Document:

EX-10.1

 Exhibit 10.1 
  

 
  

CREDIT AGREEMENT 

dated as of 
 October 15,
2021 
 among 

MARKETAXESS HOLDINGS INC., 

as Borrower 
 The Lenders Party
Hereto 
 and 

JPMORGAN CHASE BANK, N.A., 

as Administrative Agent 

JPMORGAN CHASE BANK, N.A., 

PNC BANK, NATIONAL ASSOCIATION, 

U.S. BANK NATIONAL ASSOCIATION, and 

MORGAN STANLEY MUFG LOAN PARTNERS, LLC, 

as Joint Bookrunners, Syndication Agents and Joint Lead Arrangers 
  

 
  

 TABLE OF CONTENTS 

 

							
	SECTION	 	HEADING	  	PAGE	 
	 ARTICLE I
	 	DEFINITIONS	  	 	1	 
	 Section 1.01.
	 	Defined Terms	  	 	1	 
	 Section 1.02.
	 	Classification of Loans and Borrowings	  	 	39	 
	 Section 1.03.
	 	Terms Generally	  	 	39	 
	 Section 1.04.
	 	Accounting Terms; GAAP	  	 	40	 
	 Section 1.05.
	 	Classification of Permitted Items	  	 	40	 
	 Section 1.06.
	 	Rounding	  	 	40	 
	 Section 1.07.
	 	Interest Rates; LIBOR Notification	  	 	41	 
	 Section 1.08.
	 	Letter of Credit Amounts	  	 	42	 
	 Section 1.09.
	 	Divisions	  	 	42	 
			
	 ARTICLE II
	 	THE CREDITS	  	 	42	 
			
	 Section 2.01.
	 	Commitments	  	 	42	 
	 Section 2.02.
	 	Loans and Borrowings	  	 	42	 
	 Section 2.03.
	 	Requests for Revolving Borrowings	  	 	43	 
	 Section 2.04.
	 	Incremental Commitments	  	 	44	 
	 Section 2.05.
	 	Swingline Loans	  	 	45	 
	 Section 2.06.
	 	Letters of Credit	  	 	47	 
	 Section 2.07.
	 	Funding of Borrowings	  	 	52	 
	 Section 2.08.
	 	Interest Elections	  	 	53	 
	 Section 2.09.
	 	Termination and Reduction of Commitments	  	 	54	 
	 Section 2.10.
	 	Repayment of Loans; Evidence of Debt	  	 	55	 
	 Section 2.11.
	 	Prepayment of Loans	  	 	55	 
	 Section 2.12.
	 	Fees	  	 	56	 
	 Section 2.13.
	 	Interest	  	 	57	 
	 Section 2.14.
	 	Alternate Rate of Interest	  	 	58	 
	 Section 2.15.
	 	Increased Costs	  	 	60	 
	 Section 2.16.
	 	Break Funding Payments	  	 	62	 
	 Section 2.17.
	 	Withholding of Taxes; Gross-Up	  	 	62	 
	 Section 2.18.
	 	Payments Generally; Pro Rata Treatment; Sharing of Setoffs	  	 	66	 
	 Section 2.20.
	 	Defaulting Lenders	  	 	69	 
	 Section 2.21.
	 	Extension of Maturity Date	  	 	72	 
			
	 ARTICLE III
	 	REPRESENTATIONS AND WARRANTIES	  	 	74	 
			
	 Section 3.01.
	 	Organization; Powers	  	 	74	 
	 Section 3.02.
	 	Authorization; Enforceability	  	 	74	 
	 Section 3.03.
	 	Governmental Approvals; No Conflicts	  	 	74	 
	 Section 3.04.
	 	Financial Condition; No Material Adverse Change	  	 	75	 
	 Section 3.05.
	 	Properties	  	 	75	 
	 Section 3.06.
	 	Litigation and Environmental Matters	  	 	75	 

  
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	 Section 3.07.
	 	Compliance with Laws and Contractual Obligations; No Defaults	  	 	76	 
	 Section 3.08.
	 	Investment Company Status	  	 	76	 
	 Section 3.09.
	 	Taxes	  	 	76	 
	 Section 3.10.
	 	ERISA	  	 	76	 
	 Section 3.11.
	 	Disclosure	  	 	76	 
	 Section 3.12.
	 	Anti-Corruption Laws and Sanctions	  	 	77	 
	 Section 3.13.
	 	Affected Financial Institutions	  	 	77	 
	 Section 3.14.
	 	Plan Assets; Prohibited Transactions	  	 	77	 
	 Section 3.15.
	 	Margin Regulations	  	 	77	 
	 Section 3.16.
	 	Margin Regulations	  	 	77	 
	 Section 3.17.
	 	Solvency	  	 	78	 
			
	 ARTICLE IV
	 	CONDITIONS	  	 	78	 
			
	 Section 4.01.
	 	Effective Date	  	 	78	 
	 Section 4.02.
	 	Each Credit Event	  	 	80	 
			
	 ARTICLE V
	 	AFFIRMATIVE COVENANTS	  	 	80	 
			
	 Section 5.01.
	 	Financial Statements and Other Information	  	 	81	 
	 Section 5.02.
	 	Notices of Material Events	  	 	82	 
	 Section 5.03.
	 	Existence; Conduct of Business	  	 	83	 
	 Section 5.04.
	 	Payment of Obligations	  	 	84	 
	 Section 5.05.
	 	Maintenance of Properties; Insurance	  	 	84	 
	 Section 5.06.
	 	Books and Records; Inspection Rights	  	 	84	 
	 Section 5.07.
	 	Compliance with Laws and Contractual Obligations	  	 	85	 
	 Section 5.08.
	 	Use of Proceeds and Letters of Credit	  	 	85	 
	 Section 5.09.
	 	Accuracy of Information	  	 	85	 
			
	 ARTICLE VI
	 	NEGATIVE COVENANTS	  	 	86	 
			
	 Section 6.01.
	 	Indebtedness	  	 	86	 
	 Section 6.02.
	 	Liens	  	 	89	 
	 Section 6.03.
	 	Fundamental Changes	  	 	91	 
	 Section 6.04.
	 	Dispositions	  	 	92	 
	 Section 6.05.
	 	Investments, Loans, Advances, Guarantees and Acquisitions	  	 	93	 
	 Section 6.06.
	 	Swap Agreements	  	 	95	 
	 Section 6.07.
	 	Restricted Payments	  	 	96	 
	 Section 6.08.
	 	Transactions with Affiliates	  	 	96	 
	 Section 6.09.
	 	Restrictive Agreements	  	 	97	 
	 Section 6.10.
	 	Financial Covenants	  	 	98	 
			
	 ARTICLE VII
	 	EVENTS OF DEFAULT	  	 	99	 
			
	 Section 7.01.
	 	Events of Default	  	 	99	 
	 Section 7.02.
	 	Remedies Upon an Event of Default	  	 	102	 
	 Section 7.03.
	 	Application of Payments	  	 	102	 

  
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	 ARTICLE VIII
	 	THE ADMINISTRATIVE AGENT	  	 	104	 
			
	 Section 8.01.
	 	Authorization and Action	  	 	104	 
	 Section 8.02.
	 	Administrative Agent’s Reliance, Limitation of Liability, Etc.	  	 	106	 
	 Section 8.03.
	 	Posting of Communications	  	 	108	 
	 Section 8.04.
	 	The Administrative Agent Individually	  	 	109	 
	 Section 8.05.
	 	Successor Administrative Agent	  	 	110	 
	 Section 8.06.
	 	Acknowledgements of Lenders and Issuing Bank	  	 	111	 
	 Section 8.07.
	 	Certain ERISA Matters	  	 	112	 
			
	 ARTICLE IX
	 	MISCELLANEOUS	  	 	114	 
			
	 Section 9.01.
	 	Notices	  	 	114	 
	 Section 9.02.
	 	Waivers; Amendments	  	 	115	 
	 Section 9.03.
	 	Expenses; Limitation of Liability; Indemnity, Etc.	  	 	117	 
	 Section 9.04.
	 	Successors and Assigns	  	 	119	 
	 Section 9.05.
	 	Survival	  	 	123	 
	 Section 9.06.
	 	Counterparts; Integration; Effectiveness; Electronic Execution	  	 	123	 
	 Section 9.07.
	 	Severability	  	 	125	 
	 Section 9.08.
	 	Right of Setoff	  	 	125	 
	 Section 9.09.
	 	Governing Law; Jurisdiction; Consent to Service of Process	  	 	126	 
	 Section 9.10.
	 	WAIVER OF JURY TRIAL	  	 	127	 
	 Section 9.11.
	 	Headings	  	 	127	 
	 Section 9.12.
	 	Confidentiality	  	 	127	 
	 Section 9.13.
	 	Material Non-Public Information	  	 	128	 
	 Section 9.14.
	 	Interest Rate Limitation	  	 	128	 
	 Section 9.15.
	 	No Fiduciary Duty, etc.	  	 	128	 
	 Section 9.16.
	 	USA PATRIOT Act	  	 	129	 
	 Section 9.17.
	 	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	  	 	129	 
	 Section 9.18.
	 	Acknowledgement Regarding Any Supported QFCs	  	 	130	 
	 Section 9.19.
	 	Replacing of Existing Credit Agreement	  	 	131	 

  
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	SCHEDULES:	  		  	
			
	SCHEDULE 2.01	  	—	  	Commitments
	SCHEDULE 2.04	  	—	  	Permitted Acquisitions
	SCHEDULE 3.06	  	—	  	Disclosed Matters
	SCHEDULE 3.15	  	—	  	Subsidiaries
	SCHEDULE 6.01	  	—	  	Existing Indebtedness
	SCHEDULE 6.02	  	—	  	Existing Liens
	SCHEDULE 6.05	  	—	  	Existing Investments
	SCHEDULE 9.04	  	—	  	Disqualified Lenders
			
	EXHIBITS:	  		  	
			
	EXHIBIT A	  	—	  	Form of Assignment and Assumption
	EXHIBIT B	  	—	  	Form of Borrowing Request
	EXHIBIT C	  	—	  	Form of Interest Election Request
	EXHIBIT D	  	—	  	Form of Compliance Certificate
	EXHIBIT E-1	  	—	  	U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships for U.S. Federal Income Tax Purposes)
	EXHIBIT E-2	  	—	  	U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships for U.S. Federal Income Tax Purposes)
	EXHIBIT E-3	  	—	  	U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships for U.S. Federal Income Tax Purposes)
	EXHIBIT E-4	  	—	  	U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships for U.S. Federal Income Tax Purposes)
	EXHIBIT F	  	—	  	Form of Increasing Lender Agreement
	EXHIBIT G	  	—	  	Form of Augmenting Lender Agreement

  
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 CREDIT AGREEMENT dated as of October 15, 2021 (the
“Agreement”), among MARKETAXESS HOLDINGS INC., a Delaware corporation (the “Borrower”), the LENDERS party hereto, and
JPMORGAN CHASE BANK, N.A., as Administrative Agent. 
 The parties hereto agree as follows:

 ARTICLE I 

DEFINITIONS 

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

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

“Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per
annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

“Administrative Agent” means JPMorgan Chase Bank, N.A. in its capacity as administrative agent for the Lenders hereunder.

 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by or otherwise reasonably
satisfactory to the Administrative Agent. 
 “Affected Financial Institution” means (a) any EEA Financial Institution
or (b) any UK Financial Institution. 
 “Affiliate” means, with respect to a specified Person, another Person that
directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Agent-Related Person” has the meaning assigned to it in Section 9.03(d).

 “Agreement” has the meaning assigned to it in the preamble. 

 

 “Alternate Base Rate” means, for any day, a rate per annum equal to the
greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a
one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%; provided that for the purpose of this definition, the Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate
(or if the LIBO Screen Rate is not available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or
the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively. If the Alternate Base Rate is being used as an alternate rate of interest
pursuant to Section 2.14 (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to Section 2.14(b)), then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall be
determined without reference to clause (c) above. For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than 1.0%, such rate shall be deemed to be 1.0% for purposes of this Agreement. 

“Ancillary Document” has the meaning assigned to it in Section 9.06(b). 

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

“Applicable Party” has the meaning assigned to it in Section 8.03(c). 

“Applicable Percentage” means, with respect to any Lender, the percentage of the total Commitments represented by such
Lender’s Commitment; provided that, in the case of Section 2.20 when a Defaulting Lender shall exist, “Applicable Percentage” shall mean the percentage of the total Commitments (disregarding any Defaulting Lender’s
Commitment) represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments and to any
Lender’s status as a Defaulting Lender at the time of determination. 
 “Applicable Rate” means, for any day, with
respect to any ABR Loan or Eurodollar Revolving Loan, or with respect to the letter of credit fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “ABR Spread,”
“Eurodollar Spread” or “Letter of Credit Rate,” as the case may be, based upon the Borrower’s Consolidated Total Leverage Ratio as of the last day of any Reference Period: 

  
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	 CONSOLIDATED TOTAL

LEVERAGE RATIO
	  	 EURODOLLAR SPREAD AND

LETTER OF CREDIT FEE RATE
	 	 	ABR SPREAD	 
	 Category 1

> 2.00 to 1.00
	  	 	1.75	% 	 	 	0.75	% 
	 Category 2

£ 2.00 to 1.00 but > 1.50 to 1.00
	  	 	1.50	% 	 	 	0.50	% 
	 Category 3

£ 1.50 to 1.00 but > 1.00 to 1.00
	  	 	1.375	% 	 	 	0.375	% 
	 Category 4

£ 1.00 to 1.00
	  	 	1.25	% 	 	 	0.25	% 

 For purposes of the foregoing, (a) the Applicable Rate shall be determined as of the end of each fiscal
quarter of the Borrower, based upon the Borrower’s annual or quarterly consolidated financial statements delivered pursuant to Section 5.01 and (b) each change in the Applicable Rate resulting from a change in the Consolidated Total
Leverage Ratio shall be effective during the period commencing on and including the date of delivery to the Administrative Agent of such consolidated financial statements indicating such change and ending on the date immediately preceding the
effective date of the next such change, provided that at the option of the Administrative Agent or at the request of the Required Lenders, if the Borrower fails to deliver the annual or quarterly consolidated financial statements required to
be delivered by it pursuant to Section 5.01, the Consolidated Total Net Leverage Ratio shall be deemed to be in Category 1 during the period from the expiration of the time for delivery thereof until such consolidated financial statements
are delivered. 
 “Approved Electronic Platform” has the meaning assigned to it in Section 8.03(a). 

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

“Arrangers” means collectively, JPMorgan Chase Bank, N.A., PNC Bank, National Association, U.S. Bank National Association and
Morgan Stanley MUFG Loan Partners, LLC, acting through Morgan Stanley Senior Funding, Inc. and MUFG Bank, Ltd., in their capacity as joint bookrunners and joint lead arrangers hereunder. 

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

  
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 “Augmenting Lender” is defined in Section 2.04(a) hereof. 

“Availability Period” means the period from and including the Effective Date to but excluding the earlier of the Maturity
Date and the date of termination of the Commitments. 
 “Available Tenor” means, as of any date of determination and with
respect to the then-current Benchmark, as applicable, any tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of an Interest Period
pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (f) of Section 2.14. 

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

“Bail-In Legislation” means (a) with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU
Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable
in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). 

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in
effect, or any successor statute. 
 “Bankruptcy Event” means, with respect to any Person, such Person becomes the subject
of a voluntary or involuntary bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its
business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment or has had any
order for relief in such proceeding entered in respect thereof; provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental
Authority or instrumentality thereof, unless such ownership interest results in or provides such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets
or permits such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 

  
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 “Benchmark” means, initially, LIBO Rate; provided that if a Benchmark
Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to LIBO Rate or the then-current Benchmark, then
“Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (b) or clause (c) of Section 2.14. 

“Benchmark Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be
determined by the Administrative Agent for the applicable Benchmark Replacement Date: 
 (1) the sum of: (a) Term SOFR and (b) the
related Benchmark Replacement Adjustment; 
 (2) the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement
Adjustment; and 
 (3) the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower
as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the
Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated syndicated credit facilities at such time and
(b) the related Benchmark Replacement Adjustment; 
 provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is
displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; provided further that, notwithstanding anything to the contrary in this Agreement or
in any other Loan Document, upon the occurrence of a Term SOFR Transition Event, and the delivery of a Term SOFR Notice, on the applicable Benchmark Replacement Date the “Benchmark Replacement” shall revert to and shall be deemed to
be the sum of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, as set forth in clause (1) of this definition (subject to the first proviso above). 

If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark
Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents. 
 “Benchmark
Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark
Replacement: 

  
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 (1) for purposes of clauses (1) and (2) of the definition of “Benchmark
Replacement,” the first alternative set forth in the order below that can be determined by the Administrative Agent: 
 (a) the spread
adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or
recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor; 

(b) the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set
for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and

 (2) for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for
calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to
(i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental
Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such
Benchmark with the applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated credit facilities; 
 provided that,
in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion.

 “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical,
administrative or operational changes (including changes to the definition of “Alternate Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and
making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the
Administrative Agent decides in its reasonable discretion may be appropriate to reflect the adoption and 

  
 -6- 

 
implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the
Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such
other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents). 

“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

 (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of
(a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely
ceases to provide all Available Tenors of such Benchmark (or such component thereof); 
 (2) in the case of clause
(3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein; 

(3) in the case of a Term SOFR Transition Event, the date that is thirty (30) days after the date a Term SOFR Notice is
provided to the Lenders and the Borrower pursuant to Section 2.14(c); or 
 (4) in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not
received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders. 
 For the avoidance of doubt, (i) if
the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for
such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein
with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof). 

  
 -7- 

 “Benchmark Transition Event” means the occurrence of one or more of the
following events with respect to the then-current Benchmark: 
 (1) a public statement or publication of information by or on
behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof),
permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); 

(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or
the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the
administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or
such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that
will continue to provide any Available Tenor of such Benchmark (or such component thereof); or 
 (3) a public statement or
publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no
longer representative. 
 For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect
to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date
pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14 and
(y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership or control as required by the
Beneficial Ownership Regulation. 

  
 -8- 

 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.

 “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA)
that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person whose assets include (for purposes of the Plan Asset
Regulations or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan.” 

“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party. 
 “Borrower” has the meaning assigned to it in the preamble. 

“Borrowing” means (a) a Revolving Borrowing, or (b) a Swingline Loan. 

“Borrowing Request” means a request by the Borrower for a Revolving Borrowing in accordance with Section 2.03, which
shall be substantially in the form of Exhibit B or any other form approved by the Administrative Agent. 
 “Broker-Dealer Subsidiary” means any Subsidiary that (a) is a “registered broker and/or dealer or other regulated investment firm or trading platform” under the Securities Exchange Act or under any
similar foreign law or regulatory regime established for the registration of brokers and/or dealers or trading platform of securities and/or (b) is required to be registered under the Commodity Exchange Act or under any similar regulatory
regime established for the registration of operators, merchants, brokers and/or dealers of commodities, including, but not limited to, future commissions merchants, introducing brokers and commodity pool operators. For the avoidance of doubt, as of
the Effective Date, MarketAxess Corporation, MarketAxess Europe, MarketAxess Brazil, MarketAxess SEF Corporation, MarketAxess Capital Limited, MarketAxess Singapore PTE Limited, LiquidityEdge and MarketAxess NL BV are the only existing Broker-Dealer Subsidiaries. 
 “Business Day” means any day that is not a Saturday,
Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any
day on which banks are not open for dealings in dollar deposits in the London interbank market. 
 “Capital Lease
Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are
required to be classified and accounted for as capital leases or financing leases on a balance sheet (excluding the footnotes thereto) of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined
in accordance with GAAP. 

  
 -9- 

 “Cash Equivalent Investments” means: 

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

(b) investments in commercial paper and variable or fixed rate notes maturing within one year from the date of acquisition
thereof rated at least P-2 by Moody’s or at least A-2 by S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an
equivalent rating from another nationally recognized statistical rating agency); 
 (c) investments in certificates of
deposit, bankers’ acceptances, time deposits and eurodollar time deposits maturing within one year from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any Lender
or with any domestic or foreign bank having, or which is the principal banking subsidiary of a bank holding company organized under the laws of the United States or any State thereof or the District of Columbia or any U.S. branch of a foreign bank
having capital and surplus of not less than $500,000,000; 
 (d) fully collateralized repurchase agreements with a term of
not more than thirty (30) days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; 

(e) money market funds that (i) comply with the criteria set forth in Securities and Exchange Commission Rule 2a-7 under the Investment Company Act of 1940, and (ii) are rated AA- or better (or the equivalent thereof) by S&P (or the equivalent thereof) and Aa3 or
better by Moody’s (or the equivalent thereof) (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency); 

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

  
 -10- 

 “Change in Control” means (a) the acquisition of ownership, directly
or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), but excluding any employee benefit plan of the Borrower
or any of its Subsidiaries and any Person acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, of Equity Interests representing more than 35% of the aggregate ordinary voting power represented by the issued
and outstanding Equity Interests of the Borrower, or (b) the occupation of a majority of the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were not (i) a member of the board of directors of the
Borrower on the Effective Date, (ii) nominated for election to the board of directors of the Borrower with the approval of a committee of the board of directors consisting of a majority of the independent continuing directors or
(iii) nominated for election, elected or appointed to the board of directors of the Borrower with the approval of a majority of the continuing directors who were members of the Borrower’s board of directors at the time of such nomination,
election or appointment (either by a specific vote or by approval of the Borrower’s proxy statement in which such member was named as a nominee for election as a director). As used in this definition, “continuing director” means any
director described in subclause (i), (ii) or (iii) of clause (b) in the preceding sentence. 
 “Change in Law”
means the occurrence after the date of this Agreement (or, with respect to any Lender, such later date on which such Lender becomes a party to this Agreement) of (a) the adoption of or taking effect of any law, rule, regulation or treaty,
(b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) compliance by any Lender or Issuing Bank (or, for purposes of
Section 2.15(b), by any lending office of such Lender or by such Lender’s or Issuing Bank’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made
or issued after the date of this Agreement; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines or directives thereunder or issued in connection therewith or in the implementation thereof and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on
Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall, in each case, be deemed to be a “Change in Law,” regardless of the date
enacted, adopted, issued or implemented. 
 “Charges” has the meaning assigned to it in Section 9.14. 

“Class” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing,
are Revolving Loans or Swingline Loans. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral Account” has the meaning assigned to it in Section 2.06(j). 

  
 -11- 

 “Commitment” means, with respect to each Lender, the amount set forth on
Schedule 2.01 opposite such Lender’s name, or in the Assignment and Assumption or other documentation or record (as such term is defined in Section 9-102(a)(70) of the New York Uniform
Commercial Code) as provided in Section 9.04(b)(ii)(C), pursuant to which such Lender shall have assumed its Commitment, as applicable, and giving effect to (a) any reduction in such amount from time to time pursuant to Section 2.09
and (b) any reduction or increase in such amount from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04; provided, that at no time shall the Revolving Credit Exposure of any Lender exceed its
Commitment. The initial aggregate amount of the Lenders’ Commitments is $500,000,000. 
 “Communications” has the
meaning assigned to it in Section 8.03(c). 
 “Compliance Certificate” means a certificate substantially in the form
of Exhibit D. 
 “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income
(however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated” or “consolidated”
means, with reference to financial statements or financial statement items of any Person, such statements or items of such Person and its subsidiaries on a consolidated basis in accordance with applicable principles of consolidation under GAAP.

 “Consolidated Adjusted EBITDA” means, for any applicable period, the sum of Consolidated EBITDA for such period plus, to
the extent a Permitted Acquisition has been consummated during such period, Consolidated EBITDA attributable to such Permitted Acquisition calculated on a pro forma basis as if such Permitted Acquisition (and any other Permitted Acquisition
consummated after the most recent period preceding the date of such Acquisition for which the Borrower has delivered Financial Statements) had occurred on the first day of such period (but only that portion of pro forma Consolidated EBITDA
for such Permitted Acquisition that is attributable to the portion of such period that occurred prior to the date of consummation of such Permitted Acquisition). 

“Consolidated EBITDA” means, for any Reference Period, Consolidated Net Income for such Reference Period, plus 

(a) without duplication and to the extent deducted (and not added back) in arriving at such Consolidated Net Income (except
with respect to clause (vii)), the sum of the following amounts for such Reference Period: 
 (i) Consolidated Interest
Expense, increased, to the extent not already reflected in Consolidated Interest Expense, by payments made in respect of hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk (minus any
payments received in respect of such hedging obligations or other derivative instruments), amortization or write off of debt discount and debt issuance costs and commissions and discounts and other fees and charges (including bank fees) associated
with Indebtedness (including the Loans and Letters of Credit), 

  
 -12- 

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

(iii) depreciation expense, 

(iv) amortization expense, 

(v) non-cash losses, charges or expenses, including but not limited to stock-based
compensation, 
 (vi) extraordinary, unusual or non-recurring cash losses, charges or
expenses, 
 (vii) without duplication, the amount of net cost savings and synergies projected by the Borrower in good faith
to be realized as a result of specified actions taken or expected to be taken and calculated on a pro forma basis as though such cost savings and synergies had been realized on the first day of such Reference Period, net of the amount of actual
benefits realized from such actions; provided that the chief financial officer of the Borrower shall have certified to the Administrative Agent that (1) such cost savings and synergies are reasonably identifiable and factually
supportable, reasonably attributable to the actions specified and reasonably anticipated to result from such actions, (2) such actions have been taken, initiated or are reasonably expected to be taken and (3) the benefits resulting
therefrom are anticipated by the Borrower to be realized within twelve (12) months after the date of such actions, and provided further that the amounts added back to Consolidated Net Income in any Reference Period pursuant to this
clause (a)(vii) and pursuant to clause (a)(vi) shall not in the aggregate exceed 20% of Consolidated EBITDA for such Reference Period (as Consolidated EBITDA is calculated immediately prior to any addbacks pursuant to this
clause (a)(vii)), and 
 (viii) other losses, charges or expenses related to financing, refinancings, acquisitions and
investments, 
 minus 

  
 -13- 

 (b) without duplication and to the extent included in arriving at such
Consolidated Net Income, the sum of the following amounts for such Reference Period: 
 (i)
non-cash income or gains (other than amounts accrued in the ordinary course of business consistent under accrual-based revenue recognition procedures in accordance with
GAAP) excluding any such income that represents the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior Reference Period (other than such cash charges that have not increased Consolidated EBITDA), 

(ii) extraordinary, unusual or non-recurring income or gains; in each case, as
determined on a consolidated basis for the Borrower and its Subsidiaries, 
 (iii) federal, state, local and foreign income
tax credits and refunds (to the extent not netted from clause (a)(ii) above), and 
 (iv) cash charges and expenses when
paid to the extent such charges and expenses were added back to Consolidated EBITDA pursuant to clause (a)(v) above. 

“Consolidated Interest Expense” means, for any Reference Period, for the Borrower and the Subsidiaries calculated in
accordance with GAAP on a consolidated basis (without duplication) for such Reference Period, all interest expense (including interest expense under Capital Lease Obligations that is treated as interest in accordance with GAAP) with respect to all
outstanding Indebtedness of the Borrower and the Subsidiaries (other than Ordinary Course Operating Debt) allocable to such Reference Period in accordance with GAAP (including all commissions, discounts and other fees and charges owed with respect
to letters of credit). 
 “Consolidated Net Income” means, for any Reference Period, the net income (or loss) of the
Borrower and the Subsidiaries calculated in accordance with GAAP on a consolidated basis (without duplication) for such Reference Period; provided, that the net income (and loss) of any Person that is not the Borrower or a Subsidiary will be
excluded except to the extent that any such net income is actually received in cash by the Borrower or a Subsidiary in the form of dividends or similar distributions in respect of such Reference Period. In addition, to the extent not already
included in Consolidated Net Income, notwithstanding anything to the contrary in the foregoing (but without duplication of any of the foregoing exclusions and adjustments), Consolidated Net Income shall include the amount of (i) proceeds
received from business interruption insurance in respect of expenses, charges or losses with respect to business interruption and (ii) reimbursements of any expenses and charges in connection with any Investment or any Disposition of assets or
properties (including Equity Interests) permitted hereunder (and whether or not consummated) to the extent reducing Consolidated Net Income, in each case, provided that such proceeds or reimbursements are actually received and covered by third-party indemnification or other reimbursement provisions. 

  
 -14- 

 “Consolidated Net Tangible Assets” means, as of any date of determination,
the consolidated total assets of the Borrower and its Subsidiaries less (i) the goodwill and other intangible assets of the Borrower and its Subsidiaries and (ii) the securities failed-to-deliver from broker-dealers, clearing organizations and customers, as reflected on the most recent consolidated balance sheet of the Borrower and its Subsidiaries, determined on a consolidated basis
in accordance with GAAP. 
 “Consolidated Total Funded Debt” means, as of any date of determination, the outstanding
principal amount as of such date of all Indebtedness of the type described in clauses (a), (b), (f) (to the extent such Guarantee relates to Indebtedness of the type referred to in clauses (a), (b), (g), (h) (to the extent such
Indebtedness consists of unreimbursed payments made by the issuers of letters of credit described in such clause (h)) and (i) (to the extent such Indebtedness consists of unreimbursed payments made by the issuers of bankers’ acceptances
described in such clause (i)) of the definition of “Indebtedness”), (g), (h) (to the extent such Indebtedness consists of unreimbursed payments made by the issuers of letters of credit described in such clause (h)) and (i) (to
the extent such Indebtedness consists of unreimbursed payments made by the issuers of bankers’ acceptances described in such clause (i)) of the definition of “Indebtedness,” in each case of the Borrower and the Subsidiaries on a
consolidated basis; provided, that Ordinary Course Operating Debt shall be excluded in determining Consolidated Total Funded Debt. 

“Consolidated Total Leverage Ratio” means, as of the last day of any fiscal quarter, the ratio of (a) Consolidated Total
Funded Debt as of such date less the aggregate amount of Unrestricted Cash on such date in an amount not to exceed $30,000,000 to (b) Consolidated Adjusted EBITDA for the Reference Period ended on such date. 

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

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

“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an
interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor. 

  
 -15- 

 “Covered Entity” means any of the following: 

(i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R.
§ 252.82(b); 
 (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 47.3(b); or 
 (iii) a “covered FSI” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 382.2(b). 
 “Covered Party” has the meaning assigned to it in Section 9.18. 

“Credit Party” means the Administrative Agent, the Issuing Bank, the Swingline Lender or any other Lender. 

“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which may include a lookback) being
established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for business loans; provided, that if the Administrative
Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion. 

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both
would, unless cured or waived, become an Event of Default. 
 “Default Right” has the meaning assigned to that term in, and
shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 
 “Defaulting
Lender” means any Lender that (a) has failed, within two (2) Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit
or Swingline Loans or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the
result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in
writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such
Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it
commits to extend credit, (c) has failed, within three (3) Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an 

  
 -16- 

 
authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations as of the date of certification) to fund prospective Loans and
participations in then outstanding Letters of Credit and Swingline Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such
certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of (A) a Bankruptcy Event or (B) a Bail-In Action. 

“Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.06.

 “Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (in one
transaction or in a series of transactions and whether effected pursuant to a division or otherwise) of any property by any Person (including any sale and leaseback transaction and any issuance of Equity Interests by a Subsidiary of such Person),
including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith. 

“Disqualified Equity Interests” means any Equity Interest that, by its terms (or by the terms of any security or other Equity
Interest into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (i) matures or is mandatorily redeemable (other than solely for Equity Interest which is not otherwise Disqualified Equity
Interests), pursuant to a sinking fund obligation or otherwise, (ii) is redeemable at the option of the holder thereof (other than solely for Equity Interests which is not otherwise Disqualified Equity Interests), in whole or in part,
(iii) provides for the scheduled payments of dividends in cash, or (iv) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior
to the date that is 91 days after the Maturity Date, except, in the case of clauses (i) and (ii), if as a result of a change of control event or asset sale or other Disposition or casualty event, so long as any rights of the holders thereof to
require the redemption thereof upon the occurrence of such a change of control event or asset sale or other Disposition or casualty event are subject to the prior payment in full of the Obligations (other than any contingent indemnification and
reimbursement obligations, in each case in respect of which no claim has been asserted by the Person entitled thereto); provided that if such Equity Interest is issued pursuant to any equity or incentive compensation or benefit plan or
arrangement of the Borrower or any of its Subsidiaries (or for the benefit of employees, officers, directors or members of management of any such Person), such Equity Interest shall not constitute Disqualified Equity Interest solely because it may
be required to be repurchased by the Borrower or any of its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of the termination, death or disability of the Person to whom such Equity Interest is issued.

  
 -17- 

 “Disqualified Lender” means those Persons listed on Schedule 9.04 hereof,
as such Schedule may be supplemented from time to time by the Borrower with Persons that are competitors of the Borrower and approved by the Administrative Agent, such approval not to be unreasonably withheld; provided however, that no
commercial bank (as hereinafter defined) shall be deemed to be a competitor. As used herein, a “commercial bank” shall mean (i) any bank or trust company incorporated and doing business under the laws of the United States (including
laws relating to the District of Columbia) or of any state, a substantial part of the business of which consists of receiving deposits and making loans and discounts, or of exercising fiduciary powers similar to those permitted to national banks
under authority of the Comptroller of the Currency, and which is subject by law to supervision and examination by state, territorial or federal authority having supervision over banking institutions, and (ii) any entity chartered under the laws
of a country outside the United States that has a business similar to that described in clause (i) and which is subject by law, treaty or otherwise to supervision by provincial, territorial, national, supranational or other governmental or
international authority having supervision over banking institutions. 
 “Disregarded Entity” means an entity that is
treated as disregarded from its sole owner under U.S. Treasury Regulations Sections 301.7701-2 and -3. 

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

“Early Opt-in Election” means, if the then-current Benchmark is LIBO Rate, the
occurrence of: 
  

	 	(1)	 a notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to
notify) each of the other parties hereto that at least five currently outstanding dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term
SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and 

 

	 	(2)	 the joint election by the Administrative Agent and the Borrower to trigger a fallback from LIBO Rate and the
provision by the Administrative Agent of written notice of such election to the Lenders. 

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

  
 -18- 

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

“Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance
with Section 9.02). 
 “Electronic Signature” means an electronic sound, symbol, or process attached to, or associated
with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record. 

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

“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest, but excluding any debt securities convertible
into any of the foregoing. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to
time, and the rules and regulations promulgated thereunder. 
 “ERISA Affiliate” means any trade or business (whether or
not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or Section 4001(14) of ERISA or, solely for purposes of Section 302 of ERISA and Section 412 of the
Code, is treated as a single employer under Section 414 of the Code. 

  
 -19- 

 “ERISA Event” means (a) any “reportable event,” as defined
in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the failure to satisfy the “minimum funding standard” (as defined
in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with
respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from
the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with
respect to the withdrawal or partial withdrawal of the Borrower or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer
Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition upon the Borrower or any of its ERISA Affiliates of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in
reorganization, within the meaning of Title IV of ERISA. 
 “EU Bail-In
Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“Eurodollar” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Event of Default” has the
meaning assigned to it in Section 7.01. 
 “Excluded Taxes” means any of the following Taxes imposed on or with
respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a
result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or
(ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or
Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan, Letter of Credit or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.19(b)) or
(ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired
the applicable interest in a Loan, Letter of Credit or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.17(f), and (d) any
withholding Taxes imposed under FATCA. 
 “Existing Commitment Maturity Date” has the meaning assigned to it in
Section 2.21. 

  
 -20- 

 “Existing Letter of Credit” means that certain standby letter of credit in
the original face amount of $971,093.11 issued for the benefit of Fisher-Park Lane Owner LLC with an expiry date of April 30, 2022. 

“Extending Lender” has the meaning ascribed to in Section 2.21(b)(ii). 

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

“FCA” has the meaning assigned to such term in Section 1.07. 

“Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds
transactions by depositary institutions, as determined in such manner as shall be set forth on the NYFRB’s Website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate;
provided that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System of the United States. 

“Financial Officer” means the chief financial officer, principal accounting officer, treasurer or corporate controller, or
any other authorized officer of the Borrower who is reasonably acceptable to the Administrative Agent and familiar with the historical and current financial condition of the Borrower and the Subsidiaries. 

“Floor” means the benchmark rate floor provided in this Agreement initially (as of the execution of this Agreement, the
modification, amendment or renewal of this Agreement or otherwise) with respect to LIBO Rate. 
 “Foreign Lender” means
(a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is
resident for tax purposes. 
 “GAAP” means generally accepted accounting principles in the United States as in effect from
time to time. 

  
 -21- 

 “Governmental Authority” means the government of the United States, any
other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government, including any supra-national bodies such as the European Union or the European Central Bank and any group or body charged with setting
financial accounting or regulatory capital rules or standards (including the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of
the foregoing). 
 “Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or
otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any
obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any
security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity
capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of
guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business or customary indemnity obligations in effect on the
Effective Date or entered into in connection with any acquisition or Disposition permitted under this Agreement (other than such obligations with respect to Indebtedness). The amount of any Guarantee of any guaranteeing person shall be deemed to be
the lower of (x) the stated or determinable amount of the primary obligation in respect of which such Guarantee is made and (y) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument
embodying such Guarantee, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee shall be such guaranteeing person’s
maximum reasonably anticipated liability in respect thereof as determined by the Borrower in good faith. 
 “Hazardous
Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated
biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law. 

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

  
 -22- 

 “Impacted Interest Period” has the meaning assigned to it in the definition
of “LIBO Rate.” 
 “Increasing Lender” is defined in Section 2.04(a) hereof. 

“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money,
(b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person,
(d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding (i) current accounts payable incurred in the ordinary course of business, (ii) any
earn-out obligation unless either (A) such obligation is not paid within thirty (30) days after becoming due and payable or (B) such obligation becomes a liability on the balance sheet of such
Person prepared in accordance with GAAP, and (iii) accruals for payroll or other employee compensation and other liabilities accrued in the ordinary course of business), (e) all Indebtedness of others secured by (or for which the holder of
such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed (but limited to the lesser of the fair market
value of such property and the principal amount of such Indebtedness), (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of
such Person as an account party in respect of letters of credit and letters of guaranty, and (i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances. The Indebtedness of any Person shall include the
Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity,
except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 
 “Indemnified Taxes”
means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Loan Document and (b) to the extent not otherwise described in (a) hereof, Other
Taxes. 
 “Indemnitee” has the meaning assigned to it in Section 9.03(c). 

“Ineligible Institution” has the meaning assigned to it in Section 9.04(b). 

“Information” has the meaning assigned to it in Section 9.12. 

  
 -23- 

 “Interest Election Request” means a request by the Borrower to convert or
continue a Borrowing in accordance with Section 2.08, which shall be substantially in the form of Exhibit C or any other form approved by the Administrative Agent. 

“Interest Payment Date” means (a) with respect to any ABR Loan (other than a Swingline Loan), the first day of each
April, July, October and January and the Maturity Date, (b) with respect to any Eurodollar Loan, the last day of each Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an
Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period, and the Maturity Date, and
(c) with respect to any Swingline Loan, the day that such Loan is required to be repaid and the Maturity Date. 
 “Interest
Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, three or six months thereafter, as the Borrower
may elect (or any shorter period approved by the Administrative Agent); provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day
unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the immediately preceding Business Day and (ii) any Interest Period pertaining to a Eurodollar Borrowing that
commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such
Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Revolving Borrowing, thereafter shall be the effective date of the most recent conversion or continuation
of such Borrowing. 
 “Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded
to the same number of decimal places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear
basis between: (a) the LIBO Screen Rate for the longest period (for which the LIBO Screen Rate is available for U.S. Dollars) that is shorter than the Impacted Interest Period; and (b) the LIBO Screen Rate for the shortest period (for
which that LIBO Screen Rate is available for U.S. Dollars) that exceeds the Impacted Interest Period, in each case, at such time. 

“Investment” has the meaning assigned to it in Section 6.05. 

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

  
 -24- 

 “ISDA Definitions” means the 2006 ISDA Definitions published by the
International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps
and Derivatives Association, Inc. or such successor thereto. 
 “Issuing Bank” means JPMorgan Chase Bank, N.A. in its
capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.06(i). The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by its Affiliates, in
which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. 

“LC Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of Credit. 

“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding
Letters of Credit at such time, plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Lender at any time shall be its Applicable
Percentage of the LC Exposure at such time. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of
Article 29(a) of the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600 (or such later version thereof as may be in effect at the applicable time) or Rule 3.13 or Rule 3.14
of the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the applicable time) or similar terms of the Letter of Credit itself, or if compliant documents
have been presented but not yet honored, such Letter of Credit shall be deemed to be “outstanding” and “undrawn” in the amount so remaining available to be paid, and the obligations of the Borrower and each Lender shall remain in
full force and effect until the Issuing Bank and the Lenders shall have no further obligations to make any payments or disbursements under any circumstances with respect to any Letter of Credit. 

“Lender Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a
subsidiary. 
 “Lender-Related Person” has the meaning assigned to it in
Section 9.03(b). 
 “Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have
become a party hereto pursuant to an Assignment and Assumption or otherwise in accordance with this Agreement, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption or otherwise in accordance with this
Agreement. Unless the context otherwise requires, the term “Lenders” includes the Swingline Lender and the Issuing Bank. 

  
 -25- 

 “Letter of Credit” means any letter of credit issued pursuant to this
Agreement and shall include each Existing Letter of Credit. 
 “Letter of Credit Agreement” has the meaning assigned to it
in Section 2.06(b). 
 “Letter of Credit Sublimit” means $5,000,000 or, subject to the terms and conditions set forth
herein, such greater amount as may be agreed upon by the Issuing Bank, in its sole discretion, from time to time. 

“Liabilities” means any losses, claims (including intraparty claims), demands, damages or liabilities of any kind. 

“LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the LIBO Screen Rate at approximately
11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) then
the LIBO Rate shall be the Interpolated Rate. 
 “LIBO Screen Rate” means, for any day and time, with respect to any
Eurodollar Borrowing for any Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for a period equal in length to such Interest Period
as displayed on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays
such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion); provided that if the LIBO Screen Rate as so
determined would be less than 0.00%, such rate shall be deemed to be 0.00% for the purposes of this Agreement. 
 “LIBOR”
has the meaning assigned to such term in Section 1.07. 
 “Lien” means, with respect to any asset, (a) any
mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement
(or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset (provided that in no event shall an operating lease in and of itself constitute a Lien). 

“LiquidityEdge” means LiquidityEdge LLC, a Delaware limited liability company. 

“Loan Documents” means this Agreement, including schedules and exhibits hereto, and any agreements entered into in connection
herewith by the Borrower with or in favor of the Administrative Agent and/or the Lenders, including any amendments, modifications or supplements thereto or waivers thereof, letter of credit applications and any agreements between the Borrower and
the Issuing Bank regarding the issuance of Letters of Credit hereunder and/or the respective rights and obligations between the Borrower and the Issuing Bank in connection thereunder and any other documents prepared in connection with the other Loan
Documents, if any. 

  
 -26- 

 “Loans” means the loans made by the Lenders to the Borrower pursuant to
this Agreement. 
 “Margin Stock” means margin stock within the meaning of Regulations T, U and X, as applicable. 

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

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

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

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

“Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations, or financial
condition of the Borrower and the Subsidiaries taken as a whole, (b) the ability of the Borrower to perform any of its Obligations or (c) the rights of or benefits available to the Lenders under this Agreement or any other Loan Document,
taken as a whole. 
 “Material Broker-Dealer Subsidiary” means each of
(i) MarketAxess Corporation, (ii) MarketAxess Capital Limited, (iii) LiquidityEdge, (iv) MarketAxess Europe Limited, and (v) any other Broker Dealer Subsidiary that (a) is
self-clearing its trades or (b) has gross revenues in excess of 5% of consolidated group revenues. 

“Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit or other Obligations), or obligations
in respect of one or more Swap Agreements, of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount exceeding $50,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the
obligations of the Borrower or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Swap
Agreement were terminated at such time. 
 “Maturity Date” means October 15, 2024, as may be extended pursuant to
Section 2.21, such extended maturity date as determined pursuant to such Section; provided, however, in each case, if such date is not a Business Day, the Maturity Date shall be the immediately preceding Business Day.  

  
 -27- 

 “Maximum Rate” has the meaning assigned to it in Section 9.14. 

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

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

“Non-extending Lender” has the meaning ascribed to in Section 2.21(a). 

“NYFRB” means the Federal Reserve Bank of New York. 

“NYFRB’s Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source. 

“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and
(b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the
term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided, further, that
if any of the aforesaid rates as so determined be less than 0.00%, such rate shall be deemed to be 0.00% for purposes of this Agreement. 

“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, the Borrower arising under
any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest
and fees that accrue after the commencement by or against the Borrower or any Affiliate thereof of any proceeding under any debtor relief laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are
allowed or allowable claims in such proceeding. Without limiting the foregoing, the Obligations include (a) the obligation to pay principal, interest, Letter of Credit commissions, charges, expenses, fees, indemnities and other amounts payable
by the Borrower under any Loan Document and (b) the obligation of the Borrower to reimburse any amount in respect of any of the foregoing that the Administrative Agent or any Lender, in each case in its sole discretion, may elect to pay or
advance on behalf of the Borrower. 
 “Ordinary Course Operating Debt” means (i) Indebtedness incurred for operational
liquidity needs pursuant to lines of credit and other liabilities payable to brokers, dealers, clearing organizations, clients and correspondents, and liabilities in respect of securities sold but not yet purchased, in each case incurred in the
ordinary course of the “broker-dealer” business of the Broker-Dealer Subsidiaries, including Indebtedness incurred in the ordinary course of business to
finance or secure the purchase or carrying of securities, the provision of margin for forward, futures, repurchase or similar 

  
 -28- 

 
transactions, the making of advances to customers, the establishment of performance or surety bonds or guarantees, or in the nature of a letter of credit or letter of guaranty to support or
secure trading and other obligations incurred in the ordinary course of business, (ii) to the extent constituting Indebtedness, accounts payable and accrued liabilities in the ordinary course of business of the
Broker-Dealer Subsidiaries, (iii) to the extent constituting Indebtedness, notes, bills and checks presented in the ordinary course of business by such Person to banks for collection or deposit, and
(iv) Guarantees of the Broker-Dealer Subsidiaries arising in the ordinary course of business pursuant to contract or applicable law, rule or regulation with respect to the obligations of other members of
securities and commodities clearinghouses and exchanges. 
 “Other Connection Taxes” means, with respect to any Recipient,
Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations
under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan, Letter of Credit or Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19). 

