Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 

SECOND AMENDMENT dated as of December 19, 2018 (this “Amendment”), to the FIVE-YEAR CREDIT
AGREEMENT dated as of March 11, 2016 (as heretofore amended, the “Credit Agreement”), among THE WALT DISNEY COMPANY, a Delaware corporation (the “Borrower”), the LENDERS party thereto and JPMORGAN
CHASE BANK, N.A. as Designated Agent (in such capacity, the “Designated Agent”). 
 WHEREAS, the Lenders have agreed
to extend credit to the Borrower under the Credit Agreement on the terms and subject to the conditions set forth therein; 
 WHEREAS, the
Borrower has requested that the Lenders agree to effect certain amendments to the Credit Agreement as set forth herein; and 
 WHEREAS, the
parties hereto, which include Lenders constituting the Majority Lenders as of the Amendment Effective Date (as defined below), are willing to amend the Credit Agreement on the terms and subject to the conditions set forth herein; 

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and
receipt of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1. Defined Terms. Capitalized terms
used but not otherwise defined herein (including in the preamble and the recitals hereto) have the meanings assigned to them in the Credit Agreement, as amended hereby (as so amended, the “Amended Credit Agreement”). 

SECTION 2. Amendments to the Credit Agreement. Each of the parties hereto agrees that, on the Amendment Effective Date: 

(a) The Credit Agreement shall be amended by inserting the language indicated in single or double underlined text, as applicable (indicated
textually in the same manners as the following examples: single-underlined text or double-underlined text) in Exhibit A hereto and by deleting the language indicated by
single or double strikethrough text, as applicable (indicated textually in the same manners as the following examples: single-stricken text or double-stricken text) in Exhibit A hereto. 

(b) TWDC Holdco 613 Corp., a Delaware corporation (the “Guarantor”), by executing a counterpart of this Amendment and
becoming a party hereto, shall (i) become a party to the Amended Credit Agreement with the same force and effect as if the Guarantor shall have executed and delivered a counterpart thereof and (ii) be bound by all provisions of the Amended
Credit Agreement applicable to it.  

 SECTION 3. Representations and Warranties. The Loan Parties represent and warrant
that: 
 (a) This Amendment has been duly executed and delivered by each Loan Party and assuming due execution by the parties hereto other
than the Loan Parties, constitutes a legal, valid and binding obligation of each Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’
rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 (b)
On and as of the Amendment Effective Date, immediately after giving effect to this Amendment, the representations and warranties of the Loan Parties set forth in Section 4.01 of the Amended Credit Agreement are true and correct in all material
respects (or, if qualified by “materiality”, “material adverse effect” or similar language, in all respects after giving effect to such qualification) with the same effect as if made on and as of such date, except to the extent
such representations and warranties expressly relate to an earlier date, in which case they were so true and correct as of such earlier date (it being agreed that, solely for purposes of this Section 3(b), all references in Section 4.01 of
the Amended Credit Agreement to “this Agreement” shall be deemed to be references to each of the Amended Credit Agreement and this Amendment). 

(c) On and as of the Amendment Effective Date, immediately after giving effect to this Amendment, no event has occurred and is continuing
which constitutes an Event of Default or would constitute an Event of Default but for the requirement that notice be given or time elapse or both. 

SECTION 4. Effectiveness. This Amendment shall become effective as of the first date (the “Amendment Effective
Date”) on which all of the following conditions precedent have been satisfied or waived in accordance with Section 8.01 of the Credit Agreement: 

(a) The Designated Agent (or its counsel) shall have received (i) from each Loan Party and (ii) from Lenders that, when taken
together, constitute at least the Majority Lenders as of the Amendment Effective Date either (x) a duly executed counterpart of this Amendment signed on behalf of such party or (y) written evidence satisfactory to the Designated Agent
(which may include facsimile or other electronic transmission of a signed counterpart of this Amendment) that such party has signed a counterpart of this Amendment. 

(b) The Designated Agent shall have received on or before the Amendment Effective Date the following, each dated as of the Amendment Effective
Date: (i) certified copies of the organizational documents of each Loan Party and the resolutions of the Board of Directors of each Loan Party or the Executive Committee of each such Board of Directors, authorizing the execution and delivery of
this Amendment and the other documents related hereto; (ii) a certificate of the Secretary or an Assistant Secretary of each Loan Party certifying the name and true signature of the officer of such Loan Party executing this Amendment on its
behalf; and (iii) a certificate of a Responsible Officer of the Borrower, certifying as to the satisfaction of the conditions set forth in Sections 4(c) and 4(d) of this Amendment; and (iv) an opinion or opinions of counsel for each Loan
Party (which may be in-house counsel, external counsel or a combination of the two), substantially to the effect set forth in Exhibit C to the Credit Agreement. 

  
 2 

 (c) There shall have occurred no material adverse change in the business, financial
condition or results of operations of the Consolidated Group, taken as a whole, since September 29, 2018, except as disclosed in reports filed by the Consolidated Group, if any, during the period from September 29, 2018, to the date hereof
pursuant to Section 13 of the Securities Exchange Act of 1934, as amended, copies of which have been furnished to the Lenders prior to the date hereof (including by posting on the website of the SEC at http://www.sec.gov). 

(d) All of the representations and warranties contained in Section 3 hereof shall be correct in all material respects on and as of the
Amendment Effective Date. 
 (e) All fees and expenses or other amounts due to a Joint Lead Arranger or
Co-Administrative Agent in connection with this Amendment shall have been paid in full. 
 The
Designated Agent shall notify the Loan Parties and the Lenders of the occurrence of the Amendment Effective Date, and such notice shall be conclusive and binding 

SECTION 5. Effect of this Amendment. (a) Except as expressly set forth herein, this Amendment shall not by implication or
otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Designated Agent, the Co-Administrative Agents or the Lenders under the Credit Agreement, and shall not alter,
modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing
herein shall be deemed to entitle the Loan Parties to any other consent to, or any other waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Amended Credit Agreement
in similar or different circumstances. 
 (b) On and after the Amendment Effective Date, each reference in the Credit Agreement to
“this Agreement”, “herein”, “hereunder”, “hereto”, “hereof” and words of similar import shall, unless the context otherwise requires, refer to the Amended Credit Agreement, and each reference to the
Credit Agreement in any other Loan Document shall be deemed to be a reference to the Amended Credit Agreement. This Amendment shall constitute a “Loan Document” for all purposes of the Amended Credit Agreement and the other Loan Documents.

 SECTION 6. Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK. 

  
 3 

 SECTION 7. Counterparts. This Amendment may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original but all of which, when taken together, shall constitute a single instrument. Delivery of an executed counterpart of a signature page of this Amendment by
facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof. 
 SECTION 8. Fees
and Expenses. The Borrower agrees to reimburse the Designated Agent for its reasonable out-of-pocket expenses in connection with this Amendment, including the
reasonable fees, charges and disbursements of Cravath, Swaine & Moore LLP, counsel for the Designated Agent. 
 SECTION 9.
Headings. The Section headings used herein are for convenience of reference only, are not part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment. 

[Remainder of page intentionally left blank] 

  
 4 

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

							
	THE WALT DISNEY COMPANY, as Borrower
				
		 	    	 	by	 	 /s/ Jonathan S. Headley

		 		 	Name:	 	Jonathan S. Headley
		 		 	Title:	 	 Senior Vice President,
 Treasurer and
Corporate Real Estate

			
		 		 	TWDC HOLDCO 613 CORP., as Guarantor

 
							
				
		 	    	 	        by	 	 /s/ Jonathan S. Headley

		 		 	        Name:	 	Jonathan S. Headley
		 		 	        Title:	 	Treasurer

 SIGNATURE PAGE TO SECOND
AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 
			
	JPMORGAN CHASE BANK, N.A., individually and as Designated Agent
		
	 by
	 	 /s/ Bruce Borden

	 Name:
	 	Bruce Borden
	 Title:
	 	Executive Director

 SIGNATURE PAGE TO SECOND
AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
							
	 Name of Lender:
  

Agricultural Bank of China Ltd., New York Branch

			
		 	by	 	 /s/ Nelson Chou

		 	Name:	 	Nelson Chou
		 	Title:	 	Head of Corporate Banking
		
		 	For any Lender requiring a second signature line:
				
	     
	 		 	 by
	 	  

		 		 	Name:	 	 N/A

		 		 	Title:	 	

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
			
	Banco Santander, S.A.:
		
	 by
	 	 /s/ Pablo Tarrio

	 Name:
	 	Pablo Tarrio
	 Title:
	 	Attorney
		
	 by
	 	 /s/ Maria Teresa Adamuz

	 Name:
	 	Maria Teresa Adamuz
	 Title:
	 	VP

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
			
	 Name of Lender:
  

Bank of America, N.A.

		
	 by
	 	 /s/ Kyle Oberkrom

	 Name:
	 	Kyle Oberkrom
	 Title:
	 	Associate

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
			
	 Name of Lender:
  

Bank of China, Los Angeles Branch

 
			
		
	    by	 	 /s/ Yong Ou

	    Name:	 	Yong Ou
	    Title:	 	SVP & Deputy Branch Manager

 
			
	
	    For any Lender requiring a second signature line:

 
			
		
	                by	 	  

	                Name:	 	
	                Title:	 	

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
			
	 Name of Lender:
  

Bayerische Landesbank, New York Branch

			
		
	    by	 	 /s/ Varbin Staykoff

	    Name:	 	Varbin Staykoff
	    Title:	 	Senior Director

 
			
		
	                  by	 	 /s/ Gina Sandella

	                  Name:	 	Gina Sandella
	                  Title:	 	Vice President

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
			
	BNP Paribas:
		
	 by
	 	 /s/ Nicole Rodriguez

	 Name:
	 	Nicole Rodriguez
	 Title:
	 	Director
		
	 by
	 	 /s/ Christopher Sked

	 Name:
	 	Christopher Sked
	 Title:
	 	Managing Director

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
			
	 Name of Lender:
  

CITIBANK, N.A.

		
	 by
	 	 /s/ Michael Vondriska

	 Name:
	 	Michael Vondriska
	 Title:
	 	Vice President

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
			
	 Name of Lender:
  

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH

			
		
	    by	 	 /s/ William O’Daly

	    Name:	 	William O’Daly
	    Title:	 	Authorized Signatory

 
			
		
	                  by	 	 /s/ Andrew Griffin

	                  Name:	 	Andrew Griffin
	                  Title:	 	Authorized Signatory

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
			
	 Name of Lender:
  

DEUTSCHE BANK AG NEW YORK BRANCH

		
	    by	 	 /s/ Ming K Chu

	    Name:	 	Ming K Chu
	    Title:	 	Director

 
			
	
	    For any Lender requiring a second signature line:

 
			
		
	                by	 	 /s/ Virginia Cosenza

	                Name:	 	Virginia Cosenza
	                Title:	 	Vice President

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
			
	Name of Lender:
	
	Fifth Third Bank
		
	    by	 	 /s/ Marisa Lake

	    Name:	 	Marisa Lake
	    Title:	 	Officer

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
			
	GOLDMAN SACHS LENDING PARTNERS LLC:
		
	    by	 	 /s/ Rebecca Kratz

	    Name:	 	Rebecca Kratz
	    Title:	 	Authorized Signatory

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
			
	 Name of Lender:
  

HSBC Bank USA, N.A.

		
	by	 	 /s/ David Wagstaff

	Name:	 	David Wagstaff
	Title:	 	Managing Director
	
	For any Lender requiring a second signature line:
		
	by	 	  

	Name:	 	
	Title:	 	

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
			
	 Name of Lender:
  

Industrial and Commercial Bank of China Ltd.,

New York Branch

		
	by	 	 /s/ Dayi Liu

	Name:	 	Dayi Liu
	Title:	 	Executive Director
	
	For any Lender requiring a second signature line:
		
	by	 	 /s/ Tony Huang

	Name:	 	Tony Huang
	Title:	 	Director

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
			
	 Name of Lender:
  

ING Bank N.V., Dublin Branch

		
	by	 	 /s/ Barry Fehily

	Name:	 	Barry Fehily
	Title:	 	Managing Director
	
	For any Lender requiring a second signature line:
		
	by	 	 /s/ Ciaran Dunne

	Name:	 	Ciaran Dunne
	Title:	 	Director

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
					
	 Intesa Sanpaolo S.p.A., New York Branch, as

a Lender

			
		 	by	 	 /s/ Manuela Insana

		 	Name:	 	Manuela Insana
		 	Title:	 	VP & Relationship Manager
			
		 	 by
	 	 /s/ Francesco Di Mario

		 	 Name:
	 	 Francesco Di Mario

		 	 Title:
	 	 FVP & Head of Credit

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
			
	Name of Lender:
	
	 Mizuho Bank, Ltd.

		
	    by	 	 /s/ Donna DeMagistris

	    Name:	 	Donna DeMagistris
	    Title:	 	Authorized Signatory

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
			
	Name of Lender:
	
	 MORGAN STANLEY BANK, N.A.

		
	    by	 	 /s/ Julie Lilienfeld

	    Name:	 	Julie Lilienfeld
	    Title:	 	Authorized Signatory

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

			
	Name of Lender:
	
	 MUFG Bank, Ltd.

		
	    by	 	 /s/ Dana McDougall

	    Name:	 	Dana McDougall
	    Title:	 	Vice President

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

			
	Name of Lender:
	
	 ROYAL BANK OF CANADA

		
	    by	 	 /s/ Alfonse Simone

	    Name:	 	Alfonse Simone
	    Title:	 	Authorized Signatory

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

			
	Name of Lender:
	
	 SOCIETE GENERALE

		
	    by	 	 /s/ Shelley Yu

	    Name:	 	Shelley Yu
	    Title:	 	Director

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

			
	Name of Lender:
	
	 Standard Chartered Bank

		
	    by	 	 /s/ Daniel Mattern

	    Name:	 	Daniel Mattern
	    Title:	 	 Associate Director
 Standard Chartered
Bank

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
			
	Name of Lender:
	
	 Sumitomo Mitsui Banking Corporation

		
	    by	 	 /s/ Katsuyuki Kubo

	    Name:	 	Katsuyuki Kubo
	    Title:	 	Managing Director

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

			
	Name of Lender:
	
	 SUNTRUST BANK

		
	    by	 	 /s/ Christian Sumulong

	    Name:	 	Christian Sumulong
	    Title:	 	Vice President
	
	    For any Lender requiring a second signature line:
		
	        by	 	              

	        Name:	 	
	        Title:	 	

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

			
	Name of Lender:
	
	 Svenska Handelsbanken AB (publ), New York Branch

		
	    by	 	 /s/ Steve Cox

	    Name:	 	Steve Cox
	    Title:	 	Senior Vice President
	
	    For any Lender requiring a second signature line:
		
	        by	 	 /s/ Nancy D’Albert

	        Name:	 	Nancy D’Albert
	        Title:	 	Vice President

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
			
	Name of Lender:
	
	 The Northern Trust Company

		
	    by	 	 /s/ Molly Drennan

	    Name:	 	Molly Drennan
	    Title:	 	Senior Vice President

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
			
	Name of Lender:
	
	 The Toronto-Dominion Bank, New York Branch

		
	    by	 	 /s/ Pradeep Mehra

	    Name:	 	Pradeep Mehra
	    Title:	 	Authorized Signatory
	
	    For any Lender requiring a second signature line:
		
	        by	 	  

	        Name:	 	
	        Title:	 	

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
			
	Name of Lender:
	
	 U.S. BANK NATIONAL ASSOCIATION

		
	    by	 	 /s/ Steven J. Correll

	    Name:	 	Steven J. Correll
	    Title:	 	Senior Vice President
	
	    For any Lender requiring a second signature line:
		
	        by	 	
                 

	        Name:	 	
	        Title:	 	

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
			
	 Name of Lender:
  

Wells Fargo Bank, N.A.

		
	by	 	 /s/ Vanessa Sheh Meyer

	Name:	 	Vanessa Sheh Meyer
	Title:	 	Managing Director
	
	For any Lender requiring a second signature line:
		
	by	 	  

	Name:	 	
	Title:	 	

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 LENDER SIGNATURE PAGE TO 

SECOND AMENDMENT TO 
 2016 FIVE-YEAR
CREDIT AGREEMENT OF 
 THE WALT DISNEY COMPANY 
  

 
			
	 Name of Lender:
  

Westpac Banking Corporation

		
	by	 	 /s/ David Arthurson

	Name:	 	David Arthurson
	Title:	 	Director

  
 SIGNATURE
PAGE TO SECOND AMENDMENT TO 2016 FIVE-YEAR CREDIT AGREEMENT 

 CONFORMED COPY
REFLECTING 

EXHIBIT A 

FIRST AMENDMENT

 dated as of March 9, 2018 
  
  

 
 FIVE-YEAR CREDIT AGREEMENT 

Dated as of March 11, 2016, 

among 
 THE WALT DISNEY COMPANY

 (TO BE RENAMED AS TWDC ENTERPRISES 18 CORP.), 

as Borrower, 
 TWDC HOLDCO 613 CORP. 
 (TO BE RENAMED AS THE WALT DISNEY COMPANY), 
 as Guarantor, 
 The LendersLENDERS Party Hereto 

and 
 JPMORGAN CHASE BANK, N.A. and 

CITIBANK, N.A.,

 as Co-Administrative
Agents, 
 JPMORGAN CHASE BANK, N.A., 

as Designated Agent 
  

 
 JPMORGAN CHASE BANK, N.A. and 

CITIBANK, N.A., 

as Co-Administrative Agents, 
 JPMORGAN CHASE
BANK, N.A., 
 CITIGROUP GLOBAL MARKETS INC., 

BNP PARIBAS SECURITIES CORP. and 

DEUTSCHE BANK SECURITIES INC., 
 as
Joint Lead Arrangers and Joint Book Managers, 
 BNP PARIBAS and DEUTSCHE BANK SECURITIES INC., 

as Co-Syndication Agents, 

and 
 AGRICULTURAL BANK OF CHINA,
NEW YORK BRANCH, 
 BANK OF AMERICA, N.A., 

BANK OF CHINA, LOS ANGELES BRANCH, 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 

GOLDMAN SACHS BANK USA, 
 HSBC BANK
USA, NATIONAL ASSOCIATION, 
 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD., NEW YORK BRANCH, 

