify the Administrative Agent and each Lender, within 10 Business Days after written demand therefor, for the full amount of Other
Taxes paid by the Administrative Agent or such Lender, as the case may be and reasonable expenses arising therefrom or with respect thereto, whether or not such Other Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate accompanied by reasonable detail as to the amount of such payment or liability delivered to Borrower by a Lender or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest
error. 
 (c) Borrower shall indemnify the Administrative Agent and each Lender, within 10 Business Days after written demand
therefor, for the full amount of any Indemnified 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 Borrower hereunder or under any other Loan Document
(including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.11 and reasonable out-of-pocket 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 accompanied by reasonable detail as to the amount of such payment or liability delivered to Borrower by a Lender or by the Administrative
Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
 (d) As soon as practicable after
any payment of Indemnified Taxes or Other Taxes and in any event within 30 days of any such payment being due, by Borrower to a Governmental Authority, Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which
Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, such
properly completed and executed documentation prescribed by applicable law or reasonably requested by Borrower or the Administrative Agent as will permit such payments under this Agreement to be made without withholding or at a reduced rate. Each
Foreign Lender, on or before the date it becomes a Foreign Lender, shall to the extent it is legally entitled to do so (i) furnish two copies (which shall be accurate and complete, and originally executed) of either (a) U.S. Internal
Revenue Service Form W-8BEN (or successor form), (b) U.S. Internal Revenue Service Form W-8ECI (or successor form), certifying, in the case of (a) or (b), to such Foreign Lender’s legal entitlement to an exemption or reduction from
U.S. federal withholding tax with respect to payments hereunder, or (c) to the extent it does not act or ceases to act for its own account with respect to any portion of any sums paid or payable to such Foreign Lender, U.S. Internal Revenue
Service Form W-8IMY (or any successor forms), together with any information, if any, such party chooses to transmit with such form, and any other certificate or statement of exemption

  

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required under the Code or the regulations issued thereunder, to establish that such party is not acting for its own account with respect to a portion of any such sums payable to such party, and
(ii) to the extent it may lawfully do so at such times, upon reasonable request by Borrower or the Administrative Agent, provide a new Form W-8BEN (or successor form), Form W-8ECI (or successor form) or Form W-8IMY (or successor form) upon the
expiration or obsolescence of any previously delivered form to confirm any complete exemption from, or any entitlement to a reduction in, U.S. federal withholding tax with respect to any payments hereunder, or to establish that such party is not
acting for its own account with respect to a portion of any such sums payable to such party; provided that any Foreign Lender that is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code that is relying on the
“portfolio interest exception” under Section 881(c) of the Code shall also furnish a “Non-Bank Certificate” in the form of Exhibit F if it is furnishing a Form W-8BEN. Each Foreign Lender that does not furnish Internal
Revenue Service Form W-8ECI (or successor form) represents that, to its knowledge, any fees paid hereunder are not attributable to services performed by such Lender in the United States. 
 (f) Any Administrative Agent or Lender that is not a Foreign Lender and is not an exempt recipient (as defined in Section 6049(b)(4) of
the Code and the regulations issued thereunder) shall deliver to the Borrower (with a copy to the Administrative Agent), on or prior to the date it become a party hereto, and at such other times as may be necessary in the determination of Borrower
in its reasonable discretion, two U.S. Internal Revenue Service Form W-9 (or any successor forms) properly completed and duly executed by such party. 
 (g) If the Administrative Agent or a Lender (or an assignee) determines in its reasonable discretion that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been
indemnified by Borrower or with respect to which Borrower has paid additional amounts pursuant to this Section 2.11, it shall pay over such refund to Borrower (but only to the extent of indemnity payments made, or additional amounts
paid, by Borrower under this Section 2.11 with respect to the Indemnified Taxes or the Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender (or assignee) and without
interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, however, that Borrower, upon the request of the Administrative Agent or such Lender (or assignee), agrees to repay
the amount paid over to Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender (or assignee) within a reasonable time (not to exceed 20 days) after receipt
of written notice that the Administrative Agent or such Lender (or assignee) is required to repay such refund to such Governmental Authority. Nothing contained in this Section 2.11(g) shall require the Administrative Agent or any Lender
(or assignee) to make available its Tax Returns or any other information which it deems confidential to Borrower or any other person. Notwithstanding anything to the contrary, in no event will any Lender be required to pay any amount to Borrower the
payment of which would place such Lender in a less favorable net after-tax position than such Lender would have been in if the Indemnified Taxes or Other Taxes giving rise to such refund had never been paid in the first instance. 
 SECTION 2.12 Mitigation Obligations; Replacement of Lenders. 
 (a) Mitigation of Obligations. If any Lender requests compensation under Section 2.08, or if Borrower is required to pay
any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.11, 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 reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable
pursuant to Section 2.08 or 2.11, as the case may be, in the future and (ii) would not subject such Lender to

  

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any unreimbursed cost or expense and would not otherwise be disadvantageous in any material respect to such Lender. Borrower hereby agrees to pay all reasonable out-of-pocket costs and expenses
incurred by any Lender in connection with any such designation or assignment. A certificate setting forth such costs and expenses in reasonable detail submitted by such Lender to the Administrative Agent shall be conclusive absent manifest error.

 (b) Replacement of Lenders. If any Lender requests compensation under Section 2.08, or if Borrower is
required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.11, or if any Lender defaults in its obligation to fund Loans hereunder, then Borrower may, at its sole
expense and effort, upon notice to 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 9.04), all of its
interests, rights and obligations under this Agreement to an assignee selected by Borrower that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) Borrower shall
have received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of all of its Loans (at par,
without any redemption premium), 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 Borrower (in the case of all other
amounts) in the case of any such assignment resulting, from a claim for compensation under Section 2.08 or payments required to be made pursuant to Section 2.11, 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 Borrower to require such assignment and
delegation cease to apply. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 The Borrower represents and warrants to
the Administrative Agent and each of the Lenders that: 
 SECTION 3.01 Organization; Powers. Borrower (a) is
duly organized and validly existing under the laws of Delaware, (b) has all requisite power and authority to carry on its business as now conducted and to own and lease its property and (c) is qualified and in good standing to do business
in every jurisdiction where such qualification is required, except in such jurisdictions where the failure to so qualify or be in good standing, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect. 
 SECTION 3.02 Authorization; Enforceability. The debt financing transaction to be entered into by
Borrower hereunder is within Borrower’s powers and has been duly authorized by all necessary action on the part of Borrower. This Agreement has been duly executed and delivered by Borrower and constitutes, and each other Loan Document, when
executed and delivered by Borrower, will constitute, a legal, valid and binding obligation of 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. 
  

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 SECTION 3.03 No Conflicts. The Transactions, including any Credit Extensions
hereunder, (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except (i) such as have been obtained or made and are in full force and effect and
(ii) consents, approvals, registrations, filings, permits or actions the failure to obtain or perform which could not reasonably be expected to result in a Material Adverse Effect, (b) will not violate the Organizational Documents of any
Company or any judgment, decree or order of any Governmental Authority that is binding on any Company, (c) will not violate or result in a default or require any consent or approval under any indenture, agreement (including the Opco ABL Credit
Agreement and the Opco Term Credit Agreement), Organizational Document or other instrument binding upon any Company or its property, or give rise to a right thereunder to require any payment to be made by any Company, except for violations, defaults
or the creation of such rights that could not reasonably be expected to result in a Material Adverse Effect, and (d) will not result in the creation or imposition of any Lien on any property of Borrower (other than the Liens in favor of the
Administrative Agent under the Collateral Documents). 
 SECTION 3.04 Units. Borrower has good title to Units
representing 100% of all issued and outstanding Units. All Units are duly and validly issued and are fully paid and non-assessable. There are no outstanding warrants, options or other rights to purchase with respect to, or property that is
convertible into, or that requires the issuance or sale of, any such Units, except as set forth in Section 8 of the Holdings LLC Agreement. 
 SECTION 3.05 Collateral Documents. The Pledge Agreement is effective to create in favor of the Administrative Agent for the benefit of the Secured Parties, legal, valid and enforceable Liens
on, and security interests in, the Collateral and, when (i) financing statements and other filings in appropriate form are filed in the offices specified in the Pledge Agreement and (ii) upon the taking of possession or control by the
Administrative Agent of the Collateral with respect to which a security interest may be perfected only by possession or control (which possession or control shall be given to the Administrative Agent to the extent possession or control by the
Administrative Agent is required by the Pledge Agreement), the Liens created by the Pledge Agreement shall constitute fully perfected first priority Liens on, and security interests in, all right, title and interest of the grantors in the Collateral
in which a security interest can be perfected under Article 9 of the UCC by filing or possession or control thereof. 
 SECTION 3.06 Litigation; Compliance with Laws. (a) There are no actions, suits or proceedings at law or in equity by or before any Governmental Authority now pending or, to the knowledge of Borrower, threatened against or
affecting Borrower or any Company (i) that challenge the enforceability or validity of any Loan Document or any of the Transactions or (ii) as to which there is a reasonable possibility of an adverse determination and that, if adversely
determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 
 (b)
Neither Borrower nor any of its property is in violation of, nor will the ownership of its property violate, any Requirements of Law or is in default with respect to any judgment, writ, injunction, decree, rule or order of any Governmental
Authority, in each case where such violation or default, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.07 Federal Reserve Regulations. (a) Borrower is not engaged principally, or as one of its important activities, in the business of extending credit for the purpose of buying or
carrying Margin Stock. 
  

