Document:

EX-10.2

 Exhibit 10.2 

PLEDGE AND SECURITY AGREEMENT 

THIS PLEDGE AND SECURITY AGREEMENT (as the same may be amended, restated, supplemented or otherwise modified from time to time, this
“Security Agreement”) is entered into as of February 6, 2015 by and among THE ADVISORY BOARD COMPANY, a Delaware corporation (the “Borrower”), the Domestic Subsidiaries of the Borrower listed on the signature
pages hereto (together with the Borrower, the “Initial Grantors,” and together with any additional Domestic Subsidiaries, whether now existing or hereafter formed or acquired which become parties to this Security Agreement from time
to time, in accordance with the terms of the Credit Agreement (as defined below), by executing a Security Agreement Supplement hereto in substantially the form of Annex I, the “Grantors”), and JPMORGAN CHASE BANK, N.A., a
national banking association, in its capacity as administrative agent (the “Administrative Agent”) for itself and for the Secured Parties (as defined in the Credit Agreement identified below). 

PRELIMINARY STATEMENT 
 The
Borrower, the Administrative Agent and the Lenders are entering into a Credit Agreement dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”). The Grantors are entering into this Security Agreement in order to induce the Lenders to enter into and extend credit to the Borrower under the Credit Agreement. 

ACCORDINGLY, the Grantors and the Administrative Agent, on behalf of the Secured Parties, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS 

1.1 Terms Defined in the Credit Agreement. All capitalized terms used in this Security Agreement and not otherwise defined herein shall
have the meanings assigned to such terms in the Credit Agreement. 
 1.2 Terms Defined in UCC. Terms defined in the UCC which are not
otherwise defined in this Security Agreement are used herein as defined in the UCC. 
 1.3 Definitions of Certain Terms Used Herein.
As used in this Security Agreement, in addition to the terms defined in the Preliminary Statement, the following terms shall have the following meanings: 

“Accounts” shall have the meaning set forth in Article 9 of the UCC. 

“Article” shall mean a numbered article of this Security Agreement, unless another document is specifically referenced. 

“CFC” shall have the meaning set forth in Article II hereof. 

“CFC Holdco” shall have the meaning set forth in Article II hereof. 

 “Chattel Paper” shall have the meaning set forth in Article 9 of the UCC. 

“Collateral” shall mean all Accounts, Chattel Paper, Commercial Tort Claims, Copyrights, Deposit Accounts, Documents,
Equipment, Farm Products, Fixtures, General Intangibles, Goods, Instruments, Inventory, Investment Property, letters of credit, Letter-of-Credit Rights, Licenses, Patents, Pledged Deposits, Supporting Obligations, Trademarks and Other Collateral,
wherever located, in which any Grantor now has or hereafter acquires any right or interest, and the proceeds (including Stock Rights), insurance proceeds and products thereof, together with all books and records, customer lists, credit files,
computer files, programs, printouts and other computer materials and records related thereto; provided that, notwithstanding the foregoing, Collateral shall expressly exclude the Excluded Assets and shall be subject to the limitations
contained in Article II of this Security Agreement. 
 “Commercial Tort Claims” shall mean commercial tort claims,
as defined in the UCC of any Grantor, including each commercial tort claim specifically described in Exhibit “F.” 

“Control” shall have the meaning set forth in Article 8 or, if applicable, in Section 9-104, 9-105, 9-106 or 9-107 of
Article 9 of the UCC. 
 “Copyrights” shall mean, with respect to any Person, all of such Person’s right, title, and
interest in and to the following: (a) all copyrights, rights and interests in copyrights, works protectable by copyright, copyright registrations, and copyright applications; (b) all renewals of any of the foregoing; (c) all income,
royalties, damages, and payments now or hereafter due and/or payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing; (d) the right to sue for past,
present, and future infringements of any of the foregoing; and (e) all rights corresponding to any of the foregoing throughout the world. 

“Deposit Account Control Agreement” shall mean an agreement, in form and substance reasonably satisfactory to the
Administrative Agent, and each applicable Grantor, among any Grantor, a banking institution holding such Grantor’s funds, and the Administrative Agent with respect to collection and Control of all deposits and balances held in a deposit account
maintained by such Grantor with such banking institution. 
 “Deposit Accounts” shall have the meaning set forth in Article
9 of the UCC. 
 “Documents” shall have the meaning set forth in Article 9 of the UCC. 

“Equipment” shall have the meaning set forth in Article 9 of the UCC. 

“Excluded Actions” shall mean (i) except to the extent required pursuant to Section 5.09(b)(ii) of the Credit
Agreement in the case of Equity Interests in a Foreign Subsidiary, entering into pledge agreements, security agreements or other documents governed by laws other than those of the United States of America or any State thereof, (ii) except to
the extent provided in (or in connection with) any Mortgage, obtaining any waivers, access agreements, estoppels or other undertakings of landlords, bailees, warehousemen or consignees, (iii) taking any action outside of the United States to
perfect a security interest in Patents, Trademarks, Copyrights or any other Intellectual Property that is registered in any jurisdiction outside the United States of America, (iv) making or authorizing any fixture filings except with regard to
real estate that is required to become subject to a Mortgage pursuant to the Credit Agreement, (v) delivering any Instruments, Chattel Paper or Documents that do not exceed the applicable thresholds in Section 4.4, taking actions
contemplated in Section 4.8 with respect to letters of credit that have a stated amount not exceeding the threshold provided for therein, taking actions contemplated in Section 4.9 with respect claims that do not
exceed the threshold amount provided for therein, or taking 

  
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actions contemplated in Section 4.13 with respect to commercial tort claims that do not exceed the threshold provided for therein, or (vi) any other perfection actions as to which the
Administrative Agent, in consultation with the applicable Grantor, shall determine that the cost of taking such perfection action is excessive in relation to the value of the security to be afforded thereby. 

“Excluded Deposit Accounts” shall mean (a) any Deposit Account the balance of which is transferred at the end of each
day to a Deposit Account or a Securities Account that is subject to the Control of the Administrative Agent, (b) Deposit Accounts used exclusively as escrow and trust accounts, (c) Deposit Accounts used exclusively for payroll, payroll
taxes and other employee wage and benefit payments for the benefit of any Grantor’s salaried employees (including former employees), and (d) any Deposit Accounts in which the balance thereof, together with the balance of all other Deposit
Accounts excluded pursuant to this clause (d), at no time exceeds $1,000,000 for any period of more than one Business Day. 

“Excluded Securities Accounts” shall mean (a) any Securities Account the balance of which is transferred at the end of
each day to a Deposit Account or a Securities Account that is subject to the Control of the Administrative Agent, (b) Securities Accounts used exclusively as escrow and trust accounts, (c) Securities Accounts used exclusively for payroll,
payroll taxes and other employee wage and benefit payments for the benefit of any Grantor’s salaried employees (including former employees), and (d) any Securities Accounts in which the stated value of property held therein, together with
the stated value of all other Securities Accounts excluded pursuant to this clause (d), at no time exceeds $1,000,000 for any period of more than one Business Day. 

“Exhibit” refers to a specific exhibit to this Security Agreement, unless another document is specifically referenced. 

“Farm Products” shall have the meaning set forth in Article 9 of the UCC. 

“Fixtures” shall have the meaning set forth in the UCC. 

“General Intangibles” shall have the meaning set forth in Article 9 of the UCC and, in any event, includes payment
intangibles, contract rights, rights to payment, rights arising under common law, statutes, or regulations, choses or things in action, goodwill (including the goodwill associated with any Trademark), Patents, Trademarks, Copyrights, URLs and domain
names, Industrial Designs, other industrial or Intellectual Property or rights therein or applications therefor, whether under license or otherwise, programs, programming materials, blueprints, drawings, purchase orders, customer lists, monies due
or recoverable from pension funds, route lists, rights to payment and other rights under any royalty or licensing agreements, including Licenses, infringement claims, computer programs, information contained on computer disks or tapes, software,
literature, reports, catalogs, pension plan refunds, pension plan refund claims, insurance premium rebates, tax refunds and tax refund claims, interests in a partnership or limited liability company which do not constitute a security under Article 8
of the Code, and any other personal property other than Commercial Tort Claims, money, Accounts, Chattel Paper, Deposit Accounts, Goods, Investment Property, negotiable Collateral, and oil, gas, or other minerals before extraction. 

“Goods” shall have the meaning set forth in Article 9 of the UCC. 

“Industrial Designs” shall mean (a) registered industrial designs and industrial design applications, (b) all
renewals, divisions and any industrial design registrations issuing thereon and any and all foreign applications corresponding thereto, (c) all income, royalties, damages and payments now and hereafter due or payable under and with respect
thereto, including payments under all licenses entered into in connection therewith and damages and payments for past or future infringements thereof, (d) the right to sue for past, present and future infringements thereof, and (e) all of
each Grantor’s rights corresponding thereto throughout the world. 

  
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 “Instruments” shall have the meaning set forth in Article 9 of the UCC. 

“Intellectual Property” shall mean all Patents, Trademarks, Copyrights, domain names, trade secrets, rights in computer
software, data and databases and any other intellectual property. 
 “Inventory” shall have the meaning set forth in
Article 9 of the UCC. 
 “Investment Property” shall have the meaning set forth in Article 9 of the UCC. 

“Knowledge” when used with respect to any Grantor, shall mean the actual knowledge of the chief executive officer, president,
chief financial officer, principal accounting officer, treasurer or, in the case of Intellectual Property, such other individual responsible for Intellectual Property matters of such Grantor or of the Borrower. 

“Letter-of-Credit Right” shall have the meaning set forth in Article 9 of the UCC. 

“Licenses” shall mean, with respect to any Person, all of such Person’s right, title, and interest in and to
(a) any and all licensing agreements or similar arrangements in and to its Intellectual Property, (b) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without
limitation, damages and payments for past and future breaches thereof, and (c) all rights to sue for past, present, and future breaches thereof. 

“Other Collateral” shall mean any property of the Grantors, not included within the defined terms Accounts, Chattel Paper,
Commercial Tort Claims, Copyrights, Deposit Accounts, Documents, Equipment, Fixtures, Farm Products, General Intangibles, Goods, Instruments, Inventory, Investment Property, Letter-of-Credit Rights, Licenses, Patents, Pledged Deposits, Supporting
Obligations and Trademarks, including, without limitation, all cash on hand, letters of credit, Stock Rights or any other deposits (general or special, time or demand, provisional or final) with any bank or other financial institution, it being
intended that the Collateral include all real and personal property of the Grantors, provided that “Other Collateral” shall exclude all Excluded Assets and shall be subject to the limitations contained in Article II of this
Security Agreement. 
 “Patents” shall mean, with respect to any Person, all of such Person’s right, title, and
interest in and to: (a) any and all patents and patent applications; (b) all inventions and improvements described and claimed therein; (c) all reissues, divisions, continuations, renewals, extensions, and continuations-in-part
thereof; (d) all licenses of the foregoing whether as licensee or licensor; (e) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and
payments for past and future infringements thereof; (f) all rights to sue for past, present, and future infringements thereof; and (g) all rights corresponding to any of the foregoing throughout the world. 

“Payment Event of Default or Acceleration Event” shall mean the occurrence of (a) an Event of Default (as defined in the
Credit Agreement) under clause (a) or (b) of Article VII of the Credit Agreement, or (b) the termination of the Commitments and the Loans and the other Obligations becoming due and payable prior to their scheduled payment date or
maturity pursuant to Article VII of the Credit Agreement. 

  
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 “Pledged Collateral” shall mean all Instruments, Securities and other Investment
Property of the Grantors, whether or not physically delivered to the Administrative Agent pursuant to this Security Agreement, but excluding the Excluded Assets. 

“Pledged Deposits” shall mean all time deposits of money (other than Deposit Accounts and Instruments), whether or not
evidenced by certificates, which a Grantor may from time to time designate as pledged to the Administrative Agent or to any Secured Party as security for any Secured Obligations, and all rights to receive interest on such deposits. 

“Receivables” shall mean the Accounts, Chattel Paper, Documents, Investment Property, Instruments or Pledged Deposits, and
any other rights or claims to receive money which are General Intangibles or which are otherwise included as Collateral. 

“Section” shall mean a numbered section of this Security Agreement, unless another document is specifically referenced. 

“Security” shall have the meaning set forth in Article 8 of the UCC. 

“Securities Account” shall have the meaning set forth in Article 8 of the UCC. 

“Securities Account Control Agreement” shall mean an agreement, in form and substance reasonably satisfactory to the
Administrative Agent and each applicable Grantor, among any Grantor, a securities intermediary holding such Grantor’s investments, and the Administrative Agent with respect to collection and Control of all investments held in a Securities
Account maintained by such Grantor with such securities intermediary. 
 “Stock Rights” shall mean any securities,
dividends, instruments or other distributions and any other right or property which any Grantor shall receive or shall become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any Equity Interest
constituting Collateral, any right to receive an Equity Interest and any right to receive earnings, in which any Grantor now has or hereafter acquires any right, issued by an issuer of such securities. 

“Supporting Obligation” shall have the meaning set forth in Article 9 of the UCC. 

“Trademarks” shall mean, with respect to any Person, all of such Person’s right, title, and interest in and to the
following: (a) all trademarks (including service marks), trade names, trade dress, and trade styles and the registrations and applications for registration thereof and the goodwill of the business symbolized by the foregoing; (b) all
licenses of the foregoing, whether as licensee or licensor; (c) all renewals of the foregoing; (d) all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including, without limitation, damages,
claims, and payments for past and future infringements thereof; (e) all rights to sue for past, present, and future infringements of the foregoing, including the right to settle suits involving claims and demands for royalties owing; and
(f) all rights corresponding to any of the foregoing throughout the world. 
 The foregoing definitions shall be equally applicable to
both the singular and plural forms of the defined terms. 

  
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 ARTICLE II 

GRANT OF SECURITY INTEREST 
 Each
of the Grantors hereby pledges, assigns and grants to the Administrative Agent and its successors and assigns, on behalf of and for the benefit of the Secured Parties, a security interest in all of such Grantor’s right, title and interest,
whether now owned or hereafter acquired, in and to the Collateral to secure the prompt and complete payment and performance of the Secured Obligations; provided that, notwithstanding anything to the contrary contained in this Article
II, (a) the security interest created by this Security Agreement shall not extend to, and the term “Collateral” shall not include, any Excluded Assets and (b) the amount of Equity Interests in any Foreign Subsidiaries that
are controlled foreign corporations within the meaning of Section 957 of the Internal Revenue Code (a “CFC Holdco”) or that is owned by a foreign subsidiary that is a controlled foreign corporation within the meaning of
Section 957 of the Internal Revenue Code (a “CFC”) pledged or required to be pledged to the Administrative Agent hereunder or under any other Collateral Document shall be automatically limited to 65% of the voting capital stock
of any such CFC or CFC Holdco and 100% of the non-voting capital stock of any such CFC or CFC Holdco. For the avoidance of doubt, the grant of a security interest herein shall not be deemed to be an assignment of intellectual property rights owned
by the Grantors. In addition, for the avoidance of doubt, (i) neither the Borrower nor any Subsidiary shall be required to obtain bailee or landlord waivers in respect of any location where Inventory is stored and (ii) no Equity Interest
in any Subsidiary may be pledged or included in the term “Collateral” or otherwise subject to the provisions of this Agreement unless such Subsidiary is (y) a Domestic Subsidiary or (z) a First Tier Foreign Subsidiary that, in
the case of this clause (z), is a Material Subsidiary. 
 Any other provision of this Agreement to the contrary notwithstanding, in no event
shall this Agreement grant any Lien in any Excluded Assets, nor shall any representation, warranty, covenant, duty, undertaking, indemnity or other provision in this Agreement apply to any of the Excluded Assets. 