MIZUHO BANK, LTD., 
 MORGAN STANLEY
MUFG LOAN PARTNERS, LLC, 
 ROYAL BANK OF CANADA, 

SUNTRUST BANK and 
 WELLS FARGO
BANK, N.A., 
 as Co-Documentation Agents 

 
  

 
 [CS&M Ref No. 6701-824] 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	 
	
	DEFINITIONS AND ACCOUNTING TERMS	 
			
	
SECTION 1.011.01.
	 	 Certain Defined Terms
	  	 	1	 
	
SECTION 1.021.02.
	 	 Computation of Time Periods
	  	 	1716	 
	
SECTION 1.031.03.
	 	 Accounting Terms
	  	 	1816	 
	 ARTICLE II
	 
	
	AMOUNTS AND TERMS OF THE ADVANCES	  

	
SECTION 2.012.01.
	 	 The Advances
	  	 	1816	 
	
SECTION 2.022.02.
	 	 Making the Advances
	  	 	1917	 
	
SECTION 2.032.03.
	 	 Commitment Fee
	  	 	2018	 
	
SECTION 2.042.04.
	 	 Reduction of the Commitments
	  	 	2018	 
	
SECTION 2.052.05.
	 	 Repayment of Advances
	  	 	2118	 
	
SECTION 2.062.06.
	 	 Interest on Advances
	  	 	2118	 
	
SECTION 2.072.07.
	 	 [Intentionally Omitted.]
	  	 	2119	 
	
SECTION 2.082.08.
	 	 Interest Rate Determination
	  	 	2119	 
	
SECTION 2.092.09.
	 	 Optional Conversion of Advances
	  	 	2320	 
	
SECTION 2.102.10.
	 	 Prepayments of Advances
	  	 	2321	 
	
SECTION 2.112.11.
	 	 Increased Costs
	  	 	2422	 
	
SECTION 2.122.12.
	 	 Illegality
	  	 	2623	 
	
SECTION 2.132.13.
	 	 Payments and Computations
	  	 	2723	 
	
SECTION 2.142.14.
	 	 Taxes
	  	 	2825	 
	
SECTION 2.152.15.
	 	 Sharing of Payments, etc
	  	 	3328	 
	
SECTION 2.162.16.
	 	 Mandatory Assignment by a Lender; Mitigation
	  	 	3328	 
	
SECTION 2.172.17.
	 	 Evidence of Debt
	  	 	3429	 
	
SECTION 2.182.18.
	 	 Use of Proceeds
	  	 	3530	 
	
SECTION 2.192.19.
	 	 Increase in the Aggregate Commitments
	  	 	3530	 
	
SECTION 2.202.20.
	 	 Extension of Termination Date
	  	 	3731	 
	
SECTION 2.212.21.
	 	 Defaulting Lenders
	  	 	3933	 
	 ARTICLE III
	 
	
	CONDITIONS OF LENDING	  

			
	
SECTION 3.013.01.
	 	 Conditions Precedent to Effectiveness of Section 2.01
	  	 	4034	 
	
SECTION 3.023.02.
	 	 Conditions Precedent to Each Borrowing
	  	 	4135	 
	
SECTION 3.033.03.
	 	 Determinations Under Section 3.01
	  	 	4235	 

  
 i 

							
	
	ARTICLE IV	 
	
	REPRESENTATIONS AND WARRANTIES	  

			
	
SECTION 4.014.01.
	 	 Representations and Warranties of the
Borrower
	  	 	4236	 
	
SECTION 4.024.02.
	 	Additional Representations and Warranties of the Borrower as of Each Increase Date and Each Extension Date	  	 	4437	 
	
	 ARTICLE V
	 
	
	 COVENANTS OF THE BORROWER
	 
			
	
SECTION 5.015.01.
	 	 Affirmative Covenants
	  	 	4437	 
	
SECTION 5.025.02.
	 	Negative Covenants	  	 	4740	 
	
	 ARTICLE VI
	 
	
	 EVENTS OF DEFAULT
	  

			
	
SECTION 6.016.01.
	 	 Events of Default
	  	 	4740	 

  

							
	
	 ARTICLE VII
	 
	
	 THE DESIGNATED AGENT
	 
			
	
SECTION 7.017.01.
	 	 Authorization and Action
	  	 	4942	 
	
SECTION 7.027.02.
	 	 Exculpatory Provisions; Designated Agent’s Reliance, etc
	  	 	5042	 
	
SECTION 7.037.03.
	 	 The Designated Agent and its Affiliates
	  	 	5043	 
	
SECTION 7.047.04.
	 	 Lender Credit Decision
	  	 	5043	 
	
SECTION 7.057.05.
	 	 Indemnification
	  	 	5143	 
	
SECTION 7.067.06.
	 	 Successor Designated Agent
	  	 	5144	 
	
SECTION 7.07.
	 	 Enforcement of the Guaranty
	  	 	44	 
	
SECTION 7.08.
	 	 Certain Lender Representations, Etc
	  	 	44	 

  

							
	
	 ARTICLE VIII
	 
	
	 MISCELLANEOUS
	  

	
SECTION 8.018.01.
	 	 Amendments, etc
	  	 	5246	 
	
SECTION 8.028.02.
	 	 Notices, etc
	  	 	5246	 
	
SECTION 8.038.03.
	 	 No Waiver; Remedies
	  	 	5449	 
	
SECTION 8.048.04.
	 	 Costs and Expenses
	  	 	5549	 
	
SECTION 8.058.05.
	 	 Right of Set-off
	  	 	5549	 
	
SECTION 8.068.06.
	 	 Binding Effect
	  	 	5650	 
	
SECTION 8.078.07.
	 	 Assignments and Participations
	  	 	5650	 
	
SECTION 8.088.08.
	 	 Indemnification
	  	 	5952	 
	
SECTION 8.098.09.
	 	 Confidentiality
	  	 	6053	 
	
SECTION 8.108.10.
	 	 Patriot Act
	  	 	6154	 
	
SECTION 8.118.11.
	 	 Judgment
	  	 	6154	 
	
SECTION 8.128.12.
	 	 Consent to Jurisdiction and Service of Process
	  	 	6255	 
	
SECTION 8.138.13.
	 	 Substitution of Currency
	  	 	6255	 
	
SECTION 8.148.14.
	 	 Governing Law
	  	 	6355	 
	
SECTION 8.158.15.
	 	 Execution in Counterparts;
Interpretation
	  	 	6355	 

  
 ii 

							
	
SECTION 8.168.16.
	 	 Severability
	  	 	6356	 
	
SECTION 8.178.17.
	 	 No Fiduciary Relationship
	  	 	6356	 
	
SECTION 8.188.18.
	 	 Non-Public Information
	  	 	6356	 
	
SECTION 8.198.19.
	 	 Acknowledgement and Consent to Bail-In of EEA Financial
Institutions
	  	 	6456	 

  

							
	
	 ARTICLE IX
	 
	
	 GUARANTY
	 
	SECTION 9.01.	 	The Guaranty	  	 	57	 
	SECTION 9.02.	 	Guaranty Unconditional	  	 	58	 
	SECTION 9.03.	 	Continuing Guaranty; Discharge and Reinstatement	  	 	59	 
	SECTION 9.04.	 	Waivers	  	 	59	 
	SECTION 9.05.	 	Subrogation	  	 	59	 
	SECTION 9.06.	 	Stay of Acceleration	  	 	60	 
	SECTION 9.07.	 	Taxes	  	 	60	 

  

					
	 SCHEDULE
	  		  	
			
	 Schedule 1.01
	  	 ––
	  	 List of Applicable Lending Offices

	 Schedule 2.01
	  	 ––
	  	 Commitments

 EXHIBITS 

Exhibit A –– Form of Notice of Borrowing 
 Exhibit B –– Form of Assignment and Acceptance 

Exhibit C –– Form of Opinion of Borrower’s Counsel 

  
 iii 

 FIVE-YEAR CREDIT AGREEMENT dated as of March 11, 2016, among THE WALT
DISNEY COMPANY (to be renamed, on the Fox Acquisition Closing Date, as TWDC Enterprises 18 Corp.), a Delaware corporation (the
“Borrower”), the banks, financial institutions and other institutional
lendersTWDC HOLDCO
613 CORP. (to be renamed, on the Fox Acquisition Closing Date, as The Walt Disney Company), a Delaware corporation (the
“Guarantor”), the LENDERS party hereto and JPMORGAN CHASE BANK,
N.A., as designated agent (together with any successor designated agent appointed pursuant to Article VII, the “Designated Agent”) for the Lenders hereunder. 

IN CONSIDERATION of the agreements herein contained, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS AND
ACCOUNTING TERMS 
 SECTION 1.01.    SECTION 1.01 Certain Defined Terms. 
 As used in this Agreement (including the preamble hereto), the following terms shall have the following meanings (such meanings to be equally applicable to both the
singular and plural forms of the terms defined): 

“2018
Credit Agreement” means the Five-Year Credit Agreement dated as
of March 9, 2018, among the Borrower, the banks, financial institutions and other institutional lenders party thereto and
JPMorgan Chase Bank, N.A., as designated agent for the lenders thereunder, as such agreement may be amended, supplemented or otherwise modified hereafter from time to time
(including to accede the Guarantor as a party thereto). 

“21CF” means Twenty-First
Century Fox, Inc., a Delaware corporation. 
 “Advance” means an advance by a Lender to the Borrower as part of a Borrowing and refers to a Base
Rate Advance or a Eurocurrency Rate Advance, each of which shall be a
“Type
” of Advance. 

“Affiliate” means, as to any Person, any other Person that, directly or indirectly, controls, is controlled by or is
under common control with such Person or is a director or officer of such Person. 
 “Agreement” means this
Five-Year Credit Agreement, as it may be amended, supplemented or otherwise modified from time to time in accordance with Section 8.01. 

“Anniversary Date” means March 11, 2017, and March 11 in each succeeding calendar year occurring during the
term of this Agreement. 
 “Anti-Corruption Laws” means the United States Foreign Corrupt Practices Act of 1977, the
U.K. Bribery Act 2010 and all other similar laws, rules, and regulations of any jurisdiction applicable to the Borrower and its
Subsidiariesany
member of the Consolidated Group concerning or relating to bribery or corruption. 

 “Applicable Lending Office” means, with respect to each Lender, such
Lender’s Domestic Lending Office, in the case of a Base Rate Advance, and such Lender’s Eurocurrency Lending Office, in the case of a Eurocurrency Rate Advance. 

“Applicable Margin” means, as of any date, with respect to (a) any Eurocurrency Rate Advance, a rate per annum
equal to the Credit Default Swap Spread (determined as of the applicable CDS Determination Date) and (b) any Base Rate Advance, a rate per annum equal to the Credit Default Swap Spread (determined as of the applicable CDS Determination Date)
less 1.00% per annum. Notwithstanding the foregoing, (i) the Applicable Margin for Eurocurrency Rate Advances in effect at any time shall not be less than the Minimum Applicable Margin and shall not exceed the Maximum Applicable Margin
applicable to Eurocurrency Rate Advances, and (ii) the Applicable Margin for Base Rate Advances in effect at any time shall not be less than the Minimum Applicable Margin and shall not exceed the Maximum Applicable Margin applicable to Base
Rate Advances. 
 “Assignment and Acceptance” means an assignment and acceptance entered into by a Lender and an
Eligible Assignee, and accepted by the Designated Agent and the Borrower, in substantially the form of Exhibit B hereto. 

“Assuming Lender” means an Eligible Assignee that accepts an offer to participate in a requested Commitment Increase
in accordance with Section 2.19(c) or that that accepts an offer to assume a Declining Lender’s Commitment in
accordance with Section 2.20(c). 
 “Assumption Agreement” means an agreement, in form and substance
satisfactory to an Assuming Lender, the Borrower and the Designated Agent, under which such Assuming Lender agrees to increase or assume a Commitment pursuant to Section 2.19 or 2.20. 

“Bail-In Action” has the meaning specified in Section 8.19. 

“Bail-In Legislation” has the meaning specified in Section 8.19. 

“Base Rate” means, for each day in any period, a fluctuating interest rate per annum as shall be in effect from time
to time, which rate per annum shall at all times for such day during such period be equal to the highest
of:(a)
(a) the Prime Rate in effect for such
day;(b) , (b)
the NYFRB Rate in effect for such day plus 1/2 of 1.00%;, and(c) (c) the Eurocurrency Rate for a one-month Interest Period commencing on such date plus 1.00%.

 “Base Rate Advance” means an Advance denominated in Dollars which bears interest as provided in
Section 2.06(a)(i). 
 “Borrower” has the meaning specified in the preamble to this Agreement. 

“Borrower Information” has the
meaning specified in Section 8.09. 

“Borrowing” means a borrowing consisting of simultaneous Advances of the same Type made by each of the Lenders
pursuant to Section 2.01. 
 “Business Day” means a day of the year (a) on which banks are not required or
authorized to close in Los Angeles, California, or New York City, New York, (b) if the applicable Business Day relates to Eurocurrency Rate Advances, on which dealings are carried on in the London interbank market and (c) if the applicable
Business Day relates to Eurocurrency Rate 

 
Advances denominated in Euro, on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET) payment system is open for the settlement of payments in Euro. 

“CDS Determination Date” means (a) as to any Eurocurrency Rate Advance, the second Business Day prior to the
Business Day such Eurocurrency Rate Advance is borrowed and, if applicable, the last Business Day prior to the continuation of such Eurocurrency Rate Advance; provided that, in the case of any Eurocurrency Rate Advance having an Interest
Period of greater than three months, the last Business Day prior to each three-month period succeeding such initial three-month period shall also be a CDS Determination Date with respect to any such Eurocurrency Rate Advance, with the applicable
Credit Default Swap Spread, as so determined, to be in effect as to such Eurocurrency Rate Advance for each day commencing with the first day of the applicable three-month period until subsequently
re-determined in accordance with the foregoing, and (b) as to Base Rate
Advances, each Initial Base Rate Advance Date and thereafter the first Business Day of each succeeding calendar quarter so long as Base Rate Advances are outstanding. 

“Co-Administrative Agents” means JPMorgan Chase Bank, N.A. and Citibank, N.A.

 “Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Commitment” has the meaning specified in
Section 2.01.means, as to any Lender, the commitment of such Lender to make Advances pursuant to Section 2.01, as
such commitment may be reduced or increased from time to time pursuant to the terms hereof. The initial amount of each Lender’s Commitment is
the amount set forth opposite such Lender’s name on Schedule 2.01 hereto or, if such Lender has become a party hereto pursuant to an Assumption Agreement or an Assignment and Acceptance, the amount set forth in such Assumption Agreement or such Assignment and
Acceptance, as the case may be. As of the Effective Date, the aggregate amount of the Commitments is $2,250,000,000. 

“Commitment Date” has the meaning specified in Section 2.19(b). 

“Commitment Fee Percentage” means, as of any date, the applicable rate per annum under the caption “Commitment
Fee Percentage” as determined by reference to the Public Debt Rating in effect on such date as set forth below: 
  

							
	 Ratings
Level
	  	
Public Debt Rating
S&P/Moody’s
	  	Commitment Fee
Percentage	 
	Level 1	  	At least A+ by S&P/A1 by Moody’s	  	 	0.060	% 
	Level 2	  	A by S&P/A2 by Moody’s	  	 	0.070	% 
	Level 3	  	A- by S&P/A3 by Moody’s	  	 	0.090	% 
	Level 4	  	Lower than A- by S&P/A3 by Moody’s or unrated	  	 	0.125	% 

 “Commitment Increase” has the meaning specified in Section 2.19(a). 

“Committed Currencies” means lawful currency of the United Kingdom of Great Britain and Northern Ireland, lawful
currency of Japan and lawful currency of the European Economic and Monetary Union. 

 “Communications” has the meaning specified in Section 8.02(b). 

“Consolidated EBITDA” means, for any period, (a) net income or net loss, as the case may be, of the Borrower and its
SubsidiariesConsolidated Group on a
consolidated basis for such period, as determined in accordance with GAAP for such period, plus (b) the sum of all amounts which, in the determination of such consolidated net income or net loss, as the case may be, for such period, have
been deducted for (i) Consolidated Interest Expense, (ii) consolidated income tax expense, (iii) consolidated depreciation expense, (iv) consolidated amortization expense and (v) any
non-cash goodwill impairment charges, in each case determined in accordance with GAAP for such period. 

“Consolidated Group” means
(a) prior to the Fox Acquisition Closing Date, the
Borrower and its Subsidiaries and (b) on and
after the Fox Acquisition Closing Date, the Guarantor and its Subsidiaries. 

“Consolidated Interest Expense” means, for any period, the total interest expense of the Borrower and its
SubsidiariesConsolidated
 Group with respect to all outstanding Debt of the Borrower and its SubsidiariesConsolidated
Group during such period, all as determined on a consolidated basis for such period and in accordance with GAAP for such period. 

“Convert”, “Conversion” and “Converted” each refers to a conversion of
Advances of one Type into Advances of another Type pursuant to Section 2.08 or 2.09. 
 “Credit Default Swap
Spread” means, at any CDS Determination Date, the credit default swap spread applicable to senior, unsecured, non-credit enhanced long-term public debt issued by the Borrower interpolated to the
scheduled Termination Date (or any later date to which the scheduled Termination Date applicable to any Lenders shall have been extended in accordance with Section 2.20), determined as of the close of business on the Business Day immediately
preceding such CDS Determination Date, as reported and interpolated by Markit Group Limited or any successor thereto; provided that if such period is less than one year, the Credit Default Swap Spread shall be based on the credit default swap
spread shown for a period of one year. If on the Business Day immediately preceding any CDS Determination Date the Credit Default Swap Spread is unavailable, the Borrower and the Lenders shall negotiate in good faith (for a period of up to thirty
days after such CDS Determination Date (such thirty-day period, the “Negotiation Period”)) to agree on an alternative method for establishing the Applicable Margin for Eurocurrency Rate
Advances and Base Rate Advances. The Applicable Margin for Eurocurrency Rate Advances and Base Rate Advances for any day which falls during the Negotiation Period shall be based upon the Credit Default Swap Spread most recently available prior to
the Negotiation Period. If no such alternative method is agreed upon during the Negotiation Period, the Applicable Margin for Eurocurrency Rate Advances and Base Rate Advances for any day subsequent to the end of the Negotiation Period shall be a
rate per annum equal to 75% of the Maximum Applicable Margin for Eurocurrency Rate Advances or Base Rate Advances, as the case may be. 