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 (b) No part of the proceeds of any Loan will be used, whether directly or indirectly, and
whether immediately, incidentally or ultimately, for any purpose that entails a violation of, or that is inconsistent with, the provisions of the regulations of the Board, including Regulation T, U or X. 
 SECTION 3.08 Investment Company Act. The Borrower is not an “investment company,” as defined in, or subject to
registration under, the Investment Company Act of 1940, as amended. 
 SECTION 3.09 Use of Proceeds. Borrower will
use the proceeds of the Loans to finance one or more Dividends to its Equity Investors and to pay related fees, costs and expenses. 
 SECTION 3.10 No Material Misstatements. No written information, report, financial statement, certificate, Borrowing Request, exhibit or schedule furnished by or on behalf of Borrower to the Administrative Agent or any Lender
in connection with the negotiation of any Loan Document or included therein or delivered pursuant thereto, taken as a whole, contained or contains any material misstatement of fact or omitted or omits to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were or are made, not materially misleading as of the date such information is dated or certified; provided that to the extent any such information, report, financial
statement, exhibit or schedule was based upon or constitutes a forecast or projection or pro forma adjustment, Borrower represents only that it acted in good faith and utilized reasonable assumptions and due care in the preparation of such
information, report, financial statement, exhibit or schedule (it being understood that forecasts are subject to uncertainties and contingencies and that no representation or warranty is given that any forecast will be realized). 
 SECTION 3.11 Solvency. Immediately after the consummation of the Transactions to occur on the Closing Date, (a) the fair
value (on a going concern basis) of the properties of Borrower will exceed its debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value of the property of Borrower will be greater than the amount that
will be required to pay the probable liability of its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) Borrower will be able to pay its debts and
liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (d) Borrower will not have unreasonably small capital with which to conduct its business in which it is engaged as such business
is now conducted and is proposed to be conducted following the Closing Date. 
 SECTION 3.12 Representations and
Warranties in Opco Credit Agreements. The Lenders have been furnished true and complete copies of the Opco ABL Credit Agreement and the Opco Term Credit Agreement. All representations and warranties regarding the Companies set forth in the
Opco ABL Credit Agreement and the Opco Term Credit Agreement are true and correct in all material respects as of the Closing Date, unless stated to relate to a specific earlier date, in which case such representations and warranties were true and
correct in all material respects as of such earlier date. 
 ARTICLE IV 
 CONDITIONS TO CREDIT EXTENSION 
 SECTION 4.01 Conditions to the Initial Credit Extension. The obligation of each Lender to fund the initial Credit Extension requested to be made by it on the Closing Date shall be
subject to the prior or concurrent satisfaction of each of the conditions precedent set forth in this Section 4.01. 
  

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 (a) Loan Documents. There shall have been delivered to the Administrative Agent an
executed counterpart of each of the Loan Documents. 
 (b) Corporate Documents. The Administrative Agent shall have
received: 
 (i) a certificate of the secretary or assistant secretary of Borrower dated the Closing Date,
certifying (A) that attached thereto is a true and complete copy of each Organizational Document of each of the Borrower, Holdings and Opco certified as of a recent date by the Delaware Secretary of State, (B) that attached thereto is a
true and complete copy of resolutions duly adopted by the Board of Directors of Borrower authorizing the execution, delivery and performance of the Loan Documents and the borrowings hereunder, and that such resolutions have not been modified,
rescinded or amended and are in full force and effect and (C) as to the incumbency and specimen signature of each officer executing any Loan Document or any other document delivered in connection herewith on behalf of Borrower (together with a
certificate of another officer as to the incumbency and specimen signature of the secretary or assistant secretary executing the certificate in this clause (i)); 
 (ii) a certificate as to the good standing of Borrower, Holdings and Opco (in so-called “long-form”) as of a recent
date, from such Secretary of State; and 
 (iii) a pro forma Compliance Certificate demonstrating pro forma
compliance with the covenants set forth in Section 6.12 after giving effect to the Transactions for the Measurement Period most recently ended for which financial statements are available. 
 (c) Officers’ Certificate. The Administrative Agent shall have received a certificate, dated the Closing Date and signed by the
chief executive officer or the chief financial officer of Borrower, confirming compliance with the conditions precedent set forth in Sections 4.01 and 4.03. 
 (d) Ratings. Each of the Term B Loans and the Term C Loans shall have been assigned a credit rating of CCC (with a stable outlook) or better by Standard & Poor’s Rating Group, a
division of The McGraw Hill Corporation, and a credit rating of Caa2 (with a stable outlook) or better by Moody’s Investor Services, Inc. 
 (e) Opinion of Counsel. The Administrative Agent shall have received, on behalf of itself and the Lenders, a favorable written opinion of Kirkland & Ellis LLP, special counsel for
Borrower, substantially to the effect set forth in Exhibit D (i) dated the Closing Date, (ii) addressed to the Administrative Agent and the Lenders and (iii) covering such matters relating to the Loan Documents as are
usual and customary in the relevant jurisdictions for similar transactions and as the Administrative Agent shall reasonably request. 
 (f) Solvency Certificate. The Administrative Agent shall have received a solvency certificate in the form of Exhibit E, dated the Closing Date and signed by the chief financial officer of Borrower. 
 (g) USA Patriot Act Information. The Lenders shall have received, sufficiently in advance of the Closing Date, all documentation and
other information that may be required by the Lenders in order to enable compliance with applicable “know your customer” and anti-money laundering rules and regulations, including the United States PATRIOT Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)) including the information described in Section 9.13. 
  

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 (h) Unit Certificates. The Borrower shall have delivered to the Administrative Agent
any certificates representing the Units accompanied by undated stock powers executed in blank. 
 SECTION 4.02 Conditions
to the Delayed Draw Loans. The obligation of each Lender to fund any Delayed Draw Loan requested to be made by it shall be subject to (i) the Closing Date Lenders having achieved a Successful Syndication, (ii) each of the
conditions precedent set forth in Section 4.01 having been either satisfied or waived by the Administrative Agent and (iii) the Initial Term B Loans and Initial Term C Loans having been made. 
 SECTION 4.03 Conditions to the Each Credit Extension. The obligation of each Lender to fund any Credit Extension requested to
be made by it on any Funding Date (including the initial Credit Extension) shall be subject to the prior or concurrent satisfaction of each of the additional conditions precedent set forth in this Section 4.03: 
 (a) Indebtedness. After giving effect to the Transactions and the other transactions contemplated hereby occurring on or prior to the
Funding Date, no Company shall have outstanding any Indebtedness other than (i) the Loans hereunder and (ii) Indebtedness otherwise permitted by Section 6.01 hereof. 
 (b) Fees. The Administrative Agent shall have received reimbursement or payment of all reasonable out-of-pocket expenses (including
the reasonable fees and expenses of Skadden, Arps, Slate, Meagher & Flom LLP, special counsel to the Administrative Agent) required to be reimbursed or paid by Borrower hereunder or under any other Loan Document and which have been invoiced
to Borrower. 
 (c) Borrowing Request. The Administrative Agent shall have received an executed Borrowing Request from
the Borrower. 
 (d) No Default. No Default or Event of Default shall have occurred and be continuing on such date or
after giving effect to the Credit Extensions requested to be made on such date. 
 (e) Representations and Warranties.
Each of the representations and warranties contained herein shall be true and correct in all material respects (except that any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall
be true and correct in all respects) on and as of the date of any Credit Extension with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date. Each of the
delivery of a Borrowing Request and the acceptance by Borrower of the proceeds of such Credit Extension shall constitute a representation and warranty by Borrower that on the date of such Credit Extension (both immediately before and after giving
effect to such Credit Extension and the application of the proceeds thereof) the conditions contained in Section 4.03 have been satisfied. Borrower shall provide such information as the Administrative Agent may reasonably request to
confirm that the conditions in Section 4.03(d) have been satisfied. 
  

