Document:

EX-10.1

 Exhibit 10.1 

 
  

 
 CREDIT
AGREEMENT 
 DATED AS OF DECEMBER 27, 2018 

AMONG 

CAREER EDUCATION CORPORATION, 

CEC EDUCATIONAL SERVICES, LLC, 

THE GUARANTORS FROM TIME TO TIME
PARTIES HERETO, 
 THE LENDERS FROM TIME
TO TIME PARTIES HERETO, 
 AND 

BMO HARRIS BANK N.A., 

AS ADMINISTRATIVE AGENT AND 

L/C ISSUER 
  

 
  

BMO CAPITAL MARKETS, AS SOLE LEAD ARRANGER
AND SOLE BOOK RUNNER 

 TABLE OF CONTENTS 

 

							
	 Section
	  	 	  	Page	 
			
	 ARTICLE I.
	  	 DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	 
	 1.01
	  	 Defined Terms
	  	 	1	 
	 1.02
	  	 Other Interpretive Provisions
	  	 	29	 
	 1.03
	  	 Accounting Terms
	  	 	30	 
	 1.04
	  	 Rounding
	  	 	31	 
	 1.05
	  	 Times of Day
	  	 	31	 
	 1.06
	  	 Letter of Credit Amounts
	  	 	31	 
			
	 ARTICLE II.
	  	 THE COMMITMENTS AND CREDIT EXTENSIONS
	  	 	31	 
			
	 2.01
	  	 Loans
	  	 	31	 
	 2.02
	  	 Borrowings, Conversions and Continuations of Loans
	  	 	31	 
	 2.03
	  	 Letters of Credit
	  	 	33	 
	 2.04
	  	 Increase Commitments
	  	 	41	 
	 2.05
	  	 Prepayments
	  	 	42	 
	 2.06
	  	 Termination or Reduction of Commitments
	  	 	43	 
	 2.07
	  	 Repayment of Loans
	  	 	43	 
	 2.08
	  	 Interest
	  	 	43	 
	 2.09
	  	 Fees
	  	 	44	 
	 2.10
	  	 Computation of Interest and Fees
	  	 	44	 
	 2.11
	  	 Evidence of Debt
	  	 	45	 
	 2.12
	  	 Payments Generally; Administrative Agent’s Clawback
	  	 	45	 
	 2.13
	  	 Sharing of Payments by Lenders
	  	 	47	 
	 2.14
	  	 Defaulting Lenders
	  	 	48	 
	 2.15
	  	 Cash Collateral
	  	 	50	 
			
	 ARTICLE III.
	  	 TAXES, YIELD PROTECTION AND ILLEGALITY
	  	 	52	 
			
	 3.01
	  	 Taxes
	  	 	52	 
	 3.02
	  	 Illegality
	  	 	56	 
	 3.03
	  	 Inability to Determine Rates
	  	 	57	 
	 3.04
	  	 Increased Costs; Reserves on Eurodollar Rate Loans
	  	 	58	 
	 3.05
	  	 Compensation for Losses
	  	 	60	 
	 3.06
	  	 Mitigation Obligations; Replacement of Lenders
	  	 	60	 
	 3.07
	  	 Survival
	  	 	61	 
			
	 ARTICLE IV.
	  	 CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
	  	 	61	 
			
	 4.01
	  	 Conditions of Initial Credit Extension
	  	 	61	 
	 4.02
	  	 Conditions to all Credit Extensions
	  	 	62	 
			
	 ARTICLE V.
	  	 REPRESENTATIONS AND WARRANTIES
	  	 	63	 
			
	 5.01
	  	 Existence, Qualification and Power
	  	 	63	 

  
 i 

							
	 5.02
	  	 Authorization; No Contravention
	  	 	63	 
	 5.03
	  	 Governmental Authorization; Other Consents
	  	 	63	 
	 5.04
	  	 Binding Effect
	  	 	64	 
	 5.05
	  	 Financial Statements; No Material Adverse Effect
	  	 	64	 
	 5.06
	  	 Litigation
	  	 	64	 
	 5.07
	  	 No Default
	  	 	64	 
	 5.08
	  	 Ownership of Property; Liens
	  	 	65	 
	 5.09
	  	 Environmental Compliance
	  	 	65	 
	 5.10
	  	 Insurance
	  	 	65	 
	 5.11
	  	 Taxes
	  	 	65	 
	 5.12
	  	 ERISA Compliance
	  	 	66	 
	 5.13
	  	 Subsidiaries; Equity Interests
	  	 	66	 
	 5.14
	  	 Margin Regulations; Investment Company Act
	  	 	66	 
	 5.15
	  	 Disclosure
	  	 	67	 
	 5.16
	  	 Compliance with Laws
	  	 	67	 
	 5.17
	  	 Intellectual Property; Licenses, Etc.
	  	 	67	 
	 5.18
	  	 Sanctions Concerns and Anti-Corruption Laws
	  	 	67	 
	 5.19
	  	 Title IV Compliance
	  	 	68	 
	 5.20
	  	 Solvency
	  	 	71	 
	 5.21
	  	 No Broker Fees
	  	 	71	 
	 5.22
	  	 Affiliate Transactions
	  	 	71	 
	 5.23
	  	 EEA Financial Institution
	  	 	71	 
			
	 ARTICLE VI.
	  	 AFFIRMATIVE COVENANTS
	  	 	71	 
			
	 6.01
	  	 Financial Statements
	  	 	71	 
	 6.02
	  	 Certificates; Other Information
	  	 	72	 
	 6.03
	  	 Notices
	  	 	74	 
	 6.04
	  	 Payment of Obligations
	  	 	75	 
	 6.05
	  	 Preservation of Existence, Etc.
	  	 	75	 
	 6.06
	  	 Maintenance of Properties
	  	 	75	 
	 6.07
	  	 Maintenance of Insurance
	  	 	75	 
	 6.08
	  	 Compliance with Laws
	  	 	76	 
	 6.09
	  	 Books and Records
	  	 	76	 
	 6.10
	  	 Inspection Rights
	  	 	76	 
	 6.11
	  	 Use of Proceeds
	  	 	76	 
	 6.12
	  	 Formation of Subsidiaries
	  	 	76	 
	 6.13
	  	 Title IV Compliance
	  	 	76	 
	 6.14
	  	 Maintenance of Subsidiaries
	  	 	78	 
	 6.15
	  	 Covenant to Guarantee Obligations
	  	 	78	 
	 6.16
	  	 Covenant to Give Security; Minimum Collateral Balance
	  	 	78	 
	 6.17
	  	 Further Assurances
	  	 	78	 
	 6.18
	  	 Compliance with Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions
	  	 	79	 
			
	 ARTICLE VII.
	  	 NEGATIVE COVENANTS
	  	 	79	 

  
 ii 

							
			
	 7.01
	  	 Liens
	  	 	79	 
	 7.02
	  	 Investments
	  	 	81	 
	 7.03
	  	 Indebtedness
	  	 	81	 
	 7.04
	  	 Fundamental Changes
	  	 	82	 
	 7.05
	  	 Dispositions
	  	 	83	 
	 7.06
	  	 Restricted Payments
	  	 	84	 
	 7.07
	  	 Change in Nature of Business
	  	 	84	 
	 7.08
	  	 Transactions with Affiliates
	  	 	84	 
	 7.09
	  	 Burdensome Agreements
	  	 	85	 
	 7.10
	  	 Use of Proceeds
	  	 	85	 
	 7.11
	  	 Financial Covenants
	  	 	85	 
	 7.12
	  	 No Changes in Fiscal Year
	  	 	85	 
			
	 ARTICLE VIII.
	  	 EVENTS OF DEFAULT AND REMEDIES
	  	 	85	 
			
	 8.01
	  	 Events of Default
	  	 	85	 
	 8.02
	  	 Remedies Upon Event of Default
	  	 	88	 
	 8.03
	  	 Application of Funds
	  	 	89	 
			
	 ARTICLE IX.
	  	 ADMINISTRATIVE AGENT
	  	 	90	 
			
	 9.01
	  	 Appointment and Authority
	  	 	90	 
	 9.02
	  	 Rights as a Lender
	  	 	90	 
	 9.03
	  	 Exculpatory Provisions
	  	 	90	 
	 9.04
	  	 Reliance by Administrative Agent
	  	 	91	 
	 9.05
	  	 Delegation of Duties
	  	 	92	 
	 9.06
	  	 Resignation of Administrative Agent
	  	 	92	 
	 9.07
	  	 Non-Reliance on Administrative Agent and Other
Lenders
	  	 	93	 
	 9.08
	  	 No Other Duties, Etc.
	  	 	94	 
	 9.09
	  	 Administrative Agent May File Proofs of Claim
	  	 	94	 
	 9.10
	  	 Collateral and Guaranty Matters
	  	 	95	 
	 9.11
	  	 Secured Cash Management Agreements and Secured Hedge Agreements
	  	 	96	 
			
	 ARTICLE X.
	  	 GUARANTEES
	  	 	97	 
			
	 10.1
	  	 The Guarantees
	  	 	97	 
	 10.2
	  	 Guarantee Unconditional
	  	 	97	 
	 10.3
	  	 Discharge Only upon Payment in Full; Reinstatement in Certain Circumstances
	  	 	98	 
	 10.4
	  	 Subrogation
	  	 	99	 
	 10.5
	  	 Subordination
	  	 	99	 
	 10.6
	  	 Waivers
	  	 	99	 
	 10.7
	  	 Limit on Recovery
	  	 	99	 
	 10.8
	  	 Stay of Acceleration
	  	 	99	 
	 10.9
	  	 Benefit to Guarantors
	  	 	100	 
	 10.10
	  	 Joint and Several
	  	 	100	 

  
 iii 

							
	 10.11
	  	 Keepwell
	  	 	100	 
			
	 ARTICLE XI.
	  	 MISCELLANEOUS
	  	 	101	 
			
	 11.01
	  	 Amendments, Etc.
	  	 	101	 
	 11.02
	  	 Notices; Effectiveness; Electronic Communication
	  	 	102	 
	 11.03
	  	 No Waiver; Cumulative Remedies; Enforcement
	  	 	104	 
	 11.04
	  	 Expenses; Indemnity; Damage Waiver
	  	 	105	 
	 11.05
	  	 Payments Set Aside
	  	 	107	 
	 11.06
	  	 Successors and Assigns
	  	 	107	 
	 11.07
	  	 Treatment of Certain Information; Confidentiality
	  	 	111	 
	 11.08
	  	 Right of Setoff
	  	 	112	 
	 11.09
	  	 Interest Rate Limitation
	  	 	113	 
	 11.10
	  	 Counterparts; Integration; Effectiveness
	  	 	113	 
	 11.11
	  	 Survival of Representations and Warranties
	  	 	113	 
	 11.12
	  	 Severability
	  	 	113	 
	 11.13
	  	 Replacement of Lenders
	  	 	114	 
	 11.14
	  	 Governing Law; Jurisdiction; Etc.
	  	 	114	 
	 11.15
	  	 Waiver of Jury Trial
	  	 	116	 
	 11.16
	  	 Subordination
	  	 	116	 
	 11.17
	  	 No Advisory or Fiduciary Responsibility
	  	 	116	 
	 11.18
	  	 Electronic Execution of Assignments and Certain Other Documents
	  	 	117	 
	 11.19
	  	 USA PATRIOT Act
	  	 	117	 
	 11.20
	  	 Acknowledgement and Consent to Bail-In of EEA Financial
Institutions
	  	 	117	 
	 11.21
	  	 Existing Credit Agreement
	  	 	118	 

  
 iv 

 SCHEDULES 
  

	 	1.01	 Existing Letters of Credit 

	 	2.01	 Commitments and Applicable Percentages 

	 	2.02	 Material Domestic Subsidiaries 

	 	5.06	 Litigation 

	 	5.09	 Environmental Matters 

	 	5.13	 Subsidiaries; Other Equity Investments; Equity Interests in the Borrower 

	 	5.17	 Intellectual Property Matters 

	 	5.19	 Title IV Matters7.01 Existing Liens 

	 	7.03	 Existing Indebtedness 

EXHIBITS 
  

	 	A	 Loan Notice 

	 	B	 Note 

	 	C	 Compliance Certificate 

	 	D	 Assignment and Assumption 

	 	E	 Additional Guarantor Supplement 

  
 v 

 CREDIT AGREEMENT 

This Credit Agreement (“Agreement”) is entered into as of December 27, 2018, among CAREER
EDUCATION CORPORATION, a Delaware corporation (the “Company”), CEC EDUCATIONAL SERVICES, LLC, an Illinois limited liability company (“CECE”; the Company
and CECE shall be referred to herein as the “Borrowers” and individually as a “Borrower”), certain of the direct and indirect Domestic Subsidiaries of the Company, as Guarantors, each lender from time to time party
hereto (collectively, the “Lenders” and individually, a “Lender”), and BMO HARRIS BANK N.A., as Administrative Agent and L/C Issuer. 

PRELIMINARY STATEMENTS: 

WHEREAS, the Loan Parties (as hereinafter defined) have requested that the Lenders and the L/C Issuer make loans and other financial
accommodations to the Loan Parties in an aggregate amount of up to $50,000,000. 
 WHEREAS, the Lenders and the L/C Issuer have
agreed to make such loans and other financial accommodations to the Loan Parties on the terms and subject to the conditions set forth herein. 

NOW THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as
follows: 
 ARTICLE I. 

DEFINITIONS AND ACCOUNTING TERMS 

1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 

“Accrediting Body” means, with respect to any Educational Institution, any
non-government entity or body which engages in granting or withholding of institutional accreditation for such Educational Institution, in accordance with standards relating to the performance, operation,
financial condition and/or academic standing of private post-secondary schools, including, as applicable, those entities and organizations approved pursuant to Part 602 of 34 C.F.R. 

“Acquisition” means any transaction or series of related transactions for the purpose of or resulting, directly or
indirectly, in (a) the acquisition of all or substantially all of the assets of a Person, or of any line or segment of business or division of a Person, (b) the acquisition of in excess of 50% of the capital stock, partnership interests,
membership interests or equity of any Person, or otherwise causing any Person to become a Subsidiary, or (c) a merger or consolidation or any other combination with another Person (other than a Person that is a Subsidiary) provided that
(i) the Company or the Subsidiary is the surviving entity or (ii) after giving effect to such merger or consolidation, such other Person has become a Subsidiary of the Company; provided that in no event shall the formation or establishment
of a Subsidiary or the capitalization of or transfer to such Subsidiary of any existing assets or business of the Company or any Subsidiary constitute an Acquisition. 

  
 1 

 “Administrative Agent” means BMO Harris Bank in its capacity as
administrative agent under any of the Loan Documents, or any successor administrative agent. 
 “Administrative Agent’s
Office” means the Administrative Agent’s address as set forth in Section 11.02, or such other address or account as the Administrative Agent may from time to time notify to the Borrowers and the Lenders. 

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Aggregate
Commitments” means the Commitments of all the Lenders, which as of Closing Date, equals $50,000,000 in the aggregate. 

“Aggregate Cap” means (i) an aggregate amount not to exceed $65,000,000 with respect to Total Consideration and
Restricted Payments paid from the Closing Date through but not including the first anniversary of the Closing Date, (ii) an aggregate amount not to exceed $100,000,000 with respect to Total Consideration and Restricted Payments paid from the
first anniversary Closing Date through the second anniversary of the Closing Date; provided, that in the event that cap is fully utilized, the Borrowers may use any amount that was not utilized in clause (i) for Total Consideration in
Permitted Acquisitions occurring on or prior to such second anniversary, and (iii) an aggregate amount not to exceed $250,000,000 with respect to Total Consideration and Restricted Payments paid from the Closing Date through the date of
determination (including of any amounts permitted to be paid in clause (i) and clause (ii) above). 
 “Agreement”
means this Credit Agreement, as amended, supplemented, restated or otherwise modified in accordance with the terms hereof. 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to a Loan Party or any of their
Subsidiaries from time to time concerning or relating to bribery or corruption. 
 “Anti-Money Laundering Laws” means any
and all laws, statutes, regulations or obligatory government orders, decrees, ordinances or rules applicable to a Loan Party or its Subsidiaries related to terrorism financing or money laundering, including any applicable provision of the Patriot
Act. 
 “Applicable Percentage” means with respect to any Lender at any time, the percentage (carried out to the ninth
decimal place) of the Aggregate Commitments represented by such Lender’s Commitment at such time, subject to adjustment as provided in Section 2.14. If the 

  
 2 

 
commitment of each Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02 or if the
Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of such Lender most recently in effect, giving effect to any subsequent assignments. The initial Applicable
Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable. 

“Applicable Rate” means with respect to (a) Base Rate Loans, 0.00% per annum, (b) Eurodollar Rate Loans and the
Letter of Credit Fee for Letters of Credit, 1.25% per annum, and (c) the commitment fees payable under Section 2.09, 0.30% per annum 

“Approved Fund” means, as to any Lender, any Fund that is administered or managed by (a) such Lender, (b) an
Affiliate of such Lender or (c) an entity or an Affiliate of an entity that administers or manages such Lender. 

“Arranger” means BMO Capital Markets, in its capacity as sole lead arranger and sole book manager. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the
consent of any party whose consent is required by Section 11.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit D or any other form (including electronic documentation generated by
MarkitClear or other electronic platform) approved by the Administrative Agent and the Company. 
 “Attributable
Indebtedness” means, on any date, (a) in respect of any Capitalized Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and
(b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease or similar payments under the relevant lease or other applicable agreement or instrument that would appear on a balance sheet of such Person
prepared as of such date in accordance with GAAP if such lease or other agreement or instrument were accounted for as a Capitalized Lease. 

“Audited Financial Statements” means the audited consolidated balance sheet of the Company and its Subsidiaries for the
fiscal year ended December 31, 2017, and the related consolidated statements of income, shareholders’ equity and cash flows for such fiscal year of the Company and its Subsidiaries, including the notes thereto. 

“Availability Period” means the period from and including the Closing Date to the earliest of (a) the Maturity Date,
(b) the date of termination of the Aggregate Commitments pursuant to Section 2.06, and (c) the date of termination of the Commitment of each Lender to make Loans and of the obligation of the L/C Issuer to make L/C
Credit Extensions pursuant to Section 8.02. 
 “Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

  
 3 

 “Bail-In Legislation” means, 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 for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 
 “Base Rate” means, for any day, the rate per annum equal to the greatest of: (a) the rate of interest announced or otherwise established by the Administrative Agent from time to time as its prime
commercial rate as in effect on such day, with any change in the Base Rate resulting from a change in said prime commercial rate to be effective as of the date of the relevant change in said prime commercial rate (it being acknowledged and agreed
that such rate may not be Administrative Agent’s best or lowest rate), (b) the sum of (i) the rate determined by the Administrative Agent in good faith to be the average (rounded upward, if necessary, to the next higher 1/100 of 1%) of the
rates per annum quoted to the Administrative Agent at approximately 10:00 a.m. (CT time) (or as soon thereafter as is practicable) on such day (or, if such day is not a Business Day, on the immediately preceding Business Day) by two or more Federal
funds brokers selected by the Administrative Agent for sale to the Administrative Agent at face value of Federal funds in the secondary market in an amount equal or comparable to the principal amount for which such rate is being determined, plus
(ii) 1/2 of 1%, and (c) the LIBOR Quoted Rate for such day plus 1.00%. As used herein, the term “LIBOR Quoted Rate” means, for any day, the rate per annum equal to the quotient of (i) the rate per annum (rounded upwards, if
necessary, to the next higher one hundred thousandth of a percentage point) for deposits in U.S. Dollars for a one-month interest period as reported on the applicable Bloomberg screen page (or such other
commercially available source providing such quotations as may be designated by the the Administrative Agent from time to time) as of 11:00 a.m. (London, England time) on such day (or, if such day is not a Business Day, on the immediately preceding
Business Day) divided by (ii) one (1) minus the Eurodollar Reserve Percentage, provided that in no event shall the “LIBOR Quoted Rate” be less than 0.00%. If the Base Rate is being used as an alternate rate of interest pursuant to
Section 3.03, the the Base Rate shall be the greater of clause (a) and (b) above and shall be determined without reference to clause (c) above.  

“Base Rate Loan” means a Loan that bears interest based on the Base Rate. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership of the Loan Parties as required by
31 C.F.R. § 1010.230 (as amended, modified or supplemented from time to time), in form and substance satisfactory to the Lenders. 

“BMO Harris Bank” means BMO Harris Bank N.A. and its successors. 

“Borrower Materials” has the meaning specified in Section 6.02. 

“Borrowers” means collectively the Company and CECE. 

“Borrowing” means a borrowing consisting of simultaneous Loans of the same Type and, in the case of Eurodollar Rate Loans,
having the same Interest Period made by each of the Lenders pursuant to Section 2.01. 

  
 4 

 “Business Day” means any day other than a Saturday, Sunday or other day on
which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any such day that is also a
London Banking Day. 
 “Capitalized Leases” means all leases that, in accordance with GAAP, are required to be recorded as
capitalized leases. 
 “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for
the benefit of one or more of the L/C Issuer or the Lenders, as collateral for L/C Obligations or obligations of the Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances or, if the Administrative Agent and
the L/C Issuer shall agree in their reasonable discretion, other credit support (including backup letters of credit), in each case pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and the L/C
Issuer. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 

“Cash Equivalents” means (a) marketable direct obligations issued by, or unconditionally guaranteed by, the
United States or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within three (3) years from the date of acquisition thereof, (b) marketable direct obligations issued or
fully guaranteed by any state of the United States or any political subdivision of any such state or any public instrumentality thereof maturing within three (3) years from the date of acquisition thereof and, at the time of acquisition, having
one of the two highest ratings obtainable from either S&P or Moody’s, (c) commercial paper maturing within three (3) years from the date of creation thereof and, at the time of acquisition, having a rating of at least A-1 from S&P or at least P-1 from Moody’s, (d) certificates of deposit, time deposits, overnight bank deposits or bankers’ acceptances maturing within
three (3) years from the date of acquisition thereof issued by any bank organized under the laws of the United States or any state thereof or the District of Columbia having at the date of acquisition thereof combined capital and surplus of not
less than $250,000,000, (e) deposit accounts maintained with (i) any bank that satisfies the criteria described in clause (d) above, or (ii) any other bank organized under the laws of the United States or any state thereof so
long as the full amount maintained with any such other bank is fully insured by the Federal Deposit Insurance Corporation, (f) repurchase obligations of any commercial bank satisfying the requirements of clause (d) of this definition or
recognized securities dealer having combined capital and surplus of not less than $250,000,000, having a term of not more than seven (7) days, with respect to securities satisfying the criteria in clauses (a) or (d) above, provided all
such agreements require physical delivery of the securities securing such repurchase agreement, except those delivered through the Federal Reserve Book Entry System, and (g) investments in money market funds substantially all of whose assets
primarily are invested in the types of assets described in clauses (a) through (f) above. 
 “Cash Management
Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft, credit or debit card (including non-card electronic payables and purchasing cards),
electronic funds transfer, Purchase Cards Program Documents and other cash management arrangements. 

  
 5 

 “Cash Management Bank” means any Person that, (a) at the time it
enters into a Cash Management Agreement with a Loan Party, is a Lender, an Affiliate of a Lender, the Administrative Agent or an Affiliate of the Administrative Agent, or (b) at the time it (or its Affiliate) becomes a Lender or the
Administrative Agent (including on the Closing Date), is a party to a Cash Management Agreement with a Loan Party, in each case in its capacity as a party to such Cash Management Agreement. 

“CECE” has the meaning specified in the introductory paragraph hereto. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption 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) the making or
issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the
date enacted, adopted or issued. 
 “Change of Control” means an event or series of events by which: 

(a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner”
(as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of
all securities that such person or group has the right to acquire (such right, an “option right”), whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of 25% or more of the Equity
Interests of the Company entitled to vote for members of the board of directors or equivalent governing body of the Company on a fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire
pursuant to any option right); or 
 (b) the replacement of a majority of the Board of Directors of the Company arising from
an actual solicitation of proxies or consents initiated by or on behalf of any person or group other than those Persons nominated or appointed by the majority of the Board of Directors of the Company. 

“Closing Date” means the first date all the conditions precedent in Section 4.01 are satisfied or
waived in accordance with Section 11.01. 
 “Code” means the Internal Revenue Code of 1986. 

  
 6 

 “Cohort Default Rate” shall have the meaning ascribed to such term in 34
C.F.R. § 668 Subpart N. 
 “Collateral” means all of the “Collateral” referred to in the Collateral
Documents and all of the other property that is or is intended under the terms of the Collateral Documents to be subject to Liens in favor of the Administrative Agent for the benefit of the Secured Parties. 

“Collateral Account” means the investment accounts of CECE maintained with the Administrative Agent and subject to one or
more Collateral Documents. 
 “Collateral Documents” means that certain security agreement, dated as of the Closing Date,
executed in favor of the Administrative Agent by CECE, as the same may be amended, modified, supplemented or restated from time to time, and all other security agreements, pledge agreements, assignments, financing statements, control agreements, and
other documents as shall from time to time secure or relate to the Secured Obligations or any part thereof. 
 “Commitment”
means, as to each Lender, its obligation to (a) make Loans to the Borrowers pursuant to Section 2.01 and (b) purchase participations in L/C Obligations, in an aggregate principal amount at any one time outstanding not to exceed the
amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with
this Agreement. 
 “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from
time to time, and any successor statute. 
 “Company” has the meaning specified in the introductory paragraph hereto 

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

“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 profit Taxes. 
 “Consolidated” means, when used with reference to financial statements
or financial statement items of the Company and its Subsidiaries or any other Person, such statements or items on a consolidated basis in accordance with the consolidation principles of GAAP, consistently applied. 

“Consolidated EBITDA” means, with reference to any period, Consolidated Net Income for such period, plus
(i) all amounts deducted in arriving at such Consolidated Net Income amount in respect of (a) Consolidated Interest Expense for such period, (b) federal, state, and local income taxes for such period, (c) depreciation of fixed
assets and amortization of intangible assets for such period, (d) expenses and charges arising from non-cash compensation relating to the granting of stock options, stock appreciation rights and other
similar arrangements, (e) charges relating to the restructure, consolidation, severance or discontinuance of any portion of the Company’s and its Subsidiaries’ operations or employees and charges relating to unused space in an amount
not to 

  
 7 

 
exceed (1) $10,500,000 in the aggregate during the fiscal year ending December 31, 2018, (2) $10,000,000 in the aggregate during the fiscal year ending December 31, 2019, and (3)
$5,000,000 in the aggregate during any fiscal year of the Company thereafter, (f) legal fees, expenses and settlements not to exceed (x) $16,500,000 for the fiscal year of the Company ending December 31, 2018 and (y) $20,000,000 in the
aggregate from January 1, 2019 through the Maturity Date, and (g) fees and expenses incurred in connection with a Permitted Acquisition (whether or not such Permitted Acquisition was consummated) in an aggregate amount not to exceed
$7,500,000 during the term of this Agreement, minus (ii) all amounts included in Consolidated Net Income in respect (x) interest income received by the Company and its Subsidiaries for such period, plus (y) non-cash impairment charges of the Company and its Subsidiaries for such period, plus (z) income received by the Company and its Subsidiaries from one or more of the Affiliates during such
period. 
 “Consolidated Interest Expense” means, with reference to any period, the sum of all interest charges
(including imputed interest charges with respect to Attributable Indebtedness and all amortization of debt discount and expense) of the Company and its Subsidiaries for such period determined on a Consolidated basis in accordance with GAAP. 

“Consolidated Net Income” means, with reference to any period, the net income (or net loss) of the Company and its
Subsidiaries for such period computed on a Consolidated basis in accordance with GAAP; provided that there shall be excluded from Net Income (a) the net income (or net loss) of any Person accrued prior to the date it becomes a Subsidiary
of, or has merged into or consolidated with, the Company or another Subsidiary, (b) the net income (or net loss) of any Person (other than a Subsidiary) in which the Company or any of its Subsidiaries has an Equity Interest, except to the
extent of the amount of dividends or other distributions actually paid to the Company or any of its Subsidiaries during such period, and (c) the undistributed earnings of any Subsidiary to the extent that the declaration or payment of dividends
or similar distributions by such Subsidiary is not at the time permitted by the terms of any Contractual Obligation (other than under any Loan Document) or requirement of law applicable to such Subsidiary. 

“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any material
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. 

“Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit Extension. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights
of creditors generally. 

  
 8 

 “Default” means any event or condition that constitutes an Event of Default
or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. 
 “Default Rate” means
(a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2% per annum;
provided, however, that with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum, and
(b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus 2% per annum. 

“Defaulting Lender” means, subject to Section 2.14(b), any Lender that (a) has failed to
(i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Company in writing that such failure is the result of
such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay
to the Administrative Agent, the L/C Issuer or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit) within two Business Days of the date when due, (b) has
notified the Company, the Administrative Agent or the L/C Issuer in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to
such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be
specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Company, to confirm in writing to the Administrative Agent and the
Company that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the
Administrative Agent and the Company), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian,
conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal
regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-In-Action; provided that a Lender shall not be a Defaulting Lender
solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with
immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any
contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and the effective date of such status, shall
be conclusive and binding absent manifest error, and such Lender shall be deemed to be a 

  
 9 

 
Defaulting Lender (subject to Section 2.14(b)) as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be
delivered by the Administrative Agent to the Company, the L/C Issuer and each other Lender promptly following such determination. 

“Designated Jurisdiction” means, at any time, any country, region or territory which is itself the subject or target of any
Sanctions. 
 “Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition
(including any sale and leaseback transaction) of any property by any 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.

 “DOE” means the United States Department of Education and any successor agency administering federal student financial
assistance under Title IV. 
 “Dollar” and “$” mean lawful money of the United States. 