ARTICLE III 
 REPRESENTATIONS AND
WARRANTIES 
 Each of the Initial Grantors represents and warrants to the Administrative Agent and the Secured Parties as of the Effective
Date, and each Grantor that becomes a party to this Security Agreement pursuant to the execution of a Security Agreement Supplement in substantially the form of Annex I represents and warrants solely with respect to such Grantor as of the
date of such Security Agreement Supplement (after giving effect to supplements to each of the Exhibits hereto with respect to such subsequent Grantor as attached to such Security Agreement Supplement), that: 

3.1 Title, Authorization, Validity and Enforceability. Such Grantor has rights in or the power to transfer rights in the Collateral held
by it with respect to which it has purported to grant a security interest hereunder, free and clear of all Liens except for Liens permitted under Section 4.1.6 hereof, and has full corporate, limited liability company or partnership, as
applicable, power and authority to grant to the Administrative Agent the security interest in such Collateral pursuant hereto. The execution and delivery by such Grantor of this Security Agreement have been duly authorized by proper corporate,
limited liability company, limited partnership or partnership, as applicable, proceedings, and this Security Agreement constitutes a legal, valid and binding obligation of such Grantor and creates a security interest which is enforceable against
such Grantor in all Collateral, except (a) to the extent the Collateral is not reasonably identified herein as required under Section 9-108 of the UCC, and (b) as enforceability may be limited by (i) bankruptcy, insolvency,
fraudulent conveyance, reorganization or similar laws relating to or affecting the enforcement of creditors’ rights generally, (ii) general equitable principles (whether 

  
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considered in a proceeding in equity or at law), and (iii) requirements of reasonableness, good faith, and fair dealing. When financing statements have been filed in the appropriate offices
against such Grantor in the locations listed in Exhibit “E” in accordance with Section 4.1.4 hereof, the Administrative Agent will have a fully perfected first priority security interest in the Collateral owned by such Grantor
in which a security interest may be perfected by filing of a financing statement under the UCC, subject only to Liens permitted under Section 6.02 of the Credit Agreement. 

3.2 Conflicting Laws and Contracts. The execution and delivery by each Grantor of this Agreement, the consummation by it of the
transactions herein contemplated, and compliance by it with the terms and provisions hereof (A) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been
obtained or made and are in full force and effect and except for filings required to be made with the SEC under the Exchange Act or the Securities Act after the execution of the Loan Documents or necessary to perfect Liens created pursuant to the
Loan Documents, (B) will not (i) violate in any respect any Requirements of Law applicable to such Grantor, (ii) violate the Organizational Documents of such Grantor or (iii) violate any order of any Governmental Authority,
(C) will not violate or result in a default under any indenture, material agreement or other material instrument binding upon such Grantor or any of its assets, or give rise to a right thereunder to require any payment to be made by such
Grantor, and (D) will not result in the creation or imposition of any Lien on any asset of such Grantor, other than Liens created or permitted under the Loan Documents, except (in the case of clause (A), (B)(i), (B)(iii) or (C)), to the extent
that the failure to obtain or make such consent, approval, registration, filing or action, or such violation, default or right, as the case may be, could not reasonably be expected to have a Material Adverse Effect. 

3.3 Principal Location. Such Grantor’s mailing address and the location of its place of business (if it has only one) or its chief
executive office (if it has more than one place of business), are disclosed in Exhibit “A”; such Grantor has no other places of business except those set forth in Exhibit “A.” 

3.4 Property Locations. The Inventory, Equipment and Fixtures of each Grantor are located solely at the locations of such Grantor
described in Exhibit “A.” All of such locations are owned by such Grantor except for locations (i) which are leased by such Grantor as lessee and designated in Part B of Exhibit “A” and (ii) at which Inventory is held
in a public warehouse or is otherwise held by a bailee or on consignment by such Grantor as designated in Part C of Exhibit “A.” 

3.5 No Other Names; Etc. Within the five-year period ending as of the date such Person becomes a Grantor hereunder, such Grantor has
not conducted business under any name, changed its jurisdiction of formation, merged with or into or consolidated with any other Person, except as disclosed in Exhibit “A.” The name in which such Grantor has executed this Security
Agreement is the exact name as it appears in such Grantor’s organizational documents, as amended, as filed with such Grantor’s jurisdiction of organization as of the date such Person becomes a Grantor hereunder. 

3.6 Reserved. 
 3.7 Accounts
and Chattel Paper. To the Knowledge of such Grantor, except as disclosed to the Administrative Agent, the names of the obligors, amounts owing, due dates and other information with respect to the Accounts and Chattel Paper owned by such Grantor
are correctly stated in all material respects in all records of such Grantor relating thereto and in all invoices and reports with respect thereto furnished to the Administrative Agent by such Grantor from time to time. 

  
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 3.8 Filing Requirements. None of the Collateral owned by such Grantor is of a type for
which security interests or liens may be perfected by filing under any federal statute except for Patents, Trademarks and Copyrights held by such Grantor and described in Exhibit “B.” 

3.9 No Financing Statements, Security Agreements. No financing statement or security agreement describing all or any portion of the
Collateral which has not lapsed or been terminated naming such Grantor as debtor has been filed or is of record in any jurisdiction except financing statements (i) naming the Administrative Agent on behalf of the Secured Parties as the secured
party or (ii) in respect of Liens permitted under Section 6.02 of the Credit Agreement; provided that nothing herein shall be deemed to constitute an agreement to subordinate any of the Liens of the Administrative Agent under the Loan
Documents to any Liens otherwise permitted under Section 6.02 of the Credit Agreement except as may be required under Section 9.02(d) of the Credit Agreement. 

3.10 Federal Employer Identification Number; State Organization Number; Jurisdiction of Organization. Such Grantor’s federal
employer identification number is, and if such Grantor is a registered organization, such Grantor’s state of organization, type of organization and state of organization identification number are, listed in Exhibit “G.” 

3.11 Pledged Securities and Other Investment Property. Exhibit “D” sets forth a complete and accurate list of the
Instruments, Securities and other Investment Property constituting Pledged Collateral, provided that, for the avoidance of doubt, (i) with respect to the Equity Interests in the Subsidiaries, only the Pledged Collateral in the form of
certificates, instruments or agreements representing or evidencing Equity Interests in Subsidiaries that constitute Collateral in accordance with Article II of this Security Agreement shall be delivered to the Administrative Agent and no
Equity Interests in any other Persons shall be required to be delivered, and (ii) no physical instruments, securities or other physical Investment Property held in any of the accounts identified in Exhibit D shall be required to be delivered to
the Administrative Agent; provided further that the Equity Interests in the First Tier Foreign Subsidiaries required to be delivered hereunder may be delivered after the Closing Date in accordance with Section 5.09 of the Credit Agreement. Each
Grantor is the direct and beneficial owner of each Instrument, Security and other type of Investment Property listed in Exhibit “D” as being owned by it, free and clear of any Liens, except for the security interest granted to the
Administrative Agent for the benefit of the Secured Parties hereunder or as permitted under Section 6.02 of the Credit Agreement. Each Grantor further represents and warrants that (i) all Pledged Collateral owned by it constituting an
Equity Interest in a Subsidiary has been (to the extent such concepts are relevant with respect to such Pledged Collateral) duly authorized and validly issued, are fully paid and non-assessable and constitute the percentage of the issued and
outstanding shares of stock (or other Equity Interests) of the respective issuers thereof indicated in Exhibit “D” hereto, (ii) with respect to any certificates delivered to the Administrative Agent representing an Equity Interest,
either such certificates are Securities as defined in Article 8 of the UCC of the applicable jurisdiction as a result of actions by the issuer or otherwise, or, if such certificates are not Securities, such Grantor has so informed the Administrative
Agent so that the Administrative Agent may take steps to perfect its security interest therein as a General Intangible and (iii) to the extent, such Pledged Collateral is held by a securities intermediary in a Securities Account, such account
shall be subject to a Securities Account Control Agreement to the extent required by Section 4.7 hereof. 
 3.12 Intellectual
Property. 
 3.12.1 Exhibit “B” contains a complete and accurate listing as of the Effective Date of the
following Intellectual Property included in the Collateral of each of the Grantors: (i) all U.S. (state and federal) and all material foreign trademark registrations, applications for trademark registration and material common law trademarks,
(ii) all U.S. and all material foreign patents and patents applications, together with all reissuances, continuations, continuations in part, 

  
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revisions, extensions, and reexaminations thereof, (iii) all U.S. and all material foreign copyright registrations and applications for registration and (iv) all Patents, Trademarks,
and Copyrights described in clauses (i)-(iii) above that are owned by a third party and licensed to the Grantors or otherwise used by the Grantors under contract, and the names of any Person who has been granted rights in respect thereof
outside of the ordinary course of business. All of the U.S. registrations, applications for registration or applications for issuance of such Intellectual Property listed in Exhibit “B” are valid and subsisting, in good standing and are
recorded or in the process of being recorded in the name of the applicable Grantor, except as could not be reasonably expected to result in a Material Adverse Effect. 

3.12.2 Such Intellectual Property included in the Collateral is valid, subsisting, unexpired (where registered) and
enforceable and has not been abandoned or adjudged invalid or unenforceable, in whole or in part, except as could not be reasonably expected to result in a Material Adverse Effect. 

3.12.3 Except as disclosed in Exhibit “B”, no Person other than the respective Grantor has any right or interest of
any kind or nature in or to the Intellectual Property included in the Collateral, including any right to sell, license, lease, transfer, distribute, use or otherwise exploit the Intellectual Property or any portion thereof outside of the ordinary
course of the respective Grantor’s business. Each Grantor has exclusive title to, and the valid and enforceable power and right to sell, license, transfer, distribute, use and otherwise exploit, its Intellectual Property included in the
Collateral, except as could not be reasonably expected to result in a Material Adverse Effect. 
 3.12.4 To the Knowledge of
each Grantor, each Grantor has taken or caused to be taken steps so that none of its Intellectual Property included in the Collateral, the value of which to the Grantors are contingent upon maintenance of the confidentiality thereof, have been
disclosed by such Grantor to any Person other than employees, contractors, customers, representatives and agents of the Grantors who are parties to customary confidentiality and nondisclosure agreements with the Grantors, except as could not be
reasonably expected to result in a Material Adverse Effect. 
 3.12.5 To the Knowledge of each Grantor, no Person has
violated, infringed upon or breached, or is currently violating, infringing upon or breaching, any of the rights of such Grantor to the Intellectual Property included in the Collateral or has breached or is breaching any duty or obligation owed to
such Grantor in respect of the Intellectual Property included in the Collateral except where those breaches, individually or in the aggregate, could not be reasonably expected to result in a Material Adverse Effect. 

3.12.6 No settlement or consents, covenants not to sue, nonassertion assurances, or releases have been entered into by any
Grantor or to which any Grantor is bound that adversely affects its rights to own or use any Intellectual Property included in the Collateral except as could not be reasonably expected to result in a Material Adverse Effect, in each case
individually or in the aggregate. 
 3.12.7 No Grantor has received any written notice that remains outstanding challenging
the validity, enforceability, or ownership of any Intellectual Property included in the Collateral except where those challenges could not reasonably be expected to result in a Material Adverse Effect, and to such Grantor’s knowledge at the
date hereof there are no facts upon which such a challenge could be made. 

  
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 3.12.8 Each Grantor owns directly or is entitled to use, by license or otherwise,
all Intellectual Property included in the Collateral necessary for the conduct of such Grantor’s business in all material respects. 

3.12.9 The consummation of the transactions contemplated by the Loan Documents will not result in the termination or material
impairment of any of the Intellectual Property included in the Collateral, except to the extent that such termination or impairment could not reasonably be expected to result in a Material Adverse Effect. 

3.13 Deposit Accounts and Securities Accounts. All of such Grantor’s Deposit Accounts and Securities Accounts are listed on Exhibit
“H.” 
 ARTICLE IV 

COVENANTS 
 From the date of this
Security Agreement and thereafter until this Security Agreement is terminated, each of the Initial Grantors agrees, and from and after the effective date of any Security Agreement Supplement applicable to any Grantor (and after giving effect to
supplements to each of the Exhibits hereto with respect to such subsequent Grantor as attached to such Security Agreement Supplement) and thereafter until this Security Agreement is terminated each such subsequent Grantor agrees: 

4.1 General. 

4.1.1 Inspection. Such Grantor will permit the Administrative Agent or any Secured Party, by its representatives and
agents, to inspect the Collateral in the manner and to the extent set forth in Section 5.06 of the Credit Agreement as if it were a party thereto. 

4.1.2 Taxes. Such Grantor will comply with Section 5.04 of the Credit Agreement as if it were a party thereto.

 4.1.3 Records and Reports; Notification of Event of Default. Such Grantor will comply with Section 5.06 of
the Credit Agreement as if it were a party thereto. 
 4.1.4 Financing Statements and Other Actions; Defense of
Title. Each Grantor hereby authorizes the Administrative Agent to file, in the central filing office of the jurisdiction in which such Grantor is “located” within the meaning of that term in Section 9-307 of the UCC, all financing
statements describing the Collateral owned by such Grantor and other documents and each Grantor agrees to take such other actions as may from time to time reasonably be requested by the Administrative Agent in order to maintain a first priority,
perfected security interest in and, if applicable, Control of, the Collateral owned by such Grantor, subject to Liens permitted under Section 6.02 of the Credit Agreement and to the provisions of Section 4.7 hereof, provided that
(i) nothing herein shall be deemed to constitute an agreement to subordinate any of the Liens of the Administrative Agent under the Loan Documents to any Liens otherwise permitted under Section 6.02 of the Credit Agreement except as may be
required under Section 9.02(d) or Section 9.14 of the Credit Agreement, and (ii) nothing herein shall require any Grantor to take any Excluded Actions. Such financing statements may describe the Collateral in the same manner as
described herein or may contain an indication or description of collateral that describes such property in any other manner as the Administrative Agent may determine, in its sole discretion, is necessary, advisable or prudent to ensure that the
perfection of the security interest in the Collateral granted 

  
 -10- 

 
to the Administrative Agent herein, including, without limitation, describing such property as “all assets of the debtor whether now owned or hereafter acquired and wheresoever located,
including all accessions thereto and proceeds thereof.” Each Grantor will take any and all actions necessary to defend title to the Collateral owned by such Grantor against all Persons and to defend the security interest of the Administrative
Agent in such Collateral and the priority thereof against any Lien not expressly permitted hereunder or under any other Loan Document; provided that it is understood and agreed that no Grantor will be required to take any Excluded Action. 