“Debt” means, with respect to any Person: (a) indebtedness for borrowed money, (b) obligations evidenced by
bonds, debentures, notes or other similar instruments, (c) obligations to pay the deferred purchase price of property or services (other than trade payables incurred in the ordinary course of business), (d) obligations as lessee under leases
which shall have been or should be, in accordance with GAAP, recorded as capital leases and (e) obligations under direct or indirect guarantees in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or
otherwise to assure a creditor against loss in respect of, indebtedness or obligations of any other Person of the kinds referred to in clauses (a) through (d) above. 

 “Declining Lender” has the meaning specified in
Section 2.20(b). 
 “Defaulting Lender” means any Lender, as reasonably determined by the Designated Agent (or
by the Borrower in the case of clause (e) below; provided that in the absence of a concurring determination by the Designated Agent, without limiting any other rights of the parties vis-a-vis such Defaulting Lender, the sole consequence under Section 2.21(a) of such a determination by the Borrower shall be a mandatory assignment by such Lender pursuant to the terms of
Section 2.16 hereof, if requested by the Borrower), that has (a) failed to fund any portion of its Advances within three Business Days of the date required to be funded by it hereunder, (b) notified the Borrower, the Designated Agent
or any Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or
generally under other agreements in which it commits to extend credit, (c) failed, within three Business Days after written request by the Designated Agent (based upon the reasonable belief that such Lender may not fulfill its funding
obligation), to confirm in writing that it will comply with the terms of this Agreement relating to its funding obligations under this Agreement, unless subject to a good faith dispute, provided that any such Lender shall cease to be a
Defaulting Lender under this clause (c) upon receipt of such confirmation by the Designated Agent, (d) otherwise failed to pay over to the Designated Agent or any other Lender any other amount required to be paid by it hereunder within
three Business Days of the date when due, unless subject to a good faith dispute, or (e) become the subject of (or is reasonably likely not to fund its obligations hereunder as a result of) a bankruptcy or insolvency proceeding or a Bail-In Action, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action indicating its consent to, approval of or acquiescence in any such proceeding or appointment, or has
a parent company that has become the subject of a bankruptcy or insolvency proceeding or a Bail-In Action, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action
indicating its consent to, approval of or acquiescence in any such proceeding, appointment or action, provided that for purposes of this clause (e), in the absence of a Bail-In Action, a Lender
shall not qualify as a Defaulting Lender solely as a result of the acquisition or maintenance of an ownership interest in such Lender or its parent company, or of the exercise of control over such Lender or any Person controlling such Lender, by any
governmental
authorityGovernmental Authority
 or instrumentality thereof, unless such ownership interest results in or provides such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of
judgments or writs of attachment on its assets or permits such Lender (or such governmental
authorityGovernmental Authority
) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Lender. 

“Defaulting Lender Notice” has the meaning specified in Section 2.21(a). 

“Designated Agent” has the meaning specified in the preamble to this Agreement. The Designated Agent has determined
pursuant to Section 7.01(b), until it shall notify the Borrower and the Lenders to the contrary, to perform its duties in respect of Advances denominated in Committed Currencies through its Affiliate JPMorgan Europe Limited. 

“Designated Agent’s Account” means (a) in the case of Advances denominated in
Dollars, account number 9008113381H1162 maintained by the Designated Agent at its office at 270 Park Avenue, New York, New York, and (b) in the case of Advances denominated in any Committed Currency, such other account of the Designated Agent
as the Designated Agent shall notify in writing to the Borrower and the Lenders from time to time. 
 “Dollars” and
the “$” sign each means lawful currency of the United States. 

 “Domestic Lending Office” means, with respect to any Lender, the
office of such Lender specified as its “Domestic Lending Office” opposite its name on Schedule 1.01 hereto or in the Assumption Agreement or the Assignment and Acceptance, as the case may be, pursuant to which it became a Lender, or such
other office of such Lender as such Lender may from time to time specify to the Borrower and the Designated Agent for such purpose. 

“EEA Financial Institution” has the meaning specified in Section 8.19. 

“EEA Member Country” has the meaning specified in Section 8.19. 

“EEA Resolution Authority” has the meaning specified in Section 8.19. 

“Effective Date” has the meaning specified in Section 3.01. 

“Eligible Assignee” means (a) a Lender or any Affiliate of a Lender or (b) any bank or other financial
institution, or any other Person (other than a natural Person), which has been approved in writing by the Borrower and the
Designated Agent as an Eligible Assignee for purposes of this Agreement; provided that none
ofneither the Borrower’s
approval ornor the Designated Agent’s
approval shall be unreasonably withheld; and provided further that the Borrower may withhold its approval if the Borrower reasonably believes that an assignment to such Eligible Assignee pursuant to Section 8.07 would result in the
incurrence of increased costs payable by the Borrower pursuant to Section 2.11 or 2.14. 
 “Environmental
Claim” means any administrative, regulatory or judicial action, suit, demand, claim, lien, notice or proceeding relating to any Environmental Law or any Environmental Permit. 

“Environmental Law” means any federal, state or local statute, law, rule, regulation, ordinance, code or duly
promulgated policy or rule of common law, now or hereafter in effect, and in each case as amended, and any judicial or administrative interpretation thereof, including any order, consent decree or judgment, relating to the environment, health,
safety or any Hazardous Material. 
 “Environmental Permit” means any permit, approval, identification number,
license or other authorization required under any applicable Environmental Law. 
 “Equivalent” in Dollars of any
Committed Currency on any date means the equivalent in Dollars of such Committed Currency determined by using the rate at which Dollars may be exchanged for such Committed Currency,
as set forth at approximately 11:00 A.M. (London time) on such date on the applicable Reuters World Currency Page;
provided, however, that if such rate does not appear on any
Reuters World Currency Page, the Equivalent in Dollars of any Committed Currency shall
besuch Committed
Currency may be exchanged into Dollars on such day determined by using the quoted spot rate at which the principal office
of the Designated Agent or one of its Affiliates, in London, offers to exchange Dollars
forrate of
exchange for the purchase of Dollars with such Committed Currency in the London foreign exchange market at or about 11:00 A.M. (London time) (unless otherwise indicated by the terms of this Agreement) on such date as is required pursuant to
the terms of this Agreementday as displayed by ICE Data Services as the “ask price”, or as  

 
displayed on such other information service which publishes that rate of exchange from time to time in place of ICE Data Services (and
in the event that such rate does not appear on ICE Data Services (or on any information service which publishes that rate of exchange from time to time in place of ICE Data Services), the Equivalent of such amount in Dollars will be determined in such manner as the Borrower and the Designated Agent shall agree (including by reference to any such other publicly available
service for displaying exchange rates) or, in the absence of such agreement, by the Designated Agent using any method of determination it deems appropriate in its reasonable discretion); and the “Equivalent” in any Committed Currency of Dollars on any date means the equivalent in such Committed
Currency of Dollars determined by using the rate at which such Committed Currency may be exchanged for Dollars, as set forth at approximately 11:00 A.M. (London time) on such
date on the applicable Reuters World Currency Page; provided, however, that if such rate does not appear on any Reuters World Currency Page, the Equivalent in any Committed Currency of Dollars shall beDollars may be exchanged for such
Committed Currency on such day determined by using the quoted spot rate at which the principal office of the Designated
Agent or one of its Affiliates, in London, offers to exchangerate of exchange for the purchase of such Committed Currency forwith Dollars in Londonthe London foreign exchange market at or about 11:00
A.M. (London time) (unless otherwise indicated by the terms of this Agreement) on such date as is required pursuant to the terms of this Agreementday as displayed by ICE Data Services as the “ask price”, or as displayed on
such other information service which publishes that rate of exchange from time to time in place of ICE Data Services (and in the event that such rate does not appear on ICE Data Services (or on any information service which publishes that rate of
exchange from time to time in place of ICE Data Services), the Equivalent of such amount in such Committed Currency will be determined in such manner as the Borrower and the
Designated Agent shall agree (including by reference to any such other publicly available service for displaying exchange rates) or, in the absence of such agreement, by the Designated Agent using any method of determination it deems appropriate in
its reasonable discretion). 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated and the rulings issued thereunder. 
 “ERISA Affiliate” means any Person that for purposes of Title IV
of ERISA is a member of the BorrowerParent’s
controlled group, or under common control with the BorrowerParent, within the meaning of Section 414 of the Internal Revenue Code of 1986, as amended. 

“ERISA Event” means: (a) (i) the occurrence with respect to a Plan of a reportable event, within the meaning of
Section 4043 of ERISA, unless the 30-day notice requirement with respect thereto has been waived by the Pension Benefit Guaranty Corporation, or (ii) the provisions of subsection (1) of
Section 4043(b) of ERISA (without regard to subsection (2) of such Section) are applicable with respect to a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, of a Plan, and an event described in subsection (9), (10),
(11), (12) or (13) of Section 4043(c) of ERISA could reasonably be expected to occur with respect to such Plan within the following 30 days; (b) the provision by the administrator of any Plan of a notice of intent to terminate such
Plan, pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment referred to in Section 4041(e) of ERISA); (c) the cessation of operations by the BorrowerParent or any ERISA Affiliate at a facility in the
circumstances described in Section 4062(e) of ERISA; (d) the withdrawal by the
BorrowerParent or any ERISA Affiliate from a
Multiple Employer Plan during a plan year for which it was a substantial employer, as defined in 

 
Section 4001(a)(2) of ERISA; (e) the failure by the BorrowerParent or any ERISA Affiliate to make a payment to a Plan described in Section 302(f)(1)(A) of ERISA;
(f) the adoption of an amendment to a Plan requiring the provision of security
to such Plan, pursuant to Section 307 of ERISA; or (gf) the institution by the Pension Benefit Guaranty Corporation of proceedings to terminate a Plan, pursuant to Section 4042 of ERISA, or the occurrence of any event or condition which is reasonably likely to
constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, a Plan. 

“EU Bail-In Legislation Schedule” has the meaning specified in
Section 8.19. 
 “Eurocurrency Lending Office” means, with respect to any Lender, the office of such Lender
specified as its “Eurocurrency Lending Office” opposite its name on Schedule 1.01 hereto or in the Assumption Agreement or the Assignment and Acceptance, as the case may be, pursuant to which it became a Lender (or, if no such office is
specified, its Domestic Lending Office), or such other office of such Lender as such Lender may from time to time specify to the Borrower and the Designated Agent for such purpose. 

“Eurocurrency Liabilities” has the meaning assigned to that term in Regulation D of the Board of Governors of the
Federal Reserve System, as in effect from time to time. 
 “Eurocurrency Rate” means, with respect to any
Eurocurrency BorrowingRate
Advance for any Interest Period, the rate per annum equal to (a) the London interbank offered rate as administered by the ICE Benchmark Administration (or any other Person that takes over the
administration of such rate) for deposits in the applicable currency (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period as displayed on the Reuters screen page that displays such rate (currently
page LIBOR01) (or, in the event such rate does not appear on a page of the Reuters screen, on the appropriate page of such other information service or such other source that publishes such rate as shall be selected by the Designated Agent with the
consent of the Borrower, not to be unreasonably withheld), at approximately 11:00 A.M. (London time) two Business Days prior to the commencement of such Interest Period (or, in the case of a Eurocurrency Rate Advance denominated in Sterling, on the
first day of such Interest Period) (the “Screen Rate”) divided by (b) a percentage equal to 100% minus the Eurocurrency Rate Reserve Percentage for such Interest Period (provided that, if for any reason a Screen
Rate (including an Interpolated Screen Rate, as provided below) is not available, the term “Eurocurrency Rate” shall mean, for any Interest Period for each Eurocurrency Rate Advance comprising part of the same Borrowing, (i) an
interest rate per annum equal to the average (rounded upward to the nearest whole multiple of 1/16 of 1.00% per annum, if such average is not such a multiple) of the rate per annum at which deposits in Dollars or the applicable Committed Currency,
as the case may be, are offered by the principal office of each of the Reference Banks in London, England to prime banks in the London interbank market at 11:00 A.M. (London time) two Business Days before the first day of such Interest Period (or,
in the case of a Eurocurrency Rate Advance denominated in Sterling, on the first day of such Interest Period) for a period equal to such Interest Period and in an amount substantially equal to such Reference Bank’s Eurocurrency Rate Advance
comprising part of such Borrowing divided by (ii) a percentage equal to 100% minus the Eurocurrency Rate Reserve Percentage for such Interest Period). In the event that the Eurocurrency Rate is to be determined by the Reference Banks,
the Eurocurrency Rate for any Interest Period for each Eurocurrency Rate Advance comprising part of the same Borrowing shall be determined by the Designated Agent on the basis of applicable rates furnished to and received by the Designated Agent
from the Reference Banks two Business Days before the first day of such Interest Period (or, in the case of a Eurocurrency Rate Advance denominated in Sterling, on the first day of such Interest Period),

 
subject, however, to the provisions of Section 2.08. If, as to any currency, no Screen Rate shall be available for a particular Interest Period but Screen Rates shall be available for
maturities both longer and shorter than such Interest Period, then the Screen Rate for such Interest Period shall be the Interpolated Screen Rate. For the avoidance of doubt, nothing in this Agreement shall obligate any Reference Bank to provide the
information referred to in clause
(i) hereofabove. Notwithstanding the
foregoing, the Eurocurrency Rate shall in no event be less than zero. 
 “Eurocurrency Rate Advance” means an
Advance denominated in Dollars or a Committed Currency which bears interest as provided in Section 2.06(a)(ii). 

“Eurocurrency Rate Reserve Percentage” means, with respect to any Lender for any Interest Period for any Eurocurrency
Rate Advance, the reserve percentage applicable during such Interest Period (or, if more than one such percentage shall be so applicable, the daily average of such percentages for those days in such Interest Period during which any such percentage
shall be so applicable) under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor thereto) for determining the maximum reserve requirement (including, without limitation, any emergency,
supplemental or other marginal reserve requirement) for such Lender with respect to liabilities or assets consisting of or including Eurocurrency Liabilities (or with respect to any other category of liabilities that includes deposits by reference
to which the interest rate on Eurocurrency Rate Advances is determined) having a term equal to such Interest Period. 
 “Events
of Default” has the meaning specified in Section 6.01. 
 “Excluded Entity” means each of the Hong
Kong Disneyland Entities, the Shanghai Project Entities and the Specified Project Entities. 
 “Excluded Taxes” has
the meaning specified in Section 2.14(a). 
 “Existing Credit Agreement” means the Five-Year Credit Agreement
dated as of June 8, 2012, among the Borrower, the banks, financial institutions and other institutional lenders party thereto and JPMorgan Chase Bank, N.A., as designated agent for the lenders thereunder, as such agreement may have been
amended, supplemented or otherwise modified from time to time. 
 “Extending Lender” has the meaning specified in
Section 2.20(b). 
 “Extension Date” has the meaning specified in Section 2.20(b). 

“FATCA” means Sections 1471 through 1474 of the Code, as in effect on the date of this Agreement (or any amended or
successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof
and, any agreement entered into pursuant to Section 1471(b)(1) of the Code., and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such
Sections of the Code.  
 “Federal Funds
Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depository institutions (as determined in such manner as the NYFRB shall set forth on its public website from time to
time) and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate; provided that if such rate shall be less than zero, such rate shall be deemed to be zero for all purposes of this Agreement. 

 “Fox Acquisition Closing Date” means the date of the consummation and closing of the Fox Acquisition Transactions, as such date is confirmed by the Borrower to the Designated Agent in writing or publicly announced by the
Parent. 

“Fox Acquisition Transactions”
means the transactions under the Fox Merger Agreement as a result of which the Borrower and 21CF will become direct wholly-owned Subsidiaries of the Guarantor. 

“Fox Merger Agreement” means
that certain Agreement and Plan of Merger dated as of December 13, 2017, as amended and restated as of June 20, 2018, among the Borrower, 21CF, the Guarantor and certain other parties thereto (together with all exhibits, schedules and disclosure letters thereto). 
 “GAAP” means generally accepted accounting principles in the United
States. 
 “Governmental Authority” means
the government of the United States of America or any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 
 “Guaranteed Obligations” has the meaning specified in Section 9.01. 

“Guarantor” has the meaning
specified in the preamble to this Agreement. 
 “Guaranty” means the guaranty and the other obligations of the Guarantor under Article IX. 
 “Guaranty Beneficiaries” means the Designated Agent, the Lenders and any other holders of Guaranteed Obligations. 

“Hazardous Material” means (a) any petroleum or petroleum product, natural or synthetic gas, asbestos in any form
that is or could become friable, urea formaldehyde foam insulation or radon gas, (b) any substance defined as or included in the definition of “hazardous substances”, “hazardous wastes”, “hazardous materials”,
“toxic substances”, “contaminants” or “pollutants”, or words of similar import, under any applicable Environmental Law or (c) any other substance exposure to which is regulated by any governmental or regulatory
authority. 
 “Hong Kong Disneyland Entity” means any
Subsidiarysubsidiary of the BorrowerParent and any other Person whose equity securities
or interests are owned, directly or indirectly, in whole or in part, by the
BorrowerParent or any of its Subsidiariessubsidiaries, the primary business of which is
the direct or indirect ownership, management, operation, design, construction and/or financing of the recreational and commercial facilities and complex, or any part thereof or any addition thereto, commonly known as “Hong Kong Disney”,
“Hong Kong Disneyland” or “Disneyland Resort Hong Kong”, located at Penny’s Bay on Lantau Island, Hong Kong, which Subsidiariessubsidiaries and other Persons include, without limitation, as of the date hereof, Hongkong International Theme Parks Limited, Hong Kong
Disneyland Management Limited and Walt Disney Holdings (Hong Kong) Limited. 

 “Increase Date” has the meaning specified in
Section 2.19(a). 
 “Increasing Lender” has the meaning specified in Section 2.19(b). 

“Indemnified Matters” has the meaning specified in Section 8.08. 

“Indemnified Party” has the meaning specified in Section 8.08. 