“Domestic Cash” means, at any time the same is determined, the sum of (i) cash and Cash Equivalents of the Loan Parties
and their Domestic Subsidiaries maintained with the Administrative Agent and its Affiliates at such time, plus (ii) Investments of the Loan Parties and their Domestic Subsidiaries permitted by Section 7.02(a)(ii) and
Section 7.02(a)(iii) constituting marketable securities in accounts maintained with the Administrative Agent and its Affiliates at such time, provided, that such accounts shall be free and clear of Liens other than Liens in favor of the
Administrative Agent. 
 “Domestic Foreign Holding Company” means (a) any Domestic Subsidiary substantially all of
whose assets are capital stock or equity interests of a Subsidiary that is not a U.S. Person, and (b) a Domestic Subsidiary owned indirectly by the Company or a Subsidiary through a Subsidiary that is not a U.S. Person. 

“Domestic Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of the United
States. 
 “Educational Agency” means any Person, entity or organization, whether governmental, government chartered,
private, or quasi-private, that engages in granting or withholding Educational Approvals for, administers financial assistance to or for students of, or otherwise regulates private postsecondary schools in accordance with standards relating to the
performance, operation, financial condition or academic standards of such schools, including any Accrediting Body, whose approval is required to participate in the Title IV Programs. 

“Educational Approval” means any license, permit, consent, franchise, approval, authorization, certificate, DOE approval or
accreditation issued or required to be issued by an Educational Agency to the Educational Institutions with respect to any aspect of the Educational Institutions’ operations subject to the oversight of such Educational Agency. 

  
 10 

 “Educational Institution” shall mean the main campus that has been
designated by the DOE as an eligible institution and assigned an OPE ID number, and any associated additional locations, branch campuses, and other facilities at which the institution provides all or part of an educational program, but specifically
excluding any Subsidiary or any division of any Subsidiary which provides non-credit consumer training or continuing education. 

“Educational Law” means any law, rule, regulation, order or other legal requirement or determination or binding standard issued or
administered by, or related to, any Educational Agency. 
 “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. 
 “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. 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under
Section 11.06(b)(iii), and (v) (subject to such consents, if any, as may be required under Section 11.06(b)(iii)). 

“Eligible Student Accounts Receivable” means accounts receivable from students that have not been previously written-off or are not fully reserved against by the applicable Educational Institution. 

“Environmental Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules,
judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including those
related to hazardous substances or wastes, air emissions and discharges to waste or public systems. 
 “Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of any Borrower, any other Loan Party or any of their respective
Subsidiaries 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. 

  
 11 

 “Equity Interests” means, with respect to any Person, all of the shares of
capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such
Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or
such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other
interests are outstanding on any date of determination. 
 “ERISA” means the Employee Retirement Income Security Act of
1974, as amended. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with
the Company within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by the Company or any
ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal
under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Company or any ERISA Affiliate from a Multiemployer Plan; (d) the filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a
termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (f) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of
ERISA and ongoing Plan contributions, upon the Company or any ERISA Affiliate; or (g) with respect to any Multiemployer Plan, the filing of a notice of “critical” status under Section 432 of the Code or Section 305 of
ERISA, or the filing of a notice of insolvency or termination. 
 “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 Rate” means for any Borrowing of Eurodollar Rate Loans, a rate per annum determined in accordance with the
following formula: 
  

					
	Eurodollar Rate =	  	 LIBOR
	  	     

		  	1 - Eurodollar Reserve Percentage	  	

 “Eurodollar Rate Loan” means a Loan that bears interest at a rate based on the Eurodollar
Rate. 

  
 12 

 “Eurodollar Reserve Percentage” means the maximum reserve percentage,
expressed as a decimal, at which reserves (including any emergency, marginal, special, and supplemental reserves) are imposed by the Board of Governors of the Federal Reserve System (or any successor) on “eurocurrency liabilities”, as
defined in such Board’s Regulation D (or any successor thereto), subject to any amendments of such reserve requirement by such Board or its successor, taking into account any transitional adjustments thereto. For purposes of this definition,
the relevant Loans shall be deemed to be “eurocurrency liabilities” as defined in Regulation D without benefit or credit for any prorations, exemptions or offsets under Regulation D. The Eurodollar Reserve Percentage shall be adjusted
automatically on and as of the effective date of any change in any such reserve percentage. 
 “Event of Default” has the
meaning specified in Section 8.01. 
 “Excluded Swap Obligation” means, with respect to any Loan
Party, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Loan Party of, or the grant by such Loan Party of a lien to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under 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 such Loan Party’s failure for any reason not to constitute an
“eligible contract participant” as defined in the Commodity Exchange Act (determined after giving effect to Section 10.11 and any other “keepwell, support or other agreement for the benefit of such Loan Party and any and all
guarantees of such Loan Party’s Swap Obligations by other Loan Parties) at the time the Guarantee of such Loan Party, or the grant of such Loan Party of a Lien becomes effective with respect to such related Swap Obligation. If a Swap
Obligation arises under a master agreement governing more than one Swap Contract, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to Swap Contracts for which such Guarantee or Liens is or becomes excluded
in accordance with the first sentence of this definition. 
 “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 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 or Commitment pursuant to a law in effect
on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Company under Section 11.13) or (ii) such Lender changes its Lending
Office, except in each case to the extent that, pursuant to Section 3.01(a)(ii), (a)(iii) or (c) amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or
to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(e), and (d) any U.S. federal withholding Taxes imposed under
FATCA. 

  
 13 

 “Existing Letters of Credit” means those certain letters of credit set
forth on Schedule 1.01(d). 
 “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, and any applicable agreements
entered into pursuant to Section 1471(b)(1) of the Code. 
 “Federal Funds Rate” means the fluctuating interest rate
per annum described in part (i) of clause (b) of the definition of Base Rate. 
 “Fee Letter” means the letter
agreement, dated November 6, 2018, between the Company and the Administrative Agent. 
 “Foreign Lender” means with
respect to any Borrower, (a) if such Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if such 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 such Borrower is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

“Foreign Subsidiary” means any Subsidiary that (i) is not a Domestic Subsidiary and (ii) is a Domestic Foreign
Holding Company. 
 “FRB” means the Board of Governors of the Federal Reserve System of the United States. 

“Fronting Exposure” means, at any time there is a Defaulting Lender, such Defaulting Lender’s Applicable Percentage of
the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof. 

“Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

“GAAP” means generally accepted accounting principles set forth from time to time in the opinions and pronouncements of the
Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the
U.S. accounting profession), which are applicable to the circumstances as of the date of determination. 
 “Governmental
Authority” means the government of the United States or any other nation, or of 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). 

  
 14 

 “Guarantee” means, as to any Person, (a) any obligation, contingent or
otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and
including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or
services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other
financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other
manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing
any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount
of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 

“Guarantors” means, collectively, the Material Domestic Subsidiaries. 

“Guaranty” means the guaranty set forth in Article X hereof and any other guaranty made by the Guarantors in favor of
the Administrative Agent and the Lenders consistent with the terms of Article X and otherwise in form and substance reasonably acceptable to the Administrative Agent. 

“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. 
 “Hedge Agreement” means (a) any and all rate swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or
forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot
contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is 

  
 15 

 
governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by,
any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement. 

“Hedge Bank” means any Person that, (a) at the time it enters into a Hedge Agreement with a Loan Party is a Lender, an
Affiliate of a Lender, the Administrative Agent or an Affiliate of the Administrative Agent or (b) at the time it (or its Affiliate) becomes a Lender or the Administrative Agent (including on the Closing Date), is a party to a Hedge Agreement
with a Loan Party, in each case in its capacity as a party to such Hedge Agreement. 
 “HEA” means the Higher Education Act
of 1965, as amended, 20 U.S.C. Section 1001 et seq., and its implementing regulations, and any amendments or successor statutes or regulations thereto. 

“Honor Date” is defined in Section 2.03(c)(i) hereof. 

“Increase Effective Date” is defined in Section 2.04(d) hereof 

“Incremental Facility” is defined in Section 2.04(a) hereof. 

“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not
included as indebtedness or liabilities in accordance with GAAP: 
 (a) the Purchase Card Program Obligations and all
obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 

(b) all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial),
bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 
 (c) net obligations of such Person under
any Swap Contract; 
 (d) all obligations of such Person to pay the deferred purchase price of property or services (other
than trade accounts payable in the ordinary course of business and, except for those being contested in good faith not past due for more than 90 days after the due date on which such trade payable or account payable was created); 

(e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person
(including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; 

(f) all Attributable Indebtedness in respect of Capitalized Leases of such Person and all Synthetic Debt of such Person; 

  
 16 

 (g) all obligations of such Person to purchase, redeem, retire, defease or
otherwise make any payment in respect of any Equity Interest in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and
unpaid dividends; and 
 (h) all Guarantees of such Person in respect of any of the foregoing. 

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint
venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The
amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. 

“Indemnified Taxes” means (a) all Taxes other than Excluded Taxes, imposed on or with respect to any payment made by or
on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Indemnitees” has the meaning specified in Section 11.04(b). 

“Information” has the meaning specified in Section 11.07. 

“Interest Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of each Interest Period
applicable to such Loan and the Maturity Date; provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest
Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan, the last Business Day of each month and the Maturity Date. 

“Interest Period” means as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is
disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date one, two, three or six months thereafter, as selected by the Borrowers in their Loan Notice; provided that: 

(i) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding
Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 

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

(iii) no Interest Period shall extend beyond the Maturity Date. 

  
 17 

 “Investment” means, as to any Person, any direct or indirect acquisition or
investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other
acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person or (c) the purchase or other acquisition (in one transaction or a series of
transactions) of assets of another Person that constitute a business unit. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value
of such Investment. 
 “IP Rights” has the meaning specified in Section 5.17. 

“IRS” means the United States Internal Revenue Service. 

“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the
Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance). 

“Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit Application, and any other document,
agreement and instrument entered into by the L/C Issuer and the Borrower (or any Subsidiary) or in favor of the L/C Issuer and relating to such Letter of Credit. 

“Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 

“L/C Advance” means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in
accordance with its Applicable Percentage. 
 “L/C Borrowing” means an extension of credit resulting from a drawing under
any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Borrowing. 
 “L/C Credit
Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof. 

“L/C Issuer” means BMO Harris Bank, in its capacity as issuer of Letters of Credit hereunder, or any successor issuer of
Letters of Credit hereunder. 
 “L/C Obligations” means, as at any date of determination, the aggregate amount available to
be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be 

  
 18 

 
drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. 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 Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so
remaining available to be drawn. 
 “Lender” means each of the Persons identified as a “Lender” on the signature
pages hereto, each other Person that becomes a “Lender” in accordance with this Agreement and, their successors and assigns and, unless the context requires otherwise, includes the Swingline Lender. 

“Lending Office” means, as to the L/C Issuer or any Lender, the office or offices of such Person described as such in such
Person’s Administrative Questionnaire, or such other office or offices as such Person may from time to time notify the Company and the Administrative Agent, which office may include any Affiliate of such Person or any domestic or foreign branch
of such Person or such Affiliate. 
 “Letter of Credit” means any standby letter of credit issued hereunder hereunder and
shall include the Existing Letters of Credit providing for the payment of cash upon the honoring of a presentation thereunder. 

“Letter of Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the
form from time to time in use by the L/C Issuer. 
 “Letter of Credit Expiration Date” means the day that is thirty days
prior to the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day). 
 “Letter of
Credit Fee” has the meaning specified in Section 2.03(h). 
 “Letter of Credit Sublimit”
means an amount equal to $25,000,000. The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Commitments. 

“LIBOR” means, for an Interest Period for a Borrowing of Eurodollar Rate Loans, (a) the LIBOR Index Rate for such
Interest Period, if such rate is available, and (b) if the LIBOR Index Rate cannot be determined, the arithmetic average of the rates of interest per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) at which deposits in U.S.
Dollars in immediately available funds are offered to the Administrative Agent at 11:00 a.m. (London, England time) two (2) Business Days before the beginning of such Interest Period by three (3) or more major banks in the interbank
eurodollar market selected by the Administrative Agent for delivery on the first day of and for a period equal to such Interest Period and in an amount equal or comparable to the principal amount of the Eurodollar Rate Loan scheduled to be made as
part of such Borrowing; provided that in no event shall “LIBOR” be less than 0.00%. 
 “LIBOR Index Rate” means,
for any Interest Period, the rate per annum (rounded upwards, if necessary, to the next higher one hundred thousandth of a percentage point) for deposits in U.S. Dollars for a period equal to such Interest Period, as reported on the applicable
Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent in good faith from time to time) as of 11:00 a.m. (London, England time) on the day two (2) Business
Days before the commencement of such Interest Period. 

  
 19 

 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or
other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing). 

“Loan” has the meaning specified in Section 2.01. 

“Loan Documents” means this Agreement, the Notes (if any), the Guaranty, the Collateral Documents, the Purchase Cards Program
Documents, each Issuer Document and each other document executed and delivered hereunder or thereunder. 
 “Loan Notice”
means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be
substantially in the form of Exhibit A. 
 “Loan Parties” means, collectively, the Borrowers and Guarantors. 

“London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London
interbank eurodollar market. 
 “Material Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the operations, business, properties, liabilities (actual or contingent), or financial condition of any Borrower or the Company and its Subsidiaries taken as a whole; (b) a material impairment of the ability of the Loan
Parties, taken as a whole, to perform their material obligations under the Loan Documents; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any material Loan Document to
which it is a party. 
 “Material Domestic Subsidiary” means each Domestic Subsidiary listed on Schedule 2.02 and each
other Domestic Subsidiary (whether in existence or hereafter created or acquired) the Consolidated EBITDA of which Domestic Subsidiary equals 5.0% or more of the Consolidated EBITDA; provided that if at the end of or for any fiscal quarter
the combined Consolidated EBITDA of all Domestic Subsidiaries that would not constitute Material Domestic Subsidiaries would, but for this proviso, exceed 15.0% of Consolidated EBITDA, then one or more of such excluded Domestic Subsidiaries shall
for all purposes of this Agreement be deemed to be Material Domestic Subsidiaries until such excess shall have been eliminated; provided, further that Domestic Foreign Holding Companies shall not be deemed Material Domestic
Subsidiaries for purposes of this Agreement or other Loan Documents. 
 “Maturity Date” means January 20, 2022;
provided, however, that, in each case, if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day. 

  
 20 

 “Minimum Collateral Amount” means, at any time, (a) with respect to
Cash Collateral consisting of cash or deposit account balances provided to reduce or eliminate Fronting Exposure during any period when a Lender constitutes a Defaulting Lender, an amount equal to 105% of the Fronting Exposure of the L/C Issuer with
respect to Letters of Credit issued and outstanding at such time, and (b) with respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions of Section 2.15(a), an amount equal to 105%
of the Outstanding Amount of all L/C Obligations. 
 “Moody’s” means Moody’s Investors Service, Inc. and any
successor thereto. 
 “Multiemployer Plan” means a “multiemployer plan” (as defined in
Section 3(37) of ERISA), to which the Borrower has an ongoing obligation to contribute. 
 “New
Lenders” is defined in Section 2.04(b) hereof. 

“Non-Consenting Lender” means any Lender that does not approve any consent, waiver or
amendment that (i) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 11.01 and (ii) has been approved by the Required Lenders. 

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting
Lender at such time. 
 “Note” means a promissory note made by the Borrowers in favor of a Lender evidencing Loans made by
such Lender, substantially in the form of Exhibit B. 
 “Obligations” means means, in each case, whether now in
existence or hereafter arising: (a) the principal of and interest on (including interest accruing after the filing of any bankruptcy or similar petition) the Loans, (b) the L/C Obligations and (c) all other fees and commissions
(including reasonable attorneys’ fees), charges, indebtedness, loans, liabilities, financial accommodations, obligations, covenants and duties owing by the Loan Parties to the Lenders, the L/C Lender or the Administrative Agent, in each case
under any Loan Document, with respect to any Loan or Letter of Credit of every kind, nature and description, direct or indirect, absolute or contingent, due or to become due, contractual or tortious, liquidated or unliquidated, and whether or not
evidenced by any note and including interest and fees that accrue after the commencement by or against any Loan Party 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 claims in such proceeding; provided, that with respect to any Loan Party, any debts, liabilities and obligations Guaranteed by such Loan Party shall exclude all Excluded Swap Obligations. Without limiting the
generality of the foregoing, the Obligations of any Loan Party under the Loan Documents include (a) the obligation to pay principal, interest, charges, expenses, fees, attorney’s fees and expenses, and disbursements, indemnities and other
amounts payable by any Loan Party under any Loan Document and (b) the obligations of any Loan Party to reimburse any amount in respect of any of the foregoing that any Lender, in its sole discretion, may elect to pay or advance on behalf of
such Loan Party, in each case in connection with and pursuant to the terms of the Loan Documents. 

  
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 “OFAC” means the Office of Foreign Assets Control of the United States
Department of the Treasury. 
 “OFAC SDN List” means the list of the Specially Designated Nationals and Blocked Persons
maintained by OFAC.     
 “Organization Documents” means, (a) with respect to any corporation,
the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company,
the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of
formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization
and, if applicable, any certificate or articles of formation or organization of such entity. 
 “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 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 3.06). 

“Outstanding Amount” means, (i) with respect to Loans on any date, the aggregate outstanding principal amount of Loans
after giving effect to any borrowings and prepayments or repayments of Loans occurring on such date; and (ii) with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date after giving effect to any L/C Credit
Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by the Borrowers of Unreimbursed Amounts. 

“Participant” has the meaning specified in Section 11.06(d). 

“Participant Register” has the meaning specified in Section 11.06(d). 

“Patriot Act” means the USA Patriot Act (Title III of Pub. L. 107 56 (signed into law October 26, 2001)). 

“PBGC” means the Pension Benefit Guaranty Corporation. 

  
 22 

 “Pension Funding Rules” means the rules of the Code and ERISA regarding
minimum required contributions (including any installment payment thereof) to Pension Plans as set forth in Section 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA. 

“Pension Plan” means any employee pension benefit plan (excluding any Multiemployer Plan) that is maintained or is
contributed to by the Borrower and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code. 

“Permitted Acquisitions” means Acquisitions by the Company or any of its Subsidiaries of Persons and/ or assets where no
Default or Event of Default exists either before or after the proposed Permitted Acquisition and that meet each of the following criteria: 

(i) the Persons or assets to be acquired are in (or used in) a business substantially related or incidental to those lines of
business conducted by the Company and its Subsidiaries (including a training services business) and the prior, effective written consent or approval of such Acquisition of the board of directors or equivalent governing body, or the stockholders, as
appropriate, of the other party or parties has been obtained, would not be perceived by the Person or assets to be acquired as hostile in nature; 

(ii) any Acquisitions where, if the target is a Title IV eligible institution or otherwise subject to requirements of any
accrediting agency, such target is an accredited, Title IV eligible institution, and/or is in good standing with all applicable accrediting agencies, it being understood that, for purposes hereof, the failure to be in good standing means the target
shall have received an order, notice or other decision from a state that has given such college authority to provide postsecondary education in that state that such college’s authority to provide postsecondary education is or will be withdrawn,
revoked or terminated; and 
 (iii) the Total Consideration for any Acquisition, when taken together with the Total
Consideration for all Acquisitions acquired since the Closing Date, shall not exceed $125,000,000; provided, that the Total Consideration for any Acquisition, when taken together with the Total Consideration for all Acquisitions and
Restricted Payments made since the Closing Date, shall not exceed the Aggregate Cap; and 
 (iv) in respect of any
Acquisition with a value in excess of $50,000,000, the Company shall have delivered to the Administrative Agent (in form and detail reasonably satisfactory to each Lender and in sufficient copies for each Lender) the following: 

(a) simultaneously with, or as soon as practicable after, the first public announcement of the Company’s intention to
consummate an Acquisition, a brief summary of the substantive terms thereof, or if available, a copy of the executed purchase or merger agreement, together with a copy of such announcement; 

  
 23 

 (b) at least 10 days prior to the consummation of such Acquisition (unless
the first public announcement thereof or the execution of the relevant purchase or merger agreement occurs later, in which case upon such later date), a copy, certified by a Responsible Officer of the Company, of the executed purchase contract or
merger agreement relating to such Acquisition; and 
 (c) an officer’s certificate, executed by a Responsible Officer
of the Company, dated the date of consummation of such Acquisition, certifying (1) that immediately before and after giving effect to such Acquisition no Default has occurred and is continuing or will exist, (2) that the Company is in
compliance with the financial covenants set forth in Section 7.11 hereof on a pro forma basis after giving effect to such Acquisition, and (3) that the Acquisition is a Permitted Acquisition. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means any employee benefit plan within the meaning of
Section 3(3) of ERISA (including a Pension Plan), maintained for employees of the Borrower or the Subsidiaries or any such Plan to which the Borrower or the Subsidiaries is required to contribute on behalf of any of its employees. 

“Platform” has the meaning specified in Section 6.02. 

“Public Lender” has the meaning specified in Section 6.02. 

“Purchase Cards Program Documents” means that certain Diners Club Account Agreement, dated as of June 19, 2015, between
the Company, as borrower, and BMO Harris Bank, N.A, as lender and each other document executed and delivered in connection therewith, each as amended, restated, supplemented or otherwise modified from time to time. 

“Purchase Cards Program Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of the
Company arising under the Purchase Cards Program Documents, 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 Company 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 claims in
such proceeding. 

  
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 “Qualified ECP Guarantor” means, in respect of any Swap Obligation, each
Loan Party that has total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap 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. 
 “Recipient” means the Administrative Agent, any Lender, the
L/C Issuer or any other recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder. 

“Register” has the meaning specified in Section 11.06(c). 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents, managers, advisors and representatives of such Person and of such Person’s Affiliates. 
 “Reportable
Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived. 

“Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Loans, a Loan Notice
and (b) with respect to an L/C Credit Extension, a Letter of Credit Application. 
 “Required Lenders” means, as of
any date of determination, three or more Lenders having Total Credit Exposures representing more than 50% of the Total Credit Exposures of all Lenders. The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required
Lenders at any time; provided that, the amount of any participation in any Unreimbursed Amounts that such Defaulting Lender has failed to fund that have not been reallocated to and funded by another Lender shall be deemed to be held by the
Lender that is the L/C Issuer, as the case may be, in making such determination. 
 “Responsible Officer” means the chief
executive officer, president, chief financial officer, treasurer, secretary, assistant treasurer or assistant secretary of a Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively
presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to
any Equity Interest of the Company 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 Interest or of any option, warrant or other right to acquire any such Equity Interest or on account of any warrant or other right to acquire any such Equity Interest, or on account of any return of capital to the
Company’s stockholders, partners or members (or the equivalent Persons thereof) or the issuance of any Equity Interest or acceptance of any capital contributions. 

  
 25 

 “Revolving Credit Exposure” means, as to any Lender at any time, the
aggregate principal amount at such time of its outstanding Loans and such Lender’s participation in L/C Obligations at such time. 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons
maintained by OFAC (including the OFAC SDN List), the United States 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 any other
relevant sanctions authority, (b) any Person located, organized or resident in a Designated Jurisdiction or (c) any Person owned or controlled by any such Person or Persons described in clauses (a) or (b) above. 

“Sanctions” means all economic or financial sanctions, sectoral sanctions, secondary sanctions or trade embargoes imposed,
administered or enforced from time to time by (a) the United States government (including those administered by OFAC or the United States 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 any other relevant sanctions authority with jurisdiction over any Loan Party or any of their respective Subsidiaries or Affiliates. 

“Sarbanes-Oxley” means the Sarbanes-Oxley Act of 2002. 

“S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. and
any successor thereto. 
 “SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to
any of its principal functions. 
 “Secretary of Education” means the Secretary of the DOE or an official or employee of
the DOE acting for the Secretary under a delegation of authority. 
 “Secured Cash Management Agreement” means means any
Cash Management Agreement between or among any Loan Party and any Cash Management Bank. 
 “Secured Hedge Agreement” means
any Hedge Agreement between or among any Loan Party and any Hedge Bank. 
 “Secured Obligations” means, collectively,
(a) the Obligations and (b) all existing or future payment and other obligations owing by any Loan Party under (i) any Secured Hedge Agreement and (ii) any Secured Cash Management Agreement, including Purchase Cards Program
Obligations; provided that the “Secured Obligations” of a Loan Party shall exclude any Excluded Swap Obligations with respect to such Loan Party. 

  
 26 

 “Secured Parties” means, collectively, the Administrative Agent, the
Lenders, the L/C Issuer, the Hedge Banks, the Cash Management Banks, each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to
Section 9.05, any other holder from time to time of any of any Secured Obligations and, in each case, their respective successors and permitted assigns. 

“Shareholders’ Equity” means, as of any date of determination, consolidated shareholders’ equity of the Company and
its Subsidiaries as of that date determined in accordance with GAAP. 
 “Significant Regulatory Event” means, with respect
to one or more Educational Institutions, (a) a failure to maintain its current eligibility to participate in Title IV Programs (including without limitation any suspension or termination of Title IV funding, any material limitation of Title IV
Program funding or Title IV Program participation, or any imposition of Cash Reimbursement or Heightened Cash Monitoring Level II Procedures (as defined by 34 C.F.R. §§ 668.162(c) and (d)(2)), (b) a failure to maintain in effect any of its
Educational Approvals, (c) the issuance by the DOE of a draft Cohort Default Rate for any Educational Institution that, individually or in the aggregate with such Educational Institution’s Cohort Default Rates for preceding federal fiscal
years, would upon becoming a final Cohort Default Rate result in a loss of the Educational Institution’s eligibility to participate in Title IV Programs and the Company determines in good faith that such Cohort Default Rate is not reasonably
likely to improve so as to avoid the loss of the Educational Institution’s eligibility to participate in Title IV Programs, (d) a failure to (i) meet the “90/10 Rule” codified at 34 C.F.R. §§ 668.14 and 668.28
with respect to a single fiscal year and (ii) meet the “90/10 Rule” for the immediately subsequent fiscal year as determined on a projected annualized basis upon the end of the second quarter of such fiscal year; or (e) the
final imposition of any fines, liabilities, disallowances or other sanctions instituted against the Company, any Subsidiary or any Educational Institution by the DOE or any other Educational Agency or governmental agency, except in such cases where
the occurrence of the events in (a)-(e) above could not, individually or in the aggregate, reasonably lead to a Material Adverse Effect. 

“Solvent” means, with respect to any Person on a particular date, that on such date (a) the fair value of the
Consolidated property of such Person is greater than the total amount of Consolidated liabilities of such Person; (b) the present fair saleable value of the Consolidated 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 and liabilities as they become absolute and matured; (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to
pay as such debts and liabilities mature; (d) such Person is not engaged in a business or transaction, and is not about to engage in a business or transaction, for which such Person’s Consolidated property would constitute an unreasonably
small capital; and (e) such Person is able to pay its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity
of which a majority of the shares of Voting Stock is at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified,
all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Company. 

  
 27 

 “Swap Bank” means any Lender or an Affiliate of a Lender in its capacity as
a party to a Swap Contract entered into after the date of the Agreement. 
 “Swap Contract” means (a) any and all rate
swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or
forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap
transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to
any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and
Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement. 
 “Swap
Obligation” means, with respect to any Loan Party, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

 “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of
any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s),
and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as
determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender). 

“Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a
so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on
the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 

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

“Threshold Amount” means $20,000,000. 

“Title IV” means Title IV of the HEA. 

  
 28 

 “Title IV Programs” means the programs of federal student financial
assistance administered pursuant to Title IV. 
 “Total Consideration” means, with respect to an Acquisition, the sum (but
without duplication) of (a) cash paid in connection with any Acquisition, (b) indebtedness payable to the seller in connection with such Acquisition, (c) the fair market value of any equity securities, including any warrants or
options therefor, delivered in connection with any Acquisition, (d) the present value of covenants not to compete entered into in connection with such Acquisition or other future payments which are required to be made over a period of time and
are not contingent upon the Company or its Subsidiary meeting financial performance objectives (exclusive of salaries paid in the ordinary course of business) (discounted at the Base Rate), but only to the extent not included in clause (a), (b)
or (c) above, and (e) the amount of indebtedness assumed in connection with such Acquisition. 
 “Total Credit
Exposure” means, as to any Lender at any time, the unused Commitments and Revolving Credit Exposure of such Lender at such time. 

“Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C Obligations. 

“Type” means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan. 

“United States” and “U.S.” mean the United States of America. 

“Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i). 

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

 “U.S. Tax Compliance Certificate” has the meaning specified in Section 3.01(e)(ii)(B)(III).

 “Voting Stock” means, with respect to any Person, Equity Interests issued by such Person the holders of which are
ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right to so vote has been suspended by the happening of such contingency. 

1.02 Other Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified
herein or in such other Loan Document: 
 (a) The definitions of terms herein shall apply equally to the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to
be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any definition of
or reference to any agreement, instrument or other 

  
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document (including the Loan Documents and any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or
otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and
assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan
Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to,
the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall,
unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) 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. Any and all references to “Borrower” regardless of whether preceded by the term a, any, each of,
all, and/or, or any other similar term shall be deemed to refer, as the context requires, to each and every (and/or any one or all) parties constituting a Borrower, individually and/or in the aggregate. 

(b) In the computation of periods of time from a specified date to a later specified date, the word “from” means
“from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.” 

(c) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the
interpretation of this Agreement or any other Loan Document. 
 1.03 Accounting Terms. 