“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar
borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the NYFRB’s Website from time to time, and published on the
next succeeding Business Day by the NYFRB as an overnight bank funding rate. 
 “Participant” has the meaning assigned to
it in Section 9.04(c). 
 “Participant Register” has the meaning assigned to it in Section 9.04(c). 

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

“Payment” has the meaning assigned to it in Section 8.06(c). 

“Payment Notice” has the meaning assigned to it in Section 8.06(c). 

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

  
 -29- 

 “Permitted Acquisition” means any Acquisition by the Borrower or any
Subsidiary disclosed in Schedule 2.04, and any other Acquisition by the Borrower or any Subsidiary that satisfies all of the following conditions: 

(a) both before and immediately after giving effect to such Acquisition and the incurrence or assumption of any Indebtedness in
connection therewith, no Event of Default shall have occurred and be continuing; 
 (b) both before and immediately after
giving effect to such Acquisition and the incurrence or assumption of any Indebtedness in connection therewith, the Borrower shall be in compliance on a pro forma basis with each financial covenant set forth in Section 6.10 (provided,
however, that Borrower shall have a Consolidated Total Leverage Ratio equal to or less than 2.25:1.00), recomputed, in the case of each such financial covenant, (i) as if such Acquisition (and any other Permitted Acquisition consummated
after the most recent Reference Period preceding the date of such Acquisition for which the Borrower has delivered Financial Statements), including the incurrence or assumption of any Indebtedness in connection therewith, had occurred on the first
day of such Reference Period, (ii) with Consolidated Total Funded Debt and Unrestricted Cash measured as of the date of such Acquisition and immediately after giving effect to such Acquisition and any Indebtedness incurred or assumed in
connection therewith, and (iii) with Consolidated EBITDA, Consolidated Adjusted EBITDA and Consolidated Interest Expense measured for such Reference Period (and, if the Indebtedness incurred or assumed has a floating or formula rate, such
Indebtedness shall have an implied rate of interest for the applicable Reference Period for purposes hereof determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as of the first day of such Reference
Period); 
 (c) in the case of an Acquisition of a “registered broker and/or dealer or other regulated investment firm
or trading platform” under the Securities Exchange Act, such Person is in compliance with Section 6.10(b)(i), if applicable; and 

(d) the Borrower shall have delivered to the Administrative Agent a certificate of a Financial Officer of the Borrower
substantially in the form attached hereto as Exhibit D certifying that such Acquisition satisfies each of the foregoing clauses (a) through (c) and attaching evidence demonstrating pro forma financial covenant compliance (as required
pursuant to clause (b) above) and compliance with the other conditions required by this definition, together with copies of corresponding pro forma financial statements (which may be internally prepared), in each case in form and substance
satisfactory to the Administrative Agent (copies of which certificate and financial statements the Administrative Agent shall promptly provide to the Lenders). 

  
 -30- 

 “Permitted Encumbrances” means: 

(a) Liens imposed by law for Taxes that are not yet due or are being contested in compliance with Section 5.04; 

(b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, landlord’s and other like
Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than sixty (60) days or are being contested in compliance with Section 5.04; 

(c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment
insurance and other social security laws or regulations; 
 (d) Liens consistent with those arising by operation of law
consisting of customary and ordinary course rights of setoff upon deposits of cash and Cash Equivalent Investments in favor of banks or other financial or depository institutions in the ordinary course of business; 

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

“Permitted Refinancing” means, with respect to any Indebtedness of any Person, any refinancing, refunding, renewal,
replacement, defeasance, discharge or extension of such Indebtedness (including any such Indebtedness incurred or issued pursuant to a Permitted Refinancing) (each, a “refinancing,” with “refinanced” having a correlative
meaning); provided that the aggregate principal amount (or accreted value, if applicable) does not exceed the then outstanding aggregate principal amount (or accreted value, if applicable) of the Indebtedness so refinanced, except by an
amount equal to all unpaid accrued or capitalized interest thereon, any make-whole payments or premium (including tender premium) applicable thereto or paid in connection therewith, any swap breakage costs and
other termination costs related to Swap Agreements, plus upfront fees and original issue discount on such refinancing Indebtedness, plus other customary fees and expenses in connection with such refinancing and by an amount equal to any existing
commitments unutilized thereunder. 
 “Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan” means any employee
pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan
were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

  
 -31- 

 “Plan Asset Regulations” means 29 CFR
§ 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time. 

“Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the United
States or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime
loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in
the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective. 

“Proceeding” means any claim, litigation, investigation, action, suit, arbitration or administrative, judicial or regulatory
action or proceeding in any jurisdiction. 
 “PTE” means a prohibited transaction class exemption issued by the
U.S. Department of Labor, as any such exemption may be amended from time to time. 
 “QFC” has the meaning assigned to
the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 
 “QFC
Credit Support” has the meaning assigned to it in Section 9.18. 
 “Qualified Equity Interests” means Equity
Interests that are not Disqualified Equity Interests. 
 “Recipient” means (a) the Administrative Agent, (b) any
Lender and (c) the Issuing Bank, as applicable. 
 “Reference Period” means, as of the last day of any fiscal quarter,
the period of four (4) consecutive fiscal quarters of the Borrower and the Subsidiaries ending on such date. 
 “Reference
Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is LIBO Rate, 11:00 a.m. (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such
Benchmark is not LIBO Rate, the time determined by the Administrative Agent in its reasonable discretion. 
 “Register” has
the meaning assigned to it in Section 9.04(b). 
 “Regulatory Net Capital” of any Person means (a) in the case
such Person is a Broker-Dealer Subsidiary of the type described in clause (a) of the definition of “Broker-Dealer Subsidiary,” the amount of net capital
held by such Person as a broker-dealer under Section 15(c)(3) of the Securities Exchange Act and regulations 

  
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promulgated thereunder (or under comparable statutes and regulations of the applicable jurisdiction) and (b) in the case such Person is a
Broker-Dealer Subsidiary of the type described in clause (b) of the definition of “Broker-Dealer Subsidiary,” the amount of net capital held by such
Person as a futures commission merchant or introducing broker under Section 4f(b) of the Commodity Exchange Act and regulations promulgated thereunder (or under comparable statutes and regulations of the applicable jurisdiction). 

“Regulation D” means Regulation D of the Federal Reserve Board, as in effect from time to time and
all official rulings and interpretations thereunder or thereof. 
 “Regulation T” means
Regulation T of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof. 

“Regulation U” means Regulation U of the Federal Reserve Board, as in effect from time to time and
all official rulings and interpretations thereunder or thereof. 
 “Regulation X” means
Regulation X of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof. 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors,
officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 “Relevant Governmental Body”
means the Federal Reserve Board or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board or the NYFRB, or any successor thereto. 

“Replacement Lender” has the meaning ascribed to in Section 2.21(c). 

“Replacement Liens” means, with respect to any Lien, any modification, replacement, renewal or extension of such Lien;
provided that (i) such modification, replacement, renewal or extension of such Lien does not extend to any additional property other than (A) after-acquired property (to the extent such after-acquired property would have been subject to such Lien prior to such modification, replacement, renewal or extension) and (B) proceeds and products thereof, and (ii) any Indebtedness secured by such
Liens is permitted by Section 6.01. 
 “Required Lenders” means, subject to Section 2.20, (a) at any time
prior to the earlier of the Loans becoming due and payable pursuant to Section 7.01 or the Commitments terminating or expiring, Lenders having Revolving Credit Exposures and Unfunded Commitments representing more than 50.0% of the Total
Revolving Credit Exposure and Unfunded Commitments at such time; and (b) for all purposes after the Loans become due and payable pursuant to Section 7.01 or the Commitments expire or terminate, Lenders having Revolving Credit Exposures
representing more than 50.0% of the Total Revolving Credit Exposure; provided that, in the case of clauses (a) and (b) above, (x) the Revolving Credit Exposure of any Lender that is the Swingline Lender shall

  
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be deemed to exclude any amount of its Swingline Exposure in excess of its Applicable Percentage of all outstanding Swingline Loans, adjusted to give effect to any reallocation under
Section 2.20 of the Swingline Exposures of Defaulting Lenders in effect at such time, and the Unfunded Commitment of such Lender shall be determined on the basis of its Revolving Credit Exposure excluding such excess amount and (y) for the
purpose of determining the Required Lenders needed for any waiver, amendment, modification or consent of or under this Agreement or any other Loan Document, if, and to the extent then permitted under Section 9.04, any Lender that is the
Borrower or an Affiliate of the Borrower shall be disregarded. 
 “Resolution Authority” means an EEA Resolution Authority
or, with respect to any UK Financial Institution, a UK Resolution Authority. 
 “Response Date” has the meaning
ascribed to in Section 2.21(a). 
 “Responsible Officer” means the president or Financial Officer of the Borrower.

 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with
respect to any Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of any such Equity Interests or any option, warrant or other right to acquire any such Equity Interests. 

“Reuters” means, as applicable, Thomson Reuters Corp., Refinitiv, or any successor thereto. 

“Revolving Borrowing” means Revolving Loans of the same Type, made, converted or continued on the same date and, in the case
of Eurodollar Loans, as to which a single Interest Period is in effect. 
 “Revolving Credit Exposure” means, with respect
to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Loans, its LC Exposure and its Swingline Exposure at such time. 

“Revolving Loan” means a Loan made pursuant to Section 2.03. 

“S&P” means Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC
business. 
 “Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target
of any Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea and Syria). 

  
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 “Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security Council, the
European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or
controlled by any such Person or Persons described in the foregoing clauses (a) or (b), or (d) any Person otherwise the subject of any Sanctions. 

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

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

“SOFR” means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such
Business Day published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day. 

“SOFR Administrator” means the NYFRB (or a successor administrator of the secured overnight financing rate). 

“SOFR Administrator’s Website” means the NYFRB’s Website, currently at http://www.newyorkfed.org, or any successor
source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. 

“Solvent” means that (a) the fair value of the assets of the Borrower and the Subsidiaries on a consolidated basis, at a
fair valuation, exceeds their aggregate debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value of the assets of the Borrower and the Subsidiaries on a consolidated basis will be greater than the amount
that will be required to pay the probable liability of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) the Borrower and the Subsidiaries on a
consolidated basis will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (d) the Borrower and the Subsidiaries on a consolidated basis will not
have unreasonably small capital with which to conduct the business in which they are engaged. 
 “Specified Event of
Default” means any Event of Default (i) arising due to a breach of Section 6.10(a), or (ii) under any of clauses (a), (b), (f), (h), (i), (j), (k), (o), (p), (q), (r) or (s) of Section 7.01. 

  
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 “Statutory Reserve Rate” means a fraction (expressed as a decimal), the
numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the
Federal Reserve Board to which the Administrative Agent is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D). Such reserve percentage shall
include those imposed pursuant to Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be
available from time to time to any Lender under Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Subordinated Indebtedness” means any Indebtedness of the Borrower or any Subsidiary that is expressly subordinated in right
of payment and performance to the Obligations. 
 “subsidiary” means, with respect to any Person (the
“parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements
if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing
more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, Controlled or held. 

“Subsidiary” means any subsidiary of the Borrower. 

“Supported QFC” has the meaning assigned to it in Section 9.18. 

“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar
agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any
similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the
Borrower or the Subsidiaries shall be a Swap Agreement. 
 “Swingline Sublimit” means $50,000,000. 

  
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 “Swingline Exposure” means, at any time, the aggregate principal amount of
all Swingline Loans outstanding at such time. The Swingline Exposure of any Lender at any time shall be the sum of (a) its Applicable Percentage of the aggregate principal amount of all Swingline Loans outstanding at such time (excluding, in
the case of any Lender that is the Swingline Lender, Swingline Loans made by it that are outstanding at such time to the extent that the other Lenders shall not have funded their participations in such Swingline Loans), adjusted to give effect to
any reallocation under Section 2.20 of the Swingline Exposure of Defaulting Lenders in effect at such time, and (b) in the case of any Lender that is a Swingline Lender, the aggregate principal amount of all Swingline Loans made by such
Lender outstanding at such time, less the amount of participations funded by the other Lenders in such Swingline Loans. 

“Swingline Lender” means JPMorgan Chase Bank, N.A. in its capacity as a lender of Swingline Loans hereunder. 

“Swingline Loan” means a Loan made pursuant to Section 2.05. 

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

“Term SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate
based on SOFR that has been selected or recommended by the Relevant Governmental Body. 
 “Term SOFR Notice” means a
notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Transition Event. 
 “Term
SOFR Transition Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the
Administrative Agent and (c) a Benchmark Transition Event or an Early Opt-in Election, as applicable, has previously occurred resulting in a Benchmark Replacement in accordance with Section 2.14 that
is not Term SOFR 
 “Total Revolving Credit Exposure” means, at any time, the sum of (a) the outstanding principal
amount of the Revolving Loans and Swingline Loans at such time and (b) the total LC Exposure at such time. 

“Transactions” (i) the execution, delivery and performance by the Borrower of the Loan Documents, the borrowing of Loans, the
use of the proceeds thereof and the issuance of Letters of Credit hereunder, and (ii) the payment of fees, costs and expenses (including fees, costs and expenses payable to lawyers and accountants) owing in connection with any of the foregoing.

  
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 “Type,” when used in reference to any Loan or Borrowing, refers to whether
the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 

“UK Financial Institutions” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time
to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes
certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 
 “UK
Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution. 

“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement
Adjustment. 
 “Unfunded Commitment” means, with respect to each Lender, the Commitment of such Lender less its Revolving
Credit Exposure. 
 “Unrestricted Cash” means cash or Cash Equivalent Investments of the Borrower that are not subject to
any express contractual restrictions on the application thereof or any regulatory restrictions by any applicable Governmental Authority, including with regard to capital maintenance requirements of any registered broker and/or dealer or holding
company of any registered broker and/or dealer (it being expressly understood and agreed that, for the avoidance of doubt, affirmative and negative covenants and events of default that do not expressly restrict the application of such cash or Cash
Equivalent Investments shall not constitute express contractual restrictions for purposes of this definition) and not subject to any Lien (other than Permitted Liens). 

“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of
the Code. 
 “U.S. Special Resolution Regime” has the meaning assigned to it in Section 9.18. 

“U.S. Tax Compliance Certificate” has the meaning assigned to it in Section 2.17(f)(ii)(B)(3). 

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

  
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 “Write-Down and Conversion
Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the
Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In
Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a
liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any
such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are
related to or ancillary to any of those powers. 
 Section 1.02. Classification of Loans and Borrowings. For
purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a
“Eurodollar Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by
Class and Type (e.g., a “Eurodollar Revolving Borrowing”). 
 Section 1.03. Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word
“shall.” The word “law” shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and interpretations thereunder having the force of law or with which affected Persons
customarily comply), and all judgments, orders and decrees, of all Governmental Authorities. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as
referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein),
(b) any definition of or reference to any law shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), except that for purposes of
determining the accuracy of any representation or warranty, such reference or definition shall only be to such law as in effect on the date the representation and warranty was made, (c) any reference herein to any Person shall be construed to
include such Person’s successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions
thereof, (d) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (e) all
references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (f) the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

  
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 Section 1.04. Accounting Terms; GAAP. (a) Except as otherwise
expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the Borrower requests
an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the
Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis
of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, all terms
of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to (i) any election under Financial Accounting Standards Board Accounting
Standards Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value,” as defined therein and
(ii) any treatment of Indebtedness under Accounting Standards Codification 470-20 or 2015-03 (or any other Accounting Standards Codification or Financial Accounting
Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof. 

(b) Notwithstanding anything to the contrary contained in Section 1.04(a) or in the definition of “Capital Lease Obligations,”
with respect to any change in accounting for leases pursuant to GAAP resulting from the adoption of Financial Accounting Standards Board Accounting Standards Update No. 2016-02, Leases (Topic 842)
(“FAS 842”), to the extent such adoption would require treating any lease (or similar arrangement conveying the right to use) as a capital lease where such lease (or similar arrangement) would not have been required to be so treated
under GAAP as in effect on December 31, 2015, such lease shall not be considered a capital lease, and all calculations and deliverables under this Agreement or any other Loan Document shall be made or delivered, as applicable, in accordance
therewith. 
 Section 1.05. Classification of Permitted Items. For purposes of determining the amount of any
Investment, Indebtedness or Disposition permitted under Article VI relating to a percentage of Consolidated Net Tangible Assets, Consolidated Net Tangible Assets shall be measured at the time such Investment, Indebtedness or Disposition is
made, incurred or consummated (without adjustment for subsequent changes to Consolidated Net Tangible Assets, and no Default shall be deemed to have occurred solely as a result of a change in Consolidated Net Tangible Assets occurring after the time
such Investment, Indebtedness or Disposition is made, incurred or consummated). 
 Section 1.06. Rounding. Any
financial ratios required to be satisfied in order for a specific action to be permitted under this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of
places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 

 

  
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 Section 1.07. Interest Rates; LIBOR Notification. The interest
rate on Eurodollar Loans is determined by reference to the LIBO Rate, which is derived from the London interbank offered rate (“LIBOR”). LIBOR is intended to represent the rate at which contributing banks may obtain short-term
borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that: (a) immediately after December 31, 2021, publication of all seven euro
LIBOR settings, all seven Swiss Franc LIBOR settings, the spot next, 1-week, 2-month and 12-month Japanese Yen LIBOR settings,
the overnight, 1-week, 2-month and 12-month British Pound Sterling LIBOR settings, and the
1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; immediately after December 31, 2021, the 1-month, 3-month and 6-month Japanese Yen LIBOR settings and the 1-month, 3-month and 6-month British
Pound Sterling LIBOR settings will cease to be provided or, subject to consultation by the FCA, be provided on a changed methodology (or “synthetic”) basis and no longer be representative of the underlying market and economic reality
they are intended to measure and that representativeness will not be restored; and immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market
and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further
action that could impact the availability, composition, or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Each party to this Agreement should consult its own advisors to stay informed of any such developments.
Public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. Upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, Section 2.14(b) and (c) provide the mechanism for determining an alternative rate of interest. The Administrative Agent will promptly notify the Borrower, pursuant to Section 2.14(e),
of any change to the reference rate upon which the interest rate on Eurodollar Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration,
submission or any other matter related to LIBOR or other rates in the definition of “LIBO Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation, (i) any such
alternative, successor or replacement rate implemented pursuant to Section 2.14(b) or (c), whether upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in
Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 2.14(d)), including without limitation, whether the composition or characteristics of any such alternative, successor or replacement
reference rate will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability. 

  
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 Section 1.08. Letter of Credit Amounts. Unless otherwise specified
herein, the amount of a Letter of Credit at any time shall be deemed to be the amount of such Letter of Credit available to be drawn at such time; provided that with respect to any Letter of Credit that, by its terms or the terms of any
Letter of Credit Agreement related thereto, provides for one or more automatic increases in the available amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum amount of such Letter of Credit after giving effect to
all such increases, whether or not such maximum amount is available to be drawn at such time. 
 Section 1.09.
Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or
liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence,
such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its Equity Interests at such time. 

ARTICLE II 

THE CREDITS 

Section 2.01. Commitments. Subject to the terms and conditions set forth herein, each Lender severally (and not
jointly) agrees to make Revolving Loans in dollars to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result (after giving effect to any application of proceeds of such Borrowing pursuant
to Section 2.10(a)) in (i) such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment or (ii) the Total Revolving Credit Exposure exceeding the total Commitments. Within the foregoing limits and subject to
the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans. 

Section 2.02. Loans and Borrowings. (a) Each Revolving Loan shall be made as part of a Borrowing consisting of
Revolving Loans made by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that
the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 

(b) Subject to Section 2.14, each Revolving Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower
may request in accordance herewith. Each Swingline Loan shall be an ABR Loan. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that
any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. 

  
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 (c) At the commencement of each Interest Period for any Eurodollar Revolving Borrowing, such
Borrowing shall be in an aggregate amount that is an integral multiple of $500,000 and not less than $1,000,000. At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple
of $500,000 and not less than $1,000,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments or that is required to finance the reimbursement of an
LC Disbursement as contemplated by Section 2.06(e). Each Swingline Loan shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000. Borrowings of more than one Type and Class may be outstanding at the
same time; provided that there shall not at any time be more than a total of seven (7) Eurodollar Revolving Borrowings outstanding. 

(d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue,
any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 

Section 2.03. Requests for Revolving Borrowings. To request a Revolving Borrowing, the Borrower shall notify the
Administrative Agent of such request by submitting a Borrowing Request (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three (3) Business Days before the date of the proposed Borrowing or
(b) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, the date of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an
LC Disbursement as contemplated by Section 2.06(e) may be given not later than 10:00 a.m., New York City time, on the date of the proposed Borrowing. Each such Borrowing Request shall be irrevocable and shall be signed by a
Responsible Officer of the Borrower. Each such Borrowing Request shall specify the following information in compliance with Section 2.02: 

(i) the Type of such Borrowing; 

(ii) the aggregate amount of the requested Borrowing; 

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

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

(v) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period”; and 

  
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 (v) the location and number of the Borrower’s account to which funds
are to be disbursed, which shall comply with the requirements of Section 2.07. 
 If no election as to the Type of Revolving Borrowing is specified,
then the requested Revolving Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Revolving Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one
month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the
requested Borrowing. 
 Section 2.04. Incremental Commitments. (a) The Borrower may from time to time elect
to increase the total Commitments in a minimum amount of $10,000,000 and an integral multiple of $5,000,000 in excess thereof so long as, after giving effect thereto, the aggregate amount of all such Commitment increases does not exceed
$250,000,000. The Borrower may arrange for any such Commitment increase to be provided by one or more Lenders (each Lender so agreeing to an increase in its Commitment, an “Increasing Lender”), or by one or more new banks, financial
institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting Lender”), to increase their existing Commitments or extend Commitments, as the case may be; provided, that
(i) each Augmenting Lender shall be subject to the approval of the Borrower, the Administrative Agent, the Swingline Lender and the Issuing Bank, which approvals shall not be unreasonably withheld, delayed or conditioned, (ii) (A) in the
case of an Increasing Lender, the Borrower and such Increasing Lender shall execute an agreement substantially in the form of Exhibit F, and (B) in the case of an Augmenting Lender, the Borrower and such Augmenting Lender shall execute an
agreement substantially in the form of Exhibit G hereto, and (iii) each Lender may elect or decline, in its sole discretion, to become an Increasing Lender. No consent of any Lender (other than the Lenders participating in such Commitment
increase) shall be required for any such increase pursuant to this Section 2.04. 
 (b) Commitment increases and new Commitments created
pursuant to this Section 2.04 shall become effective on the date agreed by the Borrower, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall notify each Lender thereof.
Notwithstanding the foregoing, no increase in the total Commitments (or in the Commitment of any Lender) shall become effective under this paragraph unless (i) on the proposed date of the effectiveness of such Commitment increase, (A) the
conditions set forth in Section 4.02 shall either (i) be satisfied both immediately before and immediately after giving effect to such Commitment increase or (ii) be waived by the Lenders, and the Administrative Agent shall have
received a certificate to that effect dated such date and executed by a Financial Officer of the Borrower and (B) the Borrower shall be in pro forma compliance with each financial covenant set forth in Section 6.10, recomputed
(1) as if such Commitment increase (and the application of proceeds thereof to the repayment of any other Indebtedness) had occurred on the first day of the most recent Reference Period preceding the date thereof for which the Borrower has
delivered Financial Statements, (2) with Consolidated Total 

  
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Funded Debt and Unrestricted Cash measured as of the date of and immediately after giving effect to any funding in connection with such Commitment increase (and the application of the proceeds
thereof to the repayment of any other Indebtedness) and (3) with Consolidated EBITDA, Consolidated Adjusted EBITDA and Consolidated Interest Expense measured for such Reference Period, as adjusted to give pro forma effect (in the manner
set forth in the definition of Permitted Acquisition) to any Permitted Acquisition consummated after such Reference Period, and (ii) the Administrative Agent shall have received documents (including customary legal opinions) consistent with
those delivered on the Effective Date as to the corporate power and authority of the Borrower to borrow hereunder immediately after giving effect to such Commitment increase. 

(c) On the effective date of any increase in the Commitments, (i) each relevant Increasing Lender and Augmenting Lender shall make
available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to such Commitment increase
and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding Revolving Loans of all the Lenders to equal its Applicable Percentage of such outstanding Revolving Loans, and (ii) the Borrower
shall be deemed to have repaid and reborrowed all outstanding Revolving Loans as of the date of any increase in the Aggregate Commitments (with such reborrowing to consist of the Types of Revolving Loans, with related Interest Periods if applicable,
specified in a notice delivered by the Borrower, in accordance with the requirements of Section 2.03). The deemed payments made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied by payment of all accrued
interest on the amount prepaid and, in respect of each Eurodollar Loan, shall be subject to indemnification by the Borrower pursuant to the provisions of Section 2.16 if the deemed payment occurs other than on the last day of the related
Interest Periods. 
 Section 2.05. Swingline Loans. (a) Subject to the terms and conditions set forth herein,
from time to time during the Availability Period, the Swingline Lender may, but shall have no obligation to, make Swingline Loans to the Borrower in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate
principal amount of outstanding Swingline Loans exceeding the Swingline Sublimit, (ii) any Lender’s Revolving Credit Exposure exceeding its Commitment, or (iii) the sum of the Total Revolving Credit Exposure exceeding the total
Commitments; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may
borrow, prepay and reborrow Swingline Loans. 
 (b) To request a Swingline Loan, the Borrower shall submit a written notice to the
Administrative Agent by telecopy or electronic mail not later than 2:00 p.m., New York City time, on the day of a proposed Swingline Loan. Each such notice shall be in a form approved by the Administrative Agent, shall be irrevocable and shall
specify the requested date (which shall be a Business Day) and amount of the requested Swingline 

  
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Loan. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Borrower. The Swingline Lender shall make the requested Swingline Loan available to
the Borrower by means of a credit to an account of the Borrower with the Administrative Agent designated for such purpose (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in
Section 2.06(e), by remittance to the Issuing Bank) by 4:00 p.m., New York City time, on the requested date of such Swingline Loan. 

(c) The Swingline Lender may by written notice given to the Administrative Agent require the Lenders to acquire participations in all or a
portion of its Swingline Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender,
specifying in such notice such Lender’s Applicable Percentage of such Swingline Loans. Each Lender hereby absolutely and unconditionally agrees, promptly upon receipt of such notice from the Administrative Agent (and in any event, if such
notice is received by 12:00 noon, New York City time, on a Business Day no later than 5:00 p.m. New York City time on such Business Day and if received after 12:00 noon, New York City time, on a Business Day shall mean
no later than 10:00 a.m. New York City time on the immediately succeeding Business Day), to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender’s Applicable Percentage of such Swingline Loans. Each
Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and
continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender shall comply with its obligation under this paragraph
by wire transfer of immediately available funds, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders),
and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Lenders. The Administrative Agent shall notify the Borrower in writing (including by electronic mail) of any participations in any
Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender from the Borrower
(or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by
the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear; provided that any such
payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrower for any reason. The purchase of participations in a Swingline
Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof. 

  
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 Section 2.06. Letters of Credit. 

(a) General. Subject to the terms and conditions set forth herein, the Borrower may request the issuance of Letters of Credit as the
applicant thereof for the support of its or its Subsidiaries’ obligations, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during the Availability Period, and the Issuing Bank
may, in its sole discretion, agree to issue such requested Letter of Credit. 
 (b) Notice of Issuance, Amendment, Extension; Certain
Conditions. To request the issuance of a Letter of Credit (or the amendment or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have
been approved by the Issuing Bank) to the Issuing Bank and to the Administrative Agent (reasonably in advance of the requested date of issuance, amendment or extension, but in any event no less than three (3) Business Days or such shorter
period as the Issuing Bank shall agree) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall
be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as
shall be necessary to prepare, amend or extend such Letter of Credit. In addition, as a condition to any such Letter of Credit issuance, the Borrower shall have entered into a continuing agreement (or other letter of credit agreement) for the
issuance of letters of credit and/or shall submit a letter of credit application, in each case, as required by the Issuing Bank and using the Issuing Bank’s standard form (each, a “Letter of Credit Agreement”). In the event of
any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any Letter of Credit Agreement, the terms and conditions of this Agreement shall control. A Letter of Credit shall be issued, amended, renewed or
extended only if (and upon issuance, amendment or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment or extension (i) (x) the aggregate undrawn
amount of all outstanding Letters of Credit at such time plus (y) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time shall not exceed the Letter of Credit Sublimit,
(ii) the LC Exposure shall not exceed the Letter of Credit Sublimit, (iii) no Lender’s Revolving Credit Exposure shall exceed its Commitment and (iv) the sum of the Total Revolving Credit Exposure shall not exceed the total
Commitments. The Borrower may, at any time and from time to time, reduce the Letter of Credit Sublimit with the consent of the Issuing Bank; provided that the Borrower shall not reduce the Letter of Credit Sublimit if, after giving effect of
such reduction, the conditions set forth in clauses (i) through (iv) above shall not be satisfied. 

  
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 The Issuing Bank shall not be under any obligation to issue any Letter of Credit if: 

(i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain
the Issuing Bank from issuing such Letter of Credit, or any law applicable to the Issuing Bank shall prohibit, or require that the Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall
impose upon the Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon the
Issuing Bank any unreimbursed loss, cost or expense that was not applicable on the Effective Date and that the Issuing Bank in good faith deems material to it; or 

(ii) the issuance of such Letter of Credit would violate one or more policies of the Issuing Bank applicable to letters of
credit generally. 
 (c) Expiration Date. Each Letter of Credit shall expire (or be subject to termination by notice from the Issuing
Bank to the beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any extension of the expiration date thereof, one year
after such extension) and (ii) the date that is five (5) Business Days prior to the Maturity Date. 
 (d) Participations. By
the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Lender, and each Lender
hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the
foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by the Issuing Bank and not
reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason, including after the Maturity Date. Each such payment shall be made
without any offset, abatement, withholding or reduction whatsoever. Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall
not be affected by any circumstance whatsoever, including any amendment or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments. 

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

  
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New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the
Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time on the day of receipt; provided that, if such LC Disbursement is not less than $250,000, the Borrower
may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with an ABR Revolving Borrowing or Swingline Loan in an equivalent amount and, to the extent so
financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing or Swingline Loan. If the Borrower fails to make such payment when due, or finance such payment in
accordance with the proviso to the preceding sentence, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Applicable Percentage
thereof. Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.07 with respect to Loans made
by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Lenders. Promptly
following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Lenders have made payments pursuant to this
paragraph to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the
funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement. 

(f) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this
Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability
of any Letter of Credit, any Letter of Credit Agreement or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any
statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or
(iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the
Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their respective Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or
transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or
delivery of 

  
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any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms,
any error in translation or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the extent of any direct
damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the Issuing Bank’s
failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the
part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof,
the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such
documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such
Letter of Credit. 
 (g) Disbursement Procedures. The Issuing Bank shall, within the time allowed by applicable law or the specific
terms of the Letter of Credit following its receipt thereof, examine all documents purporting to represent a demand for payment under such Letter of Credit. The Issuing Bank shall promptly after such examination notify the Administrative Agent and
the Borrower by telephone (confirmed by telecopy or electronic mail) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such
notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the Lenders with respect to any such LC Disbursement. 

(h) Interim Interest. If the Issuing Bank for any Letter of Credit shall make any LC Disbursement, then, unless the Borrower shall
reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the
reimbursement is due and payable at the rate per annum then applicable to ABR Revolving Loans and such interest shall be due and payable on the date when such reimbursement is payable; provided that, if the Borrower fails to
reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest
accrued on and after the date of payment by any Lender pursuant to paragraph (e) of this Section to reimburse the Issuing Bank for such LC Disbursement shall be for the account of such Lender to the extent of such payment. 

  
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 (i) Replacement and Resignation of the Issuing Bank. (i) The Issuing Bank may be
replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank; provided that no consent of the replaced Issuing Bank will be required if the replaced Issuing
Bank has no Letters of Credit or LC Disbursements with respect thereto outstanding. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank. At the time any such replacement shall become effective, the Borrower
shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such replacement, (x) the successor Issuing Bank shall have all the rights and obligations
of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued by it thereafter and (y) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank,
or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of the Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations
of the Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit or extend or otherwise amend any existing Letter of Credit. 

(ii) Subject to the appointment and acceptance of a successor Issuing Bank, the Issuing Bank may resign as the Issuing Bank at any time upon
thirty (30) days’ prior written notice to the Administrative Agent, the Borrower and the Lenders, in which case, such resigning Issuing Bank shall be replaced in accordance with Section 2.06(i)(i) above. 

(j) Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives notice
from the Administrative Agent or the Required Lenders demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the
benefit of the Lenders (the “Collateral Account”), an amount in cash equal to 103% of the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash
collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in
Section 7.01(h) or (i). Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement. In addition, and without limiting the foregoing or
paragraph (c) of this Section, if any LC Exposure remain outstanding after the expiration date specified in said paragraph (c), the Borrower shall immediately deposit into the Collateral Account an amount in cash equal to 103% of such
LC Exposure as of such date plus any accrued and unpaid interest thereon. 
 The Administrative Agent shall have exclusive dominion and
control, including the exclusive right of withdrawal, over such account, and the Borrower hereby grants to the Administrative Agent, for the benefit of the Lenders, a security interest in such account. Other than any interest earned on the
investment of such deposits, which investments shall be made, in consultation with the Borrower, at the option and sole discretion of the 

  
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Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys
in such account shall be applied by the Administrative Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed, together with related fees, costs and customary processing charges, and, to the extent not so
applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of the Required Lenders), be applied
to satisfy other Obligations. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower
within three (3) Business Days after all Events of Default have been cured or waived. 
 (k) Letters of Credit Issued for Account of
Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder supports any obligations of, or is for the account of, a Subsidiary, or states that a Subsidiary is the “account party,” “applicant,”
“customer,” “instructing party,” or the like of or for such Letter of Credit, and without derogating from any rights of the Issuing Bank (whether arising by contract, at law, in equity or otherwise) against such Subsidiary in
respect of such Letter of Credit, the Borrower (i) shall reimburse, indemnify and compensate the Issuing Bank hereunder for such Letter of Credit (including to reimburse any and all drawings thereunder) as if such Letter of Credit had been
issued solely for the account of the Borrower and (ii) irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or surety of any or all of the obligations of such Subsidiary in respect of such Letter of
Credit. The Borrower hereby acknowledges that the issuance of such Letters of Credit for its Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the businesses of such
Subsidiaries. 
 Section 2.07. Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it
hereunder on the proposed date thereof solely by wire transfer of immediately available funds, by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the
Lenders; provided that Swingline Loans shall be made as provided in Section 2.05. Except in respect of the provisions of this Agreement covering the reimbursement of Letters of Credit, the Administrative Agent will make such Loans
available to the Borrower by promptly crediting the amounts so received in like funds, to an account of the Borrower maintained with the Administrative Agent in New York City and designated by the Borrower in the applicable Borrowing
Request; provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the Issuing Bank. 

(b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will
not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may,
in reliance upon such 

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

 Section 2.08. Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in
the applicable Borrowing Request and, in the case of a Eurodollar Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or
to continue such Borrowing and, in the case of a Eurodollar Revolving Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected
Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not
apply to Swingline Borrowings, which may not be converted or continued. 
 (b) To make an election pursuant to this Section, the Borrower
shall notify the Administrative Agent of such election by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the
effective date of such election. Each such Interest Election Request shall be irrevocable and shall be signed by a Responsible Officer of the Borrower. 

(c) Each Interest Election Request shall specify the following information in compliance with Section 2.02: 

(i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to
different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 

(ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 

(iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 

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

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

(e) If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Revolving Borrowing prior to the end of
the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an
Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower in writing (including electronic mail), then, so long as an Event of Default is continuing (i) no
outstanding Revolving Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable
thereto. 
 Section 2.09. Termination and Reduction of Commitments. (a) Unless previously terminated, the
Commitments shall terminate on the Maturity Date. 
 (b) The Borrower may at any time terminate, or from time to time reduce, the
Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $5,000,000 and not less than $25,000,000 and (ii) the Borrower shall not terminate or reduce the Commitments if,
after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, (A) any Lender’s Revolving Credit Exposure would exceed its Commitment or (B) the sum of the Total Revolving Credit Exposure would
exceed the total Commitments. 
 (c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the
Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any
notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the
Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or any financing or a sale transaction, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior
to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective
Commitments. 

  
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 Section 2.10. Repayment of Loans; Evidence of Debt. (a) The
Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date, and (ii) to the Administrative Agent for the
account of the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and the fifth Business Day after such Swingline Loan is made; provided that on each date that a Revolving Borrowing is
made, the Borrower shall repay all Swingline Loans then outstanding and the proceeds of any such Borrowing shall be applied by the Administrative Agent to repay any Swingline Loans outstanding. 

(b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such
Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the
Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum
received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
 (d) The entries made
in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence, absent manifest error, of the existence and amounts of the obligations recorded therein; provided that the failure of
any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 

(e) Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and
deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note
and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form. 

Section 2.11. Prepayment of Loans. (a) The Borrower shall have the right at any time and from time to time to
prepay any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section. 

  
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 (b) The Borrower shall notify the Administrative Agent (and, in the case of prepayment of
Swingline Loans, the Swingline Lender) by telephone (confirmed by telecopy or electronic mail) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Revolving Borrowing, not later than 11:00 a.m., New York City
time, three (3) Business Days before the date of prepayment, (ii) in the case of prepayment of an ABR Revolving Borrowing, not later than 11:00 a.m., New York City time, on the date of prepayment, or (iii) in the case
of prepayment of a Swingline Loan, not later than 12:00 noon, New York City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion
thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such
notice of termination is revoked in accordance with Section 2.09 and any notice of prepayment of Borrowings may be conditioned upon the effectiveness of other credit facilities or any other financing or a sale transaction, in which case such
notice shall be deemed to have been properly revoked by the Borrower if such condition is not met. Promptly following receipt of any such notice relating to a Revolving Borrowing, the Administrative Agent shall advise the Lenders of the contents
thereof. Each partial prepayment of any Revolving Borrowing shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Revolving Borrowing
shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13 and any break funding payments required by Section 2.16. 

Section 2.12. Fees. (a) The Borrower agrees to pay to the Administrative Agent a commitment fee for the account
of each Revolving Lender, which shall accrue at the rate of 0.25% per annum on the average daily amount of the undrawn portion of the Commitment of such Lender during the period from and including the Effective Date to but excluding the date on
which the Lenders’ Commitments terminate; it being understood that the LC Exposure of a Lender shall be included and the Swingline Exposure of a Lender shall be excluded in the drawn portion of the Commitment of such Lender for purposes of
calculating the commitment fee. Commitment fees shall accrue on a quarterly basis and shall be due and payable in arrears on the fifteenth (15th) Business Day after the last day of March, June,
September and December of each year and on the date on which the Commitments terminate, commencing on the first such date to occur after the date hereof; provided, that any commitment fees accruing after the date on which the Commitments
terminate shall be payable on demand. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

(b) The Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its
participations in each outstanding Letter of Credit, which shall accrue on the daily maximum amount then available to be drawn under such Letter of Credit at the same Applicable Rate used to determine the interest rate applicable to Eurodollar
Revolving Loans, during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and

  
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(ii) to the Issuing Bank for its own account a fronting fee with respect to each Letter of Credit issued by the Issuing Bank, which shall accrue at the rate of 0.125% per annum
on the daily maximum amount then available to be drawn under such Letter of Credit, during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there
ceases to be any LC Exposure with respect to Letters of Credit issued by the Issuing Bank, as well as the Issuing Bank’s standard fees with respect to the issuance, amendment or extension of any Letter of Credit and other processing fees,
and other standard costs and charges, of the Issuing bank relating the Letters of Credit as from time to time in effect. Participation fees and fronting fees accrued through and including the last day of each month of each year shall be payable on
the fifteenth day following such last day, commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the
date on which the Commitments terminate shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within ten (10) days after written demand therefor (which may be by electronic mail). All
participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

(c) The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed
upon between the Borrower and the Administrative Agent. 
 (d) All fees payable hereunder shall be paid on the dates due, in dollars in
immediately available funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of facility fees and participation fees, to the Lenders. Fees paid shall not be refundable under any
circumstances. 
 Section 2.13. Interest. (a) The Loans comprising each ABR Borrowing (including each
Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate. 
 (b) The Loans comprising each Eurodollar
Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 
 (c)
Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear
interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or
(ii) in the case of any other overdue amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section. 

  
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 (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date
for such Loan and upon termination of the Commitments; provided that (i) interest accrued on any ABR Loan shall not be due until the fifteenth (15th) Business Day after each of
April 1, July 1, October 1 and January 1 of each year and on the Maturity Date; (ii) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (iii) in the event of any repayment or
prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and
(iv) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 

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

Section 2.14. Alternate Rate of Interest. (a) Subject to clauses (b), (c), (d), (e), (f) and (g) of this
Section 2.14, if prior to the commencement of any Interest Period for a Eurodollar Borrowing: 
 (i) the Administrative
Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable (including because the LIBO Screen Rate is not
available or published on a current basis), for such Interest Period; provided that no Benchmark Transition Event shall have occurred at such time; or 

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

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

  
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 (b) Notwithstanding anything to the contrary herein or in any other Loan Document (and any
Swap Agreement shall be deemed not to be a “Loan Document” for purposes of this Section 2.14), if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related
Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of
“Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark
settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of
“Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York
City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long
as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders. 

(c) Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph, if a Term
SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace the then-current Benchmark for
all purposes hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document;
provided that, this clause (c) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice. For the avoidance of doubt, the Administrative Agent shall not be required to deliver a Term
SOFR Notice after a Term SOFR Transition Event and may do so in its sole discretion. 
 (d) In connection with the implementation of a
Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing
such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. 

(e) The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, a
Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any
Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any 

  
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tenor of a Benchmark pursuant to clause (d) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made
by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.14, including any determination with respect to a tenor, rate or adjustment or of the occurrence or
non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or
their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.14. 

(f) Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation
of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or LIBO Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from
time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor
for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a
Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of
“Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor. 
 (g) Upon the
Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a Eurodollar Borrowing of, conversion to or continuation of Eurodollar Loans to be made, converted or continued
during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to ABR Loans. During any Benchmark Unavailability Period or at any time that
a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR. 

Section 2.15. Increased Costs. (a) If any Change in Law shall: 

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

  
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 (ii) impose on any Lender or the Issuing Bank or the London interbank market
any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; or 

(iii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b)
through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable
thereto; 
 and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, continuing, converting or
maintaining any Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender, the Issuing Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit or to reduce the amount
of any sum received or receivable by such Lender, the Issuing Bank or such other Recipient hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender, the Issuing Bank or such other Recipient, as the case may
be, such additional amount or amounts as will compensate such Lender, the Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered. 

(b) If any Lender or the Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the
effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or
participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have
achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy and liquidity),
then from time to time the Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding
company for any such reduction suffered. 
 (c) A certificate of a Lender or the Issuing Bank setting forth the amount or amounts necessary
to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower
shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

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

Section 2.16. Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan
other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the
failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(b) and is revoked in accordance therewith), or
(d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each
Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the
amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan (excluding therefrom, for the avoidance of doubt, any loss of margin
or anticipated profits), for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period
for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a
comparable amount and period from other banks in the eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and
shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within fifteen (15) days after receipt thereof. 

Section 2.17. Withholding of Taxes; Gross-Up. 

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

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

(c) Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this
Section, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such
payment reasonably satisfactory to the Administrative Agent. 
 (d) Indemnification by the Borrower. The Borrower shall
indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by
such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender,
shall be conclusive absent manifest error. 
 (e) Indemnification by the Lenders. Each Lender shall severally indemnify the
Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified
Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant Register and
(iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not
such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to setoff and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source
against any amount due to the Administrative Agent under this paragraph (e). 

  
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 (f) Status of Lenders. (i) Any Lender that is entitled to an exemption from or
reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly
completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested
by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine
whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than
such documentation set forth in Section 2.17(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed
cost or expense or would materially prejudice the legal or commercial position of such Lender. 
 (ii) Without limiting the generality of the
foregoing, in the event that the Borrower is a U.S. Person, (A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and
from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), an executed copy of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup
withholding tax; (B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on
which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 

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

  
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 (3) in the case of a Foreign Lender claiming the benefits of the exemption
for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit E-1 to the effect that such Foreign Lender is not a “bank” within the
meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in
Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) an executed copy of IRS Form W-8BEN-E or IRS Form W-8BEN; or 
 (4) to the extent a Foreign Lender is not the beneficial owner, an executed
copy of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN-E, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit E-2 or Exhibit E-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are
claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit E-4 on behalf of each such direct and indirect partner;

 (C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by
applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 
 (D)
if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in
Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the
Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be
necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold
from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it
shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

  
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 (g) Treatment of Certain Refunds. If any party determines, in its sole discretion
exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party
an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all
out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect
to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to
pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would
have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This
paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(h) Survival. Each party’s obligations under this Section shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

(i) Defined Terms. For purposes of this Section, the term “Lender” includes the Issuing Bank and the term
“applicable law” includes FATCA. 
 Section 2.18. Payments Generally; Pro Rata Treatment; Sharing of
Setoffs. (a) The Borrower shall make each payment or prepayment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or
2.17, or otherwise) prior to 12:00 noon, New York City time, on the date when due or the date fixed for any prepayment hereunder, in immediately available funds, without setoff, recoupment 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 383 Madison Avenue, New York, New York, except payments to be made directly to the Issuing Bank or the Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03
shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment
hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such
extension. All payments hereunder shall be made in dollars. 

  
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 (b) At any time that payments are not required to be applied in the manner required by
Section 7.03, if at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be
applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of
principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties. 