“Initial Base Rate Advance Date” means any date on which a Base Rate Advance is made and immediately prior to which no
Base Rate Advances were outstanding. 
 “Interest Period” means, for each Eurocurrency Rate Advance
comprising part of the same Borrowing, the period commencing on the date of such Eurocurrency Rate Advance or on the date of the Conversion of any Base Rate Advance into a Eurocurrency Rate Advance and ending on the last day of the period selected
by the Borrower pursuant to the provisions below and, thereafter, each subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the last day of the period selected by the Borrower pursuant to the
provisions below. The duration of each such Interest Period shall be one, two, three, six or, if generally available to all of the Lenders, twelve months as the Borrower may select, upon notice received by the Designated Agent not later than (x)
11:00 A.M. (New York City time) on the third Business Day prior to the first day of such Interest Period for each Eurocurrency Rate Advance denominated in any Committed Currency or (y) 1:00 P.M. (New York City time) on the third Business Day prior
to the first day of such Interest Period for each Eurocurrency Rate Advance denominated in Dollars; provided, however, that: 

(i) (i) Interest Periods commencing on the same date for Eurocurrency Rate Advances comprising part of the same Borrowing shall be of
the same duration; 
 (ii) (ii) whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period shall be extended to occur on the next succeeding Business Day;
provided, however, that if such extension would cause the last day of such Interest Period to occur in the next succeeding calendar month, the last day of such Interest Period shall occur on the immediately preceding Business Day;

 (iii) (iii) whenever the first day of any Interest Period occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month that succeeds such initial calendar month by the
number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month; and 

(iv) (iv) the Borrower may not select for any Advance any Interest Period which ends after the scheduled Termination Date then in effect. 

“Interpolated Screen Rate” means, with respect to any Eurocurrency Rate Advance denominated in any currency for any
Interest Period, a rate per annum which results from interpolating on a linear basis between (a) the applicable Screen Rate for the longest maturity for which a Screen Rate is available that is shorter than such Interest Period and (b) the
applicable Screen Rate for the shortest maturity for which a Screen Rate is available that is longer than such Interest Period. 

 “IRS” means the U.S. Internal Revenue Service. 

“Lenders” means, collectively, the Persons listed on Schedule 2.01, to the extent applicable, each Assuming Lender that shall become a party hereto pursuant to Section 2.19 or 2.20 and each
Eligible Assignee that shall become a party hereto pursuant to Section 8.07, in each case other than any such Person that shall have ceased to be a party hereto pursuant to
Section 8.07. 
 “Lien” means any lien, security
interest or other charge or encumbrance of any kind, or any other type of preferential arrangement which has the same effect as a lien or security interest. 

“Loan Documents” means this Agreement and each Note delivered pursuant to Section 2.17(a), in each case as
amended, modified, supplemented or restated from time to time. 

“Loan Party” means the Borrower
and the Guarantor. 
 “Majority Lenders” means, at any
time, Lenders owed at least a majority in interest of the aggregate unpaid principal amount of the Advances owing to the Lenders at such time, or, if no such principal amount is outstanding at such time, Lenders having at least a majority in
interest of the Commitments at such time; provided, however, that neither the Borrower nor any of its Affiliates, if a Lender, shall be included in the determination of the Majority Lenders at any time. 

“Material Subsidiary” means, at any date of determination, a Subsidiary of the BorrowerParent that, either individually or together with
its Subsidiaries, taken as a whole, has total assets exceeding $250,000,000 on such date. 
 “Maximum Applicable
Margin” means, as of any date, the applicable rate per annum set forth in the table below, as determined by reference to the Public Debt Rating in effect on such date: 

 

											
	 Ratings
Level
	  	 Public Debt Rating
S&P/Moody’s
	  	Maximum Applicable
Margin for
Eurocurrency Rate
Advances	 	 	Maximum
Applicable
Margin for Base
Rate Advances	 
	Level 1	  	At least A+ by S&P/A1 by Moody’s	  	 	0.875	% 	 	 	0.000	% 
	Level 2	  	A by S&P/A2 by Moody’s	  	 	1.000	% 	 	 	0.000	% 
	Level 3	  	A- by S&P/A3 by Moody’s	  	 	1.250	% 	 	 	0.250	% 
	Level 4	  	Lower than A- by S&P/A3 by Moody’s or unrated	  	 	1.500	% 	 	 	0.500	% 

 “Measurement Period” means, at any date of determination, the most recently completed
four consecutive fiscal quarters of the
BorrowerParent on or immediately prior to such date.

 “Minimum Applicable Margin” means, as of any date, the applicable
rate per annum set forth in the table below, as determined by reference to the Public Debt Rating in effect on such date: 
  

											
	 Ratings
Level
	  	 Public Debt Rating
S&P/Moody’s
	  	Minimum Applicable
Margin for
Eurocurrency Rate
Advances	 	 	Minimum
Applicable Margin
for Base Rate
Advances	 
	Level 1	  	At least A+ by S&P/A1 by Moody’s	  	 	0.200	% 	 	 	0.000	% 
	Level 2	  	A by S&P/A2 by Moody’s	  	 	0.250	% 	 	 	0.000	% 
	Level 3	  	A- by S&P/A3 by Moody’s	  	 	0.375	% 	 	 	0.000	% 
	Level 4	  	Lower than A- by S&P/A3 by Moody’s or unrated	  	 	0.500	% 	 	 	0.000	% 

 “Moody’s” means Moody’s Investors Service, Inc.
or any successor thereto. 
 “Multiemployer Plan” means a multiemployer plan, as defined in Section 4001(a)(3)
of ERISA, to which the BorrowerParent or any ERISA
Affiliate is making or accruing an obligation to make contributions or has within any of the preceding five plan years made or accrued an obligation to make contributions. 

“Multiple Employer Plan” means a single-employer plan, as defined in
Section 4001(a)(15) of ERISA, that (i) is maintained for employees of the BorrowerParent or any ERISA Affiliate and at least one Person other than the
BorrowerParent and the ERISA Affiliates or (ii) was so maintained and in respect of which the BorrowerParent or an ERISA Affiliate could have liability under Section 4064 or
4069 of ERISA in the event such plan has been or were to be terminated. 
 “Negotiation Period” has the
meaning specified in the definition of “Credit Default Swap Spread”. 

“Non-Defaulting Lender” means, at any time, any Lender that is not a
Defaulting Lender at such time. 
 “Note” has the meaning specified in Section 2.17(a). 

“Notice of Borrowing” has the meaning specified in Section 2.02(a). 
 “NYFRB” means the Federal Reserve Bank of
New York. 
 “NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Rate in effect on such day
and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day,
the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 aA.m
M. (New York City time) on such day received by the Designated Agent from a Federal funds broker of recognized
standing selected by it; provided, further, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Obligor” means the Borrower and, from and after the Fox Acquisition Closing Date, each of the Borrower and the
Guarantor. 
 “OFAC” means Office of Foreign Assets Control of the U.S. Department of the
Treasury. 

“Other Taxes” has the meaning specified
in Section 2.14(b). 
 “Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight
federal funds and overnight Eurodollar borrowings by U.S.-managed banking offices of depository institutions (as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time) and published on the next
succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate). 

“Parent” means (a) prior to the Fox Acquisition
Closing Date, the Borrower and (b) on and after the Fox Acquisition Closing Date, the Guarantor. 

“Participant Register” has the meaning specified in Section 8.07(e). 

“Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001, Pub. L. 107-56 and all other laws and regulations relating to money-laundering and terrorist activities. 

“Payment Office” means, for any Committed Currency, such office of the Designated Agent as shall be from time to time
selected by the Designated Agent and notified by the Designated Agent to the Borrower and the Lenders. 
 “Person”
means an individual, partnership, corporation (including a business trust), joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 

“Plan” means a Single Employer Plan or a Multiple Employer Plan. 

“Platform” has the meaning specified in
Section 8.02(b). 
 “Prime Rate” means the rate of
interest publicly announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect at its principal office in New York City; each. Each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.

 “Public Debt Rating” means, as of any date of determination, the higher rating that has been most recently
announced by either S&P or Moody’s, as the case may be, for any class of senior, unsecured, non-credit enhanced long-term public debt issued by the Borrower. For purposes of the foregoing, (a) if
only one of S&P and Moody’s shall have in effect a Public Debt Rating, the Maximum Applicable Margin, the Minimum Applicable Margin and the Commitment Fee Percentage shall be determined by reference to the available rating; (b) if
neither S&P nor Moody’s shall have in effect a Public Debt Rating, the Maximum Applicable Margin, the Minimum Applicable Margin and the Commitment Fee Percentage will be set in accordance with Level 4 under the definition of
“Maximum Applicable Margin”, “Minimum Applicable Margin” or “Commitment Fee Percentage”, as the case may be; (c) if the ratings established by S&P and 

 
Moody’s shall fall within different levels, the Maximum Applicable Margin, the Minimum Applicable Margin and the Commitment Fee Percentage shall be based upon the higher rating; (d) if
any rating established by S&P or Moody’s shall be changed, such change shall be effective as of the date on which such change is first announced publicly by the rating agency making such change; and (e) if S&P or Moody’s shall
change the basis on which ratings are established, each reference to the Public Debt Rating announced by S&P or Moody’s, as the case may be, shall refer to the then-equivalent rating by S&P or
Moody’s, as the case may be. 
 “Reference Banks” means each of BNP Paribas, Citibank, N.A. and JPMorgan Chase
Bank, N.A., or, in the event that fewer than two of such banks remain Lenders hereunder at any time, any other commercial bank designated by the Borrower (with the consent of such bank) and approved by the Majority Lenders as constituting a
“Reference Bank” hereunder, in each case, acting in its capacity as a “Reference Bank” hereunder. 

“Register” has the meaning specified in Section 8.07(c). 

“Responsible Officer” means the chief executive officer, the president, the chief financial officer, the treasurer or
any assistant treasurer of the Borrower or the Guarantor, as applicable. 
 “S&P” means Standard & Poor’s Ratings
Services, a subsidiary of McGraw Hill Financial, Inc., and any successor to its rating agency business. 
 “Sanctions
Laws” means trade or financial sanctions imposed, administered or enforced by the Office of Foreign Assets Control (“OFAC
”) of the U.S. Department of the TreasuryOFAC or similar trade or financial sanctions
imposed, administered or enforced by (a) the U.S. Department of State pursuant to the International Emergency Economic Powers Act, Trading with the Enemy Act, United Nations Participation Act, Foreign Narcotics Kingpin Designation Act,
Comprehensive Iran Sanctions, Accountability, and Divestment Act, Iran Threat Reduction and Syria Human Rights Act and related executive orders and regulations, (b) Her Majesty’s Treasury of the United Kingdom, (c) the European
Union, or (d) United Nations Security Council. 

“Sanctioned Person” means any Person currently named on OFAC’s List of Specially Designated Nationals and Blocked
Persons or any entity that is 50% or more owned by such Person; the Sanctioned Entities List maintained by the U.S. Department of State; the Consolidated list of persons, groups and entities subject to European Union financial sanctions maintained
by the European Union External Action Committee; the Consolidated List of Financial Sanctions Targets maintained by Her Majesty’s Treasury of the United Kingdom; and the Compendium of United Nations Security Council Sanctions Lists. 
 “SECScreen
Rate” has the meaning specified in Section 
5.01(e)(i)assigned to that term in the definition of “Eurocurrency Rate”. 

“SEC” means the United States Securities and Exchange Commission. 
 “Second
Amendment” means the Second Amendment dated as of December 19, 2018, to this Agreement. 
 “Second
Amendment Effective Date” means the “Amendment Effective
Date” under, and as defined in, the Second Amendment. 

 “Shanghai Project Entity” means any Subsidiarysubsidiary of the BorrowerParent and any other Person whose equity securities
or interests are owned, directly or indirectly, in whole or in part, by the
BorrowerParent or any of its Subsidiariessubsidiaries, the primary business of which is
the direct or indirect ownership, management, operation, design, construction and/or financing of the recreational and commercial facilities and complex or any part thereof or any addition thereto, to be known as “Shanghai Disney”,
“Shanghai Disneyland” or “Disneyland Resort Shanghai” or by any similar name, to be located in the Pudong New Area, Shanghai, People’s Republic of China, which
Subsidiariessubsidiaries and other Persons
include, without limitation, as of the date hereof, Shanghai International Theme Park Company Limited, Shanghai International Theme Park Associated Facilities Company Limited, Shanghai International Theme Park and Resort Management Company Limited
and WD Holdings (Shanghai), LLC. 
 “Single Employer Plan” means a single-employer plan, as defined in
Section 4001(a)(15) of ERISA, that (i) is maintained for employees of the
BorrowerParent or an ERISA Affiliate and no Person
other than the BorrowerParent and the ERISA
Affiliates or (ii) was so maintained and in respect of which the BorrowerParent or an ERISA Affiliate could have liability under Section 4069 of ERISA in the event such plan has been or were to be terminated. 

“Specified Project Entity” means: 

(a) (a) DVD Financing, Inc.; 

(b) (b) each Affiliate of the BorrowerParent organized after February 25, 2004 (the
“Organization Date”) (or whose business commenced after the Organization Date) and any other Person organized after the Organization Date (or whose business commenced after the Organization Date) whose equity securities or interests are
owned, directly or indirectly, in whole or in part, by the BorrowerParent or any of its Subsidiariessubsidiaries, in each case, if: 

(i) (i) such Affiliate or other Person has incurred Debt for the purpose of financing all or a part of the costs of the acquisition, construction, development or operation of a
particular project (“Project Debt”); 

(ii) (ii) except for customary guarantees, keep-well
agreements and similar credit and equity support arrangements in respect of Project Debt incurred by such Affiliate or other Person from the BorrowerParent or any of its Subsidiariessubsidiaries not in excess of $150,000,000 or from third parties, the source of repayment of such Project Debt is limited to the assets and
revenues of such particular project (or, if such particular project comprises all or substantially all of the assets of such Affiliate or other Person, the assets and revenues of such Affiliate or other Person); and 

(iii) (iii) the property over which Liens are granted to
secure such Project Debt, if any, consists solely of the assets and revenues of such particular project or the equity securities or interests of such Affiliate or other Person or a Subsidiary of the BorrowerParent referred to in clause (c) below; and

(c) (c) each Affiliate of the BorrowerParent organized after the Organization Date (or
whose business commenced after the Organization Date) whose equity securities or interests are owned, directly or indirectly, in whole or in part, by the
BorrowerParent or any of its Subsidiariessubsidiaries, the primary business of which is
the direct or indirect ownership, management or operation of, or provision of services to, any Affiliate or other Person referred to in clause (b) above. 

“Subsidiary” means with respect to any Person,
any (a) any corporation (or foreign equivalent) other than an
Excluded Entity or (b) any general partnership, limited partnership or limited liability company (or foreign equivalent)
other than an Excluded Entity (each, a “Non-Corporate Entity”), in either case, of which more than 50% of the outstanding capital stock (or comparable interest) having ordinary voting
power (irrespective of whether at the time capital stock (or comparable interest) of any other class or classes of such corporation or Non-Corporate Entity shall or might have voting power upon the occurrence
of any contingency) is at the time directly or indirectly (through one or more Subsidiaries) owned by such Person. In the case of a Non-Corporate Entity, a Person shall be deemed to have more than 50% of
interests having ordinary voting power only if such Person’s vote in respect of such interests comprises more than 50% of the total voting power of all such interests in such Non-Corporate Entity. For
purposes of this definition, any managerial powers or rights comparable to managerial powers afforded to a Person solely by reason of such Person’s ownership of general partner or comparable interests (or foreign equivalent) shall not be deemed
to be “interests having ordinary voting power”. 
 “Taxes” has the meaning specified in
Section 2.14(a). 
 “Termination Date” means the earlier of (a) March 11, 2021, subject to the
extension thereof pursuant to Section 2.20, and (b) the date of termination in whole of the aggregate Commitments pursuant to Section 2.04 or 6.01; provided, however, that the Termination Date of any Lender that is a
Declining Lender in connection with any requested extension pursuant to Section 2.20 shall be the Termination Date in effect immediately prior to the applicable Extension Date for all purposes of this Agreement. 

“2014 Credit
Agreement” means the Five-year Credit Agreement dated as of March 14, 2014, among the Borrower, the banks, financial institutions and other institutional lenders party thereto and JPMorgan Chase Bank, N.A., as designated agent for the lenders thereunder, as such
agreement may be amended, supplemented or otherwise modified hereafter from time to time. 

“Type” has the meaning specified in the definition
of
“Advance
”means, in respect of any Advance, whether such Advance is a Base Rate Advance or a Eurocurrency Rate Advance. 

“United States” and “U.S.” each means the United States of America. 

“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code.

 “Write-Down and Conversion Powers” has the meaning specified in Section 8.19. 

SECTION
1.02.    SECTION 1.02 Computation of Time
Periods. In this Agreement, in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means
“to but excluding”. 