(a) Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all
financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a
manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. 
 (b)
Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Company or the Required Lenders shall so request, the Administrative
Agent, the Lenders and the Company shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); 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) the Company shall provide to the Administrative Agent and the Lenders financial
statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between 

  
 30 

 
calculations of such ratio or requirement made before and after giving effect to such change in GAAP. The foregoing notwithstanding, from and after January 1, 2019, all leases shall be
classified and accounted for in accordance with ASC 842 for purposes of the computation of any financial ratio or other requirement set forth in any Loan Document. 

1.04 Rounding. Any financial ratios required to be maintained by the Company pursuant to this Agreement (other than financial
ratios required by any Governmental Authority) 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). 

1.05 Times of Day. Unless otherwise specified, all references herein to times of day shall be references to Central time
(daylight or standard, as applicable). 
 1.06 Letter of Credit Amounts. Unless otherwise specified herein, the amount
of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any
Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such
increases, whether or not such maximum stated amount is in effect at such time. 
 ARTICLE II. 

THE COMMITMENTS AND CREDIT EXTENSIONS 

2.01 Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a
“Loan”) to the Borrowers from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided,
however, that after giving effect to any Borrowing, (i) the Total Outstandings shall not exceed the Aggregate Commitments and (ii) the Revolving Credit Exposure of any Lender shall not exceed such Lender’s Commitment. Within
the limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01, prepay under Section 2.05, and reborrow under
this Section 2.01. Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 

2.02 Borrowings, Conversions and Continuations of Loans. 

(a) Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be made upon the
Borrowers’ irrevocable notice to the Administrative Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent not later than 11:00 a.m. (CT) (i) three Business Days prior to the requested date of
any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date of any Borrowing of Base Rate Loans. Each telephonic notice by the
relevant Borrower pursuant to this 

  
 31 

 
Section 2.02(a) must be confirmed promptly by delivery to the Administrative Agent of a written Loan Notice, appropriately completed and signed by a Responsible Officer
of such Borrower. Except as provided in Sections 2.03(c), each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each Borrowing of or
conversion to Base Rate Loans shall be in a principal amount of $100,000 or a whole multiple of $100,000 in excess thereof. Each Loan Notice (whether telephonic or written) shall specify (i) whether the applicable Borrower is requesting a
Borrowing, a conversion of Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the
principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Loans are to be converted, (v) if applicable, the duration of the Interest Period with respect thereto, and
(vi) the applicable Borrower. If the Borrower requesting the Loan fails to specify a Type of Loan in a Loan Notice or if such Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be
made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the Borrower requesting
the Loan requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. 

(b) Following receipt of a Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Applicable Percentage
of the applicable Loans, and if no timely notice of a conversion or continuation is provided by the Borrower requesting the Loan, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans
described in the preceding subsection. In the case of a Borrowing, each Lender shall make the amount of its Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m.
(CT) on the Business Day specified in the applicable Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial Credit Extension,
Section 4.01), the Administrative Agent shall make all funds so received available to the relevant Borrower in like funds as received by the Administrative Agent by crediting the account of such Borrower on the books of the
Administrative Agent with the amount of such funds; provided, however, that if, on the date the Loan Notice with respect to such Borrowing is given by any Borrower, there are L/C Borrowings outstanding, then the proceeds of such
Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to the relevant Borrower as provided above. 

(c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period for
such Eurodollar Rate Loan. During the existence of an Event of Default, if the Company is so notified in writing by the Required Lenders, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of the
Required Lenders. 

  
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 (d) The Administrative Agent shall promptly notify the applicable Borrower and the Lenders
of the interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the applicable Borrower and the
Lenders of any change in the Administrative Agent’s prime rate used in determining the Base Rate promptly following the public announcement of such change. 

(e) After giving effect to all Borrowings, all conversions of Loans from one Type to the other, and all continuations of Loans as the same
Type, there shall not be more than five Interest Periods in effect with respect to Loans. 
 2.03 Letters of Credit. 

(a) The Letter of Credit Commitment. 

(i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of
the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of
the Company or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally
agree to participate in Letters of Credit issued for the account of the Company or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the
Total Outstandings shall not exceed the Aggregate Commitments, (y) the Revolving Credit Exposure of any Lender shall not exceed such Lender’s Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the
Letter of Credit Sublimit. Each request by the Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Company that the L/C Credit Extension so requested complies with the conditions set forth in the
proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Company’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Company may, during the foregoing
period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. 

(ii) The L/C Issuer shall not issue any Letter of Credit, if: 

(A) subject to Section 2.03(b)(iii), the expiry date of the requested Letter of Credit would occur more than twenty-four
months after the date of issuance or last extension, unless the Required Lenders have approved such expiry date; or 
 (B)
the expiry date of the requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the Lenders have approved such expiry date. 

  
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 (iii) The L/C Issuer shall not be under any obligation to issue any Letter
of Credit if: 
 (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to
enjoin or restrain the L/C Issuer from issuing the Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer
shall prohibit, or request that the L/C Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon the L/C Issuer with respect to the Letter of Credit any restriction, reserve or
capital requirement (for which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and
which the L/C Issuer in good faith deems material to it; 
 (B) the issuance of the Letter of Credit would violate one or
more policies of the L/C Issuer applicable to letters of credit generally; 
 (C) except as otherwise agreed by the
Administrative Agent and the L/C Issuer, the Letter of Credit is in an initial stated amount less than $10,000; 
 (D) the
Letter of Credit is to be denominated in a currency other than Dollars; or 
 (E) any Lender is at that time a Defaulting
Lender, unless the L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Borrower or such Lender to eliminate the L/C Issuer’s actual or potential
Fronting Exposure (after giving effect to Section 2.14(a)(iv)) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C
Obligations as to which the L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion. 

(iv) The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be permitted at such time to issue the
Letter of Credit in its amended form under the terms hereof. 
 (v) The L/C Issuer shall be under no obligation to amend any
Letter of Credit if (A) the L/C Issuer would have no obligation at such time to issue the Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of the Letter of Credit does not accept the proposed amendment to
the Letter of Credit. 
 (vi) The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued
by it and the documents associated therewith, and the L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article IX with respect to any acts taken or omissions suffered by the L/C Issuer
in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Article IX included the L/C Issuer
with respect to such acts or omissions, and (B) as additionally provided herein with respect to the L/C Issuer. 

  
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 (b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of
Credit. 
 (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Company
delivered to the L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Company. Such Letter of Credit Application may be sent by
facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the L/C Issuer, by personal delivery or by any other means acceptable to the L/C Issuer. Such Letter of Credit Application must be
received by the L/C Issuer and the Administrative Agent not later than 11:00 a.m. (CT) at least two Business Days (or such later date and time as the Administrative Agent and the L/C Issuer may agree in a particular instance in their sole
discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the
L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the
documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature of the requested Letter
of Credit; and (H) such other matters as the L/C Issuer reasonably may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to
the L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the L/C Issuer reasonably may
require. Additionally, the Company shall furnish to the L/C Issuer and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C
Issuer or the Administrative Agent reasonably may require. 
 (ii) Promptly after receipt of any Letter of Credit
Application, the L/C Issuer will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Company and, if not, the L/C Issuer will provide the
Administrative Agent with a copy thereof. Unless the L/C Issuer has received written notice from any Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the requested date of issuance or amendment of the applicable
Letter of Credit, that one or more applicable conditions contained in Article IV shall not then be satisfied, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the
account of the Company (or the applicable Subsidiary) or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each
Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Lender’s Applicable
Percentage times the amount of such Letter of Credit. 

  
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 (iii) If the Company so requests in any applicable Letter of Credit
Application, the L/C Issuer may, in its sole discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of
Credit must permit the L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the
“Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the Company shall not
be required to make a specific request to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the extension of
such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it would
not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of
Section 2.03(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Extension
Notice Date (1) from the Administrative Agent that the Required Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Lender or the Borrower that one or more of the applicable conditions specified in
Section 4.02 is not then satisfied, and in each such case directing the L/C Issuer not to permit such extension. 

(iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with
respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to the Company and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. 

(c) Drawings and Reimbursements; Funding of Participations. 

(i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the L/C
Issuer shall notify the Company and the Administrative Agent thereof. Not later than 11:00 a.m. (CT) on the date of any payment by the L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Company shall
reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing. If the Borrowers fail to so reimburse the L/C Issuer by such time, the Administrative Agent shall promptly notify each Lender of the Honor
Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Lender’s Applicable Percentage thereof. In such event, the Borrowers shall be deemed to have requested a Borrowing of Base Rate
Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the

  
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amount of the unutilized portion of the Aggregate Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice). Any notice given
by the L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not
affect the conclusiveness or binding effect of such notice. 
 (ii) Each Lender shall upon any notice pursuant to
Section 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the L/C Issuer at the Administrative Agent’s Office in an amount
equal to its Applicable Percentage of the Unreimbursed Amount not later than 1:00 p.m. (CT) on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of
Section 2.03(c)(iii), each Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrowers in such amount. The Administrative Agent shall remit the funds so received to the L/C Issuer.

 (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing of Base Rate Loans because the
conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrowers shall be deemed to have incurred from the L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so
refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant
to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this
Section 2.03. 
 (iv) Until each Lender funds its Loan or L/C Advance pursuant to this
Section 2.03(c) to reimburse the L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage of such amount shall be solely for the account of the L/C Issuer.

 (v) Each Lender’s obligation to make Loans or L/C Advances to reimburse the L/C Issuer for amounts drawn under
Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right
which such Lender may have against the L/C Issuer, any Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any
of the foregoing; provided, however, that each Lender’s obligation to make Loans pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 4.02 (other
than delivery by the Borrowers of a Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrowers to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of
Credit, together with interest as provided herein. 

  
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 (vi) If any Lender fails to make available to the Administrative Agent for
the account of the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii), then, without
limiting the other provisions of this Agreement, the L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is
required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank
compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such
Lender’s Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts
owing under this clause (vi) shall be conclusive absent manifest error. 
 (d) Repayment of Participations. 

(i) At any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such
Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives for the account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or
interest thereon (whether directly from a Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender its Applicable Percentage thereof in the
same funds as those received by the Administrative Agent. 
 (ii) If any payment received by the Administrative Agent for the
account of the L/C Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered into by
the L/C Issuer in its discretion), each Lender shall pay to the Administrative Agent for the account of the L/C Issuer its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the
date such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination
of this Agreement. 
 (e) Obligations Absolute. The obligation of the Borrowers to reimburse the L/C Issuer for each drawing
under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following: 

(i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document; 

(ii) the existence of any claim, counterclaim, setoff, defense or other right that any Borrower or Subsidiary may have at any
time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the
transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 

  
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 (iii) any draft, demand, certificate or other document presented under such
Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to
make a drawing under such Letter of Credit; 
 (iv) waiver by the L/C Issuer of any requirement that exists for the L/C
Issuer’s protection and not the protection of the Borrowers or any waiver by the L/C Issuer which does not in fact materially prejudice the Borrowers; 

(v) honor of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of
a draft; 
 (vi) any payment made by the L/C Issuer in respect of an otherwise complying item presented after the date
specified as the expiration date of, or the date by which documents must be received under such Letter of Credit if presentation after such date is authorized by the UCC or the ISP, as applicable; 

(vii) any payment by the L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not
strictly comply with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy,
debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such
Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or 
 (viii) any other
circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Borrower or Subsidiary. 

The Borrowers shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of
any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrowers will immediately notify the L/C Issuer. The Borrowers shall be conclusively deemed to have waived any such claim against the L/C Issuer and its
correspondents unless such notice is given as aforesaid. 
 (f) Role of L/C Issuer. Each Lender and Borrower agrees that, in
paying any drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to
the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or
assignee of the L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii) any

  
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action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related
to any Letter of Credit or Issuer Document. The Borrowers hereby assume all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not
intended to, and shall not, preclude the Borrowers’ pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuer, the Administrative Agent, any of their
respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable or responsible for any of the matters described in Section 2.03(e); provided, however, that anything
in such clauses to the contrary notwithstanding, the Borrowers may have a claim against the L/C Issuer, and the L/C Issuer may be liable to the Borrowers, to the extent, but only to the extent, of any direct, as opposed to consequential or
exemplary, damages suffered by a Borrower which such Borrower proves, as determined by a final nonappealable judgment of a court of competent jurisdiction, were caused by the L/C Issuer’s willful misconduct or gross negligence or the L/C
Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not
in limitation of the foregoing, the L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the L/C Issuer shall not be
responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be
invalid or ineffective for any reason. The L/C Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) message or
overnight courier, or any other commercially reasonable means of communicating with a beneficiary. 
 (g) Applicability of ISP;
Limitation of Liability. Unless otherwise expressly agreed by the L/C Issuer and the Company when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), the rules of the ISP shall apply to
each Letter of Credit. Notwithstanding the foregoing, the L/C Issuer shall not be responsible to the Borrowers for, and the L/C Issuer’s rights and remedies against a Borrower shall not be impaired by, any action or inaction of the L/C Issuer
required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where the L/C Issuer or the beneficiary is located, the
practice stated in the ISP, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade—International Financial Services Association (BAFT-IFSA), or the
Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice. 
 (h)
Letter of Credit Fees. The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance, subject to Section 2.14, with its Applicable Percentage a Letter of Credit fee (the
“Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate times the daily amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount available to be drawn
under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be (i) due and payable on the last day of each March, June, September and
December, commencing 

  
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with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in
arrears. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that
such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request of the Required Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate. 

(i) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. On the date of issuance or extension, or increase
in the amount, of any Letter of Credit pursuant to Section 2.03, the Borrowers shall pay to the L/C Issuer for its own account the L/C Issuer’s standard issuance, drawing, negotiation, amendment, assignment, and other
administrative costs and expenses for each Letter of Credit as established by the L/C Issuer from time to time. 
 (j) Conflict with
Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control. 

(k) Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of
any obligations of, or is for the account of, a Subsidiary of the Company, the Borrowers shall be obligated to reimburse the L/C Issuer hereunder for any and all drawings under such Letter of Credit. The Borrowers hereby acknowledge that the
issuance of Letters of Credit for the account of Subsidiaries of the Company inures to the benefit of the Borrowers, and that the Borrowers’ business derives substantial benefits from the businesses of such Subsidiaries. 

2.04 Increase in Commitments. 

(a) Request for Increase. Provided there exists no Default, upon notice to the Administrative Agent (which shall promptly notify the
Revolving Lenders), the Company may from time to time, request an increase in the Aggregate Commitments by an amount not exceeding $25,000,000 (an “Incremental Facility”); provided that any such request for an Incremental
Facility shall be in a minimum amount of $5,000,000. 
 (b) Lender Elections to Increase. Each Lender shall notify the Administrative
Agent within ten (10) Business Days of delivery of the notice specified in (a) above whether or not it agrees to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable Percentage of
such requested increase. Any Lender not responding within such time period shall be deemed to have declined to increase its Commitment. 

(c) Notification by Administrative Agent; Additional Lenders. The Administrative Agent shall promptly notify the Borrower and each
Lender of the Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase, and subject to the approval of the Administrative Agent and the L/C Issuer, the Company may also invite additional Eligible
Assignees to become Lenders pursuant to a joinder agreement (“New Lenders”) in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 

  
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 (d) Effective Date and Allocations. If the Aggregate Commitments are increased in
accordance with this Section, the Administrative Agent and the Company shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase. The Administrative Agent shall promptly notify the
Company, the Lenders and the New Lenders of the final allocation of such increase and the Increase Effective Date. 
 (e) Conditions to
Effectiveness of Increase. As a condition precedent to such increase, the Company shall deliver to the Administrative Agent a certificate of each Loan Party dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by
a Responsible Officer of such Loan Party (i) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such increase, and (ii) in the case of the Company, certifying that, before and after giving effect
to such increase, (A) the representations and warranties contained in Article V and the other Loan Documents are true and correct, on and as of the Increase Effective Date, and except that for purposes of this Section, the representations and
warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01, and (B) both before and after
giving effect to the Incremental Facility, no Default exists. The Company shall deliver or cause to be delivered any other customary documents, including, without limitation, legal opinions) as reasonably requested by the Administrative Agent
in connection with any Incremental Facility. The Company shall prepay any Loans outstanding on the Increase Effective Date to the extent necessary to keep the outstanding Loans ratable with any revised Applicable Percentages arising from any
nonratable increase in the Commitments under this Section (it being understood and agreed that the minimum borrowing, pro rata borrowing, pro rata payment and funding indemnity requirements contained elsewhere in this Agreement shall not apply to
the transactions effected pursuant to the immediately preceding sentence). 
 (f) Conflicting Provisions. This Section shall
supersede any provisions in Section 2.13 or 11.01 to the contrary. 
 2.05 Prepayments. 

(a) The Borrowers may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Loans in whole or in part
without premium or penalty; provided that (i) such notice must be received by the Administrative Agent not later than 11:00 a.m. (CT) (A) three Business Days prior to any date of prepayment of Eurodollar Rate Loans and (B) on
the date of prepayment of Base Rate Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof; and (iii) any prepayment of Base Rate Loans shall be in a
principal amount of $100,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s) of
Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s
Applicable Percentage of such prepayment. If such notice is given by the Borrowers, the Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a
Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Subject to Section 2.14, each such
prepayment shall be applied to the Loans of the Lenders in accordance with their respective Applicable Percentages. 

  
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 (b) If for any reason the Total Outstandings at any time exceed the Aggregate Commitments
then in effect, the Borrowers shall immediately prepay Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided, however, that the Borrowers shall not be required to Cash Collateralize
the L/C Obligations pursuant to this Section 2.05(b) unless after the prepayment in full of the Loans, the Total Outstandings exceed the Aggregate Commitments then in effect. 

2.06 Termination or Reduction of Commitments. The Borrowers may, upon notice to the Administrative Agent, terminate the
Aggregate Commitments, or from time to time permanently reduce the Aggregate Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. (CT) five Business Days prior to the date of
termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $5,000,000 or any whole multiple of $500,000 in excess thereof, (iii) the Borrowers shall not terminate or reduce the Aggregate Commitments if,
after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments, and (iv) if, after giving effect to any reduction of the Aggregate Commitments, the Letter of Credit
Sublimit exceeds the amount of the Aggregate Commitments, such Letter of Credit Sublimit shall be automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the Lenders of any such notice of termination or
reduction of the Aggregate Commitments. Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage. All fees accrued until the effective date of any termination of the
Aggregate Commitments shall be paid on the effective date of such termination. 
 2.07 Repayment of Loans. The Borrowers shall
repay to the Lenders on the Maturity Date the aggregate principal amount of all Loans outstanding on such date. 
 2.08
Interest. 
 (a) Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Loan shall bear interest on
the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate; and (ii) each Base Rate Loan shall bear interest on the outstanding
principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate. 

(b) (i) If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated
maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(ii) If any amount (other than principal of any Loan) payable by the Borrowers under any Loan Document is not paid when due
(without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the written request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at
all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

  
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 (iii) Upon the written request of the Required Lenders, while any Event of
Default exists (other than as set forth in clauses (b)(i) and (b)(ii) above), the Borrowers shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal
to the Default Rate to the fullest extent permitted by applicable Laws. 
 (iv) Accrued and unpaid interest on past due
amounts (including interest on past due interest) shall be due and payable upon demand. 
 (c) Interest on each Loan shall be due and
payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after
the commencement of any proceeding under any Debtor Relief Law. 
 2.09 Fees. In addition to certain fees described in
subsections (h) and (i) of Section 2.03: 
 (a) Commitment Fee. The Borrowers
shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage, a commitment fee equal to the Applicable Rate times the actual daily amount by which the Aggregate Commitments exceed the sum
of (i) the Outstanding Amount of Loans and (ii) the Outstanding Amount of L/C Obligations, subject to adjustment as provided in Section 2.14. The commitment fee shall accrue at all times during the Availability
Period, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December,
commencing with the first such date to occur after the Closing Date, and on the last day of the Availability Period. The commitment fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter,
the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. 

(b) Other Fees. The Borrowers shall pay to the Arranger and the Administrative Agent for their own respective accounts fees in the
amounts and at the times specified in the Fee Letter; provided, that the Administrative Agent fee set forth in the Fee Letter shall be prorated based on the number of months from the second anniversary of the Closing Date through the Maturity Date.
Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 
 2.10 Computation of Interest and
Fees. 
 All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurodollar Rate)
shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days
elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on 

  
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each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that
is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding
for all purposes, absent demonstrable error. 
 2.11 Evidence of Debt. 

(a) The Credit Extensions. The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained
by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent demonstrable error of the amount of the Credit Extensions
made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder to pay any amount owing with respect
to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent
shall control in the absence of demonstrable error. Upon the request of any Lender made through the Administrative Agent, the Borrowers shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such
Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto. 

(b) In addition to the accounts and records referred to in subsection (a) above, each Lender and the Administrative Agent shall
maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit. In the event of any conflict between the accounts and records maintained by the
Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of demonstratable error. 

2.12 Payments Generally; Administrative Agent’s Clawback. 

(a) General. All payments to be made by the Borrowers shall be made free and clear of and without condition or deduction for any
counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrowers hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed,
at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. (CT) on the date specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other
applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent after 2:00 p.m. (CT) shall be deemed received on the next
succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrowers shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such
extension of time shall be reflected in computing interest or fees, as the case may be. 

  
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 (b) (i) Funding by Lenders; Presumption by Administrative Agent. Unless the
Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon (CT) on the date of such 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
Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance
upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrowers
severally agree to pay to the Administrative Agent forthwith on demand (or within one Business Day with respect to the Borrowers) such corresponding amount in immediately available funds with interest thereon, for each day from and including the
date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case
of a payment to be made by the Borrowers, the interest rate applicable to Base Rate Loans. If the Borrowers and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall
promptly remit to the Borrowers the amount of such interest paid by the Borrowers for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s
Loan included in such Borrowing. Any payment by the Borrowers shall be without prejudice to any claim the Borrowers may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

(ii) Payments by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received
notice from the Borrowers prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the L/C Issuer hereunder that the Borrowers will not make such payment, the Administrative Agent may assume that
the Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the L/C Issuer, as the case may be, the amount due. In such event, if the Borrowers have not in fact
made such payment, then each of the Lenders or the L/C Issuer, 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 L/C Issuer, in immediately available funds
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 Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation. 
 A notice of the Administrative Agent to any Lender or the
Company with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error. 

  
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 (c) Failure to Satisfy Conditions Precedent. If any Lender makes available to the
Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to a Borrower by the Administrative Agent because the
conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such
Lender) to such Lender, without interest. 
 (d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make
Loans, to fund participations in Letters of Credit and to make payments pursuant to Section 11.04(c) are several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any
payment under Section 11.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender
to so make its Loan, to purchase its participation or to make its payment under Section 11.04(c). 
 (e)
Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any
Loan in any particular place or manner. 
 2.13 Sharing of Payments by Lenders. If any Lender shall, by exercising any right
of setoff or counterclaim or otherwise, obtain payment in respect of (a) the Obligations due and payable to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the proportion
of (i) the amount of such Obligations due and payable to such Lender at such time to (ii) the aggregate amount of the Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such time) of payments on
account of the Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such time obtained by all the Lenders at such time or (b) Obligations owing (but not due and payable) to such Lender hereunder and under
the other Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations owing (but not due and payable) to such Lender at such time to (ii) the aggregate amount of the
Obligations owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents at such time) of payments on account of the Obligations owing (but not due and payable) to all Lenders hereunder and under the other Loan
Documents at such time obtained by all of the Lenders at such time, then, in each case under clauses (a) and (b) above, the Lender receiving such greater proportion shall (A) notify the Administrative Agent of such fact, and
(B) purchase (for cash at face value) participations in the Loans and subparticipations in L/C Obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by
the Lenders ratably in accordance with the aggregate amount of Obligations then due and payable to the Lenders or owing (but not due and payable) to the Lenders, as the case may be, provided that: 

(1) if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is
recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

  
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 (2) the provisions of this Section shall not be construed to apply to
(x) any payment made by or on behalf of the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) the application of Cash
Collateral provided for in Section 2.15, or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or subparticipations in L/C Obligations to any assignee or participant,
other than an assignment to any Loan Party or any Affiliate thereof (as to which the provisions of this Section shall apply). 
 Each Loan
Party 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 such Loan Party rights of setoff and
counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation. 

2.14 Defaulting Lenders. 

(a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then,
until such time as that Lender is no longer a Defaulting Lender in accordance with clause (b) below, to the extent permitted by applicable Law: 

(i) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or
consent with respect to this Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 11.01. 

(ii) Defaulting Lender Waterfall. 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 Article VIII or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant
to Section 11.08 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 L/C Issuer hereunder; third, to Cash Collateralize the L/C Issuer’s Fronting Exposure with respect to such Defaulting
Lender in accordance with Section 2.15; fourth, as the Borrowers 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 Borrowers, 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 the L/C Issuer’s future Fronting Exposure with respect to such Defaulting Lender with
respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.15; sixth, to the payment of any amounts owing to the Lenders or the L/C Issuer as a result of any

  
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judgment of a court of competent jurisdiction obtained by any Lender, the L/C Issuer against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under
this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by a Borrower against such Defaulting
Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such
payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a
time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all Non-Defaulting
Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations are held by the Lenders pro
rata in accordance with the Commitments hereunder without giving effect to Section 2.14(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting
Lender or to post Cash Collateral pursuant to this Section 2.14(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

(iii) Certain Fees. 

(A) No Defaulting Lender shall be entitled to receive any fee payable under Section 2.09(a) for any period during which
that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). 

(B) Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a
Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.15. 

(C) With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause
(A) or (B) above, the Borrowers shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting
Lender’s participation in L/C Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to the L/C Issuer the amount of any such fee otherwise
payable to such Defaulting Lender to the extent allocable to such L/C Issuer’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee. 

(iv) Reallocation of Applicable Percentages to Reduce Fronting Exposure. All or any part of such Defaulting
Lender’s participation in L/C Obligations shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to such Defaulting
Lender’s 

  
 49 

 
Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed
such Non-Defaulting Lender’s Commitment. Subject to Section 11.20, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender
arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased
exposure following such reallocation. 
 (b) Defaulting Lender Cure. If the Company, the Administrative Agent and the L/C
Issuer agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which
may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to
be necessary to cause Loans and funded and unfunded participations in Letters of Credit Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages (without giving effect to Section 2.14(a)(iv)),
whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of a Borrower while that Lender was a Defaulting Lender; and
provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from
that Lender’s having been a Defaulting Lender. 
 2.15 Cash Collateral 

(a) Certain Credit Support Events. If (i) the L/C Issuer has honored any full or partial drawing request under any Letter of
Credit and such drawing has resulted in an L/C Borrowing, (ii) as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, (iii) the Borrower shall be required to provide Cash Collateral pursuant to
Section 8.02(c), or (iv) there shall exist a Defaulting Lender, the Borrower shall immediately (in the case of clause (iii) above) or within one Business Day (in all other cases) following any request by
the Administrative Agent or the L/C Issuer, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount in respect of L/C Obligations (determined in the case of Cash Collateral provided pursuant to clause
(iv) above, after giving effect to Section 2.14(a)(iv) and any Cash Collateral provided by the Defaulting Lender). 

(b) Grant of Security Interest. Each Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby
grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer and the Lenders, and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all
balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to
Section 2.15(c). If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent or the L/C Issuer as herein provided, or that the
total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrowers will, promptly upon demand by the Administrative 

  
 50 

 
Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency. All Cash Collateral (other than credit support not constituting
funds subject to deposit) shall be maintained in the Collateral Account. The Borrowers shall pay on demand therefor from time to time all customary account opening, activity and other administrative fees and charges in connection with the
maintenance and disbursement of Cash Collateral. 
 (c) Application. Notwithstanding anything to the contrary contained in this
Agreement, Cash Collateral provided under any of this Section 2.15 or Sections 2.03, 2.05, 2.14 or 8.02 in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund
participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property
as may otherwise be provided for herein. 
 (d) Release. Cash Collateral (or the appropriate portion thereof) provided to reduce
Fronting Exposure or to secure other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of
the applicable Lender (or, as appropriate, its assignee following compliance with Section 11.06(b)(vi))) or (ii) the determination by the Administrative Agent and the L/C Issuer that there exists excess Cash
Collateral; provided, however, the Person providing Cash Collateral and the L/C Issuer may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other obligations. 

2.16 Extension of Maturity Date. At any time not earlier than 120 days prior to the Maturity Date nor later than 45 days prior
to the Maturity Date then in effect (such then existing Maturity Date, the “Renewal Date”), the Company may request that the Lenders extend the then scheduled Maturity Date to the date one year from such Maturity Date.
If such request is made by the Company, each Lender shall inform the Administrative Agent of its willingness to extend the Maturity Date no later than 20 days prior to such Renewal Date. Any Lender’s failure to respond by such date shall
indicate its unwillingness to agree to such requested extension, and all Lenders must approve any requested extension. At any time more than 15 days before such Renewal Date the Lenders may propose, by written notice to the Company, an extension of
this Agreement to such later date on such terms and conditions as the Lenders may then require. If the extension of this Agreement to such later date is acceptable to the Company on the terms and conditions proposed by the Lenders, the Borrowers
shall notify the Lenders of their acceptance of such terms and conditions no later than the Renewal Date, and such later date will become the Maturity Date hereunder and this Agreement shall otherwise be amended in the manner described in the
Lenders’ notice proposing the extension of this Agreement upon the Administrative Agent’s receipt of (i) an amendment to this Agreement signed by the Borrowers and all of the Lenders, (ii) resolutions of each Borrower’s
Board of Directors authorizing such extension, (iii) an opinion of counsel to the Borrowers equivalent in form and substance to the opinion received in satisfaction of the condition precedent contained in
Section 4.01(i) and otherwise acceptable to the Administrative Agent, and (iv) certificates of good standing for each Loan Party (dated no earlier than 30 days prior to the Renewal Date) from the office of the
secretary of the state of its incorporation or organization, and with respect to the Company, the State of Illinois. The Borrowers may request not more than two extensions of the Revolving Credit Termination Date pursuant to this Section 2.16.