4.1.5 Disposition of Collateral. No Grantor will sell, lease or otherwise dispose of the Collateral owned by such
Grantor except in transactions permitted under Section 6.03 of the Credit Agreement. 
 4.1.6 Liens. No Grantor
will create, incur, or suffer to exist any Lien on the Collateral owned by such Grantor except Liens permitted under Section 6.02 of the Credit Agreement, provided that nothing herein shall be deemed to constitute an agreement to subordinate
any of the Liens of the Administrative Agent under the Loan Documents to any Liens otherwise permitted under Section 6.02 of the Credit Agreement except to the extent provided in Section 9.02(d) or 9.14 of the Credit Agreement. 

4.1.7 Change in Corporate Existence, Type or Jurisdiction of Organization, Location, Name. Each Grantor will: 

(i) preserve its existence and corporate, limited liability company or partnership, as applicable, structure as in effect on
the Effective Date (except to the extent otherwise permitted by the Credit Agreement); 
 (ii) not change its name or
jurisdiction of organization; 
 (iii) not maintain its place of business (if it has only one) or its chief executive office
(if it has more than one place of business) at a location other than a location specified in Exhibit “A”; 
 (iv)
not (a) change its name or taxpayer identification number or (b) change its mailing address; and 
 (v) continue
to record properly its Inventory and Equipment on the internal books and records of the Borrower and the Grantors; 
 unless, in each such
case, such Grantor shall give the Administrative Agent written notice of such event or occurrence no later than the date that is thirty (30) days after such event or occurrence and, to the extent reasonably requested by the Administrative
Agent, shall take such steps as are necessary or advisable to properly maintain the validity, perfection and priority of the Administrative Agent’s security interest in the Collateral owned by such Grantor. 

4.1.8 Other Financing Statements. No Grantor will suffer to exist or authorize the filing of any financing statement
naming it as debtor covering all or any portion of the Collateral owned by such Grantor, except any financing statement authorized under Section 4.1.4 hereof or any financing statement evidencing such Liens as are permitted under
Section 6.02 of the Credit Agreement (including, without limitation, a financing statement of a third party financing source in connection with the sale or discount of accounts receivable permitted under Section 6.03(a)(vi)(E) of the
Credit Agreement). Each Grantor acknowledges that it is not authorized to 

  
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file any financing statement or amendment or termination statement with respect to any financing statement filed in connection herewith without the prior written consent of the Administrative
Agent (such consent not to be unreasonably withheld), subject to such Grantor’s rights under Section 9-509(d)(2) of the UCC. 

4.2 Receivables. 

4.2.1 Certain Agreements on Receivables. During the occurrence and continuation of a Payment Event of Default or
Acceleration Event, no Grantor will make or agree to make any discount, credit, rebate or other reduction in the original amount owing on a Receivable or accept in satisfaction of a Receivable less than the original amount thereof; provided that
prior to the occurrence and continuation of a Payment Event of Default or Acceleration Event, any Grantor may reduce the amount of Accounts arising from the sale of Inventory or the rendering of services in accordance with its then prevailing
policies and in the ordinary course of business and as otherwise permitted under the Credit Agreement. 
 4.2.2 Delivery
of Invoices. Upon the occurrence of a Payment Event of Default or Acceleration Event and during the continuance thereof, each Grantor will use its commercially reasonable efforts to deliver to the Administrative Agent promptly upon its request
duplicate invoices with respect to each Account owned by such Grantor bearing such language of assignment as the Administrative Agent shall specify. 

4.2.3 Disclosure of Counterclaims on Receivables. If (i) any discount, credit or agreement to make a rebate or to
otherwise reduce the amount owing on a material Receivable owned by such Grantor exists or (ii) if, to the Knowledge of such Grantor, any dispute, setoff, claim, counterclaim or defense exists or has been asserted or threatened with respect to
a Receivable, and such discount, credit, rebate, reduction, defense, setoff, claim, counterclaim or defense could reasonably be expected to have a Material Adverse Effect, such Grantor will disclose such fact to the Administrative Agent in writing
in connection with the inspection by the Administrative Agent of any record of such Grantor relating to such Receivable and in connection with any invoice or report furnished by such Grantor to the Administrative Agent relating to such Receivable.

 4.2.4 Electronic Chattel Paper. Each Grantor shall take all steps as the Administrative Agent may reasonably
request as being necessary to grant the Administrative Agent Control of all electronic chattel paper in accordance with the UCC and all “transferable records” as defined in each of the Uniform Electronic Transactions Act and the Electronic
Signatures in Global and National Commerce Act, in each case with a face value in excess of $1,000,000. 
 4.3 Maintenance of Goods.
Each Grantor shall comply with Section 5.05 of the Credit Agreement as if it were a party thereto. 
 4.4 Instruments, Securities,
Chattel Paper, Documents and Pledged Deposits. Each Grantor will (i) deliver to the Administrative Agent on the date hereof (or, in the case of the Target or any of its Subsidiaries, within thirty (30) days of the date hereof) the
originals of all Chattel Paper, Securities (to the extent certificated) and Instruments constituting Collateral (if any then exist) held by such Grantor, (ii) hold in trust for the Administrative Agent upon receipt and, promptly (and in any
event within thirty (30) days of the acquisition thereof or such later date agreed to by the Administrative Agent in its reasonable discretion), deliver to the Administrative Agent any Chattel Paper, Securities (to the extent certificated) and
Instruments constituting Collateral, (iii) upon the Administrative Agent’s request, after the occurrence and during the continuance of an Event of Default, deliver to the Administrative Agent (and thereafter

  
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hold in trust for the Administrative Agent upon receipt and promptly (and in any event within thirty (30) days of the acquisition thereof or such later date agreed to by the Administrative
Agent in its reasonable discretion) deliver to the Administrative Agent) any Document evidencing or constituting Collateral in an amount greater than $1,000,000, and (iv) upon the Administrative Agent’s reasonable request, deliver to the
Administrative Agent a duly executed amendment to this Security Agreement, in the form of Exhibit “I” hereto (the “Amendment”), pursuant to which such Grantor will pledge such additional Collateral; provided that,
notwithstanding the foregoing, the requirements of this Section 4.4 shall not apply to (a) Documents, Instruments (other than promissory notes) and Chattel Paper that do not exceed $1,000,000 individually, and (b) promissory
notes (which term does not include checks or bank drafts) that do not exceed $1,000,000 individually and in the aggregate for all such promissory notes excluded from the requirements of this Section 4.4. Such Grantor hereby authorizes the
Administrative Agent to attach each Amendment to this Security Agreement and agrees that all additional Collateral owned by it set forth in such Amendments shall be considered to be part of the Collateral; provided that, for the avoidance of doubt,
with respect to any delivery of Equity Interests in the Subsidiaries required under this Section 4.4, only the Equity Interests in Subsidiaries that constitute Collateral in accordance with Article II of this Security Agreement will be
delivered to the Administrative Agent; provided further that the Equity Interests in the First Tier Foreign Subsidiaries required to be delivered hereunder may be delivered after the Closing Date in accordance with Section 5.09 and subject to
the conditions of the Credit Agreement. All originals of all Chattel Paper, Securities (to the extent certificated) and Instruments constituting Collateral and required to be delivered to the Administrative Agent under this Security Agreement shall
be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to the Administrative Agent. 

4.5 Uncertificated Securities and Certain Other Investment Property. Each Grantor will, promptly upon any request therefor by the
Administrative Agent from time to time, cause Subsidiaries of such Grantor that are issuers of uncertificated securities or other types of Investment Property not represented by certificates and which are Collateral owned by such Grantor to mark
their books and records with the numbers and face amounts of all such uncertificated securities or other types of Investment Property not represented by certificates (and constituting Collateral) and all rollovers and replacements therefor to
reflect the Lien of the Administrative Agent granted pursuant to this Security Agreement. In the case of each Grantor which is an issuer of shares or other Equity Interests constituting Collateral, such Grantor agrees to be bound by the terms of
this Agreement relating to the Collateral issued by it and will comply with such terms insofar as such terms are applicable to it. 
 4.6
Stock and Other Ownership Interests. 
 4.6.1 Reserved. 

4.6.2 Issuance of Additional Securities. Except as permitted under the Credit Agreement, no Grantor will permit or
suffer any Subsidiary of such Grantor (in which Subsidiary the corporate securities or other ownership interests constitute Collateral) to issue any such securities or other ownership interests, any right to receive any such securities or other
ownership interests, or any right to receive earnings, except to such Grantor.  
 4.6.3 Registration of Pledged
Securities and Other Investment Property. Each Grantor will, to the extent not prohibited by applicable law, permit any registered Collateral owned by such Grantor to be registered in the name of the Administrative Agent or its nominee at any
time at the option of the Required Lenders following the occurrence and during the continuance of a Payment Event of Default or Acceleration Event and without any further consent of such Grantor. 

  
 -13- 

 4.6.4 Exercise of Rights in Pledged Securities and Other Investment
Property. To the extent not prohibited by applicable law, each Grantor will permit the Administrative Agent or its nominee at any time following the occurrence and during the continuance of a Payment Event of Default or Acceleration Event,
without notice, to exercise or refrain from exercising any and all voting and other consensual rights pertaining to the Collateral owned by such Grantor or any part thereof, and to receive all dividends and interest in respect of such Collateral. At
any time when no Payment Event of Default or Acceleration Event has occurred and is continuing, each Grantor shall be entitled (a) to exercise or refrain from exercising any and all such voting and other consensual rights inuring to an owner of
Equity Interests constituting Collateral, and each Grantor agrees that it shall exercise such rights for purposes not in violation with the terms of this Agreement, the Credit Agreement and the other Loan Documents and (b) to receive and retain
any and all dividends, interest, principal and other distributions paid on or distributed in respect of the Collateral to the extent and only to the extent that such dividends, interest, principal and other distributions are permitted by, and
otherwise paid or distributed in accordance with, the terms and conditions of the Credit Agreement, the other Loan Documents and applicable Laws; provided that any noncash dividends, interest principal or other distributions that would
constitute Collateral, whether resulting from a subdivision, combination or reclassification of the outstanding Equity Interests of the issuer of any such Equity Interests constituting Collateral or received in exchange for Collateral or any part
thereof, or in redemption thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Collateral, and, if received by a Grantor,
shall not be commingled by such Grantor with any of its other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Administrative Agent and the Secured Parties and shall be promptly (and in
any event within thirty (30) days) delivered to the Administrative Agent and the Secured Parties and shall be promptly (and in any event within thirty (30) days) delivered to the Administrative Agent in the same form as so received (with
any necessary endorsement reasonably requested by the Administrative Agent), and the Administrative Agent shall, promptly upon any request therefor by a Grantor, execute and deliver to such Grantor all such proxies, powers of attorney and other
instruments as such Grantor may reasonably request for the purposes of enabling such Grantor to exercise such voting and consensual rights and to receive such dividends and other earnings. 

4.7 Deposit Accounts and Securities Accounts. Upon the Administrative Agent’s request, each Grantor will use commercially
reasonable efforts to cause each bank or other financial institution in which it maintains a Deposit Account or Securities Account to enter into a control agreement with the Administrative Agent, in form and substance reasonably satisfactory to the
Administrative Agent, in order to give the Administrative Agent Control of such Deposit Account or Securities Account; provided that no Grantor shall be liable to the Administrative Agent or any other Person for the failure of a bank or other
financial institution to enter into such a control agreement to the extent that such Grantor used its commercially reasonable efforts for a reasonable period of time to procure such agreement as confirmed in a certificate of a Responsible Officer of
the Borrower delivered to the Administrative Agent and on which the Administrative Agent shall be entitled to conclusively rely. The Administrative Agent agrees that it will not give any notice of exclusive dominion or control under any Deposit
Account Control Agreement or Securities Account Control Agreement unless and until a Payment Event of Default or Acceleration Event has occurred and is continuing. If exclusive dominion and control of any Deposit Account or Securities Account or
dominion and control of any other deposit or investment has been obtained by the Administrative Agent and no Event of Default continues to exist, the Administrative Agent will promptly send notice to the bank or financial institution at which such
Deposit Account or Securities Account or other deposit or investment is maintained to (a) terminate the Administrative Agent’s exclusive dominion and control of such Deposit Account or Securities Account or other deposit or investment and
(b) reinstate Grantor’s access to such Deposit Account or Securities Account or other 

  
 -14- 

 
deposit or investment. In the case of deposits and investments maintained with Lenders, the terms of such notice shall be subject to the provisions of the Credit Agreement regarding setoffs. The
provisions of this Section 4.7 shall not apply to Deposit Accounts or Securities Accounts which are Excluded Deposit Accounts or Excluded Securities Accounts, as applicable, it being understood and agreed that the Administrative Agent
shall not take, and no Grantor shall be required to take, any action to establish the Control of the Administrative Agent in and to any of the Excluded Deposit Accounts or Excluded Securities Accounts. 

4.8 Letter-of-Credit Rights. Upon the Administrative Agent’s request, each Grantor will use commercially reasonable efforts to
cause each issuer of a letter of credit (in respect of which such Grantor is the beneficiary) with a face value in excess of $1,000,000 to consent to the assignment of proceeds of such letter of credit in order to give the Administrative Agent
Control of the Letter-of-Credit Rights to such letter of credit. 
 4.9 Federal, State or Municipal Claims. Each Grantor will notify
the Administrative Agent of any Collateral owned by such Grantor which constitutes a claim in an amount greater than $1,000,000 against the United States government or any state or local government or any instrumentality or agency thereof, the
assignment of which claim is restricted by federal, state or municipal law. Furthermore, each Grantor will execute and deliver to the Administrative Agent such documents, agreements and instruments, and will use commercially reasonable efforts to
take such further actions (including, without limitations, the taking of necessary actions under the Federal Assignment of Claims Act of 1940, as amended (31 U.S.C. § 3727 et seq. and 41 U.S.C. § 15 et seq.)), which the Administrative
Agent may, from time to time, reasonably request, to ensure perfection and priority of the Liens hereunder in respect of Accounts and General Intangibles owning by any government or instrumentality or agency thereof, all at the expense of the
Borrower. Notwithstanding anything to the contrary in this Section 4.9, no Grantor will be required to provide any notice or take any action hereunder if and to the extent prohibited by any federal, state or municipal law. 

4.10 No Interference. Each Grantor agrees that it will not interfere with any right, power and remedy of the Administrative Agent
provided for in this Security Agreement or now or hereafter existing at law or in equity or by statute or otherwise, or the exercise or beginning of the exercise by the Administrative Agent of any one or more of such rights, powers or remedies. 

4.11 Insurance. In the event any Collateral is located in any area that has been designated by the Federal Emergency Management Agency
as a “Special Flood Hazard Area,” each Grantor shall purchase and maintain flood insurance on such Collateral (including any personal property which is located on any real property leased by such Grantor within a “Special Flood Hazard
Area”). The amount of flood insurance required by this Section 4.11 shall be in an amount equal to the lesser of the total Commitment or the total replacement cost value of the improvements. 