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 ARTICLE V 
 AFFIRMATIVE COVENANTS 
 Borrower agrees with each
Lender that so long as this Agreement shall remain in effect and until the principal of and interest on each Loan and all other amounts due and payable under any Loan Document shall have been paid in full (other than contingent indemnification
obligations for which no claim has been made or is reasonably anticipated), unless the Required Lenders shall otherwise consent in writing, Borrower will: 
 SECTION 5.01 Financial Statements, Reports, etc. Furnish to the Administrative Agent and, upon the request of the Administrative Agent or any Lender, to each such Lender making the request
to Borrower or the Administrative Agent: 
 (a) Annual Reports. Within 120 days following the completion of
Borrower’s fiscal year end, a copy of the annual audit report for such year for the Borrower and its Subsidiaries, including a Consolidated balance sheet of Borrower and its Subsidiaries as of the end of such fiscal year and related statements
of income and cash flows for such fiscal year, and notes thereto, all prepared in accordance with GAAP and in each case accompanied by an opinion as to such audit report of any of the “Big-4” accounting firms or independent public
accountants of recognized standing reasonably acceptable to the Administrative Agent, which opinion shall not have any “going-concern” qualification; provided that, in the event of any change in GAAP used in the preparation of such
financial statements, the Borrower shall also provide a reconciliation of such financial statements to former GAAP and a certificate of a Financial Officer stating that such financial statements fairly present, in all material respects, the
financial condition and results of operations of Borrower and its Subsidiaries on a Consolidated basis as of the date and for the periods specified in accordance with GAAP consistently applied; 
 (b) Quarterly Reports. Within 60 days following the completion of each of Borrower’s first three fiscal quarters of each
fiscal year, the Consolidated balance sheet of Borrower and its Subsidiaries as of the end of such fiscal quarter and related statements of income and cash flows for such fiscal quarter and for the then elapsed portion of the fiscal year, all
prepared in accordance with GAAP and accompanied by a certificate of a Financial Officer stating that such financial statements fairly present, in all material respects, the financial condition and results of operations of Borrower and its
Subsidiaries on a Consolidated basis as of the date and for the periods specified in accordance with GAAP consistently applied, and on a basis consistent with the audited financial statements referred to in clause (a) of this Section, subject
to normal year-end audit adjustments and the absence of footnotes; and 
 (c) Financial Officer’s Certificate.
(i) Concurrently with any delivery of financial statements under Section 5.01(a) or (b), a Compliance Certificate substantially in the form of Exhibit H attached hereto (A) certifying that no Default has occurred
or, if such a Default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto and (B) beginning with the completion of the third quarter of the Borrower’s Fiscal
Year 2008, setting forth computations in reasonable detail demonstrating compliance with the covenants contained in Sections 6.12(a) and (b). 
 SECTION 5.02 Litigation and Notices of other Material Events. Furnish to the Administrative Agent written notice of the following as soon as reasonably practicable (and, in any event, within
five Business Days of the occurrence thereof): 
 (a) any Default, specifying the nature and extent thereof and the corrective
action (if any) taken or proposed to be taken with respect thereto; 
 (b) the filing or commencement of any action, suit,
litigation or proceeding, whether at law or in equity by or before any Governmental Authority, (i) against any Company that could reasonably be expected to result in a Material Adverse Effect or (ii) with respect to any Loan Document; and

  

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 (c) any development that has resulted in, or could reasonably be expected to result in a
Material Adverse Effect. 
 SECTION 5.03 Existence; Businesses and Properties. 
 (a) Do or cause to be done all things reasonably necessary to preserve, renew and maintain in full force and effect its legal existence and
that of Holdings and Opco. 
 (b) Do or cause to be done all things reasonably necessary to obtain, preserve, renew, extend and
keep in full force and effect the rights, licenses, permits, privileges, franchises, and authorizations material to the conduct of its business and that of the Companies except in all cases where the failure to obtain, preserve, renew, extend or
keep in effect, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect; comply and cause the Companies to comply with all applicable Requirements of Law and decrees and orders of any Governmental
Authority, whether now in effect or hereafter enacted, except in all cases where the failure to comply, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect; and at all times maintain, preserve
and protect (and cause each of the Companies to maintain, preserve and protect) all property material to the conduct of such businesses except in all cases where the failure to maintain, preserve or protect such property, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.04 Obligations and
Taxes. 
 (a) Except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect,
pay and discharge promptly (and cause each of the Companies to pay and discharge promptly) when due and payable all Taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or in respect of its property,
before the same shall become delinquent or in default, as well as all other lawful claims that, if unpaid, might give rise to a Lien upon such properties or any part thereof; provided, however, that Borrower shall not be required to
pay or discharge (or cause the payment or discharge) any such Tax, assessment, charge, levy or claim that is being contested in good faith and by proper proceedings and as to which appropriate reserves are being maintained, unless and until any Lien
resulting therefrom attaches to its property (or that of one or more of the Companies) and becomes enforceable against its other creditors. 
 (b) Timely and correctly file (and cause each of the Companies to timely and correctly file) all Tax Returns required to be filed by it, except where the failure to do so would not reasonably be expected
to result in a Material Adverse Effect. 
 (c) Borrower does not intend to treat the Loans as being a “reportable
transaction” within the meaning of Treasury Regulation Section 1.6011-4. In the event Borrower determines to take any action inconsistent with such intention, it will promptly notify the Administrative Agent thereof. 
  

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 SECTION 5.05 Maintaining Records; Access to Properties and Inspections; Annual
Meetings. Keep proper books of record and account (and cause each of the Companies to keep the same) (i) in which full, true and correct entries are made in conformity with all Requirements of Law in all material respects, (ii) in
form permitting financial statements conforming with GAAP to be derived therefrom and (iii) in which all material dealings and transactions in relation to its business and activities are recorded. Borrower will permit any representatives
designated by the Administrative Agent (or any Lender, if accompanying such representatives of the Administrative Agent) to visit and inspect its financial records (and those of the Companies) upon reasonable prior notice and at a mutually
acceptable time during regular business hours and to make extracts from and copies of such financial records, and permit any representatives designated by the Administrative Agent (or any Lender, if accompanying such representatives of the
Administrative Agent) to discuss the affairs, finances, accounts and condition of Borrower (or any of the Companies) with and be advised as to the same by the officers and employees thereof all at such reasonable times and intervals and to such
reasonable extent as the Administrative Agent may request; provided, that, so long as no Event of Default has occurred and is continuing, the Administrative Agent and the Lenders shall coordinate the exercise of such rights through the
Administrative Agent and shall not be entitled to exercise the foregoing rights more than once in any calendar year at the expense of the Borrower, on a collective basis. 
 SECTION 5.06 Transactions with Affiliates. Conduct, and cause each of the Companies to conduct, all transactions otherwise permitted under the Loan Documents with any of their Affiliates on
terms that are no less favorable to the Borrower or such Subsidiary than it would obtain in a comparable arm’s length transaction with a Person not an Affiliate; provided, the foregoing restriction shall not apply to
(a) transactions between or among the Companies; (b) Dividends permitted to be made pursuant to Section 6.07 and Investments permitted under Section 6.04; (c) reasonable and customary fees paid to and indemnification of
members of the board of directors (or similar governing body) of Borrower and its Subsidiaries; (d) compensation and indemnity arrangements and benefit plans for officers and other employees of the Borrower and its Subsidiaries entered into or
maintained or established in the ordinary course of business; (e) sales of Equity Interests of Borrower to Affiliates of any Company or contributions to the equity capital of Borrower by Equity Investors or any of its Affiliates not otherwise
prohibited by the Loan Documents and the granting of registration and other customary rights in connection therewith; (f) any transaction with an Affiliate where the only consideration paid is Equity Interests of Borrower; (g) the
transactions contemplated in connection with the Loan Documents and all related documents; (h) the existence of, and the performance by any Company of their respective obligations under the Advisory Agreement, any limited liability company,
limited partnership or other constitutive document or security holders agreement (including any registration rights agreement or purchase agreement related thereto); and (i) the other agreements among Borrower and its Subsidiaries and their
Affiliates set forth on Schedule 5.06 and similar agreements entered into after the Closing Date that (i) are not more adverse to the interest of the Lenders than those that exist as of the Closing Date taken as a whole, or
(ii) which have been disclosed to and consented to by the Administrative Agent and the Required Lenders. 
 SECTION 5.07
Maintenance of Insurance. Maintain, and cause each of the Companies to maintain, insurance (as deemed to be reasonably prudent in the good faith judgment of the Responsible Officers of such Company) (including, without
limitation, business interruption insurance) with responsible and reputable insurance companies or associations in such amounts and covering such risks as is usually carried by companies engaged in similar businesses and owning similar properties in
the same general areas and with similar risk factors in which the applicable Company operates. 
  