  
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 ARTICLE III. 

TAXES, YIELD PROTECTION AND ILLEGALITY 

3.01 Taxes.  

(a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. 

(i) Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without
deduction or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion of the Administrative Agent) require the deduction or withholding of any Tax from any such payment by
the Administrative Agent or a Loan Party, then the Administrative Agent or such Loan Party shall be entitled to make such deduction or withholding, upon the basis of the information and documentation to be delivered pursuant to subsection
(e) below. 
 (ii) If any Loan Party or the Administrative Agent shall be required by the Code to withhold or
deduct any Taxes from any payment, then (A) the Administrative Agent shall withhold or make such deductions as are determined by the Administrative Agent to be required based upon the information and documentation it has received pursuant
to subsection (e) below, (B) the Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code, and (C) to the extent that the withholding or deduction
is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums
payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made. 

(iii) If any Loan Party or the Administrative Agent shall be required by any applicable Laws other than the Code to withhold
or deduct any Taxes from any payment, then (A) such Loan Party or the Administrative Agent, as required by such Laws, shall withhold or make such deductions as are determined by it to be required based upon the information and
documentation it has received pursuant to subsection (e) below, (B) such Loan Party or the Administrative Agent, to the extent required by such Laws, shall timely pay the full amount withheld or deducted to the relevant Governmental
Authority in accordance with such Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required
withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received
had no such withholding or deduction been made. 

  
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 (b) Payment of Other Taxes by the Loan Parties. Without limiting the
provisions of subsection (a) above, the Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any
Other Taxes. 
 (c) Tax Indemnifications. (i) Each of the Loan Parties shall, and does hereby, jointly and severally indemnify
each Recipient, and shall make payment in respect thereof within 10 Business 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 3.01) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, and any penalties, interest and 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 or L/C Issuer (with a copy to the
Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the L/C Issuer, shall be conclusive absent manifest error. Each of the Loan Parties shall, and does hereby, jointly and severally indemnify the
Administrative Agent, and shall make payment in respect thereof within 10 days after demand therefor, for any amount which a Lender or the L/C Issuer for any reason fails to pay indefeasibly to the Administrative Agent as required pursuant to
Section 3.01(c)(ii) below. 
 (ii) Each Lender and the L/C Issuer shall, and does hereby, severally
indemnify, and shall make payment in respect thereof within 10 days after demand therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such Lender or the L/C Issuer (but only to the extent that any Loan Party
has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (y) the Administrative Agent and the Loan Parties, as applicable, against any Taxes attributable to
such Lender’s failure to comply with the provisions of Section 11.06(d) relating to the maintenance of a Participant Register and (z) the Administrative Agent and the Loan Parties, as applicable, against any
Excluded Taxes attributable to such Lender or the L/C Issuer, in each case, that are payable or paid by the Administrative Agent or a Loan Party 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 and the L/C Issuer hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or the L/C Issuer, as the case may be, under this Agreement or any
other Loan Document against any amount due to the Administrative Agent under this clause (ii). 
 (d) Evidence of Payments.
Upon request by the Company or the Administrative Agent, as the case may be, after any payment of Taxes by any Loan Party or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01,
the Company shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the Company, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy
of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to the Company or the Administrative Agent, as the case may be. 

  
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 (e) Status of Lenders; Tax Documentation. 

(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 Company and the Administrative Agent, at the time or times reasonably requested by the Company or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Company 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 Company or the Administrative Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by the Company or the Administrative Agent as will enable the Company 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 3.01(e)(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 a Borrower is a U.S. Person, 
 (A) any Lender that is a U.S.
Person shall deliver to the Company 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 Company or the Administrative
Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 

(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Company 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 Company or the
Administrative Agent), whichever of the following is applicable: 
 (I) in the case of a Foreign Lender claiming the benefits
of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN-E
(or W-8BEN, as applicable) 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 W-8BEN, as applicable) 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; 

  
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 (II) executed originals of IRS Form
W-8ECI; 
 (III) in the case of a Foreign Lender claiming the benefits of the
exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent
shareholder” of a Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”)
and (y) executed copies of IRS form W-8BEN-E (or W-8BEN, as applicable); or 

(IV) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form
W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN-E (or W-8BEN, as applicable), a U.S. Tax Compliance Certificate, 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 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 Company
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 Company or the Administrative Agent), executed copies (or originals, as required) 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 Company 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 Company and the Administrative Agent
at the time or times prescribed by law and at such time or times reasonably requested by the Company 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 Company or the Administrative Agent as may be necessary for the Company 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. 

  
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 (iii) Each Lender agrees that if any form or certification it previously
delivered pursuant to this Section 3.01 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Company and the Administrative Agent in writing of its
legal inability to do so. 
 (f) Treatment of Certain Refunds. Unless required by applicable Laws, at no time shall
the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer, any refund of Taxes withheld or deducted from funds paid for the
account of such Lender or the L/C Issuer, as the case may be. If any Recipient 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 by any Loan Party or with
respect to which any Loan Party has paid additional amounts pursuant to this Section 3.01, it shall pay to such Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional
amounts paid, by such Loan Party under this Section 3.01 with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses (including Taxes) incurred by such Recipient, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that such Loan Party, upon the request
of the Recipient, agrees to repay the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to
such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to such Loan Party pursuant to this subsection the payment of which would place the
Recipient in a less favorable net after-Tax position than such Recipient 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 subsection shall not be construed to require any Recipient to make available its tax returns (or any other information relating to its
taxes that it deems confidential) to any Loan Party or any other Person. 
 (g) Survival. Each party’s
obligations under this Section 3.01 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of the
Commitments and the repayment, satisfaction or discharge of all other Obligations. 
 3.02 Illegality. If any Lender
determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its Lending Office to perform any of its obligations hereunder or to make, maintain or fund or charge interest with
respect to any Credit Extension, or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of,
Dollars in the London interbank market, then, on notice thereof by such Lender to the Company through the Administrative Agent, (i) any obligation 

  
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of such Lender to issue, make, maintain, fund or charge interest with respect to any such Credit Extension or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans
shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate
on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the
Administrative Agent and the Company that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (x) the Borrowers shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay
or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without
reference to the Eurodollar Rate component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not
lawfully continue to maintain such Eurodollar Rate Loans and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the period of
such suspension compute the Base Rate applicable to such Lender without reference to the Eurodollar Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine
or charge interest rates based upon the Eurodollar Rate. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or converted. 

3.03 Inability to Determine Rates. (a) If in connection with any request for a Eurodollar Rate Loan or a conversion to or
continuation thereof, (i) the Administrative Agent determines in good faith that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar
Rate Loan, (b) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed Base Rate Loan, or
(ii) the Administrative Agent or the Required Lenders determine in good faith that for any reason Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost
to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Company and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended (to the extent of the
affected Eurodollar Rate Loans or Interest Periods), and (y) in the event of a determination described in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in
determining the Base Rate shall be suspended, in each case until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Company may revoke any pending request for a Borrowing of,
conversion to or continuation of Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the
amount specified therein. 

  
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 (b) If at any time the Administrative Agent determines in good faith (which determination
shall be conclusive absent manifest error) that (i) the circumstances set forth in Section 3.03(a) above have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in
clause Section 3.03(a) above have not arisen but the supervisor for the administrator of the LIBOR Index Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement
identifying a specific date after which the LIBOR Index Rate shall no longer be used for determining interest rates for loans, then the Administrative Agent and the Company shall endeavor to establish an alternate rate of interest to LIBOR that
gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of
interest and such other related changes to this Agreement as may be applicable. Notwithstanding anything to the contrary in Section 11.01, such amendment shall become effective without any further action or consent of any
other party to this Agreement (other than the Administrative Agent or the Borrowers) so long as the Administrative Agent shall not have received, within five Business Days of the date notice of such alternate rate of interest is provided to the
Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this clause (b), (i) any Loan Notice that requests the
conversion of any Borrowing to, or continuation of any Borrowing as, a Borrowing of Eurodollar Rate Loans shall be ineffective and (ii) if any Loan Notice requests a Borrowing of Eurodollar Rate Loans, such Borrowing shall be made as a
Borrowing of Base Rate Loans; provided that, if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

3.04 Increased Costs; Reserves on Eurodollar Rate Loans.  

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

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the Eurodollar Rate) or the L/C Issuer; 

(ii) 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; or 
 (iii) impose on any Lender or the L/C Issuer or the London interbank market any other condition, cost or
expense affecting this Agreement or Eurodollar Rate Loans made by such Lender or any Letter of Credit or participation therein; 
 and the result of any of
the foregoing shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any Loan the interest on which is determined by reference to the Eurodollar Rate (or of maintaining its obligation to make any such Loan),
or to increase the cost to such Lender or the L/C Issuer of participating in, issuing or maintaining any Letter of Credit 

  
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(or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the L/C Issuer hereunder
(whether of principal, interest or any other amount) then, upon request of such Lender or the L/C Issuer, the Borrowers will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender
or the L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered. 
 (b) Capital Requirements. If any
Lender or the L/C Issuer determines that any Change in Law affecting such Lender or the L/C Issuer or any Lending Office of such Lender or such Lender’s or the L/C Issuer’s holding company, if any, regarding capital or liquidity
requirements has or would have the effect of reducing the rate of return on such Lender’s or the L/C Issuer’s capital or on the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a consequence of this
Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such
Lender’s or the L/C Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the L/C Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s
holding company with respect to capital adequacy), then from time to time the Borrowers will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer or such
Lender’s or the L/C Issuer’s holding company for any such reduction suffered. 
 (c) Certificates for Reimbursement. A
certificate of a Lender or the L/C Issuer setting forth the amount or amounts necessary to compensate such Lender or the L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section
and delivered to the Company shall be conclusive absent demonstrable error. The Borrowers shall pay such Lender or the L/C Issuer, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 

(d) Delay in Requests. Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to the foregoing
provisions of this Section 3.04 shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to demand such compensation, provided that the Borrowers shall not be required to compensate a Lender
or the L/C Issuer pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than 180 days prior to the date that such Lender or the L/C Issuer, as the case may be, notifies the Company of the
Change in Law giving rise to such increased costs or reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is
retroactive, then the 180 days period referred to above shall be extended to include the period of retroactive effect thereof). 

  
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 3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the
Administrative Agent) from time to time, the Borrowers shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 

(a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the
Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 
 (b) any failure by a
Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by such Borrower; or 

(c) any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the
Borrowers pursuant to Section 11.13; including any loss of anticipated profits and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to
terminate the deposits from which such funds were obtained. The Borrowers shall also pay any customary administrative fees charged by such Lender in connection with the foregoing. 

For purposes of calculating amounts payable by the Borrowers to the Lenders under this Section 3.05, each Lender shall be deemed to
have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and for a comparable period, whether or not such
Eurodollar Rate Loan was in fact so funded. 
 3.06 Mitigation Obligations; Replacement of Lenders. 

(a) Designation of a Different Lending Office. If any Lender requests compensation under Section 3.04, or
requires any Borrower to pay any Indemnified Taxes or additional amounts to any Lender, the L/C Issuer, or any Governmental Authority for the account of any Lender or the L/C Issuer pursuant to Section 3.01, or if any
Lender gives a notice pursuant to Section 3.02, then at the request of the Company such Lender or the L/C Issuer shall, as applicable, 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 or the L/C Issuer, such designation or assignment (i) would eliminate or reduce amounts
payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would
not subject such Lender or the L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or the L/C Issuer, as the case may be. The Borrowers hereby agree to pay all reasonable
costs and expenses incurred by any Lender or the L/C Issuer in connection with any such designation or assignment. 
 (b) Replacement of
Lenders. If any Lender requests compensation under Section 3.04, or if a 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 3.01 and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section 3.06(a), the Borrowers may replace such Lender
in accordance with Section 11.13. 

  
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 3.07 Survival. All of the Borrowers’ obligations under this
Article III shall survive termination of the Aggregate Commitments, repayment of all other Obligations hereunder, and resignation of the Administrative Agent. 

ARTICLE IV. 

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 

4.01 Conditions of Initial Credit Extension. The obligation of the L/C Issuer and each Lender to make its initial Credit
Extension hereunder is subject to satisfaction of the following conditions precedent: 
 (a) the Administrative Agent shall have received
this Agreement duly executed by the Loan Parties and the Lenders; 
 (b) if requested by any Lender, the Administrative Agent shall have
received for such Lender such Lender’s duly executed Notes of the Borrowers; 
 (c) the Administrative Agent shall have received the
Collateral Documents required by Administrative Agent; 
 (d) [reserved]; 

(e) the Administrative Agent shall have received copies of each Loan Party’s articles of incorporation and bylaws (or comparable
organizational documents) and any amendments thereto, certified in each instance by its Secretary or Assistant Secretary (or comparable Responsible Officer); 

(f) the Administrative Agent shall have received copies of resolutions of each Loan Party’s Board of Directors (or similar governing
body) authorizing the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party and the consummation of the transactions contemplated hereby and thereby, together with specimen signatures of the
persons authorized to execute such documents on each Loan Party’s behalf, all certified in each instance by its Secretary or Assistant Secretary (or comparable Responsible Officer); 

(g) the Administrative Agent shall have received copies of the certificates of good standing for each Loan Party (dated no earlier than
30 days prior to the date hereof) from the office of the secretary of the state of its incorporation or organization, and with respect to the Company, the State of Illinois; 

(h) the Administrative Agent shall have received the initial fees called for by Section 2.09 to be paid on the Closing Date; 

(i) the Administrative Agent shall have received reasonably requested financing statement, tax, and judgment lien search results against each
Loan Party and its Property evidencing the absence of Liens thereon except as permitted by Section 7.01; 

  
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 (j) the Administrative Agent shall have received the favorable written opinion of counsel to
each Loan Party, in form and substance reasonably satisfactory to the Administrative Agent; 
 (k) each of the Lenders shall have received,
sufficiently in advance of the Closing Date, all documentation and other information requested by any such Lender required by bank regulatory authorities under applicable “know your customer” and
anti-money laundering rules and regulations, including without limitation, the United States Patriot Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)) including, without limitation, the information described in Section 13.24; and the Administrative Agent shall have received a fully executed Internal Revenue Service Form W-9 (or
its equivalent) for each Loan Party; 
 (l) the Administrative Agent shall have received a fully executed form Federal Reserve form FRU-1; and 
 (m) each of the Lenders shall have received fully executed Beneficial Ownership
Certifications from each of the Loan Parties. 
 Without limiting the generality of the provisions of the last paragraph of
Section 9.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or
accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the
proposed Closing Date specifying its objection thereto.  
 4.02 Conditions to all Credit Extensions. The obligation of
each Lender to honor any Request for Credit Extension (other than a Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurodollar Rate Loans) is subject to the following conditions precedent: 

(a) The representations and warranties of the Borrowers and each other Loan Party set forth in this Agreement and in any other Loan Document
shall be true and correct in all material respects (or, in the case of any such representation or warranty already qualified by materiality, in all respects) on and as of the date of such Credit Extension (or in the case of any such representation
or warranty expressly stated to have been made as of a specific date, as of such specific date). 
 (b) No Default shall exist, or would
result from such proposed Credit Extension or from the application of the proceeds thereof. 
 (c) The Administrative Agent and, if
applicable or the L/C Issuer, shall have received a Request for Credit Extension in accordance with the requirements hereof. 
 (d) The
amount maintained in the Collateral Account shall not be less than the Aggregate Commitments in effect on the date of the Credit Extension. 

  
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 Each Request for Credit Extension (other than a Loan Notice requesting only a conversion of
Loans to the other Type or a continuation of Eurodollar Rate Loans) submitted by the relevant Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a), (b) and (d) have been
satisfied on and as of the date of the applicable Credit Extension. 
 ARTICLE V. 

REPRESENTATIONS AND WARRANTIES 

Each Loan Party represents and warrants to the Administrative Agent and the Lenders that: 

5.01 Existence, Qualification and Power. Each Loan Party (a) is a corporation, partnership or limited liability company duly
organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and
approvals to (i) own its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, (c) is duly qualified and is licensed and in good standing under the Laws
of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license, and (d) is in compliance with all Laws; except in each case referred to in clause (b)(i), (c) or
(d), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 5.02
Authorization; No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is party, have been duly authorized by all necessary corporate or other organizational action, and do not
and will not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, (i) any Contractual Obligation to which such
Person is a party or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law. 

5.03 Governmental Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice
to, or filing with, any Governmental Authority, including any Educational Agency, or any other Person is necessary or required in connection with (a) the execution, delivery or performance by, or enforcement against, any Loan Party of this
Agreement or any other Loan Document, except to the extent such failure to obtain any required approval, consent, authorization, notice or filing in connection with the execution and delivery of any Loan Document would not reasonably be expected to
have a Material Adverse Effect, (b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection or maintenance of the Liens created under the Collateral Documents (including the first
priority nature thereof subject to Liens permitted by Section 7.01 or under any other Loan Document) or (d) the exercise by the Administrative Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the
Collateral pursuant to the Collateral Documents, other than (i) authorizations, approvals, actions, notices and filings which have been duly obtained, except to the extent failure to obtain such authorization, approval, action, notice or filing
would not reasonably be expected to have a Material Adverse Effect, and (ii) filings to perfect the Liens created by the Collateral Documents. 

  
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 5.04 Binding Effect. This Agreement has been, and each other Loan Document,
when delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of such
Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditor’s rights
generally or by equitable principles relating to enforceability. 
 5.05 Financial Statements; No Material Adverse Effect.

 (a) The most recently delivered Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied
throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present in all material respects the financial condition of the Company and its Subsidiaries as of the date thereof and their results of operations
for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or
contingent, of the Company and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness. 

(b) The most recently delivered unaudited Consolidated financial statements of the Company and its Subsidiaries and the related Consolidated
statements of income, shareholders’ equity and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted
therein, and (ii) fairly present in all material respects the financial condition of the Company and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby, subject, in the case of clauses
(i) and (ii), to the absence of footnotes and to normal year-end audit adjustments. 
 (c)
Except as disclosed in any filings made with the SEC, since the date of the Audited Financial Statements, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a
Material Adverse Effect. 
 5.06 Litigation. Except as disclosed in any filings made with the SEC or as set forth on
Schedule 5.06 hereto, there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrowers after due and diligent investigation, threatened or contemplated, at law, in equity, in arbitration or before any
Governmental Authority, by or against the Company or any of its Subsidiaries or against any of their properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions
contemplated hereby, or (b) either individually or in the aggregate, if determined adversely, could reasonably be expected to have a Material Adverse Effect. 

5.07 No Default. Neither the Company nor any Subsidiary is in default under or with respect to any Contractual Obligation that
would, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other
Loan Document. 

  
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 5.08 Ownership of Property; Liens. The Company and its Subsidiaries have good
record and marketable title in fee simple to, or valid leasehold interests in, all real Property necessary or used in the ordinary conduct of their business, except for such defects in title as could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. The property of the Company and its Subsidiaries is subject to no Liens, other than Liens permitted by Section 7.01. 

5.09 Environmental Compliance. The Company and its Subsidiaries conduct in the ordinary course of business a review of the
effect of existing Environmental Laws and claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations and properties, and as a result thereof the Company has reasonably
concluded that, except as specifically disclosed in Schedule 5.09, no such violations of Environmental Laws and claims could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

5.10 Insurance. The properties of the Company and its Subsidiaries are insured with financially sound and reputable insurance
companies not Affiliates of the Company, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Company or the
applicable Subsidiary operates. 
 5.11 Taxes. The Company and its Subsidiaries (a) have filed all Federal, state and
other material tax returns and reports (including material foreign tax returns and reports) required to be filed, except to the extent that failure to have done so would not reasonably be expected to result in a Material Adverse Effect, and
(b) have paid all foreign, Federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except (i) those which are
being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP, or (ii) to the extent that failure to have done so would not reasonably be expected to
result in a Material Adverse Effect. To the best knowledge of the Company and its Subsidiaries, there is no proposed tax assessment against the Company or any Subsidiary that would, if made, have a Material Adverse Effect. 

  
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 5.12 ERISA Compliance. 

(a) Except as would not reasonably be expected to have a Material Adverse Effect, each Plan is in compliance with the applicable provisions of
ERISA, the Code and other applicable Federal or state Laws. Except as would not reasonably be expected to have a Material Adverse Effect, each Plan that is intended to qualify under Section 401(a) of the Code has received a favorable
determination letter from the IRS or an application for such a letter is currently being processed by the IRS with respect thereto and, to the best knowledge of the Company, nothing has occurred which would prevent, or cause the loss of, such
qualification. Except as would not reasonably be expected to have a Material Adverse Effect, the Borrower and each ERISA Affiliate have made all required contributions to each Pension Plan and Multiemployer Plan, and no application for a funding
waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any Pension Plan. 

(b) There are no pending or, to the best knowledge of the Company, threatened claims, actions or lawsuits, or action by any Governmental
Authority, with respect to any Plan that could be reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or
could reasonably be expected to result in a Material Adverse Effect. 
 (c) Except as would not reasonably be expected to have a Material
Adverse Effect, (i) no ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan has failed to comply with the Pension Funding rules; (iii) neither the Company nor any ERISA Affiliate has incurred, or
reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA and ongoing contributions in the ordinary course); (iv) neither the
Company nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Sections 4201 or 4243 of
ERISA with respect to a Multiemployer Plan (other than ongoing contributions in the ordinary course); and (v) neither the Company nor any ERISA Affiliate has engaged in a transaction that could be subject to Sections 4069 or 4212(c) of ERISA.
 
 5.13 Subsidiaries; Equity Interests. As of the Closing Date, the Company does not have any Subsidiaries other than
those specifically disclosed in Part (a) of Schedule 5.13. As of the Closing Date, neither Borrower has any equity investments in any other corporation or entity other than those specifically disclosed in Part
(b) of Schedule 5.13. 
 5.14 Margin Regulations; Investment Company Act. 

(a) No Borrower is engaged or will engage, principally or as one of its important activities, in the business of purchasing or carrying margin
stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock and no proceeds of any Loans will be used to purchase or carry any margin stock or to extend credit to others
for the purpose of purchasing or carrying margin stock. 

  
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 (b) No Borrower, any Person Controlling such Borrower, or any Subsidiary of such Borrower is
or is required to be registered as an “investment company” under the Investment Company Act of 1940. Neither the making of the Loans nor the application of the proceeds or repayment thereof by the Borrowers, nor the consummation of other
transactions contemplated hereunder, will violate any provision of any such act or any rule, regulation or order of the SEC and the DOE. 

5.15 Disclosure. Including items as disclosed in the Company’s filings with the SEC, the Borrowers have disclosed to the
Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be
expected to result in a Material Adverse Effect. No report, financial statement, certificate or other information furnished (whether in writing or orally) by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with
the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact (known to the Borrowers in the case of any
document not furnished by the Borrowers) or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial
information, each 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 as to future events are not viewed as
facts and that actual results during the period or periods covered by any such projections may differ significantly from the projected results. The information included in the Beneficial Ownership Certification, as updated in accordance with
Section 6.18(b), is true and correct in all material respects 
 5.16 Compliance with Laws. The Company and each
Subsidiary thereof is in compliance in all material respects with the requirements of all Laws and all orders, Educational Laws, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such
requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be
expected to have a Material Adverse Effect. 
 5.17 Intellectual Property; Licenses, Etc. The Company and its Subsidiaries
own, or possess the right to use, all of the material trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights (collectively, “IP Rights”) that are
reasonably necessary for the operation of their respective businesses and, except as disclosed in Schedule 5.17, are not aware of any conflicts between such rights and the rights of any other Person which could reasonably
be expected to have a Material Adverse Effect. Except as specifically disclosed in Schedule 5.17, no claim or litigation regarding any IP Rights is pending or, to the knowledge of the Borrowers, threatened, which, either
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 5.18 Sanctions
Concerns and Anti-Corruption Laws. 
 (a) None of the Loan Parties, any of their Subsidiaries, any director, officer or employee of any
Loan Party or any of their Subsidiaries, nor, to the knowledge of any Borrower, any agent or representative of any Loan Party or any of their Subsidiaries, is a Sanctioned Person or currently the subject or target of any Sanctions. 

  
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 (b) The Loan Parties, each of their Subsidiaries, each of the Loan Parties’ and their
Subsidiaries’ respective directors, officers and employees, and, to the knowledge of any Borrower, each of the Loan Parties’ and their Subsidiaries’ respective agents and representatives, is in compliance with all applicable
Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions. 
 (c) The Loan Parties and their Subsidiaries have instituted and maintain
in effect policies and procedures reasonably designed to ensure compliance by the Loan Parties, their Subsidiaries, and the Loan Parties’ and their Subsidiaries’ respective directors, officers, employees and agents with all applicable
Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions. 
 5.19 Title IV Compliance. Except (i) as disclosed in
the Borrower’s filings with the SEC prior to the Closing Date, or (ii) to the extent the failure to comply with any of the following could not reasonably be expected to result in a Material Adverse Effect when such failures are considered
individually or in the aggregate, or (iii) as may have been previously resolved, with respect to each Educational Institution: 

(a) Each Educational Institution is an eligible “proprietary institution of higher education,” as defined in 34
C.F.R. § 600.5. 
 (b) Each Educational Institution has received an eligibility notification, as that term is
defined in 34 C.F.R. § 600.21. 
 (c) Each Educational Institution has met the standards for participation in the
Title IV Programs as set forth in 34 C.F.R. § 668.16, and has a current Program Participation Agreement with the Secretary of Education pursuant to 34 C.F.R. § 668.14. 

(d) Each Educational Institution has at all times during which it has been owned by the Company or a Subsidiary acted with the
competency and integrity necessary to qualify as a fiduciary in the administration of Title IV Programs, as provided by 34 C.F.R. § 668.82. 

(e) Except as disclosed on Schedule 5.19, 

(i) Each Educational Institution has received and maintained all licenses, permits, and approvals of all Educational Agencies
necessary to conduct their business, including without limitation all Educational Approvals necessary for any main campus, branch, learning site, campus addition, satellite, temporary space, classroom expansion or other location thereof, to conduct
its operations and offer its educational programs. 

  
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 (ii) No investigation or proceeding which, if adversely determined, could
reasonably be expected to result in revocation or denial of any material license, permit or approval (including all Educational Approvals), or a Significant Regulatory Event or in a finding or disallowance based upon Title IV ineligibility of any
Educational Institution or for any branch, learning site, campus addition, satellite, temporary space, classroom expansion or other location thereof, owned or operated by the Company or a Subsidiary is pending or, to the knowledge of the Company or
a Subsidiary, threatened and to their knowledge, no ground exists that could reasonably be expected to result in a Significant Regulatory Event or in any such investigation or proceeding. To the knowledge of the Company and any Subsidiary, there is
no ground for any Educational Agency to deny or materially delay the issuance of any Educational Approval. 
 (iii) The
Company and each such Subsidiary’s operations with respect to each Educational Institution at all times during which it has been owned by the Company or a Subsidiary, have been conducted in all material respects in accordance with all relevant
standards imposed by Educational Agencies, and all other applicable laws and regulations. Without limiting the foregoing, 
  

	 	(a)	 each additional location of each Educational Institution is an eligible location pursuant to 34 C.F.R. §
600.32; 

  

	 	(b)	 each Educational Institution has derived no more than 90 percent of its revenues from Title IV Program
funds for any fiscal year as calculated under 34 C.F.R. §§ 668.14 and 668.28; 

  

	 	(c)	 each Educational Institution has been in compliance with the applicable limitations set forth in 34 C.F.R.
§ 600.7; 

  

	 	(d)	 each Educational Institution has timely reported any shifts in ownership or control, or the addition of new
educational programs or locations, in compliance with 34 C.F.R. Part 600; 

  

	 	(e)	 no Educational Institution, nor any location thereof, has closed, ceased operating, ceased offering instruction
during any time period, or otherwise lost eligibility as defined in 34 C.F.R. § 600.40 under the direction, order or other mandate of the DOE or any other Educational Agency, or as a result of the imposition of any finding of liability or
disallowance imposed by the DOE or any other Educational Agency, or following the initiation of any investigation, inquiry, program review or other type of compliance review, audit (including an audit by the Office of Inspector General) by the DOE,
any Accrediting Body or any other Educational Agency; 

  

	 	(f)	 each Educational Institution and each location thereof has obtained all Educational Agency approvals necessary
to offer the educational programs currently offered; 

  
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	 	(g)	 each Educational Institution has complied in all material respects with the terms of its Program Participation
Agreement and the requirements of 34 C.F.R. § 668.14, including without limitation the prohibition on the payment of commissions, bonuses, or other incentive payments set forth in 34 C.F.R. § 668.14(b)(22); 

 

	 	(h)	 no Educational Institution has been placed by the DOE on a method of Title IV Program funding other than the
advance payment method or Heightened Cash Monitoring Level I Procedures as defined by the DOE at 34 C.F.R. § 668.162(d)(1); 

  

	 	(i)	 the Company, each Subsidiary or each Educational Institution, as applicable, has complied in all material
respects with the applicable factors of financial responsibility set forth in 34 C.F.R. § 668.15 and §§ 668.171-175 at the corporate level at which the DOE measures financial responsibility,
including all reporting requirements for institutions that are in the “zone alternative” or with respect to the posting of a Title IV Letter of Credit. 

 

	 	(j)	 each Educational Institution has complied in all material respects with the requirements governing preferred
lenders set forth in Title I, Part E of the HEA, 20 USC § 1094, and 34 C.F.R. § 682.212(h) and with the requirements governing private educational loans set forth in Title I, Part E of the HEA and 15 U.S.C. §1601 et seq.