4.12 Intellectual Property. 

4.12.1 If, after the date hereof, any Grantor obtains rights to, including, but not limited to filing and acceptance of a
statement of use or an amendment to allege use with the United States Patent and Trademark Office, or applies for or seeks registration of, any new patentable invention, Trademark or Copyright in addition to the Patents, Trademarks and Copyrights
described in Exhibit “B,” other than any of the foregoing constituting Excluded Assets, then such Grantor shall give the Administrative Agent notice thereof to the extent such additional rights and/or applications constitute Collateral, as
part of each compliance certificate provided to the Administrative Agent pursuant to the Credit Agreement. Each Grantor agrees promptly upon request by the Administrative Agent to execute and deliver to the Administrative Agent any

  
 -15- 

 
supplement to this Security Agreement or any other document reasonably requested by the Administrative Agent to evidence such security interest in a form appropriate for recording in the
applicable federal office. Each Grantor also hereby authorizes the Administrative Agent to record in addition to and not in substitution for this Security Agreement, Confirmatory Grants of Security Interests in the forms attached in Annex II
hereto for those Patents, Trademarks and Copyrights listed in Exhibit “B” hereto. 
 4.12.2 This Agreement is
effective to create a valid and continuing Lien on such Copyrights, Licenses, Patents and Trademarks to the extent registered or applied for in the United States Copyright Office or the United States Patent and Trademark Office, as applicable, and,
upon timely filing of the Confirmatory Grant of Security Interest in Copyrights with the United States Copyright Office, timely filing of the Confirmatory Grant of Security Interest in Patents in the United States Patent and Trademark Office, timely
filing of the Confirmatory Grant of Security Interest in Trademarks with the United States Patent and Trademark Office and the timely filing of appropriate financing statements in the jurisdictions listed in Exhibit “E” hereto, all action
necessary or desirable to protect and perfect the security interest in, to and on each Grantor’s Patents, Trademarks or Copyrights identified on Exhibit B has been taken and such perfected security interest is enforceable as such as against any
and all subsequent creditors of and subsequent purchasers or transferees from any Grantor, except as provided by applicable law. As of the Effective Date, no Grantor has any interest in any registered United States Copyright that is necessary in
connection with the operation of such Grantor’s business, except for those Copyrights identified in Exhibit “B” attached hereto which have been registered with the United States Copyright Office. 

4.12.3 Commercial Tort Claims. If, after the date hereof, any Grantor identifies the existence of a Commercial Tort
Claim belonging to such Grantor in an amount greater than $1,000,000 that has arisen in the course of such Grantor’s business in addition to the Commercial Tort Claims described in Exhibit “F,” which are all of such Grantor’s
Commercial Tort Claims as of the Effective Date, then such Grantor shall give the Administrative Agent prompt notice thereof, but in any event not less frequently than quarterly. Each Grantor agrees promptly upon request by the Administrative Agent
to execute and deliver to the Administrative Agent any supplement to this Security Agreement or any other document reasonably requested by the Administrative Agent to evidence the grant of a security interest therein in favor of the Administrative
Agent. 
 4.13 Updating of Exhibits to Security Agreement. The Borrower is permitted to, and will, provide to the Administrative
Agent, concurrently with the delivery of the certificate of a Financial Officer of the Borrower as required by Section 5.01(c) of the Credit Agreement, updated versions of the Exhibits to this Security Agreement (provided that if there have
been no changes to any such Exhibits since the previous updating thereof required hereby, the Borrower shall indicate that there has been “no change” to the applicable Exhibit(s)). 

ARTICLE V 
 DEFAULT 

5.1 Reserved. 
 5.2
Remedies. 

  
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 5.2.1 If any Event of Default has occurred and is continuing then the
Administrative Agent may, and at the direction of the Required Lenders shall, exercise any or all of the following rights and remedies (provided that the Administrative Agent shall endeavor, to the extent commercially reasonable, to notify the
Borrower prior to the exercise of the initial such right and remedy, and provided further that any failure by the Administrative Agent to deliver any such notice shall not be deemed to be a breach by the Administrative Agent of this Security
Agreement or give rise to any liability of the Administrative Agent or otherwise affect the Administrative Agent’s exercise of the rights and remedies hereunder in any manner): 

 

	 	(i)	Those rights and remedies provided in this Security Agreement, the Credit Agreement, or any other Loan Document, provided that this clause (i) shall not be understood to limit any rights or remedies
available to the Administrative Agent and the Secured Parties prior to an Event of Default. 

  

	 	(ii)	Those rights and remedies available to a secured party under the UCC (whether or not the UCC applies to the affected Collateral) or under any other applicable law (including, without limitation, any law governing the
exercise of a bank’s right of setoff or bankers’ lien) when a debtor is in default under a security agreement. 

  

	 	(iii)	Give notice of exclusive control or any other instruction under any Deposit Account Control Agreement or Securities Account Control Agreement and take any action therein with respect to such Collateral, provided that if
no Event of Default shall continue to exist, the Administrative Agent shall promptly notify the bank, financial institution or securities intermediary that the Administrative Agent no longer exercises exclusive control over the Deposit Account or
Securities Account, and the applicable Grantor’s access to the Deposit Account or Securities Account shall be reinstated. 

  

	 	(iv)	Only to the extent that a Payment Event of Default or Acceleration Event has occurred and is continuing, to the extent permitted by applicable law, without notice (or, except as specifically provided in
Section 8.1 hereof or elsewhere herein, demand or advertisement of any kind to any Grantor or any other Person) enter the premises of any Grantor where any Collateral is located (through self-help and without judicial process) to
collect, receive, assemble, process, appropriate, sell, lease, assign, grant an option or options to purchase or otherwise dispose of, deliver, or realize upon, the Collateral or any part thereof in one or more parcels at public or private sale or
sales (which sales may be adjourned or continued from time to time with or without notice and may take place at any Grantor’s premises of elsewhere), for cash, on credit or for future delivery without assumption of any credit risk, and upon
such other terms as the Administrative Agent may deem commercially reasonable. 

  

	 	(v)	Only to the extent that a Payment Event of Default or Acceleration Event has occurred and is continuing, concurrently with written notice to the applicable Grantor, to the extent not prohibited by applicable law,
transfer and register in its name or in the name of its nominee the whole or any part of the Pledged Collateral, to exchange certificates or instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or
larger denominations, to exercise the voting and all other rights as a holder with respect thereto, to collect and receive all cash dividends, interest, principal and other distributions made thereon and to otherwise act with respect to the Pledged
Collateral as though the Administrative Agent was the outright owner thereof. 

  
 -17- 

 5.2.2 The Administrative Agent, on behalf of the Secured Parties, shall comply
with any applicable state or federal law requirements in connection with a disposition of the Collateral, and such compliance will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. 

5.2.3 The Administrative Agent shall have the right upon any such public sale or sales and, to the extent permitted by law,
upon any such private sale or sales, to purchase for the benefit of the Administrative Agent and the other Secured Parties, the whole or any part of the Collateral so sold, free of any right of equity redemption, which equity redemption the Grantor,
upon consummation of such sale, hereby expressly releases. 
 5.2.4 Until the Administrative Agent is able to effect a sale,
lease, or other disposition of Collateral, the Administrative Agent shall, to the extent not prohibited by applicable law, have the right to hold or use Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of
preserving Collateral or its value or for any other purpose deemed appropriate by the Administrative Agent. The Administrative Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce
any of the Administrative Agent’s remedies (for the benefit of the Administrative Agent and other Secured Parties), with respect to such appointment without prior notice or hearing as to such appointment. 

5.2.5 If, after the Credit Agreement has terminated by its terms and all of the Secured Obligations have been paid in full,
there remain outstanding Swap Obligations or Banking Services Obligations that constitute Secured Obligations, the Required Lenders may exercise the remedies provided in this Section 5.2 upon the occurrence and during the continuance of
any event which would allow or require the termination or acceleration of any Swap Obligations or Banking Services Obligations. 

5.2.6 Notwithstanding the foregoing, neither the Administrative Agent nor any other Secured Party shall be required to
(i) make any demand upon, or pursue or exhaust any of their rights or remedies against, any Grantor, any other obligor, guarantor, pledgor or any other Person with respect to the payment of the Secured Obligations or to pursue or exhaust any of
their rights or remedies with respect to any Collateral therefor or any direct or indirect guarantee thereof, (ii) marshal the Collateral or any guarantee of the Secured Obligations or to resort to the Collateral or any such guarantee in any
particular order, or (iii) effect a public sale of any Collateral. 
 5.2.7 Each Grantor recognizes that the
Administrative Agent may be unable to effect a public sale of any or all the Pledged Collateral and may be compelled to resort to one or more private sales thereof in accordance with Section 5.2.1 above. Each Grantor also acknowledges
that any private sale may result in prices and other terms less favorable to the seller than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a
commercially unreasonable manner solely by virtue of such sale being private. The Administrative Agent shall be under no obligation to delay a sale of any of the Pledged Collateral for the period of time necessary to permit any Grantor or the issuer
of the Pledged Collateral to register such securities for public sale under the Securities Act of 1933, as amended, or under applicable state securities laws, even if the applicable Grantor and the issuer would agree to do so. 

5.3 Grantors’ Obligations Upon a Payment Event of Default or Acceleration Event. Upon the request of the Administrative Agent
following the occurrence and during the continuance of a Payment Event of Default or Acceleration Event, each Grantor will: 

  
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 5.3.1 Assembly of Collateral. Assemble and make available to the
Administrative Agent the Collateral and all books and records relating thereto at any place or places specified by the Administrative Agent. 

5.3.2 Secured Party Access. Permit the Administrative Agent, by the Administrative Agent’s representatives and
agents, to enter, occupy and use any premises where all or any part of the Collateral, or the books and records relating thereto, or both, are located, to take possession of all or any part of the Collateral, or the books and records relating
thereto, or both, to remove all or any part of the Collateral, or the books and records relating thereto, or both, and to conduct sales of the Collateral, without any obligation to pay the Grantor for such use and occupancy. 

5.3.3 Furnish to the Administrative Agent, or cause an issuer of Pledged Collateral to furnish to the Administrative Agent,
any information regarding the Pledged Collateral in such detail as the Administrative Agent may specify. 
 5.4 License. The
Administrative Agent is hereby granted a license or other right to use, following the occurrence and during the continuance of a Payment Event of Default or Acceleration Event, without charge, each Grantor’s labels, patents, copyrights, rights
of use of any name, trade secrets, trade names, trademarks, service marks, customer lists and advertising matter, or any property of a similar nature, as it pertains to the Collateral, solely for the purpose of completing production of, advertising
for sale, and selling any Collateral. In addition, each Grantor hereby irrevocably (until the Credit Agreement has terminated in accordance with its terms) agrees that the Administrative Agent may, following the occurrence and during the continuance
of a Payment Event of Default or Acceleration Event, sell any of such Grantor’s Inventory directly to any Person, including, without limitation, Persons who have previously purchased such Grantor’s Inventory from such Grantor, and in
connection with any such sale or other enforcement of the Administrative Agent’s rights under this Security Agreement may sell Inventory which bears any trademark owned by or licensed to such Grantor and any Inventory that is covered by any
copyright owned by or licensed to such Grantor and the Administrative Agent may (but shall have no obligation to) finish any work in process and affix any trademark owned by or licensed to such Grantor and sell such Inventory as provided herein.

 ARTICLE VI 
 WAIVERS,
AMENDMENTS AND REMEDIES 
 No delay or omission of the Administrative Agent or any Secured Party to exercise any right or remedy granted
under this Security Agreement shall impair such right or remedy or be construed to be a waiver of any Event of Default or an acquiescence therein, and any single or partial exercise of any such right or remedy shall not preclude any other or further
exercise thereof or the exercise of any other right or remedy. No waiver, amendment or other variation of the terms, conditions or provisions of this Security Agreement whatsoever shall be valid unless in writing signed by the Administrative Agent
and each Grantor, and then only to the extent in such writing specifically set forth, provided that the addition of any Domestic Subsidiary as a Grantor hereunder by execution of a Security Agreement Supplement in the form of Annex I (with
such modifications as shall be acceptable to the Administrative Agent) shall not require receipt of any consent from or execution of any documentation by any other Grantor party hereto. All rights and remedies contained in this Security Agreement or
by law afforded shall be cumulative and all shall be available to the Administrative Agent and the Secured Parties until the Secured Obligations have been paid in full or, in the case of Letters of Credit, cash-collateralized on terms reasonably
satisfactory to the Administrative Agent. 

  
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 ARTICLE VII 

PROCEEDS; COLLECTION OF RECEIVABLES 

7.1 Lockboxes. Upon request of the Administrative Agent following the occurrence and during the continuance of a Payment Event of
Default or Acceleration Event, each Grantor shall execute and deliver to the Administrative Agent, other than with respect to Excluded Deposit Accounts, irrevocable lockbox agreements in the form provided by or otherwise acceptable to the
Administrative Agent, which agreements shall be accompanied by an acknowledgment by the bank where the lockbox is located of the Lien of the Administrative Agent granted hereunder and of irrevocable instructions to wire all amounts collected therein
to a special collateral account with the Administrative Agent. 
 7.2 Collection of Receivables. The Administrative Agent may at any
time following the occurrence and during the continuance of a Payment Event of Default or Acceleration Event, by giving each Grantor written notice, elect to require that the Receivables be paid directly to the Administrative Agent for the benefit
of the Secured Parties. In such event, each Grantor shall, and shall permit the Administrative Agent to, promptly notify the account debtors or obligors under the Receivables owned by such Grantor of the Administrative Agent’s interest therein
and direct such account debtors or obligors to make payment of all amounts then or thereafter due under such Receivables directly to the Administrative Agent. Upon receipt of any such notice from the Administrative Agent, each Grantor shall
thereafter hold in trust for the Administrative Agent, on behalf of the Secured Parties, all amounts and proceeds received by it with respect to the Receivables and Other Collateral and immediately and at all times thereafter deliver to the
Administrative Agent all such amounts and proceeds in the same form as so received, whether by cash, check, draft or otherwise, with any necessary endorsements. The Administrative Agent shall hold and apply funds so received as provided by the terms
of Sections 7.3 and 7.4 hereof. 
 7.3 Special Collateral Account. Following the occurrence and during the continuance
of a Payment Event of Default or Acceleration Event, the Administrative Agent may require all cash proceeds of the Collateral to be deposited in a special non-interest bearing cash collateral account with the Administrative Agent and held there as
security for the Secured Obligations. No Grantor shall have any control whatsoever over such cash collateral account. If no Event of Default has occurred or is continuing, the Administrative Agent shall from time to time deposit the collected
balances in such cash collateral account into the applicable Grantor’s general operating account communicated in writing to the Administrative Agent by the Borrower. If any Payment Event of Default or Acceleration Event has occurred and is
continuing, the Administrative Agent may (and shall, at the direction of the Required Lenders), from time to time, apply the collected balances in such cash collateral account to the payment of the Secured Obligations whether or not the Secured
Obligations shall then be due. 
 7.4 Application of Proceeds. The proceeds of the Collateral shall be applied by the Administrative
Agent to payment of the Secured Obligations as provided under Section 2.18 of the Credit Agreement. 
 ARTICLE VIII 

GENERAL PROVISIONS 
 8.1
Notice of Disposition of Collateral; Condition of Collateral. Each Grantor hereby waives, to the extent that it may do so under the UCC or any other applicable law, notice of the time and place of any public sale or the time after which any
private sale or other disposition of all or any part of the Collateral may be made. To the extent such notice may not be waived under applicable law, any notice made shall be deemed reasonable if sent to the Borrower, addressed as set forth in
Article IX of 