(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 Revolving Loans or participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Revolving Loans and participations in
LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving Loans
and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and
accrued interest on their respective Revolving Loans and participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is
recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the
Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to
any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so
under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of the Borrower in the amount of such participation. 
 (d) Unless the Administrative Agent shall have received, prior to any date
on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank pursuant to the terms hereof or any other Loan Document (including any date that is fixed for prepayment by notice from the Borrower to the
Administrative Agent pursuant to Section 2.11(b)), notice from the Borrower that the Borrower will not make 

  
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such payment or prepayment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute
to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the
Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the
Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

Section 2.19. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under
Section 2.15, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable
efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or
assignment (i) would eliminate or reduce amounts payable pursuant to Sections 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any Indemnified Taxes or additional
amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender becomes a Defaulting Lender, or if any Lender does not consent to any proposed amendment, supplement, modification,
consent or waiver of any provision of this Agreement or any other Loan Document that requires the consent of each of the Lenders or each of the Lenders affected thereby (so long as the consent of the Required Lenders has been obtained), then the
Borrower may, in its sole discretion, 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 its interests, rights (other than its existing rights to payments pursuant to Sections 2.15 or 2.17) and obligations under this Agreement and the other Loan Documents to an assignee that shall assume such obligations
(which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent (and if a Commitment is being assigned, the Issuing
Bank and the Swingline Lender), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements and
Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all

  
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other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17,
such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances
entitling the Borrower to require such assignment and delegation cease to apply. Each party hereto agrees that (i) an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the
Borrower, the Administrative Agent and the assignee (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such parties
are participants), and (ii) the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof; provided that,
following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender; provided that any
such documents shall be without recourse to or warranty by the parties thereto. 
 Section 2.20. Defaulting
Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

(a) fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to
Section 2.12; 
 (b) any payment of principal, interest, fees or other amounts received by the Administrative Agent for
the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 7.03 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 9.08 shall be applied at such
time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any
amounts owing by such Defaulting Lender to the Issuing Bank or the Swingline Lender hereunder; third, to cash collateralize LC Exposure with respect to such Defaulting Lender in accordance with this Section; fourth, as the
Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative
Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to
Loans under this Agreement and (y) cash collateralize future LC Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with this Section; sixth, to the
payment of any amounts owing to the Lenders, the 

  
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Issuing Bank or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing Bank or the Swingline Lender against such Defaulting
Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement or under any other Loan Document; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the
Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement or under any other Loan
Document; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or LC Disbursements in respect
of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such
payment shall be applied solely to pay the Loans of, and LC Disbursements owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or
LC Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in the Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure and Swingline Loans are held
by the Lenders pro rata in accordance with the Commitments without giving effect to clause (d) below. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a
Defaulting Lender or to post cash collateral pursuant to this Section shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

(c) the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the
Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02); provided that this clause (c) shall not apply to the vote of a Defaulting
Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby; 

(d) if any Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender then: 

(i) all or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender (other than, in the case of a
Defaulting Lender that is the Swingline Lender, the portion of such Swingline Exposure referred to in clause (b) of the definition of such term) shall be reallocated among the non-Defaulting Lenders in
accordance with their respective Applicable Percentages but only to the extent that such reallocation does not, as to any non-Defaulting Lender, cause such
non-Defaulting Lender’s Revolving Credit Exposure to exceed its Commitment; 

  
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 (ii) if the reallocation described in clause (i) above cannot, or can
only partially, be effected, the Borrower shall within one Business Day following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and (y) second, cash collateralize for the benefit of the Issuing Bank only the
Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.06(j) for
so long as such LC Exposure is outstanding; 
 (iii) if the Borrower cash collateralizes any portion of such Defaulting
Lender’s LC Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure
during the period such Defaulting Lender’s LC Exposure is cash collateralized; 
 (iv) if the LC Exposure of
the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Section 2.12(a) and Section 2.12(b) shall be adjusted in accordance with
such non-Defaulting Lenders’ Applicable Percentages; and 
 (v) if all or any
portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Bank or any other Lender hereunder,
all letter of credit fees payable under Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash
collateralized; and 
 (e) so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund
any Swingline Loan and the Issuing Bank shall not be required to issue, amend, extend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding LC Exposure will be 100%
covered by the cash collateral will be provided by the Borrower in accordance with Section 2.20(d), and Swingline Exposure related to any newly made Swingline Loan or LC Exposure related to any newly issued or increased Letter of Credit
shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.20(d)(i) (and such Defaulting Lender shall not participate therein). 

If (i) a Bankruptcy Event or a Bail-In Action with respect to a Lender Parent shall occur
following the date hereof and for so long as such event shall continue or (ii) the Swingline Lender or the Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in
which such Lender commits to extend credit, the Swingline Lender shall not be required to fund any 

  
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Swingline Loan and the Issuing Bank shall not be required to issue, amend, extend or increase any Letter of Credit, unless the Swingline Lender or the Issuing Bank, as the case may be, shall have
entered into arrangements with the Borrower or such Lender, satisfactory to the Swingline Lender or the Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder. 

In the event that each of the Administrative Agent, the Borrower, the Swingline Lender and the Issuing Bank agrees that a Defaulting Lender
has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date
such Lender shall purchase at par such of the Loans of the other Lenders (other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable
Percentage. 
 Section 2.21. Extension of Maturity Date. (a) The Borrower may, by notice to Administrative
Agent (which shall promptly deliver a copy to each of the Lenders) given at least thirty (30) days and not more than ninety (90) days prior to the then applicable Maturity Date (the “Existing Commitment Maturity Date”),
request that Lenders extend the Existing Commitment Maturity Date for an additional 364-days; provided that the Borrower may request no more than two additional
364-day periods in the aggregate. Upon the Borrower’s timely delivery of such notice to Administrative Agent and provided, that (i) such request is subject to approval of the Administrative Agent,
(ii) no Default has occurred and is continuing (both on the date the notice is delivered and on the then Existing Commitment Maturity Date), (iii) the Borrower and the Subsidiaries are in compliance with all covenants contained in
Sections 5 and 6 hereof, (iv) all representations and warranties contained in Section 3 hereof shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality in which
case such representation or warranty shall be true and correct in all respects) on the date the notice is delivered and on the then Existing Commitment Maturity Date except for representations and warranties that relate to a prior date, which shall
have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality in which case such representation or warranty shall be true and correct in all respects) as of the applicable date on
which they were made and (v) the Borrower shall pay to the Administrative Agent an extension fee as may be agreed upon between the Borrower and each Lender agreeing to the extension, then the Maturity Date shall be extended to the date that is
364 days from the then Existing Commitment Maturity Date. Each Lender, acting in its sole discretion, shall, by written notice to the Administrative Agent given not later than the date that is the 20th day after the date of the request to extend the
Existing Commitment Maturity Date, or if such date is not a Business Day, the immediately following Business Day (the “Response Date”), advise the Administrative Agent in writing whether or not such Lender agrees to the requested
extension. Each Lender that advises the Administrative Agent that it will not extend the Existing Commitment Maturity Date is referred to herein as a “Non-extending Lender”; provided,
that any Lender that does not advise the Administrative Agent of its consent to such requested extension by the Response Date and any Lender that is a Defaulting Lender on the Response Date shall be deemed to be a
Non-extending Lender. The Administrative Agent shall notify the Borrower, in writing, of the Lenders’ elections promptly following the Response Date. 

  
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 (b) (i) If, by the Response Date, Lenders holding Commitments that aggregate 50% or
more of the total Commitments shall constitute Non-extending Lenders, then the Existing Commitment Maturity Date shall not be extended and the outstanding principal balance of all Loans and other amounts
payable hereunder shall be payable, and the Commitments shall terminate, on the Existing Commitment Maturity Date in effect prior to such extension. 

(ii) If (and only if), by the Response Date, Lenders holding Commitments that aggregate more than 50% of the total Commitments shall have
agreed to extend the Existing Commitment Maturity Date (each such consenting Lender, an “Extending Lender”), then effective as of the Existing Commitment Maturity Date, the Maturity Date for such Extending Lenders shall be extended
to the first anniversary of the Existing Commitment Maturity Date (subject to satisfaction of the conditions set forth in this Section 2.21). In the event of such extension, the Commitment of each
Non-extending Lender shall terminate on the Existing Commitment Maturity Date in effect for such Non-extending Lender prior to such extension and the outstanding
principal balance of all Loans and other amounts payable hereunder to such Non-extending Lender shall become due and payable on such Existing Commitment Maturity Date and, subject to Section 2.21(c)
below, the total Commitments hereunder shall be reduced by the Commitments of the Non-extending Lenders so terminated on such Existing Commitment Maturity Date. 

(c) In the event of any extension of the Existing Commitment Maturity Date pursuant to Section 2.21(b)(ii), the Borrower shall have the
right on or before the Existing Commitment Maturity Date, at its own expense, to require any Non-extending Lender to transfer and assign without recourse (in accordance with and subject to the restrictions
contained in Section 9.04) all its interests, rights (other than its rights to payments pursuant to Section 2.15, Section 2.16, Section 2.17 or Section 9.03 arising prior to the effectiveness of such assignment) and
obligations under this Agreement to one or more banks or other financial institutions identified to the Non-extending Lender by the Borrower, which may include any existing Lender (each a “Replacement
Lender”); provided that (i) such Replacement Lender, if not already a Lender hereunder, shall be subject to the approval of the Administrative Agent and the Issuing Bank (such approvals to not be unreasonably withheld) to the
extent the consent of the Administrative Agent or the Issuing Bank would be required to effect an assignment under Section 9.04(b), (ii) such assignment shall become effective as of a date specified by the Borrower (which shall not be later
than the Existing Commitment Maturity Date in effect for such Non-extending Lender prior to the effective date of the requested extension) and (iii) the Replacement Lender shall pay to such Non-extending Lender in immediately available funds on the effective date of such assignment the principal of and interest accrued to the date of payment on the outstanding principal amount of Loans made by it
hereunder and all other amounts accrued and unpaid for its account or otherwise owed to it hereunder on such date. 

  
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 (d) For the avoidance of doubt, the operation of this Section 2.21 in accordance with
its terms is not an amendment subject to Section 9.02. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

The Borrower represents and warrants to the Lenders that: 

Section 3.01. Organization; Powers. Each of the Borrower and its Subsidiaries (other than Immaterial Subsidiaries
for which the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect) is duly organized, validly existing and in good standing (or its jurisdictional equivalent) under the laws of
the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect, is qualified to do business in, and is in good standing (or its jurisdictional equivalent) in, every jurisdiction where such qualification is required. 

Section 3.02. Authorization; Enforceability. The Transactions are within the Borrower’s corporate or other
applicable organizational powers and have been duly authorized by all necessary corporate or other applicable organizational actions and, if required, stockholder action. This Agreement has been duly executed and delivered by the Borrower and
constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

Section 3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not require any material consent or
approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable material law or regulation,
(c) will not violate the charter, by-laws or other organizational documents of the Borrower or any of its Subsidiaries or any order of any Governmental Authority, (d) as of the Effective Date, will
not violate in any material respect or result in a material default under any indenture, agreement or other instrument binding upon the Borrower or any Subsidiary or its assets, or give rise to a right thereunder to require any payment to be made by
the Borrower or any Subsidiary, and (e) will not result in the creation or imposition of any Lien (other than a Permitted Lien) on any asset of the Borrower or any Subsidiary. 

  
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 Section 3.04. Financial Condition; No Material Adverse Change.
(a) The Borrower has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended December 31, 2020, reported on by
PricewaterhouseCoopers, LLP, independent public accountants, and (ii) as of and for the fiscal quarter and the portion of the fiscal year ended June 30, 2021, certified by its chief financial officer. Such financial statements present
fairly, in all material respects, the financial position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) above. 

(b) Since the date of the last audited Financial Statements delivered to the Administrative Agent pursuant to Section 5.01 herein, there
has been no event, development or circumstance that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

Section 3.05. Properties. (a) Except for exceptions to the following that, individually or in the aggregate,
could not reasonably be expected to have a Material Adverse Effect, each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to the business of the Borrower and its
Subsidiaries taken as a whole, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes. 

(b) Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks, trade names, copyrights, patents and other
intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. 
 Section 3.06. Litigation and Environmental
Matters. (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened in writing against or affecting the Borrower or any of its
Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the
Disclosed Matters) or (ii) that involve this Agreement or the Transactions. 
 (b) Except for the Disclosed Matters and except with
respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any of its Subsidiaries (i) has failed to comply with any Environmental Law
or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any
Environmental Liability or (iv) knows of any basis for any Environmental Liability. 

  
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 (c) Since the date of this Agreement, there has been no change in the status of the
Disclosed Matters that, individually or in the aggregate, has resulted in, or could reasonably be expected to result in, a Material Adverse Effect. 

Section 3.07. Compliance with Laws and Contractual Obligations; No Defaults. Each of the Borrower and its
Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all of its Contractual Obligations, except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing. 

Section 3.08. Investment Company Status. Neither the Borrower nor any of its Broker-Dealer Subsidiaries is an
“investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 

Section 3.09. Taxes. Each of the Borrower and its Subsidiaries has timely filed or caused to be filed all U.S.
federal income tax and all other material Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate
proceedings and for which the Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so, individually or in the aggregate, could not reasonably be expected to result
in a Material Adverse Effect. 
 Section 3.10. ERISA. No ERISA Event has occurred or is reasonably expected to
occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. Schedule B (Actuarial Information) to the most recent annual
report (Form 5500 Series) for each Plan, copies of which have been filed with the IRS and will be made available to the Lenders upon a written request to the Borrower, is complete and accurate in all material respects and fairly presents the funding
status of such Plan as of the date specified in such filing. Neither the Borrower nor any ERISA Affiliate has contributed or has had an obligation to contribute to any Multiemployer Plan. 

Section 3.11. Disclosure. (a) The reports, financial statements, certificates and other written information
(taken as a whole) furnished by or on behalf of the Borrower to the Administrative Agent or any Lender pursuant to or in connection with the Loan Documents (as modified or supplemented by other information so furnished) do not contain any material
misstatement of fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading; provided that, with respect to projections,
pro forma financial information and information of a general economic nature or general industry nature, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the
time, it being recognized by the Lenders that such projections and information are not to be viewed as fact and that actual results during the period or periods covered by such projections and information may differ from the projected results set
forth therein by a material amount. 

  
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 (b) As of the Effective Date, to the best knowledge of the Borrower, the information
included in the Beneficial Ownership Certification provided on or prior to the Effective Date to any Lender in connection with this Agreement is true and correct in all respects. 

Section 3.12. Anti-Corruption Laws and Sanctions. The Borrower has
implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption
Laws and applicable Sanctions, and the Borrower, its Subsidiaries and their respective officers and directors and to the knowledge of the Borrower its employees and agents, are in compliance with
Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Borrower, any Subsidiary, any of their respective directors or officers or employees, or (b) to the knowledge
of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds or other
transaction contemplated by this Agreement will violate any Anti-Corruption Law or applicable Sanctions. 

Section 3.13. Affected Financial Institutions. The Borrower is not an Affected Financial Institution. 

Section 3.14. Plan Assets; Prohibited Transactions. None of the Borrower or any of its Subsidiaries is an entity
deemed to hold “plan assets” (within the meaning of the Plan Asset Regulations), and, assuming the Lenders are not using “plan assets” (within the meaning of the Plan Asset Regulations) in connection with the Loans, the Letters
of Credit or the Commitments or the applicable Lender is relying on an applicable prohibited transaction exemption, neither the execution, delivery nor performance of the transactions contemplated under this Agreement, including the making of any
Loan and the issuance of any Letter of Credit hereunder, will give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code. 

Section 3.15. Subsidiaries. As of the date of this Agreement, Schedule 3.15 is a complete list of each
Subsidiary, identifying such Subsidiary’s jurisdiction of organization, and identifying if such Subsidiary is a Broker-Dealer Subsidiary or an Immaterial Subsidiary, to the extent applicable. 

Section 3.16. Margin Regulations. The Borrower is not engaged and will not engage, principally or as one of its
important activities, in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no part of the proceeds of any Borrowing or Letter of Credit extension hereunder will be
used in any manner that would result in a violation of Regulation T, U or X. Following the application of the proceeds of each Borrowing or drawing under each Letter of Credit, not more than 25% of the value of the assets (either of the
Borrower only or of the Borrower and its Subsidiaries on a consolidated basis) will be Margin Stock. 

  
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 Section 3.17. Solvency. The Borrower and the Subsidiaries on a
consolidated basis are Solvent. 
 ARTICLE IV 

CONDITIONS 

Section 4.01. Effective Date. The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters
of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02): 

(a) The Administrative Agent (or its counsel) shall have received from each party hereto a counterpart of this Agreement signed
on behalf of such party (which, subject to Section 9.06(b), may include any Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page). 

(b) The Administrative Agent (or its counsel) shall have received copies of Uniform Commercial Code search reports listing all
effective financing statements filed against the Borrower, with copies of such financing statements, as well as copies of such tax, litigation, judgment, bankruptcy, intellectual property and any other search reports as the Administrative Agent may
reasonably request. 
 (c) The Administrative Agent shall have received a favorable written opinion (addressed to the
Administrative Agent and the Lenders and dated the Effective Date) of counsel for the Borrower, in a form reasonably satisfactory to the Administrative Agent. 

(d) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may
reasonably request relating to the organization, existence and good standing of the Borrower, the authorization of the Transactions and any other legal matters relating to the Borrower, this Agreement or the Transactions, all in form and substance
reasonably satisfactory to the Administrative Agent and its counsel. 
 (e) The Administrative Agent shall have received a
certificate, dated the Effective Date and signed by the President, a Vice President or a Financial Officer of the Borrower, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02. 

  
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 (f) The Administrative Agent (for its benefit and the benefit of the
Lenders) shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced one Business Day prior to the Effective Date, reimbursement or payment of all reasonable and documented out
of pocket expenses required to be reimbursed or paid by the Borrower hereunder. 
 (g) (i) The Administrative Agent
shall have received, at least five (5) days prior to the Effective Date, all documentation and other information regarding the Borrower requested in connection with applicable “know your customer” and
anti-money laundering rules and regulations, including the Patriot Act, to the extent requested in writing of the Borrower at least ten (10) days prior to the Effective Date and (ii) to the extent
the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, at least five (5) days prior to the Effective Date, any Lender that has requested a Beneficial Ownership Certification in relation to the
Borrower, in a written notice to the Borrower at least ten (10) days prior to the Effective Date, shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature
page to this Agreement, the condition set forth in this clause (ii) shall be deemed to be satisfied). 
 (h) The
Administrative Agent and the Lenders shall have received a written certification from a Financial Officer of the Borrower that, after giving effect to all Indebtedness of the Borrower and its Subsidiaries outstanding on the Effective Date
(including, for the avoidance of doubt, the aggregate amount of Loans, if any, to be borrowed hereunder on the Effective Date), the Borrower and its Subsidiaries, on a consolidated basis, are Solvent and will be Solvent subsequent to incurring such
Indebtedness on the Effective Date. 
 (i) All material governmental and material third party approvals necessary or
reasonably requested by the Administrative Agent in connection with the consummation of the Transactions shall have been obtained and be in full force and effect. 

(j) The Administrative Agent shall have received pay-off and lien release letters from
secured creditors of the Borrower (other than secured parties intended to remain outstanding after the Effective Date with Indebtedness and Liens permitted by Sections 6.01 and 6.02) setting forth, among other things, the total amount of
indebtedness outstanding and owing to them (or outstanding letters of credit issued for the account of the Borrower or its Subsidiaries) and containing an undertaking to cause to be delivered to the Administrative Agent UCC termination statements
and any other lien release instruments necessary to release their Liens on the assets of the Borrower or any Subsidiary, which pay-off and lien release letters shall be in form and substance reasonably
acceptable to the Administrative Agent. 

  
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 (k) The Administrative Agent shall have received such other documents as the
Administrative Agent or the Required Lenders (through the Administrative Agent) may reasonably request. 
 The Administrative Agent shall
notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. 

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

(a) The representations and warranties of the Borrower set forth in this Agreement and the other Loan Documents shall be true
and correct in all material respects (or, with respect to representations and warranties already qualified by concepts of materiality, in all respects) on and as of the date of such credit event (or, to the extent any such representation or warranty
is expressly stated to have been made as of a specific earlier date, on and as of such earlier date). 
 (b) At the time of
and immediately after giving effect to such Borrowing or the issuance, amendment or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing. 

Each Borrowing and each issuance, amendment or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by
the Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section. 

ARTICLE V 

AFFIRMATIVE COVENANTS 

Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have
been paid in full (other than contingent indemnification and reimbursement obligations in respect of which no claim for payment has been asserted by the Person entitled thereto) and all Letters of Credit shall have expired or terminated or been cash
collateralized in a manner consistent with Section 2.06(j), in each case, without any pending draw, and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders as follows; provided that,
notwithstanding anything to the contrary herein, the provisions of Sections 5.03 through 5.07 shall not apply to any Immaterial Subsidiary: 

  
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 Section 5.01. Financial Statements and Other Information. The
Borrower will furnish to the Administrative Agent and each Lender: 
 (a) within ninety (90) days after the end of each
fiscal year of the Borrower, its audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the
previous fiscal year, all reported on by PricewaterhouseCoopers, LLP or other independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or
exception as to the scope of such audit other than any such exception or explanatory paragraph that is solely with respect to, or solely resulting from, an upcoming maturity date under any of the credit facilities hereunder occurring within one year
from the time such report is delivered) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a
consolidated basis in accordance with GAAP consistently applied; 
 (b) within forty-five (45) days after the end of
each of the first three fiscal quarters of each fiscal year of the Borrower, its consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then
elapsed portion of the fiscal year, setting forth in each case in comparative form the figures as of the end of and for the corresponding period or periods of the previous fiscal year, all certified by one of its Financial Officers as presenting
fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes; 
 (c) concurrently with any
delivery of financial statements under clause (a) or (b) above, a certificate of a Financial Officer of the Borrower (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any
action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Section 6.10 and (iii) stating whether any change in GAAP or in the application thereof has
occurred since the date of the audited financial statements referred to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate; 

  
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 (d) (i) promptly after the same become publicly available, copies of
all periodic and other reports, proxy statements and other materials filed by the Borrower or any Subsidiary with the SEC or any other Governmental Authority succeeding to any or all of the functions of the SEC, or with any national securities
exchange or distributed by the Borrower to its shareholders generally, as the case may be, and (ii) promptly after the same shall be filed with the Financial Industry Regulatory Authority (“FINRA”), copies of all Financial
Operational Combined Uniform Single (“FOCUS”) reports filed by or with respect to any Broker-Dealer Subsidiary; 

(e) promptly after receipt thereof by the Borrower or any Subsidiary, copies of each notice, examination report or other
correspondence received from the SEC, the Securities Investor Protection Corporation or the Financial Industry Regulatory Authority (or comparable agency in any applicable foreign jurisdiction) concerning any examination or review, investigation or
possible investigation, or other inquiry by such agency regarding financial or other operational results of the Borrower or any Subsidiary; and 

(f) promptly following any request therefor, (x) such other information regarding the operations, business affairs and
financial condition of the Borrower or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender (through the Administrative Agent) may reasonably request and (y) information and documentation
reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot
Act and the Beneficial Ownership Regulation. 
 Documents required to be delivered pursuant to Section 5.01(a), (b) or (d) (to the
extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date (i) on which such materials are publicly available as
posted on the Electronic Data Gathering, Analysis and Retrieval system (EDGAR); or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative
Agent have access (whether a commercial, third-party website or whether made available by the Administrative Agent). 

Section 5.02. Notices of Material Events. The Borrower will furnish to the Administrative Agent and each Lender
prompt written notice of the following: 
 (a) knowledge by a Financial Officer of the Borrower of the occurrence of any
Default; 
 (b) the filing or commencement of any Proceeding by or before any arbitrator or Governmental Authority against or
affecting the Borrower or any Affiliate thereof, including pursuant to any applicable Environmental Laws, that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 

  
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 (c) the occurrence of any ERISA Event that, alone or together with any other
ERISA Events that have occurred, could reasonably be expected to have a Material Adverse Effect; 
 (d) notice of any action
arising under any Environmental Law or of any noncompliance by the Borrower or any Subsidiary with any Environmental Law or any permit, approval, license or other authorization required thereunder that, if adversely determined, could reasonably be
expected to result in a Material Adverse Effect; 
 (e) any material change in accounting or financial reporting practices by
the Borrower or any Subsidiary not otherwise reported in the Borrower’s SEC filings; 
 (f) any other development that
results in, or could reasonably be expected to result in, a Material Adverse Effect, including (i) breach or non-performance of, or any default under, a Contractual Obligation of the Borrower or any
Subsidiary; (ii) any dispute, litigation, investigation, proceeding or suspension between the Borrower or any Subsidiary and any Governmental Authority; and (iii) the commencement of, or any material development in, any litigation or
proceeding affecting the Borrower or any Subsidiary, including pursuant to any applicable Environmental Laws, which in each instance referred to in the foregoing clauses (i), (ii) and (iii) results in, or could reasonably be expected to result
in, a Material Adverse Effect; 
 (g) the formation, conversion, or acquisition of any Subsidiary after the Effective Date
that is a Material Broker-Dealer Subsidiary; and 
 (h) the failure of any Broker-Dealer Subsidiary to meet the minimum
capital requirements imposed by applicable regulatory authorities and how the Borrower plans to address such failure. 
 Each notice
delivered under this Section (i) shall be in writing, and (ii) shall be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting forth the details of the event or development requiring such
notice and any action taken or proposed to be taken with respect thereto. 
 Section 5.03. Existence; Conduct of
Business. The Borrower will, and will cause each of its Subsidiaries to, do or cause to be done all things necessary to (a) preserve, renew and keep in full force and effect its legal existence (it being understood, for the avoidance of
doubt, that the foregoing shall not limit any change in form of entity or organization) and good standing (or its jurisdictional equivalent) under the laws of the jurisdiction of its organization, (b) maintain all requisite power and authority
to carry on its business as now conducted, (c) except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, preserve, renew and keep in full force and effect its
qualification to do business in, and 

  
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its good standing (or its jurisdictional equivalent) in, every jurisdiction where such qualification is required, and (d) except where the failure to do so, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect, preserve, renew and keep in full force and effect all other rights, qualifications, licenses, permits, privileges and franchises material to the conduct of its business;
provided, that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03. 

Section 5.04. Payment of Obligations. The Borrower will, and will cause each of its Subsidiaries to, pay its
obligations, including Tax liabilities, that, if not paid, could reasonably be expected to result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being
contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest
could not reasonably be expected to result in a Material Adverse Effect. 
 Section 5.05. Maintenance of Properties;
Insurance. The Borrower will, and will cause each of its Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and
(b) maintain, with financially sound and reputable insurance companies, insurance (or a program of self insurance acceptable to the Administrative Agent) in such amounts and against such risks as are customarily maintained by companies engaged
in the same or similar businesses operating in the same or similar locations; provided that such insurance shall not be required to cover matters for which insurance is not available, or is not available on commercially reasonable terms. The
Borrower will furnish to the Administrative Agent, upon its request, information in reasonable detail as to the insurance so required to be maintained. 

Section 5.06. Books and Records; Inspection Rights. The Borrower will, and will cause each of its Subsidiaries to,
keep proper books of record and account in which full, true and correct in all material respects entries are made of all material financial dealings and transactions in relation to its business and activities. The Borrower will, and will cause each
of its Subsidiaries to, permit any representatives designated by the Administrative Agent, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, to discuss its affairs, finances
and condition with its officers and independent accountants (and hereby authorizes the Administrative Agent and each Lender to contact its independent accountants directly) and to provide contact information for each bank where the Borrower has a
depository and/or securities account and the Borrower hereby authorizes the Administrative Agent and each Lender to contact the bank(s) in order to request bank statements and/or balances, all at such reasonable times and as often as reasonably
requested. Notwithstanding the foregoing, Administrative Agent and each Lender shall provide notice to Borrower prior to contacting its independent accountants pursuant to this Section 5.06 and shall provide Borrower the opportunity to join any
such conversations with its independent accountants. 

  
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 Section 5.07. Compliance with Laws and Material Contractual
Obligations. (a) The Borrower will, and will cause each of its Subsidiaries to, (i) comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, and (ii) perform, in all
material respects, its Contractual Obligation, in each case except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

(b) The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries
and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 

(c) The Borrower will cause each of its Broker-Dealer Subsidiaries to (y) comply in all material respects with all applicable regulatory
requirements for the protection of client funds and securities, including by maintaining required reserves and liquidity and (z) prohibit withdrawals from any reserve bank account that such Broker-Dealer Subsidiary is required to maintain
pursuant to SEC Rule 15c3-3(e) below the minimum required balance thereto 

Section 5.08. Use of Proceeds and Letters of Credit. The proceeds of the Loans and the Letters of Credit will be
used only for general corporate purposes of the Borrower and the Subsidiaries including Permitted Acquisitions. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the
regulations of the Federal Reserve Board, including Regulations T, U and X. The Borrower will not request any Borrowing or Letter of Credit, and the Borrower shall not use, and shall ensure that its Subsidiaries and its or their respective
directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value,
to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any
Sanctioned Country, except to the extent permitted for a Person required to comply with Sanctions, or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 

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

  
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 ARTICLE VI 

NEGATIVE COVENANTS 

Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid
in full (other than contingent indemnification and reimbursement obligations in respect of which no claim for payment has been asserted by the Person entitled thereto) and all Letters of Credit have expired or terminated or have been cash
collateralized in a manner consistent with Section 2.06(j), in each case, without any pending draw, and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders as follows; provided that,
notwithstanding anything to the contrary herein, the provisions of Section 6.03 and Sections 6.05 through 6.08, shall not apply to any Immaterial Subsidiary: 

Section 6.01. Indebtedness. The Borrower will not, and will not permit any Subsidiary to, create, incur, assume or
permit to exist any Indebtedness, except: 
 (a) Indebtedness created hereunder; 

(b) Indebtedness existing on the date hereof and set forth in Schedule 6.01, and any Permitted Refinancings thereof; 

(c) (i) Indebtedness of the Borrower owed to any Subsidiary and of any Subsidiary owed to the Borrower or any other
Subsidiary, including Indebtedness owing by a Broker-Dealer Subsidiary to the Borrower and (ii) Guarantees by the Borrower of Indebtedness of any Subsidiary; 

(d) Indebtedness of the Borrower or any Subsidiary incurred to finance the acquisition, installation, repair, construction,
replacement or improvement of any fixed or capital assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition
thereof, and Permitted Refinancings thereof; provided that (i) such Indebtedness is incurred prior to or within 270 days after such acquisition or the completion of such installation, repair, construction, replacement or improvement and
(ii) the aggregate principal amount of Indebtedness permitted by this clause (d) shall not exceed the greater of (i) $50,000,000 and (ii) 5% of Consolidated Net Tangible Assets (measured as of the date of incurrence) at any time
outstanding; 
 (e) Ordinary Course Operating Debt; 

  
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 (f) Indebtedness under Swap Agreements permitted under Section 6.05;

 (g) Indebtedness incurred by the Borrower or any of its Subsidiaries in respect of letters of credit, bank guarantees,
bankers’ acceptances or similar instruments issued or created in the ordinary course of business in respect of workers compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims; provided that upon the drawing of such letter
of credit or the incurrence of such Indebtedness, such obligations are reimbursed within 270 days (or such longer period as may be agreed upon by the Administrative Agent) unless the amount or validity of such obligations are being contested in good
faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the Borrower or the applicable Subsidiary, as the case may be; 

(h) Indebtedness of the Borrower or any Subsidiary in respect of performance, bid, release, appeal and surety bonds and
performance and completion guarantees and similar obligations provided by the Borrower or any of its Subsidiaries, in each case in the ordinary course of business, and letters of credit supporting such obligations; 

(i) to the extent constituting Indebtedness, cash management obligations and other Indebtedness in respect of cash management
services in the ordinary course of business and Indebtedness arising from the endorsement of instruments or other payment items for deposit and the honoring by a bank or other financial institution of instruments or other payments items drawn
against insufficient funds; 
 (j) to the extent constituting Indebtedness, indemnification, deferred purchase price
adjustments, earn-outs or similar obligations, in each case, incurred or assumed in connection with the acquisition of any business or assets or any Investment permitted to be acquired or made hereunder or any
Disposition permitted hereunder; 
 (k) Indebtedness of the Borrower or any Subsidiary incurred in the ordinary course of
business with respect to customer deposits and other unsecured current liabilities not the result of borrowing and not evidenced by any note or other evidence of Indebtedness; 

(l) Indebtedness issued by the Borrower or any Subsidiary to future, current or former directors, officers, employees, members
of management or consultants thereof or any direct or indirect parent thereof, their respective estates, heirs, family members, spouses or former spouses, in each case to be used solely to finance the purchase or redemption of Equity Interests of
the Borrower or any Subsidiary; 

  
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 (m) Indebtedness of the Borrower and any Permitted Refinancings in respect
thereof; provided, that, at the time of the incurrence of any such Indebtedness and immediately after giving effect thereto, (i) no Event of Default has occurred and is continuing and no Event of Default would result immediately
therefrom, and (ii) the Borrower shall have a Consolidated Total Leverage Ratio equal to or less than 2.25:1.00 (with Consolidated Total Funded Debt measured as of such time and Consolidated EBITDA and Consolidated Adjusted EBITDA measured for
the Reference Period then most recently ended for which the Borrower has delivered Financial Statements); 
 (n) Indebtedness
of the Subsidiaries (including Indebtedness of any Subsidiary acquired in connection with a Permitted Acquisition) and any Permitted Refinancings in respect thereof; provided, that, at the time of the incurrence of any such Indebtedness and
immediately after giving effect thereto, (i) no Event of Default has occurred and is continuing and no Event of Default would result immediately therefrom, (ii) the Borrower shall have a Consolidated Total Leverage Ratio equal to or less
than 2.25:1.00 (with Consolidated Total Funded Debt measured as of such time and Consolidated EBITDA and Consolidated Adjusted EBITDA measured for the Reference Period then most recently ended for which the Borrower has delivered Financial
Statements), (iii) any such Indebtedness incurred by any Subsidiary, including any Broker-Dealer Subsidiary, shall not be permitted under this Section 6.01(n) if such Indebtedness directly or indirectly contributes to the regulatory capital of
the Broker-Dealer Subsidiaries, and (iv) that the aggregate principal amount of Indebtedness of Subsidiaries incurred or assumed in reliance upon this clause shall not exceed $50,000,000 at any one time; 

(o) to the extent constituting Indebtedness, all premiums (if any), interest (including
post-petition interest), fees, expenses, charges and additional or contingent interest on obligations described in this Sections 6.01; 

(p) obligations of the Borrower or any Subsidiary as an account party in respect of letters of credit in the ordinary course of
business in the face amount not to exceed $5,000,000 in the aggregate at any one time; 
 (r) Indebtedness representing
deferred compensation or similar obligations to directors, officers, employees, members of management and consultants of the Borrower or any of its Subsidiaries incurred in the ordinary course of business or in connection with Permitted
Acquisitions; and 
 (s) to the extent constituting Indebtedness, any Investment permitted under Section 6.05. 

  
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 Section 6.02. Liens. The Borrower will not, and will not permit
any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof,
except: 
 (a) Liens created pursuant to any Loan Documents; 

(b) Permitted Encumbrances; 

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

(e) Liens on fixed or capital assets acquired, constructed or improved by the Borrower or any Subsidiary; provided that
(i) such Liens shall be created within 270 days of the construction, installation, repair or improvement or refinancing of such fixed or capital assets, (ii) such Liens do not at any time encumber any property other than the property
acquired, constructed, installed, repaired, improved or financed by such Indebtedness when such Indebtedness was originally incurred, and the proceeds and products of such property, and (iii) the principal amount of Indebtedness initially
secured thereby is not more than 100% of the purchase price or cost of construction, installation, repair or improvement of such fixed or capital asset; provided that, in each case, individual financings of equipment provided by one lender or
lessor may be cross collateralized to other outstanding financings of equipment provided by such lender or lessor; and Replacement Liens in respect thereof; 

(f) Liens created, incurred, assumed or suffered to exist by any Broker-Dealer
Subsidiary in the ordinary course of business upon assets owned by such Broker-Dealer Subsidiary or as to which such Broker-Dealer Subsidiary has rights to create Liens
thereon or held for its account to secure liabilities or obligations, actual or contingent, incurred in the ordinary course of business (including Ordinary Course Operating Debt), including Liens in favor of clearing houses, clearing brokers or
other entities providing clearing services and borrowings collateralized by client assets in the ordinary course of business; 

  
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 (g) deposits to secure the performance of bids, trade contracts, leases,
statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 

(h) judgment liens in respect of judgments that do not constitute an Event of Default under Section 7.01(k); 

(i) easements, zoning restrictions,
rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do
not materially detract from the value of the affected property or interfere with the ordinary conduct of business of the Borrower or any Subsidiary; 

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

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

  
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 (m) licenses and sublicenses of intellectual property granted by the
Borrower or any Subsidiary in the ordinary course of business; 
 (n) UCC financing statements or similar public filings that
are filed as a precautionary measure in connection with operating leases or consignment of goods in the ordinary course of business; 

(o) Liens (i) on cash advances in favor of the seller of any property to be acquired in a Permitted Acquisition or an
Investment permitted pursuant to Section 6.05 to be applied against the purchase price for such Investment or (ii) consisting of an agreement to Dispose of any property in a Disposition permitted under Section 6.04, in each case,
solely to the extent such Investment or Disposition, as the case may be, would have been permitted on the date of the creation of such Lien; 

(p) Liens that are customary contractual rights of setoff relating to purchase orders and other agreements entered into with
customers of the Borrower or any Subsidiary in the ordinary course of business; 
 (q) Liens on cash or Cash Equivalent
Investments to secure obligations in respect of Letters of Credit issued under this Agreement and other letters of credit permitted pursuant to Section 6.01(p); and 

(r) in addition to Liens otherwise permitted by this Section 6.02, Liens on any property or assets of the Borrower or any
Subsidiary which, when added together with Liens described in Section 6.02(d)(iv), do not secure Indebtedness in excess of the greater of (i) $50,000,000 and (ii) 15% of Consolidated Net Tangible Assets (measured as of the date of incurrence)
in the aggregate for all such Liens at any time outstanding. 
 Section 6.03. Fundamental Changes. (a) The
Borrower will not, and will not permit any Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or liquidate or dissolve, except that, if at the time thereof and immediately
after giving effect thereto no Specified Event of Default shall have occurred and be continuing: (i) any Subsidiary may merge into the Borrower in a transaction in which the Borrower is the surviving corporation, (ii) any Subsidiary may
merge into another Subsidiary in a transaction in which the surviving entity is a Subsidiary, and (iii) any Subsidiary (other than MarketAxess Corporation) may liquidate or dissolve if the Borrower determines in good faith that such liquidation
or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders; provided that any such merger involving a Person that is not a wholly owned Subsidiary immediately prior to such merger shall not be
permitted unless also permitted by Section 6.05. 
 (b) The Borrower will not, and will not permit any of its Subsidiaries to, engage to
any material extent in any business other than businesses of the type conducted by the Borrower and its Subsidiaries on the date of execution of this Agreement and businesses reasonably related, complementary or ancillary thereto. 

  
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 (c) The Borrower will not permit its fiscal year to end on a day other than December 31
or change the Borrower’s method of determining its fiscal quarters; provided, that any Subsidiary acquired after the Effective Date may change its fiscal year to December 31. 

Section 6.04. Dispositions. The Borrower will not, and will not permit any Subsidiary to, make any Disposition,
except: 
 (a) Dispositions of (i) obsolete or worn out property in the ordinary course of business and (ii) inventory and
equipment in the ordinary course of business; 
 (b) Dispositions of cash and Cash Equivalent Investments in the ordinary course of business;

 (c) Dispositions of equipment or real property to the extent that (i) such property is exchanged for credit against the purchase
price of similar replacement property or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price of such replacement property; 

(d) Dispositions of property by (i) the Borrower to any Subsidiary or (ii) any Subsidiary to the Borrower or to a Subsidiary;
provided, however, that a Broker-Dealer Subsidiary may only Dispose of assets pursuant to or in reliance upon this clause (d) if such Disposition is to the Borrower or to another Broker-Dealer Subsidiary; 
 (e) Dispositions permitted by Section 6.03; 

(f) leases, licenses, subleases or sublicenses granted in the ordinary course of business and on ordinary commercial terms that do not
interfere in any material respect with the business of the Borrower and its Subsidiaries; 
 (g) Dispositions of intellectual property rights
that are no longer used or useful in the business of the Borrower and its Subsidiaries; 
 (h) Dispositions of accounts receivable in
connection with the collection or compromise thereof in the ordinary course of business (and not for financing purposes); 
 (i) Dispositions
constituting Liens permitted by Section 6.02, Investments permitted by Section 6.05 and Restricted Payments permitted by Section 6.07; 

(j) Dispositions of Investments in joint ventures to the extent required by, or made pursuant to, customary
drag-along or buy/sell arrangements between the joint venture parties set forth in the joint venture agreements; 

  
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 (k) the unwinding of any Swap Agreement; 

(l) the discounting or other compromising for less than the face value thereof, of notes or accounts receivable in order to resolve disputes of
the Borrower or any Subsidiary that occur in the ordinary course of business; 
 (m) Dispositions of Equity Interests in any Subsidiary in
order to qualify members of the governing body of the Subsidiary if and solely to the extent required by applicable law; and 
 (n)
Dispositions by the Borrower and its Subsidiaries not otherwise permitted under this Section; provided that at the time of such Disposition and immediately after giving effect thereto (i) no Specified Event of Default shall have occurred
and be continuing or would result immediately therefrom and (ii) the Borrower shall have a Consolidated Total Leverage Ratio equal to or less than 2.25:1.00 (with Consolidated Total Funded Debt measured as of such time and Consolidated EBITDA
and Consolidated Adjusted EBITDA measured for the Reference Period then most recently ended for which the Borrower has delivered Financial Statements as if the Disposition occurred on the first day of the Reference Period). 

Section 6.05. Investments, Loans, Advances, Guarantees and Acquisitions. The Borrower will not, and will not permit
any of its Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a wholly owned Subsidiary prior to such merger) any Equity Interest, evidences of indebtedness or other securities (including any
option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances or capital contributions to, Guarantee any obligations of, any other Person, or purchase or otherwise acquire (in one transaction or a
series of transactions) any assets of any other Person constituting a business unit (each, an “Investment”), except: 

(a) Investments existing on the date hereof and set forth on Schedule 6.05 and any modification, replacement, renewal,
reinvestment or extension thereof (provided that the amount of the original Investment is not increased except by the terms of such original Investment or as otherwise permitted by this Section 6.05); 

(b) Investments in cash and Cash Equivalent Investments; 

(c) Investments of a Broker-Dealer Subsidiary in the ordinary course of business including, without limitation,
(i) Investments in accordance with Rule 15c3-3 of the General Rules and Regulations promulgated by the SEC under the Securities Exchange Act), and (ii) loans and advances constituting margin loans to
the customers of such Broker-Dealer Subsidiary; 

  
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 (d) Investments by the Borrower in the Equity Interests of its Subsidiaries
or Investments by any Subsidiary in the Equity Interests of its respective Subsidiaries; 
 (e) loans, advances and capital
contributions made by the Borrower to any Subsidiary and made by any Subsidiary to the Borrower or any other Subsidiary; 

(f) Guarantees (i) constituting Indebtedness permitted by Section 6.01, and (ii) by the Borrower or any
Subsidiary of obligations of the Borrower or any other Subsidiary (other than obligations constituting Indebtedness), provided that a Broker-Dealer Subsidiary may not Guarantee the obligations of any
Affiliate; 
 (g) Investments in and obligations under Swap Agreements permitted by Section 6.06; 

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

(i) Investments consisting of loans or advances to directors, officers, employees, managers or consultants in the ordinary
course of business, in an aggregate amount for all such loans and advances not to exceed $10,000,000;  
 (j)
Permitted Acquisitions; 
 (k) extensions of trade credit or the holding of receivables in the ordinary course of business
and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of business; 

(l) Investments received in connection with the workout, bankruptcy or reorganization of, insolvency or liquidation of, or
settlement of claims against and delinquent accounts of and disputes with, customers and suppliers, or as security for any such claims, accounts and disputes, or upon the foreclosure with respect to any secured Investment; 

(m) Investments consisting of promissory notes and other deferred payment obligations and noncash consideration delivered as
the purchase consideration for a Disposition permitted by Section 6.04, so long as such notes and deferred payment obligations do not exceed the greater of (i) $75,000,000 and (ii) 7.5% of Consolidated Net Tangible Assets (measured as of the
date of each such Investment) in the aggregate, net of recoveries and distributions thereon received in cash by the Borrower or any Subsidiary at any time outstanding; 

  
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 (n) Investments consisting of Restricted Payments permitted by
Section 6.07; 
 (o) Investments of any Person that becomes (or is merged or consolidated or amalgamated with) a
Subsidiary of the Borrower on or after the Effective Date hereof on the date such Person becomes (or is merged or consolidated or amalgamated with) a Subsidiary of the Borrower; provided that (i) such Investments exist at the time such
Person becomes (or is merged or consolidated or amalgamated with) a Subsidiary, and (ii) such Investments are not made in anticipation or contemplation of such Person becoming (or merging or consolidating or amalgamated with) a Subsidiary; 

(p) Investments consisting of good faith earnest money deposits made in connection with a Permitted Acquisition or any other
Investment or letter of intent or purchase agreement permitted hereunder; 
 (q) Investments consisting of Liens permitted
pursuant to Section 6.02; 
 (r) Investments in Equity Interests in connection with the satisfaction or enforcement of
Indebtedness or claims due or owing to the Borrower or any of its Subsidiaries or as security for any such Indebtedness or claim; 

(s) Investments in corporate bonds and similar debt securities of issuers having (at the time of such Investment) an investment
grade rating (including Investments in investment funds holding as Investments solely assets consisting of such corporate bonds and similar debt securities having an investment grade rating); and 

(t) Investments not otherwise permitted by this Section so long as (i) no Specified Event of Default has occurred and is
continuing at the time such Investment is made or would result from the making of such Investment, and (ii) at the time of such Investment and immediately after giving effect thereto, the Borrower shall have a Consolidated Total Leverage Ratio
equal to or less than 2.25:1.00 (with Consolidated Total Funded Debt measured as of such time and Consolidated EBITDA and Consolidated Adjusted EBITDA measured for the Reference Period then most recently ended for which the Borrower has delivered
Financial Statements). 
 Section 6.06. Swap Agreements. The Borrower will not, and will not permit any of its
Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Subsidiary has actual exposure (other than those in respect of Equity Interests of the Borrower or
any of its Subsidiaries), and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates or currency fluctuations (from fixed to floating rates, from one floating rate to another floating rate or otherwise)
with respect to any interest-bearing liability or investment of the Borrower or any Subsidiary. 