  

	 	(k)	 each Subsidiary and each Educational Institution, as applicable, has, at all times during which it has been
owned by the Company submitted all reports, audits and other information, whether periodic in nature or pursuant to specific requests, for each Educational Institution (“Compliance Reports”) to all Educational Agencies with which such
filings are required relating to its compliance with (i) applicable accreditation standards governing its activities or (ii) laws or regulations governing programs pursuant to which such Educational Institute is approved or licensed or
pursuant to which any Subsidiary or its students receive funding. To the Company’s and each such Subsidiary’s knowledge, all such forms and records with respect to each Educational Institution have, at all times during which it has been
owned by the Company or a Subsidiary, been prepared, completed, maintained and filed in all material respects in accordance with all Educational Laws, and are true and correct in all material respects. 

 

	 	(l)	 to the best knowledge of the Company and each Subsidiary of the Company, all financial aid grants and loans,
disbursements and record keeping relating thereto with respect to each Educational Institution, at all times during which it has been owned by the Company or a Subsidiary, have been completed in material compliance with all federal and state
requirements. To the best of Company’s and each of its Subsidiaries’ knowledge and except as previously disclosed in prior audits by DOE, no student at any Educational Institution has been funded prior to the date for which such student
was eligible for funding, and such student’s records conform in all respects in form and substance to all relevant regulatory requirements. 

  
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 As used in this section, all terms, unless otherwise defined herein, shall have the meanings as set forth in
the citations referred to above or as otherwise defined in 34 C.F.R., Part 600 or Part 668, as the context requires. 
 5.20
Solvency. The Loan Parties and their Subsidiaries, taken as a whole, are Solvent. 
 5.21 No Broker Fees. No
broker’s or finder’s fee or commission will be payable with respect hereto or any of the transactions contemplated thereby pursuant to any undertaking or arrangement by any Loan Party; and the Loan Parties hereby agree to indemnify the
Administrative Agent and the Lenders against, and agree that they will hold the Administrative Agent and the Lenders harmless from, any claim, demand, or liability for any such broker’s or finder’s fees alleged to have been incurred in
connection herewith or therewith and any expenses (including reasonable attorneys’ fees) arising in connection with any such claim, demand, or liability. 

5.22 Affiliate Transactions. Neither the Company nor any of its Subsidiaries is a party to any contracts or agreements
with any of its Affiliates on terms and conditions which are less favorable to such Loan Party or such Subsidiary than would be usual and customary in similar contracts or agreements between Persons not affiliated with each other (excluding
contracts and agreements (i) among the Loan Parties, (ii) among the Loan Parties and their wholly-owned Subsidiaries, and (iii) among the Loan Parties’ wholly-owned Subsidiaries). 

5.23 EEA Financial Institution. No Loan Party is an EEA Financial Institution. 

ARTICLE VI. 

AFFIRMATIVE COVENANTS 
 So
long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder (other than contingent indemnification obligations not yet due) shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding
(other than Letters of Credit that have been Cash Collateralized) the Borrowers shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02, and 6.03) cause each Subsidiary to: 

6.01 Financial Statements. Deliver to the Administrative Agent and each Lender, in form and detail satisfactory to the
Administrative Agent and the Required Lenders: 
 (a) as soon as available, but in any event within 90 days after the end of each fiscal year
of the Company, a Consolidated balance sheet of the Company and its Subsidiaries as at the end of such fiscal year, and the related Consolidated statements of income, shareholders’ equity and cash flows for such fiscal year, setting forth in
each case in comparative form the figures for 

  
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the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of an independent certified public accountant of
nationally recognized standing reasonably acceptable to the Administrative Agent, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like
qualification or exception or any qualification or exception as to the scope of such audit; and 
 (b) as soon as available, but in any
event within 45 days after the end of each fiscal quarter of each fiscal year of the Company, (i) a Consolidated balance sheet of the Company and its Subsidiaries as at the end of such fiscal quarter, and the related Consolidated statements of
income, shareholders’ equity and cash flows for such fiscal quarter and for the portion of the Company’s fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the
previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail and certified by a Responsible Officer of the Company as fairly presenting in all material respects the financial condition, results of
operations, shareholders’ equity and cash flows of the Company and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes; and
(ii) the Company’s Consolidated twelve (12) month cash flow forecast which shall include, but not be limited to, a reconciliation to such twelve (12) month cash flow forecast previously delivered to the Administrative Agent. 

As to any information contained in materials furnished pursuant to Section 6.02(d), the Company shall not be
separately required to furnish such information under clause (a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Company to furnish the information and materials described in subsections (a) or (b)
above at the times specified therein. 
 6.02 Certificates; Other Information. Deliver to the Administrative Agent and each
Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders: 
 (a) as soon as available, and in any event
no later than 90 days after the end of each fiscal year of the Company, a copy of the Consolidated and consolidating operating budget for the Company and its Subsidiaries for the then current fiscal year, such operating budget to show the
projected Consolidated and consolidating revenues and expenses of the Company and its Subsidiaries on an annual basis, such operating budget to be in reasonable detail prepared by the Company and in form satisfactory to the Administrative Agent (the
Administrative Agent acknowledges that it has received such operating budget for the fiscal year ending December 31, 2019 and such operating budget is acceptable); 

(b) as soon as available, and in any event no later than 45 days after the end of each fiscal quarter of each fiscal year of the Company
(or 90 days with respect to each fiscal quarter ending December 31 or each year), a duly completed Compliance Certificate signed by a Responsible Officer of the Company, and in the event of any change in generally accepted accounting principles
used in the preparation of such financial statements, the Borrower shall also provide, if necessary for the determination of compliance with Section 7.11, a statement of reconciliation conforming such financial statements to GAAP; 

  
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 (c) promptly after any request by the Administrative Agent, copies of any detailed audit
reports, management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of the Company by independent accountants in connection with the accounts or books of the Company or any
Subsidiary, or any audit of any of them; 
 (d) promptly after the same are available, copies of each annual report, proxy or financial
statement or other report or communication sent to the stockholders of the Company, and copies of all annual, regular, periodic and special reports and registration statements which the Company may file or be required to file with the SEC under
Section 13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto; and 

(e) promptly, such additional information regarding the business, financial or corporate affairs of the Company or any Subsidiary, or
compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably request.  

Documents required to be delivered pursuant to Section 6.01 or Section 6.02(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 the Company posts such documents, or provides
a link thereto on the Company’s website on the Internet; or (ii) on which such documents are posted on the Company’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 sponsored by the Administrative Agent); provided that: (i) the Company shall deliver paper copies of such documents to the Administrative Agent or any Lender upon its request to the
Company to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the Company shall notify the Administrative Agent and each Lender (by facsimile or
electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. The Administrative Agent shall have no obligation to request the
delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Company with any such request by a Lender for delivery, and each Lender shall be solely
responsible for requesting delivery to it or maintaining its copies of such documents. 
 The Company hereby acknowledges that (a) the
Administrative Agent and/or the Arranger may, but shall not be obligated to, make available to the Lenders materials and/or information provided by or on behalf of any Borrower hereunder (collectively, “Borrower Materials”) by
posting the Borrower Materials on Debt Domain, IntraLinks, Syndtrak or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not
wish to receive material non-public information with respect to any Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other
market-related activities with respect to such Persons’ securities. The Borrowers hereby agree that (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC”
which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have authorized the

  
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Administrative Agent, the Arranger and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to
the Borrowers or their securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in
Section 11.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) the Administrative Agent
and the Arranger shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.” Notwithstanding anything
herein to the contrary, the Borrower Materials delivered pursuant to Section 6.02(c) shall be deemed to be and treated as private documents and shall not be distributed to Public Lenders. 

6.03 Notices. Promptly notify the Administrative Agent and each Lender: 

(a) of the occurrence of any Default; 

(b) of any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including (i) any material
breach or material non-performance of, or any material default under, a Contractual Obligation of any Borrower or Subsidiary; (ii) any dispute, litigation, investigation, proceeding or suspension between
any Borrower or Subsidiary and any Governmental Authority; or (iii) the commencement of, or any material development in, any litigation or proceeding affecting any Borrower or Subsidiary, including pursuant to any applicable Environmental Laws;

 (c) of the occurrence of any ERISA Event that would reasonably be expected to result in a Material Adverse Effect; 

(d) of any material change in accounting policies or financial reporting practices by any Borrower or Subsidiary; 

(e) of any Educational Institution’s failure to meet the “90/10 Rule” codified at 34 C.F.R. §§ 668.14 and 668.28 for
one year; 
 (f) of the quarterly compliance with the 90/10 Rule of any Educational Institution that failed to comply with the 90/10 Rule
during the prior fiscal year, which calculation shall be, certified by the appropriate Corporate Officer; and 
 (g) of (i) any pending
or threatened loss of any Educational Approval by any Subsidiary or Educational Institution; (ii) any change to occur in state or federal laws, rules or governmental regulations or budgetary allocations or educational loan policies which could
reasonably be expected to be a Significant Regulatory Event or have a Material Adverse Effect; (iii) any pending or threatened investigation, inquiry, program review or other type of compliance review, audit (including an audit by the Office of
Inspector General) or proceeding against the Company, any Subsidiary or any Educational Institution by any Educational Agency that reasonably could lead to a Material Adverse Effect; (iv) the imposition by the DOE of a requirement that the
Company or any Subsidiary or any Educational Institution post or procure or obtain the issuance of any Title IV Letter of Credit in order to establish the continued eligibility of any such entity to participate

  
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in Title IV Programs; (v) the imposition by the DOE of any restrictions on the ability of any Educational Institution to add new locations, to add new programs, to modify existing programs,
or to enroll students that reasonably could lead to a Material Adverse Effect; and (vi) the occurrence of any other event which would be reasonably likely to cause any Educational Institution to lose its status as an “eligible
institution,” as defined in 34 C.F.R. § 600.2 (and the other sections incorporated therein by reference) or its eligibility to participate in the Title IV Programs in which and to the extent that it currently participates. 

Each notice pursuant to this Section shall be accompanied by a statement of a Responsible Officer of the Company setting forth details of the
occurrence referred to therein and stating what action the Borrowers have taken and proposes to take with respect thereto. Each notice pursuant to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and
any other Loan Document that have been breached. 
 6.04 Payment of Obligations. Pay and discharge as the same shall become
due and payable, all its obligations and liabilities, including (a) all material tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are being contested in good faith by
appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by such Borrower or Subsidiary; (b) all lawful claims which, if unpaid, would by law become a Lien upon its property; and
(c) all Indebtedness, as and when due and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness unless the same are being contested in good faith by appropriate proceedings
diligently conducted and adequate reserves in accordance with GAAP are being maintained by such Borrower or Subsidiary. 
 6.05
Preservation of Existence, Etc. (a) Preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Sections 7.04 or
7.05, except that the Company shall not be required to maintain the existence or good standing of any Subsidiary (other than a Loan Party) which is no longer desirable in the conduct of business of the Borrower or its Subsidiaries, (b) take all
reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material
Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected to have a Material Adverse
Effect. 
 6.06 Maintenance of Properties. (a) Maintain, preserve and protect all of its material properties and
equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted; (b) make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not
reasonably be expected to have a Material Adverse Effect; and (c) use the standard of care typical in the industry in the operation and maintenance of its facilities. 

6.07 Maintenance of Insurance. Maintain with financially sound and reputable insurance companies not Affiliates of the Company,
insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under

  
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similar circumstances by such other Persons. The Borrowers shall, upon the reasonable request of the Administrative Agent (not more than once per year unless requested during the existence of a
Default), furnish to the Administrative Agent a certificate setting forth in summary form the nature and extent of the insurance maintained pursuant to this Section 6.07. 

6.08 Compliance with Laws. Comply in all material respects with the requirements of all Laws, Educational Laws, and all orders,
writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings
diligently conducted or a bona fide dispute exists with respect thereto; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 

6.09 Books and Records. (a) Maintain proper books of record and account, in which full, true and correct entries in
conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of such Borrower or Subsidiary, as the case may be; and (b) maintain such books of record and account in
material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over such Borrower or Subsidiary, as the case may be. 

6.10 Inspection Rights. Permit not more than two times per year representatives and independent contractors of the
Administrative Agent and each Lender, at its expense, to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and
accounts with its directors, officers, and independent public accountants, all at the expense of the Administrative Agent or such Lender, as applicable, and at such reasonable times during normal business hours, upon reasonable advance notice to the
Company; provided, however, that when an Event of Default exists the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrowers as often as
may be desired during normal business hours and without advance notice. 
 6.11 Use of Proceeds. Use the proceeds of the
Borrowings for general corporate purposes not in contravention of any Law or of any Loan Document. 
 6.12 Formation
of Subsidiaries. Promptly upon the formation or acquisition of any Subsidiary, the Loan Parties shall provide the Administrative Agent and the Lenders notice thereof (at which time Schedule 2.02 (to the extent such Subsidiary constitutes
a Material Domestic Subsidiary) and Schedule 5.13 shall be deemed amended to include reference to such Subsidiary). The Loan Parties shall, and shall cause their Subsidiaries to, timely comply with the requirements of Section 6.17 with respect
to any Subsidiary that is required to become a Guarantor hereunder. 
 6.13 Title IV Compliance. Except to the extent
any of the following actions, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, the Company and (i) each of its Subsidiaries with annual revenues of more than $15,000,000 and
(ii) its Subsidiaries representing no less than 85% of the aggregate annual revenues of the Company and its Subsidiaries on a consolidated basis shall: 

(a) Take no action which would cause any Educational Institution to fail to qualify as an “eligible institution,” as
defined in 34 C.F.R. § 600.2, including without limitation, under 34 C.F.R. § 600.40; 

  
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 (b) Take no action which would cause any Educational Institution to fail to
qualify as a proprietary institution of higher education in accordance with 34 C.F.R. § 600.5; 
 (c) Not permit
more than ninety percent (90%) of each Educational Institution’s revenues during the most recent fiscal year to be derived from Title IV Program Funds as calculated under 34 C.F.R. §§ 668.14 and 668.28); 

(d) Maintain all Educational Approvals necessary to operate each Educational Institution as currently operated; 

(e) Submit a materially complete application for a renewal of certification to the Secretary of Education at least ninety
(90) days prior to the expiration of such Educational Institution’s current period of participation in the Title IV Programs or, in the event of the Secretary of Education’s selection of an Educational Institution for recertification,
submit a materially complete application for renewal to the Secretary of Education on or before the date specified in the notice of selection for recertification; 

(f) Comply with the application procedures set forth in 34 C.F.R. Section 600.20; 

(g) Take no action that would cause any Educational Institution to undergo a change of ownership that would result in a change
of control, as set forth in 34 C.F.R. Section 600.31; 
 (h) Cause each Educational Institution to meet the standards
for participation in Title IV Programs in 34 C.F.R., Part 668, Subpart B, and to have a current program participation agreement with the Secretary of Education; 

(i) Monitor and prevent the Federal student aid published Cohort Default Rate for each Educational Institution from exceeding
thirty percent (30%) for any three consecutive federal fiscal years for which such rates are published as calculated under 34 C.F.R. § 668.202, or forty percent (40%) for any federal fiscal year; and 

(j) Cause each Educational Institution to comply with the standard of conduct required of a fiduciary in the administration of
Title IV Programs, as set forth in 34 C.F.R. § 668.82. 
 As used in this section, all terms shall have the meanings as set forth in the citations
referred to above or as otherwise defined in 34 C.F.R., Part 600 or Part 668, as the context requires. 

  
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 6.14 Maintenance of Subsidiaries. No Loan Party shall assign, sell or
transfer, nor shall it permit any of its Subsidiaries to issue, assign, sell or transfer, any shares of capital stock or other equity interests of a Subsidiary; provided, however, that the foregoing shall not operate to prevent (a) the
issuance, sale, and transfer to any person of any shares of capital stock of a Subsidiary solely for the purpose of qualifying, and to the extent legally necessary to qualify, such person as a director of such Subsidiary, or (b) any transaction
permitted by Section 7.04 or Section 7.05 hereof. 
 6.15 Covenant to
Guarantee Obligations. The Loan Parties will cause each of their Material Domestic Subsidiaries whether newly formed, after acquired or otherwise existing to promptly (and in any event within thirty (30) days after such Material
Domestic Subsidiary is formed or acquired (or such longer period of time as agreed to by the Administrative Agent in its reasonable discretion)) become a Guarantor hereunder by way of execution of a Joinder Agreement. In connection therewith,
the Loan Parties shall give notice to the Administrative Agent not less than ten (10) days prior to creating a Subsidiary (or such shorter period of time as agreed to by the Administrative Agent in its reasonable discretion), or acquiring the
Equity Interests of any other Person. In connection with the foregoing, the Loan Parties shall deliver to the Administrative Agent, with respect to each new Guarantor to the extent applicable, substantially the same documentation required to be
delivered by the Guarantors pursuant to Sections 4.01 and 6.16 and such other documents or agreements as the Administrative Agent may reasonably request. 

6.16 Covenant to Give Security; Minimum Collateral Balance. 

(a) Each of the Loan Parties hereby covenants and agrees that the Secured Obligations shall be secured by valid, perfected, and enforceable
Liens on all right, title, and interest of each Loan Party in the Collateral. 
 (b) At any time that a Loan or L/C Obligation is
outstanding, the Loan Parties shall maintain cash and marketable securities in the Collateral Accounts in an amount not less than the Aggregate Commitments in effect at such time; provided, that if the amount maintained in the Collateral
Account is less than the Aggregate Commitments, then the Loan Parties shall deposit additional cash and/or marketable securities in the Collateral Account to cure such deficiency within (i) one (1) Business Day if any Loan or Unreimbursed
Amount is outstanding, or (ii) thirty (30) Days if any Letter of Credit is outstanding. 
 6.17 Further
Assurances. Promptly upon request by the Administrative Agent, or any Lender through the Administrative Agent, (a) correct any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing
or recordation thereof, and (b) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and
re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably require from time to
time in order to (i) carry out more effectively the purposes of the Loan Documents, (ii) to the fullest extent permitted by applicable Law, subject any Loan Party’s or any of its Subsidiaries’ properties, assets, rights or
interests to the Liens now or hereafter intended to be covered by any of the Collateral Documents, (iii) perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents and any of the Liens intended to be
created thereunder and (iv) assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Secured Parties the rights granted or now or hereafter intended to be granted to the Secured Parties under any Loan
Document or under any other instrument executed in connection with any Loan Document to which any Loan Party or any of its Subsidiaries is or is to be a party, and cause each of its Subsidiaries to do so. 

  
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 6.18 Compliance with Anti-Corruption Laws; Anti-Money Laundering
Laws and Sanctions. 
 (a) Each Borrower shall at all times comply with the requirements of all Anti-Corruption Laws, Anti-Money
Laundering Laws and Sanctions applicable to such Borrower and shall cause each other Loan Party and each of its and their respective Subsidiaries to comply with the requirements of all Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions
applicable to such Persons. 
 (b) Each Borrower shall provide the Administrative Agent and Lenders (i) any information regarding such
Borrower, each other Loan Party, and each of their respective owners, Affiliates, and Subsidiaries necessary for Bank to comply with all applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions; subject however, in the case of
Affiliates, to such Borrower’s ability to provide information applicable to them and (ii) without limiting the foregoing, notification of any change in the information provided in the Beneficial Ownership Certification that would result in
a change to the list of beneficial owners identified therein. 
 (c) Each Borrower will maintain in effect and enforce policies and
procedures reasonably designed to ensure compliance by the Loan Parties, their Subsidiaries, and the Loan Parties’ and their Subsidiaries’ respective directors, officers, employees and agents with applicable Anti-Corruption Laws, Anti
Money-Laundering Laws and Sanctions. 
 ARTICLE VII. 

NEGATIVE COVENANTS 
 So
long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder (other than contingent indemnification obligations not yet due) shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding
(other than Letters of Credit that have been Cash Collateralized), the Company shall not, nor shall it permit any Subsidiary to, directly or indirectly: 

7.01 Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or
hereafter acquired, other than the following: 
 (a) Liens pursuant to any Loan Document; 

(b) Liens existing on the date hereof and listed on Schedule 7.01 and any renewals or extensions
thereof, provided that the property covered thereby is not increased and any renewal or extension of the obligations secured or benefited thereby is permitted by Section 7.03(b); 

  
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 (c) Liens for taxes not yet due or which are being contested in good faith
and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 

(d) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in
the ordinary course of business which are not overdue for a period of more than 30 days or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the
books of the applicable Person in accordance with GAAP; 
 (e) pledges or deposits in the ordinary course of business in
connection with workers’ compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA; 

(f) deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations,
surety bonds (other than bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(g) easements, rights-of-way, restrictions and
other similar encumbrances affecting real property which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary
conduct of the business of the applicable Person; 
 (h) Liens securing judgments for the payment of money not constituting
an Event of Default under Section 8.01(h) or securing appeal or other surety bonds related to such judgments; 
 (i)
Liens securing Indebtedness permitted under Section 7.03(e); provided that (i) such Liens do not at any time encumber any property other than the property financed by such Indebtedness and (ii) the Indebtedness secured thereby
does not exceed the cost or fair market value, whichever is lower, of the property being acquired on the date of acquisition; 

(j) Liens arising from precautionary uniform commercial code financing statements filed under any lease, consignment
arrangement or bailment permitted by this Agreement; 
 (k) Liens on property of a Person existing at the time such Person is
merged into or consolidated with the Company or any Subsidiary of the Company or becomes a Subsidiary of the Company; provided that such Liens were not created in contemplation of such merger, consolidation or a Permitted Acquisition and do
not extend to any assets other than those of the Person merged into or consolidated with the Company or such Subsidiary or acquired by the Company or such Subsidiary, and the applicable Indebtedness secured by such Lien is permitted under
Section 7.03; 

  
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 (l) Liens on the Borrowers’ assets in favor of Subsidiaries securing
loans and advances to the Borrowers which have been subordinated pursuant to the Guaranty (or otherwise in a manner reasonably acceptable to the Administrative Agent); and 

(m) Liens in an aggregate amount not to exceed $25,000,000 at any time outstanding securing Indebtedness permitted hereunder
(including letters of credit permitted hereunder). 
 7.02 Investments. Make any Investments, except: 

(a) Investments held by such Borrower or Subsidiary (i) in the form of Cash Equivalents and short-term marketable debt
securities, (ii) in accordance with the Company’s investment policy in effect on the date hereof; and (iii) in accordance with an investment policy adopted by the Company after the date hereof that has been approved by the
Administrative Agent in its reasonable discretion; 
 (b) advances to officers, directors and employees of the Company and
Subsidiaries in an aggregate amount not to exceed $2,000,000 at any time outstanding, for travel, entertainment, relocation and analogous ordinary business purposes to the extent permitted under Sarbanes-Oxley; 

(c) Investments of (i) any Loan Party into another Loan Party, (ii) any Subsidiary that is not a Loan Party into a
Loan Party and (iii) any Loan Party into a Subsidiary that is not a Loan Party so long as the aggregate amount of all such Investments does not exceed 25% of Shareholders’ Equity; 

(d) additional Investments not exceeding $75,000,000 at any one time outstanding; 

(e) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the
grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss; 

(f) Guarantees permitted by Section 7.03; and 

(g) Permitted Acquisitions. 

7.03 Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except: 

(a) the Secured Obligations; provided, that the principal amount of the Purchase Cards Program Obligations shall not
exceed $1,000,000 in the aggregate at any one time outstanding; 

  
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 (b) Indebtedness outstanding on the date hereof and listed on
Schedule 7.03 and any refinancings, refundings, renewals or extensions thereof; provided that the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a
reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder; 

(c) Guarantees by the Borrowers or any Subsidiary in respect of Indebtedness otherwise permitted hereunder; 

(d) obligations (contingent or otherwise) of any Borrower or Subsidiary existing or arising under any Swap Contract, provided
that (i) such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with liabilities, commitments, investments, assets, or property held or reasonably
anticipated by such Person, or changes in the value of securities issued by such Person, and not for purposes of speculation or taking a “market view;” and (ii) such Swap Contract does not contain any provision exonerating the non-defaulting party from its obligation to make payments on outstanding transactions to the defaulting party; 

(e) Attributable Indebtedness and Indebtedness in connection with purchase money obligations for fixed or capital assets within
the limitations set forth in Section 7.01(i); provided, however, that the aggregate amount of all such Attributable Indebtedness and purchase money obligations at any one time outstanding shall not exceed $25,000,000; 

(f) so long as no Default has occurred and is continuing or would result therefrom, unsecured Indebtedness in an
aggregate principal amount not to exceed $30,000,000 at any time outstanding; provided that such Indebtedness is not senior in right of payment to the payment of the Indebtedness arising under this Agreement and the Loan Documents; and 

(g) Indebtedness in an aggregate principal amount not to exceed $50,000,000 at any time outstanding in respect of surety bonds,
letters of credit, and similar instruments issued in the ordinary course of business. 
 7.04 Fundamental Changes. Merge,
dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person,
except that, so long as no Default exists or would result therefrom: 
 (a) any Subsidiary (i) may merge with a
Borrower, provided that such Borrower shall be the continuing or surviving Person, or (ii) may merge with any one or more other Subsidiaries, provided that when any Guarantor is merging with another Subsidiary, the Guarantor shall
be the continuing or surviving Person; and 

  
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 (b) any Subsidiary may Dispose of all or substantially all of its assets
(upon voluntary liquidation or otherwise) to a Borrower or to another Subsidiary; provided that if the transferor in such a transaction is a wholly-owned Subsidiary, then the transferee must either be a Borrower or a wholly-owned Subsidiary. 

7.05 Dispositions. Make any Disposition or enter into any agreement to make any Disposition, except: 

(a) Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;

 (b) Dispositions of inventory 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 within 180 days of such Disposition; 

(d) Dispositions of property by any Subsidiary to a Borrower or to a wholly-owned
Subsidiary; provided that if the transferor of such property is a Guarantor, the transferee thereof must be to another Loan Party; 

(e) Dispositions permitted by Section 7.04; 

(f) Dispositions of Subsidiaries of the Company or assets or lines of business comprising campus locations, so long as no
Default has occurred and is continuing or would result therefrom; 
 (g) Dispositions of Eligible Student Accounts
Receivable; provided, however, that the gross book value of all Dispositions of Eligible Student Accounts Receivable permitted by this Section 7.05(g) shall not, in the aggregate, exceed $50,000,000 in any fiscal year; and 

(h) any other Disposition not otherwise permitted under this Section 7.05 so long as (i) no Event of Default has
occurred and is continuing immediately before and after giving effect to such Disposition and (ii) the book value of the assets so Disposed of as permitted by this Section 7.05(h) shall not, in the aggregate, exceed fifteen percent (15%)
of the total assets of the Company and its Subsidiaries; 
 provided, however, that any Disposition pursuant to clauses (a) through (h) shall be
for fair market value. 

  
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 7.06 Restricted Payments. Declare or make, directly or indirectly, any
Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that: 
 (a) each Subsidiary may make
Restricted Payments to the Company and to wholly-owned Subsidiaries (and, in the case of a Restricted Payment by a non-wholly-owned Subsidiary, to the Company and any
Subsidiary and to each other owner of capital stock or other equity interests of such Subsidiary on a pro rata basis based on their relative ownership interests); 

(b) the Company and each Subsidiary may declare and make dividend payments or other distributions payable solely in the common
stock or other common equity interests of such Person; 
 (c) the Company and each Subsidiary may purchase, redeem or
otherwise acquire shares of its common Equity Interests or warrants or options to acquire any such shares with the proceeds received from the substantially concurrent issue of new shares of its common Equity Interests; 

(d) the Company may make payment in its common Equity Interests in connection with a Permitted Acquisition; and 

(e) the Company may make Restricted Payments not otherwise permitted hereunder so long as (i) no Default has occurred and
is continuing or would result from such Restricted Payments; (ii) the Company is in compliance with the financial covenants set forth in Section 7.11 hereof on a pro forma basis after giving effect to such Restricted
Payment; and (iii) the aggregate amount of such Restricted Payment, together with all Restricted Payments made since the Closing Date, shall not exceed $125,000,000; provided, that the amount of such Restricted Payment, when taken
together with the Total Consideration for all Acquisitions and Restricted Payments made since the Closing Date, shall not exceed the Aggregate Cap. 

7.07 Change in Nature of Business. Engage in any material line of business substantially different from those lines of business
conducted by the Company and its Subsidiaries on the date hereof or any business substantially related or incidental thereto; it being agreed and understood that non-credit consumer training or continuing
education shall be deemed to be substantially related or incidental to the Company’s current business. 
 7.08 Transactions
with Affiliates. Enter into any transaction of any kind with any Affiliate of the Borrower (excluding transactions (i) among the Loan Parties, (ii) among the Loan Parties and their wholly-owned Subsidiaries, and (iii) among the
Loan Parties’ wholly-owned Subsidiaries), whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to such Borrower or Subsidiary as would be obtainable by such Borrower or Subsidiary
at the time in a comparable arm’s length transaction with a Person other than an Affiliate. 