  
 -20- 

 
this Security Agreement, at least ten (10) days prior to (i) the date of any such public sale or (ii) the time after which any such private sale or other disposition may be made.
The Administrative Agent shall have no obligation to clean-up or otherwise prepare the Collateral for sale. To the maximum extent permitted by applicable law, each Grantor waives all claims, damages, and demands against the Administrative Agent or
any other Secured Party arising out of the repossession, retention or sale of the Collateral, except such as arise solely out of the bad faith, gross negligence or willful misconduct of the Administrative Agent or such other Secured Party as finally
determined by a court of competent jurisdiction. To the extent it may lawfully do so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to assert against the Administrative Agent or any
other Secured Party, any valuation, stay, appraisal, extension, moratorium, redemption or similar laws and any and all rights or defenses it may have as a surety now or hereafter existing (other than the defense that the Secured Obligations shall
have been fully paid in cash and performed in full) which, but for this provision, might be applicable to the sale of any Collateral made under the judgment, order or decree of any court, or privately under the power of sale conferred by this
Security Agreement, or otherwise. Except as otherwise specifically provided herein or in any other Loan Document, each Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind
in connection with this Security Agreement or any Collateral. 
 8.2 Limitation on Administrative Agent’s and other Secured
Parties’ Duty with Respect to the Collateral. The Administrative Agent shall have no obligation to clean-up or otherwise prepare the Collateral for sale. The Administrative Agent and each other Secured Party shall use reasonable care with
respect to the Collateral in its possession or under its control. Neither the Administrative Agent nor any other Secured Party shall have any other duty as to any Collateral in its possession or control or in the possession or control of any agent
or nominee of the Administrative Agent or such other Secured Party, or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. To the extent that applicable law imposes duties on the
Administrative Agent to exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that it is commercially reasonable for the Administrative Agent (i) to fail to incur expenses deemed significant by the
Administrative Agent to prepare Collateral for disposition or otherwise to transform raw material or work in process into finished goods or other finished products for disposition, (ii) to fail to obtain third party consents for access to
Collateral to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of, (iii) to fail to exercise
collection remedies against account debtors or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral, (iv) to exercise collection remedies against account debtors and other Persons obligated on
Collateral directly or through the use of collection agencies and other collection specialists, (v) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the Collateral is of a specialized
nature, (vi) to contact other Persons, whether or not in the same business as such Grantor, for expressions of interest in acquiring all or any portion of such Collateral, (vii) to hire one or more professional auctioneers to assist in the
disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by utilizing internet sites that provide for the auction of assets of the types included in the Collateral or that have the
reasonable capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets, (x) to disclaim disposition warranties, such as title, possession or quiet enjoyment,
(xi) to purchase insurance or credit enhancements to insure the Administrative Agent against risks of loss, collection or disposition of Collateral or to provide to the Administrative Agent a guaranteed return from the collection or disposition
of Collateral, or (xii) to the extent deemed appropriate by the Administrative Agent, to obtain the services of other brokers, investment bankers, consultants and other professionals to assist the Administrative Agent in the collection or
disposition of any of the Collateral. Each Grantor acknowledges that the purpose of this Section 8.2 is to provide non-exhaustive indications of what actions or omissions by the Administrative Agent would be commercially reasonable in
the Administrative Agent’s exercise of 

  
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remedies against the Collateral and that other actions or omissions by the Administrative Agent shall not be deemed commercially unreasonable solely on account of not being indicated in this
Section 8.2. Without limitation upon the foregoing, nothing contained in this Section 8.2 shall be construed to grant any rights to any Grantor or to impose any duties on the Administrative Agent that would not have been
granted or imposed by this Security Agreement or by applicable law in the absence of this Section 8.2. 
 8.3 Compromises and
Collection of Collateral. Each Grantor and the Administrative Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be
or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to such Receivable. In view of the
foregoing, each Grantor agrees that the Administrative Agent may at any time and from time to time, if a Payment Event of Default or Acceleration Event has occurred and is continuing, compromise with the obligor on any Receivable, accept in full
payment of any Receivable such amount as the Administrative Agent in its sole discretion shall determine or abandon any Receivable, and any such action by the Administrative Agent shall be commercially reasonable so long as the Administrative Agent
acts in good faith based on information known to it at the time it takes any such action. 
 8.4 Secured Party Performance of
Grantor’s Obligations. Without having any obligation to do so, the Administrative Agent may perform or pay any obligation which any Grantor has agreed (but has failed) to perform or pay in this Security Agreement and such Grantor shall
reimburse the Administrative Agent for any reasonable amounts paid by the Administrative Agent pursuant to this Section 8.4. Each Grantor’s obligation to reimburse the Administrative Agent pursuant to the preceding sentence shall be
a Secured Obligation payable within fifteen (15) days after demand. 
 8.5 Authorization for Secured Party to Take Certain
Action. Each Grantor irrevocably authorizes the Administrative Agent at any time and from time to time in the sole discretion of the Administrative Agent and appoints the Administrative Agent as its attorney in fact (i) to execute on behalf
of such Grantor as debtor and to file, in the central filing office of the jurisdiction in which such Grantor is “located” within the meaning of that term in Section 9-307 of the UCC, financing statements (including, fixture filings,
except to the extent that making such fixture filing would be an Excluded Action) necessary or desirable in the Administrative Agent’s sole discretion to perfect and to maintain the perfection and priority of the Administrative Agent’s
security interest in the Collateral, (ii) following the occurrence and during the continuance of an Event of Default, to indorse and collect any cash proceeds of the Collateral, (iii) to file a carbon, photographic or other reproduction of
this Security Agreement or any financing statement with respect to the Collateral as a financing statement and to file any other financing statement or amendment of a financing statement (which does not add new collateral or add a debtor and which
in any event does not add any Excluded Assets), as the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the Administrative Agent’s security interest in the
Collateral, (iv) upon and during the continuance of an Event of Default, to contact and enter into one or more agreements with the issuers of uncertificated securities which are Collateral owned by such Grantor and which are Securities or with
financial intermediaries holding other Investment Property as may be necessary or advisable to give the Administrative Agent Control over such Securities or other Investment Property, in each case to the extent constituting Collateral,
(v) following the occurrence and during the continuance of a Payment Event of Default or Acceleration Event and subject to the terms of Section 4.1.5 hereof, to enforce payment of the Instruments, Accounts and Receivables in the
name of the Administrative Agent or such Grantor, (vi) to apply the proceeds of any Collateral received by the Administrative Agent to the Secured Obligations as provided in Article VII of this Security Agreement and (vii) to
discharge past due taxes, assessments, charges, fees or Liens on the Collateral (except for such taxes, assessments, charges, fees or Liens as are specifically permitted hereunder or under any other Loan Document), and each Grantor agrees to
reimburse the Administrative 

  
 -22- 

 
Agent within fifteen (15) days after demand for any reasonable payment made or any reasonable expense incurred by the Administrative Agent in connection therewith, provided that this
authorization shall not relieve any Grantor of any of its obligations under this Security Agreement or under the Credit Agreement. Notwithstanding this Section 8.5, the Administrative Agent is not authorized by any Grantor to take any action
that, if performed by a Grantor, would be an Excluded Action, unless otherwise consented to by such Grantor in writing. 
 8.6 Specific
Performance of Certain Covenants. Each Grantor acknowledges and agrees that a breach of any of the covenants contained in Section 4.1.5, 4.1.6, 4.4, 5.3, or 8.8 hereof or in Article VII of this
Security Agreement will cause irreparable injury to the Administrative Agent and the Secured Parties, that the Administrative Agent and the Secured Parties have no adequate remedy at law in respect of such breaches and therefore agrees, without
limiting the right of the Administrative Agent or the Secured Parties to seek and obtain specific performance of other obligations of the Grantors contained in this Security Agreement, that the covenants of the Grantors contained in the Sections
referred to in this Section 8.6 shall be specifically enforceable against the Grantors. 
 8.7 Use and Possession of Certain
Premises. Following the occurrence and during the continuance of a Payment Event of Default or Acceleration Event, the Administrative Agent shall be entitled to enter any premises owned or leased by the Grantors where any of the Collateral or
any records relating to the Collateral are located solely for the purpose of exercising its remedies in the Collateral and solely until the Secured Obligations are paid or the Collateral is removed therefrom, whichever first occurs, without any
obligation to pay any Grantor for such use and occupancy. 
 8.8 Reserved. 

8.9 Reinstatement. This Security Agreement shall remain in full force and effect and continue to be effective should any petition be
filed by or against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver or trustee be appointed for all or any significant part of
any Grantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Secured Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in
amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment or performance had not been made.
In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

8.10 Benefit of Agreement. The terms and provisions of this Security Agreement shall be binding upon and inure to the benefit of the
Grantors and the Administrative Agent and their respective successors and assigns (including all Persons who become bound as a debtor to this Security Agreement), except that the Grantors shall not have the right to assign their rights or delegate
their obligations under this Security Agreement or any interest herein, without the prior written consent of the Administrative Agent. No sales of participations, assignments, transfers, or other dispositions of any agreement governing the Secured
Obligations or any portion thereof or interest therein shall in any manner impair the Lien granted to the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, hereunder. 

8.11 Survival of Representations. All representations and warranties of the Grantors contained in this Security Agreement shall survive
the execution and delivery of this Security Agreement. 

  
 -23- 

 8.12 Taxes and Expenses. Any Taxes (other than Excluded Taxes) payable or ruled payable by
a Federal or State authority in respect of this Security Agreement shall be paid by the Grantors, together with interest and penalties, if any, except to the extent being contested in good faith by the Grantors and by appropriate proceedings. The
Grantors shall reimburse the Administrative Agent for any and all reasonable out-of-pocket expenses and internal charges (including reasonable attorney’s fees, but excluding time charges of attorneys, paralegals, auditors and accountants who
may be employees of the Administrative Agent) paid or incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration, collection and enforcement of this Security Agreement and in the audit, analysis,
administration, collection, preservation or sale of the Collateral (including the expenses and charges associated with any periodic or special audit of the Collateral). Any and all costs and expenses incurred by the Grantors in the performance of
actions required pursuant to the terms hereof shall be borne solely by the Grantors. 
 8.13 Headings. The title of and section
headings in this Security Agreement are for convenience of reference only, and shall not govern the interpretation of any of the terms and provisions of this Security Agreement. 

8.14 Termination. This Security Agreement shall continue in effect (notwithstanding the fact that from time to time there may be no
Secured Obligations outstanding) until (i) any and all commitments to extend credit under the Loan Documents have terminated, and (ii) all of the Secured Obligations (other than Unliquidated Obligations) have been paid in cash and
performed in full (or with respect to any outstanding Letters of Credit, a cash deposit or backup Letter of Credit has been delivered to the Administrative Agent as required by the Credit Agreement). Upon any sale or other disposition by any Grantor
of any Collateral to a third party that is not a Grantor in a transaction permitted under the Credit Agreement, or upon the effectiveness in accordance with the Credit Agreement of any written consent to the release of the security interest in any
Collateral, any other release of Liens of the Administrative Agent in any portion of the Collateral as provided by Section 9.02(d) or Section 9.14 of the Credit Agreement upon the occurrence of the applicable event provided for in
Section 9.02(d) or Section 9.14 of the Credit Agreement the security interests in such Collateral shall be automatically released without further action by any party. In connection with any termination or release pursuant to this
Section 8.14, the Administrative Agent shall execute and deliver to any Grantor, at such Grantor’s expense and without recourse to or warranty by the Administrative Agent, all documents that such Grantor shall reasonably request to
evidence such termination or release, including UCC termination statements and terminations of Deposit Account Control Agreements and Securities Account Control Agreements. 

8.15 Entire Agreement. This Security Agreement, together with the Credit Agreement, embodies the entire agreement and understanding
between the Grantors and the Administrative Agent relating to the Collateral and supersedes all prior agreements and understandings among the Grantors and the Administrative Agent relating to the Collateral. 

8.16 Governing Law; Jurisdiction; Waiver of Jury Trial. 

8.16.1 THIS SECURITY AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 8.16.2 Each Grantor hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive
jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of
or 

  
 -24- 

 
relating to this Security Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each Grantor hereby irrevocably and unconditionally agrees that all claims
in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each Grantor agrees that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Security Agreement or any other Loan Document shall affect any right that the Administrative Agent, the Issuing Bank or any
Lender may otherwise have to bring any action or proceeding relating to this Security Agreement or any other Loan Document against any Grantor or its properties in the courts of any jurisdiction. 

8.16.3 Each Grantor hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so,
any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Security Agreement or any other Loan Document in any court referred to in Section 8.16.2 hereof.
Each Grantor hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

8.16.4 Each party to this Security Agreement irrevocably consents to service of process in the manner provided for notices in
Article IX of this Security Agreement, and each of the Grantors hereby appoints the Borrower as its agent for service of process. Nothing in this Security Agreement or any other Loan Document will affect the right of any party to this Security
Agreement to serve process in any other manner permitted by law. 
 8.16.5 WAIVER OF JURY TRIAL. EACH OF THE
PARTIES HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT (WHETHER BASED ON CONTRACT, TORT
OR ANY OTHER THEORY). EACH OF THE PARTIES (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS SECURITY AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

8.17 Indemnity. Each Grantor hereby agrees, jointly with the other Grantors and severally, to indemnify the Administrative Agent and
the Secured Parties, and their respective successors, assigns, agents and employees, from and against any and all losses, liabilities, damages, claims, penalties, suits, costs, and expenses of any kind and nature (including, without limitation, all
expenses of litigation or preparation therefor whether or not the Administrative Agent or any other Secured Party is a party thereto) imposed on, incurred by or asserted against the Administrative Agent or the Secured Parties, or their respective
successors, assigns, agents and employees, in any way relating to or arising out of this Security Agreement or any other Loan Document, or the manufacture, purchase, acceptance, rejection, ownership, delivery, lease, possession, use, operation,
condition, sale, return or other disposition of any Collateral (including, without limitation, latent and other defects, whether or not discoverable by the Administrative Agent or the Secured Parties or any Grantor, and any claim for patent,
trademark or copyright infringement); provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, damages, penalties, suits or related costs and expenses are determined by a

  
 -25- 

 
court of competent jurisdiction by final and nonappealable judgment to have resulted from (x) the bad faith, gross negligence or willful misconduct of such Indemnitee or its Related Parties
or (y) a material breach in bad faith by such Indemnitee or its Related Parties of their express obligations under the Loan Documents pursuant to a claim initiated by the Borrower. 