  
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 Section 6.07. Restricted Payments. The Borrower will not, and will
not permit any Subsidiary to, declare or make, directly or indirectly, any Restricted Payment, except (a) the Borrower may declare and pay dividends with respect to its Equity Interests payable solely in additional shares of its common stock,
(b) Subsidiaries may declare and pay dividends ratably with respect to their Equity Interests, (c) the Borrower may make Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans for management or
employees of the Borrower and the Subsidiaries and (d) the Borrower may make other Restricted Payments so long as no Event of Default has occurred and is continuing at the time such Restricted Payment is declared or would result from the making
of such Restricted Payment. 
 Section 6.08. Transactions with Affiliates. The Borrower will not, and will not
permit any Subsidiary to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) at
prices and on terms and conditions (taken as a whole) not less favorable to the Borrower or such Subsidiary than could be obtained (taken as a whole) on an arm’s-length basis from unrelated third parties,
(b) transactions between or among the Borrower and the Subsidiaries, (c) transactions between or among the Borrower or any Subsidiary and any Person that becomes a Subsidiary as a result of such transaction not involving any other
Affiliate, (d) any Indebtedness permitted by Section 6.01, any Lien permitted pursuant to Section 6.02, any Investment permitted by Section 6.04, or any Restricted Payment permitted by Section 6.07, (e) employment and
severance arrangements with officers, directors, members of management, consultants and employees of the Borrower or any of its Subsidiaries, (f) the payment of director, officer and employee compensation (including bonuses) and other benefits
(including retirement, health, stock option and other benefit plans) and indemnification and expense reimbursement arrangements, (g) the issuance or transfer of Qualified Equity Interests of the Borrower or any of its Subsidiaries to any
former, current or future director, member of management, officer, employee or consultant (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of the Borrower or any of its
Subsidiaries to the extent otherwise permitted by this Agreement, (h) payments to and receipt of payments from, and the entry into and consummation of transactions with, joint ventures (to the extent any such joint venture is only an Affiliate
as a result of Investments by the Borrower or any of its Subsidiaries in such joint venture) in the ordinary course of business to the extent otherwise permitted hereunder, (i) any contribution to the capital of the Borrower and any
contribution to the capital of any other Subsidiary, (j) the payment of reasonable and customary fees and reasonable out-of-pocket costs to members of the governing
bodies of Borrower and its Subsidiaries including any reasonable out-of-pocket costs paid to Persons with observation rights on such governing bodies, and (k) the
entry into of any Tax sharing agreement, and the making of payments with respect thereto in each case, with the Borrower to the extent attributable to the ownership of the Subsidiaries. 

  
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 Section 6.09. Restrictive Agreements. The Borrower will not, and
will not permit any Subsidiary to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or any Subsidiary to
create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any Equity Interests or to make or repay loans or advances to the
Borrower or any other Subsidiary or to Guarantee the Indebtedness of the Borrower or any other Subsidiary; provided that 
 (i) the
foregoing shall not apply to restrictions and conditions imposed by law or by any Loan Document; 
 (ii) the foregoing shall not apply to
customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted
hereunder; 
 (iii) the foregoing shall not apply to any restrictions imposed by any agreement governing Indebtedness entered into after the
Effective Date and permitted under Section 6.01 that are, taken as a whole, in the good faith judgment of the Borrower, no more restrictive with respect to the Borrower or any Subsidiary than the then customary market terms for Indebtedness of
such type, so long as the Borrower shall have determined in good faith that such restrictions will not affect the obligation or ability of the Borrower and its Subsidiaries to (x) make any payments required to be made by it hereunder or
(y) perform obligations required to be performed by it under the Loan Documents to which it is a party; 
 (iv) Section 6.09(a)
shall not apply to customary provisions in leases and other contracts restricting the assignment thereof; 
 (v) Section 6.09(a) shall
not apply to customary provisions in joint venture agreements and similar agreements that restrict transfer of assets of, or Equity Interests in, joint ventures provided that such provisions do not restrict the Borrower from granting the
Administrative Agent a Lien on the proceeds of the Borrower’s interest therein; 
 (vi) Section 6.09(a) shall not apply to licenses
or sublicenses by the Borrower and its Subsidiaries of intellectual property in the ordinary course of business (in which case any prohibition or limitation shall only be effective against the intellectual property subject thereto); (vii) the
foregoing shall not apply to any prohibitions and limitations that are binding on a Subsidiary at the time such Subsidiary first becomes a Subsidiary, so long as such prohibitions and limitations were not created in contemplation of such Person
becoming a Subsidiary and apply only to such Subsidiary; 
 (vii) Section 6.09(a) shall not apply to any customary restrictions on cash
or other deposits imposed by customers under contracts entered into in the ordinary course of business; 

  
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 (viii) Section 6.09(b) shall not apply to any restrictions with respect to a Subsidiary
imposed pursuant to an agreement that has been entered into in connection with the Disposition of all or substantially all of the Equity Interests or assets of such Subsidiary which Disposition is permitted by Section 6.04; 

(ix) Section 6.09(b) shall not apply to any customary net worth provisions contained in real property leases, subleases, licenses or
permits entered into by the Borrower or any of its Subsidiaries so long as such net worth provisions would not reasonably be expected to impair materially the ability of the Borrower to meet its ongoing obligations under this Agreement or any of the
other Loan Documents; and 
 (x) the foregoing shall not apply to restrictions imposed by any amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (i) through (ix) above; provided that such amendments, modifications, restatements, renewals,
increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Borrower, no more restrictive with respect to such Lien restrictions than those contained in the restrictions described in this Section prior to
such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

Section 6.10. Financial Covenants. 

(a) Maximum Consolidated Total Leverage Ratio. The Borrower will not permit the Consolidated Total Leverage Ratio as of the last day of
any Reference Period (commencing with the Reference Period ended December 31, 2021) to be greater than 2.50:1.00. 
 (b)
Broker-Dealer Subsidiaries. (i) The Borrower shall cause each Material Broker-Dealer Subsidiary (other than MarketAxess Corporation) to, at all times, maintain the monthly Regulatory Net Capital of such Material Broker-Dealer Subsidiary
in an amount equal to or in excess of 125% of the amount required to meet all net capital requirements imposed by any applicable regulatory authority on or with respect to such Material Broker-Dealer Subsidiary. 

(ii) The Borrower shall cause MarketAxess Corporation to maintain at all times its monthly Regulatory Net Capital equal to or in excess of the
greater of an amount that is (A) 125% of the amount required to meet all net capital requirements imposed by any applicable regulatory authority on or with respect to MarketAxess Corporation and (B) 6.0% of MarketAxess Corporation’s aggregate
debit items calculated using the alternative method for computing net capital under Appendix E to Rule 15c3-1 of the Securities Exchange Act. 

(iii) The Borrower shall make computations under this Section 6.10(b) demonstrating compliance as of the last day of each fiscal quarter
concurrently with any delivery of financial statements under Section 5.01 (a) or (b) and a duly completed Compliance Certificate. 

  
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 ARTICLE VII 

EVENTS OF DEFAULT 

Section 7.01. Events of Default. If any of the following events (“Events of Default”) shall occur:

 (a) the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any
LC Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 

(b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in
clause (a) of this Article) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five (5) Business Days; 

(c) any representation or warranty made or deemed made by or on behalf of the Borrower or any Subsidiary (other than an
Immaterial Subsidiary) in or in connection with this Agreement, any other Loan Document, or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any report, certificate, financial statement or other document
furnished pursuant to or in connection with this Agreement, any other Loan Document, or any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have been incorrect in any material respect (or in any respect
if such representation or warranty is already qualified by concepts of materiality) when made or deemed made; 
 (d) the
Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.01(a) through (f), 5.02, 5.03 (with respect to the Borrower’s existence), or 5.08 or in Article VI; 

(e) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than
those specified in clause (a), (b) or (d) of this Article) or any other Loan Document, and such failure shall continue unremedied for a period of thirty (30) days following the first to occur of (i) a Financial Officer of the Borrower
having knowledge of such failure, and (ii) delivery of written notice thereof to the Borrower by the Administrative Agent; 

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

  
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 (g) any event or condition occurs that results in any Material Indebtedness
becoming due prior to its scheduled maturity or that enables or permits (after giving effect to any applicable grace periods or notice requirements) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to
cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to secured Indebtedness that
becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; 
 (h) an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any Subsidiary (other than an Immaterial Subsidiary) or its debts, or of a
substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar
official for the Borrower or any Subsidiary (other than an Immaterial Subsidiary) or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed or undischarged for sixty (60) days or an
order or decree approving or ordering any of the foregoing shall be entered; 
 (i) the Borrower or any Subsidiary (other
than an Immaterial Subsidiary) shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or
hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a
receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Subsidiary (other than an Immaterial Subsidiary) or for a substantial part of its assets, (iv) file an answer admitting the material allegations
of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 

(j) the Borrower or any Subsidiary (other than an Immaterial Subsidiary) shall become unable, admits in writing its inability
or fails generally to pay its debts as they become due; 
 (k) one or more judgments for the payment of money in an aggregate
amount in excess of $50,000,000 shall be rendered against the Borrower, any Subsidiary or any combination thereof and the same shall remain undischarged for a period of forty-five (45) consecutive days during which execution shall not be
effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any Subsidiary to enforce any such judgment; 

  
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 (l) an ERISA Event shall have occurred that, when taken together with all
other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; 
 (m) any
material provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all Obligations (other than contingent indemnification and
reimbursement Obligations in respect of which no claim for payment has been asserted by the Person entitled thereto), ceases to be in full force and effect; or the Borrower or any other Person contests in writing the validity or enforceability of
any provision of any Loan Document; or the Borrower denies in writing that it has any or further liability or obligation under any Loan Document, or purports in writing to revoke, terminate or rescind any Loan Document; 

(n) a Change in Control shall occur; 

(o) any Broker-Dealer Subsidiary shall fail to meet the minimum capital requirements
imposed by applicable regulatory authorities that is not cured within five (5) Business Days of a Financial Officer of the Borrower having knowledge of such failure; provided, that any failure by a Material Broker-Dealer Subsidiary to
comply with Section 6.10(b) shall be an Event of Default under Section 7.01(d) above; 
 (p) the Borrower or any
Subsidiary that holds the Equity Interests of a Broker-Dealer Subsidiary shall become ineligible to hold such Equity Interests by reason of a statutory disqualification or otherwise; 

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

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

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

  
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 Section 7.02. Remedies Upon an Event of Default. If an Event of
Default occurs (other than an event with respect to the Borrower described in Sections 7.01(h) or 7.01(i)), and at any time thereafter during the continuance of such Event of Default, the Administrative Agent may with the consent of the Required
Lenders, and shall at the request of the Required Lenders, by notice to the Borrower, take any or all of the following actions, at the same or different times: 

(a) terminate the Commitments, and thereupon the Commitments shall terminate immediately; 

(b) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared
to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued
hereunder and under any other Loan Document, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; 

(c) require that the Borrower provide cash collateral as required in Section 2.06(j); and 

(d) exercise on behalf of itself, the Lenders and the Issuing Bank all rights and remedies available to it, the Lenders and the
Issuing Bank under the Loan Documents and Applicable Law. 
 If an Event of Default described in Sections 7.01(h) or 7.01(i) occurs
with respect to the Borrower, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder and under any
other Loan Document including any break funding payment or prepayment premium, shall automatically become due and payable, and the obligation of the Borrower to cash collateralize the LC Exposure as provided in clause (c) above shall
automatically become effective, in each case, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. 

Section 7.03. Application of Payments. Notwithstanding anything herein to the contrary, following the occurrence and
during the continuance of an Event of Default, and notice thereof to the Administrative Agent by the Borrower or the Required Lenders: 

(a) all payments received on account of the Obligations shall, subject to Section 2.20, be applied by the Administrative
Agent as follows: 
 (i) first, to payment of that portion of the Obligations constituting fees, indemnities, expenses and
other amounts payable to the Administrative Agent (including fees and disbursements and other charges of counsel to the Administrative Agent payable under Section 9.03 and amounts pursuant to Section 2.12(c) payable to the Administrative
Agent in its capacity as such); 

  
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 (ii) second, to payment of that portion of the Obligations constituting
fees, expenses, indemnities and other amounts (other than principal, reimbursement obligations in respect of LC Disbursements, interest and Letter of Credit fees) payable to the Lenders and the Issuing Bank (including fees and disbursements and
other charges of counsel to the Lenders and the Issuing Bank payable under Section 9.03) arising under the Loan Documents, ratably among them in proportion to the respective amounts described in this clause (ii) payable to them; 

(iii) third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit fees and charges
and interest on the Loans and unreimbursed LC Disbursements, ratably among the Lenders and the Issuing Bank in proportion to the respective amounts described in this clause (iii) payable to them; 

(iv) fourth, (A) to payment of that portion of the Obligations constituting unpaid principal of the Loans and unreimbursed
LC Disbursements and (B) to cash collateralize that portion of LC Exposure comprising the undrawn amount of Letters of Credit to the extent not otherwise cash collateralized by the Borrower pursuant to Section 2.06 or 2.20,
ratably among the Lenders and the Issuing Bank in proportion to the respective amounts described in this clause (iv) payable to them; provided that (x) any such amounts applied pursuant to subclause (B) above shall be paid to
the Administrative Agent for the account of the Issuing Bank to cash collateralize Obligations in respect of Letters of Credit, (y) subject to Section 2.06 or 2.20, amounts used to cash collateralize the aggregate amount of Letters of
Credit pursuant to this clause (iv) shall be used to satisfy drawings under such Letters of Credit as they occur and (z) upon the expiration of any Letter of Credit (without any pending drawings), the pro rata share of cash collateral
shall be distributed to the other Obligations, if any, in the order set forth in this Section 7.03; 
 (v) fifth, to the
payment in full of all other Obligations, in each case ratably among the Administrative Agent, the Lenders and the Issuing Bank based upon the respective aggregate amounts of all such Obligations owing to them in accordance with the respective
amounts thereof then due and payable; and 
 (vi) finally, the balance, if any, after all Obligations have been indefeasibly
paid in full, to the Borrower or as otherwise required by law; and 

  
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 (b) if any amount remains on deposit as cash collateral after all Letters of
Credit have either been fully drawn or expired (without any pending drawings), such remaining amount shall be applied to the other Obligations, if any, in the order set forth above. 

ARTICLE VIII 

THE ADMINISTRATIVE AGENT 

Section 8.01. Authorization and Action. (a) Each Lender and the Issuing Bank hereby irrevocably appoints the
entity named as Administrative Agent in the heading of this Agreement and its successors and assigns to serve as the administrative agent under the Loan Documents and each Lender and the Issuing Bank authorizes the Administrative Agent to take such
actions as agent on its behalf and to exercise such powers under this Agreement and the other Loan Documents as are delegated to the Administrative Agent under such agreements and to exercise such powers as are reasonably incidental thereto. Without
limiting the foregoing, each Lender and the Issuing Bank hereby authorizes the Administrative Agent to execute and deliver, and to perform its obligations under, each of the Loan Documents to which the Administrative Agent is a party, and to
exercise all rights, powers and remedies that the Administrative Agent may have under such Loan Documents. 
 (b) As to any matters not
expressly provided for herein and in the other Loan Documents (including enforcement or collection), the Administrative Agent shall not 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 written instructions of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan Documents), and,
unless and until revoked in writing, such instructions shall be binding upon each Lender and the Issuing Bank; provided, however, that the Administrative Agent shall not be required to take any action that (i) the Administrative Agent in
good faith believes exposes it to liability unless the Administrative Agent receives an indemnification and is exculpated in a manner satisfactory to it from the Lenders and the Issuing Bank with respect to such action or (ii) is contrary to
this Agreement or any other Loan Document or applicable law, including any action that may be in violation of the automatic stay under any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may
effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors; provided, further, that the Administrative
Agent may seek clarification or direction from the Required Lenders prior to the exercise of any such instructed action and may refrain from acting until such clarification or direction has been provided. Except as expressly set forth in the Loan
Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower, any Subsidiary or any Affiliate of any of the foregoing that is communicated to
or obtained by the Person serving as Administrative Agent or any of its 

  
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Affiliates in any capacity. Nothing in this Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any
of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

(c) In performing its functions and duties hereunder and under the other Loan Documents, the Administrative Agent is acting solely on behalf of
the Lenders and the Issuing Bank (except in limited circumstances expressly provided for herein relating to the maintenance of the Register), and its duties are entirely mechanical and administrative in nature. Without limiting the generality of the
foregoing: 
 (i) the Administrative Agent does not assume and shall not be deemed to have assumed any obligation or duty or
any other relationship as the agent, fiduciary or trustee of or for any Lender, the Issuing Bank or holder of any other obligation other than as expressly set forth herein and in the other Loan Documents, regardless of whether a Default or an Event
of Default has occurred and is continuing (and it is understood and agreed that the use of the term “agent” (or any similar term) herein or in any other Loan Document with reference to the Administrative Agent is not intended to connote
any fiduciary duty or other implied (or express) obligations arising under agency doctrine of any applicable law, and that such term is used as a matter of market custom and is intended to create or reflect only an administrative relationship
between contracting parties); additionally, each Lender agrees that it will not assert any claim against the Administrative Agent based on an alleged breach of fiduciary duty by the Administrative Agent in connection with this Agreement and/or the
transactions contemplated hereby; and 
 (ii) nothing in this Agreement or any Loan Document shall require the Administrative
Agent to account to any Lender for any sum or the profit element of any sum received by the Administrative Agent for its own account. 
 (d)
The Administrative Agent may perform any 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 of their respective duties and exercise their respective rights and powers through their respective Related Parties. The exculpatory
provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their
respective activities pursuant to this Agreement. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction
determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agent. 

  
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 (e) No Arranger shall have obligations or duties whatsoever in such capacity under this
Agreement or any other Loan Document and shall incur no liability hereunder or thereunder in such capacity, but all such persons shall have the benefit of the indemnities provided for hereunder. 

(f) In case of the pendency of any proceeding under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or
hereafter in effect, the Administrative Agent (irrespective of whether the principal of any Loan or any reimbursement obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the
Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise: 

(i) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans,
LC Disbursements and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Bank and the Administrative Agent (including any
claim under Sections 2.12, 2.13, 2.15, 2.17 and 9.03) allowed in such judicial proceeding; and 
 (ii) to collect and receive
any monies or other property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each Lender and the Issuing Bank to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the
making of such payments directly to the Lenders or the Issuing Bank, to pay to the Administrative Agent any amount due to it, in its capacity as the Administrative Agent, under the Loan Documents (including under Section 9.03). Nothing
contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or the Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the
Obligations or the rights of any Lender or the Issuing Bank or to authorize the Administrative Agent to vote in respect of the claim of any Lender or the Issuing Bank in any such proceeding. 

(g) The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Bank, and, except
solely to the extent of the Borrower’s rights to consent pursuant to and subject to the conditions set forth in this Article, none of the Borrower or any Subsidiary, or any of their respective Affiliates, shall have any rights as a third party
beneficiary under any such provisions. 
 Section 8.02. Administrative Agent’s Reliance, Limitation of Liability,
Etc. (a) Neither the Administrative Agent nor any of its Related Parties shall be (i) liable for any action taken or omitted to be taken by such party, the Administrative Agent or any of its Related Parties under or in connection with
this Agreement or the other Loan 

  
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Documents (x) with the consent of or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall
believe in good faith to be necessary, under the circumstances as provided in the Loan Documents) or (y) in the absence of its own gross negligence or willful misconduct (such absence to be presumed unless otherwise determined by a court of
competent jurisdiction by a final and non-appealable judgment) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by the Borrower or
any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement
or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document (including, for the avoidance of doubt, in connection with the Administrative Agent’s
reliance on any Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page) or for any failure of the Borrower to perform its obligations hereunder or
thereunder. 
 (b) The Administrative Agent shall be deemed not to have knowledge of any (i) notice of any of the events or
circumstances set forth or described in Section 5.02 unless and until written notice thereof stating that it is a “notice under Section 5.02” in respect of this Agreement and identifying the specific clause under said
Section is given to the Administrative Agent by the Borrower, or (ii) notice of any Default or Event of Default unless and until written notice thereof (stating that it is a “notice of Default” or a “notice of an Event of
Default”) is given to the Administrative Agent by the Borrower, a Lender or the Issuing Bank. Further, 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 or the occurrence of any Default or Event of Default, (iv) the sufficiency, 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, other than to confirm receipt of items (which on their face purport to be such items) expressly required
to be delivered to the Administrative Agent or satisfaction of any condition that expressly refers to the matters described therein being acceptable or satisfactory to the Administrative Agent. 

(c) Without limiting the foregoing, the Administrative Agent (i) may treat the payee of any promissory note as its holder until such
promissory note has been assigned in accordance with Section 9.04, (ii) may rely on the Register to the extent set forth in Section 9.04(b), (iii) may consult with legal counsel (including counsel to the Borrower), 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, (iv) makes no warranty or
representation to any Lender or Issuing Bank and shall not be responsible to any Lender or Issuing Bank for any statements, warranties or representations made by or on behalf of the Borrower in 

  
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connection with this Agreement or any other Loan Document, (v) in determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by
its terms must be fulfilled to the satisfaction of a Lender or the Issuing Bank, may presume that such condition is satisfactory to such Lender or the Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such
Lender or the Issuing Bank sufficiently in advance of the making of such Loan or the issuance of such Letter of Credit and (vi) shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan
Document by acting upon, any notice, consent, certificate or other instrument or writing (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution) or any statement made to it orally or by
telephone and believed by it to be genuine and signed or sent or otherwise authenticated by the proper party or parties (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof). 

Section 8.03. Posting of Communications. (a) The Borrower agrees that the Administrative Agent may, but shall
not be obligated to, make any Communications available to the Lenders and the Issuing Bank by posting the Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic
platform chosen by the Administrative Agent to be its electronic transmission system (the “Approved Electronic Platform”). 

(b) Although the Approved Electronic Platform and its primary web portal are secured with
generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization system) and
the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, the Issuing Bank and the Borrower acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the
Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Approved Electronic Platform, and that there may be confidentiality and other risks associated with such
distribution. Each of the Lenders, the Issuing Bank and the Borrower hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of such distribution. 

(c) THE APPROVED ELECTRONIC PLATFORM AND THE
COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE.” THE APPLICABLE
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS
OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM
AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED
ELECTRONIC PLATFORM AND THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS,
IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A
PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR
FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE
PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM.
IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY ARRANGER, ANY SYNDICATION 

  
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AGENT OR ANY OF THEIR RESPECTIVE RELATED PARTIES
(COLLECTIVELY, “APPLICABLE PARTIES”) HAVE ANY LIABILITY TO THE BORROWER,
ANY LENDER, THE ISSUING BANK OR ANY OTHER PERSON OR ENTITY FOR
DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR
CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE)
ARISING OUT OF THE BORROWER’S OR THE ADMINISTRATIVE AGENT’S
TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC
PLATFORM. 
 “Communications” means, collectively, any notice, demand, communication, information, document
or other material provided by or on behalf of the Borrower pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or the Issuing Bank by means of electronic
communications pursuant to this Section, including through an Approved Electronic Platform. 
 (d) Each Lender and the Issuing Bank agrees
that notice to it (as provided in the next sentence) specifying that Communications have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents.
Each Lender and the Issuing Bank agrees (i) to notify the Administrative Agent in writing (which could be in the form of electronic communication) from time to time of such Lender’s or the Issuing Bank’s (as applicable) email address
to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email address. 

(e) Each of the Lenders, the Issuing Bank and the Borrower agrees that the Administrative Agent may, but (except as may be required by
applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent’s generally applicable document retention procedures and policies. 

(f) Nothing herein shall prejudice the right of the Administrative Agent, any Lender or the Issuing Bank to give any notice or other
communication pursuant to any Loan Document in any other manner specified in such Loan Document. 
 Section 8.04. The
Administrative Agent Individually. With respect to its Commitment, Loans (including Swingline Loans) and Letters of Credit, the Person serving as the Administrative Agent shall have and may exercise the same rights and powers hereunder and is
subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender or Issuing Bank, as the case may be. The terms “Issuing Bank,” “Lenders,” “Required Lenders” and any similar
terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in its individual capacity as a Lender, Issuing Bank or as one of the Required Lenders, as applicable. The Person serving as the Administrative Agent and
its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust or other business with, the Borrower, any Subsidiary or
any Affiliate of any of the foregoing as if such Person was not acting as the Administrative Agent and without any duty to account therefor to the Lenders or the Issuing Bank. 

  
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 Section 8.05. Successor Administrative Agent. (a) The
Administrative Agent may resign at any time by giving thirty (30) days’ prior written notice thereof to the Lenders, the Issuing Bank and the Borrower, whether or not a successor Administrative Agent has been appointed. Upon any such
resignation, the Required Lenders shall have the right to appoint a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within thirty
(30) days after the retiring Administrative Agent’s giving of notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent, which shall be a bank
with an office in New York, New York or an Affiliate of any such bank. In either case, such appointment shall be subject to the prior written approval of the Borrower (which approval may not be unreasonably withheld and shall not be
required while an Event of Default has occurred and is continuing). Upon the acceptance of any appointment as Administrative Agent by a successor Administrative Agent, such successor Administrative Agent shall succeed to, and become vested with, all
the rights, powers, privileges and duties of the retiring Administrative Agent. Upon the acceptance of appointment as Administrative Agent by a successor Administrative Agent, the retiring Administrative Agent shall be discharged from its duties and
obligations under this Agreement and the other Loan Documents. Prior to any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the retiring Administrative Agent shall take such action as may be reasonably necessary
to assign to the successor Administrative Agent its rights as Administrative Agent under the Loan Documents. 
 (b) Notwithstanding paragraph
(a) of this Section, in the event no successor Administrative Agent shall have been so appointed and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its intent to resign,
the retiring Administrative Agent may give notice of the effectiveness of its resignation to the Lenders, the Issuing Bank and the Borrower, whereupon, on the date of effectiveness of such resignation stated in such notice, (i) the retiring
Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents; and (ii) the Required Lenders shall succeed to and become vested with all the rights, powers, privileges and duties of the
retiring Administrative Agent; provided that (A) all payments required to be made hereunder or under any other Loan Document to the Administrative Agent for the account of any Person other than the Administrative Agent shall be made
directly to such Person and (B) all notices and other communications required or contemplated to be given or made to the Administrative Agent shall directly be given or made to each Lender and the Issuing Bank. Following the effectiveness of
the Administrative Agent’s resignation from its capacity as such, the provisions of this Article and Section 9.03, as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall
continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the
retiring Administrative Agent was acting as Administrative Agent. 

  
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 Section 8.06. Acknowledgements of Lenders and Issuing Bank.
(a) Each Lender and the Issuing Bank represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility, (ii) it is engaged in making, acquiring or holding commercial loans and in providing other
facilities set forth herein as may be applicable to such Lender or the Issuing Bank, in each case in the ordinary course of business, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument (and each Lender
and the Issuing Bank agrees not to assert a claim in contravention of the foregoing), (iii) it has, independently and without reliance upon the Administrative Agent, any Arranger, or any other Lender or the Issuing Bank, or any of the Related
Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder and
(iv) it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or the Issuing Bank, and either it, or the Person exercising
discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities. Each Lender and the
Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Arranger or any other Lender or the Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such documents
and information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Borrower and its Affiliates) as it shall from time to time deem
appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

(b) Each Lender, by delivering its signature page to this Agreement on the Effective Date, or delivering its signature page to an Assignment
and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to,
or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date. 
 (c) (i) Each Lender hereby
agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a
payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of
such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in
same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB
Rate and a rate determined by the 

  
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 Administrative Agent in accordance with banking industry rules on interbank compensation from time to time
in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or
recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on “discharge for value” or any similar doctrine. A notice of
the Administrative Agent to any Lender under this Section 8.06(c) shall be conclusive, absent manifest error. 
 (ii) Each Lender hereby
further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or
any of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to
such Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon
demand from the Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day
funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and
a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. 

(iii) The Borrower and each other Loan Party hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not
recovered from any Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay,
prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Loan Party. 
 (iv) Each party’s
obligations under this Section 8.06(c) shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment,
satisfaction or discharge of all Obligations under any Loan Document. 
 Section 8.07. Certain ERISA Matters.
(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party
hereto, for the benefit of, the Administrative Agent, the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower, that at least one of the following is and will be true:

  
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 (i) such Lender is not using “plan assets” (within the meaning of
the Plan Asset Regulations) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments, 

(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a
class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions
involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect
to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the
meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the
Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or 

(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole
discretion, and such Lender. 
 (b) In addition, unless sub-clause (i) in the immediately
preceding clause (a) is true with respect to a Lender or such Lender has provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a),
such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party
hereto, for the benefit of, the Administrative Agent, the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower, that none of the Administrative Agent, nor any Arranger, any Syndication
Agent or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any
documents related to hereto or thereto). 

  
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 (c) The Administrative Agent, the Arrangers and Syndication Agents hereby inform the Lenders
that each such Person is not undertaking to provide investment advice or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated
hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments, this Agreement and any other Loan Documents (ii) may recognize a gain if it
extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other payments in
connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or
collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s
acceptance fees, breakage or other early termination fees or fees similar to the foregoing. 
 ARTICLE IX 

MISCELLANEOUS 

Section 9.01. Notices. (a) Except in the case of notices and other communications expressly permitted to be
given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by
telecopy, as follows: 
 (i) if to the Borrower, to it at MarketAxess Holdings Inc., 55 Hudson Yards, New York, NY, 10001,
Attention of Antonio L. DeLise and Scott Pintoff (email: tdelise@marketaxess.com and spintoff@marketaxess.com); with copies (which shall not constitute notice) to Proskauer Rose LLP, Eleven Times Square, New York, NY 10036, Attention of Andrew
Bettwy (email: abettwy@proskauer.com); 
 (ii) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., JPMorgan Loan
Services, 500 Stanton Christiana Road, Ops 2, 3rd Floor Newark, DE 19713, Attention of Loan and Agency Services Group (Fax No. 1 (302) 634-3301);
and 
 (iii) if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

 Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when
received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for
the recipient). Notices delivered through Approved Electronic Platforms, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b). 

  
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 (b) Notices and other communications to the Borrower, the Lenders and the Issuing Bank
hereunder may be delivered or furnished by using Approved Electronic Platforms pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise
agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures
approved by it; provided that approval of such procedures may be limited to particular notices or communications. 
 (c) 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), 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; provided that, for both clauses (i) and (ii) above, if such notice, email 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. 
 (d) Any party
hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. 

Section 9.02. Waivers; Amendments. (a) No failure or delay by the Administrative Agent, the Issuing Bank or any
Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any
other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Bank and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they
would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the 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 or issuance of a Letter of Credit shall not be construed as a waiver of any
Default, regardless of whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time. 

  
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 (b) Subject to Section 2.14(b), (c) and (d) and Section 9.02(c) below,
neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with
the consent of the Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender (it being understood that a waiver of any condition precedent set forth in
Section 4.02 or the waiver of any Default shall not constitute an increase of any Commitment of any Lender), (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees
payable hereunder, without the written consent of each Lender directly affected thereby, provided, however, that only the consent of the Required Lenders shall be necessary to amend the provisions with respect to the application or amount of
the default rate described in Section 2.13(c) or waive any obligation of the Borrower to pay interest, fees or other amounts at such default rate, (iii) postpone the scheduled date of payment of the principal amount of any Loan or
LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender
directly affected thereby, (iv) change Section 2.09(c) or 2.18(b) or (c) in a manner that would alter the ratable reduction of Commitments or the pro rata sharing of payments required thereby, without the written consent of each
Lender, (v) change the payment waterfall provisions of Section 2.20(b) or 7.03 without the written consent of each Lender, or (vi) change any of the provisions of this Section or the definition of “Required Lenders” or
any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender; provided
further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Issuing Bank or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, the
Issuing Bank or the Swingline Lender, as the case may be; and provided further that no such agreement shall amend or modify the provisions of Section 2.06 without the prior written consent of the Administrative Agent and the Issuing
Bank. 
 (c) If the Administrative Agent and the Borrower acting together identify any ambiguity, omission, mistake, typographical error or
other defect in any provision of this Agreement or any other Loan Document, then the Administrative Agent and the Borrower shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical
error or other defect, and such amendment shall become effective without any further action or consent of any other party to this Agreement. Notwithstanding the foregoing, technical and conforming modifications to the Credit Documents may be made
with the consent of the Borrower and the Administrative Agent to the extent necessary to integrate any incremental Commitments on substantially the same basis as the Loans. 

  
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 Section 9.03. Expenses; Limitation of Liability; Indemnity, Etc. 

(a) Expenses. The Borrower shall pay (i) all reasonable and documented out of pocket expenses incurred by the Administrative Agent
and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of this
Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment
thereunder and (iii) all documented out-of-pocket expenses incurred by the Administrative Agent, the Issuing Bank or any Lender, including the fees, charges and
disbursements of any counsel for the Administrative Agent, the Issuing Bank or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this
Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring
or negotiations in respect of such Loans or Letters of Credit; provided, that the Borrower’s obligations under this Section 9.03(a) for fees and expenses of legal counsel shall be limited to fees and expenses of (x) one outside
legal counsel for all Persons described in clauses (i), (ii) and (iii) above, taken as a whole, (y) in the case of any conflict of interest, one outside legal counsel for such affected Person or group of Persons and (z) if necessary,
one specialist counsel and local legal counsel in each material relevant jurisdiction. 
 (b) Limitation of Liability. To the extent
permitted by applicable law (i) the Borrower shall not assert, and the Borrower hereby waives, any claim against the Administrative Agent, any Arranger, any Syndication Agent, the Issuing Bank and any Lender, and any Related Party of any of the
foregoing Persons (each such Person being called a “Lender-Related Person”) for any Liabilities arising from the use by others of information or other materials (including, without
limitation, any personal data) obtained through telecommunications, electronic or other information transmission systems (including the Internet), and (ii) no party hereto shall assert, and each such party hereby waives, any Liabilities against
any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or
any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this Section 9.03(b) shall relieve the Borrower of any obligation it
may have to indemnify an Indemnitee, as provided in Section 9.03(c), against any special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party. 

  
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 (c) Indemnity. The Borrower shall indemnify the Administrative Agent, any Arranger,
any Syndication Agent, the Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all Liabilities
and related expenses, including the reasonable and documented out-of-pocket fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted
against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, (ii) the performance by
the parties hereto of their respective obligations hereunder or thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (iii) any action taken in connection with this Agreement, including, but not
limited to, the payment of principal, interest and fees; provided, however, that this clause (iii) shall not apply to the Borrower with respect to any and all Liabilities and related expenses, including the reasonable and documented out-of-pocket fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a
result of the enforcement or protection of such Indemnitee’s rights and obligations pursuant to Section 8.06(c), (iv) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a
demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (v) any actual or alleged presence or release of Hazardous Materials on or
from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (vi) any actual or prospective Proceeding relating to any of the
foregoing, whether or not such Proceeding is brought by the Borrower or its equity holders, Affiliates, creditors or any other third Person and whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party
thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such Liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted primarily from the gross negligence or willful misconduct of such Indemnitee. This Section 9.03(c) shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising from any non-Tax claim. 
 (d) Lender Reimbursement. Each Lender severally agrees to pay any amount required
to be paid by the Borrower under paragraphs (a), (b) or (c) of this Section 9.03 to the Administrative Agent, the Issuing Bank and the Swingline Lender, and each Related Party of any of the foregoing Persons (each, an
“Agent-Related Person”) (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Applicable
Percentage in effect on the date on which such payment is sought under this Section (or, if such payment is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with
such Applicable Percentage immediately prior to such date), from and against any and all Liabilities and related expenses, including the fees, charges and disbursements of any kind whatsoever that may at any time (whether before or after the payment
of the Loans) be imposed on, incurred by or asserted against such Agent-Related Person 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 

  
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 action taken or omitted by such Agent-Related Person under or in
connection with any of the foregoing; provided that the unreimbursed expense or Liability or related expense, as the case may be, was incurred by or asserted against such Agent-Related Person in its
capacity as such; provided further that no Lender shall be liable for the payment of any portion of such Liabilities, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction
to have resulted primarily from such Agent-Related Party’s gross negligence or willful misconduct. The agreements in this Section shall survive the termination of this Agreement and the payment of
the Loans and all other amounts payable hereunder. 
 (e) Payments. All amounts due under this Section 9.03 shall be payable
promptly after written demand therefor. 
 Section 9.04. Successors and Assigns. (a) The provisions of
this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the
Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and
(ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties
hereto, their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related
Parties of each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons (other than
an Ineligible Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment, participations in Letters of Credit and the Loans at the time owing to it) with the prior written consent
(such consent not to be unreasonably withheld or delayed) of: 
 (A) the Borrower (not to unreasonably withheld or delayed);
provided that the Borrower shall be deemed to have consented to an assignment of all or a portion of the Revolving Loans and Commitments unless it shall have objected thereto by written notice to the Administrative Agent within ten
(10) Business Days after having received notice thereof; provided that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default described in
Section 7.01(a), 7.01(b), 7.01(h), 7.01(i) or 7.01(j) has occurred and is continuing, any other assignee; 
 (B) the
Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment of any Commitment to an assignee that is a Lender (other than a Defaulting Lender) with a Commitment immediately prior to giving
effect to such assignment; and 

  
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 (C) the Issuing Bank. 

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

(A) except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, or an assignment of the
entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such
assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent; provided that no such consent of the Borrower shall be required if an Event of
Default described in Section 7.01(a), 7.01(b), 7.01(h), 7.01(i) or 7.01(j) has occurred and is continuing; 
 (B) each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement; 

(C) the parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption
or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are
participants, together with a processing and recordation fee of $3,500; and 
 (D) the assignee, if it shall not be a Lender,
shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its related parties or its securities) will be made available and who may receive such information in accordance with the assignee’s compliance
procedures and applicable laws, including Federal and state securities laws. 
 For the purposes of this Section 9.04(b), the term
“Approved Fund” and “Ineligible Institution” have the following meanings: 
 “Approved
Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by
(a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

  
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 “Ineligible Institution” means (a) a natural person, (b) a
Defaulting Lender or its Lender Parent, (c) a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof, (d) the Borrower or any of its Affiliates;
provided that, with respect to clause (c), such holding company, investment vehicle or trust shall not constitute an Ineligible Institution if it (i) has not been established for the primary purpose of acquiring any Loans or Commitments,
(ii) is managed by a professional advisor, who is not such natural person or a relative thereof, having significant experience in the business of making or purchasing commercial loans, and (iii) has assets greater than $25,000,000 and a
significant part of its activities consist of making or purchasing commercial loans and similar extensions of credit in the ordinary course of its business, or (e) a Disqualified Lender. 

(iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date
specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the
assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03). Any assignment or transfer by a Lender of rights
or obligations under this Agreement that does not comply with this Section shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this
Section. 
 (iv) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the
Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest)
of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the
Administrative Agent, the Issuing Bank 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 the Borrower, the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(v) Upon its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the
extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, the
assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent 

  
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to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the
Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(d), the Administrative Agent
shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be
effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
 (c) Any Lender may,
without the consent of, or notice to, the Borrower, the Administrative Agent, the Issuing Bank or the Swingline Lender, sell participations to one or more banks or other entities (a “Participant”), other than an Ineligible
Institution, in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (A) such Lender’s obligations under
this Agreement shall remain unchanged; (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; and (C) the Borrower, the Administrative Agent, the Issuing Bank and the other
Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide
that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits
of Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements under Sections 2.17(f) (it being understood that the documentation required under Section 2.17(f) shall be delivered to the
participating Lender and the information) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to
the provisions of Section 2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Section 2.15 or 2.17, with respect to any participation, than its
participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells
a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.19(b) with respect to any Participant. To the extent permitted by law, each
Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.18(c) as though it were a Lender. Each Lender that sells a participation
shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest)
of each Participant’s interest in the Loans or other obligations under the Loan Documents (the 

  
 -122- 

 
“Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any
Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish
that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be
conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the
avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including 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. 

Section 9.05. Survival. All covenants, agreements, representations and warranties made by the Borrower herein and in
the other Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Documents shall be considered to have been relied upon by the other parties hereto and shall survive
the execution and delivery of this Agreement and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, the
Issuing Bank 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 or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 2.15,
2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit
and the Commitments or the termination of this Agreement or any provision hereof. 
 Section 9.06. Counterparts;
Integration; Effectiveness; Electronic Execution. (a) This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken
together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the
subject matter hereof and supersede any and all previous agreements and 

  
 -123- 

 
understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. 
 (b) Delivery of an executed counterpart of a signature page of (x) this
Agreement, (y) any other Loan Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to Section 9.01), certificate, request, statement,
disclosure or authorization related to this Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an “Ancillary Document”) that is an Electronic Signature transmitted by telecopy,
emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement, such other Loan Document or such Ancillary Document, as
applicable. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement, any other Loan Document and/or any Ancillary Document shall be deemed to include
Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be
of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided that
nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; provided, further, without limiting the foregoing, (i) to
the extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Borrower without
further verification thereof and without any obligation to review the appearance or form of any such Electronic signature and (ii) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed
by a manually executed counterpart. Without limiting the generality of the foregoing, the Borrower hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies,
bankruptcy proceedings or litigation among the Administrative Agent, the Lenders, and the Borrower, Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature
page and/or any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original, (ii) the Administrative Agent and each of the
Lenders may, at its option, create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such
Person’s business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record), (iii) waives any
argument, defense or right to contest the legal effect, 

  
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validity or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement, such other Loan Document
and/or such Ancillary Document, respectively, including with respect to any signature pages thereto and (iv) waives any claim against any Lender-Related Person for any Liabilities arising solely from the
Administrative Agent’s and/or any Lender’s reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page, including
any Liabilities arising as a result of the failure of the Borrower to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature. 

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, the
Issuing Bank, 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 setoff 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, the Issuing Bank or any such Affiliate, to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing
under this Agreement or any other Loan Document to such Lender or the Issuing Bank or their respective Affiliates, irrespective of whether or not such Lender, the Issuing Bank or Affiliate shall have made any demand under this Agreement or any other
Loan Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a branch office or Affiliate of such Lender or the Issuing Bank different from the branch office or Affiliate holding such deposit or obligated
on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so setoff shall be paid over immediately to the Administrative Agent for further application in
accordance with the provisions of Section 2.20 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Bank, and the
Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of
each Lender, the Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the Issuing Bank or their respective Affiliates may have. Each
Lender and the Issuing Bank agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.

  
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 Section 9.09. Governing Law; Jurisdiction; Consent to Service of
Process. (a) This Agreement and the other Loan Documents shall be construed in accordance with and governed by the law of the State of New York. 

(b) Each of the Lenders and the Administrative Agent hereby irrevocably and unconditionally agrees that, notwithstanding the governing law
provisions of any applicable Loan Document, any claims brought against the Administrative Agent by any Lender relating to this Agreement, any other Loan Document or the consummation or administration of the transactions contemplated hereby or
thereby shall be construed in accordance with and governed by the law of the State of New York. 
 (c) Each of the parties hereto hereby
irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks
subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan), and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan
Document or the transactions relating hereto or thereto, 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
(and any such claims, cross-claims or third party claims brought against the Administrative Agent or any of its Related Parties may only) be heard and determined in such Federal (to the extent permitted by
law) or New York State court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by
law. Nothing in this Agreement or in any other Loan Document shall affect any right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or
its properties in the courts of any jurisdiction. 
 (d) Each of the parties hereto 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 paragraph (c) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

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

  
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 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 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. 

Section 9.12. Confidentiality. Each of the Administrative Agent, the Issuing Bank and the Lenders agrees to maintain
the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any Governmental Authority
(including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal
process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to this Agreement or the enforcement of rights
hereunder or under any other Loan Document, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any
of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) on a confidential basis to
(1) any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided for herein or (2) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of
identification numbers with respect to the credit facilities provided for herein, (h) with the consent of the Borrower or (i) to the extent such Information (i) becomes publicly available other than as a result of a breach of this
Section or (ii) becomes available to the Administrative Agent, the Issuing Bank or any Lender on a non-confidential basis from a source other than the Borrower. For the purposes of this Section,
“Information” means all information received from the Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent, the Issuing Bank or any Lender on a non-confidential basis prior to disclosure by the Borrower and other than information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers, that
serve the lending industry; provided that, in the case of information received from the Borrower after the date hereof such information shall be deemed confidential unless such information is either clearly identified at the time of delivery
as not being confidential or publicly filed with any Governmental Agency. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such
Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

  
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 Section 9.13. Material
Non-Public Information. (a) EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED
IN SECTION 9.12 FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE
MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS
RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS
DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL
NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH
MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES
AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. 

(b) ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS
AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT
TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE
SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL
NON-PUBLIC INFORMATION ABOUT THE BORROWER AND ITS RELATED
PARTIES OR ITS SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER
AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE
QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN
MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE
PROCEDURES AND APPLICABLE LAW. 
 Section 9.14. Interest
Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law
(collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable
law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in
respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum
Rate therefor) until such cumulated amount, together with interest thereon at the NYFRB Rate to the date of repayment, shall have been received by such Lender. 

Section 9.15. No Fiduciary Duty, etc. (a) The Borrower acknowledges and agrees, and acknowledges its
Subsidiaries’ understanding, that no Credit Party will have any obligations except those obligations expressly set forth herein and in the other Loan Documents and each Credit Party is acting solely in the capacity of an arm’s length
contractual counterparty to the Borrower with respect to the Loan Documents and the transactions contemplated herein and therein and not as a financial advisor or a fiduciary to, or an agent of, the Borrower or any other person. The Borrower agrees
that it will not assert any claim against any Credit Party based on an alleged breach of fiduciary duty by such Credit Party in connection with this Agreement and the transactions contemplated 

  
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hereby. Additionally, the Borrower acknowledges and agrees that no Credit Party is advising the Borrower as to any legal, tax, investment, accounting, regulatory or any other matters in any
jurisdiction. The Borrower shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated herein or in the other Loan Documents, and
the Credit Parties shall have no responsibility or liability to the Borrower with respect thereto. 
 (b) The Borrower further acknowledges
and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party, together with its Affiliates, is a full service securities or banking firm engaged in securities trading and brokerage activities as well as providing
investment banking and other financial services. In the ordinary course of business, any Credit Party may provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers,
equity, debt and other securities and financial instruments (including bank loans and other obligations) of, the Borrower and other companies with which the Borrower may have commercial or other relationships. With respect to any securities and/or
financial instruments so held by any Credit Party or any of its customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion. 