  
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 7.09 Burdensome Agreements. Enter into any Contractual Obligation (other than
this Agreement or any other Loan Document) that (a) limits the ability (i) of any Subsidiary to make Restricted Payments to a Loan Party or to otherwise transfer property to a Loan Party, (ii) of any Loan Party to Guarantee the
Indebtedness of the Borrowers or (iii) of any Loan Party to create, incur, assume or suffer to exist Liens on property of such Person; provided, however, that this clause (iii) shall not prohibit any negative pledge incurred or provided in
favor of any holder of Indebtedness permitted under Section 7.03(e) solely to the extent any such negative pledge relates to the property financed by or the subject of such Indebtedness; or (b) requires the grant of a Lien to secure an
obligation of such Person if a Lien is granted to secure another obligation of such Person. 
 7.10 Use of Proceeds. Use the
proceeds of any Loan to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such
purpose. No Borrower will request any Loan or issuance of a Letter of Credit, and no Borrower shall use, and shall ensure that its Subsidiaries and Affiliates, and its or their respective directors, officers, employees and agents not use, the
proceeds of any Loan or Letter of Credit, directly or indirectly, (i) 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, (ii) to fund, finance or facilitate any activities, business or transaction of or with any Sanctioned Person or in any Designated Jurisdiction, or (iii) in any other manner that would result in the violation of any
Sanctions applicable to any party hereto. 
 7.11 Financial Covenants. 

(a) Minimum Domestic Cash. Permit, at any time, the Domestic Cash to be less than $50,000,000. 

(b) Minimum Consolidated EBITDA. Permit, as of the last day of each fiscal quarter, the Consolidated EBITDA to be less than $75,000,000
for the four fiscal quarters then ended. 
 7.12 No Changes in Fiscal Year. Change Company’s or any
Subsidiary’s fiscal year from December 31 without the Administrative Agent’s prior written consent. 
 ARTICLE VIII.

 EVENTS OF DEFAULT AND REMEDIES 

8.01 Events of Default. Any of the following shall constitute an Event of Default: 

(a) Non-Payment. Any Loan Party fails to pay (i) when and as required to be paid herein,
any amount of principal of any Loan or any L/C Obligation, or (ii) within three Business Days after the same becomes due, any interest on any Loan or on any L/C Obligation, or any commitment or other fee due hereunder, or (iii) within five
Business Days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or (iv) any amount required to be paid under a Purchase Card Program Document within 60 days of invoice date; or 

  
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 (b) Specific Covenants. (i) Any Loan Party fails to perform or observe any term,
covenant or agreement contained in any of Section 6.01, 6.02, 6.03, 6.05, 6.10, 6.11, 6.15, 6.18, or Article VII, or (ii) any Guarantor fails to perform or observe
any material term, covenant or agreement contained herein or in any Guaranty; or 
 (c) Other Defaults. Any Loan Party fails to
perform or observe any other covenant or agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after the earlier of
(i) knowledge by an executive officer of such Loan Party or (ii) notice thereof has been received by either Borrower from the Administrative Agent or any Lender; or 

(d) Representations and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on
behalf of any Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be materially incorrect or misleading when made or deemed made; or 

(e) Cross-Default. (i) The Company or any Subsidiary thereof (A) fails to make any payment when due (whether by scheduled
maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including undrawn
committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to
any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such
Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to
become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash
collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which the
Company or any Subsidiary thereof is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which the Borrower or any Subsidiary thereof is an Affected Party (as so
defined) and, in either event, the Swap Termination Value owed by the Borrower or such Subsidiary as a result thereof is greater than the Threshold Amount; or 

(f) Insolvency Proceedings, Etc. Any Loan Party or Subsidiary thereof institutes or consents to the institution of any proceeding under
any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any
material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for
60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 calendar days,
or an order for relief is entered in any such proceeding; or 

  
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 (g) Inability to Pay Debts; Attachment. (i) The Company or any Subsidiary
thereof becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of
the property of any such Person and is not released, vacated or fully bonded within 30 days after its issue or levy; or 
 (h)
Judgments. There is entered against the Company or any Subsidiary thereof (i) a final judgment or order for the payment of money in an aggregate amount exceeding the Threshold Amount (to the extent not covered by independent third-party
insurance as to which the insurer does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of 30 consecutive days during which a stay of enforcement of such judgment, by
reason of a pending appeal or otherwise, is not in effect; or 
 (i) ERISA. (i) An ERISA Event occurs with respect to a Pension
Plan or Multiemployer Plan which results in liability of the Company under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) the Company or any ERISA
Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan and such failure results in liability
to the Company in an aggregate amount in excess of the Threshold Amount; or 
 (j) Invalidity of Loan Documents. Any Loan Document,
at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party or any other Person
contests in any manner the validity or enforceability of any provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any
provision of any Loan Document or it is or becomes unlawful for a Loan Party to perform any of its obligations under the Loan Documents; or 

(k) Collateral Documents. Any Collateral Document after delivery thereof pursuant to the terms of the Loan Documents shall for any
reason cease to create a valid and perfected first priority Lien (subject to Liens permitted by Section 7.01) on the Collateral purported to be covered thereby, or any Loan Party shall assert the invalidity of such Liens;
or 
 (l) DOE Action. The DOE shall have, pursuant to Subpart G of 34 C.F.R. Part 668, notified any Educational Institution of any
suspension, termination or limitation of Title IV Program participation for such Educational Institution that could reasonably be expected to have a Material Adverse Effect, and such suspension, termination or limitation shall not have been
withdrawn or otherwise terminated within 30 days after such notification; or 

  
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 (m) Emergency Action. The DOE shall have notified any Educational Institution that
the DOE intends to initiate an emergency action against the Educational Institution pursuant to 34 C.F.R. § 668.83 and such action could reasonably be expected to have a Material Adverse Effect; or 

(n) Loss of Educational Approvals. The issuance of a notice of intent by an Educational Agency to suspend, terminate, withdraw, limit
or not renew an Educational Approval of any Educational Institution that could reasonably be expected to have a Material Adverse Effect, and such notice of intent for such suspension, termination, withdrawal, limitation or decision not to renew
shall not have been withdrawn or terminated within 30 days after such notification; or 
 (o) Significant Regulatory Event; Any
Significant Regulatory Event shall have occurred; or 
 (p) Change of Control. There occurs any Change of Control. 

Without limiting the provisions of Article IX, if a Default shall have occurred under the Loan Documents, then such Default will continue to
exist until it either is cured (to the extent specifically permitted) in accordance with the Loan Documents or is otherwise expressly waived by Administrative Agent (with the approval of requisite Required Lenders (in their sole discretion) as
determined in accordance with Section 11.01); and once an Event of Default occurs under the Loan Documents, then such Event of Default will continue to exist until it is expressly waived by the requisite Required Lenders or
by the Administrative Agent with the approval of the requisite Required Lenders, as required hereunder in Section 11.01. 

8.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall, at the
request of, or may, with the consent of, the Required Lenders, take any or all of the following actions: 
 (a) declare the Commitment of
each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such Commitments and obligation shall be terminated; 

(b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or
payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrowers; and 

(c) require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the Minimum Collateral Amount with respect
thereto); and 
 (d) exercise on behalf of itself, the Lenders and the L/C Issuer, all rights and remedies available to it, the Lenders and
the L/C Issuer under the Loan Documents or applicable Law or equity; 

  
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 provided, however, that upon the occurrence of an actual or deemed entry of an order for
relief with respect to any Borrower under any Debtor Relief Law, the obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all
outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each
case without further act of the Administrative Agent or any Lender. 
 8.03 Application of Funds. After the exercise of
remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso
to Section 8.02), any amounts received on account of the Obligations shall, subject to the provisions of Section 2.14 and Section 2.15, be applied by the Administrative Agent in the following order:

 First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including
reasonable fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; 

Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest
and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including reasonable fees, charges and disbursements of one single counsel to the Lenders and the L/C Issuer, taken as a group, and amounts payable under
Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; 

Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans,
L/C Borrowings and other Obligations, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Third payable to them; 

Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings, ratably among the
Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Fourth held by them; 

Fifth, to the Administrative Agent for the account of the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised
of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower pursuant to Sections 2.03 and 2.15; and 

Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrowers or as otherwise required
by Law. 
 Subject to Sections 2.03(c) and 2.15, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to
clause Fifth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining
amount shall be applied to the other Obligations, if any, in the order set forth above. 

  
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 ARTICLE IX. 

ADMINISTRATIVE AGENT 

9.01 Appointment and Authority. Each of the Lenders and the L/C Issuer hereby irrevocably appoints BMO Harris Bank to act on its
behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof
or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders and the L/C Issuer, and no Loan Party shall have rights as
a third party beneficiary of any of such provisions (except as provided in Sections 9.06 and 9.10). It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with
reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to
create or reflect only an administrative relationship between contracting parties. 
 9.02 Rights as a Lender. The Person
serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or
“Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person 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, financial, advisory, underwriting or other business with the Company or any Subsidiary or
other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders or to provide notice to or consent of the Lenders with respect thereto.. 

9.03 Exculpatory Provisions. (a) The Administrative Agent shall not have any duties or obligations except those expressly
set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent and its Related Parties: 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is
continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except
discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as
shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to
liability or that is contrary to any Loan Document or applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or
termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and 

  
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 (c) shall not, except as expressly set forth herein and in the other Loan
Documents, have any duty or responsibility to disclose, and shall not be liable for the failure to disclose, any information relating to any Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the
Administrative Agent or any of its Affiliates in any capacity. 
 (b) Neither the Administrative Agent nor any of its Related Parties shall
be liable for any action taken or not taken by the Administrative Agent under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby or thereby (i) with the consent 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 shall be necessary, under the circumstances as provided in Sections 11.01 and 8.02)
or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default
unless and until notice describing such Default is given in writing to the Administrative Agent by a Borrower, a Lender or the L/C Issuer. 

(c) Neither the Administrative Agent nor any of its Related Parties have any duty or obligation to any Lender or participant or any other
Person to ascertain or inquire into (i) (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the
validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or the creation, perfection or priority of any Lien purported to be created by the Collateral Documents,
(v) the value or the sufficiency of any Collateral, or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered
to the Administrative Agent. 
 9.04 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely
upon, and shall be fully protected in relying and shall not incur any liability for relying upon, any notice, request, certificate, communication, consent, statement, instrument, document or other writing (including any electronic message, Internet
or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by
telephone and believed by it to have been made by the proper Person, and shall be fully protected in relying and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or
the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or the
L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender or the L/C Issuer prior to the making of such Loan or the issuance of 

  
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such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrowers), independent accountants and other experts selected by it with reasonable
care, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

9.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers
hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or
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 in
connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any
sub-agents except to the extent that a court of competent jurisdiction determines in a final and non appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the
selection of such sub-agents. 
 9.06 Resignation of Administrative Agent. 

(a) The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and the Company. Upon receipt of
any such notice of resignation, the Required Lenders shall have the right, in consultation with the Company, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the
United States (which successor shall be approved by the Company, such approval not to be unreasonably withheld or required if an Event of Default exists). If no such successor shall have been so appointed by the Required Lenders and shall have
accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the
retiring Administrative Agent may (but shall not be obligated to) on behalf of the Lenders and the L/C Issuer, appoint a successor Administrative Agent meeting the qualifications set forth above (which successor shall be approved by the Company,
such approval not to be unreasonably withheld or required if an Event of Default exists). Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date. 

(b) If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the
Required Lenders may, to the extent permitted by applicable Law, by notice in writing to the Company and such Person remove such Person as Administrative Agent and, in consultation with the Company, appoint a successor (which successor shall be
approved by the Company, such approval not to be unreasonably withheld or required if an Event of Default exists). If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or
such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date. 

  
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 (c) With effect from the Resignation Effective Date or the Removal Effective Date (as
applicable) (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent
on behalf of the Lenders or the L/C Issuer under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and
(2) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be
made by or to each Lender and the L/C Issuer directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent
hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or removed) Administrative Agent (other than as provided in Section 3.01(g) and other than
any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be
discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrowers to a successor Administrative Agent shall be the
same as those payable to its predecessor unless otherwise agreed between the Borrowers and such successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions
of this Article and Section 11.04 shall continue in effect for the benefit of such retiring or removed 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 or removed Administrative Agent was acting as Administrative Agent. 
 (d) Any resignation by BMO
Harris Bank as Administrative Agent pursuant to this Section shall also constitute its resignation as L/C Issuer. If BMO Harris Bank resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder
with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto, including the right to require the Lenders to make Base Rate Loans or fund risk participations
in Unreimbursed Amounts pursuant to Section 2.03(c). Upon the appointment by the Company of a successor L/C Issuer hereunder (which successor shall in all cases be a Lender other than a Defaulting Lender), (a) such successor shall succeed to
and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer, (b) the retiring L/C Issuer shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents,
and (c) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to BMO Harris Bank to effectively assume the
obligations of BMO Harris Bank with respect to such Letters of Credit. 
 9.07
Non-Reliance on Administrative Agent and Other Lenders. Each Lender and the L/C Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or
any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and the L/C Issuer also acknowledges that it will,

  
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independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem
appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Bookrunners, Arrangers or other titles
as necessary listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the L/C Issuer
hereunder. 
 9.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor
Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C 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 Borrowers) shall be entitled and empowered, by intervention in such proceeding or otherwise 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C
Obligations 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 L/C Issuer and the Administrative Agent (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuer and the Administrative Agent
under Sections 2.03(i) and (j), 2.09 and 10.04) allowed in such judicial proceeding; and 
 (b)
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 judicial proceeding is hereby authorized by each Lender and the L/C Issuer 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 and the L/C Issuer, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and
its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.09 and 10.04. 
 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 L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the
rights of any Lender or the L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or the L/C Issuer in any such proceeding.  

  
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 The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction
of the Required Lenders, to credit bid all or any portion of the Secured Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise)
and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code of the United States, including under
Sections 363, 1123 or 1129 of the Bankruptcy Code of the United States, or any similar Laws in any other jurisdictions to which a Loan Party is subject, (b) at any other sale or foreclosure or acceptance of collateral in lieu of debt conducted
by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable Law. In connection with any such credit bid and purchase, the Secured Obligations owed to the
Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with Secured Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that would vest
upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) in the asset or assets so purchased (or in the Equity Interests or debt instruments
of the acquisition vehicle or vehicles that are used to consummate such purchase). In connection with any such bid (i) the Administrative Agent shall be authorized to form one or more acquisition vehicles to make a bid, (ii) to adopt
documents providing for the governance of the acquisition vehicle or vehicles (provided that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or Equity Interests
thereof shall be governed, directly or indirectly, by the vote of the Required Lenders, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in Section 11.1
of this Agreement, (iii) the Administrative Agent shall be authorized to assign the relevant Secured Obligations to any such acquisition vehicle pro rata by the Lenders, as a result of which each of the Lenders shall be deemed to have received
a pro rata portion of any Equity Interests and/or debt instruments issued by such an acquisition vehicle on account of the assignment of the Secured Obligations to be credit bid, all without the need for any Secured Party or acquisition vehicle to
take any further action, and (iv) to the extent that Secured Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount of
Secured Obligations assigned to the acquisition vehicle exceeds the amount of debt credit bid by the acquisition vehicle or otherwise), such Secured Obligations shall automatically be reassigned to the Lenders pro rata and the Equity Interests
and/or debt instruments issued by any acquisition vehicle on account of the Secured Obligations that had been assigned to the acquisition vehicle shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle to
take any further action. 
 9.10 Collateral and Guaranty Matters. Without limiting the provisions of
Section 9.09, the Lenders and the L/C Issuer irrevocably authorize the Administrative Agent, at its option and in its discretion, 

(a) to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon
termination of the Aggregate Commitments and payment in full of all Obligations (other than contingent indemnification obligations) and the expiration or termination of all Letters of Credit (other than Letters of Credit that have

  
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been Cash Collateralized or as to which other arrangements reasonably satisfactory to the Administrative Agent and the L/C Issuer shall have been made), (ii) that is sold or otherwise disposed of
or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition permitted hereunder or under any other Loan Document, or (iii) subject to Section 11.01, if approved, authorized or
ratified in writing by the Required Lenders; 
 (b) to subordinate any Lien on any property granted to or held by the
Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 7.01(i); and 

(c) to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a
transaction permitted under the Loan Documents or, if approved, authorized or ratified in writing by the Lenders in accordance with Section 11.01. 

Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority
to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this Section 9.10. In each case as specified in this
Section 9.10, the Administrative Agent will, at the Borrower’s expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the
assignment and security interest granted under the Collateral Documents or to subordinate its interest in such item, or to release such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan
Documents and this Section 9.10. 
 The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into
any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon, or any certificate prepared by any Loan Party in connection
therewith, nor shall the Administrative Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral. 

9.11 Secured Cash Management Agreements and Secured Hedge Agreements. Except as otherwise expressly set forth herein, no Cash
Management Bank or Hedge Bank that obtains the benefit of the provisions of Section 8.03, the Guaranty or any Collateral by virtue of the provisions hereof or any Collateral Document shall have any right to notice of any action or to consent
to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) (or to notice of or to consent to any amendment, waiver or modification
of the provisions hereof or of the Guaranty or any Collateral Document) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article IX to
the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge
Agreements except to the extent expressly provided herein and unless the Administrative Agent has received a Secured Party Designation Notice of such Secured Obligations, together with such supporting

  
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documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. The Administrative Agent shall not be required to verify the
payment of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements. 

ARTICLE X. 

GUARANTEES; JOINT AND SEVERAL OBLIGATIONS 

10.1 The Guarantees. To induce the Lenders and the L/C Issuer to provide the credits described herein and in consideration of
benefits expected to accrue to the Borrowers by reason of the Commitments and for other good and valuable consideration, receipt of which is hereby acknowledged, each Material Domestic Subsidiary party hereto (including any Subsidiary executing an
Additional Guarantor Supplement in the form attached hereto as Exhibit E or such other form acceptable to the Administrative Agent) and each Borrower (as to the Obligations of the other Borrower and Loan Parties) hereby
unconditionally and irrevocably guarantees jointly and severally to the Administrative Agent, the Lenders, and the L/C Issuer and their Affiliates, the due and punctual payment of all present and future Obligations, including, but not limited to,
the due and punctual payment of principal of and interest on the Loans, the Unreimbursed Amounts and the due and punctual payment of all other Obligations now or hereafter owed by the Borrowers under the Loan Documents and the due and punctual
payment of all liability with respect to Swap Contracts and Cash Management Agreements, in each case as and when the same shall become due and payable, whether at stated maturity, by acceleration, or otherwise, according to the terms hereof and
thereof (including all interest, costs, fees, and charges after the entry of an order for relief against any Borrower or such other obligor in a case under any Debtor Relief Law or any similar proceeding, whether or not such interest, costs, fees
and charges would be an allowed claim against such Borrower or any such obligor in any such proceeding); provided, however, that, with respect to any Guarantor, all Swap Obligations guaranteed by such Guarantor shall exclude all Excluded Swap
Obligations. In case of failure by any Borrower or other obligor punctually to pay any Obligations guaranteed hereby, each Guarantor hereby unconditionally agrees to make such payment or to cause such payment to be made punctually as and when the
same shall become due and payable, whether at stated maturity, by acceleration, or otherwise, and as if such payment were made by such Borrower or such obligor. 

10.2 Guarantee Unconditional. The obligations of each Guarantor under this Article X shall be unconditional and absolute
and, without limiting the generality of the foregoing, shall not be released, discharged, or otherwise affected by: 
 (a)
any extension, renewal, settlement, compromise, waiver, or release in respect of any obligation of any Loan Party or other obligor or of any other guarantor under this Agreement or any other Loan Document or by operation of law or otherwise; 

(b) any modification or amendment of or supplement to this Agreement or any other Loan Document or any Swap Contract or Cash
Management Agreement 

  
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 (c) any change in the corporate existence, structure, or ownership of, or
any insolvency, bankruptcy, reorganization, or other similar proceeding affecting, any Loan Party or other obligor, any other guarantor, or any of their respective assets, or any resulting release or discharge of any obligation of any Loan Party or
other obligor or of any other guarantor contained in any Loan Document; 
 (d) the existence of any claim, set-off, or other rights which any Loan Party or other obligor or any other guarantor may have at any time against the Administrative Agent, any Lender, the L/C Issuer, or any other Person, whether or not arising in
connection herewith; 
 (e) any failure to assert, or any assertion of, any claim or demand or any exercise of, or failure to
exercise, any rights or remedies against any Loan Party or other obligor, any other guarantor, or any other Person or property; 

(f) any application of any sums by whomsoever paid or howsoever realized to any obligation of any Loan Party or other obligor,
regardless of what obligations of any Loan Party or other obligor remain unpaid; 
 (g) any invalidity or unenforceability
relating to or against any Loan Party or other obligor or any other guarantor for any reason of this Agreement or of any other Loan Document, or any Swap Contract or Cash Management Agreement, or any provision of applicable law or regulation
purporting to prohibit the payment by any Loan Party or other obligor or any other guarantor of the principal of or interest on any Loan or any other amount payable under the Loan Documents or any Swap Contract or Cash Management Agreement; or 

(h) any other act or omission to act or delay of any kind by the Administrative Agent, any Lender, or any other Person or any
other circumstance whatsoever that might, but for the provisions of this subsection, constitute a legal or equitable discharge of the obligations of any Guarantor under this Article X. 

10.3 Discharge Only upon Payment in Full; Reinstatement in Certain Circumstances. Each Loan Party’s obligations under this
Article X shall remain in full force and effect until the Commitments are terminated and the principal of and interest on the Loans and all other amounts payable by the Borrowers and the other Loan Parties under this Agreement and all other
Loan Documents (other than contingent indemnification obligations not yet due) and, if then outstanding and unpaid and owing, all liabilities relating to Swap Contracts and Cash Management Agreements shall have been paid in full. If at any time any
payment of the principal of or interest on any Loan or any other amount payable by any Loan Party or other obligor or any guarantor under the Loan Documents, any Swap Contract or Cash Management Agreement is rescinded or must be otherwise restored
or returned upon the insolvency, bankruptcy, or reorganization of such Loan Party or other obligor or of any guarantor, or otherwise, each Guarantor’s obligations under this Article X with respect to such payment shall be reinstated at
such time as though such payment had become due but had not been made at such time. 

  
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 10.4 Subrogation. Each Guarantor agrees it will not exercise any rights which
it may acquire by way of subrogation by any payment made hereunder, or otherwise, until all the Obligations shall have been paid in full (other than contingent identification obligations not yet due) subsequent to the termination of all the
Commitments. If any amount shall be paid to a Guarantor on account of such subrogation rights at any time prior to the later of (x) the payment in full of the Obligations and all other amounts payable by the Loan Parties hereunder and the other
Loan Documents (other than contingent indemnification obligations not yet due) and (y) the termination of the Commitments, such amount shall be held in trust for the benefit of the Administrative Agent, the Lenders, and the L/C Issuer (and
their Affiliates) and shall forthwith be paid to the Administrative Agent for the benefit of the Lenders and the L/C Issuer (and their Affiliates) or be credited and applied upon the Obligations, whether matured or unmatured, in accordance with the
terms of this Agreement. 
 10.5 Subordination. Each Guarantor (each referred to herein as a “Subordinated
Creditor”) hereby subordinates the payment of all indebtedness, obligations, and liabilities of the Borrowers or other Loan Party owing to such Subordinated Creditor, whether now existing or hereafter arising, to the indefeasible payment in
full in cash of all Obligations. During the existence of any Event of Default, subject to Section 10.4, any such indebtedness, obligation, or liability of the Borrowers or other Loan Party owing to such Subordinated Creditor shall be enforced
and performance received by such Subordinated Creditor as trustee for the benefit of the holders of the Obligations and the proceeds thereof shall be paid over to the Administrative Agent for application to the Obligations (whether or not
then due), but without reducing or affecting in any manner the liability of such Guarantor under this Article X. 
 10.6
Waivers. Each Guarantor irrevocably waives acceptance hereof, presentment, demand, protest, and any notice not provided for herein, as well as any requirement that at any time any action be taken by the Administrative Agent, any Lender, L/C
Issuer or any other Person against a Borrower or any other Loan Party or other obligor, another guarantor, or any other Person. 

10.7 Limit on Recovery. Notwithstanding any other provision hereof, the right of recovery against each Guarantor under this
Article X shall not exceed $1.00 less than the lowest amount which would render such Guarantor’s obligations under this Article X void or voidable under applicable law, including, without limitation, fraudulent conveyance law. 

10.8 Stay of Acceleration. If acceleration of the time for payment of any amount payable by a Borrower or other Loan Party or
other obligor under this Agreement or any other Loan Document, Swap Contract or Cash Management Agreement, is stayed upon the insolvency, bankruptcy or reorganization of such Borrower or such other Loan Party or obligor, all such amounts otherwise
subject to acceleration under the terms of this Agreement or the other Loan Documents, or under any Swap Contract or Cash Management Agreement, shall nonetheless be payable by the Guarantors hereunder forthwith on demand by the Administrative Agent
made at the request or otherwise with the consent of the Required Lenders. 

  
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 10.9 Benefit to Guarantors. The Loan Parties are engaged in related businesses
and integrated to such an extent that the financial strength and flexibility of the Borrowers and the other Loan Parties has a direct impact on the success of each other Loan Party. Each Guarantor will derive substantial direct and indirect benefit
from the extensions of credit hereunder, and each Guarantor acknowledges that this guarantee is necessary or convenient to the conduct, promotion and attainment of its business. 

10.10 Joint and Several. Each of the Company and CECE (each a “Borrower Loan Party”) hereby acknowledge and
agree that each reference to “Borrower” in this Agreement shall be deemed a reference to each Borrower Loan Party collectively and each Borrower Loan Party hereby acknowledge and agree that it has joint and several liability on the
Loans and on all Obligations owed by the Borrowers under this Agreement and that such liability is absolute and unconditional and shall not in any manner be affected or impaired by any of acts or omissions whatsoever by the Lenders or L/C Issuer,
and without limiting the generality of the foregoing, each Borrower Loan Parties’ joint and several liability on the Loans and other Obligations shall not be impaired by any acceptance by the Lenders and L/C Issuer of any other security for or
guarantors upon the Loans or any other Obligation or by any failure, neglect or omission on the Lenders’ or L/C Issuer’s part to resort to any one or all of the Borrower Loan Parties for payment of the Loans or other Obligations or to
realize upon or protect any collateral security therefor. Each Borrower Loan Party’s joint and several liability on the Loans and other Obligations shall not in any manner be impaired or affected by who receives or uses the proceeds of the
Loans or for what purposes such proceeds are used, and each Borrower Loan Party waives notice of borrowing requests issued by, and loans made to, other Borrower Loan Parties. Such joint and several liability of each Borrower shall also not be
impaired or affected by (and each Lender and L/C Issuer, without notice to anyone, is hereby authorized to make from time to time) any sale, pledge, surrender, compromise, settlement, release, renewal, extension, indulgence, alteration,
substitution, exchange, change in, modification or disposition of any collateral security for the Loans or other Obligations or of any guaranty thereof. In order to enforce payment of the Loans and other Obligations, foreclose or otherwise realize
on any collateral security therefor, and to exercise the rights granted to the Administrative Agent hereunder and thereunder and under applicable law, the Administrative Agent shall be under no obligation at any time to first resort to any
collateral security, property, liens or any other rights or remedies whatsoever, and the Lenders and L/C Issuer shall have the right to enforce the Loans and the other Obligations irrespective of whether or not other proceedings or steps are pending
seeking resort to or realization upon or from any of the foregoing. By its acceptance below, each Borrower Loan Party hereby expressly waives and surrenders any defense to its joint and several liability on the Loans and other Obligations based upon
any of the foregoing. In furtherance thereof, each Borrower Loan Party agrees that wherever in this Agreement it is provided that a Borrower Loan Party is liable for a payment such obligation is the joint and several obligation of each Borrower Loan
Party. 
 10.11 Keepwell. Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and
irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guaranty in respect of Swap Obligations (provided, however, that each Qualified ECP
Guarantor 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 Guaranty, voidable under applicable law relating to
fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this 

  
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Section shall remain in full force and effect until discharged in accordance with Section 11.3. Each Qualified ECP Guarantor intends that this Section constitute, and this Section shall be
deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

ARTICLE XI 

MISCELLANEOUS 

11.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to
any departure by any Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrowers or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent,
and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall: 

(a) waive any condition set forth in Section 4.01(a) without the written consent of each Lender; 

(b) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to
Section 8.02) without the written consent of such Lender (which, for clarity, shall not require the consent of the Required Lenders); 

(c) postpone any date fixed by this Agreement or any other Loan Document for any payment or mandatory prepayment of principal, interest, fees
or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby; 

(d) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing or (subject to clause (ii) of
the second proviso to this Section 11.01) any fees or other amounts payable hereunder or under any other Loan Document 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 definition of “Default Rate” or to waive any obligation of the Borrowers to pay interest or Letter of Credit Fees at the Default Rate; 

(e) change Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby without the
written consent of each Lender; 
 (f) change any provision of this Section or the definition of “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender; or 

(g) release all or substantially all of the Collateral in any transaction or series of related transactions, without the written consent of
each Lender; 

  
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 (h) release all or substantially all of the value of the Guaranty without the written
consent of each Lender, except to the extent the release of any Guarantor is permitted pursuant to Section 9.10 (in which case such release may be made by the Administrative Agent acting alone); 

and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the L/C Issuer in addition to the
Lenders required above, affect the rights or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) unless in writing and signed by the Administrative Agent in
addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and (iii) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing
executed only by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its
terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or
extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender disproportionately adversely relative to
other affected Lenders shall require the consent of such Defaulting Lender. 
 Notwithstanding anything contained herein to the contrary, the Administrative
Agent may amend Schedule 2.01 to reflect assignments entered into pursuant to Section 11.06. Furthermore, notwithstanding anything contained herein in the contrary, the Administrative Agent and the Loan Parties may amend or
modify this Agreement and any other Loan Document by written agreement signed by the Administrative Agent and the Company to cure any ambiguity, omission, defect or inconsistency herein or therein. 