8.18 Subordination of Intercompany Indebtedness. Each Grantor agrees that any and all claims of such Grantor against any other Grantor
(each an “Obligor”) with respect to any “Intercompany Indebtedness” (as hereinafter defined), any endorser, obligor or any other guarantor of all or any part of the Secured Obligations, or against any of its properties
shall be subordinate and subject in right of payment to the prior payment, in full and in cash, of all Secured Obligations, provided that, and not in contravention of the foregoing, so long as no Payment Event of Default or Acceleration Event has
occurred and is continuing, such Grantor may make loans and extend other Intercompany Indebtedness to and receive payments with respect to such Intercompany Indebtedness from each such Obligor to the extent not prohibited by the terms of this
Security Agreement and the other Loan Documents. Notwithstanding any right of any Grantor to ask, demand, sue for, take or receive any payment from any Obligor, all rights, liens and security interests of such Grantor, whether now or hereafter
arising and howsoever existing, in any assets of any other Obligor shall be and are subordinated to the rights of the Secured Parties and the Administrative Agent in those assets. No Grantor shall have any right to possession of any such asset or to
foreclose upon any such asset, whether by judicial action or otherwise, unless and until this Security Agreement has terminated in accordance with Section 8.14 hereof. If all or any part of the assets of any Obligor, or the proceeds
thereof, are subject to any distribution, division or application to the creditors of such Obligor, whether partial or complete, voluntary or involuntary, and whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for
the benefit of creditors or any other action or proceeding, or if the business of any such Obligor is dissolved or if substantially all of the assets of any such Obligor are sold, then, and in any such event (such events being herein referred to as
an “Insolvency Event”), any payment or distribution of any kind or character, either in cash, securities or other property, which shall be payable or deliverable upon or with respect to any indebtedness of any Obligor to any Grantor
(“Intercompany Indebtedness”) shall be paid or delivered directly to the Administrative Agent for application on any of the Secured Obligations, due or to become due, until such Secured Obligations (other than contingent indemnity
obligations) shall have first been fully paid and satisfied (or, in the case of Letters of Credit, cash-collateralized pursuant to terms reasonably acceptable to the Administrative Agent). Should any payment, distribution, security or instrument or
proceeds thereof be received by the applicable Grantor upon or with respect to the Intercompany Indebtedness after any Insolvency Event and prior to the termination of this Security Agreement in accordance with Section 8.14 hereof, such
Grantor shall receive and hold the same in trust, as trustee, for the benefit of the Secured Parties and shall forthwith deliver the same to the Administrative Agent, for the benefit of the Secured Parties, in precisely the form received (except for
the endorsement or assignment of the Grantor where necessary), for application to any of the Secured Obligations, due or not due, and, until so delivered, the same shall be held in trust by the Grantor as the property of the Secured Parties. If any
such Grantor fails to make any such endorsement or assignment to the Administrative Agent, the Administrative Agent or any of its officers or employees is irrevocably authorized to make the same. Each Grantor agrees that until the termination of
this Security Agreement in accordance with Section 8.14 hereof, no Grantor will assign or transfer to any Person (other than the Administrative Agent or the Borrower or another Grantor) any claim any such Grantor has or may have against
any Obligor. 
 8.19 Severability. Any provision in this Security Agreement that is held to be inoperative, unenforceable, or invalid
in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction,
and to this end the provisions of this Security Agreement are declared to be severable. 

  
 -26- 

 8.20 Counterparts. This Security 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. Delivery of an executed counterpart of a signature page of this Security
Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Security Agreement. 
 ARTICLE IX 

NOTICES 
 9.1 Sending
Notices. Any notice required or permitted to be given under this Security Agreement shall be sent (and deemed received) in the manner and to the addresses set forth in Section 9.01 of the Credit Agreement. Any notice delivered to the
Borrower shall be deemed to have been delivered to all of the Grantors. 
 9.2 Change in Address for Notices. Each of the Grantors,
the Administrative Agent and the Lenders may change the address for service of notice upon it in the manner set forth in Section 9.01 of the Credit Agreement. 

ARTICLE X 
 THE ADMINISTRATIVE
AGENT 
 JPMorgan Chase Bank, N.A. has been appointed Administrative Agent for the Secured Parties hereunder pursuant to Article VIII of the
Credit Agreement. It is expressly understood and agreed by the parties to this Security Agreement that any authority conferred upon the Administrative Agent hereunder is subject to the terms of the delegation of authority made by the Secured Parties
to the Administrative Agent pursuant to the Credit Agreement, and that the Administrative Agent has agreed to act (and any successor Administrative Agent shall act) as such hereunder only on the express conditions contained in such Article VIII. Any
successor Administrative Agent appointed pursuant to Article VIII of the Credit Agreement shall be entitled to all the rights, interests and benefits of the Administrative Agent hereunder. 

  
 -27- 

 IN WITNESS WHEREOF, each of the Grantors and the Administrative Agent have executed this Security
Agreement as of the date first above written. 
  

			
	THE ADVISORY BOARD COMPANY, as a Grantor
		
	By:		/s/ Michael T. Kirshbaum

 
			
	Name:  Michael T. Kirshbaum
	Title:  Chief Financial Officer and Treasurer

  

			
	ADVISORY BOARD INVESTMENTS, INC., as a Grantor
		
	By:		/s/ Michael T. Kirshbaum

 
			
	Name:  Michael T. Kirshbaum
	Title:  President

  

			
	ROYALL ACQUISITION CO., as a Grantor
		
	By:		/s/ Michael T. Kirshbaum

 
			
	Name:  Michael T. Kirshbaum
	Title:  President and Treasurer

  

			
	ROYALL & COMPANY, as a Grantor
		
	By:		/s/ Michael T. Kirshbaum

 
			
	Name:  Michael T. Kirshbaum
	Title:  President and Treasurer

  

			
	ROYALL & COMPANY HOLDING, INC., as a Grantor
		
	By:		/s/ Seth Allyn

 
			
	Name:  Seth Allyn
	Title:  Assistant Treasurer

  

			
	ADVANCEMENT SERVICES INC., as a Grantor
		
	By:		/s/ Seth Allyn

 
			
	Name:  Seth Allyn
	Title:  Treasurer

			
	JPMORGAN CHASE BANK, N.A., as Administrative Agent
		
	By:	 	/s/ James A. Knight

			
	Name:  James A. Knight
	Title:  Vice President

 EXHIBIT “I” 

(See Section 4.4 of Security Agreement) 

AMENDMENT 
 This Amendment, dated
                    , 20     is delivered pursuant to Section 4.4 of the Security Agreement referred to
below. All defined terms herein shall have the meanings ascribed thereto or incorporated by reference in the Security Agreement. The undersigned hereby certifies that the representations and warranties in Article III of the Security Agreement
with respect to the Collateral described on Schedule 1 to this Amendment are true and correct in all material respects as of the date hereof. The undersigned further agrees that this Amendment may be attached to that certain Pledge and
Security Agreement, dated February 6, 2015, between the undersigned, as the Grantors, and JPMorgan Chase Bank, N.A., as the Administrative Agent, (the “Security Agreement”) and that the Collateral listed on Schedule I to
this Amendment shall be and become a part of the Collateral referred to in said Security Agreement and shall secure all Secured Obligations referred to in said Security Agreement. 

 

			
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	

  
 1 

 SCHEDULE I TO AMENDMENT 

STOCKS 
  

											
	 Name of Grantor
	 	 Issuer
	 	 Certificate

Number(s)
	 	 Number of

Shares
	 	 Class of Stock
	 	 Percentage

of
 Outstanding

Shares

BONDS 
  

											
	 Name of Grantor
	 	 Issuer
	 	 Number
	 	 Face Amount
	 	 Coupon Rate
	 	 Maturity

GOVERNMENT SECURITIES 
  

													
	 Name of Grantor
	 	 Issuer
	 	 Number
	 	 Type
	 	 Face Amount
	 	 Coupon Rate
	 	 Maturity

OTHER SECURITIES OR OTHER INVESTMENT PROPERTY 

(CERTIFICATED AND UNCERTIFICATED) 
  

							
	 Name of Grantor
	 	 Issuer
	 	 Description of Collateral
	 	 Percentage Ownership Interest

[Add description of custody accounts or arrangements with securities intermediary, if applicable] 

  
 2 

 ANNEX I 

to 
 PLEDGE AND SECURITY AGREEMENT

 Reference is hereby made to the Pledge and Security Agreement (as amended, restated, supplemented or otherwise modified from time to
time, the “Agreement”), dated as of February 6, 2015, made by each of THE ADVISORY BOARD COMPANY, a Delaware corporation (the “Borrower”) and the other Subsidiaries of the Borrower listed on the signature pages
thereto (together with the Borrower, the “Initial Grantors,” and together with any additional Subsidiaries, including the undersigned, which become parties thereto by executing a Supplement in substantially the form hereof, the
“Grantors”), in favor of the Administrative Agent. Capitalized terms used herein and not defined herein shall have the meanings given to them in the Agreement. 

By its execution below, the undersigned, [NAME OF NEW GRANTOR], a
[            ] [corporation/limited liability company/limited partnership] (the “New Grantor”) agrees to become, and does hereby become, a Grantor under the
Agreement and agrees to be bound by the Agreement as if originally a party thereto. The New Grantor hereby collaterally assigns and pledges to the Administrative Agent for the benefit of the Secured Parties, and grants to the Administrative Agent
for the benefit of the Secured Parties, a security interest in all of the New Grantor’s right, title and interest in and to the Collateral, whether now owned or hereafter acquired, to secure the prompt and complete payment and performance of
the Secured Obligations. For the avoidance of doubt, the grant of a security interest herein shall not be deemed to be an assignment of intellectual property rights owned by the New Grantor. 

By its execution below, the undersigned represents and warrants as to itself that all of the representations and warranties contained in the
Agreement with respect to the New Grantor and the Collateral owned by it, after giving effect to the supplements to the Exhibits to the Agreement attached hereto, are true and correct in all material respects as of the date hereof. The New Grantor
represents and warrants that the supplements to the Exhibits to the Agreement attached hereto are true and correct in all respects and that such supplements set forth all information required to be scheduled under the Agreement with respect to the
New Grantor. The New Grantor shall take all steps necessary and required under the Agreement to perfect, in favor of the Administrative Agent, a first-priority security interest in and lien against the New Grantor’s Collateral, subject only to
Liens permitted under Section 6.02 of the Credit Agreement. 
 THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 
 IN WITNESS WHEREOF, the New Grantor has executed and delivered this Security Agreement
Supplement as of this      day of                 , 20    . 

 

			
	[NAME OF NEW GRANTOR]
		
	By:	 	 

 
			
	Title:	 	 

 
			
		 	

  
 1 

 ANNEX II 

Forms of Confirmatory Grants of Security Interest 

[forms attached] 

  
 1EX-10.3

 Exhibit 10.3 

GUARANTY 
 THIS
GUARANTY (as the same may be amended, restated, supplemented or otherwise modified from time to time, this “Guaranty”) is made as of February 6, 2015 by and among each of the Domestic Subsidiaries of The Advisory Board Company
(the “Borrower”) listed on the signature pages hereto (each an “Initial Guarantor”) and those additional Domestic Subsidiaries of the Borrower which become parties to this Guaranty by executing a supplement hereto
(a “Guaranty Supplement”) in the form attached hereto as Annex I (such additional Subsidiaries, together with the Initial Guarantors, the “Guarantors”), in favor of JPMorgan Chase Bank, N.A., as
Administrative Agent (the “Administrative Agent”), for the benefit of the Secured Parties under the Credit Agreement described below. Unless otherwise defined herein, capitalized terms used herein and not defined herein shall have
the meanings ascribed to such terms in the Credit Agreement. 
 W I T N E S S E
T H : 
 WHEREAS, the Borrower, the financial institutions from time to time party thereto (collectively, the
“Lenders”), and the Administrative Agent have entered into that certain Credit Agreement of even date herewith (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), which Credit Agreement provides, subject to the terms and conditions thereof, for extensions of credit and other financial accommodations to be made by the Lenders to or for the benefit of the Borrower; 

WHEREAS, it is a condition precedent to the extensions of credit and other financial accommodations by the Lenders under the Credit Agreement
that each of the Guarantors (constituting all of the Subsidiaries of the Borrower required to execute this Guaranty pursuant to Section 5.09 of the Credit Agreement) execute and deliver this Guaranty, whereby each of the Guarantors,
without limitation and with full recourse, shall guarantee the payment when due of all Secured Obligations, including, without limitation, all principal, interest, letter of credit reimbursement obligations and other amounts that shall be at any
time payable by the Borrower under the Credit Agreement or the other Loan Documents; and 
 WHEREAS, in consideration of the direct and
indirect financial and other support and benefits that the Borrower has provided, and such direct and indirect financial and other support and benefits as the Borrower may in the future provide, to the Guarantors, and in consideration of the
increased ability of each Guarantor that is a Subsidiary of the Borrower to receive funds through contributions to capital, and for each Guarantor to receive funds through intercompany advances or otherwise, from funds provided to the Borrower
pursuant to the Credit Agreement and the flexibility provided by the Credit Agreement for each Guarantor to do so which significantly facilitates the business operations of the Borrower and each Guarantor and in order to induce the Lenders and the
Administrative Agent to enter into the Credit Agreement, and to make the Loans and the other financial accommodations to the Borrower and to issue the Letters of Credit described in the Credit Agreement, each of the Guarantors is willing to
guarantee the Secured Obligations under the Credit Agreement and the other Loan Documents; 
 NOW, THEREFORE, in consideration of the
foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

SECTION 1. Representations, Warranties and Covenants. Each of the Guarantors represents and warrants to each Lender and the
Administrative Agent as of the date of this Guaranty, giving effect to the consummation of the transactions contemplated by the Loan Documents on the Effective Date, and thereafter on each date as required by Section 4.02 of the Credit
Agreement that: 
 (a) It (A) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization, (B) has all requisite power and authority to carry on its business as now conducted and (C) except where the failure to do so, individually or in 

 
the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is
required, in each case to the extent that the concept of good standing or qualification to do business is applicable in any such jurisdiction. 

(b) It has the requisite corporate, limited liability company or partnership, as applicable, power and authority and legal right to execute
and deliver this Guaranty and to perform its obligations hereunder. The execution and delivery by it of this Guaranty and the performance of its obligations hereunder have been duly authorized by proper corporate, limited liability company or
partnership proceedings, including any required shareholder, member or partner approval, and this Guaranty constitutes a legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor, in accordance with its terms, except
as enforceability may be limited by (i) bankruptcy, insolvency, fraudulent conveyances, reorganization or similar laws relating to or affecting the enforcement of creditors’ rights generally, (ii) general equitable principles (whether
considered in a proceeding in equity or at law), and (iii) requirements of reasonableness, good faith and fair dealing. 
 (c) The
execution and delivery by it of this Guaranty, the consummation by it of the transactions herein contemplated, and compliance by it with the terms and provisions hereof (A) do not require any consent or approval of, registration or filing with,
or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect and except for filings required to be made with the SEC under the Exchange Act or the Securities Act after the execution
of the Loan Documents or necessary to perfect Liens created pursuant to the Loan Documents, (B) will not (i) violate in any respect any Requirements of Law applicable to such Guarantor, (ii) violate the Organizational Documents of
such Guarantor or (iii) violate any order of any Governmental Authority, (C) will not violate or result in a default under any indenture, material agreement or other material instrument binding upon such Guarantor or any of its assets, or
give rise to a right thereunder to require any payment to be made by such Guarantor, and (D) will not result in the creation or imposition of any Lien on any asset of such Guarantor, other than Liens created or permitted under the Loan
Documents, except (in the case of clause (A), (B)(i), (B)(iii) or (C)), to the extent that the failure to obtain or make such consent, approval, registration, filing or action, or such violation, default or right, as the case may be, could not
reasonably be expected to have a Material Adverse Effect. 
 (d) It has no Indebtedness other than Indebtedness permitted under
Section 6.01 of the Credit Agreement. 
 In addition to the foregoing, each of the Guarantors covenants that, so long as any
Lender has any Commitment or Letter of Credit outstanding under the Credit Agreement or any amount payable under the Credit Agreement or any other Secured Obligations shall remain unpaid, it will, and, if necessary, to the extent within its power to
do so, will cause the Borrower to, fully comply with those covenants and agreements of the Borrower applicable to such Guarantor set forth in the Credit Agreement. 