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 SECTION 5.08 Further Assurances. 
 (a) Promptly upon the reasonable request by Administrative Agent, or any Lender through the Administrative Agent, correct, and cause
each of the Companies promptly to correct, any matter that the parties mutually agree is a material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof; and 

(b) Promptly upon request by Administrative Agent, or any Lender through the Administrative Agent, do, execute, acknowledge,
deliver, record, re-record, file, re-file, register and re-register any document or instrument supplemental to or confirmatory of the Collateral Documents as Administrative Agent, or any Lender through the Administrative Agent, may reasonably
require from time to time in order to perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents and any of the Liens intended to be created thereunder. 
 SECTION 5.09 Compliance with Terms of Leaseholds. Make all payments and otherwise perform all obligations in respect of all
leases of real property to which Holdings or any of its Subsidiaries is a party, keep such leases in full force and effect, except, in any case, where the failure to do so, either individually or in the aggregate, could not reasonably be expected to
have a Material Adverse Effect. 
 SECTION 5.10 Ratings. The Borrower shall use commercially reasonable efforts to
maintain monitored ratings of the Loans with S&P and Moody’s. 
 ARTICLE VI 
 NEGATIVE COVENANTS 
 Borrower agrees with each Lender that, so long as this Agreement shall remain in effect and until the principal of and interest on each Loan and all other expenses or amounts due and payable under any Loan Document shall have been paid in
full (other than contingent indemnification obligations), unless the Required Lenders shall otherwise consent in writing, Borrower will not, and except in the case of Sections 6.06, 6.07 and 6.11(a) (which Sections shall only
apply with respect to the Borrower), will not cause or permit any Company to: 
 SECTION 6.01
Indebtedness. (a) Incur, create, assume or permit to exist, directly or indirectly, any Indebtedness. 
 (b)
Notwithstanding the foregoing, nothing in the clause (a) of this Section 6.01 will prohibit any of the following: 
 (i) Indebtedness incurred under this Agreement and the other Loan Documents; 
 (ii) Indebtedness outstanding as of the Closing Date set forth on Schedule 6.01 and any Indebtedness extending the maturity of, or refinancing, in whole or in part, any such Indebtedness and
guarantees of such Indebtedness or the extension or refinancing of such Indebtedness; provided that (A) the amount of such extending or refinancing Indebtedness does not result in an increase in the aggregate principal or facility amount
thereof outstanding (or, in the case of revolving Indebtedness, the committed amount thereof) (plus the amount of any premium paid in respect of such Indebtedness in connection with any such extension or refinancing and plus the amount of reasonable
expenses incurred by Borrower and its Subsidiaries in connection

  

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therewith), (B) such Indebtedness (if it is term debt) does not have a weighted average life to maturity that is less than the weighted average life to maturity of the Indebtedness being
extended or refinanced, (C) such Indebtedness (if it is term debt) does not have a final maturity earlier than the final maturity of the Indebtedness being extended or refinanced and (D) the direct and contingent obligors therefor shall
not be changed (unless any contingent obligor is released), as a result of or in connection with such extension or refinancing; 
 (iii) Indebtedness under Hedging Obligations that are designed to protect against fluctuations in interest rates, foreign currency exchange rates or commodity prices, in each case not entered into for
speculative purposes; 
 (iv) Intercompany Indebtedness between Companies; 
 (v) To the extent it constitutes Indebtedness, Indebtedness incurred by Holdings or any of its Subsidiaries arising from
agreements providing for indemnification, adjustment of purchase price or similar obligations, or from guaranties or letters of credit, surety bonds or performance bonds securing the performance of Holdings or any such Subsidiary pursuant to such
agreements, in connection with acquisitions permitted by Section 6.04(g) or Transfers permitted by Section 6.03; provided that, in respect of any Indebtedness incurred hereunder pursuant to agreements providing for
indemnification in connection with Transfers permitted by Section 6.03, such Indebtedness shall not exceed the amount of net cash proceeds received from such Transfers; 
 (vi) Indebtedness which may be deemed to exist pursuant to any guaranties, performance, surety, statutory, appeal, completion
guarantees, export or import indemnities, customs and revenue bonds or similar instruments, workers’ compensation claims, self-insurance obligations and bankers acceptances issued for the account of any Company in the ordinary course of
business, including guarantees or obligations of any Company with respect to letters of credit supporting such bid, performance or surety bonds, workers’ compensation claims, self-insurance obligations and bankers acceptances (in each case
other than for an obligation for money borrowed) or similar obligations incurred in the ordinary course of business; 
 (vii) Contingent Obligations of Holdings, Opco or any Subsidiary thereof in respect of Indebtedness otherwise permitted under this Section 6.01; 
 (viii) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar
instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within five Business Days of
incurrence; 
 (ix) Indebtedness arising in connection with endorsement of instruments for deposit in the
ordinary course of business; 
 (x) Other Indebtedness (other than Debt for Borrowed Money) in an aggregate
principal amount not to exceed $10 million at any time outstanding; 
  

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 (xi) Capitalized Leases and Indebtedness secured by Liens that attach only
to the property being financed pursuant to such Indebtedness and do not encumber any other property of any Company in an aggregate principal amount not to exceed $10 million at any time outstanding; 
 (xii) Indebtedness incurred in connection with the financing of insurance premiums in an amount not to exceed the annual
premiums in respect thereof at any one time outstanding; 
 (xiii) Permitted Borrower Subordinated Indebtedness;
and 
 (xiv) Other Debt for Borrowed Money issued to or held by Persons who are not Affiliates of any of the
Companies, so long as after giving effect to the incurrence of such Indebtedness (as if such Indebtedness had been incurred on the first day of the most recently completed Measurement Period), the Leverage Ratio would be less than 2.00:1.00.

 SECTION 6.02 Mergers, Etc.. Merge into or consolidate with any person or permit any person to merge into it, or
permit any of the Companies to do so, except that: 
 (a) any Subsidiary of the Borrower may merge into or consolidate with any
other Subsidiary of the Borrower; provided that, in the case of any such merger or consolidation, the Person formed by such merger or consolidation shall be Holdings or a wholly owned Subsidiary of Holdings; 
 (b) as part of any acquisition permitted under Section 6.04, any Subsidiary of Holdings may merge into or consolidate with any other
Person or permit any other Person to merge into or consolidate with it; provided that the Person surviving such merger shall be a wholly owned Subsidiary of Holdings; 
 (c) as part of any Transfer permitted under Section 6.03, any Subsidiary of Holdings may merge into or consolidate with any other
Person or permit any other Person to merge into or consolidate with it; and 
 (d) any Subsidiary other than Holdings may
dissolve, liquidate or wind up its affairs at any time; provided that such dissolution, liquidation or winding up, as applicable, could not reasonably be expected to have a Material Adverse Effect. 
 SECTION 6.03 Sales, Etc. of Assets. Sell, lease, transfer, assign, exchange, convey or otherwise dispose of (each a
“Transfer”), or permit any of its Subsidiaries to Transfer, any assets, except: 
 (a)(A) Transfers of
inventory (including unusable, excess or slow-moving inventory) and delinquent accounts receivables in the ordinary course of its business and Transfers of accounts receivables in connection with the private label credit card programs in the
ordinary course of business, (B) the granting of any option or other right to purchase, lease or otherwise acquire inventory and delinquent accounts receivables in the ordinary course of its business; and (C) dispositions of cash and Cash
Equivalents in the ordinary course of business; 
 (b) Transfers of assets among the Companies; 
  

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 (c) Transfers of unneeded, used, worn out, obsolete or damaged equipment and trade-ins and
exchanges of equipment in the ordinary course of business and the abandonment or other disposition of intellectual property that is, in the reasonable judgment of the Companies, no longer economically practicable or commercially desirable to
maintain or useful in the conduct of the business of the Companies taken as a whole; 
 (d) Transfers in connection with any
transaction in which there is an Extraordinary Receipt; 
 (e) Transfers for fair value, the proceeds of which are less than
$2,000,000 for any such single transaction and the proceeds of which when aggregated with all other such Transactions during a fiscal year are less than $10,000,000; 
 (f) Leases and subleases, licenses and sublicenses of real or personal property in the ordinary course of business; 
 (g) Licensing of intellectual property on a non-exclusive basis or on an exclusive basis so long as such exclusive licensing is limited to geographic areas, particular fields of use, customized products
for customers or limited time periods; 
 (h) Any liquidation or dissolution of a Subsidiary so long as its immediate parent
becomes the owner of its assets; 
 (i) Transfers of assets consisting of accounts receivable in a transaction that would be
permitted under Section 6.01 if such Transfer had been a transaction involving Debt for Borrowed Money; provided that any such transaction shall thereafter be deemed to constitute Debt for Borrowed Money for all purposes hereunder;

 (j) the Transactions as contemplated by the Loan Documents; 
 (k) mergers, amalgamations, consolidations and dissolutions in compliance with Section 6.02; 
 (l) Investments in compliance with Section 6.04; 
 (m) discounts or forgiveness of accounts receivable in the ordinary course of business or in connection with collection or compromise thereof; and 
 (n) Liens not prohibited by Section 6.06. 
 For the avoidance of doubt, an issuance of Equity Interests by a Subsidiary of Opco shall constitute a “Transfer” for purposes of this Agreement. 
 SECTION 6.04 Investments in Other Persons. Make or hold, or permit any of the Companies to make or hold, any Investment
in any Person, except: 
 (a) Investments by the Borrower and the other Companies in their respective Subsidiaries; 

 