Anything herein contained to the contrary notwithstanding, (a) this Agreement may be amended and restated without the consent of any Lender (but with the
consent of the Company and the Administrative Agent) if, upon giving effect to such amendment and restatement, such Lender shall no longer be a party to this Agreement (as so amended and restated), the Commitment of such Lender shall have
terminated, such Lender shall have no other commitment or other obligation hereunder and shall have been paid in full all principal, interest and other amounts owing to it or accrued for its account under this Agreement, and (b) the
Administrative Agent may amend or modify this Agreement and any other Loan Document to (i) to cure any ambiguity, omission, mistake, defect or inconsistency therein or (ii) grant a new Lien for the benefit of the Secured Parties, extend an
existing Lien over additional property for the benefit of the Secured Parties or join additional Persons as Loan Parties. 
 11.02
Notices; Effectiveness; Electronic Communication. 
 (a) Notices Generally. Except in the case of notices and other
communications expressly permitted to be given by telephone (and except as provided in subsection (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 facsimile as follows: 
 (i) if to the Borrowers or any other Loan
Party, to it at 231 N. Martingale Road, Schaumburg, Illinois 60173, Attention of Ashish Ghia, Senior Vice President and Chief Financial Officer (Facsimile No. _____________; Telephone No. (847) 585-3782;
Email: aghia@careered.com); 

  
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 (ii) if to the Administrative Agent, to BMO Harris Bank N.A. at 111
West Monroe Street, Chicago, Illinois 60603, Attention of Brian Haldane (Facsimile No. (312) 765-1136; Telephone No. (312) 461-8320; Email: brian.haldane@bmo.com);

 (iii) if to a Lender or L/C Issuer, to it at its address (or facsimile number or email address) 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); and notices delivered through electronic communications, to the extent provided in subsection (b) below, shall be effective as provided in said subsection (b). 

(b) Electronic Communications. Notices and other communications to the Lenders and the L/C Issuer hereunder may be delivered or
furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to
notices to any Lender or the L/C Issuer pursuant to Article II if such Lender or the L/C Issuer, as applicable has notified the Administrative Agent that it is incapable of receiving notices under such Sections by electronic communication. The
Administrative Agent, the L/C Issuer or the Borrowers may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such
procedures may be limited to particular notices or communications. 
 Unless the Administrative Agent otherwise prescribes, (i) notices
and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement), 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. 
 (c) Change of Address, etc. Any party hereto may
change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto. 

  
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 (d) Platform. (i) Each Loan Party agrees that the Administrative Agent
may, but shall not be obligated to, make the Communications (as defined below) available to the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system (the
“Platform”). 
 (ii) The Platform is provided “as is” and “as available.” The Agent Parties (as defined
below) do not warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of
merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in
connection with the Communications or the Platform. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Borrower or the other Loan Parties, any
Lender, the L/C Issuer or any other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of
any Borrower’s, Loan Party’s or the Administrative Agent’s transmission of communications through the Platform. “Communications” means, collectively, any notice, demand, communication, information, document or other
material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed to the Administrative Agent or any Lender by means of electronic communications pursuant to this Section,
including through the Platform. 
 11.03 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, the L/C Issuer
or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of
any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other
Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
 Notwithstanding anything
to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and
proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders and the L/C Issuer;
provided, however, that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder
and under the other Loan Documents, (b) the L/C Issuer from exercising the rights and remedies that inure to its benefit (solely in its capacity as L/C Issuer) hereunder and under the other Loan Documents, (c) any Lender from exercising
setoff rights in accordance with Section 11.08 (subject to the terms of Section 2.13), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during
the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then
(i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b), (c) and
(d) of the preceding proviso and subject to Section 2.13, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. 

  
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 11.04 Expenses; Indemnity; Damage Waiver. 

(a) Costs and Expenses. Each Borrower shall jointly and severally 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 preparation, negotiation, execution, delivery 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 L/C Issuer in
connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable and documented
out-of-pocket expenses incurred by the Administrative Agent or any Lender or the L/C Issuer (including the reasonable fees, charges and disbursements of any counsel for
the Administrative Agent, any Lender or L/C Issuer (limited, in the case of any Lender or the L/C Issuer, to one counsel for all Lenders and the L/C Issuer, taken as a group)), in connection with the enforcement or protection of its rights
(A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such reasonable and documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 

(b) Indemnification by the Borrowers. The Borrowers shall indemnify the Administrative Agent (and any
sub-agent thereof), each Lender and the L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee
harmless from, any and all losses, claims, damages, liabilities and related expenses (including the reasonable and documented fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee
from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrowers or any other Loan Party) other than such
Indemnitee and its Related Parties 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, the performance by
the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent
thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in Section 3.01), (ii) any Loan or Letter of Credit or the use or
proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of
Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Company or any of its 

  
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Subsidiaries, or any Environmental Liability related in any way to the Company or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided that
such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by any Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder
or under any other Loan Document, if such Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. Without limiting the provisions of
Section 3.01(c), this Section 11.4(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any
non-Tax claim. 
 (c) Reimbursement by Lenders. To the extent that the Borrowers for any
reason fail to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof),
the L/C Issuer, or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the L/C Issuer or such Related Party, as the case may be,
such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Total Credit Exposure at such time) of such unpaid amount (including any
such unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such Lenders’ Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity
payment is sought), provided, further that, the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) or the L/C Issuer in its capacity as such or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) or the
L/C Issuer in its capacity as such. The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.12(d). 

(d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, no party shall assert, and each hereby
waives, and acknowledges that no other Person shall have, any claim against any Indemnitee or any Loan Party, 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, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof
(provided the foregoing shall not limit the obligations of the Loan Parties under clause (b) above). No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended
recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan
Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of
competent jurisdiction. 

  
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 (e) Payments. All amounts due under this Section shall be payable not later than ten
Business Days after written demand therefor. 
 (f) Survival. The agreements in this Section and the indemnity provisions of
Section 11.02(e) shall survive the resignation of the Administrative Agent, and the L/C Issuer, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all
the other Obligations. 
 11.05 Payments Set Aside. To the extent that any payment by or on behalf of a Borrower is made to
the Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated,
declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, the L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party,
in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as
if such payment had not been made or such setoff had not occurred, and (b) each Lender and the L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from
or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders and the L/C
Issuer under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement. 

11.06 Successors and Assigns.  

(a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby, except that no Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each
Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in
accordance with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section (and any other attempted
assignment or transfer by any party hereto shall be null and void). 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, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the L/C Issuer and the Lenders) any legal or
equitable right, remedy or claim under or by reason of this Agreement. 

  
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 (b) Assignments by Lenders. Any Lender may at any time assign to one or more
assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b), participations in L/C Obligations) at the time owing to
it); provided that any such assignment shall be subject to the following conditions: 
 (i) Minimum Amounts.

 (A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at
the time owing to it or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate or in the case of an assignment to a Lender, an Affiliate of a
Lender or an Approved Fund, no minimum amount need be assigned; and 
 (B) in any case not described in subsection
(b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the 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 or, if “Trade Date” is specified in the Assignment and Assumption, as of the
Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrowers otherwise consent (each such consent not to be unreasonably withheld or delayed).

 (ii) Proportionate Amounts. 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 with respect to the Loans or the Commitment assigned; 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by subsection
(b)(i)(B) of this Section and, in addition: 
 (A) the consent of the Borrowers (such consent not to be unreasonably
withheld or delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that
the Borrowers shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within seven (7) Business Days after having received notice thereof; 

(B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if such
assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and 

(C) the consent of the L/C Issuer shall be required for any assignment (such consent not to be unreasonably withheld or
delayed). 

  
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 (iv) Assignment and Assumption. The parties to each assignment shall
execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect
to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

(v) No Assignment to Certain Persons. No such assignment shall be made (A) to the Company or any of the
Company’s Affiliates or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B), or
(C) to a natural Person. 
 (vi) Certain Additional Payments. In connection with any assignment of rights and
obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the
Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with
the consent of the Borrowers and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to
(x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the L/C Issuer or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full
pro rata share of all Loans and participations in Letters of Credit in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall
become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective
date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement 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 3.01, 3.04, 3.05, and 11.04 with respect
to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or
release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Upon request, the Borrowers (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender
of rights or obligations under this Agreement that does not comply with this subsection 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 subsection
(d) of this Section. 

  
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 (c) Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrowers (and such agency being solely for tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the
equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans and L/C Obligations owing to, each Lender pursuant
to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is
recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by any Borrower and any Lender, at any reasonable time and from time to time upon
reasonable prior notice. 
 (d) Participations. Any Lender may at any time, without the consent of, or notice to, the Borrowers or
the Administrative Agent, sell participations to any Person (other than a natural Person, a Defaulting Lender or the Company or any of the Company’s Affiliates or Subsidiaries) (each, a “Participant”) 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 (including such Lender’s participations in L/C Obligations) owing to it); provided that (i) such
Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Administrative Agent
and the Lenders and the L/C Issuer shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the
indemnity under Section 11.04(c) without regard to the existence of any participation. 
 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, waiver or other modification described in the first proviso to
Section 11.01 that affects such Participant. Each Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender
and had acquired its interest by assignment pursuant to subsection (b) of this Section (it being understood that the documentation required under Section 3.01(e) shall be delivered to the Lender who sells the
participation) 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 Sections
3.06 and 10.13 as if it were an assignee under paragraph (b) of this Section and (B) shall not be entitled to receive any greater payment under Sections 3.01 or 3.04, with respect to any participation, than the
Lender from whom it acquired the applicable participation 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 Borrowers’ request 

  
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and expense, to use reasonable efforts to cooperate with the Borrowers to effectuate the provisions of Section 3.06 with respect to any Participant. To the extent
permitted by law, each Participant also shall be entitled to the benefits of Section 11.08 as though it were a Lender; provided that such Participant agrees to be subject to
Section 2.13 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrowers, 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 “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. 
 (e) Certain Pledges. Any Lender may at any time pledge or
assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank;
provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

11.07 Treatment of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and the L/C Issuer 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 (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
(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 hereto,
(e) 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,
(f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or Participant in, any of its rights and
obligations under this Agreement, or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to each Borrower and its obligations, this
Agreement or payments hereunder, (g) on a confidential basis to (A) any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided hereunder or (B) the provider of any Platform or other
electronic delivery service used by the Administrative Agent and the L/C Issuer to deliver Borrower Materials or notices to the Lenders 

  
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or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities
provided hereunder, (h) with the consent of the Company or (i) 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 the Administrative Agent,
any Lender, the L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than a Borrower or any other Loan Party. For purposes of this Section, “Information” means all information received from any
Borrower or any Subsidiary relating to the Borrowers or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender or the L/C Issuer on a nonconfidential basis
prior to disclosure by any Borrower or Subsidiary, provided that, in the case of information received from any Borrower or Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. Any
Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own confidential information 
 Each of the Administrative Agent, the Lenders and the L/C
Issuer acknowledges that (a) the Information may include material non-public information concerning a Borrower or Subsidiary, as the case may be, (b) it has developed compliance procedures regarding
the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including United States
Federal and state securities Laws. 
 11.08 Right of Setoff. If an Event of Default shall have occurred and be continuing,
each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or
demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the L/C Issuer or any such Affiliate to or for the credit or the account of any Loan Party against
any and all of the Obligations of such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or the L/C Issuer or their respective Affiliates, irrespective of whether or not such Lender, the L/C Issuer
or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of such Loan Party may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender or the L/C Issuer
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 set off shall be
paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.14 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 L/C Issuer 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 L/C Issuer and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the
L/C Issuer or their respective Affiliates may have. Each Lender and the L/C Issuer agrees to notify the Company 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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 11.09 Interest Rate Limitation. Notwithstanding anything to the contrary
contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum
Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the
Borrowers. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that
is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest
throughout the contemplated term of the Obligations hereunder. 
 11.10 Counterparts; Integration; Effectiveness. This
Agreement may be executed in counterparts (and by different parties hereto in 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 or the L/C Issuer, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent
and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or
other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement. 

11.11 Survival of Representations and Warranties. All representations and warranties made hereunder and in any other Loan
Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the
Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default
at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding. 

11.12 Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or
unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations
to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a

  
 113 

 
provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this
Section 11.12, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent
or the L/C Issuer, then such provisions shall be deemed to be in effect only to the extent not so limited. 
 11.13 Replacement of
Lenders. If the Borrowers are entitled to replace a Lender pursuant to the provisions of Section 3.06, or if any Lender is a Defaulting Lender or a Non-Consenting Lender or
if any other circumstance exists hereunder that gives the Borrowers the right to replace a Lender as a party hereto, then the Borrowers may, at their 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, and consents required by, Section 11.06), all of its interests, rights (other than its existing rights to
payments pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such
assignment), provided that: 
 (a) the Borrowers shall have paid to the Administrative Agent the assignment fee (if any) specified in
Section 11.06(b); 
 (b) such Lender shall have received payment of an amount equal to the outstanding principal
of its Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the
extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts); 
 (c) in the case
of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such
compensation or payments thereafter; 
 (d) such assignment does not conflict with applicable Laws; and 

(e) in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the
applicable assignee shall have consented to the applicable amendment, waiver or consent. 
 A Lender shall not be required to make any such
assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment and delegation cease to apply. 

11.14 Governing Law; Jurisdiction; Etc. 

(a) GOVERNING LAW. This Agreement and the other Loan Documents and any claims, controversy, dispute or cause of action (whether in
contract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be
governed by, and construed in accordance with, the law of the State of Illinois. 

  
 114 

 (b) SUBMISSION TO JURISDICTION. EACH LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY
AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, THE L/C ISSUER OR ANY RELATED
PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF ILLINOIS SITTING IN COOK COUNTY AND OF THE UNITED STATES
DISTRICT COURT OF THE NORTHERN DISTRICT OF ILLINOIS, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY
SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH ILLINOIS STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION,
LITIGATION 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, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

(c) WAIVER OF VENUE. EACH LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

(d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN
SECTION 11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

  
 115 

 11.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON 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 AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
 11.16 Subordination. Each Loan Party (a “Subordinating Loan Party”) hereby
subordinates the payment of all obligations and indebtedness of any other Loan Party owing to it (“Intercompany Debt”), whether now existing or hereafter arising, including but not limited to any obligation of any such other Loan
Party to the Subordinating Loan Party as subrogee of the Secured Parties or resulting from such Subordinating Loan Party’s performance under this Guaranty, to the indefeasible payment in full in cash of all Obligations (other than contingent
obligations for which no claim has been asserted). If the Secured Parties so request, any such obligation or indebtedness of any such other Loan Party to the Subordinating Loan Party shall be enforced and performance received by the Subordinating
Loan Party as trustee for the Secured Parties and the proceeds thereof shall be paid over to the Secured Parties on account of the Secured Obligations, but without reducing or affecting in any manner the liability of the Subordinating Loan Party
under this Agreement. Without limitation of the foregoing, so long as no Default has occurred and is continuing, the Loan Parties may make and receive payments with respect to Intercompany Debt; provided, that in the event that any Loan Party
receives any payment of any Intercompany Debt at a time when such payment is prohibited by this Section, such payment shall be held by such Loan Party, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written
request, to the Administrative Agent. 
 11.17 No Advisory or Fiduciary Responsibility. In connection with all aspects of each
transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Loan Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that:
(i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent and any Affiliate thereof, the Arranger, and the Lenders are arm’s-length commercial
transactions between the Loan Parties and their respective Affiliates, on the one hand, and the Administrative Agent and, as applicable, its Affiliates and the Lenders and their Affiliates (collectively, solely for purposes of this Section, the
“Lenders”), on the other hand, (B) each Loan Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each Loan Party is capable of evaluating, and understands
and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent and its its Affiliates, the Arranger and each Lender is and has been acting solely as a
principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrowers, any other Loan Party or any of their respective Affiliates, or any other
Person and (B) neither the Administrative Agent, 

  
 116 

 
any of its its Affiliates, the Arranger nor any Lender has any obligation to any Loan Party or any of their respective Affiliates with respect to the transactions contemplated hereby except those
obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent and its its Affiliates, and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve
interests that differ from those of the Loan Parties and their respective Affiliates, and neither the Administrative Agent, any of its Affiliates, nor any Lender has any obligation to disclose any of such interests to any Loan Party or their
respective Affiliates. To the fullest extent permitted by law, each Borrower and each other Loan Party hereby waives and releases any claims that it may have against the Administrative Agent, any of its its Affiliates or any Lender with respect to
any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

11.18 Electronic Execution of Assignments and Certain Other Documents. The words “execute,” “execution,”
“signed,” “signature,” and words of like import in any Assignment and Assumption or in any amendment or other modification hereof (including waivers and consents) shall be deemed to include electronic signatures, the electronic
matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York
State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

11.19 USA PATRIOT Act. Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for itself
and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Act”), it is required to obtain, verify and record information that identifies the Borrowers, which information includes the name and address of the Borrowers and other information that will allow such Lender or the Administrative Agent,
as applicable, to identify the Borrowers in accordance with the Act. The Borrowers shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such
Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act. 

11.20 Acknowledgement and Consent to Bail-In of EEA Financial Institutions.
Solely to the extent any Lender or L/C Issuer that is an EEA Financial Institution is a party to this Agreement and 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 Lender or L/C Issuer that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion
powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 
 (a) the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender or L/C Issuer that is an EEA Financial Institution; and 

  
 117 

 (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
EEA Financial Institution, its parent undertaking, 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 any EEA Resolution Authority. 
 11.21 Existing Credit
Agreement. Upon satisfaction of the conditions precedent set forth in Section 4.01 hereof, that certain Amended and Restated Credit Agreement dated as of December 30, 2013, as amended, restated, supplemented or otherwise modified prior
to the date hereof, by and among the Borrowers, the Guarantors, and BMO Harris Bank, as the Administrative Agent and sole Lender shall be deemed terminated and of no further force or effect and, if applicable, the obligations of the Borrowers and
the Guarantors thereunder shall be deemed obligations evidenced by this Credit Agreement. 
 [Remainder Left Intentionally Blank] 

  
 118 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
as of the date first above written. 
  

			
	 “BORROWERS”

	
	 CAREER EDUCATION
CORPORATION

		
	 By:
	 	 /s/ Michele A. Peppers

		 	 Name: Michele A. Peppers

		 	 Title: Vice President, Accounting and Reporting

  

			
	 CEC EDUCATIONAL SERVICES, LLC

		
	By:	 	/s/ Michele A. Peppers
		 	Name: Michele A. Peppers
		 	Title: President

  
 S-1 

 
					
	“GUARANTORS”
	
	AIU ONLINE, LLC
		
	By: 	 	/s/ Michele A. Peppers
		 	Name:	 	Michele A. Peppers
		 	Title:	 	Vice President and Chief Financial Officer

  

					
	AMERICAN INTERCONTINENTAL UNIVERSITY, INC.
		
	 By: 
	 	 /s/ Michele A. Peppers

		 	 Name:
	 	 Michele A. Peppers

		 	 Title:
	 	 Vice President and Chief Financial Officer

  

					
	COLORADO TECH, INC.
		
	By: 	 	/s/ Michele A. Peppers
		 	Name:	 	Michele A. Peppers
		 	Title:	 	Vice President and Chief Financial Officer

  

					
	COLORADO TECHNICAL UNIVERSITY, INC.
		
	By: 	 	/s/ Michele A. Peppers
		 	Name:	 	Michele A. Peppers
		 	Title:	 	Vice President and Chief Financial Officer

  
 S-2 

 
					
	 BMO HARRIS BANK N.A., as

	 Administrative Agent, Sole Lender and L/C Issuer

		
	 By: 
	 	 /s/ Brian Haldane

		 	 Name:
	 	 Brian Haldane

		 	Title:	 	Vice President

  
 S-3 

 SCHEDULE 1.01 

EXISTING LETTERS OF CREDIT 
  

									
	 Number
	  	 Beneficiary
	  	 Date Issued
	  	Amount	 
	 HACH426303OS
	  	 National Union Fire
 Insurance
Company
	  	February 19, 2014	  	$	217,824	 
				
	 HACH426689OS
	  	 XL Specialty
 Insurance Company
	  	February 5, 2014	  	$	3,562,000	 
				
	 HACH451539OS
	  	 CSDCPC CSEC,
 LLC
	  	January 5, 2015	  	$	500,000	 

  
 S-4 

 SCHEDULE 2.01 

COMMITMENTS AND APPLICABLE PERCENTAGES 
  

									
	 Lender
	  	Commitment	 	  	Applicable
Percentage	 
	 BMO Harris Bank N.A.
	  	$	50,000,000	 	  	 	100.00	% 
	 Total
	  	$	50,000,000	 	  	 	100.00	% 

  
 S-5 

 SCHEDULE 2.02 

MATERIAL DOMESTIC SUBSIDIARIES 
  

	1.	 American InterContinental University, Inc. 

 

	2.	 AIU Online, LLC 

  

	3.	 Colorado Technical University, Inc. 

 

	4.	 Colorado Tech, Inc. 

  

	5.	 CEC Educational Services, LLC 

  
 S-6 

 SCHEDULE 5.06 

LITIGATION 
 None. 

  
 S-7 

 SCHEDULE 5.09 

ENVIRONMENTAL MATTERS 
 None. 

  
 S-8 

 SCHEDULE 5.13 

SUBSIDIARIES; OTHER EQUITY INVESTMENTS; 

EQUITY INTERESTS IN THE BORROWER 
  

	Part (a).	 Subsidiaries. 

 

	 	1.	 “The Katharine Gibbs Corporation-Melville” 

	 	2.	 AIU Online, LLC 

	 	3.	 American InterContinental University, Inc. 

	 	4	 American InterContinental University-London Ltd. U.S. 

	 	5	 Briarcliffe College, Inc. 

	 	6	 BIPL, LLC 

	 	7	 California Culinary Academy, LLC 

	 	8	 Career Education Student Finance LLC 

	 	9	 CEC Educational Services, LLC 

	 	10	 CEC Employee Group, LLC 

	 	11	 CEC Europe, LLC 

	 	12	 CEC Insurance Agency, LLC 

	 	13	 CEC Leasing, LLC 

	 	14	 CEC Real Estate Holding, Inc. 

	 	15	 Colorado Tech, Inc. 

	 	16	 Colorado Technical University, Inc. 

	 	17	 Education and Training, Incorporated 

	 	18	 Harrington Institute of Interior Design, Inc. 

	 	19	 International Academy of Design & Technology Detroit, Inc. 

	 	20	 International Academy of Merchandising & Design, Inc. 

	 	21	 Kitchen Academy, Inc. 

	 	22	 LCB Culinary Schools, LLC 

	 	23	 Le Cordon Bleu College of Culinary Arts, Inc., a Private Two-Year
College 

	 	24	 Le Cordon Bleu North America, LLC 

	 	25	 Market Direct, Inc. 

	 	26	 Marlin Acquisition Corp. 

	 	27	 Sanford-Brown Group, Inc. 

	 	28	 Sanford-Brown, Limited 

	 	29	 Scottsdale Culinary Institute, Ltd. 

	 	30	 The Cooking and Hospitality Institute of Chicago, Inc. 

	 	31	 The Katharine Gibbs School of Norwalk, Inc. 

	 	32	 The Katharine Gibbs School of Providence, Inc. 

	 	33	 Words of Wisdom, LLC 

  
 S-9 

	 	Part (b).	 Other Equity Investments. 

 

	 	1.	 CCKF, Limited (Ireland)—30.67% Equity Ownership 

	 	2.	 SIMTICS Limited (New Zealand) - < 10% Equity Ownership 

  
 S-10 

 SCHEDULE 5.17 

INTELLECTUAL PROPERTY MATTERS 
 None. 

  
 S-11 

 SCHEDULE 5.19 

TITLE IV MATTERS 
 None. 

  
 S-12 

 SCHEDULE 7.01 

EXISTING LIENS 
 Career
Education Corporation 
  

													
	 JURISDICTION
	  	SEARCH
DATE	  	 TYPE OF
SEARCH
	  	 FILING NO.
	  	FILING
DATE	  	 SECURED PARTY
	  	
COLLATERAL TYPE

							
	Delaware Secretary of State	  	10/10/18	  	Federal Tax Lien	  	Clear	  		  		  	
							
		  	10/10/18	  	UCC	  	20103121815	  	9/8/10	  	Macquarie Equipment Finance, LLC	  	Specific equipment pursuant to lease
							
		  		  		  	20153227864	  	7/27/15	  		  	Continuation
							
		  		  		  	20111477267	  	4/20/11	  	Macquarie Equipment Finance, LLC	  	Specific equipment pursuant to lease
							
		  		  		  	20161886215	  	3/30/16	  		  	Continuation
							
		  		  		  	20111477275	  	4/20/11	  	Macquarie Equipment Finance, LLC	  	Specific equipment pursuant to lease
							
		  		  		  	20161886207	  	3/30/16	  		  	Continuation
							
	Department of Revenue, Illinois	  	10/9/18	  	State Tax Lien	  	Clear	  		  		  	
							
	Illinois Secretary of State	  	10/10/18	  	UCC & Federal Tax Lien	  	Clear	  		  		  	
							
	Cook County, Illinois	  	10/10/18	  	Federal Tax, State Tax, and Judgement	  	Clear	  		  		  	

  
 S-13 

													
	 JURISDICTION
	  	SEARCH
DATE	 	 TYPE OF
SEARCH
	  	 FILING NO.
	  	FILING
DATE	  	 SECURED PARTY
	 	COLLATERAL TYPE
							
		  	10/9/18	 	Litigation (Defendant)	  	2010-CH-33686	  	8/4/10	  	Fahey, Sheila	 	Class Action
							
	U.S. District Court, Illinois Northern District	  	10/11/18	 	Federal Litigation (Defendant)	  	1:11-cv-09119	  	12/22/11	  	Cook et al	 	Civil Case
							
		  		 		  	1:13-cv-07825	  	10/31/18	  	Unites States of America ex rel.	 	
							
		  		 		  	1:12-cv-08834	  	11/05/12	  	Alex et al	 	
							
		  		 		  	1:15-cv-11863	  	12/30/15	  	Brunk et al	 	
							
		  		 		  	1:16-cv-10669	  	11/16/16	  	American Intercontinental University, Inc. et al	 	

 CEC Educational Services, LLC 
  

															
	 JURISDICTION
	  	SEARCH
DATE	 	 TYPE OF
SEARCH
	  	 FILING NO.
	  	 FILING
DATE
	  	 SECURED PARTY
	 	COLLATERAL TYPE	 
							
	Department of Revenue, Illinois	  	10/9/18	 	State Tax Lien	  	Clear	  		  		 			
							
	Illinois Secretary of State	  	10/10/18	 	UCC & Federal Tax Lien	  	Clear	  		  		 			
							
	Cook County, Illinois	  	10/10/18	 	Federal Tax, State Tax, and Judgment Lien	  	Clear	  		  		 			
							
		  	10/9/18	 	Litigation (Defendant)	  	Clear	  		  		 			
							
	U.S. District Court, Illinois Northern District	  	10/11/18	 	Federal Litigation (Defendant)	  	Clear	  		  		 			

  
 S-14 

 American InterContinental University, Inc. 

 

															
	 JURISDICTION
	  	SEARCH
DATE	  	 TYPE OF
SEARCH
	  	 FILING NO.
	  	 FILING
DATE
	  	 SECURED PARTY
	 	COLLATERAL TYPE	 
	Superior Court Clerks Cooperative Authority, Georgia	  	10/3/18	  	UCC	  	Clear	  		  		 			
							
		  	10/15/18	  	State Tax Lien- GA Department of Revenue	  	Clear	  		  		 			
							
	Department of Revenue, Illinois	  	10/9/18	  	State Tax Lien	  	Clear	  		  		 			
							
	Illinois Secretary of State	  	10/10/18	  	UCC and Federal Tax Lien	  	Clear	  		  		 			
							
	Cook County, Illinois	  	10/9/18	  	Litigation (Defendant)	  	Clear	  		  		 			
							
		  	10/10/18	  	Federal Tax & Judgement Lien	  	Clear	  		  		 			
		  	10/10/18	  	State Tax Lien	  	0530716021	  	11/3/05	  	Texas Workforce Commission	 	 	State Tax Lien	 
							
	U.S. District Court, Illinois Northern District	  	10/11/18	  	Federal Litigation (Defendant)	  	1:13-cv-07825	  	10/31/13	  	United States of America ex rel.	 	 	Civil Case	 

  
 S-15 

 AIU Online, LLC 
  

															
	 JURISDICTION
	  	SEARCH
DATE	  	 TYPE OF
SEARCH
	  	 FILING NO.
	  	 FILING
DATE
	  	 SECURED PARTY
	  	COLLATERAL TYPE	 
							
	Delaware Secretary of State	  	10/10/18	  	UCC & Federal Tax Lien	  	Clear	  		  		  			
							
	Department of Revenue, Illinois	  	10/9/18	  	State Tax Lien	  	Clear	  		  		  			
							
	Illinois Secretary of State	  	10/10/18	  	UCC & Federal Tax Lien	  	Clear	  		  		  			
							
	Cook County, Illinois	  	10/10/18	  	Federal Tax, State tax, and Judgement Lien	  	Clear	  		  		  			
							
		  	10/9/18	  	Litigation (Defendant)	  	Clear	  		  		  			
							
	U.S. District Court, Illinois Northern District	  	10/11/18	  	Federal Litigation (Defendant)	  	Clear	  		  		  			

 Colorado Technical University, Inc. 
  