SECTION 2. The Guaranty. Each of the Guarantors hereby irrevocably and unconditionally guarantees, jointly and severally with the other
Guarantors, the full and punctual payment and performance when due (whether at stated maturity, upon acceleration or otherwise) of the Secured Obligations, including, without limitation, (i) the principal of and interest on each Loan made to
the Borrower pursuant to the Credit Agreement, (ii) obligations owing under or in connection with Letters of 

  
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Credit, (iii) all other amounts payable by the Borrower under the Credit Agreement and the other Loan Documents, and including, without limitation, all Swap Obligations and Banking Services
Obligations, and (iv) the punctual and faithful performance, keeping, observance, and fulfillment by the Borrower of all of the agreements, conditions, covenants, and obligations of the Borrower contained in the Loan Documents (all of the
foregoing being referred to collectively as the “Guaranteed Obligations”). Upon the failure by the Borrower to pay punctually any such amount or perform such obligation, subject to any applicable grace or notice and cure period,
each of the Guarantors agrees that it shall forthwith on demand pay such amount or perform such obligation at the place and in the manner specified in the Credit Agreement or the relevant other Loan Document, as the case may be. Each of the
Guarantors hereby agrees that this Guaranty is an absolute, irrevocable and unconditional guaranty of payment and is not a guaranty of collection. 

Each Qualified ECP Guarantor hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide funds or other
support to each other Loan Party as may be needed by such Loan Party from time to time to honor all of its obligations under the Credit Agreement and the other Loan Documents in respect of such Swap Obligation (but, in each case, only up to the
maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP Guarantor’s obligations and undertakings under this Section 2 voidable under any applicable fraudulent transfer or conveyance act). The
obligations and undertakings of each Qualified ECP Guarantor under this Section shall remain in full force and effect until the Guarantied Obligations shall have been paid in full and the Commitments shall have been terminated and all Letters of
Credit shall have expired or been terminated or canceled. Each Qualified ECP Guarantor intends this Section to constitute, and this Section shall be deemed to constitute, a guarantee of the obligations of, and 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. 

For the purposes of this Section 2, the term “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. 
 SECTION 3. Guaranty Unconditional. The obligations of each of the
Guarantors hereunder shall be unconditional and absolute and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by: 

(i) any extension, renewal, settlement, indulgence, compromise, waiver or release of or with respect to the Guaranteed
Obligations or any part thereof or any agreement relating thereto, or with respect to any obligation of any other guarantor of any of the Guaranteed Obligations, whether (in any such case) by operation of law or otherwise, or any failure or omission
to enforce any right, power or remedy with respect to the Guaranteed Obligations or any part thereof or any agreement relating thereto, or with respect to any obligation of any other guarantor of any of the Guaranteed Obligations; 

(ii) any modification or amendment of or supplement to the Credit Agreement, any Swap Agreement, any Banking Services
Agreement or any other Loan Document, including, without limitation, any such amendment which may increase the amount of, or the interest rates applicable to, any of the Guaranteed Obligations guaranteed hereby; 

  
 3 

 (iii) any release, surrender, compromise, settlement, waiver, subordination or
modification, with or without consideration, of any collateral securing the Guaranteed Obligations or any part thereof, any other guaranties with respect to the Guaranteed Obligations or any part thereof, or any other obligation of any person or
entity with respect to the Guaranteed Obligations or any part thereof, or any nonperfection or invalidity of any direct or indirect security for the Guaranteed Obligations; 

(iv) any change in the corporate, partnership, limited liability company or other existence, structure or ownership of the
Borrower or any other guarantor of any of the Guaranteed Obligations, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Borrower or any other guarantor of the Guaranteed Obligations, or any of their respective
assets or any resulting release or discharge of any obligation of the Borrower or any other guarantor of any of the Guaranteed Obligations; 

(v) the existence of any claim, setoff or other rights which the Guarantors may have at any time against the Borrower, any
other guarantor of any of the Guaranteed Obligations, the Administrative Agent, any Secured Party or any other Person, whether in connection herewith or in connection with any unrelated transactions, provided that nothing herein shall prevent the
assertion of any such claim by separate suit or compulsory counterclaim; 
 (vi) the enforceability or validity of the
Guaranteed Obligations or any part thereof or the genuineness, enforceability or validity of any agreement relating thereto or with respect to any collateral securing the Guaranteed Obligations or any part thereof, or any other invalidity or
unenforceability relating to or against the Borrower or any other guarantor of any of the Guaranteed Obligations, for any reason related to the Credit Agreement, any Swap Agreement, any Banking Services Agreement or any other Loan Document, or any
provision of applicable law, decree, order or regulation purporting to prohibit the payment by the Borrower or any other guarantor of the Guaranteed Obligations, of any of the Guaranteed Obligations or otherwise affecting any term of any of the
Guaranteed Obligations; 
 (vii) the failure of the Administrative Agent to take any steps to perfect and maintain any
security interest in, or to preserve any rights to, any security or collateral for the Guaranteed Obligations, if any; 

(viii) the election by, or on behalf of, any one or more of the Secured Parties, in any proceeding instituted under Chapter 11
of Title 11 of the United States Code (11 U.S.C. 101 et seq.) (or any successor statute, the “Bankruptcy Code”), of the application of Section 1111(b)(2) of the Bankruptcy Code; 

(ix) any borrowing or grant of a security interest by the Borrower, as debtor-in-possession, under Section 364 of the
Bankruptcy Code; 
 (x) the disallowance, under Section 502 of the Bankruptcy Code, of all or any portion of the claims
of the Secured Parties or the Administrative Agent for repayment of all or any part of the Guaranteed Obligations; 
 (xi)
the failure of any other guarantor to sign or become party to this Guaranty or any amendment, change, or reaffirmation hereof; or 

(xii) any other act or omission to act or delay of any kind by the Borrower, any other guarantor of the Guaranteed
Obligations, the Administrative Agent, any Secured Party or any 

  
 4 

 
other Person or any other circumstance whatsoever which might, but for the provisions of this Section 3, constitute a legal or equitable discharge of any Guarantor’s obligations
hereunder or otherwise reduce, release, prejudice or extinguish its liability under this Guaranty. 
 SECTION 4. Discharge Only Upon
Payment In Full; Reinstatement In Certain Circumstances. Each of the Guarantors’ obligations hereunder shall remain in full force and effect until all Guaranteed Obligations shall have been paid in full in cash (other than Unliquidated
Obligations that have not yet arisen) and the Commitments and all Letters of Credit issued under the Credit Agreement shall have terminated or expired or, in the case of all Letters of Credit, are fully collateralized on terms reasonably acceptable
to the Administrative Agent, at which time, subject to all the foregoing conditions, the guarantees made hereunder shall automatically terminate. If at any time any payment of the principal of or interest on any Loan, Secured Obligation or any other
amount payable by the Borrower or any other party under the Credit Agreement, any Swap Agreement, any Banking Services Agreement or any other Loan Document (including a payment effected through exercise of a right of setoff) is rescinded, or is or
must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Borrower or otherwise (including pursuant to any settlement entered into by a Secured Party in its discretion), each of the Guarantors’ obligations
hereunder with respect to such payment shall be reinstated as though such payment had been due but not made at such time. The parties hereto acknowledge and agree that each of the Guaranteed Obligations shall be due and payable in the same currency
as such Guaranteed Obligation is denominated, but if currency control or exchange regulations are imposed in the country which issues such currency with the result that such currency (the “Original Currency”) no longer exists or the
relevant Guarantor is not able to make payment in such Original Currency, then all payments to be made by such Guarantor hereunder in such currency shall instead be made when due in Dollars in an amount equal to the Dollar Amount (as of the date of
payment) of such payment due, it being the intention of the parties hereto that each Guarantor takes all risks of the imposition of any such currency control or exchange regulations. 

SECTION 5. General Waivers; Additional Waivers. 

(a) General Waivers. Each of the Guarantors irrevocably waives acceptance hereof, presentment, demand or action on delinquency,
protest, the benefit of any statutes of limitations and, to the fullest extent permitted by law, any notice not provided for herein or under the other Loan Documents, as well as any requirement that at any time any action be taken by any Person
against the Borrower, any other guarantor of the Guaranteed Obligations, or any other Person. 
 (b) Additional Waivers.
Notwithstanding anything herein to the contrary, each of the Guarantors hereby absolutely, unconditionally, knowingly, and expressly waives, to the fullest extent permitted by law: 

(i) any right it may have to revoke this Guaranty as to future indebtedness or notice of acceptance hereof; 

(ii) (1) notice of acceptance hereof; (2) notice of any Loans, Letters of Credit or other financial accommodations made
or extended under the Loan Documents or the creation or existence of any Guaranteed Obligations; (3) notice of the amount of the Guaranteed Obligations, subject, however, to each Guarantor’s right to make inquiry of the Administrative
Agent and the Secured Parties to ascertain the amount of the Guaranteed Obligations at any reasonable time; (4) notice of any adverse change in the financial condition of the Borrower or of any other fact that might increase such
Guarantor’s risk hereunder; (5) notice of presentment for payment, demand, protest, and notice thereof as to any instruments among the Loan Documents; (6) notice of any Default or Event of Default; and (7) all other notices
(except if such notice is specifically required to be given to such Guarantor hereunder or under any other Loan Document) and demands to which each Guarantor might otherwise be entitled; 

  
 5 

 (iii) its right, if any, to require the Administrative Agent and the other
Secured Parties to institute suit against, or to exhaust any rights and remedies which the Administrative Agent and the other Secured Parties has or may have against, the other Guarantors or any third party, or against any Collateral provided by the
other Guarantors, or any third party; and each Guarantor further waives any defense arising by reason of any disability or other defense (other than the defense that the Guaranteed Obligations shall have been fully and finally performed and
indefeasibly paid in full in cash) of the other Guarantors or by reason of the cessation from any cause whatsoever of the liability of the other Guarantors in respect thereof; 

(iv) (a) any rights to assert against the Administrative Agent and the other Secured Parties any defense (legal or equitable),
set-off, counterclaim, or claim which such Guarantor may now or at any time hereafter have against the other Guarantors or any other party liable to the Administrative Agent and the other Secured Parties; (b) any defense, set-off, counterclaim,
or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of the Guaranteed Obligations or any security therefor; (c) any defense such Guarantor has
to performance hereunder, and any right such Guarantor has to be exonerated, arising by reason of: (1) the impairment or suspension of the Administrative Agent’s and the other Secured Parties’ rights or remedies against the other
guarantor of the Guaranteed Obligations; (2) the alteration by the Administrative Agent and the other Secured Parties of the Guaranteed Obligations; (3) any discharge of the other Guarantors’ obligations to the Administrative Agent
and the other Secured Parties by operation of law as a result of the Administrative Agent’s and the other Secured Parties’ intervention or omission; or (4) the acceptance by the Administrative Agent and the other Secured Parties of
anything in partial satisfaction of the Guaranteed Obligations; and (d) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder or the enforcement thereof, and any act which shall defer or delay the
operation of any statute of limitations applicable to the Guaranteed Obligations shall similarly operate to defer or delay the operation of such statute of limitations applicable to such Guarantor’s liability hereunder; and 

(v) any defense arising by reason of or deriving from (a) any claim or defense based upon an election of remedies by the
Administrative Agent and the Secured Parties; or (b) any election by the Administrative Agent and the other Secured Parties under the Bankruptcy Code, to limit the amount of, or any collateral securing, its claim against the Guarantors. 

SECTION 6. Subordination of Subrogation; Subordination of Intercompany Indebtedness. 

(a) Subordination of Subrogation. Until the Guaranteed Obligations (other than Unliquidated Obligations) have been fully and finally
performed and indefeasibly paid in full in cash, the Guarantors (i) shall have no right of subrogation with respect to such Guaranteed Obligations and (ii) waive any right to enforce any remedy which the Issuing Bank, any of the Secured
Parties or the Administrative Agent now have or may hereafter have against the Borrower, any endorser or any guarantor of all or any part of the Guaranteed Obligations or any other Person, and until such time the Guarantors waive any benefit of, and
any right to participate in, any security or collateral given to the Secured Parties, the Issuing Bank and the Administrative Agent to secure the payment or performance of all or any part of the Guaranteed Obligations or any other liability of the
Borrower to the Secured Parties, the Issuing Bank or the Administrative Agent. Should any Guarantor have the right, notwithstanding the foregoing, to exercise its subrogation rights, each Guarantor hereby expressly and irrevocably
(1) subordinates any and all rights at law or in equity to subrogation, reimbursement, exoneration, 

  
 6 

 
contribution, indemnification or set off that such Guarantor may have to the payment in full in cash of the Guaranteed Obligations until the Guaranteed Obligations (other than Unliquidated
Obligations) are indefeasibly paid in full in cash and (2) waives any and all defenses available to a surety, guarantor or accommodation co-obligor until the Guaranteed Obligations (other than Unliquidated Obligations that have not yet arisen)
are indefeasibly paid in full in cash. Each Guarantor acknowledges and agrees that this subordination is intended to benefit the Administrative Agent and the Secured Parties and shall not limit or otherwise affect such Guarantor’s liability
hereunder or the enforceability of this Guaranty, and that the Administrative Agent, the Secured Parties and their respective successors and assigns are intended third party beneficiaries of the waivers and agreements set forth in this
Section 6(a). 
 (b) Subordination of Intercompany Indebtedness. Each Guarantor agrees that any and all claims of such
Guarantor against the Borrower or any other Guarantor hereunder (each an “Obligor”) with respect to any “Intercompany Indebtedness” (as hereinafter defined), any endorser, obligor or any other guarantor of all or any part
of the Guaranteed Obligations, or against any of its properties shall Be subordinate and subject in right of payment to the prior payment, in full and in cash, of all Guaranteed Obligations; provided that, as long as no Payment Event of Default or
Acceleration Event (as defined in the Security Agreement) has occurred and is continuing, such Guarantor may make loans and otherwise extend Intercompany Indebtedness to, and receive payments from any Obligor with respect to Intercompany
Indebtedness to the extent not prohibited by the other terms of the Loan Documents. Notwithstanding any right of any Guarantor to ask, demand, sue for, take or receive any payment from any Obligor, all rights, liens and security interests of such
Guarantor, whether now or hereafter arising and howsoever existing, in any assets of any other Obligor shall be and are subordinated to the rights of the Secured Parties and the Administrative Agent in those assets. No Guarantor shall have any right
to possession of any such asset or to foreclose upon any such asset, whether by judicial action or otherwise, unless and until all of the Guaranteed Obligations shall have been fully paid and satisfied (in cash) and all financing arrangements
pursuant to any Loan Document, any Swap Agreement or any Banking Services Agreement have been terminated. If all or any part of the assets of any Obligor, or the proceeds thereof, are subject to any distribution, division or application to the
creditors of such Obligor, whether partial or complete, voluntary or involuntary, and whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other action or proceeding, or if the
business of any such Obligor is dissolved or if substantially all of the assets of any such Obligor are sold, then, and in any such event (such events being herein referred to as an “Insolvency Event”), any payment or distribution
of any kind or character, either in cash, securities or other property, which shall be payable or deliverable upon or with respect to any indebtedness of any Obligor to any Guarantor (“Intercompany Indebtedness”) shall be paid or
delivered directly to the Administrative Agent for application on any of the Guaranteed Obligations, due or to become due, until such Guaranteed Obligations (other than the Unliquidated Obligations) shall have first been fully paid and satisfied
(or, in the case of Letters of Credit, cash collateralized pursuant to terms reasonably acceptable to the Administrative Agent). Should any payment, distribution, security or instrument or proceeds thereof be received by the applicable Guarantor
upon or with respect to the Intercompany Indebtedness after any Insolvency Event and prior to the satisfaction of all of the Guaranteed Obligations and the termination of all financing arrangements pursuant to any Loan Document among the Borrower
and the Secured Parties, such Guarantor shall receive and hold the same in trust, as trustee, for the benefit of the Secured Parties and shall forthwith deliver the same to the Administrative Agent, for the benefit of the Secured Parties, in
precisely the form received (except for the endorsement or assignment of the Guarantor where necessary), for application to any of the Guaranteed Obligations, due or not due, and, until so delivered, the same shall be held in trust by the Guarantor
as the property of the Secured Parties. If any such Guarantor fails to make any such endorsement or assignment to the Administrative Agent, the Administrative Agent or any of its officers or employees is irrevocably authorized to make the same. Each
Guarantor agrees that until the Guaranteed Obligations (other than the Unliquidated Obligations) have been paid in full (in cash) and satisfied and all financing arrangements pursuant to any Loan Document among the Borrower and the Secured Parties
have been terminated, no Guarantor will assign or transfer to any Person (other than the Administrative Agent) any claim any such Guarantor has or may have against any Obligor. 