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 (b) loans and advances to employees in the ordinary course of the business of the Borrower
and the Companies as presently conducted in an aggregate principal amount not to exceed $2,000,000 at any time outstanding; 
 (c) loans to directors, officers and employees to purchase Equity Interests of Borrower or Parent; 
 (d) Investments
by the Borrower and the Companies in bank deposits in the ordinary course of business or Cash Equivalents; 
 (e) Investments
existing as of the date hereof and described on Schedule 6.04; 
 (f) Investments in Hedge Agreements permitted under
Section 6.01(b)(iii); 
 (g) the purchase or other acquisition of all or substantially all of the Equity Interests in any
Person that, upon the consummation thereof, will be wholly owned directly by Holdings or one or more of its wholly owned Subsidiaries (including, without limitation, as a result of a merger or consolidation) and the purchase or other acquisition by
Holdings or one or more of its wholly-owned Subsidiaries of all or substantially all of the property and assets of any Person (collectively, a “Permitted Acquisition”); provided that, with respect to each purchase or other
acquisition made pursuant to this clause (g): 
 (i) the lines of business of the Person to be (or the property
and assets of which are to be) so purchased or otherwise acquired shall be permitted by Section 6.11(b); 
 (ii) such purchase or other acquisition shall not include or result in any contingent liabilities that could reasonably be expected to have a Material Adverse Effect on the Borrower and its Subsidiaries, taken as a whole (as determined in
good faith by the board of directors (or the persons performing similar functions) of the Borrower, if the board of directors is otherwise approving such transaction, or, in each other case, by the Responsible Officer of the Borrower); 

(iii)(A) immediately before and immediately after giving effect to any such purchase or other acquisition, no Event of
Default shall have occurred and be continuing and (B) immediately after giving effect to such purchase or other acquisition, the Leverage Ratio shall be less than 2.00:1.00 and Borrower and its Subsidiaries shall be in pro forma compliance with
the covenant set forth in Section 6.12(b), such Leverage Ratio and compliance to be determined as of the last day of the most recently ended Measurement Period; and 
 (iv) the Borrower shall have delivered to the Administrative Agent, on behalf of the Lenders, at least five Business Days
prior to the date on which any such purchase or other acquisition is to be consummated, a certificate of a Responsible Officer, in form and substance reasonably satisfactory to the Administrative Agent, certifying that all of the requirements set
forth in this clause (g) have been satisfied or will be satisfied in all material respects on or prior to the consummation of such purchase or other acquisition; 
 (h) Investments (A) received in satisfaction or partial satisfaction of accounts from financially troubled account debtors (whether in connection with a foreclosure, bankruptcy, workout or otherwise)
and (B) consisting of deposits, prepayments and other credits to suppliers made in the ordinary course of business consistent with the past practices of Opco and its Subsidiaries; 
  

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 (i) guaranties in the ordinary course of business of obligations owed to or of landlords,
suppliers, customers, franchisees and licensees of the Borrower and its Subsidiaries or otherwise permitted hereunder; 
 (j)
other Investments in an aggregate amount not to exceed at any time the sum of (A) $15,000,000 (B) net proceeds received from Investments permitted under this Section 6.04 and (C) any proceeds of issuances of Qualified Capital
Stock of Borrower used to make Investments; 
 (k) the Companies may (A) acquire and hold accounts receivable owing to any
of them if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary terms, (B) invest in, acquire and hold cash and Cash Equivalents, (C) endorse negotiable instruments held for
collection in the ordinary course of business or (D) make lease, utility and other similar deposits in the ordinary course of business; 
 (l) the Companies may sell or transfer amounts and acquire assets to the extent permitted by Section 6.03 (other than 6.03(l)); and 
 (m) any Company may hold Investments to the extent such Investments reflect an increase in the value of Investments already made.

 For purposes of determining compliance with the provisions of this Section 6.04, Investments made by the Borrower or any of its
Subsidiaries (the “investor”) in any Subsidiary that are effected pursuant to one or more Investments made contemporaneously or in prompt succession by the investor and/or any of its Subsidiaries shall be deemed one Investment by the
investor. 
 SECTION 6.05 Accounting Changes. Make or permit, or permit any of its Subsidiaries to make or
permit, any change in Fiscal Year. 
 SECTION 6.06 Liens. Create, incur, assume or permit to exist,
directly or indirectly, any Lien on the Units or any other Equity Interests of Holdings owned by it or the proceeds thereof, except for Permitted Liens. 
 SECTION 6.07 Dividends Authorize, declare or pay, directly or indirectly, any Dividends, except: 
 (a) Borrower may Dividend the proceeds of the Loans to Parent; 
 (b) Borrower may,
concurrently with a prepayment of the Loans pursuant to Sections 2.07(a), 2.07(b) or 2.07(c)(iv), pay a Dividend in an amount not to exceed the amount of such concurrent prepayment of the Loans (including all principal and
redemption premium but excluding any PIK Interest or current interest paid in connection with such prepayment); provided, however, payment of such Dividends shall be allowed only if (A) immediately after giving effect to such
Dividend, the Leverage Ratio shall be less than 2.00:1.00 and Borrower and its Subsidiaries shall be in pro forma compliance with the covenant set forth in Section 6.12(b), such Leverage Ratio and compliance to be determined as of the last day
of the most recently ended Measurement Period or, if Borrower shall have furnished or shall concurrently furnish to Administrative Agent the financial statements (in form and with a certification substantially equivalent to that used for quarterly
financial statements) for the most recently ended twelve

  

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month period, the last day of the most recently ended calendar month, in either case as evidenced by an Officer’s Certificate delivered to the Administrative Agent, in a form reasonably
satisfactory to the Administrative Agent, certifying and demonstrating the same and (B) no Default or Event of Default shall have occurred and is continuing or would result therefrom; 
 (c) Permitted Distributions; 
 (d) other Dividends not to exceed $50,000,000 in the aggregate; 
 (e) the Borrower
may (A) declare and pay dividends and distributions payable only in Equity Interests of Borrower and (B) purchase, redeem, retire, defease or otherwise acquire Equity Interests with the proceeds received contemporaneously from the issuance
of Equity Interests with equal or inferior voting powers, designations, preferences and rights, so long as no Event of Default shall have occurred and be continuing at the time of such purchase, redemption, retirement, defeasance or acquisition or
would result therefrom; 
 (f) Borrower may Dividend to Parent amounts necessary for Parent to purchase, redeem or acquire
fractional shares of Equity Interests arising out of stock dividends, splits or combinations; 
 (g) the Borrower may convert
convertible securities and make cash payments in lieu of fractional shares in connection with any such conversion; 
 (h) in
connection with any acquisition permitted by Section 6.04(g) and so long as no Event of Default shall have occurred and be continuing at the time of such acquisition or would result therefrom, the Borrower or any Subsidiary may (A) receive
or accept the return to the Borrower or any of its Subsidiaries of Equity Interests constituting a portion of the purchase price consideration in settlement of indemnification claims or (B) make payments or distributions to dissenting
stockholders pursuant to applicable law; and 
 (i) so long as no Event of Default shall have occurred and be continuing at such
time or would result therefrom, payments to the Parent to permit the Parent, and the subsequent use of such payment by the Parent, to repurchase or redeem Qualified Capital Stock of Parent held by officers, directors or employees or former officers,
directors or employees (or their transferees, estates or beneficiaries under their estates) of any of the Companies, upon their death, disability, retirement, severance or termination of employment or service, or to make payments on Indebtedness
issued to buy such Qualified Capital Stock or pursuant to and in accordance with stock option plans or other benefit plans; provided that the aggregate cash consideration paid for all such redemptions and payments shall not exceed, in any
fiscal year, the sum of (x) net cash proceeds from issuances of Equity Interests of Borrower (other than issuances the proceeds of which are utilized to finance capital expenditures or Investments by Opco or its Subsidiaries or issuances of
Equity Interests applied to satisfy any financial covenant under the Opco ABL Credit Agreement or the Opco Term Credit Agreement) plus (y) $3,000,000 (and up to 100% of such amount not used in any fiscal year may be carried forward to the next
succeeding (but no other) fiscal year) plus (z) the amount of any net cash proceeds received by or contributed to the Borrower from the issuance and sale since the issue date of Qualified Capital Stock of Parent to officers, directors or
employees of any Company that have not been used to make any repurchases, redemptions or payments under this clause (i). 
  

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 SECTION 6.08 Modification of Organizational Documents; LLC Agreements; Advisory
Agreement. Directly or indirectly change any of Borrower’s Organizational Documents (including the Borrower LLC Agreement), the Holdings LLC Agreement or the Advisory Agreement, in each case, other than any such amendments,
modifications or changes or such new agreements which are not adverse in any material respect to the interests of the Lenders. 
 SECTION 6.09 Prepayments, Etc., of Indebtedness. (i) Voluntarily prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof or make any interest or fee payment in cash with respect to
any Permitted Borrower Subordinated Indebtedness, unless all accrued and unpaid interest on the Loans has been paid in full in cash; or (ii) amend, modify or change in any manner materially adverse to the Lenders any term or condition of any
Permitted Borrower Subordinated Indebtedness. 
 SECTION 6.10 Negative Pledge. Enter into or suffer to
exist, or permit any of its Subsidiaries to enter into or suffer to exist, any agreement prohibiting or conditioning the creation or assumption of any Lien upon the Units securing the Loan Document Obligations. 
 SECTION 6.11 Business. (a) Engage in any business activities or have any properties or liabilities, other than (i) its
ownership of the Units of Holdings, (ii) Loan Document Obligations and other Indebtedness permitted to be incurred hereunder by Borrower and (iii) activities, properties and ordinary course liabilities (other than Indebtedness) incidental
to the foregoing clauses (i) and (ii); or 
 (b) Permit any of the Companies to conduct any business other than the
businesses as carried on at the date hereof and other businesses substantially related, incidental thereto, or complementary thereto or are reasonable extensions thereof. 
 SECTION 6.12 Financial Covenants. (a) Permit the Leverage Ratio at the end of any Measurement Period commencing with the Measurement Period ending at the end of the Borrower’s third
quarter of the Fiscal Year 2008 to exceed 5.00:1.00; and 
 (b) Permit the Interest Coverage Ratio for any Measurement Period
commencing with the Measurement Period ending at the end of the Borrower’s third quarter of the Fiscal Year 2008 to be less than 1.50:1.00. 
 ARTICLE VII 
 EVENTS OF DEFAULT 
 SECTION 7.01 Events of Default. Upon the occurrence and during the continuance of the following events (“Events
of Default”): 
 (a) default shall be made in the payment of any principal of or redemption premium on any Loan when
and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment (whether voluntary or mandatory) thereof or by acceleration thereof or otherwise; 
 (b) default shall be made in the payment of any interest on any Loan or any other amount (other than an amount referred to in
paragraph (a) above) due under any Loan Document, when and as the same shall become due and payable, and such default shall continue unremedied for a period of five Business Days; 
  