															
	 JURISDICTION
	  	SEARCH
DATE	  	 TYPE OF
SEARCH
	  	 FILING NO.
	  	 FILING
DATE
	  	 SECURED PARTY
	  	COLLATERAL TYPE	 
							
	Colorado Secretary of State	  	10/9/18	  	UCC & Federal Tax Lien	  	Clear	  		  		  			
							
	Department of Revenue, Illinois	  	10/9/18	  	State Tax Lien	  	Clear	  		  		  			
							
	Illinois Secretary of State	  	10/10/18	  	UCC and Federal Tax Lien	  	Clear	  		  		  			
							
	Cook County, Illinois	  	10/10/18	  	Federal Tax, State tax, and Judgement Lien	  	Clear	  		  		  			
							
		  	10/9/18	  	Litigation (Defendant)	  	Clear	  		  		  			
							
	U.S. District Court, Illinois Northern District	  	10/11/18	  	Federal Litigation (Defendant)	  	Clear	  		  		  			

  
 S-16 

 Colorado Tech, Inc. 

 

															
	 JURISDICTION
	  	SEARCH
DATE	  	 TYPE OF
SEARCH
	  	 FILING NO.
	  	 FILING
DATE
	  	 SECURED PARTY
	  	COLLATERAL TYPE	 
							
	Delaware Secretary of State	  	10/10/18	  	UCC & Federal Tax Lien	  	Clear	  		  		  			
							
	Department of Revenue, Illinois	  	10/9/18	  	State Tax Lien	  	Clear	  		  		  			
							
	Illinois Secretary of State	  	10/10/18	  	UCC & Federal Tax Lien	  	Clear	  		  		  			
							
	Cook County, Illinois	  	10/10/18	  	Federal Tax, State tax, and Judgement Lien	  	Clear	  		  		  			
							
		  	10/9/18	  	Litigation (Defendant)	  	Clear	  		  		  			
							
	U.S. District Court, Illinois Northern District	  	10/11/18	  	Federal Litigation (Defendant)	  	Clear	  		  		  			

  
 S-17 

 SCHEDULE 7.03 

EXISTING INDEBTEDNESS 
  

									
	 Letters of credit
	  	$	 4,279,824	 	  	 	As of 12/19/2018	 
	 Surety Bonds
	  	$	338,974	 	  	 	As of 12/19/2018	 

 EXHIBIT A 

FORM OF LOAN NOTICE 

Date: ___________, _____ 
  

	To:	 BMO Harris Bank N.A., as Administrative Agent 

Ladies and Gentlemen: 
 Reference is made to that
certain Credit Agreement, dated as of December 27, 2018 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein
defined), among Career Education Corporation, a Delaware corporation (the “Company”), CEC Educational Services, LLC, an Illinois limited liability company (“CECE”; the Company and CECE shall be referred to herein as
the “Borrowers” and individually as a “Borrower”), the Guarantors from time to time party thereto, the Lenders from time to time party thereto, and BMO Harris Bank N.A., as Administrative Agent. 

The undersigned hereby requests (select one): 

Borrower: [Career Education Corporation] / [CEC Educational Services, LLC] 

☐ A Borrowing of Loans
                                    ☐ A conversion or
continuation of Loans 
  

	 	1.	 On ______________________________________ (a Business Day). 

 

	 	2.	 In the amount of $_____________________. 

 

	 	3.	 Comprised
                                         
   of__________________________________. 

	 	[Type	 of Loan requested] 

  

	 	4.	 For Eurodollar Rate Loans: with an Interest Period of
             months. 

 The Borrowing, if any,
requested herein complies with the provisos to the first sentence of Section 2.01 of the Agreement. 
  

					
	 [CAREER EDUCATION CORPORATION] / [CEC
EDUCATIONAL SERVICES, LLC]

 
					
		
	By: 	 	 
		 	Name:	 	 
		 	Title:	 	 

  
 A-1 

Form of Loan Notice 

 EXHIBIT B 

FORM OF NOTE 
 December 27, 2018 

FOR VALUE RECEIVED, each of the undersigned, CAREER EDUCATION
CORPORATION, a Delaware corporation (the “Company”) and CEC EDUCATIONAL SERVICES, LLC, an Illinois limited liability company (“CECE”; the Company and CECE shall be
referred to herein as the “Borrowers” and individually as a “Borrower”), hereby jointly and severally promises to pay to ____________________ (the “Lender”) or its registered assigns on the Maturity
Date of the hereinafter defined Credit Agreement, at the principal office of the Administrative Agent in Chicago Illinois (or such other location as the Administrative Agent may designate to the Borrowers), in immediately available funds, the
aggregate unpaid principal amount of all Loans made by the Lender to the Borrowers pursuant to the Credit Agreement, together with interest on the principal amount of each Loan from time to time outstanding hereunder at the rates, and payable in the
manner and on the dates, specified in the Credit Agreement. 
 This Note is one of the Notes referred to in the Credit Agreement dated as of
December 27, 2018, among the Borrowers, the Guarantors party thereto, the Lenders party thereto, and BMO Harris Bank N.A., as Administrative Agent (as extended, modified, renewed, amended or restated from time to time, the “Credit
Agreement”), and this Note and the holder hereof are entitled to all the benefits and security provided for thereby or referred to therein, to which Credit Agreement reference is hereby made for a statement thereof. All defined terms used
in this Note, except terms otherwise defined herein, shall have the same meaning as in the Credit Agreement. This Note shall be governed by and construed in accordance with the internal laws of the State of Illinois. 

Voluntary prepayments may be made hereon, certain prepayments are required to be made hereon, and this Note may be declared due prior to the
expressed maturity hereof, all in the events, on the terms and in the manner as provided for in the Credit Agreement. 
 The Borrowers
hereby waive demand, presentment, protest or notice of any kind hereunder. 
  

					
	CAREER EDUCATION CORPORATION
		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  
 B-1 

Form of Note 

 
					
	CEC EDUCATIONAL SERVICES, LLC
		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  
 B-1 

Form of Note 

 EXHIBIT C 

CAREER EDUCATION CORPORATION 

CEC EDUCATIONAL SERVICES, LLC 

COMPLIANCE CERTIFICATE 
  

	To:	 BMO Harris Bank N.A., as 

Administrative Agent under, and the 

Lenders party to, the Credit 

Agreement described below 
 This
Compliance Certificate is furnished to the Administrative Agent and the Lenders pursuant to that certain Credit Agreement dated as of December 27, 2018, among Career Education Corporation, CEC Educational Services, LLC and you (as extended,
renewed, modified, amended or restated from time to time, the “Credit Agreement”). Unless otherwise defined herein, the terms used in this Compliance Certificate have the meanings ascribed thereto in the Credit Agreement. 

THE UNDERSIGNED HEREBY CERTIFIES THAT: 

1. The officer executing this Compliance Certificate is the duly elected ____________ of Career Education Corporation; 

2. The officer executing this Compliance Certificate has reviewed the terms of the Credit Agreement and has made, or has caused to be made
under his/her supervision, a detailed review of the transactions and conditions of the Company and its Subsidiaries during the accounting period covered by the attached financial statements; 

3. The examinations described in paragraph 2 did not disclose, and such officer has no knowledge of, the existence of any condition or
the occurrence of any event which constitutes a Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Compliance Certificate, except as set forth below; 

4. The financial statements required by Section 6.01 of the Credit Agreement and being furnished to you concurrently
with this Compliance Certificate were prepared in accordance with GAAP and, fairly present in all material respects the financial condition, results of operations, shareholders equity and cash flows of the Company and its Subsidiaries in accordance
with GAAP, subject, in each case, in respect of interim statements to normal year-end adjustments and the absence of footnotes; and 

5. The Schedule I hereto sets forth financial data and computations evidencing the Borrower’s compliance with certain covenants of
the Credit Agreement, all of which data and computations are, to the best of such officer’s knowledge, true, complete and correct and have been made in accordance with the relevant Sections of the Credit Agreement. 

  
 C-1 

Compliance Certificate 

 Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the
nature of the condition or event, the period during which it has existed and the action which the Borrowers have taken, is taking, or proposes to take with respect to each such condition or event: 

 

					
		  	 	 	
			
	                    	  	 	 	
			
		  	 	 	
			
		  	 	 	

 The foregoing certifications, together with the computations set forth in Schedule I hereto and the
financial statements delivered with this Certificate in support hereof, are made and delivered this ______ day of __________________ 20___. 
  

					
	CAREER EDUCATION CORPORATION

 
					
		
	By	 	 
		 	Name	 	 
		 	Title	 	 

  
 C-2 

Compliance Certificate 

 SCHEDULE I 

TO COMPLIANCE CERTIFICATE 

CAREER EDUCATION CORPORATION 

CEC EDUCATIONAL SERVICES, LLC 

COMPLIANCE CALCULATIONS 

FOR CREDIT AGREEMENT 

DATED AS DECEMBER 27, 2018 

CALCULATIONS AS OF _____________, _______ (THE “CALCULATION
DATE”) 
  
  

 

													
	 A.
	 	 Minimum Domestic Cash (Section 7.11(a))
	  	$	___________	 	  			
					
		 	1.	 	Unrestricted cash and Cash Equivalents	  				  			
					
		 	2.	 	Unrestricted marketable securities	  	$	___________	 	  			
					
		 	3.	 	Sum of lines A(1) and A(2)	  				  	$	___________	 
					
		 	4.	 	Line A(3) shall not be less than	  				  	$	50,000,000	 
					
		 	5.	 	The Borrowers are in compliance (circle yes or no)	  				  	 	yes/no	 
				
	 B.
	 	 Minimum Consolidated EBITDA (Section 7.11(b))
	  				  			
					
		 	1.	 	Consolidated Net Income for past 4 quarters	  	$	___________	 	  			
					
		 	2.	 	Consolidated Interest Expense for past 4 quarters	  	$	___________	 	  			
					
		 	3.	 	Federal, state, and local income taxes for past 4 quarters	  	$	___________	 	  			
					
		 	4.	 	Depreciation of fixed assets and amortization of intangible assets for past 4 quarters	  	$	___________	 	  			
					
		 	5.	 	Expenses and charges for past 4 quarters arising from non-cash compensation relating to the granting of stock options, stock appreciation rights and other similar arrangements	  	$	___________	 	  			
					
		 	6.	 	Charges relating to the restructure, consolidation, severance or discontinuance of any portion of the Company’s and its Subsidiaries’ operations or employees and charges relating to unused space in an amount not to
exceed (1) $10,500,000 in the aggregate during the fiscal year ending December 31, 2018, (2) $10,000,000 in the aggregate during the fiscal year ending December 31, 2019, and (3) $5,000,000 in the aggregate during any fiscal year of the
Company thereafter	  	$	___________	 	  			

  
 C-3 

Compliance Certificate 

													
					
		 	7.	 	Legal fees, expenses and settlements for past 4 quarters **	  	$	___________	 	  			
					
		 	8.	 	Fees and expenses incurred in connection with a Permitted Acquisition (whether or not such Permitted Acquisition was consummated) during past 4 quarters	  	$	___________	 	  			
					
		 	9.	 	Line B(1), B(2), B(3), B(4), B(5), B(6), B(7), B(8)	  				  	$	___________	 
					
		 	10.	 	Interest income received by the Company and its Subsidiaries for past 4 quarters	  	$	___________	 	  			
					
		 	11.	 	Non-cash impairment charges of the Company and its Subsidiaries for past 4 quarters	  	$	___________	 	  			
					
		 	12.	 	Income received by the Company and its Subsidiaries from one or more of the Affiliates for past 4 quarters	  	$	___________	 	  			
					
		 	13.	 	Sum of Lines B(10), B(11) and B(12)	  				  	$	___________	 
					
		 	14.	 	Line B(9) minus B(13)	  				  	$	___________	 
					
		 	15.	 	Line B(14) shall not be less than	  				  	$	75,000,000	 
					
		 	16.	 	The Borrowers are in compliance (circle yes or no)	  				  	 	yes/no	 

  

	**	 Legal fees, expenses and settlements not to exceed (i) $16,500,000 for the fiscal year of the Company ending
December 31, 2018 and (ii) $20,000,000 in the aggregate from January 1, 2019 through the Maturity Date. 

  

	***	 Fees and expenses incurred in connection with a Permitted Acquisition (whether or not such Permitted
Acquisition was consummated) not to exceed $7,500,000 in the aggregate during the term of this Agreement. 

  
 C-4 

Compliance Certificate 

 EXHIBIT D 

ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is
entered into by and between [the][each] Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]1 Assignee identified in item 2 below ([the][each, an]
“Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the Assignees]2 hereunder are several and not joint.]3 Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy
of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth
herein in full. 
 For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective
Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date
inserted by the Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement
and any other documents or instruments delivered pursuant thereto in the amount[s] and equal to the percentage interest[s] identified below of all the outstanding rights and obligations under the respective facilities identified below
and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)]
against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any
of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above
(the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”). Each such sale and
assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor. 

 

	1	 For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a
single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language. 

	2	 Select as appropriate. 

	3	 Include bracketed language if there are either multiple Assignors or multiple Assignees. 

  
 D-1 

Assignment and Assumption 

	1.	 Assignor[s]:
                                         
                

  

                       
                                  

[Assignor [is] [is not] a Defaulting Lender] 
  

	2.	 Assignee[s]:
                                         
                

  

                       
                                  

[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]] 

 

	3.	 Borrowers: Career Education Corporation and CEC Educational Services, LLC 

 

	4.	 Administrative Agent: BMO Harris Bank N.A., as the administrative agent under the Credit Agreement

  

	5.	 Credit Agreement: Credit Agreement, dated as of December 27, 2018, among Career Education
Corporation, CEC Educational Services, LLC, the Guarantors party thereto, the Lenders from time to time party thereto, and BMO Harris Bank, N.A., as Administrative Agent. 

 

	6.	 Assigned Interest[s]: 

  
 D-2 

Assignment and Assumption 

																									
	
Assignor[s]4
	  	Assignee[s]5	 	  	Facility
Assigned6	 	  	Aggregate
Amount of
Commitment/Loans
for all Lenders7	 	  	Amount of
Commitment/
Loans
Assigned	 	  	Percentage
Assigned of
Commitment/
Loans8	 	 	CUSIP
Number	 
		  				  				  	$	________________	 	  	$	_________	 	  	 	____________	% 	 			
		  				  	  
	  
	 	  				  				  				 			
		  				  				  	$	________________	 	  	$	_________	 	  	 	____________	% 	 			
		  				  	  
	  
	 	  				  				  				 			
		  				  				  	$	________________	 	  	$	_________	 	  	 	____________	% 	 			
		  				  	  
	  
	 	  				  				  				 			

 [7. Trade Date: __________________]9 

Effective Date: __________________, 20__ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE
REGISTER THEREFOR.] 
 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	ASSIGNOR[S]10
	[NAME OF ASSIGNOR]
		
	By:	 	 
	
	[NAME OF ASSIGNOR]
		
	By:	 	 
		 	Title:

	 	 

 

	4 	 List each Assignor, as appropriate. 

	5 	 List each Assignee and, if available, its market entity identifier, as appropriate. 

	6 	 Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being
assigned under this Assignment (e.g. “Revolving Credit Commitment”, etc.). 

	7 	 Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take
into account any payments or prepayments made between the Trade Date and the Effective Date. 

	8 	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

	9 	 To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined
as of the Trade Date. 

	10 	 Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if
applicable). 

  
 D-3 

Assignment and Assumption 

 
			
	ASSIGNEE[S]11
	[NAME OF ASSIGNEE]
		
	By:	 	 
		 	Title:
	
	[NAME OF ASSIGNEE]
		
	By:	 	 
		 	Title:

  

	11 	 Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if
applicable). 

  
 D-4 

Assignment and Assumption 

			
	[Consented to and]12 Accepted:
	
	BMO HARRIS BANK N.A., as
	Administrative Agent
		
	By:	 	 
		 	Title:
	
	[Consented to:]13
		
	By:	 	 
		 	Title:

  

	12 	 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.

	13 	 To be added only if the consent of the Borrower and/or other parties is required by the terms of the Credit
Agreement. 

  
 D-5 

Assignment and Assumption 

 ANNEX 1 TO ASSIGNMENT AND ASSUMPTION 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1.
Representations and Warranties. 
 1.1. Assignor. [The][Each] Assignor (a) represents and warrants that (i) it is
the legal and beneficial owner of [the][[the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any
statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any
collateral thereunder, (iii) the financial condition of the Company, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Company, any of its
Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 
 1.2. Assignee.
[The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and
to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 11.06(b)(iii) and (v) of the Credit Agreement (subject to such consents, if any, as may be
required under Section 11.06(b)(iii) of the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the
relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either it, or the Person
exercising discretion in making its decision to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to
receive copies of the most recent financial statements delivered pursuant to Section 6.01 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this
Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate,
made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it
pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance upon the Administrative Agent, [the][any] Assignor or any other Lender,
and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all
of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

  
 D-6 

Assignment and Assumption 

 2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the][the
relevant] Assignee for amounts which have accrued from and after the Effective Date. Notwithstanding the foregoing, the Administrative Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the
Effective Date to [the][the relevant] Assignee. 
 3. General Provisions. This Assignment and Assumption shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in
accordance with, the law of the State of Illinois. 

  
 D-7 

Assignment and Assumption 

 EXHIBIT E 

ADDITIONAL GUARANTOR SUPPLEMENT 

______________, ___ 
 BMO Harris Bank N.A., as
Administrative Agent for the Lenders party to the Credit Agreement dated as of December 27, 2018, among Career Education Corporation and CEC Education Services, LLC, as Borrowers, the Guarantors referred to therein, the Lenders party thereto
from time to time, and the Administrative Agent (as extended, modified, renewed, amended or restated from time to time, the “Credit Agreement”) 

Ladies and Gentlemen: 
 Reference is made to the
Credit Agreement described above. Terms not defined herein which are defined in the Credit Agreement shall have for the purposes hereof the meaning provided therein. 

The undersigned, [name of Subsidiary Guarantor], a [jurisdiction of incorporation or organization] hereby elects to be a
“Guarantor” for all purposes of the Credit Agreement, effective from the date hereof. The undersigned confirms that the representations and warranties set forth in Article V of the Credit Agreement are true and correct as to the
undersigned as of the date hereof and the undersigned shall comply with each of the covenants set forth in Articles VI and VII of the Credit Agreement applicable to it. 

Without limiting the generality of the foregoing, the undersigned hereby agrees to perform all the obligations of a Guarantor under, and to be
bound in all respects by the terms of, the Credit Agreement, including, without limitation, Article X thereof, to the same extent and with the same force and effect as if the undersigned were a signatory party thereto. 

The undersigned acknowledges that this Agreement shall be effective upon its execution and delivery by the undersigned to the Administrative
Agent, and it shall not be necessary for the Administrative Agent or any Lender, or any of their Affiliates entitled to the benefits hereof, to execute this Agreement or any other acceptance hereof. This Agreement shall be construed in accordance
with and governed by the internal laws of the State of ILLINOIS. 
  

			
	Very truly yours,
	
	[NAME OF SUBSIDIARY GUARANTOR]

 
			
		
	By	 	 
	Name	 	 
	Title	 	 

  
 E-1 

Additional Guarantor SupplementExhibit 10.8 Settlement Agreement by and between TYG Solutions Corp. and Medical Marijuana, Inc.

 

SETTLEMENT AND MUTUAL RELEASE AGREEMENT

 

This Settlement and Mutual Release Agreement (hereinafter "Agreement") is entered into and made effective as of July 15, 2017 (the "Effective Date") by and between Karmalife Sciences, Inc., a Delaware corporation ("KLSI") and Karma Botanicals, Inc., a Delaware corporation ("Karma Botanicals") on the one hand, and General Hemp, LLC, a Delaware limited liability company ("General Hemp") and Kannaway LLC, a Nevada limited liability company, formerly a wholly-owned subsidiary of General Hemp ("Kannaway") on the other hand. KLSI, Kanna Botanicals, General Hemp and Kannaway are sometimes referred to as the "parties," each a "party," and/or "undersigned parties" with respect to the following.

 

RECITALS

 

i.WHEREAS, on or about March 29, 2014, the parties entered into a written revenue sharing, stock swap, sales & marketing and product development agreement, a copy of which is attached hereto as Exhibit A (the "Revenue Sharing Agreement"), under which the parties desired to enter into an equity swap and form a revenue sharing, sales & marketing and product development relationship to develop products primarily in the area of natural and herbal medicaments, including but not limited to products derived from cannabis taxa and hemp based sources. 

 

ii.WHEREAS, among other consideration and obligations set forth in the Revenue Sharing Agreement, the parties confirm and acknowledge that under Section 5 of the Revenue Sharing Agreement KLSI and Kannaway agreed to swap a 4.99% equity stake with one another in each of their respective companies (the "Share Exchange"). 

 

iii.WHEREAS, on April 24, 2014 (the "KLSI Stock Issuance Date") KLSI issued 6,408,980 shares of common stock as payment in full for its 4.99% equity stake in Kannaway (the "KLSI Stock") and delivered the KLSI Stock to Kannaway promptly thereafter and such shares are fully paid for and validly issued and outstanding and are in the possession of Kannaway. 

 

iv.WHEREAS, on December 26, 2014 General Hemp sold 100% of Kannaway to Medical Marijuana, Inc. ("MJNA") in exchange for 833,333,333 shares of MJNA common stock (the "Kannaway Sale"), which as a result, the parties agree KLSI is entitled to 41 ,583,333 shares of the MJNA common stock (4.99%) issued to General Hemp in the Kannaway Sale pursuant to the terms of the Share Exchange found in Section 5 of the Revenue Sharing Agreement (the "MJNA Shares"). 

 

v.WHEREAS, sometime following the KLSI Stock Issuance Date and prior to the Kannaway Sale a dispute arose between the parties regarding consideration and duties set forth in the Revenue Sharing Agreement other than those required pursuant to the Share Exchange (the "Dispute") and the parties wish to settle such Dispute. 

NOW THEREFORE, the parties heretofore and in consideration of the foregoing and the payments, covenants, and conditions hereinafter set forth do hereby agree as follows:

 

AGREEMENT

 

1.Recitals incorporated. The recitals set forth above are incorporated herein by reference and are explicitly made a part of this Agreement. The parties agree to abide by each of their respective covenants made herein to the fullest extent authorized by law. 

 

2.Settlement Terms. 

 

2.1Share Exchange. General Hemp agrees that it shall transfer the MJNA Shares to KLSI and further agrees that the MJNA Shares are fully earned and paid for by KLSI as of the KLSI Stock Issuance Date. 

 

2.2Settlement of the Dispute and Termination of Revenue Sharing Agreement. Upon effectiveness of this Agreement, other than the transfer and delivery of the MJNA Shares to KLSI: (i) the parties shall have no further duties or obligations of any kind to one another pursuant to the Revenue Sharing Agreement, (ii) there shall be no further consideration of any kind due to one another pursuant to the Revenue Sharing Agreement, and (iii) the Revenue Sharing Agreement shall be terminated and of no force and effect. 

 

3.Release of Claims. 

 

3.1Scope of Release. The parties hereto acknowledge and agree that the scope of the mutual release and discharge of claims recited in this Section 3 shall be interpreted to the broadest extent permissible under law, except as otherwise provided. 

 

 

3.2Release and Discharge of Claims. 

 

3.2.1KLSI and Kanna Botanicals Releases. Except for General Hemp's requirement to transfer the MJNA Shares to KLSI, or as otherwise stated herein, and in consideration of the promises of the parties specified herein, KLSI and Karma Botanicals fully and forever release, acquit, and discharge General Hemp, Kannaway and their attorneys, sureties, agents, servants, representatives, employees, subsidiaries, affiliates, owners, officers, directors, consultants, advisors, partners, predecessors, successors-in-interest, assigns, and all persons acting by, through, under or in concert with them of and from any and all past, present, or future claims, demands, obligations, actions, causes of action, damages, costs, losses of service, expenses, liability, suits, and compensation of any nature whatsoever, whether based on tort, contract, or other theory of recovery, claimed by any of the parties to this Agreement related to or arising under the Dispute and/or the Revenue Sharing Agreement. 

 

3.2.2General Hemp and Kannaway Releases. Except as otherwise stated herein, and in consideration of the promises of the parties specified herein, General Hemp and its wholly-owned subsidiary, Kannaway, fully and forever release, acquit, and discharge KLSI and Kanna Botanicals, their attorneys, sureties, agents, servants, representatives, employees, subsidiaries, affiliates, owners, officers, directors, partners, predecessors, successors-in-interest, assigns, and all persons acting by, through, under or in concert with them of and from any and all past, present, or future claims, demands, obligations, actions, causes of action, damages, costs, losses of service, expenses, liability, suits, and compensation of any nature whatsoever, whether based on tort, contract, or other theory of recovery, claimed by any of the parties to this Agreement related to or arising under the Dispute and/or the Revenue Sharing Agreement. 

 

3.3Waiver of California Civil Code section 1542. Except as expressly set forth herein, it is the intention of the parties that the release and discharge specified in Paragraphs 3.2.1 and 3.2.2 herein, shall be effective to bar all claims, damages, claims for compensation, controversies, actions, causes of action, obligations, liabilities, costs, expenses, attorneys' fees, and damages of any character, nature and kind, whether known or unknown, suspected or unsuspected, specified to be so barred in Paragraphs 4.2 through 4.3 herein. In furtherance of this intention, the parties expressly waive and relinquish any and all rights and benefits conferred upon them by the provisions of California Civil Code section 1542, or such other similar statute in all relevant states. 

 

The parties understand that California Civil Code section 1542 provides as follows:

 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH A CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

 

It is expressly understood and agreed that the possibility of unknown claims exists and has been explicitly taken into account in determining the consideration to be given for this Agreement and that a portion of the consideration, having been bargained for with full knowledge of the possibility of such unknown claims, was given in exchange for the release and discharge of the matters, claims and/or rights covered by this Agreement.

 

3.4This release shall not operate to release any claims the parties may later have for the enforcement of the obligations created by this Agreement. 

 

4.No Admission of Liability. This Agreement is not, and shall not be construed as, an admission of liability, fault, or wrongdoing of any kind by any party. 

 

5.Integration. This Agreement contains the complete expression of the whole agreement between the parties hereto, and there are no promises, representations, agreements, warranties or inducements, either expressed verbally or implied, except as are fully set forth herein. This Agreement cannot be enlarged, modified, or changed in any respect except by written agreement between the parties. 

 

6.Severability of Provisions. Each provision of this Agreement, whether or not contained in separate paragraphs, shall be considered severable. If for any reason any such provisions or parts of such provisions thereof are determined to be invalid, unenforceable or contrary to any existing or future applicable law or judicial ruling, such invalidity shall not impair the operation of or affect those portions of this Agreement that are valid, but in such event, this Agreement shall be construed and enforced in all respects as if such invalid or unenforceable provision or part of such provisions has been omitted. 

 

7.Binding Effect. Each and all of the covenants, conditions, and restrictions in this Agreement shall inure to the benefit of and shall be binding upon the parties, their successors-in-interest, agents, representatives, assignees, transferees, or any party claiming by derivative right an interest in the claims released herein. 

2

 

 

8.Representation of Comprehension. In entering into this Agreement, the parties represent that they have relied upon the legal advice of their attorneys, who are the attorneys of their own choice, and that these terms are fully undertaken and voluntarily accepted by them. The parties further represent that they have no question with regard to the legal import of any term, word, phrase, or portion of this Agreement, or the Agreement in its entirety, and accept the terms of this Agreement as written. 

 

9.Draftsmanship and Headings. The headings employed to identify the provisions contained herein are solely for the convenience of the parties to this Agreement. If any ambiguity appears in either the headings or the provisions attendant thereto, such ambiguity shall not be construed against any party to this Agreement on the grounds that such party drafted this Agreement. 

 

10.Further Assurances. All parties agree to cooperate fully and execute any and all supplementary documents and take all additional actions that may be necessary or appropriate to give full force and effect to the basic terms and intent of this Agreement. 

 

11.Legal Costs. If any litigation is commenced between the parties to this Agreement that arises out of, relates to, or is connected with the enforcement, interpretation, or the rights and duties of any party under this Agreement, the prevailing party shall be entitled to, in addition to any other relief that may be granted in the litigation, reasonable attorneys' fees and costs, including expert and consultant fees, as determined by the court presiding over the dispute. 

 

12.Venue and Choice of Law. Any action at law, suit in equity, or other judicial proceeding for the enforcement of this Agreement or any provisions thereof shall be instituted in the Superior Court of California, County of San Diego. The parties further agree that this Agreement shall be governed by and interpreted according to the laws of the State of California. 

 

13.Authority to Execute Agreement. The parties and signatories hereto represent and warrant to each other that they have full authority to execute this Agreement, and that no individual, corporation, partnership or other entity has any interest in the claims and/or potential claims described herein. The parties further represent and warrant that they will indemnify and hold each other harmless from any and all claims, causes of action or other rights asserted by any other person, corporation, partnership, or other entity with respect to any such assigned claims. 

 

14.Counterparts. This Agreement may be signed in counterparts, which when read together shall constitute the entire Agreement of the parties hereto. 

 

15.Facsimile/Scanned Signatures. Facsimiles or electronically scanned images of signatures shall be acceptable and treated as an original for all purposes. 

 

[signature page to follow]

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IN WITNESS WHEREOF, the undersigned has executed this Settlement and Mutual Release Agreement as of the 15th day of July 2017.

 

	 

	KANNALIFE SCIENCES, INC.

	 

	/s/ Dean Petkanas

	 

	Dean Petkanas,

	 

	CEO

	 

	 

	 

	KANNA BOTANICALS, INC.

	 

	/s/ Dean Petkanas

	 

	Dean Petkanas,

	 

	CEO

	 

	 

	 

	GENERAL HEMP, LLC

	 

	/s/ Michael L. Corrigan

	 

	Michael L. Corrigan

	 

	Secretary

	 

	 

	 

	KANNAWAY, LLC

	 

	/s/ Michael L. Corrigan

	 

	Michael L. Corrigan

	 

	Secretary Medical Marijuana, Inc.,

	 

	Sole Member of Kannaway, LLC

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