 SECTION
1.03.    SECTION 1.03 Accounting Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP as in effect from time to time; provided, however, that if any changes
in accounting principles from those used in the preparation of the financial statements referred to in Section 4.01(c) dated October 3, 2015,September 29, 2018, hereafter occur by reason of the promulgation of rules, regulations, pronouncements, opinions or other requirements of the Financial Accounting Standards Board or the American Institute of Certified Public
Accountants (or successors thereto or agencies with similar functions) and result in a change in the method of calculation of any financial covenant or term related thereto contained in this Agreement, then upon the request of either the BorrowerParent or the Designated Agent (acting at the instruction of the Majority Lenders), the BorrowerParent and the Designated Agent shall enter into negotiations to amend such financial covenant or other relevant terms of this Agreement to
eliminate the effect of any such change; provided further, however, that upon such request and until such amendment becomes effective, such financial covenant or other relevant terms shall be performed, observed and determined in
accordance with GAAP as in effect immediately prior to such change. 
 ARTICLE II 

AMOUNTS AND TERMS OF THE ADVANCES 

SECTION 2.01.    SECTION 2.01 The Advances. Each
Lender severally agrees, on the terms and conditions hereinafter set forth, to make Advances to the Borrower from time to time on any Business Day during the period from the Effective Date until the Termination Date in an aggregate amount (based in
respect of any Advances denominated in a Committed Currency on the Equivalent in Dollars determined on the date of delivery of the applicable Notice of Borrowing) not to exceed at any time outstanding the Dollar amount set forth
opposite such Lender’s name on Schedule 2.01 or, if such Lender has become a Lender hereunder pursuant to an Assumption Agreement, the Dollar amount set forth for
such Lender in such Assumption Agreement or, if such Lender has entered into an Assignment and Acceptance, the Dollar amount set forth for such Lender in the Register maintained by the Designated Agent pursuant to Section 8.07(c), as such amount may be reduced pursuant to Section 2.04 or increased pursuant to Section 2.19 (such
Lender’s
“Commitment
”)Commitment of such Lender then in effect; provided that the Lenders shall not be obligated to, and shall not, make any Advances as part of a Borrowing if after giving
effect to such Borrowing the sum of the then-outstanding aggregate amount of all Borrowings shall exceed the aggregate amount of the Commitments then in effect. Each Borrowing shall be in an aggregate amount of $5,000,000, £5,000,000,
€5,000,000 or ¥500,000,000, as applicable, or an integral multiple of $1,000,000, £1,000,000, €1,000,000 or ¥100,000,000, as applicable, in excess thereof, except that any Borrowing may be in an amount equal to the remaining
unused amount of the Commitments or the Equivalent thereof in a Committed Currency. Each Borrowing shall consist of Advances of the same Type made on the same day by the Lenders ratably according to their respective Commitments. Within the limits of
each Lender’s Commitment, the Borrower from time to time may borrow under this Section 2.01, prepay pursuant to Section 2.10 and reborrow under this Section 2.01. 

SECTION 2.02.    SECTION 2.02 Making the Advances.
(a) 
(a) Each Borrowing shall be made on notice, given not later than (x) 11:00 A.M. (New York City time) on the same Business Day
as the date of a proposed Borrowing comprised of Base Rate Advances, (y) 11:00 A.M. (London time) on the third Business Day prior to the date of a proposed Borrowing comprised of Eurocurrency Rate Advances denominated in any Committed Currency or
(z) 1:00 

 
P.M. (New York City time) on the third Business Day prior to the date of a proposed Borrowing comprised of Eurocurrency Rate Advances denominated in Dollars, by the Borrower to the Designated
Agent, which shall give to each Lender prompt notice thereof by telecopier. Each such notice of a Borrowing (a “Notice of Borrowing”) shall be by telecopierin writing, or by telephone confirmed immediately by
telecopierin writing, in substantially the form of Exhibit A hereto, specifying therein the requested (i) date of
such Borrowing (which shall be a Business Day), (ii) Type of Advances comprising such Borrowing, (iii) aggregate amount of such Borrowing and (iv) in the case of a Borrowing comprised of Eurocurrency Rate Advances, initial Interest Period
and currency for each such Advance. Each Lender shall, before (A) 1:00 P.M. (New York City time) on the date of such Borrowing consisting of Advances denominated in Dollars or (B) 1:00 P.M. (London time) on the date of such Borrowing consisting of
Advances denominated in any Committed Currency, make available for the account of its Applicable Lending Office to the Designated Agent at the Designated Agent’s Account, in same day funds, such Lender’s ratable portion of such Borrowing.
After the Designated Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Designated Agent will make such funds available to the Borrower at the office where the Designated Agent’s
Account is maintained (or to an account of the Borrower in the relevant jurisdiction and designated by the Borrower in the applicable Notice of Borrowing, in the case of Advances denominated in a Committed Currency). 

(b)    Each Notice of Borrowing shall be irrevocable and binding on the Borrower. In the case of any Borrowing which the
related Notice of Borrowing specifies as to be comprised of Eurocurrency Rate Advances, the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure to fulfill on or before the date
specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss, cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds
acquired by such Lender to fund the Eurocurrency Rate Advance to be made by such Lender as part of such Borrowing when such Eurocurrency Rate Advance, as a result of such failure, is not made on such date. 

(c)    Unless the Designated Agent shall have received notice from a Lender on or prior to the date of any Borrowing that
such Lender will not make available to the Designated Agent such Lender’s ratable portion of such Borrowing, the Designated Agent may, but shall not be required to, assume that such Lender has made such portion available to the Designated Agent
on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Designated Agent may, but shall not be required to, in reliance upon such assumption, make available to the Borrower on such date a corresponding
amount. If and to the extent that any Lender shall not have made such ratable portion available to the Designated Agent, such Lender agrees to pay to the Designated Agent forthwith on demand such corresponding amount together with interest thereon,
for each day from the date such amount is made available to the Borrower until the date such amount is paid to the Designated Agent, at (A) the Federal Funds Rate in the case of Advances denominated in Dollars or (B) the cost of funds
incurred by the Designated Agent in respect of such amount in the case of Advances denominated in Committed Currencies; provided, however, that (i) within two Business Days after any Lender shall fail to make such ratable portion
available to the Designated Agent, the Designated Agent shall notify the Borrower of such failure and (ii) if such Lender shall not have paid such corresponding amount to the Designated Agent within two Business Days after such demand is made
of such Lender by the Designated Agent, the Borrower agrees to repay to the Designated Agent forthwith upon demand by the Designated Agent to the Borrower such corresponding amount together with interest thereon, for each day from the date such
amount is made available to the Borrower until the date such amount is repaid to the Designated Agent, at the interest rate applicable at the time to Advances comprising such Borrowing. If and to the extent such corresponding amount shall be paid by
such Lender to the Designated Agent in accordance with this Section 2.02(c), such amount shall constitute such Lender’s Advance as part of such Borrowing for all purposes of this Agreement. 

 (d)    The failure of any Lender to make the Advance to be made by it as
part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by
such other Lender on the date of any Borrowing. 
 SECTION 2.03.    SECTION 2.03 Commitment Fee. The Borrower agrees to pay to each Lender a commitment fee on the average daily unused amount of such Lender’s Commitment (i) in the case of each Lender on the Effective
Date, from the Effective Date or (ii) in the case of any Lender that becomes a Lender after the Effective Date, the effective date specified in the Assumption Agreement or the Assignment and Acceptance pursuant to which it became a Lender,
until, in each case, the Termination Date, payable quarterly in arrears on the first Business Day of each January, April, July and October during the term of such Lender’s Commitment, commencing April 1, 2016, and on the Termination Date,
at the rate per annum equal to the Commitment Fee Percentage in effect from time to time. 
 SECTION 2.04.    SECTION 2.04 Reduction of the Commitments. The Borrower shall have the right, upon at least three Business Days’ notice
to the Designated Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders; provided that each partial reduction shall be in the aggregate amount of $5,000,000 or an integral
multiple of $1,000,000 in excess thereof; provided further that after giving effect to any such partial reduction, the total Commitments shall not be less than the then-outstanding aggregate amount of Advances. Once terminated, such
Commitments may not be reinstated. 
 SECTION 2.05.    SECTION 2.05 Repayment of Advances. The Borrower shall repay to each Lender on the Termination Date the aggregate principal amount of the Advances owing to such Lender on such date. 

SECTION
2.06.    SECTION 2.06
Interest on Advances.
(a) (a) Scheduled Interest. The Borrower shall pay to each Lender interest on the unpaid principal amount of each Advance owing to
such Lender from the date of such Advance until such principal amount shall be paid in full, at the following rates per annum: 

(i)    Base Rate Advances. During such periods as such Advance is a Base Rate Advance, a rate per
annum equal at all times to the sum of (A) the Base Rate and (B) the Applicable Margin in effect from time to time, payable quarterly in arrears on the first Business Day of each January, April, July and October during such periods and on
the date such Base Rate Advance shall be Converted or paid in full. 
 (ii)    Eurocurrency Rate
Advances. During such periods as such Advance is a Eurocurrency Rate Advance, a rate per annum equal at all times during each Interest Period for such Advance to the sum of (A) the Eurocurrency Rate for such Interest Period for such Advance
and (B) the Applicable Margin in effect from time to time, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on the date which occurs three months and, if
applicable, six months and twelve months after the first day of such Interest Period and on the date such Eurocurrency Rate Advance shall be Converted or paid in full. 

 (b)    Default Interest. The Borrower shall pay interest on the
unpaid principal amount of each Advance that is not paid when due and on the unpaid amount of all interest, fees and other amounts payable hereunder that is not paid when due, payable on demand of the Designated Agent or the Majority Lenders, at a
rate per annum equal at all times to (i) in the case of any amount of principal, 2.00% per annum above the rate per annum required to be paid on such Advance immediately prior to the date on which such amount became due and (ii) to the
fullest extent permitted by law, in the case of all other amounts, 2.00% per annum above the rate of interest applicable to Base Rate Advances in effect from time to time. 

SECTION
2.07.    SECTION 2.07
[Intentionally Omitted.] 
 SECTION 2.08.    SECTION 2.08 Interest Rate Determination.
(a) 
(a) If requested, each Reference Bank may, but shall not be required to, furnish to the Designated Agent timely information for the purpose of determining each Eurocurrency Rate. IfSubject to Section 2.08(c), if any one or more of the Reference Banks shall not furnish such timely information to the Designated Agent for the purpose of
determining such interest rate, the Designated Agent shall determine such interest rate on the basis of timely information furnished by the remaining Reference Banks. 

(b)    The Designated Agent shall give prompt notice to the Borrower and the Lenders of (i) the applicable interest
rate determined by the Designated Agent and (ii) subject to Section 2.13(b), the details of such determination (including, without limitation, disclosure of the Credit Default Swap Spread) for purposes of Sections 2.06(a)(i) and/or
2.06(a)(ii). 
 (c)    If, at any time when the Eurocurrency Rate is being determined by reference to rates furnished by the Reference Banks in accordance with the definition of “Eurocurrency Rate”, fewer than two Reference Banks
furnish timely information to the Designated Agent for purposes of determining the Eurocurrency Rate for any Eurocurrency Rate Advances, (i) the Designated Agent shall forthwith notify the Borrower and the Lenders that the interest rate cannot
be determined for such Eurocurrency Rate Advances, (ii) each such Advance denominated in Dollars will automatically, on the last day of the then-existing Interest Period therefor, Convert into a Base Rate Advance (or, if such Advance is then a
Base Rate Advance, will continue as a Base Rate Advance), (iii) each such Advance denominated in a currency other than Dollars shall be prepaid and (iv) the obligation of the Lenders to make, or to Convert Advances into, Eurocurrency Rate
Advances shall be suspended until the Designated Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exist. 

(d)    If, with respect to any Eurocurrency Rate Advances in any currency, (i) the Designated Agent shall be unable
to determine the Eurocurrency Rate as contemplated hereby or (ii) the Majority Lenders notify the Designated Agent that (A) they are unable to obtain matching deposits in such currency in the London interbank market at or about 11:00 A.M.
(London time) on the second Business Day before the making of a Borrowing (or, in the case of a Borrowing denominated in Sterling, on the date of such Borrowing) in sufficient amounts to fund their respective Eurocurrency Rate Advances as a part of
such Borrowing during its Interest Period or (B) the Eurocurrency Rate for any Interest Period for such Advances will not adequately reflect the cost to such Majority Lenders (which cost each such Majority Lender reasonably determines in good
faith is material) of making, funding or maintaining their respective Eurocurrency Rate Advances in such currency for such Interest Period, the Designated Agent shall forthwith so notify the Borrower and the Lenders, whereupon, unless, in the case
of a development referred to in the preceding clause (ii)(B), the Applicable Margin shall be increased to reflect such costs as determined by such Majority Lenders and as agreed by the Borrower, and in any event subject to  

 
Section 2.08(e), (A) the obligation of the Lenders to make or continue at the end of the Interest Period, or to Convert Base Rate Advances into, Eurocurrency Rate Advances in such currency shall be suspended until the Designated
Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exist and (B) the Borrower will, on the last day of the then-existing Interest Period therefor, (1) if such Eurocurrency Rate Advances
are denominated in Dollars, either (x) prepay such Advances or (y) Convert such Advances into Base Rate Advances and (2) if such Eurocurrency Rate Advances are denominated in any affected Committed Currency, prepay such Advances. The
Designated Agent shall use reasonable efforts to determine from time to time whether the circumstances causing such suspension no longer exist and, promptly after the Designated Agent knows that the circumstances causing such suspension no longer
exist, the Designated Agent shall notify the Borrower and the Lenders. 

(e)    
If at any time the Designated Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in
Section 2.08(d)(i) have
arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in
Section 2.08(d)(i) have not
arisen but the supervisor for the administrator of the Screen Rate or a Governmental Authority having jurisdiction over the Designated Agent has made a public statement identifying a specific date after which the Screen Rate shall no longer be used
for determining interest rates for loans, then the Designated Agent and the Borrower shall endeavor to establish an alternate rate of interest to the Eurocurrency Rate that gives due consideration to the then prevailing market convention for
determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be
applicable (but for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Margin). Notwithstanding anything to the contrary in
Section 8.01, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Designated Agent shall not
have received, within five Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Majority Lenders stating that such Majority Lenders object to such amendment. Until an alternate
rate of interest shall be determined in accordance with this clause (e) (but, in the case of the circumstances described in clause (ii) of the first sentence of this clause
(e), only to the extent the Screen Rate for the applicable currency and such Interest Period is not available or published at such time on a current basis), clauses (A) and
(B) of Section 2.08(d) shall be applicable. Notwithstanding the foregoing, if any alternate rate of interest established pursuant to this clause (e) (without giving effect
to the Applicable Margin or any alternative spread that may have been agreed upon over the applicable Lenders’ deemed cost of funds) shall be less than zero, such rate shall be deemed to be zero for all purposes of this Agreement. 

(f)    
(e) If the Borrower shall fail to select the duration of any Interest Period for any Eurocurrency Rate Advances in
accordance with the provisions contained in the definition of “Interest Period” in Section 1.01, the Designated Agent will forthwith so notify the Borrower and the Lenders and such Advances will automatically, on the last day of the
then-existing Interest Period therefor, (i) if such Eurocurrency Rate Advances are denominated in Dollars, be Converted into Base Rate Advances and (ii) if such Eurocurrency Rate Advances are denominated in any Committed Currency, be
continued as Eurocurrency Rate Advances with a one-month Interest Period. 
 (g)    (f) Upon the occurrence and during the continuance of any Event of Default under Section 6.01(a), (i) each Eurocurrency Rate Advance denominated in Dollars will

 
automatically, on the last day of the then-existing Interest Period therefor, be Converted into a Base Rate Advance and (ii) the obligation of the Lenders to make, or to Convert Advances
into, Eurocurrency Rate Advances shall be suspended. 
 SECTION
2.09.    SECTION 2.09
Optional Conversion of Advances. The Borrower may on any Business Day, upon notice given to the Designated Agent not later than (i) 11:00 A.M. (New York City time) on the same
Business Day as the date of the proposed Conversion in the case of a Conversion of Eurocurrency Rate Advances into Base Rate Advances and (ii) 1:00 P.M. (London time) on the third Business Day prior to the date of the proposed Conversion in the case
of a Conversion of Base Rate Advances into Eurocurrency Rate Advances or of Eurocurrency Rate Advances of one Interest Period into Eurocurrency Rate Advances of another Interest Period, as the case may be, and subject to the provisions of Sections
2.08 and 2.12, Convert all Advances denominated in Dollars of one Type comprising the same Borrowing into Advances denominated in Dollars of the other Type; provided, however, that any Conversion of any Eurocurrency Rate Advances into Base
Rate Advances or into Eurocurrency Rate Advances of another Interest Period shall be made on, and only on, the last day of an Interest Period for such Eurocurrency Rate Advances. Promptly upon receipt from the Borrower of a notice of a proposed
Conversion hereunder, the Designated Agent shall give notice of such proposed Conversion to each Lender. Each such notice of a Conversion shall, within the restrictions set forth above, specify (x) the date of such Conversion (which shall be a
Business Day), (y) the Advances to be Converted and (z) if such Conversion is into Eurocurrency Rate Advances, the duration of the initial Interest Period for each such Advance. The Borrower may Convert all Eurocurrency Rate Advances of any one
Lender into Base Rate Advances of such Lender in accordance with the provisions of Section 2.12 by complying with the procedures set forth therein and in this Section 2.09 as though each reference in this Section 2.09 to Advances
denominated in Dollars of any Type were to such Advances of such Lender. Each such notice of Conversion shall, subject to the provisions of Sections 2.08 and 2.12, be irrevocable and binding on the Borrower. 

SECTION
2.10.    SECTION 2.10
Prepayments of Advances.
(a) 
(a) Optional. The Borrower may, upon not less than (i) the same Business Day’s notice to the Designated
Agent received not later than 11:00 A.M. (New York City time) in the case of Borrowings consisting of Base Rate Advances, (ii) three Business Days’ notice to the Designated Agent received not later than 11:00 A.M. (New York City time) in
the case of Borrowings consisting of Eurocurrency Rate Advances denominated in any Committed Currency, or (iii) three Business Days’ notice to the Designated Agent received not later than 1:00 P.M. (New York City time) in the case of
Borrowings consisting of Eurocurrency Rate Advances denominated in Dollars, stating the proposed date and aggregate principal amount of the prepayment, and if such notice is given the Borrower shall, prepay the outstanding principal amounts of the
Advances constituting part of the same Borrowings in whole or ratably in part, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that (x) each partial prepayment shall be in
an aggregate principal amount of $1,000,000 or an integral multiple of $1,000,000 in excess thereof (or the Equivalent thereof in a Committed Currency determined on the date notice of prepayment is given) and (y) in the case of any such
prepayment of Eurocurrency Rate Advances, the Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 8.04(b). 

(b)    
(b) Mandatory. (i) (i) If the Designated Agent provides a written notice in conformity with Section 2.10(b)(ii) to the Borrower that, on any date, the sum of
(A) the aggregate principal amount of all Advances denominated in Dollars then outstanding and (B) the Equivalent in Dollars (determined on the third Business Day prior to such date) of the aggregate principal amount of all Advances
denominated in Committed Currencies then outstanding exceeds 

 
102% of the aggregate Commitments of the Lenders on such date, the Borrower shall, within two Business Days after receipt of such notice, prepay the outstanding principal amount of any Advances
necessary so that, after giving effect to such prepayment of Advances, the sum of (A) and (B) above does not exceed 100% of the aggregate Commitments of the Lenders on such date as set forth in the written notice from the Designated Agent to
the Borrower pursuant to the terms hereof. 
 (ii)    Each prepayment made pursuant to this Section 2.10(b) shall
be made together with any interest accrued to the date of such prepayment on the principal amounts prepaid and, in the case of any prepayment of a Eurocurrency Rate Advance on a date other than the last day of an Interest Period, with any additional
amounts which the Borrower shall be obligated to reimburse to the Lenders in respect thereof pursuant to Section 8.04(b). The Designated Agent shall give prompt written notice of any prepayment required under this Section 2.10(b) to the
Borrower and the Lenders and such notice shall specify the amount of such prepayment and contain a reasonably detailed calculation thereof. 