(c) In addition, the Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party and its
affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which the Borrower may have conflicting interests regarding the transactions described herein and
otherwise. No Credit Party will use confidential information obtained from the Borrower by virtue of the transactions contemplated by the Loan Documents or its other relationships with the Borrower in connection with the performance by such Credit
Party of services for other companies, and no Credit Party will furnish any such information to other companies. The Borrower also acknowledges that no Credit Party has any obligation to use in connection with the transactions contemplated by the
Loan Documents, or to furnish to the Borrower, confidential information obtained from other companies. 

Section 9.16. USA PATRIOT Act. Each Lender that is subject to the requirements of the USA PATRIOT Act of 2001 (the
“Patriot Act”) hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address
of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Patriot Act. 

Section 9.17. Acknowledgement and Consent to Bail-In of Affected
Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial
Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

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

 (b) the effects of any Bail-In Action on any such liability, including, if
applicable: 
 (i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected
Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such
liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the Write-Down    and Conversion Powers of the applicable Resolution Authority. 

Section 9.18. Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support,
through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as
follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and
any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): 

In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a
proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property
securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and
any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered 

  
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Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such
Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and
the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in
no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. 

Section 9.19. Replacement of Existing Credit Agreement. This Agreement is executed for the purpose of, among other
things, replacing that certain Credit Agreement dated as of November 13, 2020, by and among the Borrower, the Lenders and the Administrative Agent (the “Existing Credit Agreement”). Upon the Effective Date, the Lenders’
commitment under the Existing Credit Agreement shall be terminated, and the Borrower shall have no further obligations thereunder other than (i) obligations for any fees and interest accrued under the Existing Credit Agreement that remains
unpaid after the Effective Date, and (ii) other obligations which, by the express terms of the Existing Credit Agreement, survive the termination thereof. The foregoing notwithstanding, any Loans outstanding under the Existing Credit Agreement
shall be deemed Loans hereunder, and the Existing Letters of Credit that shall be deemed Letters of Credit hereunder. 

[SIGNATURE PAGES TO FOLLOW] 

 

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

			
	MARKETAXESS HOLDINGS, INC., as the Borrower
		
	By:	 	 /s/ Christopher Gerosa

		 	Name: Christopher Gerosa
		 	Title: Chief Financial Officer

  
 Signature Page to Credit
Agreement 

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

		 	Name: Jennifer M. Dunneback
		 	Title: Executive Director

  
 Signature Page to Credit
Agreement 

 
			
	PNC BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Devin Faddoul

		 	Name: Devin Faddoul
		 	Title: Vice President

  
 Signature Page to Credit
Agreement 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Christopher Balderston

		 	Name: Christopher Balderston
		 	Title: Assistant Vice President

  
 Signature Page to Credit
Agreement 

 
			
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	 /s/ Sherman Wong

		 	Name: Sherman Wong
		 	Title: Director

  
 Signature Page to Credit
Agreement 

 
			
	BARCLAYS BANK PLC, as a Lender
		
	By:	 	 /s/ Ronnie Glenn

		 	Name: Ronnie Glenn
		 	Title: Director

  
 Signature Page to Credit
Agreement 

 
			
	CITIBANK, N.A., as a Lender
		
	By:	 	 /s/ Ciaran Small

		 	Name: Ciaran Small
		 	Title: Vice President

  
 Signature Page to Credit
Agreement 

 
			
	CREDIT SUISSE AG, NEW YORK BRANCH, as a Lender 
		
	By:	 	 /s/ Doreen Barr

		 	Name: Doreen Barr
		 	Title: Authorized Signatory
		
	By:	 	 /s/ Michael Dieffenbacher

		 	Name: Michael Dieffenbacher
		 	Title: Authorized Signatory

  
 Signature Page to Credit
Agreement 

 
			
	GOLDMAN SACHS BANK USA, as a Lender
		
	By:	 	 /s/ Rebecca Kratz

		 	Name: Rebecca Kratz
		 	Title: Authorized Signatory

  
 Signature Page to Credit
Agreement 

 
			
	HSBC BANK USA, NA, as a Lender
		
	By:	 	 /s/ Michael Coretti

		 	Name: Michael Coretti
		 	Title: SVP

  
 Signature Page to Credit
Agreement 

 
			
	KEYBANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Scott Klingbeil

		 	Name: Scott Klingbeil
		 	Title: Vice President

  
 Signature Page to Credit
Agreement 

 
			
	MORGAN STANLEY BANK, N.A., as a Lender
		
	By:	 	 /s/ Michael King

		 	Name: Michael King
		 	Title: Authorized Signatory

  
 Signature Page to Credit
Agreement 

 
			
	MUFG UNION BANK, N.A., as a Lender
		
	By:	 	 /s/ Jacob Ulevich

		 	Name: Jacob Ulevich
		 	Title: Director

  
 Signature Page to Credit
Agreement 

 
			
	PEOPLE’S UNITED BANK, NATIONAL ASSOCIATION, as a Lender 
		
	By:	 	 /s/ Kathryn Williams

		 	Name: Kathryn Williams
		 	Title: SVP

  
 Signature Page to Credit
Agreement 

 
			
	THE NORTHERN TRUST COMPANY, as a Lender
		
	By:	 	 /s/ Patrick J. Power

		 	Name: Patrick J. Power
		 	Title: Senior Vice President

  
 Signature Page to Credit
Agreementex_292653.htm

Exhibit 10.1

 

 

 

 

 

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

 

Among

 

INTEST CORPORATION;

 

as Borrower

 

and

 

AMBRELL CORPORATION,

INTEST SILICON VALLEY CORPORATION,

INTEST EMS, LLC, and

TEMPTRONIC CORPORATION;

 

 

as Guarantors

 

and

 

M&T BANK,

 

as Bank

 

Dated as of: October 15, 2021

 

 

 

 

 

 

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

 

THIS AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT is made effective as of October 15, 2021 by and among INTEST CORPORATION, a Delaware corporation, (“Borrower”), AMBRELL CORPORATION, a Delaware corporation, INTEST SILICON VALLEY CORPORATION, a Delaware corporation, INTEST EMS, LLC, a Delaware limited liability company, and TEMPTRONIC CORPORATION, a Delaware corporation (each individually, a “Guarantor” and collectively, the “Guarantors”) and M&T Bank (together with its successors and assigns, “Bank”).

 

BACKGROUND

 

A.        Borrower, Guarantors and Bank are parties to that certain Loan and Security Agreement dated as of April 10, 2020, as amended by that certain First Amendment to Loan and Security Agreement dated as of December 15, 2020, and amended by that certain Second Amendment to Loan and Security Agreement dated as of April 10, 2021 (collectively, as modified, the “Existing Loan Agreement”).

 

B.        Pursuant to the Existing Loan Agreement, Bank made available to Borrower a revolving line of credit in the maximum principal amount of Ten Million Dollars ($10,000,000).

 

C.        Borrower has requested and Bank has agreed to extend to Borrower a non-revolving delayed draw term loan in the maximum principal amount of Twenty Five Million Dollars ($25,000,000).

 

D.        Borrower and Bank desire to amend and restate the Existing Loan Agreement on the terms and conditions set forth in this Agreement.

 

 

NOW, THEREFORE, in consideration of the terms and conditions contained herein, and of any extensions of credit now or hereafter made to or for the benefit of Borrower under this Agreement, the parties hereto, intending to be legally bound hereby, agree that the Existing Loan Agreement is hereby amended and restated to read, in its entirety, as follows:

 

	 	
			1. 

				
			DEFINITIONS AND CONSTRUCTION.

			

 

1.1     Definitions. The following words and phrases as used in capitalized form in this Agreement, whether in the singular or plural, shall have the meanings indicated:

 

Account Debtor means any Person who is or who may become obligated under, with respect to, or on account of, an Account.

 

Accounts means, with respect to a Person, all of such Person’s now owned and hereinafter acquired rights to payment for goods sold or leased or for services rendered which is not evidenced by any instrument or chattel paper, whether or not it has been earned by performance, and any other property or interest in property that is classified as an account pursuant to the UCC.

 

 

 

 

Advances means any loan or extension of credit by Bank to Borrower, including without limitation, advances under the Revolving Credit Facility, the Term Loan, and/or advances to pay Bank Expenses.

 

Affiliate means any Person which directly or indirectly controls, or is controlled by, or is under common control with such Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

Agreement means this Amended and Restated Loan and Security Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

Anti-Terrorism Laws means any Applicable Law relating to terrorism or money laundering, including Executive Order No. 13224, the USA Patriot Act, the Applicable Laws comprising or implementing the Bank Secrecy Act, and the Applicable Laws administered by the United States Treasury Department’s Office of Foreign Asset Control (as any of the foregoing Applicable Laws may from time to time be amended, renewed, extended, or replaced).

 

Applicable Law means, with respect to any Person, all provisions of constitutions, statutes, regulations and orders of any Governmental Authority applicable to such Person or its property, including, without limitation, all orders and decrees of all courts and arbitrators in proceedings or actions to which such Person is a party. In respect of contracts relating to interest or finance charges that are made or performed in the Commonwealth of Pennsylvania, “Applicable Law” shall mean the laws of the U.S., including without limitation 12 U.S.C. §§ 85 and 86(a), as amended from time to time, and any other statute of the U.S. now or at any time hereinafter prescribing the maximum rates of interest on loans and extensions of credit, and the laws of the Commonwealth of Pennsylvania. Notwithstanding the foregoing, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, interpretations or directives thereunder or issued in connection therewith (whether or not having the force of Applicable Law) and (ii) all requests, rules, regulations, guidelines, interpretations or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities (whether or not having the force of Applicable Law), in each case pursuant to Basel III, shall in each case be deemed to be an Applicable Law regardless of the date enacted, adopted, issued, promulgated or implemented.

 

Applicable Margin is equal to the percent per annum in excess of the Base Rate or SOFR Rate as set forth in the following pricing matrix:

 

	
			Pricing

			Level

				
			Funded Debt to

			EBITDA

				
			Applicable Margin

			for Base Rate

				
			Applicable Margin

			for SOFR Loans

				
			Unused Facility

			Fee

			
	
			Level I

				
			2.5x < x ≤ 3.0

				
			1.61%

				
			2.61%

				
			0.25%

			
	
			Level II

				
			2.0x < x ≤ 2.50x

				
			1.36%

				
			2.36%

				
			0.20%

			
	
			Level III

				
			x ≤ 2.0x

				
			1.11%

				
			2.11%

				
			0.15%

			

 

 

 

 

Assignment of Patents, Trademarks, Licenses and Copyrights means the collateral assignments of patents, trademarks, licenses and copyrights of even date herewith executed by each Borrower in favor of Bank as security for the Obligations.

 

Average Unused Portion of Maximum Revolving Credit Facility Amount means, as of any date of determination, (a) the Maximum Revolving Credit Facility Amount, less (b) the average Daily Balance of Advances that were outstanding under the Revolving Credit Facility during the immediately preceding quarter.

 

Average Unused Portion of Term Loan Amount means, as of any date of determination, (a) the Maximum Term Loan Amount, less (b) the average Daily Balance of Advances that were outstanding under the Term Loan during the immediately preceding quarter.

 

Bank means M&T Bank, its successors and assigns.

 

Bank Expenses has the meaning set forth in Section 17.11.

 

Bankruptcy Code means the United States Bankruptcy Code (11 U.S.C. § 101 et seq.), as amended, and any successor statute.

 

Base Rate means the greater of the (i) rate of interest announced by the Bank each day as its Prime Rate or (ii) the Federal Funds Effective Rate plus one-half of one percent (1⁄2%) per annum. Notwithstanding anything to the contrary herein, to the extent the Prime Rate or Federal Funds Effective Rate shall, at any time, be less than zero percent (0.00%), the Prime Rate or Federal Funds Effective Rate, as applicable, shall be deemed to be zero percent (0.00%) for purposes hereof.

 

Benchmark has the meaning set forth in Section 6.5(f).

 

Benchmark Replacement has the meaning set forth in Section 6.5(f).

 

Benchmark Replacement Adjustments has the meaning set forth in Section 6.5(f).

 

Benchmark Replacement Conforming Changes has the meaning set forth in Section 6.5(f).

 

Benchmark Replacement Date has the meaning set forth in Section 6.5(f).

 

Benchmark Transition Event has the meaning set forth in Section 6.5(f).

 

Benchmark Transition Start Date has the meaning set forth in Section 6.5(f).

 

Benchmark Unavailability Period has the meaning set forth in Section 6.5(f).

 

Benefit Plan means a “defined benefit plan” (as defined in Section 3(35) of ERISA) for which Borrower, any Subsidiary of Borrower, or any ERISA Affiliate has been an “employer” (as defined in Section 3(5) of ERISA) within the past six years.

 

Books means all of a Person’s books and records, including without limitation, ledgers; records indicating, summarizing, or evidencing such Person’s properties or assets (including the Collateral) or liabilities; all information relating to such Person’s business operations or financial condition; and all computer programs, disk or tape files, printouts, runs or other computer prepared information.

 

 

 

 

Borrower means inTEST Corporation, a Delaware corporation, individually, and their individual successors and assigns.

 

Business (i) for inTEST Corporation means the ownership of Subsidiaries engaged in the design and manufacturing of engineered solutions for automated and electronic test equipment and industrial process applications, (ii) for Ambrell Corporation means the manufacturing of induction heating systems, (iii) for inTEST Silicon Valley Corporation means the manufacturing of products used by semiconductor manufacturers, (iv) for inTEST EMS, LLC means the design, manufacturing, and marketing of products used by semiconductor manufacturers, and (v) Temptronic Corporation means the manufacturing of systems for thermal testing and conditioning of electronics and materials.

 

Business Day means any day other than Saturday, Sunday or other day on which commercial banking institutions in New York, New York are authorized or required by law or other governmental action to remain closed for business.

 

Capital Expenditures means any expenditure that would be classified as a capital expenditure in accordance with GAAP.

 

Capital Stock means corporate stock and any and all shares, partnership interests, limited partnership interests, membership interests, equity interests, rights, securities or other equivalent evidences of ownership (however designated) issued by any entity (whether a corporation, partnership, limited liability company, limited partnership, business trust or other type of entity).

 

Capitalized Lease means any lease of Property, the obligations for the rental of which are required to be capitalized in accordance with GAAP.

 

Capitalized Lease Obligations means all amounts payable with respect to a Capitalized Lease.

 

Change of Control means the occurrence of any of the following events: (a) a change in ownership or control of Borrower effected through a transaction or series of transactions whereby any Person or group of Persons who are Affiliates directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Securities and Exchange Act of 1934) of securities of Borrower possessing more than fifty percent (50%) of the total combined voting power of Borrower’s securities outstanding immediately after such acquisition, whether by means of a sale, merger, consolidation or otherwise or (b) any direct or indirect acquisition or purchase of over fifty percent (50%) in fair market value of the consolidated assets of Borrower and its Affiliates other than through the ordinary course of business of Borrower and its Affiliates.

 

Closing Date means the date of this Agreement.

 

Collateral has the meaning set forth in Section 9.4.

 

Collateral Access Agreement means a landlord waiver, mortgagee waiver, bailee letter, or acknowledgment agreement of any warehouseman, processor, lessor, consignee, or other Person in possession of, having a Lien upon, or having rights or interests in any Obligor’s Equipment, Inventory or Books, in each case, in form and substance satisfactory to Bank.

 

 

 

 

Commercial Tort Claims shall have the meaning given to such term in the UCC.

 

Compliance Certificate means a certificate substantially in the form of Exhibit A and delivered by the chief executive officer or chief financial officer of Borrower, to Bank, as required under Section 14.7.

 

Contract Period means the period of time commencing on the date of this Agreement and expiring on October 15, 2026.

 

Current Assets at a particular date means the amount of all assets of Borrower which would be classified as current assets on a consolidated balance sheet of Borrower at such date, in accordance with GAAP, including without limitation all cash, marketable securities, mutual funds, treasury bills and other investment property.

 

Current Liabilities at any particular date means the liabilities (including tax and other proper accruals) of Borrower which would be included as current liabilities on a consolidated balance sheet of Borrower at such date, in accordance with GAAP, including in all cases the outstanding principal balance of the Revolving Credit Facility.

 

Current Maturities means the scheduled payments of principal on all Indebtedness for borrowed money having an original term of more than one (1) year (including but not limited to the outstanding principal balances of the Subordinated Indebtedness and the amortization of Finance Lease Obligations), as shown on the Borrower’s financial statements as of one year prior to the date of determination.

 

Current Ratio means the ratio of Current Assets divided by Current Liabilities.

 

Daily Balance means the amount of an Obligation owed at the end of a given day.

 

Daily Simple SOFR means for any day (a “SOFR Rate Day”), a rate per annum equal to SOFR for the day (such day “i”) that is five (5) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day, or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website. If by 5:00 pm (ET) on the second (2nd) U.S. Government Securities Business Day immediately following any day “i”, the SOFR in respect of such day “i” has not been published on the SOFR Administrator’s Website (and a Benchmark Replacement Date with respect to the Daily Simple SOFR has not occurred), then the SOFR for such day “i” will be the SOFR as published in respect of the first preceding U.S. Government Securities Business Day for which such SOFR was published on the SOFR Administrator’s Website; provided that any SOFR determined pursuant to this sentence shall be utilized for purposes of calculation of Daily Simple SOFR for no more than three (3) consecutive SOFR Rate Days. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower. The Daily Simple SOFR shall be subject to a floor of zero percent (0.00%).

 

 

 

 

Default means an event, condition or default that, with the giving of notice, the passage of time, or both, would be an Event of Default.

 

Default Rate has the meaning set forth in Section 6.7.

 

Disbursement Letter means an instructional letter executed and delivered by Borrower to Bank regarding the extensions of credit to be made on the Closing Date, the form and substance of which shall be satisfactory to Bank.

 

Dollars or $ means freely transferable U.S. Dollars.

 

EBITDA means, for any period, without duplication, (a) the consolidated Net Income of Borrower (exclusive of extraordinary gains) for such period, plus the aggregate amounts deducted in determining such consolidated Net Income in respect of (i) Interest Expense, (ii) Tax Expense, and (iii) depreciation and amortization expenses for such period, each determined on a consolidated basis in accordance with GAAP, plus/minus (b) adjustment to EBITDA approved by Bank in writing in its sole discretion.

 

Equipment means all of a Person’s present and hereafter acquired cars, trucks, vehicles, machinery, machine tools, motors, equipment, furniture, furnishings, fixtures, trailers, tools, dies, jigs, molds, parts, goods (other than consumer goods, farm products, or Inventory), wherever located, including, without limitation (a) any interest of such Person in any of the foregoing, and (b) all attachments, accessories, accessions, replacements, substitutions, additions, and improvements to any of the foregoing.

 

ERISA means the Employee Retirement Income Security Act of 1974, 29 U.S.C. §§ 1000 et seq., amendments thereto, successor statutes, and regulations or guidance promulgated thereunder.

 

ERISA Affiliate means (a) any Person subject to ERISA whose employees are treated as employed by the same employer as the employees of any Obligor under IRC Section 414(b), (b) any trade or business subject to ERISA whose employees are treated as employed by the same employer as the employees of any Obligor under IRC Section 414(c), (c) solely for purposes of Section 302 of ERISA and Section 412 of the IRC, any Person subject to ERISA that is a member of an affiliated service group of which any Obligor is a member under IRC Section 414(m), or (d) solely for purposes of Section 302 of ERISA and Section 412 of the IRC, any Person subject to ERISA that is a party to an arrangement with any Obligor and whose employees are aggregated with the employees of any Obligor under IRC Section 414(o).

 

ERISA Event means (a) a Reportable Event with respect to any Benefit Plan or Multiemployer Plan, (b) the withdrawal of any Obligor, any of its Subsidiaries or ERISA Affiliates from a Benefit Plan during, a plan year in which it was a “substantial employer” (as defined in Section 4001(a)(2) of ERISA), (c) the providing of notice of intent to terminate a Benefit Plan in a distress termination (as described in Section 4041(c) of ERISA), (d) the institution by the PBGC of proceedings to terminate a Benefit Plan or Multiemployer Plan, (e) any event or condition (i) that provides a basis under Section 4042(a)(1), (2), or (3) of ERISA for the termination of, or the appointment of a trustee to administer, any Benefit Plan or Multiemployer Plan, or (ii) that may result in termination of a Multiemployer Plan pursuant to Section 4041A of ERISA, or the partial or complete withdrawal within the meaning of Sections 4203 and 4205 of ERISA, of any Obligor, any of its Subsidiaries or ERISA Affiliates from a Multiemployer Plan, or (g) providing any security to any Plan under Section 401(a)(29) of the IRC by any Obligor or any of its Subsidiaries or any of their ERISA Affiliates.

 

 

 

 

Event of Default has the meaning set forth in Section 17.1.

 

Excess Cash Flow means the result of EBITDA minus (without duplication) (a) cash Interest Expense to the extent paid or payable, minus (b) income and franchise taxes paid or payable in cash, minus (c) all principal payments and prepayments (except for voluntary prepayments) of Indebtedness (whether scheduled or mandatory prepayments but excluding Excess Cash Flow prepayments), minus (d) except to the extent financed with proceeds from the incurrence of Indebtedness which is permitted expenditures for Permitted Acquisitions, minus (e) non-financed Capital Expenditures, minus (f) the aggregate consideration (including, without limitation, purchase price adjustments, deferred purchase price payments and earn-out Obligations) paid in cash during such period with respect to Permitted Acquisitions to the extent not financed with Indebtedness (other than proceeds of revolving credit loans). 

 

Excess Cash Flow Recapture means that Borrower agrees to pay to Bank, commencing with the receipt of Borrower’s December 31, 2022 audit, seventy-five percent (75%) of Excess Cash Flow, which is measured and charged by Bank after receipt and review of the Borrower’s required annual audit, as prepayment of the outstanding principal of Term Loans with an elected amortization period in excess of five (5) years. Such payments shall be applied by Bank in the inverse order of maturity, but will not exceed, in the aggregate, twenty-nine percent (29%) of the original principal amount of any applicable Term Loan during its amortization period.

 

Excluded Hedging Obligation means with respect to Borrower, any Hedging Obligation if, and to the extent that, all or a portion of the guaranty of Borrower of, or the grant by Borrower of a security interest to secure, such Hedging Obligation (or any guaranty thereof) is or becomes illegal or unlawful under the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute (the “Commodity Exchange Act”) or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of Borrower’s failure for any reason not to constitute an "eligible contract participant" as defined in the Commodity Exchange Act at the time the guaranty of Borrower would otherwise have become effective with respect to such related Hedging Obligation but for Borrower’s failure to constitute an "eligible contract participant" at such time.

 

Existing Loan Agreement has the meaning set forth in the preamble.

 

Federal Funds Effective Rate means, on any day, a fluctuating interest rate per annum (rounded upward to the nearest 1/100th of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or if such rate is not so published for any day which is a Business Day, the average rate (rounded upward to the nearest 1/100th of 1%) charged to the Bank on such day on such transactions as determined by the Bank.

 

Federal Reserve Bank of New York’s Website means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.

 

 

 

 

FEIN means Federal Employer Identification Number.

 

Finance Lease means any lease of Property, the obligations for the rental of which are required to be shown as a finance lease on a balance sheet prepared in accordance with GAAP.

 

Finance Lease Obligations means all amounts payable with respect to a Finance Lease.

 

Financial Asset means any financial asset, now owned or hereafter acquired that is classified as a “financial asset” pursuant to Chapter 8 (or Article 8) of the UCC.

 

Fixed Charge Coverage Ratio means the ratio calculated quarterly on a trailing twelve (12) month basis of (i) EBITDA, less distributions and dividends of Borrower, Capital Stock repurchases, and Unfunded Capital Expenditures divided by (ii) the Current Maturities of long term debt of Borrower, plus Interest Expense.

 

Funded Debt means without duplication, all Indebtedness of Borrower for borrowed money, and all guaranties of Borrower of any or all of the foregoing. Funded Debt shall include, without limitation, all Subordinated Indebtedness of Borrower and Capitalized Lease Obligations of Borrower.

 

Funding Date means the date, which must be a Business Day, on which the funding of an Advance occurs.

 

GAAP means generally accepted accounting principles in the United States of America, in effect from time to time, consistently applied and maintained.

 

General Intangibles means all of a Person’s present and future general intangibles and other personal property (including contract rights, rights arising under common law, statutes, or regulations, licenses, lease rights, permits, approvals, choses or things in action, goodwill, trade secrets, methods, processes, know-how, formulas, label designs, domain names, domain name registrations, patents, patent rights and applications, trade names, brand names, logos, inventions, trademarks and registrations or applications therefor, servicemarks and registrations or applications therefor, copyrights and registrations or applications therefor, blueprints, plans, patterns, drawings, specifications, designs, manufacturing or processing rights, purchase orders, customer lists, monies due or recoverable from pension funds, route lists, rights to payment and other rights under any royalty or licensing agreements, infringement claims, software and computer programs, information contained on computer disks or tapes, literature, reports, catalogs, deposit accounts, insurance premium rebates, tax refunds, tax refund claims, government subsidy payments, databases, all notes and records with respect to any research and development and all physical embodiments of the foregoing), other than Inventory, Accounts, Equipment and Negotiable Collateral. General Intangibles shall also include, without limitation, all assets necessary to the operation and maintenance of all present and future websites, including without limitation, all equipment, lease agreements, hosting agreements, line leases, intellectual property, copyrights, patents, trademarks, software licenses and general intangibles, and all intellectual property assets described on Schedule 10.18.

 

Governing Documents means the certificate or articles of incorporation, by-laws, partnership agreement, joint venture agreement, operating agreement or other organizational or governing documents of any Person.

 

 

 

 

Governmental Authority means any nation or government, any federal, state, county, municipal, parish, provincial or other political subdivision thereof and any department, commission, board, court, agency or other instrumentality or entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing).

 

Guarantor means Ambrell Corporation, a Delaware corporation, inTEST Silicon Valley Corporation, a Delaware corporation, inTEST EMS, LLC, a Delaware limited liability company, and Temptronic Corporation, a Delaware corporation, individually, and Guarantors means Ambrell Corporation, a Delaware corporation, inTEST Silicon Valley Corporation, a Delaware corporation, inTEST EMS, LLC, a Delaware limited liability company, and Temptronic Corporation, a Delaware corporation, collectively, and their respective successors and assigns.

 

Hedging Contracts means, interest rate swap agreements, interest rate cap agreements and interest rate collar agreements, or any other agreements or arrangements entered into between a Borrower and Bank and designed to protect such Borrower against fluctuations in interest rates or currency exchange rates, including any agreement or arrangement that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.

 

Hedging Obligations means, with respect to a Borrower, all liabilities of such Borrower to Bank under Hedging Contracts.

 

Indebtedness, as applied to a Person, means:

 

(A)         all items (except items of capital stock or of surplus) which in accordance with GAAP would be included in determining total liabilities as shown on the liability side of a balance sheet of such Person as at the date as of which Indebtedness is to be determined;

 

(B)         to the extent not included in the foregoing, all indebtedness, obligations, and liabilities secured by any mortgage, pledge, lien, conditional sale or other title retention agreement or other security interest to which any property or asset owned or held by such Person is subject, whether or not the indebtedness, obligations or liabilities secured thereby shall have been assumed by such Person; and

 

(C)         to the extent not included in the foregoing, all indebtedness, obligations and liabilities of others which such Person has directly or indirectly guaranteed, endorsed (other than for collection or deposit in the ordinary course of business), sold with recourse, or agreed (contingently or otherwise) to purchase or repurchase or otherwise acquire or in respect of which such Person has agreed to supply or advance funds (whether by way of loan, stock purchase, capital contribution or otherwise) or otherwise to become directly or indirectly liable.

 

Indemnified Parties has the meaning set forth in Section 18.

 

 

 

 

Interest Expense as applied to Borrower means for any period, the amount of interest expense on Indebtedness of Borrower for such period, determined in accordance with GAAP.

 

Inventory means all present and future inventory in which a Person has any interest, including goods held for sale or lease or to be furnished under a contract of service and all of such Person’s present and future raw materials, work in process, finished goods, packaging, packing and shipping materials, goods used or consumed in the Person’s business, component parts, supplies and returned, rejected or repossessed goods, wherever located.

 

Investment Property means any investment property, now owned or hereafter acquired, that is classified as “investment property” pursuant to the UCC.

 

IRC means the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

 

Lease means any lease of real estate under which any Obligor is the lessee.

 

Leasehold Property means any real estate owned by any Obligor which is the subject of a Lease.

 

Licenses means all licenses, permits, consents, approvals, security clearances, and authorizations issued by a Governmental Authority with respect to or in connection with the operation of any Obligor’s Business.

 

Lien means any interest in property securing an obligation owed to, or a claim by, any Person other than the owner of the property, whether such interest shall be based on the common law, statute, or contract, whether such interest shall be recorded, published, registered or perfected, and whether such interest shall be contingent upon the occurrence of some future event or events or the existence of some future circumstance or circumstances, including the lien or security interest arising, from a mortgage, debenture, charge, deed of trust, encumbrance, pledge, assignment, deposit arrangement, security agreement, adverse claim or charge, conditional sale or trust receipt, or from a lease, consignment, or bailment for security purposes and also including reservations, exceptions, encroachments, easements, rights-of-way, covenants, conditions, restrictions, leases, and other title exceptions and encumbrances affecting any real property.

 

Liquidity means the sum of unrestricted cash, cash equivalents, the current market value of readily marketable securities listed on one of the major United States exchanges, bonds or stock mutual funds and other investments that can be liquidated within five (5) business days (only publicly traded, fully-marketable securities (no restricted securities or options) are to be included in readily marketable securities).

 

Loan Account has the meaning set forth in Section 7.11.

 

Loan Documents means this Agreement, the Notes, the Disbursement Letter, the Subordination Agreements, the Surety Agreement, the Assignments of Patents, Trademarks, Licenses and Copyrights and any other assignment or other agreement entered into, now or in the future, in connection with this Agreement, the Obligations or any of the transactions contemplated hereunder.

 

Loan Request has the meaning set forth in Section 4.2.

 

 

 

 

Loans means all Advances outstanding under the Revolving Credit Facility and the Term Loan, including without limitation SOFR Rate Loans.

 

Management Group means collectively, Richard Grant, Jr. and Duncan Gilmour.

 

Material Adverse Change means (a) a material adverse change in the business, operations, results of operations, assets, liabilities or condition (financial or otherwise) of any Obligor, (b) the material impairment of any Obligor’s ability to perform its obligations under the Loan Documents to which it is a party or of Bank’s ability to enforce the Obligations of the Loan Documents or to realize upon the Collateral, (c) a material adverse effect on the value of the Collateral or the amount that Bank would be likely to receive (after giving consideration to delays in payment and costs of enforcement) in the liquidation of such Collateral, or (d) a material impairment of the priority of the Liens in favor of Bank with respect to the Collateral; provided, however, that until the fiscal quarter ending September 30, 2020, and thereafter for such period or periods as may be agreed to in writing by the Bank in its sole discretion, the declaration on March 13, 2020,of the national emergency relating to COVID-19 and related measures and the financial impact thereof on the Borrower and the Obligors shall not constitute a material adverse change in the condition (financial or otherwise) or operations of the Borrower and the Obligors.

 

Maximum Revolving Credit Facility Amount means $10,000,000.

 

Maximum Term Loan Amount means $25,000,000.

 

Multiemployer Plan means a “multiemployer plan” (as defined in Section 4001(a)(3) of ERISA) to which Borrower, any of its Subsidiaries, or any ERISA Affiliate has contributed, or was obligated to contribute, within the past six years.

 

Negotiable Collateral means all of a Person’s present and future letters of credit, notes, drafts, instruments, Investment Property, Financial Assets, Capital Stock of direct and indirect Subsidiaries of Borrower, documents, personal property leases (wherein such Person is the lessor), chattel paper, and such Person’s Books relating to any of the foregoing.

 

Net Income means income (or loss) of Borrower, as determined on a consolidated basis in accordance with GAAP.

 

Non‐Assignable Contracts has the meaning set forth in Section 8.1(e).

 

Notes means the Revolver Note and each Term Note.

 

Obligations mean all payment and performance obligations and liabilities of Obligors to Bank of every kind, nature and description, direct or indirect, absolute or contingent, due or to become due, secured or unsecured, joint, several, joint and several, now existing or hereafter arising, contractual or tortious, liquidated or unliquidated, regardless of how such obligations or liabilities arise, including without limitation, the obligation of Obligors to pay (a) the principal of, premium, if any, on and interest on the Loans, (b) all fees, costs, expenses, indemnities, obligations and liabilities of Obligors owing at any time to Bank, under or in respect of this Agreement, each of the other Loan Documents, any credit or non-credit services provided by Bank, and each of the other documents executed by Obligors in connection therewith, and (c) all Hedging Obligations (other than Excluded Hedging Obligations).

 

 

 

 

Obligors means Borrower and Guarantors, collectively. Obligor means each Borrower and Guarantor, individually.

 

Operating Agreement means any equipment lease, advertising contract, supply agreement, employment agreement, collective bargaining agreement or other similar agreement or contract relating to the operation of the Businesses.

 

PBGC means the Pension Benefit Guaranty Corporation as defined in Title IV of ERISA, or any successor thereto.

 

Permitted Acquisition means any (i) acquisition of all or substantially all of the assets of a business or a unit or division of a business, or (ii) acquisition of Capital Stock or other securities in whatever legal manner, as each is consummated by Borrower provided that Borrower complies with the following conditions, limitations and/or restrictions, in each case in form and content acceptable to Bank:

 

(a)    such acquisition is in the Business of Borrower;

 

(b)    the form of the transaction, and the terms of the related purchase agreement, are acceptable to Bank;

 

(c)    for each new Affiliate or Subsidiary established in connection with the consummation of a Permitted Acquisition it be added to this Agreement as a guarantor as may be required by Bank, and Borrower will execute and deliver to Bank such amended documents as reasonably requested by Bank substantially in form and content consistent with Exhibit C attached hereto;

 

(d)    with respect to any assets acquired by Borrower not subject to a Permitted Lien, Borrower has delivered to Bank all documents, instruments and agreements required by the Bank to grant to the Bank a first priority perfected security interest on the properties and assets acquired (including mortgages and assignments of leases on Property and any estoppels related thereto) in connection with the Permitted Acquisition including UCC searches, UCC-1 filings and Collateral Access Agreements, as applicable, thirty (30) days prior to closing of such Permitted Acquisition;

 

(e)    the Borrower has delivered to Bank, thirty (30) days prior to closing, evidence in the form of Borrower’s explanatory written statement that Borrower (i) will be in compliance with the financial covenants set forth in Section 13 for the following twelve (12) months on a pro-forma basis after the consummation of such Permitted Acquisition, together with pro-forma covenant calculations on a going-forward basis, (ii) will be in compliance after giving effect of such acquisition Funded Debt to EBITDA ratio of ≤ 2.5x and Liquidity test of not less than $7,500,000, and (iii) will be in compliance with quality of earning on target; and

 

(f)    no Default or Event of Default has occurred and is continuing.

 

Person means and includes natural persons, legal persons, corporations, limited liability companies, limited partnerships, general partnerships, limited liability partnerships, joint ventures, trusts, land trusts, business trusts, or other organizations, irrespective of whether they are legal entities, and any governments and agencies and political subdivisions thereof.

 

 

 

 

Plan means any employee benefit plan, program, or arrangement maintained or contributed to by Borrower or with respect to which it may incur liability.

 

Prime Rate means the annual interest rate announced from time to time by Bank and generally known by Bank as its “prime rate”, whether published by it publicly or only for the internal guidance of its loan officers. The Prime Rate is used merely as a pricing index and is not and should not be considered to represent the lowest or best rate available to a borrower.

 

Qualified ECP Guarantor means, in respect of any Hedging Obligations, Borrower that has total assets exceeding $10,000,000.00 at the time the relevant guaranty or grant of the relevant security interest becomes effective with respect to such Hedging Obligation or such other Person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another Person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

Property shall mean all types of real, personal or mixed property and all types of tangible or intangible property.

 

Rate Period means for any principal portion of the Revolving Credit Facility or an Term Loan for which Borrower elects a SOFR Rate plus Applicable Margin, the period of time for which such rate shall apply to such principal. Rate Periods for principal accruing interest at the SOFR Rate plus Applicable Margin under the Revolving Credit Facility shall be for a period of one (1) month and for no other length of time, provided that, no Rate Period may extend beyond the expiration of the Contract Period. Rate Periods for principal accruing interest at the SOFR Rate plus Applicable Margin under the Term Loan shall be for periods of one (1) month, adjusting daily, and for no other length of time, provided that, no Rate Period may extend beyond the Contract Period. Any SOFR Rate Loan under which Borrower has or may incur Hedging Obligations with Bank shall be of the same duration as the relevant periods set under the applicable Hedging Contracts.

 

Relevant Governmental Body has the meaning set forth in Section 6.5(f).

 

Reportable Event means any of the events described in Section 4043(c) of ERISA or the regulations thereunder.

 

Revolver Note has the meaning set forth in Section 2.2.

 

Revolving Credit Facility means the revolving credit facility established for Borrower under this Agreement.

 

SOFR means, with respect to any U.S. Government Securities Business Day, a rate per annum equal to the secured overnight financing rate for such U.S. Government Securities Business Day.

 

SOFR Administrator means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

 

 

 

SOFR Administrator’s Website means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

SOFR Breakage Fee has the meaning set forth in Section 6.3.

 

SOFR Loan Rate means Daily Simple SOFR.

 

SOFR Rate Day shall have the meaning specified in the definition of Daily Simple SOFR.

 

SOFR Rate Loan means any Advance bearing interest at the SOFR Rate plus Applicable Margin.

 

Solvent means, with respect to any Person on a particular date, that on such date (a) at fair valuations, all of the properties and assets of such Person are greater than the sum of the debts, including contingent liabilities, of such Person, (b) the present fair salable value of the properties and 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 is able to realize upon its properties and assets and pay its debts and other liabilities, contingent obligations and other commitments as they mature in the normal course of business, (d) such Person does not intend to, and does not believe that it will, incur debts beyond such Person’s ability to pay as such debts mature or fall due, and (e) 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 properties and assets would constitute unreasonably small capital after giving due consideration to the prevailing practices in the industry in which such Person is engaged. In computing the amount of contingent liabilities at any time, it is intended that such liabilities will be computed at the amount that, in light of all the facts and circumstances existing at such time, represents the amount that reasonably can be expected to become an actual or matured liability.

 

Subordinated Indebtedness means the Indebtedness of Borrower owed to creditors of Borrower and which is subordinated to payment of the Obligations in a manner, approved in writing by Bank, and in each such case any renewals, modifications or amendments thereof which are approved in writing by Bank.

 

Subordination Agreements shall mean any and all subordination agreements from Borrower in favor of Bank.

 

Subsidiary of a Person means a corporation, partnership, limited liability company, or other entity in which that Person directly or indirectly owns or controls the shares of Capital Stock having ordinary voting power to elect a majority of the board of directors (or appoint other comparable managers) of such corporation, partnership, limited liability company, or other entity.

 

Surety Agreement has the meaning set forth in Section 9.3.

 

Tax Expense as applied to Borrower means for any period, the amount of tax expense of Borrower for such period, determined in accordance with GAAP.

 

Term Loan has the meaning set forth in the Section 3.1.

 

Term Loan Maturity Date means October 15, 2026.

 

 

 

 

Term Note has the meaning set forth in Section 3.2.

 

Term SOFR means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

Unadjusted Benchmark Replacement has the meaning set forth in Section 6.5(f).

 

U.S. means the United States of America.

 

U.S. Government Securities Business Day means any day other than Saturday, Sunday or other day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

 

U.S. Person means any person that is a “United States Person” as defined in Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended.

 

UCC means (i) the Uniform Commercial Code as adopted in Pennsylvania, as it may be amended, revised or replaced from time to time, (ii) the Uniform Commercial Code as adopted in Delaware, as it may be amended, revised or replaced from time to time, and (iii) the Uniform Commercial Code as in effect from time to time in such other states as any Collateral may be located, as and to the extent applicable.

 

Unfunded Capital Expenditures means Capital Expenditures funded from the operating cash flow of Borrower, equity contributions or proceeds of insurance or asset sales permitted in accordance with this Agreement, but excluding funds borrowed as long term Indebtedness to finance such Capital Expenditures.

 

Voting Stock means Capital Stock of a Person having ordinary voting power for the election of the members of its board of directors or other governing body of such Person.

 

1.2      Accounting Terms and Determinations.

 

(a)    Generally Accepted Accounting Principles. All computations and determinations as to accounting or financial matters shall be made in accordance with GAAP, and all accounting or financial terms shall have the meanings ascribed to such terms by GAAP as in effect on the date of determination. Except as otherwise expressly provided in this Agreement, all financial statements to be delivered pursuant to this Agreement shall be prepared in accordance with GAAP.

 

 

 

 

(b)    Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio, covenant or requirement set forth herein or under any of the other Loan Documents, and Borrower or Bank shall so request, Bank and Borrower shall negotiate in good faith to amend such ratio, covenant or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of Bank and Borrower); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) Borrower shall provide to Bank financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. Notwithstanding anything to the contrary contained in this Section 1.2(b) or in the definition of “Capital Lease Obligations,” any change in accounting for leases pursuant to GAAP resulting from the adoption of Financial Accounting Standards Board Accounting Standards Update No. 2016-02, Leases (Topic 842) (“FAS 842”), to the extent such adoption would require treating any lease (or similar arrangement conveying the right to use) as a capital lease where such lease (or similar arrangement) would not have been required to be so treated under GAAP as in effect on December 31, 2015, such lease shall not be considered a capital lease, and all calculations and deliverables under this Agreement or any other Loan Document shall be made or delivered, as applicable, in accordance therewith.

 

1.3    UCC. Any terms used in this Agreement that are defined in the UCC shall be construed and defined as set forth in the UCC unless otherwise defined herein. To the extent that the definitions of any categories or types of collateral are expanded in any revision to, amendment of or new version of the UCC, such changed or expanded definitions will apply to this Agreement as of the effective date of such revision, amendment or new statute.

 

1.4    Construction. Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the term “including” is not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. An Event of Default shall “continue” or be “continuing” until such Event of Default has been cured or waived in writing by Bank. Section, subsection, clause, schedule, and exhibit references are to sections, subsections, clauses, schedules and exhibits in this Agreement unless otherwise specified. Any reference in this Agreement or in the Loan Documents to this Agreement, any of the Loan Documents or any other document or agreement shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, supplements, and restatements thereto and thereof, as applicable.

 

1.5    Schedules and Exhibits. All of the schedules and exhibits attached to this Agreement, as they may from time to time be amended or restated, shall be deemed incorporated herein by reference.

 

1.6    Obligor’s Knowledge. Any statements, representations or warranties that are based upon the best knowledge of any Obligor or an officer thereof shall be deemed to have been made after due inquiry by such Obligor or such officer, as applicable, with respect to the matter in question.

 

 

 

 

1.7    Savings Clause. Anything contained in this Agreement or any other Loan Documents to the contrary notwithstanding, the obligations of Borrower with respect to the repayment of the outstanding principal balance of the Loans shall be limited to a maximum aggregate amount equal to the greater of (a) the loan proceeds and the value of all other consideration and benefits received by or for the benefit of Borrower in connection with the financing transactions contemplated hereunder, or (b) the largest amount that would not render its obligations with respect thereto subject to avoidance as a fraudulent transfer or conveyance under Section 548 of Title 11 of the United States Code or any applicable provisions of comparable state, federal, provincial or other applicable law of any jurisdiction (collectively, the “Fraudulent Transfer Laws”), if and to the extent Borrower (or trustee on its behalf) has properly invoked the protections of the Fraudulent Transfer Laws. In making such determination, all rights of subrogation and contribution of Borrower with respect to such obligations shall be deemed to be an asset of Borrower.

 

	 	
			2. 

				
			THE REVOLVING CREDIT FACILITY.

			

 

2.1    The Facility. Subject to the terms and conditions of this Agreement and the Loan Documents, Bank agrees to establish for Borrower a revolving credit facility (the “Revolving Credit Facility”) pursuant to which during the Contract Period, Bank agrees to extend to Borrower Advances under the Revolving Credit Facility, provided that, the Revolving Credit Facility Usage shall not exceed at any time the Maximum Revolving Credit Facility Amount.

 

2.2    Revolver Note. Borrower’s obligation to repay Advances and other extensions of credit under the Revolving Credit Facility shall be further evidenced by a promissory note executed and delivered by Borrower in the face amount of the Maximum Revolving Credit Facility Amount payable to the order of Bank (the “Revolver Note”), which shall be in form and content acceptable to Bank.

 

	 	
			3. 

				
			TERM LOAN.

			

 

3.1    Term Loan. Subject to the terms and conditions of this Agreement and the Loan Documents, Bank agrees to extend to Borrower a non-revolving delayed draw term loan to finance Permitted Acquisitions, pursuant to which during the twenty-four (24) months following the date hereof, Bank agrees to extend to Borrower Advances in an aggregate amount not to exceed Twenty Five Million Dollars ($25,000,000) (the “Term Loan”).

 

3.2    Term Notes. Borrower’s obligation to repay the Term Loan shall be further evidenced by individual promissory notes executed and delivered by Borrower to Bank in the aggregate face amount not to exceed Twenty Five Million Dollars ($25,000,000) (each a “Term Note”) which shall be substantially in the form and content set forth in Exhibit B.

 

3.3    Advances Under the Term Loan. Provided that no Default or Event of Default shall have occurred and be continuing, Borrower may request an Advance under the Term Loan (each such Advance shall be considered a Term Loan) in writing, which request shall set forth in reasonable detail the target of the proposed Permitted Acquisition, the type of acquisition, a copy of the related purchase agreement; the criteria establishing the qualifications as a Permitted Acquisition, the amortization period elected for such Loan under Section 7.4, information regarding the formation of any new subsidiary in anticipation of such acquisition including, but not limited to ownership name and structure, type of organization, state of formation, operating agreement/articles of incorporation, organizational document number, federal tax identification number, authorized signatories and such other information as reasonably requested by Bank.