  
 7 

 SECTION 7. Contribution with Respect to Guaranteed Obligations. 

(a) To the extent that any Guarantor shall make a payment under this Guaranty (a “Guarantor Payment”) which, taking into
account all other Guarantor Payments then previously or concurrently made by any other Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Guarantor if each Guarantor had paid the aggregate Guaranteed
Obligations satisfied by such Guarantor Payment in the same proportion as such Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Guarantor Payment) bore to the aggregate Allocable Amounts of
each of the Guarantors as determined immediately prior to the making of such Guarantor Payment, then, after the Guarantor Payment and the Guaranteed Obligations (other than Unliquidated Obligations that have not yet arisen) have been
indefeasibly paid in full in cash, and all Commitments and Letters of Credit have terminated or expired or, in the case of all Letters of Credit, are fully collateralized on terms reasonably acceptable to the Administrative Agent, and the Credit
Agreement, the Swap Agreements and the Banking Services Agreements have terminated, such Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Guarantor for the amount of such excess,
pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment. 
 (b) As of any
date of determination, the “Allocable Amount” of any Guarantor shall be equal to the excess of the fair saleable value of the property of such Guarantor over the total liabilities of such Guarantor (including the maximum amount reasonably
expected to become due in respect of contingent liabilities, calculated, without duplication, assuming each other Guarantor that is also liable for such contingent liability pays its ratable share thereof), giving effect to all payments made by
other Guarantors as of such date in a manner to maximize the amount of such contributions. 
 (c) This Section 7 is intended
only to define the relative rights of the Guarantors, and nothing set forth in this Section 7 is intended to or shall impair the obligations of the Guarantors, jointly and severally, to pay any amounts as and when the same shall become
due and payable in accordance with the terms of this Guaranty. 
 (d) The parties hereto acknowledge that the rights of contribution and
indemnification hereunder shall constitute assets of the Guarantor or Guarantors to which such contribution and indemnification is owing. 

(e) The rights of the indemnifying Guarantors against other Guarantors under this Section 7 shall be exercisable upon the full and
indefeasible payment in cash of the Guaranteed Obligations (other than Unliquidated Obligations that have not yet arisen) and the termination or expiry (or in the case of all Letters of Credit full collateralization), on terms reasonably acceptable
to the Administrative Agent, of the Commitments and all Letters of Credit issued under the Credit Agreement and the termination of the Credit Agreement, the Swap Agreements and the Banking Services Agreements. 

SECTION 8. Limitation of Guaranty. Notwithstanding any other provision of this Guaranty, the amount guaranteed by each Guarantor
hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform
Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any
rights of subrogation, indemnification or contribution which such Guarantor may have under this Guaranty, any other agreement or applicable law shall be taken into account. 

  
 8 

 SECTION 9. Stay of Acceleration. If acceleration of the time for payment of any amount
payable by the Borrower under the Credit Agreement, any counterparty to any Swap Agreement, any Banking Services Agreement or any other Loan Document is stayed upon the insolvency, bankruptcy or reorganization of the Borrower or any of its
Affiliates, all such amounts otherwise subject to acceleration under the terms of the Credit Agreement, any Swap Agreement, any Banking Services Agreement or any other Loan Document shall nonetheless be payable by each of the Guarantors hereunder
forthwith on demand by the Administrative Agent. 
 SECTION 10. Notices. All notices, requests and other communications to any party
hereunder shall be given in the manner prescribed in Section 9.01 of the Credit Agreement with respect to the Administrative Agent at its notice address therein and, with respect to any Guarantor, in the care of the Borrower at the
address of the Borrower set forth in the Credit Agreement, or such other address or telecopy number as such party may hereafter specify for such purpose in accordance with the provisions of Section 9.01 of the Credit Agreement. 

SECTION 11. No Waivers. No failure or delay by the Administrative Agent or any Secured Party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies provided in this
Guaranty, the Credit Agreement, any Swap Agreement, any Banking Services Agreement and the other Loan Documents shall be cumulative and not exclusive of any rights or remedies provided by law. 

SECTION 12. Successors and Assigns. This Guaranty is for the benefit of the Administrative Agent and the Secured Parties and their
respective successors and permitted assigns, provided, that no Guarantor shall have any right to assign its rights or obligations hereunder without the consent of the Administrative Agent, and any such assignment in violation of this
Section 12 shall be null and void; and in the event of an assignment of any amounts payable under the Credit Agreement, any Swap Agreement, any Banking Services Agreement or the other Loan Documents in accordance with the respective
terms thereof, the rights hereunder, to the extent applicable to the indebtedness so assigned, may be transferred with such indebtedness. This Guaranty shall be binding upon each of the Guarantors and their respective successors and assigns. 

SECTION 13. Changes in Writing. Other than in connection with the addition of additional Subsidiaries, which become parties hereto by
executing a Guaranty Supplement hereto in the form attached as Annex I, neither this Guaranty nor any provision hereof may be changed, waived, discharged or terminated orally, but only in writing signed by each of the Guarantors and the
Administrative Agent. 
 SECTION 14. Governing Law; Jurisdiction. 

(a) THIS GUARANTY SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 

(b) Each Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the
Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
Guaranty or any other Loan Document, or for recognition or enforcement of any judgment, and each Guarantor hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding

  
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may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each Guarantor agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Guaranty or any other Loan Document shall affect any right that the Administrative Agent, the Issuing Bank or any
Lender may otherwise have to bring any action or proceeding relating to this Guaranty or any other Loan Document against any Guarantor or its properties in the courts of any jurisdiction. 

(c) Each Guarantor hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Guaranty or any other Loan Document in any court referred to in paragraph (b) of this Section. Each Guarantor hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Guaranty irrevocably consents to service of process in the manner provided for notices in Section 10 of
this Guaranty, and each of the Guarantors hereby appoints the Borrower as its agent for service of process. Nothing in this Guaranty or any other Loan Document will affect the right of any party to this Guaranty to serve process in any other manner
permitted by law. 
 SECTION 15. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH OF THE PARTIES (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 SECTION
16. No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Guaranty. In the event an ambiguity or question of intent or interpretation arises, this Guaranty shall be construed as if
drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Guaranty. 

SECTION 17. Taxes, Expenses of Enforcement, Etc. 

(a) Taxes. 

(i) Each Guarantor agrees to comply with Section 2.17 of the Credit Agreement as if it were a party thereto. 

(ii) By accepting the benefits hereof, each Lender agrees that it will comply with Section 2.17(f) of the Credit
Agreement. 
 (b) Expenses of Enforcement, Etc. The Guarantors agree to reimburse the Administrative Agent and the other Holders of
Guaranteed Obligations for any reasonable costs and out-of-pocket expenses (including reasonable attorneys’ fees) paid or incurred by the Administrative Agent or any other Holder of Guaranteed Obligations in connection with the collection and
enforcement of amounts due under the Loan Documents, including without limitation this Guaranty. 

  
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 SECTION 18. Setoff. At any time after all or any part of the Guaranteed Obligations have
become due and payable (by acceleration or otherwise), each Secured Party and the Administrative Agent may, without notice to any Guarantor and regardless of the acceptance of any security or collateral for the payment hereof, set off and apply
toward the payment of all or any part of the Guaranteed Obligations any and all deposits (general or special, time or demand, provisional or final and in whatever currency denominated at any time held) and other obligations at any time owing by such
Secured Party or the Administrative Agent or any of their Affiliates to or for the credit or the account of any Guarantor against any of and all the Guaranteed Obligations, irrespective of whether or not such Secured Party or the Administrative
Agent shall have made any demand under this Guaranty and although such obligations may be unmatured. The rights of each Secured Party or the Administrative Agent under this Section are in addition to other rights and remedies (including other rights
of setoff) which such Secured Party or the Administrative Agent may have. 
 SECTION 19. Financial Information. Each Guarantor hereby
assumes responsibility for keeping itself informed of the financial condition of the Borrower, the other Guarantors and any and all endorsers and/or other guarantors of all or any part of the Guaranteed Obligations, and of all other circumstances
bearing upon the risk of nonpayment of the Guaranteed Obligations, or any part thereof, that diligent inquiry would reveal, and each Guarantor hereby agrees that none of the Secured Parties or the Administrative Agent shall have any duty to advise
such Guarantor of information known to any of them regarding such condition or any such circumstances. In the event any Secured Party or the Administrative Agent, in its sole discretion, undertakes at any time or from time to time to provide any
such information to a Guarantor, such Secured Party or the Administrative Agent shall be under no obligation (i) to undertake any investigation not a part of its regular business routine, (ii) to disclose any information which such Secured
Party or the Administrative Agent, pursuant to accepted or reasonable commercial finance or banking practices, wishes to maintain confidential or (iii) to make any other or future disclosures of such information or any other information to such
Guarantor. 
 SECTION 20. Severability. Wherever possible, each provision of this Guaranty shall be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Guaranty shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the
remainder of such provision or the remaining provisions of this Guaranty. 
 SECTION 21. Merger. This Guaranty represents the final
agreement of each of the Guarantors with respect to the matters contained herein and may not be contradicted by evidence of prior or contemporaneous agreements, or subsequent oral agreements, between each such Guarantor and any Secured Party or the
Administrative Agent. 
 SECTION 22. Headings. Section headings in this Guaranty are for convenience of reference only and shall not
govern the interpretation of any provision of this Guaranty. 
 SECTION 23. Judgment Currency. For the purposes of obtaining judgment
in any court it is necessary to convert a sum due from any Guarantor hereunder in the currency expressed to be payable herein (the “Specified Currency”) into another currency, the parties hereto agree, to the fullest extent that
they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the Specified Currency with such other currency at the Administrative Agent’s
main New York City office on the Business Day preceding that on which final, non-appealable judgment is given. The obligations of each Guarantor in respect of 

  
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any sum due hereunder shall, notwithstanding any judgment in a currency other than the Specified Currency, be discharged only to the extent that on the Business Day following receipt by any
Secured Party (including the Administrative Agent), as the case may be, of any sum adjudged to be so due in such other currency such Secured Party (including the Administrative Agent), as the case may be, may in accordance with normal, reasonable
banking procedures purchase the Specified Currency with such other currency. If the amount of the Specified Currency so purchased is less than the sum originally due to such Secured Party (including the Administrative Agent), as the case may be, in
the Specified Currency, each Guarantor agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify such Secured Party (including the Administrative Agent), as the case may
be, against such loss, and if the amount of the Specified Currency so purchased exceeds (a) the sum originally due to any Secured Party (including the Administrative Agent), as the case may be, in the Specified Currency and (b) amounts
shared with other Secured Parties as a result of allocations of such excess as a disproportionate payment to such other Secured Party under Section 2.18 of the Credit Agreement, such Secured Party (including the Administrative Agent), as
the case may be, agrees, by accepting the benefits hereof, to remit such excess to such Guarantor. 
 SECTION 24. Termination of
Guarantors. The obligations of any Guarantor under this Guaranty shall automatically terminate in accordance with Section 9.14 of the Credit Agreement. 

  
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 IN WITNESS WHEREOF, each Initial Guarantor has caused this Guaranty to be duly executed by its
authorized officer as of the day and year first above written. 
  

			
	ADVISORY BOARD INVESTMENTS, INC., as a Guarantor
		
	By:		/s/ Michael T. Kirshbaum
			Name: Michael T. Kirshbaum
			Title: President

  

			
	ROYALL ACQUISITION CO., as a Guarantor
		
	By:		/s/ Michael T. Kirshbaum
			Name: Michael T. Kirshbaum
			Title: President and Treasurer

  

			
	ROYALL & COMPANY HOLDING, INC., as a Guarantor
		
	By:		/s/ Michael T. Kirshbaum
			Name: Michael T. Kirshbaum
			Title: President and Treasurer

  

			
	ROYALL & COMPANY, as a Guarantor
		
	By:		/s/ Seth Allyn
			Name: Seth Allyn
			Title: Assistant Treasurer

  

			
	ADVANCEMENT SERVICES INC., as a Guarantor
		
	By:		/s/ Seth Allyn
			Name: Seth Allyn
			Title: Treasurer

 Acknowledged and Agreed to: 
  

			
	JPMORGAN CHASE BANK, N.A., as Administrative Agent
	
	By: /s/ James A. Knight
	Name: James A. Knight
	Title: Vice President

 ANNEX I TO GUARANTY 

Reference is hereby made to the Guaranty (as the same may be amended, restated, supplemented or otherwise modified from time to time, the
“Guaranty”), dated as of February 6, 2015, made by each of the Domestic Subsidiaries of The Advisory Board Company (the “Borrower”) listed on the signature pages thereto (each an “Initial
Guarantor”, and together with any additional Domestic Subsidiaries which become parties to the Guaranty by executing Guaranty Supplements thereto substantially similar in form and substance hereto, the “Guarantors”), in
favor of the Administrative Agent, for the ratable benefit of the Secured Parties, under the Credit Agreement. Each capitalized term used herein and not defined herein shall have the meaning given to it in the Guaranty. 

By its execution below, the undersigned, [NAME OF NEW GUARANTOR], a
[                ] [corporation] [partnership] [limited liability company] (the “New Guarantor”), agrees to become, and does hereby become, a
Guarantor under the Guaranty and agrees to be bound by such Guaranty as if originally a party thereto. By its execution below, the undersigned represents and warrants as to itself that all of the representations and warranties contained in
Section 1 of the Guaranty are true and correct in all respects as of the date hereof. 
 IN WITNESS WHEREOF, the New Guarantor
has executed and delivered this Annex I counterpart to the Guaranty as of this      day of                 ,
20    . 
  

			
	[NAME OF NEW GUARANTOR]
		
	By:		 
			Name:
			Title:

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