SECTION
2.11.    SECTION 2.11
Increased Costs.
(a) 
(a) If, after the date hereof, due to either (i) the introduction of or any change (other than any change by way of imposition or increase of reserve requirements included in the Eurocurrency
Rate Reserve Percentage) in or in the interpretation of any law or regulation or (ii) the compliance with any hereafter promulgated guideline or request from any central bank or other governmental
authorityGovernmental Authority
, including, without limitation, any agency of the European Union or similar monetary or multinational authority (whether or not having the force of law), which guideline or request
(x) imposes, modifies or deems applicable any reserve, special deposit or similar requirement against assets held by, deposits with or for the account of or credit extended by any Lender or (y) imposes on any Lender any other condition
regarding this Agreement (including any assessment or charge on or with respect to the Commitments or Advances, deposits or liabilities incurred to fund Advances, assets consisting of Advances (but not unrelated assets) or capital attributable
heretothereto), there shall be any increase in
the cost (excluding any allocation of corporate overhead) to any Lender (which cost such Lender reasonably determines in good faith is material) of agreeing to make or making, funding or maintaining Eurocurrency Rate Advances, then such Lender shall
so notify the Borrower promptly after such Lender knows of such increased cost and determines that such cost is material and the Borrower shall from time to time, upon demand by such Lender (with a copy of such demand to the Designated Agent), pay
to the Designated Agent for the account of such Lender additional amounts sufficient to compensate such Lender for such increased cost. A certificate of such Lender as to the amount of such increased cost in reasonable detail and stating the basis
upon which such amount has been calculated and certifying that such Lender’s method of allocating such costs is fair and reasonable and that such Lender’s demand for payment of such costs hereunder is not inconsistent with its treatment of
other borrowers which, as a credit matter, are substantially similar to the Borrower and which are subject to similar provisions, submitted to the Borrower and the Designated Agent by such Lender, shall be conclusive and binding for all purposes
hereof, absent manifest error. Notwithstanding the foregoing, the Borrower shall not be required to pay any amount under this Section 2.11 relating to (i) (i) costs that are Excluded Taxes or are subject to indemnification under Section 2.14 or (ii) (ii) reserve requirements that are included in the
Eurocurrency Rate Reserve Percentage. 
 (b)    If, after the date hereof, either (i) the introduction of or
change in or in the interpretation of any law or regulation or (ii) the compliance by any Lender with any hereafter promulgated guideline or request from any central bank or other
governmental
authorityGovernmental Authority
, including, without limitation, any agency of the European 

 
Union or similar monetary or multinational authority (whether or not having the force of law), affects or would affect the amount of capital or liquidity required or expected to be maintained by
such Lender or any entity controlling such Lender and the amount of such capital or liquidity is materially increased by or based upon the existence of such Lender’s commitment to lend hereunder and other commitments of this type, then such
Lender shall so notify the Borrower promptly after such Lender makes such determination and, upon demand by such Lender (with a copy of such demand to the Designated Agent), the Borrower shall pay to such Lender within five days from the date of
such demand, from time to time as specified by such Lender, additional amounts sufficient to compensate such Lender or such controlling entity in the light of such circumstances, to the extent that such Lender reasonably determines in good faith
such increase in capital or liquidity to be material and allocable to the existence of such Lender’s commitment to lend hereunder. A certificate of such Lender as to such amount in reasonable detail and stating the basis upon which such amount
has been calculated and certifying that such Lender’s method of allocating such increase of capital is fair and reasonable and that such Lender’s demand for payment of such increase of capital hereunder is not inconsistent with its
treatment of other borrowers which, as a credit matter, are substantially similar to the Borrower and which are subject to similar provisions, submitted to the Borrower and the Designated Agent by such Lender, shall be conclusive and binding for all
purposes hereof, absent manifest error. 
 (c)    The Borrower shall not be obligated to pay under this
Section 2.11 any amounts which relate to costs or increases of capital incurred prior to the 12 months immediately preceding the date of demand for payment of such amounts by any Lender, unless the applicable law, regulation, guideline or
request resulting in such costs or increases of capital is imposed retroactively. In the case of any law, regulation, guideline or request which is imposed retroactively, the Lender making demand for payment of any amount under this
Section 2.11 shall notify the Borrower not later than 12 months from the date that such Lender should reasonably have known of such law, regulation, guideline or request and the Borrower’s obligation to compensate such Lender for such
amount is contingent upon such Lender so notifying the Borrower; provided, however, that any failure by such Lender to provide such notice shall not affect the Borrower’s obligations under this Section 2.11 with respect to amounts
resulting from costs or increases of capital incurred after the date which occurs 12 months immediately preceding the date on which such Lender notified the Borrower of such law, regulation, guideline or request. 

(d)    If any Lender shall subsequently recoup any costs (other than from the Borrower) for which such Lender has
theretofore been compensated by the Borrower under this Section 2.11, such Lender shall remit to the Borrower an amount equal to the amount of such recoupment. Amounts required to be paid by the Borrower pursuant to this Section 2.11 shall
be paid in addition to, and without duplication of, any amounts required to be paid pursuant to Section 2.14. 

(e)    For purposes hereof, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any
successor or similar authority) or United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be changes in law or regulation referred to in paragraphs (a) and (b) of this Section,
regardless of the date enacted, adopted, promulgated or issued. 
 (f)    Without prejudice to the survival of any other
agreement of the Borrower hereunder, the agreements and obligations of the Borrower contained in this Section 2.11 shall survive the payment in full (after the Termination Date) of all payment obligations of the Borrower in respect of Advances
hereunder. 

 SECTION 2.12.    SECTION 2.12 Illegality. Notwithstanding any other provision of this Agreement, if any Lender shall notify the Designated Agent that the introduction of or any change in or in the interpretation of any law or regulation
after the date hereof makes it unlawful, or any central bank or other governmental
authorityGovernmental Authority
 asserts that it is unlawful, for any Lender or its Eurocurrency Lending Office to perform its obligations hereunder to make Eurocurrency Rate Advances in Dollars or in any Committed Currency or
to fund or maintain Eurocurrency Rate Advances in Dollars or in any Committed Currency, (a) the obligation of such Lender to make, or to Convert Base Rate Advances into, Eurocurrency Rate Advances shall be suspended until such Lender shall
notify the Designated Agent, and the Designated Agent shall notify the Borrower and the other Lenders, that the circumstances causing such suspension no longer exist (which notice shall be given promptly after the Designated Agent has been advised
by such Lender that the circumstances causing such suspension no longer exist) and (b) the Borrower shall forthwith prepay in full all Eurocurrency Rate Advances of such Lender then outstanding, together with interest accrued thereon, unless,
in the case of a Eurocurrency Rate Advance denominated in Dollars, the Borrower, within five Business Days of notice from the Designated Agent or, if permitted by law, on and as of the last day of the then-existing Interest Period for such
Eurocurrency Rate Advance, Converts it into a Base Rate Advance. 

SECTION
2.13.    SECTION 2.13
Payments and Computations.
(a) 
(a) The Borrower shall make each payment hereunder (and under the Notes, if any), irrespective of any right of set-off or counterclaim, except with respect to principal of, interest on, and other amounts relating to, Advances denominated in a Committed Currency, not later than 11:00 A.M. (New York City time) on the day when
due, in Dollars to the Designated Agent at the Designated Agent’s Account in same day funds. The Borrower shall make each payment hereunder, irrespective of any right of set-off or counterclaim, with
respect to principal of, interest on, and other amounts relating to, Advances denominated in a Committed Currency, not later than 11:00 A.M. (at the Payment Office for such Committed Currency) on the day when due, in such Committed Currency to the
Designated Agent, by deposit of such funds to the Designated Agent’s Account in same day funds. The Designated Agent will promptly thereafter cause to be distributed like funds relating to the payment of principal or interest or fees ratably
(other than amounts payable pursuant to Sections 2.11, 2.14, 8.04 and 8.08) to the Lenders for the account of their respective Applicable Lending Offices, and like funds relating to the payment of any other amount payable to any Lender to such
Lender for the account of its Applicable Lending Office, in each case to be applied in accordance with the terms of this Agreement. Upon any Assuming Lender becoming a Lender hereunder as a result of a Commitment Increase pursuant to
Section 2.19 or an extension of the Termination Date pursuant to Section 2.20, and upon the Designated Agent’s receipt of such Lender’s Assumption Agreement and recording of the information contained therein in the Register, from
and after the applicable Increase Date or Extension Date, the Designated Agent shall make all payments hereunder and under any Notes issued in connection therewith in respect of the interest assumed thereby to the Assuming Lender. Upon its
acceptance of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant to Section 8.07(d), from and after the effective date specified in such Assignment and Acceptance, the Designated Agent shall
make all payments hereunder and under the Notes, if any, issued in connection therewith in respect of the interest assigned thereby to the Lender assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate
adjustments in such payments for periods prior to such effective date directly between themselves. 

 (b)    All computations of interest based on clause (a) of the
definition of “Base Rate” or the Eurocurrency Rate with respect to Advances denominated in Sterling shall be made by the Designated Agent on the basis of a year of 365 or 366 days, as the case may be, and all computations of interest based
on the Eurocurrency Rate with respect to Advances denominated in Dollars or Committed Currencies other than Sterling, the NYFRB Rate, the Federal Funds Rate or the Overnight Bank Funding Rate and of fees shall be made by the Designated Agent, on the basis of a year of 360 days (or, in each case of Advances denominated in Committed Currencies where market practice differs, in
accordance with such market practice after notification of the Borrower), in each case for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest or fees are payable. Each
determination by the Designated Agent of an interest rate hereunder shall be conclusive and binding for all purposes hereof, absent manifest error (it being understood and agreed
that, with respect to any Reference Bank, nothing in this Agreement shall require the Designated Agent to disclose to any other
party hereto (other than the Borrower) any information regarding such Reference Bank or any rate provided by such Reference Bank in accordance with the definition of “Eurocurrency Rate”, including, without limitation, whether such
Reference Bank has provided a rate or the rate provided by any such Reference Bank). 
 (c)    Whenever any
payment hereunder or under the Notes, if any, shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation
of the payment of interest or fees, as the case may be; provided, however, that if such extension would cause payment of interest on or principal of Eurocurrency Rate Advances to be made in the next following calendar month, such
payment shall be made on the immediately preceding Business Day. 
 (d)    Unless the Designated Agent shall have
received notice from the Borrower prior to the date on which any payment is due to the Lenders hereunder that the Borrower will not make such payment in full, the Designated Agent may assume that the Borrower has made such payment in full to the
Designated Agent on such date and the Designated Agent may, but shall not be required to, in reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If and to the
extent that the Borrower shall not have so made such payment in full to the Designated Agent, each Lender shall repay to the Designated Agent, forthwith on demand, such amount distributed to such Lender together with interest thereon, for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Designated Agent,
at (i) the Federal Funds Rate in the case of Advances denominated in Dollars or (ii) the cost of funds incurred by the Designated Agent in respect of such amount in the case of Advances denominated in Committed Currencies. 

SECTION
2.14.    SECTION 2.14
Taxes. (a) (a) Subject to Section 2.14(f) below, any and all payments by the Borrower hereunder or under the Notes, if any, shall be made, in accordance with Section 2.13, free and clear of and without deduction for any and all present or future taxes,
levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding (i) (i) in the case of each Lender and the Designated Agent, taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, imposed on its income, and franchise taxes imposed on
it, by the jurisdiction under the laws of which such Lender or the Designated Agent, as the case may be, is organized or any political subdivision thereof, (ii) (ii) in the case of each Lender and the Designated
Agent, taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, imposed on its income, and franchise taxes imposed on it by the jurisdiction of such Lender’s Applicable Lending Office or any
political 

 
subdivision thereof or by any other jurisdiction in which such Lender or the Designated Agent, as the case may be, is doing business that is unrelated to this Agreement, (iii) (iii) in the case of a Lender and the Designated Agent, U.S. federal withholding taxes imposed on amounts payable to or for the account of such recipient with respect to an applicable interest in this Agreement, an
Advance or a Commitment pursuant to a law in effect on the date on which (A) such recipient acquires such interest in this Agreement, Advance or Commitment, or (B) such recipient changes its lending office, except in each case to the
extent that, pursuant to this Section 2.14, amounts with respect to such taxes, levies, imposts, deductions, charges or withholding, and all liabilities with respect thereto, were payable either to such recipient’s assignor immediately
before such Lender or the Designated Agent became a party hereto or to such Lender or the Designated Agent immediately before it changed its lending office, and
(iv) and
 (iv) in the case of each Lender and the Designated Agent or other recipient of payments hereunder, any United States
withholding taxes imposed under FATCA (all such excluded taxes, levies, imposts, deductions, charges and liabilities being referred to as “Excluded Taxes”, and all taxes levies, imposts, deductions, charges, withholdings and
liabilities that are not Excluded Taxes being referred to as “Taxes”). Subject to Section 2.14(f) below, if the Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder to any Lender or the Designated Agent, as the case may be, (i) the sum payable shall be increased
as may be necessary so that after making all required deductions of Taxes (including deductions of Taxes applicable to additional sums payable under this Section 2.14) such Lender or the Designated Agent, as the case may be, receives an amount
equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant taxation authority or other authority in
accordance with applicable law. 
 (b)    In addition, the Borrower agrees to pay any present or future stamp or
documentary taxes or any other excise or property taxes, charges or similar levies which arise from any payment made hereunder or under the Notes, if any, or from the execution, delivery or registration of, or otherwise with respect to, this
Agreement or the Notes, if any (hereinafter referred to as “Other Taxes”). 
 (c)    (i)(i) Subject to Section 2.14(f), the Borrower will indemnify each Lender and the Designated Agent for the full amount of Taxes or Other
Taxes (including, without limitation, any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Section 2.14) paid by such Lender or the Designated Agent, as the case may be, and any liability (including penalties (to
the extent not imposed as a result of such Lender’s or the Designated Agent’s gross negligence or willful misconduct), interest and expenses) arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were
correctly or legally asserted. This indemnification shall be made within 30 days from the date such Lender or the Designated Agent, as the case may be, makes written demand therefor. 

(ii)    
 (ii)Each Lender will severally
indemnify the Designated Agent, within 10 days after demand therefor, for (A) any Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Designated Agent for such Taxes and without limiting
the obligation of the Borrower to do so), (B) any taxes attributable to such Lender’s failure to comply with the provisions of Section 8.07(e) relating to the maintenance of a Participant Register and (C) any Excluded Taxes that are
attributable to such Lender, in each case, that are payable or paid by the Designated Agent in connection with this Agreement, and any reasonable expenses arising therefrom or with respect thereto, whether or not such taxes were correctly or legally
imposed or asserted by the relevant governmental authorityGovernmental Authority. A certificate as to the amount of such
payment or liability 

 
delivered to any Lender by the Designated Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Designated Agent to set off and apply any and all amounts at any time
owing to such Lender under this Agreement or otherwise payable by the Designated Agent to the Lender from any other source against any amount due to the Designated Agent under this Section 2.14(c)(ii). 

(d)    Within 30 days after the date of any payment of Taxes, the Borrower will furnish to the Designated Agent, at its
address referred to in Section 8.02, the original or a certified copy of a receipt evidencing payment thereof, to the extent that such a receipt is issued, or if such receipt is not issued, other evidence of payment thereof that is reasonably
satisfactory to the Designated Agent. 