 

 

 

 

3.4    Term Loan Documents. In addition to the Term Notes, Borrower shall execute and deliver to Bank any and all other documents, agreements, resolutions or consents, certificates, and opinions as Bank shall reasonably request with respect to each Permitted Acquisition.

 

	 	
			4. 

				
			ADVANCES UNDER THE REVOLVING CREDIT FACILITY.

			

 

4.1    Revolving Credit Facility Advances. Advances under the Revolving Credit Facility shall be made by Bank to Borrower in accordance with the procedures set forth below. Within the limitations set forth in this Agreement, Borrower may borrow, repay and reborrow under the Revolving Credit Facility.

 

4.2    Borrowing Procedures.

 

(a)    Form of Request. Borrower may request an Advance under the Revolving Credit Facility by delivering to the officer of Bank designated from time to time by Bank, a written loan request in the form of Exhibit C (a “Loan Request”). Such Loan Request forms may be in such other form as Bank may require from time to time upon notice to Borrower. Each Loan Request received by Bank shall be conclusively presumed to be executed and delivered by a duly authorized officer or employee of Borrower. Once received by Bank, each Loan Request shall be deemed irrevocable. Notwithstanding the foregoing, Borrower may request a Loan by a telephone or e-mail request to the offices of Bank designated from time to time by Bank. Each telephone or e-mail request received by Bank shall be conclusively presumed to be made by a duly authorized officer or employee of Borrower. Once received by Bank, each telephone or e-mail Loan Request shall be deemed irrevocable. Bank, at its discretion, may require that each telephone or e-mail Loan Request be confirmed promptly by Borrower in writing.

 

(b)    Timing of Request. Each Loan Request must be received by Bank no later than 12:00 Noon (Philadelphia, PA time) on a Business Day which is on or before the requested Funding Date; provided, however, if a Loan Request is received later than 12:00 Noon on a Business Day, then the Funding Date cannot be the same day, but may be no earlier than the next Business Day. Notwithstanding the foregoing, Bank shall not be liable for acting upon (but is not obligated to act upon) telephone or e-mail notice by Borrower whether or not written notice is received; provided nothing in this sentence shall relieve Borrower from providing written notice as provided by this Section.

 

4.3    Funding Procedure. Subject to the conditions set forth in this Agreement, Bank shall disburse Advances under the Loans to Borrower by transferring into the Borrower’s operating account maintained with Bank immediately available funds in the amount of such Advances, or otherwise in accordance with procedures acceptable to Bank.

 

 5.           USE OF LOAN PROCEEDS. Borrower agrees to use Advances under the (i) Revolving Credit Facility solely to provide for future working capital requirements and for other general business purposes of Borrower consistent with the terms and conditions of this Agreement, and (ii) Term Loan for the financing of Permitted Acquisitions as determined by the Bank in its reasonable discretion.

 

 

 

 

	 	
			6. 

				
			INTEREST RATE.

			

 

6.1    Interest Rate for the Revolving Credit Facility. The principal balance of the Revolving Credit Facility will accrue interest, at Borrower’s election, at (i) the SOFR Rate plus Applicable Margin or (ii) the Base Rate plus the Applicable Margin.

 

6.2    Interest Rate for Term Loans. The principal balance of each Term Loan will accrue interest, at Borrower’s election, at (i) the SOFR Rate plus Applicable Margin or (ii) the Base Rate plus Applicable Margin.

 

6.3    SOFR Breakage Fee. Upon any prepayment of a SOFR Rate Loan on any day that is not the last day of the relevant Rate Period (regardless of the source of such prepayment and whether voluntary, by acceleration or otherwise), Borrower shall pay an amount (the “SOFR Breakage Fee”), as calculated by Bank, equal to the amount of any losses, expenses and liabilities (including, without limitation, any loss of margin and anticipated profits) that Bank may sustain as a result of such payment. Borrower understands, agrees and acknowledges that: (i) Bank does not have any obligation to purchase, sell and/or match funds in connection with the use of the SOFR Rate as a basis for calculating the rate of interest on a SOFR Rate Loan, (ii) the SOFR Rate may be used merely as a reference in determining such rate, and (iii) Borrower has accepted the SOFR Rate as a reasonable and fair basis for calculating the SOFR Breakage Fee and other funding losses incurred by Bank. Borrower further agrees to pay the SOFR Breakage Fee and other funding losses, if any, whether or not the Bank elects to purchase, sell and/or match funds.

 

6.4    SOFR Unlawful. If the Bank shall determine that the introduction of any law (statutory or common), treaty, rule, regulation, guideline or determination of an arbitrator or of a governmental authority or in the interpretation or administration thereof, has made it unlawful, or that any central bank or other governmental or regulatory authority has asserted that it is unlawful for the Bank to make or maintain SOFR-based loans, then, on notice thereof by the Bank to Borrower, the Bank may (i) suspend the maintaining of the loan hereunder as a SOFR Rate Loan until the Bank shall have notified Borrower that the circumstances giving rise to such determination shall no longer exist, and/or (ii) convert the applicable interest rate for the loan hereunder to the Base Rate plus the Applicable Margin, subject to the terms of the section below entitled “Inability to Determine SOFR; Effect of Benchmark Transition Event”. Promptly after becoming aware that it is no longer unlawful for Bank to maintain SOFR-based loans, Bank shall notify Borrower and such suspension shall cease to exist.

 

6.5    Inability to Determine SOFR; Effect of Benchmark Transition Event. If Bank shall determine (which determination shall be conclusive and binding on Borrower) that for any reason SOFR cannot be determined, other than as a result of a Benchmark Transition Event, Bank will give notice of such determination to Borrower. Thereafter, Bank may not make or maintain the loan hereunder at the SOFR Loan Rate until Bank revokes such notice in writing, and until such revocation, Bank may convert the applicable interest rate to the Base Rate plus the Applicable Margin, subject to the provisions below.

 

(a)    Benchmark Replacement.  Notwithstanding anything to the contrary herein or in the Notes or any related agreement, upon the occurrence of a Benchmark Transition Event, Bank may unilaterally amend the terms of the Notes to replace the SOFR Loan Rate (or the then-current Benchmark) with a Benchmark Replacement. Any such amendment will become effective as soon as practicable for Bank and upon notice to Borrower, without any further action or consent of Borrower. No replacement of SOFR (or the then-current Benchmark) with a Benchmark Replacement pursuant to this Section titled “Inability to Determine SOFR; Effect of Benchmark Transition Event” (“this Section”) will occur prior to the applicable Benchmark Transition Start Date. Borrower shall pay all out-of-pocket costs (including reasonable attorney fees) incurred by Bank in connection with any amendment and related actions contemplated in this Section.

 

(b)    Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, Bank will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary in the Notes or in any related document or agreement, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of Borrower or any other party hereto. Bank shall not be liable to Borrower for any Benchmark Replacement Conforming Changes made by Bank in good faith.

 

(c)    Notices; Standards for Decisions and Determinations. Bank will provide notification to Borrower (which may at Bank’s discretion be electronic, part of a billing statement, a general notice to customers or other communication) of the implementation of any Benchmark Replacement and the effectiveness of any Benchmark Replacement Conforming Changes, within a reasonable time prior to such implementation and effectiveness, as applicable. Any determination, decision or election that may be made by Bank pursuant to this Section, including, without limitation, any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding upon Borrower and any other parties hereto absent manifest error and may be made in Bank’s sole discretion and without consent from Borrower, except, in each case, as expressly required pursuant to this Section, and shall not be the basis of any claim of liability of any kind or nature against Bank by any party hereto, all such claims being hereby waived individually by each party hereto.

 

(d)    Benchmark Unavailability Period. Upon Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, Borrower may revoke (as applicable) any request for an advance/borrowing of, conversion to, or continuation of a Loan based on the SOFR Loan Rate (or the then-current Benchmark) to be made, converted or continued during any Benchmark Unavailability Period and, failing that, Borrower will be deemed to have converted any such request (as applicable) into a request for an advance/borrowing of or conversion to a loan that shall accrue interest at the Base Rate plus the Applicable Margin.

 

 

 

 

(e)    Indemnification. Bank does not warrant or accept responsibility for, and shall not have any liability with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to the Benchmark, any component definition thereof or rates referenced in the definition thereof or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the Benchmark or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Benchmark Replacement Conforming Changes. Bank may select information sources or services in its reasonable discretion to ascertain the Benchmark, in each case pursuant to the terms hereof, and shall have no liability to Borrower or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

 

(f)    Certain Defined Terms. As used in this Section:

 

(i)    “Benchmark” means the SOFR Loan Rate or any subsequent Benchmark Replacement that has become effective hereunder.

 

(ii)    “Benchmark Replacement” means the sum of: (a) the alternate benchmark rate that has been selected by the Bank giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the then-current Benchmark for U.S. dollar-denominated syndicated or bilateral credit facilities and (b) the related Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than the current benchmark rate floor with respect to the SOFR Loan Rate (if any, the “Floor”), the Benchmark Replacement will be deemed to be such Floor for the purposes hereof.

 

(iii)    “Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Bank giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such then-current Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated or bilateral credit facilities at such time.

 

 

 

 

(iv)    “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including, without limitation, changes to the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions and other technical, administrative or operational matters) that Bank decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Bank in a manner substantially consistent with market practice (or, if Bank decides that adoption of any portion of such market practice is not administratively feasible or if Bank determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as Bank decides is reasonably necessary in connection with the administration of the loan evidenced hereby).

 

(v)    “Benchmark Replacement Date” means the earlier to occur of the following events with respect to the then-current Benchmark:

 

(A)    in the case of clause (a) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or

 

(B)    in the case of clause (b) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.

 

(vi)    “Benchmark Transition Event” means, with respect to any then-current Benchmark, the occurrence of a public statement or publication of information by or on behalf of the administrator of the then-current Benchmark, the regulatory supervisor for the administrator of such Benchmark, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark, a resolution authority with jurisdiction over the administrator for such Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark, announcing or stating that (a) such administrator has ceased, or will cease on a specified date, to provide such Benchmark (or all tenors of such Benchmark applicable to the loan evidenced hereby), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any applicable tenors of such Benchmark or (b) all applicable tenors of such Benchmark are or will no longer be representative of the underlying market and economic reality that such Benchmark is intended to measure and indicating that representativeness will not be restored.

 

(vii)    “Benchmark Transition Start Date” means in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 180th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 180 days after such statement or publication, the date of such statement or publication).

 

 

 

 

(viii)    “Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder in accordance with this Section and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder in accordance with this Section.

 

(ix)    “Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

 

(x)    “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

6.6    Determinations. In making the determinations contemplated by Sections 6.4 and 6.5, Bank may make such estimates, assumptions, allocations and the like that Bank determines to be appropriate, and Bank’s selection thereof in accordance with Sections 6.4 and 6.5 and the determinations made by Bank on the basis thereof, shall be final, binding and conclusive upon Borrower, absent manifest error.

 

6.7    Default Rate. Interest will accrue on the principal balance of the Loans at a rate of two percent (2%) in excess of then applicable non-default interest rate (the “Default Rate”) at Bank’s election after (a) the occurrence and continuance of an Event of Default or (b) the expiration of the Contract Period. Obligors acknowledge and agree that the Default Rate is reasonable in light of the increased risk of collection of the sums due under the Revolving Credit Facility after occurrence of an Event of Default and the costs and expenses of Bank related thereto.

 

6.8    Post Judgment Interest. Any judgment obtained for sums due hereunder or under the Loan Documents will accrue interest at the applicable Default Rate set forth above until paid.

 

6.9    Calculations. Interest will be computed on the basis of a year of 360 days and paid for the actual number of days elapsed.

 

6.10    Limitation of Interest to Maximum Lawful Rate. In no event will the rate of interest payable hereunder exceed the maximum rate of interest permitted to be charged by applicable law (including the choice of law rules) and any interest paid in excess of the permitted rate will be refunded to Borrower. Such refund will be made by application of the excessive amount of interest paid against any sums outstanding hereunder and will be applied in such order as Bank may determine. If the excessive amount of interest paid exceeds the sums outstanding, the portion exceeding the sums outstanding will be refunded in cash by Bank. Any such crediting or refunding will not cure or waive any Event of Default. Borrower agrees that in determining whether or not any interest payable hereunder exceeds the highest rate permitted by law, any nonprincipal payment, including without limitation prepayment fees and late charges, will be deemed to the extent permitted by law to be an expense, fee, premium or penalty rather than interest.

 

 

 

 

	 	
			7. 

				
			PAYMENTS AND FEES.

			

 

7.1    Interest Payments on the Revolving Credit Facility. Borrower agrees to pay to Bank interest on the principal balance of SOFR Rate Loans under the Revolving Credit Facility on the last day of each Rate Period. 

 

7.2    Principal Payments on the Revolving Credit Facility. Borrower agrees to pay the outstanding principal balance of the Revolving Credit Facility, together with any accrued and unpaid interest thereon, and any other sums due pursuant to the terms hereof on the earlier to occur of (a) the expiration of the Contract Period, or (b) ON DEMAND after the occurrence and during the continuance of an Event of Default.

 

7.3    Interest Payments on Term Loans. Borrower agrees to pay to Bank interest on the principal balance of each Term Loan on the first day of each month.

 

7.4    Principal Payments on Term Loans. Borrower may elect to pay to Bank the principal balance of each Term Loan in equal and consecutive monthly installments of principal in an amount sufficient to amortize the outstanding balance of such Term Loan in either: (i) a five (5) year period (on a straight line amortization basis) commencing on the first day of the month following the date of the initial Advance under of the Term Loan, with one final payment of the remaining principal balance plus all accrued and unpaid interest thereon on the Term Loan Maturity Date, or (ii) a seven (7) year period (on a straight line amortization basis) commencing on the first day of the month following the date of the initial Advance of the Term Loan, with one final payment of the remaining principal balance plus all accrued and unpaid interest thereon on the Term Loan Maturity Date. Borrower acknowledges and agrees that for Term Loans with amortization periods that is greater than five (5) years, Borrower shall be subject to Excess Cash Flow Recapture as additional principal repayment. Amount repaid on the Term Loan may not be reborrowed.

 

7.5    Facility Fee. Borrower agrees to pay to Bank on the date hereof a loan facility fee of $10,000, which fee has been fully earned by Bank and is non-refundable in whole or in part.

 

7.6    Unused Facility Fee. Borrower agrees to pay to Bank an unused facility fee in an amount as set forth under the definition of Applicable Margin in Section 1.1 herein, per annum times the aggregate of the Average Unused Portion of Maximum Revolving Credit Facility Amount and the Average Unused Portion of Maximum Term Loan Amount. Such fee will be payable quarterly in arrears on the last day of each calendar quarter, pro-rated for the actual number of days in any partial quarter, commencing with the calendar quarter ending December 31, 2021.

 

 

 

 

7.7    Late Charge. In the event that Borrower fails to pay any principal, interest or other fees or expenses payable hereunder for a period of at least fifteen (15) days, in addition to paying such sums, Borrower will pay to Bank a late charge equal to the greater of five percent (5%) of such past due payment or $50.00 as compensation for the expenses incident to such past due payment.

 

7.8    Term Loans Co-Terminus with Revolving Credit Facility. In the event that the Revolving Credit Facility is terminated for any reason including, without limitation, as a result of an Event of Default, the expiration of the Contract Period, pre-payment or otherwise, the entire outstanding principal balance of all outstanding Term Loans, together with any accrued and unpaid interest thereon and any other sums due pursuant to the terms hereof shall be due and payable immediately.

 

7.9    Payment Method and Application.

 

(a)    Payment Method. Borrower irrevocably authorizes Bank to debit all payments required to be made by Borrower hereunder, under the Loans, or under any of the Loan Documents, on the date due, from any deposit account maintained by Borrower with Bank. If there are insufficient funds in such accounts or Bank for any reason does not debit such accounts, Borrower will make such payments directly to Bank.

 

(b)    Application of Payments. All payments shall be remitted to Bank and all such payments not relating to principal or interest on the Loans or of specific Advances, or not constituting payment of specific fees and all proceeds of Collateral received by Bank, shall be applied first, to pay any fees, indemnities or expense reimbursements then due to Bank from Borrower; second, to pay interest due and payable in respect of all Advances, including the Loans; third, to pay principal of the Advances, and fourth, to pay any other Obligations due to Bank by Borrower. To the extent that any sums are applied to repay the principal balance of any Advances, they shall be applied to SOFR Rate Loans.

 

(c)    Immediately Available Funds. All payments are to be made in immediately available funds. If Bank accepts payment in any other form, such payment shall not be deemed to have been made until the funds comprising such payment have actually been received by or made available to Bank.

 

(d)    Event of Default. Notwithstanding anything herein or elsewhere to the contrary, upon the occurrence of an Event of Default, any and all payments received by Bank on account of any of the Obligations may be applied to costs, indemnities, fees, interest and principal constituting Obligations in such order as Bank, in its discretion, elects.

 

7.10    Reinstatement of Obligations. If Borrower makes a payment or payments and such payment or payments, or any part thereof, are subsequently invalidated, declared to be fraudulent or preferential, set aside or are required to be repaid to a trustee, receiver, or any other person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment or payments, the obligations or part thereof hereunder intended to be satisfied shall be revived and continued in full force and effect as if said payment or payments had not been made.

 

 

 

 

7.11    Maintenance of Loan Account; Statements of Obligations. Bank shall maintain an account on its books in the name of Borrower (the “Loan Account”) on which Borrower will be charged with all Advances and Loans made by Bank to Borrower for Borrower’s account, including, accrued interest, Bank Expenses, and any other payment Obligations of Borrower. Bank shall render monthly statements regarding the Loan Account to Borrower, including principal, interest, fees, and including an itemization of all charges and expenses constituting Bank Expenses owing, and such statements shall be conclusively presumed to be correct and accurate, and shall constitute an account stated between Borrower and Bank unless, within ten (10) days after receipt thereof by Borrower, Borrower shall deliver to Bank written objection thereto describing the error or errors contained in any such statements.

 

7.12    Indemnity. Borrower agrees to indemnify Bank against any loss or expense (excluding loss of margin) which Bank sustains or incurs as a consequence of an Event of Default, including, without limitation, any failure of Borrower to pay when due (at maturity, by acceleration or otherwise) any principal, interest, fee or any other amount due under this Agreement or the other Loan Documents. If Bank sustains or incurs any such loss or expense it will notify Borrower in writing of the amount determined in good faith by Bank to be necessary to indemnify it for the loss or expense. Such amount will be due and payable by Borrower to Bank within ten (10) days after presentation by Bank of a statement setting forth a brief explanation of and its calculation of such amount, which statement shall be conclusively deemed correct absent manifest error. Any amount payable by Borrower under this Section will bear interest at the Default Rate from the due date until paid, both before and after judgment.

 

7.13    Loss of Margin. In the event that any change in Applicable Law, rule, regulation, treaty or official directive or the interpretation or application thereof by any central bank, monetary authority or governmental authority, or the compliance with any guideline or request of any central bank, monetary authority or governmental authority (whether or not having the force of law), including without limitation, the Risk-Based Capital Guidelines of the Federal Reserve System as set forth in 12 C.F.R., Parts 208 and 225, or the Risk - Based Capital Guidelines of the Comptroller of the Currency, Department of the Treasury, as set forth in 12 C.F.R. Part 3:

 

(a)    subjects Bank to any tax with respect to any amounts payable under this Agreement or the other Loan Documents by Borrower or otherwise with respect to the transactions contemplated under this Agreement or the other Loan Documents (except for taxes on the overall net income of Bank imposed by the U.S. or any political subdivision thereof); or

 

(b)    imposes, modifies or deems applicable any deposit insurance, reserve, special deposit, capital maintenance, capital adequacy, or similar requirement against assets held by, or deposits in or for the account of, or loans or advances or commitment to make loans or advances by, or letters of credit issued or commitment to issue letters of credit by Bank; or

 

 

 

 

(c)    imposes upon Bank any other condition with respect to advances or extensions of credit or the commitment to make advances or extensions of credit under this Agreement, and the result of any of the foregoing is to increase the costs of Bank, reduce the income receivable by or return on equity of Bank or impose any expense upon Bank in each case related to any Advances or extensions of credit made by Bank or commitments by Bank to make Advances or extensions of credit under this Agreement, Bank shall so notify Borrower in writing. Borrower agree to pay Bank the amount of such increase in cost, reduction in income, reduced return on equity or capital, or additional expense within ten (10) days after presentation by Bank of a statement concerning such increase in cost, reduction in income, reduced return on equity or capital, or additional expense. Such statement shall set forth a brief explanation of the amount and Bank’s calculation of the amount (in determining such amount Bank may use any reasonable averaging and attribution methods), which statement shall be conclusively deemed correct absent manifest error. If the amount set forth in such statement is not paid within ten (10) days after such presentation of such statement, interest will be payable on the unpaid amount at the Default Rate from the due date until paid, both before and after judgment.

 

	 	
			8. 

				
			TAXES.

			

 

8.1    Any and all payments by Borrower to or for the account of Bank hereunder or under any other Loan Document shall be made free and clear of, and without deduction for, any and all present or future taxes, duties, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding, in the case of Bank, taxes imposed on its income, and franchise taxes imposed on it, by the jurisdiction under the laws of which Bank is organized or any political subdivision thereof (all such non-excluded taxes, duties, levies, imposts, deductions, charges, withholdings and liabilities being hereinafter referred to as “Taxes”). If Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable under this Agreement or any other Loan Document to Bank, (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) Bank receives an amount equal to the sum it would have received had no such deductions been made, (ii) Borrower shall make such deductions, (iii) Borrower shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with Applicable Law, and (iv) Borrower shall furnish to Bank the original or a certified copy of the receipt evidencing payment thereof, provided, however, that no additional amounts shall be payable to Bank (or to any of its successors or assigns) under subparagraph (i) unless Bank (or its successors or assigns, as applicable) shall have provided a duly completed executed original of IRS Form W-9 (or applicable successor form) certifying its exemption from U.S. backup withholding tax.

 

8.2    In addition, Borrower agrees to pay any and all present or future stamp or documentary taxes and any other excise or property taxes or charges or similar levies which arise from any payment made under this Agreement or any other Loan Document or from the execution or delivery of, or otherwise with respect to, this Agreement or any other Loan Document (hereinafter referred to as “Other Taxes”).

 

 

 

 

8.3    BORROWER AGREES TO INDEMNIFY BANK FOR THE FULL AMOUNT OF TAXES AND OTHER TAXES (INCLUDING, WITHOUT LIMITATION, ANY TAXES OR OTHER TAXES IMPOSED OR ASSERTED BY ANY JURISDICTION ON AMOUNTS PAYABLE UNDER THIS SECTION) PAID BY BANK AND ANY LIABILITY (INCLUDING PENALTIES, INTEREST AND EXPENSES) ARISING THEREFROM OR WITH RESPECT THERETO. For purposes of this Section, Taxes and Other Taxes shall not include taxes imposed on the income of Bank resulting from payments made to Bank under the Loan Documents and shall not include any taxes imposed as a result of Bank’s failure to provide a duly completed executed original of IRS FORM W-9 (or applicable successor form) certifying its exemption from U.S. backup withholding tax.

 

8.4    Within thirty (30) days after the date of any payment of Taxes or Other Taxes, Borrower shall furnish to Bank the original or a certified copy of the receipt evidencing such payment.

 

8.5    Without prejudice to the survival of any other agreement of Borrower hereunder, the agreements and obligations of Borrower contained in this Section shall survive the termination of this Agreement and the payment in full of the Obligations.

 

	 	
			9. 

				
			SECURITY; COLLECTION OF RECEIVABLES AND PROCEEDS OF COLLATERAL.

			

 

9.1    Personal Property. As security for the full and timely payment and performance of all Obligations, each Obligor hereby grants to Bank a first priority perfected security interest in all personal property of such Obligor, wherever located, now owned or hereafter acquired, including without limitation the following:

 

(a)    All present and future Accounts, contract rights, chattel paper, instruments and documents and all other rights to the payment of money whether or not yet earned, for services rendered or goods sold, consigned, leased or furnished or otherwise, in all cases together with (i) all goods (including any returned, rejected, repossessed or consigned goods), the sale, consignment, lease or other furnishings of which shall give or may give rise to any of the foregoing, (ii) all rights as a consignor, consignee, unpaid vendor or other lien or in connection therewith, including stoppage in transit, set‐off, detinue, replevin and reclamation, (iii) all General Intangibles related thereto, (iv) all credit insurance, guaranties, mortgages, security interests, assignments, and other encumbrances on real or personal property, leases and other agreements or property securing or relating to any of the foregoing, (v) all choses‐in-action, claims and judgments related to or arising out of any of the foregoing, and (vi) any return or unearned premiums, which may be due upon cancellation of any insurance policies.

 

(b)    All present and future Inventory (including but not limited to goods held for sale or lease or furnished or to be furnished under contracts for service), and all documents of title covering any of such goods or Inventory.

 

(c)    All present and future General Intangibles.

 

(d)    All present and future Equipment, all documents of title covering any of such Equipment and all manuals of operation, maintenance or repair.

 

 

 

 

(e)    All present and future rights in all proceeds of all licenses, permits, approvals, license rights, agreements and General Intangibles with respect to which there are valid and enforceable legal or contractual restrictions prohibiting the collateral assignment or granting of a security interest (the “Non-Assignable Contracts”), including without limitation all proceeds from the sale, transfer or liquidation of such Non-Assignable Contracts and the value allocable to such Non-Assignable Contracts in any sale of business or assets.

 

(f)    All present and future general ledger sheets, files, records, customer lists, books of account, invoices, bills, certificates or documents of ownership, bills of sale, business papers, correspondence, credit files, tapes, cards, computer runs and all other data and data storage systems whether in the possession of any party to this Agreement or any service bureau.

 

(g)    All letters of credit and letter of credit rights, including the right to receive payment thereunder and all documentation related thereto, and all documents of title, negotiable and non-negotiable bills of lading, electronic bills of lading, shipper’s rights, rights accruing under the law of agency or estoppel, warranties, claims and insurance proceeds related thereto or associated therewith.

 

(h)    All documents of title, negotiable and non-negotiable bills of lading, electronic bills of lading, shipper’s rights, rights accruing under the law of agency or estoppel, documents, agreements, instruments, warranties and claims now existing or hereafter issued under this Agreement by Bank for the benefit of Borrower, and all insurance claims or proceeds related thereto.

 

(i)    All deposits, funds, notes, drafts, instruments (including promissory notes), documents, policies, evidences and certificates of insurance, securities, personal property leases and chattel paper and other assets, now or at any time hereafter on deposit with or in the possession or control of Bank or owing by Bank or in transit by mail or carrier to Bank or in the possession of any other Person acting on Bank’s behalf, without regard to whether Bank received the same in pledge, for safekeeping, as agent for collection or otherwise, or whether Bank has conditionally released the same, and all assets in which Bank now has or may at any time hereafter obtain a lien, mortgage, or security interest for any reason.

 

(j)    All deposit accounts maintained by Obligors with any depository institution.

 

(k)    All Investment Property.

 

(l)     All Financial Assets.

 

(m)    All products and proceeds of the foregoing.

 

 

 

 

9.2    Negotiable Collateral. In the event that any Collateral, including proceeds thereof, is evidenced by or consists of Negotiable Collateral, the applicable Obligor shall immediately endorse and deliver physical possession of such Negotiable Collateral to Bank, together with any stock powers executed in blank as may be required by Bank.

 

9.3    Surety. As further security for the Obligations, each Guarantor shall execute and deliver to Bank, the absolute, unconditional, unlimited surety agreement (the “Surety Agreement”) of Guarantors. Such Surety Agreement will secure all Obligations and shall be in form and content acceptable to Bank.

 

9.4    General. The collateral described above in Sections 9.1, 9.2, and 9.3 is collectively referred to herein as the “Collateral”. The above-described security interests, assignments, Liens and guarantees shall not be rendered void by the fact that no Obligations exist as of any particular date, but shall continue in full force and effect until the Obligations have been repaid, Bank has no agreement or commitment outstanding under the Loan Documents pursuant to which Bank may extend credit to or on behalf of Borrower and Bank has executed termination statements or releases with respect thereto. Bank agrees to execute and deliver to Borrower, at Borrower’s expense, termination statements and releases with respect to all Liens in favor of Bank encumbering the Collateral with reasonable promptness after all Obligations have been fully and finally paid and Bank has no agreement or commitment outstanding to extend credit to or on behalf of Borrower. IT IS THE EXPRESS INTENT OF BORROWER THAT ALL OF THE COLLATERAL SHALL SECURE NOT ONLY THE OBLIGATIONS UNDER THE LOAN DOCUMENTS, BUT ALSO ALL OTHER PRESENT AND FUTURE OBLIGATIONS OF BORROWER TO BANK.

 

9.5    Collection of Accounts; Proceeds of Collateral.

 

(a)    General. Borrower will collect its Accounts only in the ordinary course of its business.

 

(b)    Items Held in Trust. Upon the occurrence and during the continuance of an Event of Default, Borrower agrees that all monies, checks, notes, instruments, drafts or other payments relating to or constituting proceeds of any accounts receivable or other Collateral of Borrower which comes into the possession or under the control of Borrower or of any employees, agents or other persons acting for or in concert with Borrower, shall be received and held in trust for Bank subject at all times to Bank’s security interest. Upon the occurrence and during the continuance of an Event of Default, at the request by Bank, immediately upon receipt thereof, Borrower and such other persons shall remit the same or cause the same to be remitted, in kind, to Bank. Borrower shall deliver or cause to be delivered to Bank, with the appropriate endorsement and assignment to Bank with full recourse to Borrower, all instruments, notes and chattel paper constituting an account receivable or proceeds thereof or other Collateral. Bank is granted a power of attorney by Borrower with full power of substitution upon the occurrence and during the continuance of an Event of Default to execute on behalf of Borrower and in Borrower’s name to endorse Borrower’s name on any check, draft, instrument, note or other item of payment or to take any other action or sign any document in order to effectuate the foregoing. Such power of attorney being coupled with an interest is irrevocable.

 

 

 

 

10.        REPRESENTATIONS AND WARRANTIES. In order to induce Bank to enter into this Agreement, the Obligors, jointly and severally, make the following representations and warranties which shall be true, correct, and complete in all respects as of the Closing Date, and shall be true, correct, and complete in all respects as of the Closing Date, and at and as of the date of the making or entering into each Advance thereafter, as though made on and as of the date of such Advance (except to the extent that such representations and warranties relate solely to an earlier date) and such representations and warranties shall survive the execution and delivery of this Agreement.

 

10.1    Valid Organization, Good Standing and Qualification. Each Obligor is a corporation duly incorporated or a limited liability company duly formed, as applicable, validly existing and in good standing under the laws of the state of Delaware. Each Obligor has full power and authority to execute, deliver and comply with the Loan Documents, and to carry on its business as it is now being conducted and is duly licensed or qualified as a foreign corporation or limited liability company in good standing under the laws of each other jurisdiction in which the character or location of the properties owned by it or the business transacted by it requires such licensing or qualification, except where the failure to be so or qualified would not reasonably be expected to result in a Material Adverse Change.

 

10.2    Licenses. Each Obligor and its employees, servants and agents have obtained all licenses, registrations, approvals, security clearances and other authority as may be necessary to enable it to own and operate its Business.

 

10.3    Ownership Interests. The ownership of all Capital Stock, debentures, options, warrants, bonds and other securities (debt and equity) of the Borrower holding more than fifty percent (50%) and the Guarantors and all pledges, proxies, voting trusts, powers of attorney and other agreements affecting the ownership or voting rights of said interests as of the Closing Date is as set forth on Schedule 10.3.

 

10.4    Subsidiaries. Except as set forth on Schedule 10.4, Borrower does not own any Capital Stock in any Person, directly or indirectly (by any Subsidiary or otherwise). All of the outstanding Capital Stock of Borrower has been validly issued and is fully paid and non-assessable. No Capital Stock of any direct or indirect Subsidiary of Borrower is subject to the issuance of any security, instrument, warrant, option, purchase right, conversion or exchange right, call, commitment or claim of any right, title, or interest therein or thereto.

 

10.5    Financial Statements. Borrower has furnished to Bank the audited financial statements of Borrower, Guarantors and their Subsidiaries certified without qualification by independent public accountants as of December 31, 2020 and all management and comment letters from such accountants in connection therewith. Borrower has furnished to Bank the internally prepared interim financial statements of Borrower, Guarantors and their Subsidiaries as of June 30, 2021. Such financial statements of Borrower and Guarantors (together with the related notes and comments), are correct and complete in all material respects and fairly present in all material respects the financial condition and the assets and liabilities of Borrower and Guarantors at such dates, and have been prepared in accordance with GAAP. With respect to the interim statements, such statements are subject to year-end adjustment and any accompanying footnotes.

 

 

 

 

10.6    No Material Adverse Change in Financial Condition. There has been no Material Adverse Change in the financial condition of Obligors since December 31, 2020.

 

10.7    Pending Litigation or Proceedings. There are no judgments outstanding or actions, suits or proceedings pending or, to the best of each Obligor’s knowledge, threatened against or affecting any Obligor, at law or in equity or before or by any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign which would reasonably be expected to result in a Material Adverse Change.

 

10.8    Due Authorization; No Legal Restrictions. The execution and delivery by the Obligors of the Loan Documents, the consummation of the transactions contemplated by the Loan Documents and the fulfillment and compliance with the respective terms, conditions and provisions of the Loan Documents: (a) have been duly authorized by all requisite corporate or limited liability company action of each Obligor, (b) will not conflict with or result in a breach of, or constitute a default (or are not reasonably likely, upon the passage of time or the giving of notice or both to constitute a default) under, any of the terms, conditions or provisions of any Applicable Law, (c) will not conflict with or result in a breach of, or constitute a default (or are not reasonably likely, upon the passage of time or the giving of notice or both to constitute a default) under, any of the terms, conditions or provisions of any Obligor’s Governing Documents or any lease, indenture, mortgage, loan or credit agreement or instrument to which any Obligor is a party or by which any of them may be bound or affected, or any judgment or order of any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, (d) will not result in the creation or imposition of any Lien of any nature whatsoever upon any of the property or assets of any Obligor under the terms or provisions of any such agreement or instrument, except Liens in favor of Bank, and (e) do not require any consent or approval of the stockholders, members or owners of any Obligor or any other Person, except such consents and approvals which have been properly obtained and are in full force and effect.

 

10.9    Enforceability. The Loan Documents have been duly executed by the Obligors and delivered to Bank and constitute legal, valid and binding obligations of the Obligors, enforceable in accordance with their terms, except as enforceability may be limited by any bankruptcy, insolvency, reorganization, moratorium or other laws or equitable principles affecting creditors' rights generally.

 

10.10    No Default Under Other Obligations, Orders or Governmental Regulations. The Obligors are not in violation of their Governing Documents and the Obligors are not in default in the performance or observance of any of their obligations, covenants or conditions contained in any indenture or other agreement creating, evidencing or securing any Indebtedness or pursuant to which any such Indebtedness is issued, except where such violation would not reasonably be expected to result in a Material Adverse Change. The Obligors are not in violation of or in default under any other agreement or instrument or any judgment or Applicable Law, except where such violation would not reasonably be expected to result in a Material Adverse Change. 

 

 

 

 

10.11    Governmental Consents. Other than the filing of appropriate financing statements and other documents related to the perfection of security interests, no consent, approval or authorization of or designation, declaration or filing with or notice to any Governmental Authority on the part of any Obligor is required in connection with the execution, delivery or performance by the Obligors of the Loan Documents or the consummation of the transactions contemplated thereby, except such consents, approvals, authorizations or filings as have been obtained or notices which have been given or as to which the failure to obtain would not reasonably be expected to result in a Material Adverse Change.

 

10.12     Taxes. Obligors have filed all tax returns which they are required to file and have paid, or made provision for the payment of, all taxes which have become due pursuant to such returns or pursuant to any assessment received by them. Such tax returns are complete and accurate in all material respects. The Obligors do not know of any proposed additional assessment or basis for any assessment of additional material taxes.

 

10.13    Title to Collateral. Obligors have rights in and the power to transfer the Collateral. The Collateral is and will be owned by Obligors free and clear of all Liens of any kind, excepting only Liens in favor of Bank and those Liens permitted under Section 12.7. Each Obligor will defend the Collateral against any claims of all Persons or entities other than Bank.

 

10.14    Names and Addresses. During the past five (5) years, Obligors have not been known by any names (including trade names) other than those set forth in Schedule 10.14 and have not been located at any addresses other than those set forth on Schedule 10.21(d). The portions of the Collateral which are tangible property and each Obligor’s Books will at all times be located at the addresses set forth on Schedule 10.21(d); or such other location determined by Obligors after prior notice to Bank and delivery to Bank of any items requested by Bank to maintain perfection and priority of Bank’s Lien against and access to each Obligor’s Books and records. Schedule 10.21(d) identifies the chief executive offices of Obligors.

 

10.15    Current Compliance. The Obligors are currently in compliance with all of the terms and conditions of the Loan Documents.

 

10.16    United States Pension and Benefit Plans. Except as disclosed on Schedule 10.16, (a) Borrower has no obligations with respect to any Plan, (b) no ERISA Events, including, without limitation, any “Reportable Event” or “Prohibited Transaction” (as those terms are defined under ERISA), have occurred in connection with any Plan of Borrower which might constitute grounds for the termination of any such Plan by the PBGC or for the appointment by any U.S. District Court of a trustee to administer any such Plan, (c) all of Borrower’s Plans meet with the minimum funding standards of Section 302 of ERISA, and (d) Borrower has no existing liability to the PBGC. Borrower is not subject to or bound to make contributions to any Multi‐Employer Plan.

 

 

 

 

The present value of the aggregate benefit liabilities under any of the Plans, determined as of the end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plan allocable to such benefit liabilities. The term “benefits liabilities” has the meaning specified in Section 4001 of ERISA and the terms “current value” and “present value” have the meanings specified in Section 3 of ERISA. Neither Borrower nor any ERISA Affiliates have incurred withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under Section 4201 or 4204 of ERISA.

 

10.17    Leases and Contracts. Borrower has complied in all material respects with the provisions of all leases, contracts or commitments of any kind (such as employment agreements, collective bargaining agreements, powers of attorney, distribution agreements, license agreements, contracts for future purchase or delivery of goods or rendering of services, bonus, pension and retirement plans or accrued vacation pay, insurance and welfare agreements) to which Borrower is a party and are not in default thereunder, except where such default would not reasonably be expected to result in a Material Adverse Change. To the best of Borrower’s knowledge, no other party is in default under any such leases, contracts, licenses or other commitments and no event has occurred which, but for the giving of notice or the passage of time or both, would constitute an event of default thereunder, except where such defaults and events of default would not reasonably be expected to result in a Material Adverse Change. Schedule 10.17 sets forth an accurate list of all material contracts to which Borrower is a party or by which it is bound.

 

10.18    Intellectual Property. Each Obligor owns or possesses the irrevocable right to use all of the patents, trademarks, service marks, trade names, copyrights, licenses, franchises and permits and rights with respect to the foregoing necessary to own and operate such Obligor’s business and to carry on its business as presently conducted and presently planned to be conducted without conflict with the rights of others. Schedule 10.18 sets forth an accurate list and description of each such registered patent, trademark, service mark, trade name, and copyright, together with all registration or application numbers or information with respect thereto.

 

10.19    Business. Obligors are engaged solely in their respective Businesses and lines of business reasonably related thereto.

 

10.20    Affiliate Transactions. Schedule 10.20 sets forth an accurate list of all transactions of Borrower, with any Obligor and any Affiliate of Borrower, except those transactions in accordance with any Obligor’s historical practices and the ordinary course of such Obligor’s business. 

 

10.21    Property of Obligors.

 

(a)    Property. Each Obligor is the owner or lessee of all Property and holds all Licenses, in each case necessary to conduct operations of the Business, in each case in conformity in all material respects with all Applicable Laws.

 

 

 

 

(b)    Licenses. There is set forth in Schedule 10.21(b) a description of all Licenses which have been issued or assigned to any Obligor. All of such Licenses are in full force and effect and have been duly issued in the name of, or validly assigned to, the applicable Obligor, no default or breach exists thereunder.

 

(c)    Operating Agreements. There is set forth in Schedule 10.21(c) a description of all material Operating Agreements relating to the operation of the business of each Obligor the cancellation or termination of which would reasonably be expected to result in a Material Adverse Change. Each such Operating Agreement is in full force and effect and no event has occurred which is reasonably likely to result in the cancellation or termination of any such Operating Agreement or the imposition thereunder of any liability upon any Obligor.

 

(d)    Facility Sites. There is set forth in Schedule 10.21(d) locations of the chief executive office of each Obligor, the locations of all of each Obligor’s Property, the places where each Obligor’s Books are kept and the locations of all Equipment and offices used in the operation of each Obligor’s business.

 

(e)    Leases. There is set forth in Schedule 10.21(e) a list of all material Leases, together with a complete and accurate address and legal description of each parcel of Leasehold Property subject to such Leases and the name and address of the landlord under each such Lease. Each Lease is in full force and effect, there has been no default in the performance of any of its material terms or conditions by any Obligor, to the best of each Borrower’s knowledge, any other party thereto, and no claims of default have been asserted with respect thereto. The present and contemplated use of all Leasehold Property is in compliance with all applicable zoning ordinances and regulations and other Applicable Laws.

 

(f)    Operation and Maintenance of Equipment. All of the Equipment and other tangible personal property owned by Borrower is in good operating condition and repair (subject to normal wear and tear) and has been used, operated and maintained in compliance in all material respects with all Applicable Laws.

 

10.22    FEIN. The FEIN and state organizational number of each Obligor is:

 

	
			 

			NAME

				
			Tax

			ID/FEIN

			Number

				
			Government/State

			Organizational

			Number

				
			State of

			Incorporation

			
	 	 	 	 
	
			inTEST Corporation

				
			22-2370659

				
			2726308

				
			Delaware

			
	
			Ambrell Corporation

				
			16-1271448

				
			5695927

				
			Delaware

			
	
			inTEST Silicon Valley Corporation

				
			94-3043339

				
			2916520

				
			Delaware

			
	
			inTEST EMS, LLC

				
			83-2411891

				
			7130712

				
			Delaware

			
	
			Temptronic Corporation

				
			52-2222202

				
			3142413

				
			Delaware

			

 

 

 

 

10.23    Solvency. Borrower is, and Obligors taken as a whole are, Solvent. No transfer of property is being made by any Obligor and no obligation is being incurred by any Obligor in connection with the transactions contemplated by this Agreement or the other Loan Documents with the intent to hinder, delay, or defraud either present or future creditors of any Obligor.

 

10.24    Subordinated Indebtedness. Schedule 10.24 sets forth an accurate list of all Subordinated Indebtedness currently owed by Borrower, identifying the payor, the payee, the outstanding principal balance, the applicable interest rate, the payment terms and all collateral or guaranties securing such Subordinated Indebtedness.

 

10.25    Investment Company Act. Borrower is not an “investment company” or a company “controlled” by an “investment company” (as each of the quoted terms is defined or used in the Investment Company Act of 1940, as amended).

 

10.26    Common Enterprise. The successful operation and condition of Borrower is dependent on the continued successful performance of the functions of Obligors as a whole and the successful operation of each Obligor is dependent on the successful performance and operation of the other Obligors. Borrower expects to derive benefit (and its board of directors has determined that it may reasonably be expected to derive benefit), directly and indirectly, from successful operations of its Subsidiaries. Each Guarantor expects to derive benefit (and the boards of directors or other governing body of each such Guarantor has determined that it may reasonably be expected to derive benefit), directly and indirectly, from the credit extended by Bank hereunder, both in their separate capacities and as members with the other Obligors of an interrelated group of companies. Each Obligor has determined that execution, delivery and performance of this Agreement and any other Loan Documents to be executed by such Obligor is within its corporate or limited liability company purpose, will be of direct and indirect benefit to such Obligor and is in its best interest.

 

10.27    Insurance. No notice of cancellation has been received with respect to any insurance policies required pursuant to Section 11.5 and each Obligor is in compliance with all conditions contained in such policies.

 

10.28    Commercial Tort Claims. Obligors are not the claimant under or with respect to any Commercial Tort Claim.

 

10.29    Security Systems. Each Obligor follows and shall continue to follow sound business practices to maintain the safety and security of its assets and business operations, including the accuracy, integrity and security of its records and the efficient and secure operation of its respective Business and of its respective information, privacy and data systems in accordance with all Applicable Laws.

 

 

 

 

10.30    Anti-Terrorism Laws. No Obligor is nor shall be (a) a Person with whom Bank is restricted from doing business under Executive Order No. 13224 or any other Anti-Terrorism Law, (b) engaged in any business involved in making or receiving any contribution of funds, goods or services to or for the benefit of such a Person or in any transaction that evades or avoids, or has the purpose of evading or avoiding, the prohibitions set forth in any Anti-Terrorism Law, or (c) otherwise in violation of any Anti-Terrorism Law. Obligors shall provide to Bank any certifications or information that Bank requests to confirm compliance by Obligors with Anti-Terrorism Laws.

 

10.31    Accuracy of Representations and Warranties. No representation or warranty by Obligors contained herein or in any certificate or other document furnished by Obligors pursuant hereto or in connection herewith fails to contain any statement of material fact necessary to make such representation or warranty not misleading in light of the circumstances under which it was made. There is no fact which any Obligor knows or should know and has not disclosed to Bank, which does or may materially and adversely affect any Obligor or its operations.

 

11.        AFFIRMATIVE COVENANTS. The Obligors, jointly and severally, covenant and agree that, so long as this Agreement has not been terminated and until full and final payment of the Obligations, and unless Bank shall otherwise consent in writing, each Obligor, as applicable, shall comply with the following:

 

11.1    Payment of Principal, Interest and Other Amounts Due. Borrower will pay when due all Obligations without setoff, deduction or counterclaim and without deduction or withholding for or on account of any federal, state or local taxes.

 

11.2    Existence; Approvals; Qualification; Compliance with Laws. Each Obligor will (a) obtain, preserve and keep in full force and effect its separate corporate or company existence and all rights, licenses, registrations and franchises necessary to the proper conduct of its Business or affairs; (b) qualify and remain qualified as a foreign corporation or limited liability company, as applicable, in each jurisdiction in which the character or location of the properties owned by it or the business transacted by it requires such qualification except where the failure to do so would not reasonably be expected to result in a Material Adverse Change; (c) continue to operate its Business as presently operated or lines of business reasonably related thereto and will not engage in any new businesses without the prior written consent of Bank, which consent shall not be unreasonably withheld, conditioned or delayed; and (d) comply in all material respects with the requirements of all Applicable Laws.