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 (c) any representation or warranty made or deemed made by Borrower in any Loan Document or
any certificate or other document furnished in connection with or pursuant to any Loan Document, shall prove to have been false or misleading in any material respect when so made, deemed made or furnished; 
 (d) default shall be made in the due observance or performance by Borrower of any covenant, condition or agreement applicable to such
Company contained in Section 5.03(a) or in Article VI; 
 (e) default shall be made in the due
observance or performance by Borrower of any covenant, condition or agreement contained in any Loan Document (other than those specified in paragraphs (a), (b) or (d) immediately above) and such default shall continue unremedied or
shall not be waived for a period of 30 days after written notice thereof from the Administrative Agent or any Lender to Borrower; 
 (f) Borrower, Holdings, Opco or any Significant Subsidiary shall (i) fail to pay any principal or interest, regardless of amount, due in respect of any Indebtedness (other than the Loan Document Obligations), when and as the same shall
become due and payable beyond any applicable grace period, or (ii) fail to observe or perform any other term, covenant, condition or agreement contained in any agreement or instrument evidencing or governing any such Indebtedness if the effect
of any failure referred to in this clause (ii) is to cause, or to permit the holder or holders of such Indebtedness or a trustee or other representative on its or their behalf (with or without the giving of notice, the lapse of time or both) to
cause, such Indebtedness to become due prior to its stated maturity; provided that it shall not constitute an Event of Default pursuant to this paragraph (f) unless the aggregate amount of all such Indebtedness referred to in
clauses (i) and (ii) exceeds $15 million at any one time (provided that, the “principal amount” in respect of any Hedging Obligations of Borrower, Holdings, Opco or any Significant Subsidiary at any time shall be the
maximum aggregate amount (giving effect to any netting agreements) that Borrower, Holdings, Opco or such Significant Subsidiary would be required to pay if the related Hedging Agreement were terminated at such time); 
 (g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking
(i) relief in respect of Borrower, Holdings, Opco or any Significant Subsidiary, or of a substantial part of the property of Borrower, Holdings, Opco or any Significant Subsidiary, under the Bankruptcy Code, or any other federal, state or
foreign bankruptcy, insolvency, receivership or similar law; (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Borrower, Holdings, Opco or any Significant Subsidiary or for a substantial
part of the property of Borrower, Holdings, Opco or any Significant Subsidiary; or (iii) the winding-up or liquidation of Borrower, Holdings, Opco or any Significant Subsidiary; and such proceeding or petition shall continue undismissed for
60 days or an order or decree approving or ordering any of the foregoing shall be entered; 
 (h) Borrower, Holdings, Opco
or any Significant Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking relief under the Bankruptcy Code, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law;
(ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or the filing of any petition described in clause (g) above; (iii) apply for or consent to the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for Borrower, Holdings, Opco or any Significant Subsidiary or for a substantial part of the property of Borrower, Holdings, Opco or any Significant Subsidiary; (iv) file an
answer admitting the material allegations of a petition filed against it in any such proceeding; (v) make a general assignment for the benefit of creditors; (vi) become unable, admit in writing its inability or fail generally to pay its
debts as they become due; (vii) take any action for the purpose of effecting any of the foregoing; or (viii) except as permitted under Section 6.03(h), wind up or liquidate; 
  

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 (i) one or more judgments, orders or decrees for the payment of money in an aggregate amount
in excess of $10 million shall be rendered against Borrower and the same shall not be covered by insurance or any indemnity under which the insurer or indemnitee accepted coverage and shall remain undischarged, unvacated or unbonded 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 levy upon properties of Borrower to enforce any such judgment; 
 (j) any Loan Document or any material provisions thereof shall at any time and for any reason be declared by a court of competent
jurisdiction to be null and void, or a proceeding shall be commenced by Borrower or any other person, or by any Governmental Authority, seeking to establish the invalidity or unenforceability thereof (exclusive of questions of interpretation of any
provision thereof), or Borrower shall repudiate or deny any portion of its liability or obligation for the payment of Loan Document Obligations; 
 (k) any security interest and Lien purported to be created by any Collateral Document shall cease to be in full force and effect, or shall cease to give the Administrative Agent, for the benefit of the
Secured Parties, the Liens, rights, powers and privileges purported to be created and granted under such Collateral Document (including a perfected first priority security interest in and Lien on all of the Collateral thereunder (except as otherwise
expressly provided in such Collateral Document and except for any permitted liens permitted hereunder or under any Loan Document)) in favor of the Administrative Agent, or shall be asserted by Borrower or any other Company not to be a valid,
perfected, first priority (except as otherwise expressly provided in this Agreement or such Collateral Document) security interest in or Lien on the Collateral covered thereby, except to the extent that any such loss of perfection or priority
results from the acts or omissions of the Administrative Agent; 
 then, and in every such event (other than an event with respect to Borrower,
Holdings or Opco described in paragraph (g) or (h) above), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Accelerating Lenders shall, by notice to Borrower, take
either or both of the following actions, at the same or different times: (i) terminate forthwith the Commitments and (ii) declare the Loans then outstanding to be forthwith due and payable in whole or in part, whereupon the principal of
the Loans so declared to be due and payable, together with accrued interest thereon and all other liabilities of Borrower accrued hereunder and under any other Loan Document, shall become forthwith due and payable at the redemption price set forth
in Sections 2.07(a) or (b), as applicable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by Borrower, anything contained herein or in any other Loan Document to the contrary
notwithstanding; and in any event, with respect to Borrower, Holdings or Opco described in paragraph (g) or (h) above, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued
interest thereon and all other liabilities of Borrower accrued hereunder and under any other Loan Document, shall automatically become due and payable at the redemption price set forth in Sections 2.07(a) or (b), as applicable, without presentment,
demand, protest or any other notice of any kind, all of which are hereby expressly waived by Borrower, anything contained herein or in any other Loan Document to the contrary notwithstanding. 
  

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 ARTICLE VIII 
 THE ADMINISTRATIVE AGENT 
 SECTION 8.01
Appointment. Each Lender hereby irrevocably designates and appoints the Administrative Agent as an agent of such Lender under this Agreement and the other Loan Documents. Each Lender irrevocably authorizes the Administrative Agent, in
such capacity, through its agents or employees, to take such actions on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the
Administrative Agent by the terms of this Agreement and the other Loan Documents, together with such actions and powers as are reasonably incidental thereto. 
 SECTION 8.02 Administrative Agent in Its Individual Capacity. The Administrative Agent shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise
the same as though it were not Administrative Agent, and such person and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with Borrower, Holdings or Opco or any Subsidiary or other Affiliate thereof
as if it were not the Administrative Agent hereunder. 
 SECTION 8.03 Exculpatory Provisions. Administrative Agent
shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties,
regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated by the Loan Documents that the Administrative Agent is required to exercise in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in
Section 9.02), and (c) except as expressly set forth in the Loan Documents, the Administrative Agent shall have no duty to disclose and shall not be liable for the failure to disclose, any information relating to Borrower or any of
its Subsidiaries that is communicated to or obtained by the entity serving as the Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or
at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct. The
Administrative Agent shall not be deemed to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any
duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection
therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any
other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document. 
 SECTION 8.04 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed or sent by a proper person. The
Administrative Agent also may rely upon any statement made to it orally and believed by it to be made by a proper person, and shall not incur any liability for relying 
  