(e)    (i)(i) Each Lender that is a U.S. Person shall deliver to the Borrower
and the Designated Agent on or prior to the date of its execution and delivery of this Agreement, and each such Lender that is not a party hereto on the date hereof shall deliver to the Borrower and the Designated Agent on or prior to the date on
which such Lender becomes a Lender hereunder pursuant to Section 2.19, 2.20 or 8.07, as the case may be, two true, accurate and complete original signed copies of IRS Form W-9 for purposes of certifying
that such Lender is exempt from United States backup withholding tax on payments pursuant to this Agreement. Each Lender that is not a U.S. Person shall deliver to the Borrower and the Designated Agent on or prior to the date of its execution and
delivery of this Agreement, and each such Lender that is not a party hereto on the date hereof shall deliver to the Borrower and the Designated Agent on or prior to the date on which such Lender becomes a Lender hereunder pursuant to
Section 2.19, 2.20 or 8.07, as the case may be, two true, accurate and complete original signed copies of (A) IRS Form W-8BEN or IRS Form W-8BEN-E (or any successor or substitute form or forms required under the Code or the applicable regulations promulgated thereunder), (B) IRS Form W-8ECI (or any
successor or substitute form or forms required under the Code or the applicable regulations promulgated thereunder) or (C) IRS Form W-8IMY (or any successor or substitute form or forms required under the
Code or the applicable regulations promulgated thereunder) accompanied by IRS Form W-9, IRS Form W-8BEN, IRS Form W-8BEN-E or IRS Form W-8ECI, as appropriate, in each case for purposes of certifying that such Lender is exempt from United States withholding tax on payments pursuant
to this Agreement. As applicable, each Lender further agrees to deliver to the Borrower and the Designated Agent from time to time, as reasonably requested by the Borrower or the Designated Agent, and in any case before or promptly upon the
occurrence of any events requiring a change in the most recent form previously delivered pursuant to this Section 2.14(e), a true, accurate and complete original signed copy of (A) IRS Form W-9 (or
any successor or substitute form or forms required under the Code or the applicable regulations promulgated thereunder), (B) IRS Form W-8BEN or IRS Form W-8BEN-E (or any successor or substitute form or forms required under the Code or the applicable regulations promulgated thereunder), (C) within 15 days prior to every third anniversary of the date of
delivery of the initial IRS Form W-8ECI by such Lender (or more often if required by law) on which this Agreement is still in effect, IRS Form W-8ECI (or any successor
or substitute form or forms required under the Code or the applicable regulations promulgated thereunder) or (D) IRS Form W-8IMY(or any successor or substitute form or forms required under the Code or the
applicable regulations promulgated thereunder) accompanied by IRS Form W-9, IRS Form W-8BEN, IRS Form
W-8BEN-E or IRS Form W-8ECI, as appropriate, in each case for purposes of certifying that such Lender is exempt
from United States withholding tax on payments pursuant to this Agreement. If any form or document referred to in this Section 2.14(e)(i) requires the disclosure of information, other than information necessary to compute the tax payable and
information required on the date hereof by IRS Forms W-9, W-8BEN, W-8BEN-E , W-8ECI or W-8IMY, that any Lender reasonably considers to be confidential, such Lender promptly shall give notice thereof to the Borrower and the Designated Agent and shall not be obligated to include in

 
such form or document such confidential information; provided that such Lender certifies to the Borrower that the failure to disclose such confidential information does not increase the
obligations of the Borrower under this Section 2.14. 
 (ii)     (ii) If a payment made to a Lender under this Agreement would be subject to United States withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA
(including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Designated Agent at the time or times prescribed by law and at such time or times reasonably requested by
the Borrower or the Designated Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Designated
Agent as may be necessary for the Borrower and the Designated Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and
withhold from such payment. Solely for purposes of this Section 2.14(e)(ii) “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

(f)    Notwithstanding any other provision of this Section 2.14 to the contrary, for any period with respect to which
a Lender has failed to provide the Borrower with the appropriate form described in Section 2.14(e) establishing its exemption from United States withholding tax or backup withholding tax on payments hereunder (other than if such failure is due
to a change in law occurring subsequent to the date on which such form originally was required to be provided), such Lender shall not be entitled to any payments under this Section 2.14 with respect to United States withholding taxes;
provided, however, that should a Lender become subject to United States withholding taxes because of its failure to deliver a form required hereunder, the Borrower shall take such steps as such Lender shall reasonably request to assist
such Lender to recover such United States withholding taxes. 
 (g)    Without affecting its rights under this
Section 2.14 or any other provision of this Agreement, each Lender agrees that if any Taxes or Other Taxes are imposed and required by law to be paid or to be withheld from any amount payable to any Lender or its Applicable Lending Office with
respect to which the Borrower would be obligated pursuant to this Section 2.14 to increase any amounts payable to such Lender or to pay any such Taxes or Other Taxes, such Lender shall use reasonable efforts to select an alternative Applicable
Lending Office which would not result in the imposition of such Taxes or Other Taxes; provided, however, that no Lender shall be obligated to select an alternative Applicable Lending Office if such Lender determines that (i) as a
result of such selection, such Lender would be in violation of an applicable law, regulation or treaty, or would incur unreasonable additional costs or expenses, or (ii) such selection would be inadvisable for regulatory reasons or inconsistent
with the interests of such Lender. 
 (h)    Each Lender agrees with the Borrower that it will take all reasonable
actions by all usual means (i) to secure and maintain the benefit of all benefits available to it under the provisions of any applicable double tax treaty concluded by the United States to which such Lender may be entitled by reason of the
location of such Lender’s Applicable Lending Office or its place of incorporation or its status as an enterprise of any jurisdiction having any such applicable double tax treaty, if such benefit would reduce the amount payable by the Borrower
in accordance with this Section 2.14, and (ii) otherwise to cooperate with the Borrower to minimize the amount payable by the Borrower pursuant to this Section 2.14; provided, however, that no Lender shall be obliged to
disclose to the Borrower any information regarding its tax affairs or tax computations or to reorder its tax affairs or tax planning pursuant hereto. 

 (i)    If any party determines, in its sole discretion exercised in good
faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.14 (including by the payment of additional amounts pursuant to this Section 2.14), it shall pay to the indemnifying party an
amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all
out-of-pocket expenses (including taxes) of such indemnified party and without interest (other than any interest paid by the relevant governmental
authorityGovernmental Authority
 with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this Section 2.14(i)
(plus any penalties, interest or other charges imposed by the relevant governmental
authorityGovernmental Authority
) in the event that such indemnified party is required to repay such refund to such governmental authorityGovernmental
Authority. Notwithstanding anything to the contrary in this Section 2.14(i), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this
Section 2.14(i) the payment of which would place the indemnified party in a less favorable net after-tax position than the indemnified party would have been in if the indemnification payments or
additional amounts giving rise to such refund had never been paid. 
 (j)    Without prejudice to the survival of
any other agreement of the Borrower hereunder, the agreements and obligations of the Borrower contained in this Section 2.14 shall survive the payment in full of the principal and interest on all Advances and the termination of this Agreement
until such date as all applicable statutes of limitations (including any extensions thereof) have expired with respect to such agreements and obligations of the Borrower contained in this Section 2.14. 

SECTION
2.15.    SECTION 2.15
Sharing of Payments, etc. If any Lender shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of
set-off or otherwise) on account of the Advances made by it (other than pursuant to Section 2.11, 2.14, 8.04 or 8.08) in excess of its ratable share of payments on account of the Advances obtained by all
the Lenders, such Lender shall forthwith purchase from the other Lenders such participations in the Advances made by them as shall be necessary to cause such purchasing Lender to share the excess payment ratably with each of them; provided,
however, that if all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and such Lender shall repay to the purchasing Lender the purchase price to the
extent of such recovery, together with an amount equal to such Lender’s ratable share (according to the proportion of (i) the amount of such Lender’s required repayment to (ii) the total amount so recovered from the purchasing
Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered. The Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this Section 2.15
may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Lender were the direct creditor of the
Borrower in the amount of such participation. 
 SECTION
2.16.    SECTION 2.16
Mandatory Assignment by a Lender; Mitigation. If any Lender (a) requests from the Borrower either reimbursement for increased costs pursuant to Section 2.11, or
payment of or reimbursement for Taxes pursuant to Section 2.14, or if any Lender notifies the Designated Agent that it is unlawful for such Lender or its Eurocurrency Lending Office to perform its obligations hereunder pursuant to
Section 2.12, (b) has failed to consent to a proposed amendment, waiver or consent that under Section 8.01 requires the consent of all the Lenders (or all the affected Lenders) and with respect to which the Majority Lenders shall

 
have granted their consent or (c) is a Defaulting Lender, (i) in the case of clause (a), such Lender will, upon three Business Days’ notice by the Borrower to such Lender and the
Designated Agent, to the extent not inconsistent with such Lender’s internal policies and applicable legal and regulatory restrictions, use reasonable efforts to make, fund or maintain its Eurocurrency Rate Advances through another office of
such Lender if (A) as a result thereof, the additional amounts required to be paid pursuant to Section 2.11 or 2.14, as applicable, in respect of such Eurocurrency Rate Advances would be materially reduced or the provisions of
Section 2.12 would not apply to such Lender, as applicable, and (B) as determined by such Lender in good faith but in its sole discretion, the making or maintaining of such Eurocurrency Rate Advances through such other office would not
otherwise materially and adversely affect such Eurocurrency Rate Advances or such Lender and (ii) in case of clauses (a), (b) and (c), unless such Lender has theretofore taken steps to remove or cure, and has removed or cured, the conditions
creating such obligation to pay such additional amounts or the circumstances described in Section 2.12 or has consented to the amendment, waiver or consent specified in clause (b), or is no longer a Defaulting Lender (other than if it became a
Defaulting Lender due to a Bail-In Action, in which case such
Borrower’s right shall continue notwithstanding), the
Borrower may designate an Eligible Assignee to purchase for cash (pursuant to an Assignment and Acceptance) all, but not less than all, of the Advances then owing to such Lender and to acquire and assume all, but not less than all, of such
Lender’s rights and obligations hereunder, without recourse to or warranty by, or expense to, such Lender, for a purchase price equal to the outstanding principal amount of each such Advance then owing to such Lender plus any accrued but
unpaid interest thereon and any accrued but unpaid fees owing thereto and, in addition, (A) all additional cost reimbursements, expense reimbursements and indemnities, if any, owing in respect of such Lender’s Commitment hereunder, and all
other accrued and unpaid amounts owing to such Lender hereunder, at such time shall be paid to such Lender and (B) if such Eligible Assignee is not otherwise a Lender at such time, any applicable processing and recordation fee under
Section 8.07(a) for such assignment shall have been paid; provided that, in the case of any assignment resulting from the circumstances specified in clause (b), the Eligible Assignee shall have consented to the applicable amendment,
waiver or consent and, as a result of such assignment and any contemporaneous assignments, the applicable amendment, waiver or consent can be effected. 

SECTION
2.17.    SECTION 2.17
Evidence of Debt.
(a) (a) Each Lender shall maintain in
accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Advance owing to such Lender from time to time, including the amounts of principal and interest payable and paid
to such Lender from time to time hereunder. The Borrower agrees that upon notice by any Lender to the Borrower (with a copy of such notice to the Designated Agent) to the effect that a promissory note or other evidence of indebtedness is required or
appropriate in order for such Lender to evidence (whether for purposes of pledge, enforcement or otherwise) the Advances owing to, or to be made by, such Lender, the Borrower shall promptly execute and deliver to such Lender a promissory note or
other evidence of indebtedness, in form and substance reasonably satisfactory to the Borrower and such Lender (each, a “Note”), payable to such Lender in a principal amount equal to the Commitment of such Lender;
provided, however, that the execution and delivery of such promissory note or other evidence of indebtedness shall not be a condition precedent to the making of any Advance under this Agreement. 

(b)    The Register maintained by the Designated Agent pursuant to Section 8.07(c) shall include a control account,
and a subsidiary account for each Lender, in which accounts (taken together) shall be recorded (i) the date and amount of each Borrowing made hereunder, the Type of Advances and currencies comprising such Borrowing and, if appropriate, the
Interest Period applicable thereto, (ii) the terms of each Assumption Agreement and each Assignment and 

 
Acceptance delivered to and accepted by the Designated Agent, (iii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender
hereunder and (iv) the amount of any sum received by the Designated Agent from the Borrower hereunder and each Lender’s share thereof. 

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

SECTION
2.18.    SECTION 2.18
Use of Proceeds. The proceeds of the Advances shall be available (and the Borrower agrees that it shall use such proceeds) for general corporate purposes of the BorrowerParent and its subsidiaries, including the Borrower. Notwithstanding the foregoing provisions of this Section 2.18, neither the Borrower nor the Parent will not use the proceeds of any Advance to purchase the capital stock of any
corporation in a transaction, or as part of a series of transactions, (i) the purpose of which is, at the time of any such purchase, to acquire control of such corporation or (ii) the result of which is the ownership by the BorrowerParent and its Subsidiaries of 10% or more of the
capital stock of such corporation, in either case if the board of directors of such corporation has publicly announced its opposition to such transaction. 

SECTION
2.19.    SECTION 2.19
Increase in the Aggregate Commitments. (a) (a) The Borrower may, at any time, by notice to the Designated Agent, request that the aggregate amount of the Commitments be increased by an
amount of $25,000,000 or an integral multiple of $5,000,000 in excess thereof (each, a “Commitment Increase”) to be effective as of a date that is at least 90 days prior to the scheduled Termination Date then in effect (the
“Increase Date”) as specified in the related notice to the Designated Agent; provided, however, that (i) in no event shall the sum of the
aggregate amount of the Commitments hereunder and the aggregate amount of the commitments under the 20142018 Credit Agreement, or any agreement extending or replacing such
2014the 2018 Credit Agreement, at any time exceed
$5,500,000,000, and7,250,000,000, (ii) no
Event of Default, or event that with the giving of notice or passage of time or both would constitute an Event of Default, shall have occurred and be continuing as of the date of such request or as of the applicable Increase Date, or shall occur as
a result thereof and (iii) the representations and warranties contained in Section 4.02 shall be true and correct in all material respects on and as of such Increase Date, before and after giving effect to such
increase. 
 (b)    The Designated Agent shall promptly
notify the Lenders of a request by the Borrower for a Commitment Increase, which notice shall include (i) the proposed amount of such requested Commitment Increase, (ii) the proposed Increase Date and (iii) the date by which Lenders
wishing to participate in the Commitment Increase must commit to an increase in the amount of their respective Commitments (the “Commitment Date”). Each Lender that is willing to participate in such requested Commitment
Increase (each, an “Increasing Lender”) shall give written notice to the Designated Agent on or prior to the Commitment Date of the amount by which it is willing to increase its Commitment. If the Lenders notify the
Designated Agent that they are willing to increase the amount of their respective Commitments by an aggregate amount that 

 
exceeds the amount of the requested Commitment Increase, the requested Commitment Increase shall be allocated among the Lenders willing to participate therein in such amounts as are agreed
between the Borrower and the Designated Agent. The failure of any Lender to respond shall be deemed to be a refusal of such Lender to increase its Commitment. 

(c)    Promptly following each Commitment Date, the Designated Agent shall notify the Borrower as to the amount, if any,
by which the Lenders are willing to participate in the requested Commitment Increase. If the aggregate amount by which the Lenders are willing to participate in any requested Commitment Increase on any such Commitment Date is less than the requested
Commitment Increase, then the Borrower may extend offers to one or more Eligible Assignees to participate in any portion of the requested Commitment Increase that has not been committed to by the Lenders as of the applicable Commitment Date;
provided, however, that the Commitment of each such Eligible Assignee shall be in an amount of $25,000,000 or an integral multiple of $1,000,000 in excess thereof. 

(d)    On each Increase Date, each Eligible Assignee that accepts an offer to participate in a requested Commitment
Increase in accordance with Section 2.19(c) shall become a Lender party to this Agreement as of such Increase Date and the Commitment of each Increasing Lender for such requested Commitment Increase shall be increased by such amount (or by the
amount allocated to such Lender pursuant to the last sentence of Section 2.19(b)) as of such Increase Date; provided, however, that the Designated Agent shall have received on or before such Increase Date the following, each dated
such date: 
 (i)    (A) certified copies of resolutions of the Board of Directors of the Borrower or the
Executive Committee of such Board approving the Commitment Increase and the corresponding modifications to this Agreement (unless such increase and corresponding modifications shall have been authorized by resolutions previously delivered to the
Designated Agent hereunder) and (B) an opinion of counsel for the Borrower (which may be in-house counsel) in form and substance satisfactory to the Designated Agent; 

(ii)    an Assumption Agreement, duly executed by such Assuming Lender, the Designated Agent and the
Borrower; and 
 (iii)    confirmation from each Increasing Lender of the increase in the amount of its
Commitment in a writing satisfactory to the Borrower and the Designated Agent. 
 (e)    On each Increase Date, upon
fulfillment of the conditions set forth in Section 2.19(d), the Designated Agent shall notify the Lenders (including, without limitation, each Assuming Lender) and the Borrower, on or before 1:00 P.M. (New York City time), by telecopierin writing, of the occurrence of the Commitment Increase to be effected on such Increase Date and shall record in the Register the relevant
information with respect to each Increasing Lender and each Assuming Lender on such date. 
 SECTION 2.20.    SECTION 2.20 Extension of Termination Date.
(a) 
(a) At least 45 days but not more than 75 days prior to any Anniversary Date, the Borrower may, by written notice to the Designated Agent, may request an extension of the
Termination Date in effect at such time by one calendar year from its then scheduled date; provided, however, that if the Borrower does not request an extension of the Termination Date in a timely manner prior to any Anniversary Date
it may, but shall not be obligated to, request that the Termination Date be extended for two consecutive calendar years from its then scheduled date by making a request 

 
therefor in a timely manner prior to the next succeeding Anniversary Date. The Designated Agent shall promptly notify each Lender of such request, and each Lender shall in turn, in its sole
discretion, not later than 30 days prior to such nextthe applicable Anniversary Date, notify the Borrower and the
Designated Agent in writing as to whether such Lender will consent to such extension. If any Lender shall fail to notify the Designated Agent and the Borrower in writing of its consent to any such request for extension of the Termination Date at
least 30 days prior to the nextapplicable
Anniversary Date, such Lender shall be deemed to be a Declining Lender with respect to such request. The Designated Agent shall notify the Borrower not later than 25 days prior to
such
nextthe
applicable Anniversary Date of the decision of the Lenders regarding the Borrower’s request for an extension of the Termination Date. 