 

11.3    Maintenance of Properties. Obligors will maintain, preserve, protect and keep or cause to be maintained, preserved, protected and kept their Property used or useful in the conduct of their Business in good working order and condition, reasonable wear and tear excepted, and will pay and discharge when due the cost of repairs to and maintenance of the same. Borrower shall maintain and use any real property owned, leased or operated by Borrower in compliance with all local, state and federal laws and regulations, except where failure to comply would not reasonably be expected to result in a Material Adverse Change.

 

 

 

 

11.4    Intellectual Property. With respect to any and all tradenames, domain names, registered trademarks, registrations, copyrights, patents, patent rights and applications for any of the foregoing, Obligors shall maintain and protect the same to the extent reasonably required for the operation of Obligors’ Business and shall take and assert any and all remedies reasonably available to any Obligor to prevent any other Person from infringing upon or claiming any interest in any such material trademarks, registrations, copyrights, patents, patent rights or application for any of the foregoing.

 

Obligors will, if requested by Bank, (i) execute and deliver to Bank assignments, financing statements, patent mortgages or such other documents, in form and substance reasonably acceptable to Bank, necessary to perfect and maintain Bank’s security interest in all existing and future patents, patent applications, registered trademarks, trademark applications, and other General Intangibles owned by any Obligor; and (ii) furnish Bank with evidence satisfactory to Bank that all actions necessary to maintain and protect each trademark and patent owned by any Obligor or its employees have been taken in a timely manner.

 

11.5    Insurance.

 

(a)    Collateral. Obligors, at their expense, shall keep the Collateral insured against loss or damage by fire, theft, explosion, sprinklers, and all other hazards and risks, as are ordinarily insured against by other owners in similar businesses, in amounts acceptable to Bank, but in any event in amounts sufficient to cover the value of all of each Obligor’s Equipment and Inventory and in amounts sufficient to prevent any Obligor from becoming a co-insurer under such policies. Obligors also shall maintain business interruption, public liability, and property damage insurance relating to any Obligor’s ownership and use of the Collateral, as well as insurance against larceny, embezzlement, and criminal misappropriation.

 

(b)    Endorsements, Cancellation or Modification. Obligors shall cause Bank to be named as lender’s loss payee (with a lender’s loss payable endorsement) with respect to all Collateral, and additional insured with respect to all liability insurance, as its interests may appear. Every policy of insurance referred to in this Section shall contain an agreement by the insurer that thirty (30) days’ written notice will be given Bank by the insurer prior to cancellation or material modification of such insurance coverage. Any modification of any insurance policy or coverage involving any decrease in the amount or scope of coverage, must be approved by Bank in writing prior to the effective date of such modification.

 

(c)    General. All such policies of insurance shall be in such form, with such companies, and in such amounts as may be reasonably satisfactory to Bank. Every policy of insurance referred to in this Section shall contain an agreement by the insurer that any loss payable thereunder shall be payable notwithstanding any act or negligence of any Obligor or Bank which might, absent such agreement, result in a forfeiture of all or a part of such insurance payment.

 

(d)    Policies and Evidence of Insurance. Obligors shall cause to be delivered to Bank the insurance policies and all endorsements thereto and evidence of insurance utilizing a current ACORD 28 Evidence of Property Insurance and at least thirty (30) days prior to the expiration of any such insurance, additional policies or duplicates thereof and evidence of insurance utilizing a current ACORD 28 Evidence of Property Insurance confirming the renewal of such insurance and payment of the premiums therefor.

 

 

 

 

(e)    Losses; Payments. Obligors shall direct all insurers that in the event of any loss thereunder or the cancellation of any insurance policy, the insurers shall make payments for such loss and pay all return or unearned premiums directly to Bank and not to Obligors and Bank jointly. In the event of any loss, Obligors will give Bank prompt notice thereof and Bank may make proof of loss whether the same is done by Obligors. Bank is hereby granted a power of attorney by Obligors with full power of substitution to file any proof of loss in any Obligor’s or Bank’s name, to endorse any Obligor’s name on any check, draft or other instrument evidencing insurance proceeds, and to take any action or sign any document to pursue any insurance loss claim.

 

In the event of any loss, Bank, at its option, may (a) retain and apply all or any part of the insurance proceeds to repay or secure the Obligations, in such order and amounts as Bank may elect, or (b) disburse all or any part of such insurance proceeds to or for the benefit of the applicable Obligor for the purpose of repairing or replacing Collateral after receiving proof satisfactory to Bank of such repair or replacement, in either case without waiving or impairing the Obligations or any provision of this Agreement (except in the case of insurance proceeds in an aggregate amount of less than One Hundred Thousand Dollars ($100,000.00) in which case such proceeds shall be disbursed directly by Bank to Obligors upon written request therefor for the restoration and repair of the loss). Any deficiency thereon shall be paid by Obligors to Bank upon demand. Obligors shall bear the full risk of loss from any loss of any nature whatsoever with respect to the Collateral.

 

11.6    Inspections; Examinations. The officers or employees of Bank, or such Persons as Bank may designate, may visit and inspect any of the properties of Obligors, examine (either by Bank’s employees or by independent accountants) any of the Collateral or other assets of Obligors, including the Books of Obligors, and discuss the affairs, finances and accounts of Obligors with their officers and with their independent accountants, at such times as Bank may desire upon reasonable advance notice; provided, however, that unless Bank believes in good faith that a Default or Event of Default has occurred and is continuing, any such visits, inspections and examinations shall be during Obligors’ normal business hours and without unreasonable interference with Obligors’ operations. During normal business hours and upon reasonable notice, Bank may conduct and Obligors will fully cooperate with, field examinations of the Inventory, Accounts and business affairs of Obligors; provided however, after the occurrence and during the continuance of a Default or an Event of Default, such field examinations may occur at any time and from time to time with or without prior notice.

 

Obligors agree to pay all costs and expenses of Bank related to such visits, inspections and field examination; provided that, unless an Event of Default shall have occurred, Borrower shall not be obligated to pay for more than one field examination during any twelve (12) month period.

 

 

 

 

11.7    Pension Plans. Borrower will (a) keep in full force and effect any and all Plans which are presently in existence or may, from time to time, come into existence under ERISA, unless such Plans can be terminated without material liability to Borrower in connection with such termination (as distinguished from any continuing funding obligation); (b) make contributions to all of its Plans in a timely manner and in a sufficient amount to comply with the requirements of ERISA or other applicable pension laws; (c) comply with all material requirements of ERISA or other applicable pension laws which relate to such Plans so as to preclude the occurrence of any Reportable Event, Prohibited Transaction or material “accumulated funding deficiency” as such term is defined in ERISA; and (d) notify Bank promptly upon receipt by Borrower of any notice of the institution of any proceeding or other action which is likely to result in the termination of any Plan and deliver to Bank, promptly after the filing or receipt thereof, copies of all reports or notices which Borrower files or receives under ERISA with or from the Internal Revenue Service, the PBGC, or the U.S. Department of Labor.

 

11.8    Bank Accounts. Borrower will maintain its operating accounts, main disbursement accounts, investment accounts, cash management accounts, deposit accounts, merchant card processing services and purchasing/corporate credit card services with Bank, unless otherwise agreed by Bank in writing. Borrower will notify Bank in writing and on a continuing basis, of all deposit accounts, investment accounts and certificates of deposit (including the numbers thereof) maintained with or purchased from any other depository institutions.

 

11.9    Maintenance of Management. Borrower will cause its business to be continuously managed by the following persons in the positions described below or such other persons (serving in such positions) as may be reasonably satisfactory to Bank:

 

Person                                       Position

 

Richard Grant, Jr.                     President and Chief Executive Officer

 

Duncan Gilmour                      Treasurer and Chief Financial Officer

 

Notwithstanding the foregoing, in the event any member of the Management Group is no longer employed by the Borrower for any reason, Borrower agrees to replace such member with a member reasonably satisfactory to Bank.

 

11.10    Transactions with Affiliates. Borrower will cause all of its Indebtedness at any time owed to any Obligor, Subsidiary, Affiliate, shareholder, director and officer to be subordinated in all respects to all Obligations and will not make any payments thereon, except as approved by Bank in writing including as permitted under the terms of the Subordination Agreements and Section 10.20.

 

 

 

 

11.11    Additional Documents and Future Actions. Obligors will, at their sole cost, (i) take such actions and provide Bank from time to time with such agreements, financing statements and additional instruments, documents or information as Bank may in its reasonable discretion deem necessary or advisable to perfect, protect, maintain or enforce its Lien in the Collateral, to permit Bank to protect or enforce its Lien in the Collateral, or to carry out the terms of the Loan Document, and (ii) execute on each Obligor’s behalf and expense (x) all such security agreements (or amendments to this Agreement) as shall be necessary to evidence the grant to Bank of a security interest in and to all Commercial Tort Claims if, and to the extent, they arise hereafter, and (y) all pleadings and other documents as Bank may deem necessary or advisable in connection with any Commercial Tort Claim. Obligors hereby authorize and appoint Bank as their attorney‐in‐fact, with full power of substitution, to take such actions as Bank may deem advisable to protect the Collateral and its interests thereon and its rights hereunder, to execute on any Obligor’s behalf (if necessary) and to file at Obligors’ expense financing statements or applications for registration and amendments thereto, in those public offices deemed necessary or appropriate by Bank to establish, maintain and protect a continuously perfected or published Lien in the Collateral, and to execute on any Obligor’s behalf such other documents and notices as Bank may deem advisable to, during the continuance of an Event of Default, protect the Collateral and its interests therein and its rights hereunder. Such power being coupled with an interest is irrevocable, Obligors irrevocably authorize the filing of financing statements or applications for registration by Bank describing the Collateral, the filing of initial financing statements in the jurisdiction of any Obligor’s legal formation and existence, the filing of a carbon, photographic or other copy of this Agreement, or of a financing statement, as a financing statement and agree that such filing is sufficient as a financing statement.

 

11.12    Taxes. The Obligors will cause all assessments and taxes, whether real, personal, or otherwise, due or payable by, or imposed, levied, or assessed against any Obligor or any of its property to be paid in full, before delinquency or before the expiration of any extension period. The Obligors shall make due and timely payment or deposit of all such federal, state, and local taxes, assessments, or contributions required of it by law, and will execute and deliver to Bank, on demand, appropriate certificates attesting to the payment thereof or deposit with respect thereto. The Obligors will make timely payment or deposit of all tax payments and withholding taxes required of them by applicable laws, including those laws concerning F.I.C.A., F.U.T.A., state disability, and local, state, and federal income taxes, and will, upon request, furnish Bank with proof satisfactory to Bank indicating that the Obligors have made such payments or deposits. Notwithstanding the foregoing, any Obligor may contest the assertion of a tax liability (other than payroll taxes or taxes that are the subject of a U.S. tax Lien), provided that (a) a reserve with respect to such obligation is established on the Books of such Obligor in accordance with GAAP; (b) such Obligor diligently pursues such contest pursuant to appropriate proceedings; and (c) Bank has determined in good faith that while any such contest is pending, there would be no impairment of the enforceability, validity or priority of any of the Liens in favor of Bank in and to the Collateral or the rights of Bank under the Loan Documents.

 

11.13    Leases. Obligors will pay when due all rents and other amounts payable under any leases to which any Obligor is a party or by which any Obligor’s properties and assets are bound.

 

11.14    Notices. Obligors will promptly notify Bank of (a) any action or proceeding brought against any Obligor wherein such action or proceeding would, if determined adversely to such Obligor result in liability of any Obligor in excess of $500,000, (b) the occurrence of any Default or Event of Default, (c) the occurrence of any Material Adverse Change, (d) any new locations to be added as an additional Collateral location; (e) the occurrence of any casualty loss related to the Collateral in excess of $500,000; (f) the receipt of any notice of the institution of any proceeding or other action which may result in the termination of any Plan; and (g) any change in the Management Group or any change in any other senior management employees of Borrower.

 

 

 

 

Upon the occurrence and during the continuance of an Event of Default, Obligors will, if requested by Bank (a) give Bank assignments, in form acceptable to Bank, of specific accounts or groups of accounts and monies due and to become due under specific contracts and specific general intangibles; (b) furnish to Bank a copy, with such duplicate copies as Bank may request, of the invoice applicable to each account specifically assigned to Bank or arising out of a contract right, bearing a statement that such account has been assigned to Bank and such additional statements as Bank may require; (c) mark its records evidencing its accounts in a manner satisfactory to Bank so as to show which accounts have been assigned to Bank; (d)furnish to Bank satisfactory evidence of the shipment and receipt of any goods specified by Bank and the performance of any services or obligations covered by accounts or contracts in which Bank has a security interest; (e) pay Bank the unpaid portion of any account or contract right upon which Borrower has based availability for Advances under the Revolving Credit Facility if (i) such account is not paid promptly after its maturity, (ii) an account debtor does not accept the goods or services, (iii) any petition under the Bankruptcy Code or any similar federal or state statute is filed by or against a purchaser, or (iv) Bank shall at any time reject the account as unsatisfactory; and until such payment is made by Obligors, Bank may retain any such account or contract right as security and may charge any deposit account of Obligors for any such amounts; (f) join with Bank in executing a financing statement, notice, affidavit, security agreement, assignment or similar instrument, in form satisfactory to Bank, and such continuation statements and other instruments as Bank may from time to time request and pay the cost of filing the same in any public office deemed advisable by Bank to perfect the liens and security interests granted therein; (g) give Bank such financial statements, reports, certificates, lists of purchasers (showing names, addresses, and amounts owing) and other data concerning its accounts, contracts, collections, inventory, general intangibles and other matters as Bank may from time to time reasonably request; (h) segregate cash proceeds of Collateral so that they may be identified readily, and deliver the same to the Bank at such time or times and in such manner and form as the Bank may direct; (i) furnish such witnesses as may be necessary to establish legal proof of the Collateral or records relating to the Collateral; and (j)obtain from any owner, encumbrancer, processor, or other person having an interest in the property where any Collateral is located, written consent to Bank's removal of the Collateral therefrom, without liability on the part of the Bank to such owner, encumbrancer, processor or other person, or from any such owner, encumbrancer, processor or other person such waivers of any interest in the Collateral as the Bank may require.

 

11.15    Commercial Tort Claims. In the event any Obligor becomes the plaintiff (or any other claimant) with respect to any Commercial Tort Claim, such Obligor shall promptly (but in any event within fifteen (15) days after the same shall come into existence) notify Bank as to the existence of all such Commercial Tort Claims, detailing (a) the parties to the claim, (b) the amount in controversy, (c) the location and caption of all litigation filed with respect to the claim, (d) the status of the claim, and (e) all such other information relating thereto as Bank may require. Upon the request of Bank, the applicable Obligor shall promptly execute all such documents, agreements, instruments and financing statements as shall be required by Bank to grant to Bank a perfected, first priority security interest in each such Commercial Tort Claim.

 

 

 

 

11.16    Instruments; Promissory Notes. Obligors will cause any instruments or notes received by or payable to such Obligor to be delivered to Bank appropriately endorsed to the order of Bank.

 

12.        NEGATIVE COVENANTS. The Obligors, jointly and severally, covenant and agree that, so long as this Agreement has not been terminated and until full and final payment of the Obligations, and unless Bank shall otherwise consent in writing, each Obligor shall comply with the following:

 

12.1    Limitation on Indebtedness. Obligors will not have at any time outstanding to any Person other than Bank, any Indebtedness for borrowed money, Finance Lease Obligations, or any outstanding letters of credit, except (a) existing Indebtedness for borrowed money and Finance Lease Obligations described on Schedule 12.1, (b) current accounts payable incurred in the ordinary course of Obligors’ business, accrued expenses and other current items arising out of transactions (other than borrowings) in the ordinary course of Obligors’ business; (c) any Indebtedness incurred pursuant to the Payroll Protection Program or similar programs enacted in connection with the declaration on March 13, 2020, of the national emergency relating to COVID-19 and related measures and (d) future purchase money Indebtedness and Finance Lease Obligations in respect of specific items of equipment in an aggregate amount not to exceed $100,000 outstanding at any time, provided, however, that any liens granted by Obligors in connection with such future purchase money Indebtedness or Finance Lease must also be permitted under Section 11.7. Any of such existing permitted Indebtedness may not be refinanced or replaced without the consent of Bank. 

 

12.2    Loans. Obligors will not make or have outstanding any loans or advances in the nature of loans to any Person including, without limitation, any officer, shareholder, director, employee or Affiliate of Obligors, except Loans listed on Schedule 12.2 attached hereto.

 

12.3    Investments. Obligors will not have or make any investments in all or any portion of the capital stock or securities of any Person, or any loans, advances or extensions of credit to any Person, except (a) investments outstanding on the Closing Date and identified on Schedule 12.3; and (b) loans permitted under Section 12.2.

 

12.4    Guaranties. The Obligors will not directly or indirectly guarantee, endorse (other than for collection or deposit in the ordinary course of business), discount, sell with recourse or for less than the face value or agree (contingently or otherwise) to purchase or repurchase or otherwise acquire, or otherwise become directly or indirectly liable for, or agree (contingently or otherwise) to supply or advance funds (whether by loan, stock purchase, capital contribution or otherwise) in respect of, any Indebtedness, obligations or liabilities of any Person, except in connection with the Surety Agreement or Borrower’s guaranty of any Subsidiary’s lease obligations.

 

 

 

 

12.5    Disposition of Assets. Obligors will not sell, lease, transfer, or otherwise dispose any of its Property, except for (a) sales of Inventory in the ordinary course of Business for fair consideration; (b) replacement of worn Equipment; (d) dispositions of property consisting of the abandonment or cancellation of intellectual property rights (or any registrations or applications therefor) which, in the reasonable good faith determination of the Obligors, are uneconomical, negligible, not in the best interest of the owner thereof or not material to the conduct of the Business of the Obligors; and (e) dispositions of property subject to casualty, provided that, the proceeds of such dispositions will be paid by Obligors to Bank to be applied in accordance with Section 11.5(e).

 

12.6    Merger; Consolidation; Business Acquisitions; Subsidiaries. Obligors will not (a) merge into or consolidate with any Person, (b) except for a Permitted Acquisition, acquire any portion of the Capital Stock of any person or a material portion of assets or business of any Person, or the operating business or division of any Person, or any Property not used or useful in the operation of their Businesses, (c) permit any Person to merge into any of them, (d) form any Subsidiaries, (e) change any of their respective states of formation or incorporation, (f) materially change the principal nature of their business or engage in any business other than the Business (other than lines of business reasonably related thereto), (g) permit any Subsidiary to engage in any business activity, acquire any assets or, acquire any ownership or investment interests in any Person, without the prior written consent of Bank and (h) change any of their respective fiscal year ends.

 

12.7    Liens. Obligors will not create, incur or permit to exist any Lien of any kind on their property or assets, whether now owned or hereafter acquired, or upon any income, profits or proceeds therefrom, except:

 

(a)    Liens held by Bank;

 

(b)    Liens incurred or deposits made in the ordinary course of business (i) in connection with worker’s compensation, unemployment insurance, social security and other like laws or (ii) to secure the performance of statutory obligations, not incurred in connection with either (A) the borrowing of money or (B) the deferred purchase price of goods or Inventory;

 

(c)    Liens listed on Schedule 12.7 attached hereto;

 

(d)    Purchase money liens or Finance Leases, provided that:

 

(i)    the property subject to any of the foregoing is acquired or leased by Obligors in the ordinary course of their Businesses and the lien on any such property is created contemporaneously with such acquisition;

 

(ii)    the purchase money Indebtedness or Finance Lease Obligations shall only be secured by the equipment so acquired or leased; and

 

(iii)    the purchase money Indebtedness or Finance Lease Obligations are permitted by the provisions of Section 12.2 and this Section 12.7.

 

(e)    Customary rights of setoff in favor of banks at which Borrower has depository accounts; or

 

 

 

 

(f)    Deposits to secure the performance of leases in the ordinary course of Business.

 

Obligors shall not enter into any agreement with any other Person which shall prohibit Obligors from granting, creating or suffering to exist, or otherwise restrict in any way (whether by covenant, by identifying such event as a default under such agreement or otherwise) the ability of Obligors to grant, create or suffer to exist, any lien, security interest or other charge or encumbrance upon or with respect to any of their assets in favor of Bank.

 

12.8    Insurance. Obligors shall not take out separate insurance concurrent in form or contributing in the event of casualty loss with that required to be maintained under Section 11.5 unless Bank is named as loss payee (with a lender’s loss payable endorsement). Obligors shall promptly notify Bank whenever such separate insurance is taken out, specifying the insurer thereunder and full particulars as to the policies evidencing the same, and originals of such policies shall be provided promptly to Bank.

 

12.9    Transactions with Affiliates. Except for the transactions described on Schedule 10.20, Borrower will not enter into or conduct any transaction with any Affiliate without the prior written consent of Bank. Borrower will only enter into or conduct transactions with Affiliates on terms which are reasonable and customary for arms-length transactions between parties who are not affiliated or which are in accordance with Obligors’ historical practices and in the ordinary course of business.

 

12.10    Name or Chief Executive Address Change. Obligors will not change their names, FEIN numbers, or chief executive addresses except upon thirty (30) days prior written notice to Bank and delivery to Bank of any items requested by Bank to maintain perfection and priority of Bank’s first priority Lien in the Collateral and access to Obligors’ Books, including without limitation, new UCC‐1 financing statements and Collateral Access Agreements.

 

12.11    Change in Location of Collateral. Obligors will not change the location at which any of their Inventory, Equipment or other personal property is located except upon thirty (30) days prior written notice to Bank and, provided that Obligors comply with all of the following conditions:

 

(a)    Bank receives a copy of the lease, sub-lease, warehouse agreement or similar agreement entered into by the applicable Obligor with the owner, lessor or operator of the new location(s).

 

(b)    Bank receives evidence satisfactory to Bank that all assets of the applicable Obligor at such new location(s) are covered by the insurance coverage required under Section 11.5.

 

(c)    Bank receives a Collateral Access Agreement from the owner/lessor of the new location in form and content acceptable to Bank, except for Borrower’s facility located in Fremont, California, in the event Borrower’s contemplated consolidation plan is completed.

 

 

 

 

12.12    Restrictions on Use of Proceeds. Borrower will not carry or purchase with the proceeds of the Loans any “margin security” within the meaning of Regulations U, T or X of the Board of Governors of the Federal Reserve System.

 

12.13    Subordinated Indebtedness. Borrower (a) will not make any payments on the Subordinated Indebtedness except as permitted under the Subordination Agreements, and (b) will not breach any of the terms of any Subordination Agreements.

 

12.14    Amendments. Obligors will not amend, modify or waive any material term or provision of their respective Governing Documents in a manner materially adverse to Obligors or Bank.

 

12.15    Distributions; Redemptions. Borrower will not make any distribution or declare or pay any dividends (in cash or other property, other than Capital Stock) on, or purchase, acquire, redeem, or retire any of Borrower’s Capital Stock, of any class, whether now or hereafter outstanding; provided however, in the event no Default or Event of Default has occurred, and the payment of such dividend or distribution would not result in a Default or Event of Default, Borrower may, from time to time, pay and declare dividends and distributions to its shareholders, partners and members, as a result of the income generated by Borrower. Borrower will advise Bank in writing of its intent to make a dividend or distribution permitted at least ten (10) days prior to the payment of such dividend or distribution, and will provide Bank with such other information related thereto as Bank may request.

 

12.16    Issuance of Capital Stock. Neither Borrower nor any Subsidiary of Borrower will issue any Capital Stock which would result in any Change in Control.

 

12.17    Prohibited Transactions Under ERISA. Borrower will not directly or indirectly:

 

(a)    engage in any prohibited transaction which is reasonably likely to result in a civil penalty or excise tax described in Section 406 of ERISA or 4975 of the IRC for which a statutory or class exemption is not available or a private exemption has not been previously obtained from the Department of Labor;

 

(b)    permit to exist with respect to any Benefit Plan any accumulated funding deficiency (as defined in Sections 302 of ERISA and 412 of the IRC), whether or not waived;

 

(c)    fail to pay timely required contributions or annual installments due with respect to any waived funding deficiency to any Benefit Plan;

 

(d)    terminate any Benefit Plan where such event would result in any liability of Borrower, any Subsidiary of Borrower or any ERISA Affiliate under Title IV of ERISA;

 

(e)    fail to make any required contribution or payment to any Multiemployer Plan;

 

 

 

 

(f)    fail to pay any required installment or any other payment required under Section 412 of the IRC on or before the due date for such installment or other payment;

 

(g)    amend a Plan resulting in an increase in current liability for the plan year such that Borrower, any Subsidiary of Borrower or any ERISA Affiliate is required to provide security to such Plan under Section 401(a)(29) of the IRC; or

 

(h)    withdraw from any Multiemployer Plan where such withdrawal is reasonably likely to result in any liability of any such entity under Title IV of ERISA.

 

13.        FINANCIAL COVENANTS. Except with the prior written consent of Bank, Borrower will comply with the following:

 

13.1    Funded Debt to EBITDA Ratio. Borrower will maintain a ratio of consolidated Funded Debt to consolidated EBITDA of not more than 3.0 to 1.0 for the fiscal quarter ending December 31, 2021 and for each fiscal quarter end thereafter.

 

For the purposes of determining compliance with the consolidated Funded Debt to consolidated EBITDA covenant, for the fiscal quarter ending December 31, 2021 and for each fiscal quarter end thereafter, EBITDA shall be calculated on a rolling four (4) quarter basis for the twelve (12) month period ending as of each applicable fiscal quarter.

 

13.2    Fixed Charge Coverage Ratio. Borrower will maintain a Fixed Charge Coverage Ratio of not less than 1.25 to 1.0 for the fiscal quarter ending December 31, 2021 and for each fiscal quarter end thereafter.

 

For the purposes of determining compliance with the Fixed Charge Coverage Ratio covenant, for the fiscal quarter ending December 31, 2021 and for each fiscal quarter end thereafter, numerator and denominator components of such ratio shall be calculated on a trailing twelve (12) month basis for the twelve (12) month period ending as of each applicable fiscal quarter.

 

14.        ACCOUNTING RECORDS, REPORTS AND FINANCIAL STATEMENTS. The Obligors will maintain books of record and accounting in which full, correct and current entries in accordance with GAAP will be made of all of their dealings, business and affairs, and the Obligors will deliver to Bank the following:

 

14.1    Annual Statements. As soon as available and in any event within one hundred twenty (120) days after the end of each fiscal year of Borrower:

 

(a)    the audited, consolidated and consolidating income and retained earnings statements of Borrower for such fiscal year,

 

(b)    the audited, consolidated and consolidating balance sheet of Borrower at the end of such fiscal year, and

 

 

 

 

(c)    the audited, consolidated and consolidating statement of cash flow of Borrower for such fiscal year, setting forth in comparative form the corresponding figures as at the end of the previous fiscal year,

 

all in reasonable detail. The foregoing statements and balance sheet shall be prepared in accordance with GAAP and the consolidated statements shall be reviewed by independent certified public accountants of recognized standing acceptable to Bank in the reasonable exercise of its discretion with respect to which such accountants shall deliver their unqualified opinion which shall not include any “going-concern” opinion.

 

14.2    Quarterly Statements. As soon as available and in any event within forty-five (45) days after the close of each fiscal quarter end:

 

the company prepared, consolidated and consolidating income and retained earnings statements of Borrower for such quarter end,

 

the company prepared, consolidated and consolidating consolidated balance sheet of Borrower as of the end of such quarter end, and

 

the company prepared, consolidated and consolidating statement of cash flow of Borrower for such fiscal quarter end, setting forth in comparative form the corresponding figures as of the end of the corresponding quarter of the previous fiscal year (if applicable), all in reasonable detail, subject to year-end adjustments and certified by the chief financial officer of Borrower to be, to the best of his knowledge, accurate in all material respects and to have been prepared in accordance with GAAP.

 

14.3    Collateral Reporting. Obligors shall provide Bank within forty five (45) days after the close of each fiscal quarter end, or more frequently if reasonably requested by Bank, an aging of Obligor’s accounts receivables and accounts payables.

 

14.4    Reserved.

 

14.5    Reports to Governmental Agencies and Other Creditors. With reasonable promptness, copies of all such financial reports, statements and returns which any Obligor shall file with any federal or state department, commission, board, bureau, agency or instrumentality and any report or statement delivered by any Obligor to any supplier or other creditor in connection with any payment restructuring, including without limitation, Borrower’s 10-Q and 10-K.

 

14.6    Requested Information. With reasonable promptness, all such other data and information in respect of the condition, operation and affairs of any Obligor as Bank may reasonably request from time to time.

 

 

 

 

14.7    Compliance Certificates. Within the periods provided in Sections 14.1 and 14.2 above, a certificate of the chief financial officer of Borrower (a) stating that Borrower have observed, performed and complied with each and every undertaking contained herein, (b) setting forth the information and computations (in sufficient detail) required in order to establish whether Borrower was operating in compliance with the financial covenants in Section 13 of this Agreement, (c) certifying that as of the date of such certification, there does not exist any Default or Event of Default, and (d) certifying as to the state of organization of each Obligor. Such certificate will be in the form of Exhibit A attached hereto.

 

15.        CONDITIONS PRECEDENT TO THE INITIAL ADVANCE OR LETTER OF CREDIT. The obligation of Bank to make an Advance under the Revolving Credit Facility or an initial Advance under the Term Loan is subject to the fulfillment, to the satisfaction of Bank, of each of the following conditions on or before the Closing Date. All of such agreements, documents and other items must be in form, content and all other respects satisfactory to Bank.

 

15.1    Searches. Bank shall have received copies of record searches (including UCC searches, patent searches, trademark searches, copyright searches and judgments, suits, bankruptcy, litigation, tax and other lien searches) against each Obligor.

 

15.2    Executed Loan Documents. Bank shall have received each of the following documents, duly executed, and each such document shall be in full force and effect:

 

(a)    this Agreement;

 

(b)    the Term Notes;

 

(c)    the Disbursement Letter;

 

(d)    any and all other Loan Documents as may be required by Bank.

 

15.3    Request for Advance. Bank shall have received a request for advance from the Borrower.

 

15.4    Authorizing Resolutions. Bank shall have received a certificate from the Secretary of each Obligor attesting to the resolutions of each Obligor’s Board of Directors authorizing its execution, delivery, and performance of this Agreement and the other Loan Documents to which each Obligor, respectively, is a party and authorizing specific officers of such Obligor to execute the same.

 

15.5    Governing Documents. Bank shall have received copies of each Obligor’s Governing Documents, as amended, modified, or supplemented to the Closing Date, certified by the Secretary of such Obligor.

 

15.6    Material Agreements. Bank shall have received copies of all material agreements, leases and other documents related to Obligors

 

15.7    Good Standing Certificates. Bank shall have received certificates of good standing with respect to each Obligor, each dated within 30 days of the Closing Date, such certificates to be issued by the appropriate officer of each jurisdiction in which such Obligor is required to be qualified or licensed which certificates shall indicate that such Obligor is in good standing in such jurisdictions.

 

 

 

 

15.8    Insurance. Bank shall have received lender’s loss payee endorsements as well as the relevant policies and evidence of insurance, together with the endorsements thereto, as are required by Section 11.5.

 

15.9    Collateral Access Agreements. Bank shall have received such Collateral Access Agreements from lessors, warehousemen, bailees, and other third persons as Bank may require with respect to all Collateral Locations.

 

15.10    Opinions of Counsel. Bank shall have received opinions of the Obligors’ legal counsel.

 

15.11    Licenses, Approvals, Etc. Bank shall have received copies of all material licenses, approvals, consents, authorizations and filings of each Obligor required or necessary for the operation of its Business.

 

15.12    No Material Adverse Change. No Material Adverse Change shall have occurred from the date of financial information and projections originally provided to Bank;

 

15.13    Fees. All fees and expenses payable under the Loan Documents on the Closing Date and as of the funding of the Loans shall have been paid.

 

15.14    Subordination. Bank shall have received evidence that all shareholder and Affiliate debt owed by Borrower is subordinated to all Obligations on terms and conditions acceptable to Bank.

 

15.15    KYC Documentation. Bank shall have received, sufficiently in advance of closing, all “Know your customer” documentation and other governing documents, required by Bank in accordance with all applicable banking laws and regulations in effect from time to time, including without limitation, the USA PATRIOT Act.

 

15.16    Other Documents. All other documents and legal matters in connection with the transactions contemplated by this Agreement shall have been delivered, executed, or delivered for recording.

 

By completing the closing hereunder, or by making advances hereunder, Bank does not thereby waive a breach of any warranty or representation made by the Obligors hereunder or under any other agreement, document, or instrument delivered to Bank or otherwise referred to herein, and any claims and rights of Bank resulting from any breach or misrepresentation by any Obligor are specifically reserved by Bank.

 

16.    CONDITIONS PRECEDENT TO ALL ADVANCES. In addition to, but not in limitation of, any other conditions set forth in this Agreement, the obligation of Bank to make any Advance is subject to the fulfillment, to the satisfaction of Bank, of each of the following conditions:

 

 

 

 

16.1    Representations and Warranties. The representations and warranties contained in this Agreement and the other Loan Documents shall be true and correct in all material respects on and as of the date of such extension of credit, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date).

 

16.2    No Default or Event of Default. No Default or Event of Default shall have occurred and be continuing on the date of such extension of credit, nor shall either result from the making thereof.

 

16.3    No Injunction or Order. No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the extending of such credit shall have been issued and remain in force by any governmental authority against Borrower or any of its Affiliates.

 

16.4    No Bankruptcy. No proceeding under any bankruptcy, reorganization, arrangement of debt, insolvency, readjustment of debt, or receivership law shall have been filed by or against any Obligor.

 

16.5    Request for Advance. Bank shall have received a request for advance from the Borrower.

 

	 	
			17. 

				
			DEFAULT AND REMEDIES.

			

 

17.1    Events of Default. The occurrence of any one or more of the following events shall constitute an Event or Events of Default hereunder:

 

(a)    The failure of Borrower to pay when due and payable or when declared due and payable, any portion of the Obligations, whether of principal, interest (including any interest which, but for the provisions of the Bankruptcy Code, would have accrued on such amounts), fees, costs, indemnities, or other amounts constituting Obligations;

 

(b)    The failure of any Obligor to perform, keep, or observe any term, provision, condition, covenant, or agreement contained in this Agreement or in any of the other Loan Documents other than those referred to elsewhere in this Section 17.1, in Sections 12, 13 and 14 hereof or where a specific notice and cure period is set forth herein or therein, and such default or failure shall have remained uncured for a period of thirty (30) days after the earlier of (i) written notice thereof to the Obligors by Bank or (ii) Obligors knowledge thereof;

 

(c)    The failure of any Obligor to pay any Indebtedness for borrowed money in excess of $500,000, due to any third Person or Finance Lease Obligations or the existence of any other event of default under any such loan, security agreement, mortgage, Finance Lease or other agreement pertaining thereto binding any Obligor, after the expiration of any notice and/or grace periods permitted in such documents;

 

 

 

 

(d)    The failure of any Obligor to pay or perform any other obligation to Bank under any other agreement or note or otherwise arising, whether or not related to this Agreement, after the expiration of any notice and/or grace periods permitted in such documents;

 

(e)    The adjudication of Borrower as a bankrupt or insolvent, or the entry of an Order for Relief against Borrower or the entry of an order appointing a receiver or trustee for Borrower of any of its property or approving a petition seeking reorganization or other similar relief under the Bankruptcy Code or other similar laws of the U.S. or any state or any other competent jurisdiction;

 

(f)    A proceeding under any bankruptcy, reorganization, arrangement of debt, insolvency, readjustment of debt, debt moratorium or receivership law is filed by or against Borrower, or Borrower makes an assignment for the benefit of creditors, or Borrower takes any action to authorize any of the foregoing;

 

(g)    The suspension of the operation of any Obligor’s Business for a period of sixty (60) consecutive days;

 

(h)    Borrower becomes unable to meet its debts as they mature or fall due, or the admission in writing by Borrower to such effect, or Borrower calling any meeting of all or any material portion of their creditors for the purpose of debt restructure or moratorium;

 

(i)    All, or any part of the Collateral or the assets of any Obligor are attached, seized, subjected to a writ or distress warrant, or levied upon, or come within the possession or control of any, receiver, trustee, custodian or assignee for the benefit of creditors or become subject to any Lien which is not otherwise permitted under Section 12.7;

 

(j)    The entry of a final judgment for the payment of money against any Obligor in excess of $500,000, which, within ten (10) days after such entry, shall not have been discharged or execution thereof stayed pending appeal or shall not have been discharged within five (5) days after the expiration of any such stay;

 

(k)    Any representation or warranty of in any of the Loan Documents is discovered to be untrue in any material respect or any statement, certificate or data furnished by any Obligor pursuant hereto is discovered to be untrue in any material respect as of the date as of which the facts therein set forth are stated or certified;

 

(l)    Any Obligor voluntarily or involuntarily dissolves or is dissolved, terminates or is terminated;

 

(m)    Any Obligor is enjoined, restrained, or in any way prevented by the order of any court or any administrative or regulatory agency, the effect of which order restricts any Obligor from conducting all or any material part of its Business;

 

(n)    A Material Adverse Change occurs;

 

 

 

 

(o)    A Change of Control occurs;

 

(p)    Any material uninsured damage to, or loss, theft, or destruction of, any of the Collateral occurs;

 

(q)    Any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty loss occurs resulting in the cessation or substantial curtailment of production or other revenue producing activities at any facility of any Obligor for more than sixty (60) consecutive days;

 

(r)    The loss, suspension, revocation or failure to renew any license or permit now held or hereafter acquired by any Obligor, which loss, suspension, revocation or failure to renew is likely to result in a Material Adverse Change;

 

(s)    Any breach by any Obligor under any of the Subordination Agreements;

 

(t)    The validity or enforceability of this Agreement, or any of the Loan Documents, is contested by any Obligor, or any Obligor denies that they have any or any further liability or obligation hereunder or thereunder; or

 

(u)    The indictment or threatened indictment of any member of the Management Group or any Obligor under any criminal statute, or the commencement or threatened commencement of criminal or civil proceedings against any member of the Management Group or any Obligor pursuant to which statute or proceedings the penalties or remedies sought or available include forfeiture of any property of any member of the Management Group or any Obligor, or any member of the Management Group or any Obligor engages or participates in any “check kiting” activity regardless of whether a criminal investigation has been commenced.

 

17.2    Remedies. Upon the occurrence and during the continuance of an Event of Default, or at any time thereafter, Bank may, at its election, without notice of its election and without demand, do any one or more of the following, all of which are authorized by the Obligors:

 

(a)    Declare the entire unpaid principal of the Revolving Credit Facility, all other Obligations, all interest accrued thereon, all fees due hereunder and all other obligations of Borrower to Bank hereunder or under any other Loan Document otherwise arising immediately due and payable;

 

(b)    Cease advancing money or extending credit to or for the benefit of Borrower under this Agreement, under any of the Loan Documents, or under any other agreement between Borrower and Bank;

 

(c)    Terminate the Loans, this Agreement and any of the other Loan Documents as to any future liability or obligation of Bank, but without affecting Bank’s rights and security interests in the Collateral and without affecting the Obligations;

 

 

 

 

(d)    Increase the applicable interest rates up to the Default Rate, without notice;

 

(e)    Hold, as cash collateral, any and all balances and deposits of the Obligors held by Bank to secure the full and final repayment of all of the Obligations;

 

(f)    Enter the premises occupied by any of Obligors (provided such entry be done lawfully) and take possession of the Collateral and any records relating thereto; and/or

 

(g)    Exercise each and every right and remedy granted to it under the Loan Documents, under the Uniform Commercial Code and under any other applicable law or at equity.

 

If an Event of Default occurs under Sections 17.1(e) or 17.1(f), all of the Obligations shall become immediately due and payable.

 

17.3    Application of Proceeds. All proceeds from each sale of, or other realization upon, all or any part of the Collateral following an Event of Default shall be applied or paid over as follows:

 

(a)      First: to the payment of all costs and expenses incurred in connection with such sale or other realization, including reasonable attorneys’ fees; and

 

(b)      Second: to the payment of the Obligations (with Borrower remaining liable for any deficiency) as Bank may elect; and

 

(c)      Third: the balance (if any) of such proceeds shall be paid, subject to any duty imposed by law, or otherwise to whomsoever shall be entitled thereto.

 

Notwithstanding the foregoing, upon the occurrence and during the continuance of an Event of Default, any and all payments received by Bank on account of any of the Obligations may be applied to costs, indemnities, fees, interest and principal constituting Obligations in such order as Bank, in its discretion, elects.

 

17.4    Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank after an Event of Default may be for cash, credit or any combination thereof, and Bank may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‐off the amount of such purchase price against the Obligations then owing. Any sales of the Collateral may be adjourned from time to time with or without notice. Bank may cause the Collateral to remain on any Obligor’s premises or otherwise or to be removed and stored at premises owned by other persons, at Obligors’ expense, pending sale or other disposition of the Collateral. Any Obligor at Bank’s request, shall assemble the Collateral consisting of Inventory and tangible assets and make such assets available to Bank at a place to be designated by Bank. Bank shall have the right to conduct such sales on any Obligor’s premises, at Obligors’ expense, or elsewhere, on such occasion or occasions as Bank may see fit. With respect to any Obligor’s owned or leased premises, Obligors hereby grant Bank a license, effective upon the occurrence of an Event of Default, and to the extent not prohibited by the terms of any applicable lease, to enter into possession of such premises and to occupy the same, without charge, in order to exercise any of Bank’s rights or remedies provided herein, at law, in equity, or otherwise.

 

 

 

 

Any notice required to be given by Bank of a sale, lease or other disposition or other intended action by Bank with respect to any of the Collateral which is given pursuant to Section 19 below, at least five (5) Business Days prior to such proposed action, shall constitute fair and reasonable notice to the Obligors of any such action.

 

The net proceeds realized by Bank upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as Bank, in its discretion, elects, toward satisfaction of the Obligations in accordance with Section 17.3. Bank shall account to Borrower for any surplus realized upon such sale or other disposition, and the Obligors shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank’s Lien in the Collateral. The Obligors agree that Bank has no obligation to preserve rights to the Collateral against any other parties or to clean-up or otherwise prepare any of the Collateral for sale.

 

If Bank sells any of the Collateral upon credit, Borrower will be credited only with payments actually made by or on behalf of the purchaser, received by Bank and applied to the indebtedness owed by such purchaser to Bank. If the purchaser fails to pay for any of the Collateral, Bank may resell the Collateral.

 

Bank will not be considered to have offered to retain the Collateral in satisfaction of the Obligations, unless Bank has entered into a written agreement with the Obligors to that effect.

 

Bank is hereby granted a license or other right to use, after an Event of Default, without charge, any Obligor’s labels, General Intangibles, intellectual property, Equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any Inventory or other Collateral and any Obligor’s rights under all contracts, licenses, approvals, permits, leases and franchise agreements, to the extent assignable, shall inure to Bank’s benefit.

 

Bank shall be under no obligation to marshal any assets in favor of any Obligor or any other party or against or in payment of any or all of the Obligations.

 

 

 

 

17.5    Actions With Respect to Accounts. Each Obligor hereby irrevocably makes, constitutes, and appoints Bank (and any of Bank’s designated officers, employees or agents) as its true and lawful attorney‐in‐fact, with full power of substitution, with power to sign its name and to take any of the following actions, in its name or the name of Bank, as Bank may determine, without notice to such Obligor and at Obligors’ expense:

 

(a)    Verify the validity and amount of or any other matter relating to the Collateral by mail, telephone, telecopy or otherwise;

 

(b)    Upon the occurrence and during the continuation of an Event of Default, notify all Account Debtors that Obligors’ Accounts have been assigned to Bank and that Bank has a Lien therein;

 

(c)    Upon the occurrence and during the continuation of an Event of Default, direct all Account Debtors to make payment of all Obligors’ Accounts directly to Bank and forward invoices directly to such Account Debtors;

 

(d)    Upon the occurrence and during the continuation of an Event of Default, take control in any manner of any cash or non‐cash items of payment or proceeds of such Accounts;

 

(e)    Upon the occurrence and during the continuation of an Event of Default, notify the U.S. Postal Service to change the address for delivery of mail addressed to any Obligor to such address as Bank may designate;

 

(f)    Upon the occurrence and during the continuation of an Event of Default, have access to any lockbox or postal boxes into which any Obligor’s mail is deposited and receive, open and dispose of all mail addressed to any Obligor;

 

(g)    Upon the occurrence and during the continuation of an Event of Default, take control in any manner of any rejected, returned, stopped in transit or repossessed goods relating to any Accounts;

 

(h)    Upon the occurrence and during the continuation of an Event of Default, enforce payment of and collect any Accounts, by legal proceedings or otherwise, and for such purpose Bank may:

 

(i)    Demand payment of any Accounts or direct any Account Debtors to make payment of Accounts directly to Bank;

 

(ii)    Receive and collect all monies due or to become due to any Obligor;

 

(iii)    Exercise all of any Obligor’s rights and remedies with respect to the collection of Accounts;

 

(iv)    Settle, adjust, compromise, extend, renew, discharge or release the Accounts;

 

 

 

 

(v)    Sell or assign the Accounts on such terms, for such amount and at such times as Bank deems advisable;

 

(vi)    Prepare, file and sign any Obligor’s name or names on any Proof of Claim or similar document in any proceeding filed under federal or state bankruptcy, insolvency, reorganization or other similar law as to any Account Debtor;

 

(vii)    Prepare, file and sign any Obligor’s name or names on any Notice of Lien, Claim of Mechanic’s Lien, Assignment or Satisfaction of Lien or Mechanic’s Lien or similar document in connection with the Collateral;

 

(viii)    Endorse the name of any Obligor upon any chattel papers, documents, instruments, invoices, freight bills, bills of lading or similar documents or agreements relating to the Accounts or goods pertaining thereto or upon any checks or other media of payment or evidences of a security interest that may come into Bank’s possession;

 

(ix)    Sign the name of any Obligor to verifications of Accounts and notices thereof sent by Account Debtors to such Obligor; or

 

(x)    Take all other actions necessary or desirable to protect any Obligor’s or Bank’s interest in the Accounts.