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thereon. The Administrative Agent may consult with legal counsel (who may be counsel for Borrower), independent accountants and other advisors selected by it, and shall not be liable for any
action taken or not taken by it in accordance with the advice of any such counsel, accountants or advisors. 
 SECTION 8.05
Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative
Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Affiliates. The exculpatory provisions of the preceding paragraphs shall apply to any such
sub-agent and to the Affiliates of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as
Administrative Agent. 
 SECTION 8.06 Successor Administrative Agent. The Administrative Agent may at any time
give notice of its resignation to the Lenders and Borrower. Upon receipt of any such notice, the Required Lenders shall have the right to appoint a successor to the Administrative Agent, which right shall be subject to the consent of Borrower (such
consent not to be unreasonably withheld) so long as no Event of Default has occurred and is continuing. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after such
retiring Administrative Agent gives notice of its resignation, then such retiring Administrative Agent may, on behalf of the Lenders, appoint a successor to the Administrative Agent, which successor shall be a financial institution organized under
the laws of the United States (or any State thereof) or a United States branch or agency of a financial institution; provided that if such retiring Administrative Agent is unable to find a financial institution which is willing to accept such
appointment, such retiring Administrative Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the
Required Lenders appoint a successor to the Administrative Agent with the approval of Borrower (which approval shall not be unreasonably withheld). 
 Upon the acceptance of a successor’s appointment as the Administrative Agent hereunder, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the
retiring (or retired) Administrative Agent and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder or under the other Loan Documents. After the Administrative Agent’s resignation hereunder, the
provisions of this Article VIII and Section 9.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Affiliates in respect of any actions taken or omitted to be
taken by any of them while it was acting as Administrative Agent. 
 SECTION 8.07 Non-Reliance on Administrative Agent and
Other Lenders. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis
and decision to enter into this Agreement. Each Lender further represents and warrants 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 from
time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or related agreement or any document furnished hereunder or thereunder. 
 SECTION 8.08 Indemnification. The Lenders severally agree to indemnify the Administrative Agent in its capacity as such (to
the extent not reimbursed by Borrower and without limiting the obligation of Borrower to do so), ratably according to their respective outstanding Loans and

  

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Commitments in effect on the date on which indemnification is sought under this Section 8.08 (or, if indemnification is sought after the date upon which all Commitments shall have
terminated and the Loans shall have been paid in full, ratably in accordance with such outstanding Loans and Commitments as in effect immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against the Administrative Agent in any way relating to
or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the
Administrative Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the Administrative Agent’s gross negligence or willful misconduct. The agreements in this Section shall
survive the payment of the Loans and all other amounts payable hereunder. 
 ARTICLE IX 
 MISCELLANEOUS 
 SECTION 9.01 Notices. 
 (a) Notices and other communications provided for herein shall be in writing and
shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier, as follows: 
 (i) if to Borrower, to it at: 
 Express Topco LLC 
 c/o Golden Gate Private Equity, Inc. 
 One Embarcadero Center, 39th Floor 
 San Francisco, California 94111 
 Attention: Stefan Kaluzny 
 Telecopier No.: (415) 983-2701; 
 With a copy to: 

Kirkland & Ellis LLP 
 200 East Randolph Drive 
 Chicago, Illinois 60601 
 Attention: Gary Holihan, P.C.

 Telecopier No.: (312) 861-2200; 
 (ii) if to the Administrative Agent, to it at: 
 KKR SCF Loan Administration, LLC 
 555 California Street, 50th Floor 
 San Francisco, California 94104 
 Attention: Geoffrey Jones

 Telecopier No.: (415) 391-3330; 
  

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 With a copy to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 300 South Grand Avenue, 34th Floor 
 Los Angeles, CA 90071 
 Attention: Greg Robins 
 Telecopier No.: (213) 621-5270

 (iii) if to a Lender, to it at its address (or telecopier number) set forth on its signature page hereto or in
the Assignment and Assumption pursuant to which such Lender shall have become a party hereto. 
 All notices and other communications given to
any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt if delivered by hand or overnight courier service or sent by telecopier or by certified or registered mail, in each case
delivered, sent or mailed (properly addressed) to such party as provided in this Section 9.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 9.01, and failure to
deliver courtesy copies of notices and other communications shall in no event affect the validity or effectiveness of such notices and other communications. 
 (b) Electronic Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including email and Internet or intranet
websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is
incapable of receiving notices under such Article by electronic communication. The Administrative Agent or Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. 
 Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by
the “return receipt requested” function, as available, return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice
or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed
receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 
 (c) Change of Address, etc. Any party hereto may change its address or telecopier number for notices and other communications
hereunder by notice to the other parties hereto. 
 SECTION 9.02 Waivers; Amendment. 

(a) No failure or delay by any Agent or any Lender in exercising any right or power hereunder or under any other Loan Document 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.

  

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The rights and remedies of each Agent and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have.
No waiver of any provision of any Loan Document or consent to any departure by Borrower 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 shall not be construed as a waiver of any Default, regardless of whether any Agent or any Lender may
have had notice or knowledge of such Default at the time. 
 (b) Except as provided in paragraphs (c) and (d) below,
neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended, supplemented or modified except, in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by Borrower
and the Required Lenders or, in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Borrower, in each case with the written 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 reduce the rate of interest thereon
(or the portion of PIK Interest), or reduce any prepayment premium payable hereunder, or change the currency of payment of any Obligation, without the written consent of each Lender directly affected thereby; 
 (iii) postpone or extend the maturity of any Loan, or any date for the payment of any interest or other amounts payable
hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly affected thereby; 
 (iv) change Section 2.10(b) or (c) in a manner that would alter the pro rata sharing of
payments or setoffs required thereby, in each case, without the written consent of each Lender; 
 (v) change the
percentage set forth in the definition of “Required Lenders” or any other provision of any Loan Document (including this Section) specifying the number or percentage of Lenders required to waive, amend or modify any rights thereunder or
make any determination or grant any consent thereunder, without the written consent of each Lender; 
 (vi)
waive, amend, supplement or modify the provisions of this Section 9.02(b), without the written consent of each Lender; 
 (vii) waive, amend, supplement or modify the provisions of Section 9.04 or the definition of “Eligible Assignee”, without the written consent of each Lender; 
 (viii) release the Administrative Agent’s Lien on any of the Units or subordinate the Loan Document Obligations in right
of payment to any other Obligations, without the written consent of each Lender. 
 provided, further, that (1) no such
agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent without the prior written consent of the Administrative Agent and (2) no such agreement shall increase the aggregate amount of Commitments (or
increase the principal amount of

  

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outstanding Loans) without the prior written consent of the Required Lenders. Notwithstanding the foregoing, any provision of this Agreement may be amended by an agreement in writing entered into
by Borrower, the Required Lenders and the Administrative Agent if (x) by the terms of such agreement the Commitment of each Lender not consenting to the amendment provided for therein shall terminate upon the effectiveness of such amendment and
(y) at the time such amendment becomes effective, each Lender not consenting thereto receives payment in full of the principal of, premium, if any, and interest accrued on each Loan made by it and all other amounts owing to it or accrued for
its account under this Agreement. 
 SECTION 9.03 Expenses; Indemnity. 
 (a) The Borrower agrees to pay: 
 (i) within 30 days of demand with backup documentation, all reasonable out-of-pocket costs and expenses incurred by the Administrative Agent (and, in the case of clause (ii) only, any Lender)
including the reasonable fees, charges and disbursements of Advisors for the Administrative Agent, in connection with (i) the preparation, execution and delivery of the Loan Documents, (ii) the administration of the Loans and Commitments,
(iii) filings with respect to the Collateral and (iv) any actual or proposed amendment, supplement or waiver of any of the Loan Documents; 
 (ii) an agency fee payable to the Administrative Agent equal to $75,000 in advance per annum payable on the Closing Date and each anniversary thereof; provided that for any year if, as of such
anniversary, the number of Lenders is equal to or greater than five (considering for such purposes the Administrative Agent and its Affiliates to be one Lender and any other Lender and its Affiliates to be one Lender ), the agency fee for such year
shall be $100,000; and 
 (iii) within 30 days of demand with backup documentation, all costs and expenses
incurred by the Administrative Agent or any Lender, including the reasonable fees, charges and disbursements of Advisors for the Administrative Agent or any Lender, incurred in connection with the enforcement or protection of its rights under the
Loan Documents, including its rights under this Section 9.03(a), or in connection with the Loans made hereunder and the collection of the Loan Document Obligations, including all such costs and expenses incurred during any workout,
restructuring or negotiations in respect of the Loan Document Obligations. 
 For purposes of this Section 9.03(a),
“Advisors” shall mean a single legal counsel (including a single local counsel per relevant jurisdiction), auditors, accountants, consultants, appraisers or other advisors; provided that (x) in the case of clause (i),
the engagement of any Advisors other than legal counsel (including local counsel) shall be subject to approval by Borrower (which approval shall not be unreasonably withheld) and (y) in the case of clause (ii), the engagement of any Advisors
other than one firm of legal counsel representing the Lenders shall be subject to approval by the Administrative Agent and Borrower. 
 (b) The Borrower agrees to indemnify the Agents, each Lender, each Affiliate of any of the foregoing persons and each of their respective partners, controlling persons, directors, officers, trustees, employees and agents (each such person
being called an “Indemnitee”) against, and to hold each Indemnitee harmless from, all reasonable out-of-pocket costs and any and all losses, claims, damages, liabilities, penalties, judgments, suits and related expenses, including
reasonable counsel fees, charges and disbursements, incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of (i) the execution, delivery, performance, administration or enforcement of the Loan
Documents, (ii) any actual or proposed use of the proceeds of the Loans or (iii) any claim, litigation,