 

Obligors ratify and approve all acts of said attorneys and agree that said attorneys shall not be liable for any acts of commission or omission, nor for any error of judgment or mistake of fact or law, except such attorneys’ gross negligence or willful misconduct. Obligors agree to assist Bank in the collection and enforcement of their Accounts and not to hinder, delay or impede Bank in its collection or enforcement of said Accounts.

 

17.6    Set‐Off. Without limiting the rights of Bank under Applicable Law, the Obligors grant to Bank and agree that Bank may, unless prohibited by applicable law, without notice to any Obligor (such notice being expressly waived), and without constituting a retention of any Collateral in satisfaction of any Obligations exercise a right of set‐off, a lien against and a security interest in all property of the Obligors now or at any time in Bank’s possession in any capacity whatsoever, including but not limited to any balance of any deposit, trust or agency account, or any other account with Bank as security for the Obligations. At any time and from time to time following the occurrence of an Event of Default or Default, Bank may without notice or demand, set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by Bank to or for the credit of any Obligor against any or all of the Obligations.

 

17.7    Turnover of Property Held by Bank. The Obligors irrevocably authorize any Affiliate of Bank, unless prohibited by Applicable Law, upon and following the occurrence of an Event of Default, at the request of Bank and without further notice, to turn over to Bank any property of any Obligor held by such Affiliate, including without limitation, funds and securities for any Obligor’s account and to debit, for the benefit of Bank, any deposit account maintained by any Obligor with such Affiliate (even if such deposit account is not then due or there results a loss or reduction of interest or the imposition of a penalty in accordance with Applicable Law to the early withdrawal of time deposits), in the amount requested by Bank up to the amount of the Obligations, and to pay or transfer such amount or property to Bank for application to the Obligations.

 

 

 

 

17.8    Delay or Omission Not Waiver. Neither the failure nor any delay on the part of Bank to exercise any right, remedy, power or privilege under the Loan Documents upon the occurrence of any Event of Default or otherwise shall operate as a waiver thereof or impair any such right, remedy, power or privilege. No waiver of any Event of Default shall affect any later Event of Default or shall impair any rights of Bank. No single, partial or full exercise of any rights, remedies, powers and privileges by Bank shall preclude further or other exercise thereof. No course of dealing between Bank and any Obligor shall operate as or be deemed to constitute a waiver of Bank’s rights under the Loan Documents or affect the duties or obligations of the Obligors.

 

17.9    Remedies Cumulative. The rights, remedies, powers and privileges provided for herein shall not be deemed exclusive, but shall be cumulative and shall be in addition to all other rights, remedies, powers and privileges in Bank’s favor at law or in equity.

 

17.10    Consents, Approvals and Discretion. Whenever Bank’s consent or approval is required or permitted or any documents are required to be acceptable to Bank, such consent, approval or acceptability shall be at the sole and absolute discretion of Bank. Except as otherwise specifically provided herein, whenever any determination or act is at Bank’s discretion, such determination or act shall be at Bank’s sole and absolute discretion.

 

17.11    Certain Fees, Costs, Expense Expenditures. The Obligors agree to pay on demand all cost and expenses of Bank (the “Bank Expenses”), including without limitation:

 

(a)    all costs, expenses and fees (including reasonable attorneys’ fees and other legal out of pocket costs, expenses and charges) incurred or paid by Bank in connection with (i) advising, structuring, drafting, preparing, reviewing, negotiating, administering the Loan Documents or any waivers, consents, amendments, extensions, modifications or restatements related thereto; (ii) interpreting, enforcing, protecting, preserving, defending or terminating any of the Loan Documents or any of Bank’s rights and remedies related thereto, irrespective of whether suit is brought (including without limitation, all out of pocket costs and expenses and reasonable attorneys’ fees related to any “workout,” “restructuring,” insolvency or similar proceeding involving any Obligor); (iii) legal advice relating to the rights and responsibilities of Bank; (iv) the preparation for negotiations regarding, consultations concerning or the defense or prosecution of any legal proceedings involving, any claim (including third-party claims) made or threatened against Bank related to or involving the Loan Documents, the transactions contemplated under the Loan Documents, Bank’s relationship with the Obligors, or any actions taken pursuant to the Loan Documents by Bank;

 

 

 

 

(b)    all costs, expenses and fees incurred or paid by Bank for photocopying; notarization; couriers; messengers; telecommunications; public record searches (including without limitation, real estate, tax lien, litigation, UCC, bankruptcy, patent, trademark or copyright searches); filing; recording; publication; appraisals (including without limitation personal property, real estate, trademark, tradename, and inventory appraisals or reappraisals); real estate surveys or updates; real estate title insurance reports or bring-downs, commitments, policies and endorsements; environmental audits, surveys or updates; and accounting or other professional advisors;

 

(c)    all costs, expenses and fees incurred or paid by Bank in connection with the disbursement of funds under the Loan Documents (by wire transfer or otherwise); the dishonoring of checks, drafts or other items of payment; correction or cure of any Default or Event of Default or enforcement of the Loan Documents; gaining possession of, maintaining, handling, preserving, storing, shipping, selling, preparing for sale or advertising to sell any of the Collateral (regardless of whether the sale is consummated); or exercising any rights or remedies under the Loan Documents; and

 

(d)    all costs, expenses and other payments incurred or made by Bank to any warehouseman, landlord, lessor or owner of any property at which any of the Collateral is located to enable Bank to obtain access to, store, warehouse, ship, sell or otherwise preserve, protect and dispose of such Collateral (including without limitation all lease payments, access charges, utility charges and safety and security charges).

 

In the event any Obligor shall fail to pay taxes, insurance, assessments, fees, costs or expenses which it is required to pay hereunder, or fails to keep the Collateral free from Liens (except as expressly permitted herein), or fails to maintain or repair the Collateral as required hereby, or otherwise breaches any obligations under the Loan Documents, Bank in its discretion, may (but shall not be obligated to) make expenditures for such purposes and the amount so expended (including reasonable attorney’s fees and out of pocket expenses, filing fees and other charges) shall be payable by the Obligors on demand and shall constitute part of the Obligations.

 

With respect to any amount required to be paid by Obligors under this Section, in the event Obligors fail to pay such amount within five (5) days after demand, at Bank’s option, all of said amounts required to be paid by Obligors, may be charged by Bank as a SOFR Rate Loan under the Revolving Credit Facility and Borrower shall also pay to Bank interest thereon at the Default Rate.

 

18.        INDEMNIFICATION. The Obligors agree to indemnify, defend and hold harmless, Bank, its parents and Affiliates and their officers, directors, shareholders, employees, attorneys and agents (collectively, the “Indemnified Parties”), from and against any and all claims, liabilities, losses, damages, costs and expenses (whether or not such Indemnified Party is a party to any litigation), including without limitation reasonable attorney’s fees and out of pocket costs and costs of investigation, document production, attendance at depositions or other discovery, incurred by any Indemnified Party with respect to, arising out of or as a consequence of (a) this Agreement or any of the other Loan Documents, including without limitation, any failure of any Obligor to pay when due (at maturity, by acceleration or otherwise) any principal, interest, fee or any other amount due under this Agreement or the other Loan Documents, or any other Event of Default; (b) the use by Borrower of any proceeds advanced hereunder; (c) the transactions contemplated hereunder; or (d) any claim, demand, action or cause of action being asserted against any Indemnified Party by any other Person in connection with the transactions contemplated hereunder. Notwithstanding anything herein or elsewhere to the contrary, the Obligors shall not be obligated to indemnify or hold harmless any Indemnified Party from any liability, loss or damage resulting from the gross negligence, willful misconduct or unlawful actions of such Indemnified Party or any violations by such Indemnified Party or Bank of any securities laws or other laws and regulations concerning financial institutions. Any amount payable to Bank under this Section will bear interest at the Default Rate from the due date until paid.

 

 

 

 

The Obligors’ obligations under this Section shall survive termination of this Agreement and repayment of the Obligations.

 

19.        COMMUNICATIONS AND NOTICES. No notice, request, demand or instruction to be given hereunder to any party shall be effective for any purpose unless in writing and delivered personally or by overnight courier at the appropriate address set forth below (in which event, such notice shall be deemed effective only upon such delivery), when delivered by mail (sent by registered or certified mail, return receipt requested), by facsimile, by electronic transmission or overnight courier at the appropriate address set forth below, as follows:

 

To Obligors:

 

inTEST Corporation,

Ambrell Corporation,

inTEST Silicon Valley Corporation,

inTEST EMS, LLC, and

Temptronic Corporation

804 East Gate Drive, Suite 200

Mount Laurel, NJ 08054

Attention: Duncan Gilmour, Treasurer and CFO

Telephone: 856-505-8812

E-Mail: [REDACTED]

 

To Bank:

 

M&T Bank

210 Lake Drive East Suite 102

Woodlands Falls Corporate Park

Cherry Hill, NJ 08002

Attention: Steven A. Vilardi, Vice President

Email: [REDACTED]

 

 

 

 

Notice shall be deemed to have been given upon the earlier to occur of (a) receipt, (b) three (3) days after the deposit of same in any United States Post Office certified or registered mail, postage prepaid, as set forth above, (c) delivery by personal service, (d) receipt of proof of delivery by a facsimile transmission, or (e) delivery of an electronic transmission. The addresses and addressees for the purpose of this Section may be changed by giving written notice of such change in the manner herein provided for giving notice. Unless and until such written notice of a change of address or addressee is received, the last address and addressee, as stated by written notice, or provided herein if no written notice of change has been sent or received, shall be deemed to continue in effect for all purposes hereunder.

 

ALL “PAYMENT IN FULL” CHECKS OR OTHER MEDIA OF PAYMENT MUST BE SENT TO BANK ONLY TO THE ABOVE ADDRESS.

 

	 	
			20. 

				
			WAIVERS.

			

 

20.1    Waivers. In connection with any proceedings under the Loan Documents, including without limitation any action by Bank in replevin, foreclosure or other court process or in connection with any other action related to the Loan Documents or the transactions contemplated hereunder, the Obligors waive, to the extent permitted by applicable law:

 

(a)      all errors, defects and imperfections of a procedural nature in such proceedings;

 

(b)      all benefits under any present or future laws exempting any property, real or personal, or any part of any proceeds thereof from attachment, levy or sale under execution, or providing for any stay of execution to be issued on any judgment recovered under any of the Loan Documents or in any replevin or foreclosure proceeding, or otherwise providing for any valuation, appraisal or exemption;

 

(c)      presentment for payment, demand, notice of demand, notice of nonpayment, protest and notice of protest of any of the Loan Documents, including the Notes;

 

(d)      any requirement for bonds, security or sureties required by statute, court rule or otherwise;

 

(e)      any demand for possession of Collateral prior to commencement of any suit;

 

(f)      all rights to claim or recover attorney’s fees and costs in the event that any Obligor is successful in any action to remove, suspend or prevent the enforcement of a judgment entered by confession; and

 

(g)      any right to require Bank to pursue any third Person for payment of the Obligations or payment with respect to any of the Collateral.

 

20.2     Forbearance. Bank may release, compromise, forbear with respect to, waive, suspend, extend or renew any of the terms of the Loan Documents, without notice to or consent of any Obligor.

 

 

 

 

20.3      Limitation on Liability. The Obligors shall be responsible for and Bank is hereby released from any claim or liability in connection with:

 

(a)    Safekeeping any Collateral;

 

(b)    Any loss or damage to any Collateral;

 

(c)    Any diminution in value of the Collateral; or

 

(d)    Any act or default of another Person.

 

Bank shall only be liable for any act or omission on its part constituting gross negligence or willful misconduct. In the event any Obligor brings suit against Bank in connection with the transactions contemplated hereunder and Bank is found not to be liable, the Obligors will indemnify and hold Bank harmless from all costs and expenses, including attorney’s fees, incurred by Bank in connection with such suit. This Agreement is not intended to obligate Bank to take any action with respect to the Collateral or to incur expenses or perform any obligation or duty of any Obligor. Obligors’ obligations under this Section shall survive termination of this Agreement and repayment of the Obligations.

 

20.4    Waiver of Subrogation. The Obligors hereby waive any right to subrogation, reimbursement, contribution or indemnity from any Obligor in connection with any Obligor’s obligations under the Loan Documents.

 

21.         SUBMISSION TO JURISDICTION. The Obligors hereby consent to the jurisdiction of any state or federal court located within the Commonwealth of Pennsylvania, and irrevocably agree that, subject to Bank’s election, all actions or proceedings relating to the Loan Documents or the transactions contemplated hereunder shall be litigated in such courts, and the Obligors waive any objection which they may have based on lack of personal jurisdiction, improper venue or forum non conveniens to the conduct of any proceeding in any such court and waive personal service of any and all process upon them and consent that all such service of process be made by mail or messenger directed to them at the address set forth in Section 19. Nothing contained in this Section shall affect the right of Bank to serve legal process in any other manner permitted by law or affect the right of Bank to bring any action or proceeding against any Obligor or their property in the courts of any other jurisdiction.

 

22.         MISCELLANEOUS.

 

22.1    Brokers. The transaction contemplated hereunder was brought about and entered into by Bank and the Obligors acting as principals and without any brokers, agents or finders being the effective procuring cause hereof. The Obligors represent to Bank that the Obligors have not committed Bank to the payment of any brokerage fee or commission in connection with this transaction. If any such claim is made against Bank by any broker, finder or agent or any other Person, the Obligors agree to indemnify, defend and hold Bank harmless against any such claim, at the Obligors’ own cost and expense, including Bank’s attorneys’ fees. The Obligors further agree that until any such claim or demand is adjudicated in Bank’s favor, the amount claimed and/or demanded shall be deemed part of the Obligations secured by the Collateral.

 

 

 

 

22.2    No Joint Venture. Nothing contained herein is intended to permit or authorize any Obligor to make any contract on behalf of Bank, nor shall this Agreement be construed as creating a partnership, joint venture or making Bank an investor in any Obligor.

 

22.3    Survival. All covenants, agreements, representations and warranties made by the Obligors in the Loan Documents or made by or on their behalf in connection with the transactions contemplated herein shall be true at all times this Agreement is in effect and shall survive the execution and delivery of the Loan Documents, any investigation at any time made by Bank or on their behalf and the making by Bank of the loans or advances to Borrower. All statements contained in any certificate, statement or other document delivered by or on behalf of the Obligors pursuant hereto or in connection with the transactions contemplated hereunder shall be deemed representations and warranties by the Obligors.

 

22.4    No Assignment. The Obligors may not assign any of their rights hereunder without the prior written consent of Bank and Bank shall not be required to lend hereunder except to Borrower as they presently exist.

 

22.5    Assignment or Sale by Bank. Bank may sell, assign or participate all or a portion of its interest in the Loan Documents and make available to any prospective purchaser, assignee or participant any information relative to Obligors in its possession without the consent of Borrower (a) in connection with any participation, (b) as a result of a merger, consolidation or other similar transaction between Bank and another bank or other financial institution, (c) to comply with or accommodate any regulatory, capital adequacy or other similar requirements affecting Bank, (d) as required by any governmental or other entity have regulatory, oversight or other control over Bank or its affairs, or (e) made while an Event of Default has occurred and is continuing.  Except as otherwise provided above, any other sale or assignment by Bank shall be subject to the Borrower’s  prior written consent which shall not be unreasonably withheld, conditioned or delayed.  In the event that Bank sells or assigns any portion of the Loans, Obligors shall (a) execute and deliver to Bank and/or to the applicable purchaser or assignee, such substitute or replacement Notes, Surety Agreement or other Loan Documents, and (b) execute and deliver to Bank such amendments to the Loan Documents as Bank may request to reflect such sale or assignment.

 

 

 

 

22.6    Treatment of Certain Information; Confidentiality. Bank agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its Related Parties (as defined below) (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential); (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties; (c) to the extent required by applicable laws or by any subpoena or similar legal process; (d) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder; (e) subject to an agreement containing provisions substantially the same as those of this Section, to any assignee of or participant in, or any prospective assignee of or participant in, any of its rights and obligations under this Agreement; or (f) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section, or (y) becomes available to Bank on a nonconfidential basis from a source other than the Borrower who did not acquire such information as a result of a breach of this Section. For purposes of this Section (a) “Information” means all information received from the Borrower relating to the Borrower or its business, other than any such information that is available to Bank on a nonconfidential basis prior to disclosure by the Borrower; provided that, in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential and (b) “Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. Injunctive Relief. Each of the Obligors expressly acknowledges and agrees that an action for damages for any breach of the requirements of Section 11.5 shall not be an adequate remedy at law. In the event of any such breach, each of the Obligors agrees to the fullest extent allowed by law that Bank shall be entitled to injunctive relief to restrain such breach and require compliance with such requirements.

 

22.8    Time is of the Essence. Time is of the essence in the Obligors’ performance of their obligations under the Loan Documents.

 

22.9    Binding Effect. This Agreement and all rights and powers granted hereby will bind and inure to the benefit of the parties hereto and their respective permitted successors and assigns and shall bind all Persons who become bound as a borrower, guarantor or other obligor under this Agreement.

 

22.10    Severability. The provisions of this Agreement and all other Loan Documents are deemed to be severable, and the invalidity or unenforceability of any provision shall not affect or impair the remaining provisions which shall continue in full force and effect.

 

22.11    No Third Party Beneficiaries. The rights and benefits of this Agreement and the Loan Documents shall not inure to the benefit of any third party.

 

22.12    Modifications. Any modification or amendment of this Agreement or any of the Loan Documents shall be in writing signed by the parties hereto.

 

22.13    Holidays. If the day provided herein for the payment of any amount or the taking of any action falls on a Saturday, Sunday or public holiday at the place for payment or action, then the due date for such payment or action will be the next succeeding Business Day.

 

 

 

 

22.14    Law Governing. This Agreement has been made, executed and delivered in the Commonwealth of Pennsylvania and will be construed in accordance with and governed by the laws of such Commonwealth, without regard to any rules or principles regarding conflicts of law or any rule or canon of construction which interprets agreements against the draftsman.

 

22.15    Integration. The Loan Documents shall be construed as integrated and complementary of each other, and as augmenting and not restricting Bank’s rights, powers, remedies and security. The Loan Documents contain the entire understanding of the parties thereto with respect to the matters contained therein and supersede all prior agreements and understandings between the parties with respect to the subject matter thereof and do not require parol or extrinsic evidence in order to reflect the intent of the parties. In the event of any inconsistency between the terms of this Agreement and the terms of the other Loan Documents, the terms of this Agreement shall prevail.

 

22.16    Exhibits and Schedules. All exhibits and schedules attached hereto are hereby made a part of this Agreement.

 

22.17    Headings. The headings of the Articles, Sections, paragraphs and clauses of this Agreement are inserted for convenience only and shall not be deemed to constitute a part of this Agreement.

 

22.18    Counterparts; Electronic Signatures. The Loan Documents and any notice or communication under the Loan Documents may be executed in one or more counterparts, each of which shall constitute an original, but all of which together shall constitute one and the same instrument. Delivery of a photocopy, telecopy or electronic mail (pdf) of an executed counterpart of a signature page to any Loan Document shall be effective as delivery of a manually executed counterpart of such Loan Document.

 

22.19    Joint and Several. The obligations of the Obligors under this Agreement shall be joint and several obligations.

 

22.20    Limitation on Damages. The Obligors and Bank agree that, in any action, suit or proceeding, in respect of or arising out of this Agreement, the Loan Documents or the transactions contemplated hereunder, each mutually waives to the fullest extent permitted by law, any claim for consequential, punitive or special damages.

 

22.21    USA Patriot Act. Bank is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "Act") and hereby notifies Obligors that, pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies each Obligor, which information includes the name and address of each Obligor and other information that will allow Bank to identify such Obligor in accordance with the Act.

 

 

 

 

22.22    Waiver of Right to Trial by Jury. THE OBLIGORS AND BANK WAIVE ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER ANY OF THE LOAN DOCUMENTS OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE OBLIGORS OR BANK WITH RESPECT TO ANY OF THE LOAN DOCUMENTS OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. THE OBLIGORS AND BANK AGREE AND CONSENT THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE OBLIGORS AND BANK TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. THE OBLIGORS ACKNOWLEDGE THAT THEY HAVE HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS SECTION, THAT THEY FULLY UNDERSTAND ITS TERMS, CONTENT AND EFFECT, AND THAT THEY VOLUNTARILY AND KNOWINGLY AGREE TO THE TERMS OF THIS SECTION.

 

22.23    Construction of Agreement/No Negative Inference. Each Obligor warrants, covenants and represents that it is and has been represented by counsel of its choice in this matter, including the negotiation of this Agreement and the other Loan Documents, that it has read and understood the same and that this Agreement and each of the other Loan Documents are being entered into voluntarily by each Obligor, intending to be bound hereby and thereby. Each Obligor further agrees that this Agreement and each of the other Loan Documents are the result of careful draftsmanship by all parties hereto and thereto and that no negative inferences as to authorship may be drawn against any party hereto or thereto.

 

22.24    Partial Invalidity. If any term, provision, covenant or condition of this Agreement, or any application thereof, should be held by a court of competent jurisdiction to be invalid, void or enforceable, all terms, provisions, covenants and conditions of this Agreement, and all applications thereof, not held invalid, void or unenforceable shall continue in full force and effect and shall in no way be affected, impaired or invalidated thereby, provided that the invalidity, voidness or unenforceability of such term, provision, covenant or condition (after giving effect to the next sentence in this Section) does not materially impair the ability of the parties to consummate the transactions contemplated hereby. In lieu of such invalid, void or unenforceable term, provision, covenant or condition there shall be added to this Agreement a term, provision, covenant or condition that is valid, not void and enforceable and is as similar to such invalid, void or enforceable term, provision, covenant or condition as may be possible.

 

22.25    Keepwell. Provided that Borrower continues to be a Qualified ECP Guarantor, Borrower hereby unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by Borrower to honor all of its obligations under the applicable Loan Document in respect of Hedging Obligations; provided, that Borrower shall only be liable under this Section for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section, or otherwise under this Agreement, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amounts. The obligations of Borrower under this Section shall remain in full force and effect until the Obligations and all other amounts payable under this Agreement have been paid in cash and performed in full, and all commitments to extend credit under the Loans Documents have terminated. Borrower intends that this Section constitute, and this Section shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each such other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

 

 

 

22.26    No Novation. Nothing contained herein and no actions taken pursuant to the terms hereof are intended to constitute a novation of the Existing Loan Agreement or any of the other Loan Documents, and shall not constitute a release, termination or waiver of any of the liens, security interests, rights or remedies granted to Bank in the Existing Loan Agreement or the other Loan Documents.

 

22.27    Content Lien Carveout. If, now or in the future, any of the obligations secured pursuant to any security interest or lien created by any instrument pertaining to the Loans shall include any Special Flood Zone Loan, then the following shall apply: any such Special Flood Zone Loan shall not be secured pursuant to any security interest or lien created by this instrument in personal property that would constitute "contents" located within Flood Zone Improvements securing such Special Flood Zone Loan, where, for purposes of the foregoing, "Flood Zone Improvements" means any "improved" real property that is located within a Special Flood Hazard Area, a "Special Flood Zone Loan" means a loan, line of credit or other credit facility which is secured by Flood Zone Improvements, and the terms "improved" real property, "Special Flood Hazard Area," and "contents" shall have the meaning ascribed to them by the Flood Disaster Protection Act of 1973, 42 U.S.C. § 4001 et seq., and implementing regulations, 44 C.F.R. Parts 59 et seq., and/or the Federal Emergency Management Agency, all as may be amended from time to time.

 

22.28    Hedging Contract. Subject to customary credit approval by Bank, Borrower shall have the right to enter into a Hedging Contract with Bank upon terms that are reasonable acceptable to the parties.

 

 

[Remainder of Page Intentionally Left Blank]

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	 	
			BORROWER:

			 

			INTEST CORPORATION,

			a Delaware corporation

			 

			By: /s/ Duncan Gilmour                           

			Name: Duncan Gilmour

			Title: Secretary, Treasurer and Chief Financial

			            Officer

			 

			
	 	
			GUARANTORS:

			 

			AMBRELL CORPORATION,

			a Delaware corporation

			 

			By: /s/ Duncan Gilmour                           

			Name: Duncan Gilmour

			Title: Vice President, Treasurer and Secretary

			 

			INTEST SILICON VALLEY CORPORATION,

			a Delaware corporation

			 

			By: /s/ Duncan Gilmour                           

			Name: Duncan Gilmour

			Title: Vice President, Treasurer and Secretary

			 

			INTEST EMS, LLC,

			a Delaware limited liability company

			 

			By: /s/ Duncan Gilmour                           

			Name: Duncan Gilmour

			Title: Vice President, Treasurer and Secretary

			 

			 

			TEMPTRONIC CORPORATION,

			a Delaware corporation

			 

			By: /s/ Duncan Gilmour 

			Name: Duncan Gilmour

			Title: Vice President, Treasurer and Secretary

			

 

 

 

 

	 	
			BANK:

			 

			M&T BANK

			 

			 

			 

			By: /s/ Steven A. Vilardi                           

			       Steven A. Vilardi, Vice President

			

 

 

 

 

EXHIBITS

 

	Exhibit A 	- Form of Covenant Compliance Certificate
	 	 
	Exhibit B	- Form of Term Note
	 	 
	Exhibit C	- Form of Loan Request

 

 

 

 

SCHEDULES

 

	Schedule 10.3	- Ownership Interests
	 	 
	Schedule 10.4	- Subsidiaries
	 	 
	Schedule 10.14	- Names
	 	 
	Schedule 10.16 	- Pension and Benefit Plans
	 	 
	Schedule 10.17	- Leases and Contracts
	 	 
	Schedule 10.18	- Intellectual Property
	 	 
	Schedule 10.20	- Affiliate Transactions
	 	 
	Schedule 10.21(b)	- Licenses
	 	 
	Schedule 10.21(c)	- Operating Agreements
	 	 
	Schedule 10.21(d)	- Facility Sites
	 	 
	Schedule 10.21(e)	- Leases
	 	 
	Schedule 10.24	- Subordinated Indebtedness
	 	 
	Schedule 12.1	- Permitted Indebtedness
	 	 
	Schedule 12.2	- Loans
	 	 
	Schedule 12.3	- Permitted Investments
	 	 
	Schedule 12.7  -	- Permitted Liens

 

 

 

 

Schedule 10.3

Ownership Interests

 

	
			Entity

				
			Owner

				
			Percentage

			Ownership

				
			Options, Warrants,

			Rights of Conversion

			or Purchase

			
	
			Ambrell Corporation

				
			inTEST Corporation

				
			100%

				
			None

			
	
			inTEST Silicon Valley

			Corporation

				
			inTEST Corporation

				
			100%

				
			None

			
	
			inTEST EMS, LLC

				
			inTEST Corporation

				
			100%

				
			None

			
	
			inTEST Thermal Solutions

			GmbH

				
			inTEST Corporation

				
			100%

				
			None

			
	
			inTEST PTE Ltd.

				
			inTEST Corporation

				
			100%

				
			None

			
	
			TEMPTRONIC

			CORPORATION

				
			inTEST Corporation

				
			100%

				
			None

			
	
			Ambrell B.V.

				
			Ambrell Corporation

				
			100%

				
			None

			
	
			Ambrell Limited

				
			Ambrell Corporation

				
			100%

				
			None

			

 

 

 

 

Schedule 10.4

Subsidiaries

 

Schedule 10.3 is hereby incorporated by reference.

 

 

 

 

Schedule 10.14

Names

 

	
			Exact Legal Name

				
			Former Legal Names

			(including date of change)

			
	
			inTEST Corporation

				
			None

			
	
			Ambrell Corporation1

				
			Concourse Acquisition Corp. (5/25/2017)

			
	
			inTEST Silicon Valley Corporation

				
			inTEST Sunnyvale Corporation (1/26/2005)

			 

			TD Acquisition Corp. (8/3/1998)

			 

			TestDesign Corporation (8/3/1998 merged into TD

			Acquisition Corp.)

			
	
			TEMPTRONIC CORPORATION

				
			None

			
	
			inTEST EMS, LLC

				
			None

			

 

 

 

 

 

 

 

	
			
	 
	1 NTD: Ambrell Corporation was acquired via merger	 

 

 

 

 

Schedule 10.16

United States Pension and Benefit Plans

 

None.

 

 

 

 

Schedule 10.17

Leases and Contracts

 

1.    Lease Agreement between Exeter 804 East Gate, LLC and the Company dated May 10, 2010.

 

2.    Lease Agreement between AMB-SGP Seattle/Boston, LLC and TEMPTRONIC CORPORATION (a subsidiary of the Company), dated October 25, 2010.

 

3.    First Amendment to Lease between AMB-SGP Seattle/Boston, LLC and TEMPTRONIC CORPORATION dated March 1, 2011.

 

4.    Second Amendment to Lease between James Campbell Company, LLC and TEMPTRONIC CORPORATION dated April 8, 2019.

 

5.    Lease Agreement between Columbia California Warm Springs Industrial, LLC and inTEST Silicon Valley Corporation dated January 9, 2012.

 

6.    First Amendment to Lease Agreement between Columbia California Warm Springs Industrial, LLC and inTEST Silicon Valley Corporation dated November 18, 2016.

 

7.    Guaranty Agreements between Columbia California Warm Springs Industrial, LLC and inTEST Corporation dated January 9, 2012.

 

8.    Second Amendment to Standard Lease Agreement, dated January 23, 2020, by and between inTEST Silicon Valley Corporation and Fremont Business Center, LLC.

 

9.    Lease Agreement between Maguire Family Properties, Inc. and Ambrell Corporation dated December 19, 2017

 

10.   Guaranty of Lease between Maguire Family Properties, Inc. and Ambrell Corporation dated December 19, 2017

 

 

 

 

Schedule 10.18

Intellectual Property

 

Trademarks

 

	
			Registered

			Owner

				
			Mark

				
			Registration

			Number

				
			Date of

			Registration

			
	
			TEMPTRONIC

			CORPORATION

				
			TEMPTRONIC

				
			3748381

				
			Feb. 16, 2010

			
	
			TEMPTRONIC

			CORPORATION

				
			THERMONICS

				
			4278707

				
			Jan. 22, 2013

			
	
			TEMPTRONIC

			CORPORATION

				
			

				
			1094282

				
			Jun. 27, 1978

			
	
			TEMPTRONIC

			CORPORATION

				
			THERMOJOGGER

				
			1433671

				
			Mar. 24, 1987

			
	
			TEMPTRONIC

			CORPORATION

				
			THERMO CHUCK

				
			1197134

				
			Jun. 8, 1982

			
	
			TEMPTRONIC

			CORPORATION

				
			THERMO STREAM

				
			1085339

				
			Feb. 14, 1984

			
	
			TEMPTRONIC

			CORPORATION

				
			THERMO SPOT

				
			5261537

				
			Aug. 5, 2017

			
	
			inTEST

			Corporation

				
			INTEST

				
			2503999

				
			Nov. 6, 2001

			
	
			inTEST

			Corporation

				
			inTEST

				
			1268558

				
			Feb. 28, 1984

			
	
			inTEST

			Corporation

				
			in2

				
			1255204

				
			Oct. 25, 1983

			
	
			inTEST

			Corporation

				
			CENTAUR

				
			3657110

				
			Jul. 21, 2009

			
	
			inTEST

			Corporation

				
			TRANSPAR

				
			3635236

				
			Jun. 9, 2009

			
	
			Ambrell

				
			EXPERIENCE THE EXCELLENCE

				
			5101636

				
			Dec. 13, 2016

			
	
			Ambrell

				
			EVIEW

				
			4922677

				
			Mar. 22, 2016

			
	
			Ambrell

				
			EKOHEAT

				
			4751860

				
			Jun. 9, 2015

			
	
			Ambrell

				
			EASYCOIL

				
			4746013

				
			Jun. 2, 2015

			
	
			Ambrell

				
			AMBRELL

				
			4623638

				
			Oct. 21, 2014

			
	
			Ambrell

				
			AMBRELL

				
			3317193

				
			Oct. 23, 2007

			
	
			Ambrell

				
			EKOHEAT

				
			3526330

				
			Nov. 4, 2008

			
	
			Ambrell

				
			AMERITHERM

				
			2299340

				
			Dec. 14, 1999

			
	
			Ambrell

				
			

				
			2301415

				
			Dec. 21, 1999

			

 

 

Trademark Applications - None.

 

 

 

 

Patents

 

	
			Registered Owner

				
			Patent Name

				
			Registration

			Number

				
			Date of

			Registration

			
	
			inTEST Corporation

				
			Method and apparatus for docking a test head

			with a peripheral

				
			9,897,628

				
			18-Sep-14

			
	
			inTEST Corporation

				
			Test head manipulator

				
			9,557,371

				
			6-May-08

			
	
			inTEST Corporation

				
			Test head manipulator

				
			9,347,804

				
			23-Feb-07

			
	
			inTEST Corporation

				
			Test head positioner system

				
			9,134,387

				
			17-Mar-08

			
	
			inTEST Corporation

				
			Positioner system and method of positioning

				
			8.981,807

				
			27-Jul-10

			
	
			inTEST Corporation

				
			Cradle and cable handler for a test head

			manipulator

				
			8,763,962

				
			17-Mar-08

			
	
			inTEST Corporation

				
			Test head docking system and method with

			sliding linkage

				
			8,760,182

				
			14-Jul-08

			
	
			inTEST Corporation

				
			Test head vertical support system

				
			8,700,218

				
			29-Dec-06

			
	
			inTEST Corporation

				
			Test head manipulator

				
			8,618,822

				
			23-Feb-07

			
	
			inTEST Corporation

				
			Wrist joint for positioning a test head

				
			8,444,107

				
			28-Jan-03

			
	
			inTEST Corporation

				
			Test head positioning system and method

				
			8,350,584

				
			29-Dec-06

			
	
			inTEST Corporation

				
			Test head positioner system

				
			8,212,578

				
			17-Mar-08

			
	
			inTEST Corporation

				
			Test head positioning system

				
			8,141,834

				
			10-Aug-06

			
	
			inTEST Corporation

				
			Test head positioning system and method

				
			8,035,406

				
			31-Mar-03

			
	
			inTEST Corporation

				
			Safety mechanism for materials handling

			system

				
			7,845,607

				
			18-Feb-03

			
	
			inTEST Corporation

				
			Modular interface

				
			7,834,718

				
			13-Dec-04

			
	
			inTEST Corporation

				
			Test head positioning system and method

				
			7,728,579

				
			31-Mar-03

			
	
			inTEST Corporation

				
			Modular interface

				
			7,605,583

				
			13-Jul-04

			
	
			inTEST Corporation

				
			Modular interface

				
			7,605,582

				
			13-Jul-04

			
	
			inTEST Corporation

				
			Computer cabinet

				
			D585,662

				
			20-Sep-07

			
	
			inTEST Corporation

				
			Test head docking system and method

				
			7,466,122

				
			16-Jul-01

			
	
			inTEST Corporation

				
			Apparatus and method for balancing and for

			providing a compliant range to a test head

				
			7,340,972

				
			22-Sep-00

			
	
			inTEST Corporation

				
			Modular interface

				
			7,301,326

				
			13-Jul-04

			
	
			inTEST Corporation

				
			Signal module

				
			D554,594

				
			22-Nov-06

			
	
			inTEST Corporation

				
			Signal module

				
			D554,593

				
			22-Nov-06

			
	
			inTEST Corporation

				
			Test head positioning system and method

				
			7,235,964

				
			31-Mar-03

			
	
			inTEST Corporation

				
			Signal module

				
			D535,260

				
			13-Jul-04

			
	
			inTEST Corporation

				
			Signal module

				
			D528,989

				
			13-Jul-04

			
	
			inTEST Corporation

				
			Test head docking system and method

				
			7,109,733

				
			16-Jul-01

			
	
			inTEST Corporation

				
			Apparatus and method for balancing and for

			providing a compliant range to a test head

				
			7,084,358

				
			20-Sep-01

			
	
			inTEST Corporation

				
			Side supports with adjustable center of gravity

				
			6,975,105

				
			20-Sep-00

			
	
			TEMPTRONIC CORPORATION

				
			Apparatus for attachment of accessories to

			processing equipment

				
			10,578,237

				
			12-Aug-16

			
	
			TEMPTRONIC CORPORATION

				
			Temperature-controlled enclosures and

			temperature control system using the same

				
			10,060,668

				
			13-Mar-07

			
	
			TEMPTRONIC CORPORATION

				
			Temperature system having an impurity filter

				
			9,335,080

				
			17-Oct-11

			
	
			TEMPTRONIC CORPORATION

				
			Environmental test system and method eith

			in-situ temperature sensing of device under test

			(DUT)

				
			8,602,641

				
			2-May-13

			
	
			TEMPTRONIC CORPORATION

				
			Temperature-controlled enclosures and

			temperature control system using the same

				
			8,408,020

				
			13-Mar-07

			

 

 

 

 

	Registered Owner	Patent Name	Registration Number	
			Date of

			Registration

			
	
			TEMPTRONIC

			CORPORATION

				
			Temperature-controlled enclosures and

			temperature control system using the same

				
			7,629,533

				
			13-Mar-07

			
	
			TEMPTRONIC

			CORPORATION

				
			High-flow cold air chiller (THERMONICS)

				
			7,603,871

				
			29-Jun-06

			
	
			TEMPTRONIC

			CORPORATION

				
			Method and apparatus for latent temperature

			control for a device under test (SIGMA)

				
			7,483,769

				
			30-Jan-06

			
	
			TEMPTRONIC

			CORPORATION

				
			Method and apparatus for latent temperature

			control for a device under test (SIGMA)

				
			6,993,418

				
			2-Aug-02

			
	
			TEMPTRONIC

			CORPORATION

				
			Workpiece chuck with temperature control

			assemble having spacers between layers

			providing clearance for thermoelectric

			modules

				
			6,886,347

				
			10-Jul-03

			
	
			TEMPTRONIC

			CORPORATION

				
			Workpiece chuck with temperature control

			assemble having spacers between layers

			providing clearance for thermoelectric

			modules

				
			6,745,575

				
			11-Jul-02

			
	
			TEMPTRONIC

			CORPORATION

				
			Apparatus and method for controlling

			temperature in a device under test using

			integrated temperature sensing diode

				
			6,552,561

				
			20-Apr-01

			
	
			TEMPTRONIC

			CORPORATION

				
			Apparatus and method for controlling

			temperature in a wafer using integrated

			temperature sensing diode

				
			6,545,494

				
			10-Jul-00

			
	
			Ambrell Corp

				
			Food heater

				
			10,206,250

				
			20-Apr-06

			
	
			Ambrell Corp

				
			Induction heating system

				
			9,554,423

				
			25-Oct-12

			
	
			Ambrell Corp

				
			Dynamic power balancing among multiple

			induction heater power units

				
			9,439,246

				
			15-Mar-13

			
	
			Ambrell Corp

				
			Power system component protection system

			for use with an induction heating system

				
			9,167,631

				
			25-Aug-06

			
	
			Ambrell Corp

				
			Food heater

				
			9,000,335

				
			21-Apr-06

			
	
			Ambrell Corp

				
			Induction heating systems and methods for

			producing an object having a varying hardness

			along the length of the object

				
			8,803,047

				
			14-Jun-12

			
	
			Ambrell Corp

				
			Portable food heater

				
			8,481,893

				
			28-Aug-06

			
	
			Ambrell Corp

				
			Power switching system to increase induction

			heating to a load from available AC mains

			power

				
			8,331,115

				
			15-Nov-07

			
	
			Ambrell Corp

				
			Automatic frequency compensation for pulse

			width modulated RF level control

				
			8,283,985

				
			25-Aug-06

			
	
			Ambrell Corp

				
			Constant phase angle control for frequency

			agile power switching systems

				
			8,269,532

				
			10-Aug-06

			
	
			Ambrell Corp

				
			High voltage full bridge circuit and method for

			operating the same

				
			7,995,362

				
			15-Jun-06

			
	
			Ambrell Corp

				
			Constant phase angle control for frequency

			agile power switching systems

				
			7,906,997

				
			10-Aug-06

			
	
			Ambrell Corp

				
			Radio frequency (RF) induction cooking food

			heater

				
			7,829,827

				
			21-Apr-06

			
	
			Ambrell Corp

				
			Portable food heater

				
			7,804,045

				
			28-Aug-06

			
	
			Ambrell Corp

				
			Power switching system to increase induction

			heating to a load from available AC mains

			power

				
			7,787,268

				
			15-Nov-07

			

 

 

 

 

	Registered Owner	Patent Name	
			Registration

			Number

				
			Date of

			Registration

			
	
			Ambrell Corp

				
			Automatic frequency compensation for pulse

			width modulated RF level control

				
			7,626,463

				
			25-Aug-06

			
	
			Ambrell Corp, BASF Corp

				
			Fast-drying, radiofrequency-activatable inkjet

			inks and methods and systems for their use

				
			7,520,600

				
			1-Nov-04

			
	
			Ambrell Corp

				
			Constant phase angle control for frequency

			agile power switching systems

				
			7,551,011

				
			10-Aug-06

			
	
			Ambrell Corp

				
			High voltage full bridge circuit and method for

			operating the same

				
			7,489,530

				
			15-Jun-05

			
	
			Ambrell Corp

				
			Electrode apparatus for stray field radio

			requency heating

				
			6,995,345

				
			18-Mar-02

			
	
			Ambrell Corp

				
			Induction furnace for heating a workpiece in

			an inert atmosphere or vacuum

				
			6,861,629

				
			9-May-02

			

 

 

Patent Applications

 

	
			Registered Owner

				
			Patent Name

				
			Application Number

				
			Filing Date

			
	
			TEMPTRONIC

			CORPORATION

				
			Temperature forcing system and

			method with conductive thermal

			probes

				
			15/437861

				
			21-Feb-17

			
	
			TEMPTRONIC

			CORPORATION

				
			System and method for device

			under test cooling using digital

			scroll compressor

				
			15/947415

				
			6-Apr-18

			
	
			TEMPTRONIC

			CORPORATION

				
			Apparatus and method for

			controlling temperature at

			multiple test sites

				
			16/692334

				
			22-Nov-19

			

 

 

Copyrights and Copyright Applications - None.

 

 

Material IP Licenses - None.

 

 

 

 

Schedule 10.20

Affiliate Transactions

 

None

 

 

 

 

Schedule 10.21(b)

Licenses

 

ITAR Registration – The iTS (inTEST Thermal Solutions) business unit has this registration because it sells certain products to customers in the defense/aerospace industries.

 

 

 

 

Schedule 10.21(c)

Operating Agreements

 

None.

 

 

 

 

Schedule 10.21(d)

Addresses

 

	
			 

			Entity

			 

				
			Locations

			
	
			inTEST Corporation

				
			 

			Chief Executive Office

			804 East Gate Drive Suite 200, Mount Laurel, NJ 08054

			Other Places of Business 

			41 Hampden Rd, Mansfield, MA 02048

			Books / Inventory and Equipment

			804 East Gate Drive, Mount Laurel, NJ 08054

			 

			
	
			Ambrell Corporation

				
			 

			Chief Executive Office

			1655 Lyell Avenue, Rochester, New York 14606

			Other Places of Business / Books / Inventory and Equipment

			804 East Gate Drive, Mount Laurel, NJ 08054

			Other Location Where Books Are Held

			1655 Lyell Avenue, Rochester, New York 14606

			Previous Address (No Longer Used)

			39 Main Street, Scottsville, NY 14546

			 

			
	
			inTEST Silicon

			Valley Corporation

				
			 

			Chief Executive Office

			47777 Warm Springs Boulevard, Fremont, California 94539

			Other Places of Business / Books / Inventory and Equipment

			804 East Gate Drive, Mount Laurel, NJ 08054

			Other Location Where Books Are Held

			47777 Warm Springs Boulevard, Fremont, California 94539

			 

			
	
			TEMPTRONIC

			CORPORATION

				
			 

			Chief Executive Office

			41 Hampden Rd, Mansfield, MA 02048

			Other Places of Business / Books / Inventory and Equipment

			804 East Gate Drive, Mount Laurel, NJ 08054

			Other Location Where Books Are Held

			41 Hampden Rd, Mansfield, MA 02048

			 

			
	
			inTEST EMS, LLC

				
			 

			Chief Executive Office

			804 East Gate Drive Suite 200, Mount Laurel, NJ 08054

			Other Places of Business / Books / Inventory and Equipment

			804 East Gate Drive, Mount Laurel, NJ 08054

			 

			

 

 

 

 

Schedule 10.21(e)

Leases

 

	
			 

			Lease Description

			 

				
			Landlord

				
			Locations

			
	
			Lease Agreement between Exeter 804 East

			Gate, LLC and the Company dated May 10,

			2010

				
			 

			Exeter 804 East Gate 2018 LLC

			Exeter Property Group

			101 West Elm Street, Suite 600

			Conshohocken, PA 19428

			 

				
			804 East Gate Drive Suite 200

			Mount Laurel, NJ 08054

			
	
			 

			Second Amendment to Lease between James

			Campbell Company, LLC and TEMPTRONIC

			CORPORATION dated April 8, 2019

			 

				
			James Campbell Company, LLC

			425 California Street Suite 500

			San Francisco, CA 94104-2112

				
			41 Hampden Rd

			Mansfield, MA 02048

			
	
			 

			Lease Agreement between Maguire Family

			Properties, Inc. and Ambrell Corporation dated

			December 19, 2017

			 

				
			Maguire Family Properties Inc.

			770 Rock Beach Road

			Rochester, NY 14617

				
			1655 Lyell Avenue

			Rochester, New York 14606

			
	
			 

			Second Amendment to Standard Lease

			Agreement, dated January 23, 2020, by and

			between inTEST Silicon Valley Corporation

			and Fremont Business Center, LLC

			 

				
			Fremont Business Center LLC

			c/o CIP Real Restate

			19762 MacArthur Blvd., Suite 300

			Irvine, California 92612-2498

				
			47777 Warm Springs

			Boulevard

			Fremont, California 94539

			

 

 

 

 

Schedule 10.24

Subordinated Indebtedness

 

None.

 

 

 

 

Schedule 12.1

Existing Indebtedness

 

None.

 

 

 

 

Schedule 12.2

Loans

 

None.

 

 

 

 

Schedule 12.3

Permitted Investments

 

Schedule 10.3 is hereby incorporated by reference.

 

 

 

 

Schedule 12.7

Liens

 

None.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}]]