  

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investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available
to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the bad faith, gross negligence or willful misconduct of
such Indemnitee or its officers, directors, affiliates, employees or agents. 
 (c) The provisions of this
Section 9.03 shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration of the
Commitments, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Agents or any Lender. All amounts due under this Section 9.03 shall
be payable 30 days after written demand therefor accompanied by reasonable documentation with respect to any reimbursement, indemnification or other amount requested. 
 (d) To the extent that Borrower fails to promptly pay any amount required to be paid by it to the Agents under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the
Administrative Agent such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified
loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent in its capacity as such. 
 SECTION 9.04 Successors and Assigns. 
 (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender (and any attempted assignment or transfer by
Borrower without such consent shall be null and void). Nothing in this Agreement, express or implied, shall be construed to confer upon any person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the
extent expressly contemplated hereby, the other Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) Any Lender shall have the right at any time to assign to an Eligible Assignee all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the
Loans at the time owing to it); provided (i) that except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitment or
Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less
than $1.0 million unless the Administrative Agent and Borrower otherwise consent, (ii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this
Agreement, (iii) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, and (iv) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an
administrative questionnaire containing such information as the Administrative Agent may reasonably require. Subject to acceptance and recording thereof pursuant to paragraph (d) of this Section, from and after the effective date specified in
each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender
thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all

  

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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 2.08, 2.11 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be null and void to effect such assignment or transfer and
instead 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 and subject to the limitations on sales of participations set forth in this
Section 9.04. 
 (c) The Administrative Agent, acting for this purpose as an agent of Borrower, shall maintain at
one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and 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 in the absence of manifest error, and Borrower, the Administrative Agent and the Lenders shall treat each person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by Borrower and any Lender (with respect to its own interest only), at any
reasonable time and from time to time upon reasonable prior notice. 
 (d) Upon its receipt of a duly completed Assignment and
Assumption executed by an assigning Lender and an assignee, the assignee’s completed administrative questionnaire (unless the assignee shall already be a Lender hereunder), and any written consent to such assignment required by
paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been
recorded in the Register as provided in this paragraph. 
 (e) Any Lender shall have the right at any time, without the consent
of Borrower or the Administrative Agent, to sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a
portion of its Commitment and the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations, (iii) Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and
(iv) such participation is recorded in the register described in the last sentence of this Section 9.04(e). Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the
sole right to enforce the Loan Documents and to approve any amendment, modification or waiver of any provision of the Loan Documents; provided that such agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, modification or waiver described in clause (i), (ii) or (iii) of the first proviso to Section 9.02(b) that affects such Participant. Subject to paragraph (f) of this Section,
Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.08 and 2.11 (subject to the requirements and limitations of Section 2.11) to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender; provided that such
Participant agrees in writing to be subject to Section 2.10(c) as though it were a Lender. Each Lender shall, acting solely for this purpose as a non-fiduciary agent of Borrower, maintain at one of its offices a register on which it
records the names and addresses of its Participants, and the amount and terms of its participations. 
 (f) A Participant shall
not be entitled to receive any greater payment under Section 2.08 or 2.11 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant. 
  

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 (g) Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest;
provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. In the case of any Lender that is a
fund that invests in bank loans, such Lender may, without the consent of Borrower or the Administrative Agent, collaterally assign or pledge all or any portion of its rights under this Agreement, including the Loans and Notes or any other instrument
evidencing its rights as a Lender under this Agreement, to any holder of, trustee for, or any other representative of holders of, obligations owed or securities issued, by such fund, as security for such obligations or securities. 
 SECTION 9.05 Survival of Agreement. All covenants, agreements, representations and warranties made by Borrower in the Loan
Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and
delivery of the Loan Documents and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Agents or any Lender may have had notice or knowledge of any Default or incorrect
representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is
outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of Sections 2.08, 2.10, 2.11 and 9.03 and Article VIII shall survive and remain in full force and
effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. 
 SECTION 9.06 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 other Loan Documents constitute the entire contract among the
parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. This Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the
parties hereto and their respective permitted successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopier shall be effective as delivery of a manually executed counterpart of this Agreement.

 SECTION 9.07 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
9.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates are 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 obligations at any time owing by such Lender or Affiliate to or for the credit or the account of Borrower against any and all of the
obligations of

  

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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. 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 9.09 Governing Law; Jurisdiction; Consent to Service of Process. 
 (a) This Agreement shall be construed in accordance with and governed by the law of the State of New York, without regard to conflicts of law
principles that would require the application of the laws of another jurisdiction. 
 (b) 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 any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all
claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent or any Lender
may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against Borrower or its properties in the courts of any jurisdiction. 
 (c) 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 or any other Loan Document in any court referred to in Section 9.09(b). 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 any action or proceeding arising out of or relating to any Loan Document, in the manner provided for notices (other than
telecopier) in Section 9.01. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by applicable law. 
 SECTION 9.10 Waiver of Jury Trial. Each party hereto hereby waives, to the fullest extent permitted by applicable law, any
right it may have to a trial by jury in any legal proceeding directly or indirectly arising out of or relating to this Agreement, any other Loan Document or the transactions contemplated hereby (whether based on contract, tort or any other theory).
Each party hereto (a) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and
(b) acknowledges that it and the other parties hereto have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section. 
 SECTION 9.11 Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference
only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
  

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 SECTION 9.12 Confidentiality. Neither Administrative Agent nor any Lender
shall disclose any Confidential Information to any person without the consent of Borrower, other than (a) to the Administrative Agent’s or such Lender’s Affiliates and their officers, directors, employees, agents and advisors and to
potential lenders and pledgees under Section 9.04(g) and Participants, and then only if such potential lender or Participant has agreed to be bound by the terms of this Section 9.12, (b) as required by any law, rule or
regulation or judicial process, (c) as requested or required by any state, federal or foreign Governmental Authority or regulatory authority or examiner regulating such person (including the National Association of Insurance Commissioners),
(d) to any direct or indirect contractual counterparty in any swap, hedge or similar agreement (or such professional advisor) that agrees to be bound by the provisions of this Section 9.12, (e) to any nationally recognized
rating agency that agrees to be bound by the provisions of this Section 9.12 and (f) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or any other Loan Document or the
enforcement of rights hereunder or thereunder. “Confidential Information” means information concerning Borrower, Holdings or Opco or any of their respective employees, directors, or Subsidiaries, or Affiliates received by
Administrative Agent or any Lender on a confidential basis from Borrower or any other person under or pursuant to this Agreement or any other Loan Document including without limitation financial terms and financial and organizational information
contained in any documents, statements, certificates, materials or information furnished, or to be furnished, by or on behalf of Borrower or any other person on a confidential basis in connection with this Agreement and the Loan Documents and any
information regarding the existence or the terms of this Agreement or any other Loan Document or the transactions contemplated hereby or thereby, but does not include any such information that (i) is publicly available at the time of disclosure
or becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent or any Lender on a nonconfidential basis from a source other than Borrower, Holdings or Opco or any of their
respective employees, directors, Subsidiaries or Affiliates or any of their respective agents or representatives. Without limiting the generality of the foregoing, neither the Administrative Agent nor any Lender will engage in any form of publicity
(including, without limitation, any “tombstone” or similar advertisement) with respect to this Agreement or any other Loan Document or the transactions contemplated hereby and thereby. 
 SECTION 9.13 USA PATRIOT Act Notice. Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent
(for itself and not on behalf of any Lender) hereby notifies Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is
required to obtain, verify and record information that identifies Borrower, which information includes the name, address and tax identification number of Borrower and other information regarding Borrower that will allow such Lender or the
Administrative Agent, as applicable, to identify Borrower in accordance with the Act. This notice is given in accordance with the requirements of the Act and is effective as to the Lenders and the Administrative Agent. 
 [Signature Pages Follow] 
  

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

			
	EXPRESS TOPCO LLC
		
	By:	 	 /s/ Matt Moellering

	Name:	 	Matt Moellering
	Title:	 	CFO

			
	KKR SCF LOAN ADMINISTRATION LLC,
	    as Administrative Agent
		
	By:	 	 /s/ Geoffrey M. Jones

	Name:	 	Geoffrey M. Jones
	Title:	 	Authorized Signatory

			
	KKR STRATEGIC CAPITAL HOLDINGS I-B, LTD.,
	    as a Lender
		
	By:	 	KKR STRATEGIC CAPITAL MANAGEMENT, L.L.C.,
		 	as its Investment Manager
		
	By:	 	 /s/ Geoffrey M. Jones

	Name:	 	Geoffrey M. Jones
	Title:	 	Authorized Person

			
	KKR FINANCIAL HOLDINGS, LTD.,
	    as a Lender
		
	By:	 	KKR FINANCIAL ADVISORS LLC,
		 	as its Investment Manager
		
	By:	 	 /s/ Jamie M. Weinstein

	Name:	 	Jamie M. Weinstein
	Title:	 	Authorized Person

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