(b)    If all of the Lenders consent in writing to any such request in accordance with subsection (a) of this
Section 2.20, the Termination Date in effect at such time shall, effective as at such
nextthe
applicable Anniversary Date (the “Extension Date”), be extended for one calendar year or two calendar years, as properly requested; provided that (i) on eachsuch Extension Date, no Event of Default, or event that with the giving of notice or passage of time or both would constitute an Event of Default, shall have occurred and be continuing, or would occur as a consequence
thereof, and (ii) the representations and warranties contained in Section 4.02 shall be true and correct in all material respects on and as of such Extension Date, before and after giving effect to the extension of the Termination Date. If fewer than all of the Lenders consent in writing to any such request in accordance with subsection (a) of this Section 2.20, subject to the Parent’s or the Borrower’s satisfaction, as applicable, of the conditionconditions set forth in the proviso above, the
Termination Date in effect at such time shall, effective as ofat the applicable Extension Date, be extended as to those Lenders that so consented (each, an “Extending Lender”) but shall not be extended as to any other Lender (each, a
“Declining Lender”). To the extent that the Termination Date is not extended as to any Declining Lender pursuant to this Section 2.20 and the Commitment of anysuch Declining Lender is not assumed in accordance with subsection (c) of this Section 2.20 on or prior to the applicable Extension
Date, the Commitment of such Declining Lender shall automatically terminate in whole on such unextended Termination Date without any further notice or other action by the Borrower, such Lender or any other Person and any outstanding Advances due to
such Declining Lender shall be paid in full on such unextended Termination Date (and on such unextended Termination Date the Borrower shall also make such other prepayments of Advances as shall be required in order that, after giving effect thereto
and to the termination of the Commitments of, and all payments to, the Declining Lenders pursuant to this sentence, the sum of (A) the aggregate principal amount of all Advances denominated in Dollars then outstanding and (B) the
Equivalent in Dollars of the aggregate principal amount of all Advances denominated in Committed Currencies then outstanding will not exceed the aggregate Commitments); provided that such Declining Lender’s rights under Sections 2.11,
2.14, 8.04 and 8.08, and its obligations under Section 7.05, shall survive the Termination Date for such Lender as to matters occurring prior to such date. It is understood and agreed that no Lender shall have any obligation whatsoever to agree
to any request made by the Borrower for any requested extension of the Termination Date. 
 (c)    If there are
any Declining Lenders, the Borrower may arrange for one or more Extending Lenders or other Eligible Assignees that will agree to thean extension of the Termination Date to assume, effective as of the Extension Date, any Declining Lender’s Commitment and all of the
obligations of such Declining Lender under this Agreement thereafter arising, without recourse to or warranty by, or expense to, such Declining Lender; provided, however, that the amount of the Commitment of any such Assuming Lender as
a result of such substitution shall in no event be less than $25,000,000 unless the amount of the Commitment of 

 
such Declining Lender is less than $25,000,000, in which case such Assuming Lender shall assume all of such lesser amount; provided further that: 

(i)    any such Extending Lender or Assuming Lender shall have paid to such Declining Lender (A) the
aggregate principal amount of, and any interest accrued and unpaid to the effective date of the assignment on, the outstanding Advances, if any, of such Declining Lender plus (B) any accrued but unpaid fees owing to such Declining Lender
as of the effective date of such assignment; 
 (ii)    all additional cost reimbursements, expense
reimbursements and indemnities payable to such Declining Lender, and all other accrued and unpaid amounts owing to such Declining Lender hereunder, as of the effective date of such assignment shall have been paid to such Declining Lender; and 

(iii)    with respect to any such Assuming Lender, any applicable processing and recordation fee required
under Section 8.07(a) for such assignment shall have been paid; 
 provided further that such Declining Lender’s rights under Sections
2.11, 2.14, 8.04 and 8.08, and its obligations under Section 7.05, shall survive such substitution as to matters occurring prior to the date of substitution. At least three Business Days prior to the applicable Extension Date, (A) each
such Assuming Lender, if any, shall have delivered to the Borrower and the Designated Agent an Assumption Agreement, duly executed by such Assuming Lender, such Declining Lender, the Borrower and the Designated Agent and (B) any such Extending
Lender shall have delivered confirmation in writing satisfactory to the Borrower and the Designated Agent as to the increase in the amount of its Commitment. Each Declining Lender being replaced pursuant to this Section 2.20 shall deliver to
the Designated Agent on or before the applicable Extension Date any Note or Notes held by such Declining Lender. Upon the payment or prepayment of all amounts referred to in clauses (i), (ii) and (iii) above, each such Extending Lender or
Assuming Lender, as of the Extension Date, will be substituted for such Declining Lender under this Agreement and shall be a Lender for all purposes of this Agreement, without any further acknowledgment by or the consent of the other Lenders, and
the obligations of each such Declining Lender hereunder shall, by the provisions hereof, be released and discharged. 

(d)    If all of the Extending Lenders and Assuming Lenders (after giving effect to any assignments and assumptions
pursuant to subsection (c) of this Section 2.20) consent in writing to a requested extension (whether by written consent pursuant to subsection (a) of this Section 2.20, by execution and delivery of an Assumption Agreement or
otherwise) not later than one Business Day prior to such Extension Date, the Designated Agent shall so notify the Borrower, and, so long as (i) no Event of Default, or event that with the giving of notice
or passage of time or both would constitute an Event of Default, shall have occurred and be continuing as of such Extension Date, or would occur as a consequence thereof and
(ii) the representations and warranties contained in Section 4.02 shall be true and correct in
all material respects on and as of such Extension Date, before and after giving effect to the extension of the Termination Date, the Termination Date then in effect shall be extended for the
additional one-year period or two-year period, as the case may be, as described in subsection (a) of this Section 2.20, and all references in this Agreement,
and in the Notes, if any, to the “Termination Date” shall, with respect to each Extending Lender and each Assuming Lender for such Extension Date, refer to the Termination Date as so extended. Promptly following each Extension Date, the
Designated Agent shall notify the Lenders (including, without limitation, each Assuming Lender) of the extension of the scheduled Termination Date in effect immediately prior thereto and shall thereupon record in the Register the relevant
information with respect to each such Extending Lender and each such Assuming Lender. 

 SECTION 2.21.    SECTION 2.21 Defaulting Lenders. (a) (a) Notwithstanding any provision of this Agreement to the contrary, if one or more Lenders become Defaulting Lenders, then, upon
notice to such effect by the Designated Agent (which notice shall be given promptly after the Designated Agent becomes aware that any Lender shall have become a Defaulting Lender, including as a result of being advised thereof by the Borrower) (such
notice being referred to as a “Defaulting Lender Notice”), the following provisions shall apply for so long as any such Lender is a Defaulting Lender: 

(i)    no commitment fee shall accrue or at any time be payable for such period on the unused amount of the
Commitment of any Defaulting Lender pursuant to Section 2.03; and 
 (ii)    the Commitment and
outstanding Advances of each Defaulting Lender shall be disregarded in determining whether the requisite Lenders shall have taken any action hereunder (including any consent to any waiver, amendment or other modification pursuant to
Section 8.01); provided that any waiver, amendment or other modification that, disregarding the effect of this clause (ii), requires the consent of all Lenders or of all Lenders affected thereby and which affects such Defaulting Lender
differently than other Lenders or affected Lenders, as the case may be, shall require the consent of such Defaulting Lender. 

(b)    Any amount payable to a Defaulting Lender hereunder (whether on account of principal, interest, fees or otherwise,
and including any amount that would otherwise be payable to such Defaulting Lender pursuant to Section 2.15 but excluding Section 2.16) shall, unless the Borrower otherwise agrees in writing in its sole discretion, in lieu of being
distributed to such Defaulting Lender, be retained by the Designated Agent in a segregated account and, subject to any applicable requirements of law, be applied at such time or times as may be determined by the Designated Agent (i) first, to
the payment of any amounts owing by such Defaulting Lender to the Designated Agent hereunder, (ii) second, to the funding of any Advance in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this
Agreement, as determined by the Designated Agent, (iii) third, if so determined by the Designated Agent and the Borrower, held in such account as cash collateral for future funding obligations of the Defaulting Lender under this Agreement,
(iv) fourth, pro rata, to the payment of any amounts owing to the Borrower or the Lenders as a result of any judgment of a court of competent jurisdiction obtained by the Borrower or any Lender against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement and (v) fifth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction. 

(c)    In the event that the Designated Agent and the Borrower agree that a Defaulting Lender has adequately remedied all
matters that caused such Lender to be a Defaulting Lender, then (i) such Lender shall cease to be a Defaulting Lender for all purposes hereof (but shall not be entitled to receive any
commitment fees accrued during the period when it was a Defaulting Lender, and all waivers, amendments and other modifications effected without its consent in accordance with the provisions of Section 8.01 and this Section 2.21 during such period shall be binding on it) and (ii) such Lender shall purchase at par such of the Advances of the other Lenders as the Designated Agent shall determine
tomay be necessary in order for the Lenders to
hold such Advances ratably in accordance with their Commitments. 

 (d)    No Commitment of any Lender shall be increased or otherwise
affected and, except as otherwise expressly provided in this Section, performance by the Borrower of its obligations hereunder and under the other Loan Documents shall not be excused or otherwise modified, as a result of the operation of this
Section. The rights and remedies against a Defaulting Lender under this Section are in addition to other rights and remedies that the Borrower, the Designated Agent or any Non-Defaulting Lender may have
against such Defaulting Lender. 
 ARTICLE III 

CONDITIONS OF LENDING 
 SECTION 3.01.    SECTION 3.01 Conditions Precedent to Effectiveness of Section 2.01. Section 2.01 of this Agreement
shall become effective on and as of the first date (the “Effective Date”) on which all of the following conditions precedent have been satisfied or waived in accordance with Section 8.01: 

(a)    the Designated Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of
this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Designated Agent (which may include facsimile or other electronic transmission of a signed counterpart of this Agreement) that such party has signed a
counterpart of this Agreement; 
 (b)    the Designated Agent shall have received on or before the Effective Date the
following, each dated as of the Effective Date: (i) certified copies of the resolutions of the Board of Directors of the Borrower or the Executive Committee of such Board authorizing the execution and delivery of this Agreement and the other
documents related hereto; (ii) a certificate of the Secretary or an Assistant Secretary of the Borrower certifying the name and true signature of the officer of the Borrower executing this Agreement on its behalf; and (iii) an opinion or
opinions of counsel for the Borrower (which may be in-house counsel, external counsel or a combination of the two), substantially to the effect set forth in Exhibit C hereto; 

(c)    any consents or approvals of governmental or regulatory authorities, and any consents or approvals of third parties
required under material agreements of the Borrower, that in either case are necessary in connection with this Agreement or the consummation of the transactions contemplated hereby shall have been obtained and shall remain in effect; 

(d)    there shall have occurred no material adverse change in the business, financial condition or results of operations
of the Borrower and its Subsidiaries, taken as a whole, since October 3, 2015, except as disclosed in reports filed by the Borrower and its Subsidiaries, if any, during the period from October 3, 2015, to the date hereof pursuant to
Section 13 of the Securities Exchange Act of 1934, as amended, copies of which have been furnished to the Lenders prior to the date hereof (including by posting on the website of the SEC at http://www.sec.gov); 

(e)    all of the representations and warranties contained in Section 4.01 shall be correct in all material respects
on and as of the Effective Date, before and after giving effect to such date (except to the extent that such representations and warranties relate to an earlier date, in which case such representations and warranties shall have been correct in all
material respects on and as of such earlier date); 

 (f)    no event shall have occurred and be continuing, or shall result
from the occurrence of the Effective Date, that constitutes an Event of Default or event that with the giving of notice or passage of time or both would constitute an Event of Default; and 

(g)    all advances, interest, fees and other amounts accrued for the accounts of or owed to the lenders under the
Existing Credit Agreement (whether or not due at the time) shall have been or shall simultaneously be paid in full and the commitments of the lenders under such agreement shall have been or shall simultaneously be terminated. 

SECTION
3.02.    SECTION 3.02
Conditions Precedent to Each Borrowing. The obligation of each Lender to make an Advance on the occasion of each Borrowing (including the initial Borrowing) shall be subject to
the further conditions precedent that the Effective Date shall have occurred and on the date of such Borrowing the following statements shall be true (and each of the giving of the applicable Notice of Borrowing and the acceptance by the Borrower of
the proceeds of such Borrowing shall constitute a representation and warranty by the Borrower that on the date of such Borrowing such statements are true): 

(a)    the representations and warranties contained in Section 4.01 (other than Section 4.01(d)) are true and
correct in all material respects on and as of the date of such Borrowing, before and after giving effect to such Borrowing and to the application of the proceeds therefrom, as though made on and as of such date (except to the extent that such
representations and warranties relate to an earlier date, in which case such representations and warranties shall have been correct in all material respects on and as of such earlier date); and 

(b)    no event has occurred and is continuing, or would result from such Borrowing or from the application of the
proceeds therefrom, which constitutes an Event of Default or would constitute an Event of Default but for the requirement that notice be given or time elapse or both. 

SECTION
3.03.    SECTION 3.03
Determinations Under Section 3.01. For purposes of determining compliance with the conditions specified in Section 3.01, each Lender shall be deemed to
have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders unless the Designated Agent shall have received notice
from such Lender prior to the date that the Borrower, by notice to the Lenders, designates as the proposed Effective Date, specifying its objection thereto. The Designated Agent shall promptly notify the Lenders and the Borrower of the occurrence of
the Effective Date. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

SECTION
4.01.    SECTION 4.01
Representations and Warranties of the Borrower. The Borrower represents and warrants as. As of the Second Amendment Effective Date and from time to time thereafter as required under this Agreement, the Loan Parties represent and warrant as follows: 

(a)    The BorrowerEach Loan Party is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. The Borrowerits jurisdiction of
incorporation. Each Loan Party is duly qualified and in good standing as a foreign corporation authorized to do business in each jurisdiction (other than its jurisdiction of

 
incorporation) in which the nature of its activities or the character of the properties it owns or leases make such qualification necessary and in which the failure so to qualify would have a
material adverse effect on the financial condition or operations of the Borrower and its
SubsidiariesConsolidated
 Group, taken as a whole. 
 (b)    The execution,
delivery and performance by the Borrower of this Agreement and each of the Notes, if any, delivered hereunder areand by the Guarantor of this Agreement are, in each case, within
the
Borrowersuch Loan
Party’s corporate powers, have been duly authorized by all necessary corporate action on the part of such Loan Party
and do not contravene (i) the
Borrowersuch Loan
Party’s certificate of incorporation or by-laws or (ii) any law, rule, regulation, order, writ, judgment, injunction, decree, determination or
award or any material contractual restriction binding on or affecting the
Borrowersuch Loan
Party; no authorization or approval or other action by, and no notice to or filing with, any governmental authorityGovernmental
Authority or regulatory body is required for the due execution, delivery and performance by the Borrower of this Agreement or the Notes, if any, or by the Guarantor of this Agreement, in each case, except such as have been obtained or made and are in full force and effect; and this
Agreement is and each of the Notes, when delivered hereunder, will be, the legal, valid and binding obligation of each Loan Party or, in the
case of the Notes, the Borrower, enforceable against the Borrowersuch Loan Party in accordance with their respective terms, subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and general principles of
equity, and for the avoidance of doubt, subject to the occurrence of the Fox Acquisition Closing Date, in the case of the
Guaranty. 
 (c)    The BorrowerParent’s most recent annual report on Form 10-K, containing the consolidated balance sheet of the Borrower and its SubsidiariesConsolidated
Group, and the related consolidated statements of income and of cash flows of the Borrower and its SubsidiariesConsolidated
Group, copies of which have been furnished to each Lender pursuant to Section 5.01(e)(ii) or as otherwise furnished to the Lenders (including by posting on the website of the SEC at
http://www.sec.gov), fairly present the consolidated financial condition of the Borrower and its SubsidiariesConsolidated Group as at the date of such balance sheet and the consolidated results of operations of the Borrower and its SubsidiariesConsolidated Group for the fiscal year ended on such date, all in accordance with generally accepted accounting principlesGAAP consistently applied. 

(d)    There is no pending or, to the
BorrowerParent’s knowledge, threatened claim,
action or proceeding affecting the Borrower or any of its Subsidiariesany member of the Consolidated Group which could reasonably be
expected to have a material adverse effect on the financial condition or operations of the Borrower and its SubsidiariesConsolidated
Group, taken as a whole (other than any claim, action or proceeding arising from or related to the Fox Acquisition
Transactions), or which could reasonably be expected to affect the legality, validity or enforceability of this Agreement; and to the
BorrowerParent’s knowledge, the Borrower and each of its Subsidiaries haveeach member of the Consolidated Group has complied, and areis in compliance, with all applicable laws, rules,
regulations, permits, orders, consent decrees and judgments, except for any such matters which have not had, and would not reasonably be expected to have, a material adverse effect on the financial condition or operations of the Borrower and its
SubsidiariesConsolidated
 Group, taken as a whole. 

(e)    The Borrower and the ERISA Affiliates have not
incurred and are not reasonably expected to incur any material liability in connection with their Single Employer Plans or Multiple Employer Plans, other than ordinary liabilities for benefits; neither the BorrowerNo ERISA Event has occurred or
is reasonably expected to occur that could reasonably be expected to have a material adverse effect on the financial condition or operations of the Consolidated Group, taken as a whole; neither the Parent nor any ERISA Affiliate has incurred or is reasonably expected to incur any material withdrawal liability (as defined in Part I of Subtitle E of Title IV of ERISA) to any Multiemployer Plan; and no Multiemployer
Plan of the BorrowerParent or any ERISA
Affiliate is reasonably expected to be in reorganization or to be terminated, within the meaning of Title IV of ERISA.

 (f)    The BorrowerParent has implemented and will maintain policies and procedures designed to ensure compliance by the Borrower, its
Subsidiarieseach
member of the Consolidated Group and their directors, officers and employees with applicable Anti-Corruption Laws and Sanctions Laws, and is in compliance with applicable Anti-Corruption Laws and
Sanctions Laws in all material respects. None No member of the Borrower or any Subsidiary orConsolidated Group and, to the knowledge of the BorrowerParent, anyno director, officer or employee of the Borrower or any
Subsidiaryany
member of the Consolidated Group acting in connection with or benefitting from the credit facility established hereby, is a Sanctioned Person. No borrowing of Advances will be made by the Borrower
(A) for the purpose of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person, in violation of applicable Anti-Corruption Laws or (B) for the purpose of financing,
funding or facilitating unauthorized transactions with any Sanctioned Person. To the knowledge of the BorrowerParent, no transactions undertaken by the Borrowerany member of the Consolidated
Group hereunder will be undertaken in violation of applicable Anti-Corruption Laws or Sanctions Laws. 

SECTION
4.02.    SECTION 4.02
Additional Representations and Warranties of the Borrower as of Each Increase Date and Each Extension Date. The
BorrowerParent represents and warrants on each
Increase Date and each Extension Date (and at no other time) that, as of each such date, the following statements shall be true: 

(a)    there has been no material adverse change in the business, financial condition or results of operations of the Borrower and its
SubsidiariesConsolidated
 Group, taken as a whole, since the date of the audited financial statements of the Borrower and its SubsidiariesParent most recently delivered to the Lenders
pursuant to Section 5.01(e)(ii) prior to the applicable Increase Date or Extension Date, as the case may be (except as disclosed in periodic or other reports filed by the
Borrower and its SubsidiariesParent pursuant to Section 13 of the Securities Exchange Act of 1934, as amended, during the period from the date of the then most
recently delivered audited financial statements of the Borrower and its
SubsidiariesParent pursuant to
Section 5.01(e)(ii) to the date of the notice of the Borrower’s request for an increase in the aggregate Commitments related to such Increase Date or for an extension of the Termination Date then in
effect related to such Extension Date, as the case may be); and 
 (b)    the representations and warranties
contained in Section 4.01 are correct in all material respects on and as of such date, as though made on and as of such date (except to the extent that such representations and warranties relate to an earlier date, in which case such
representations and warranties shall have been true and correct in all material respects on and as of such earlier date). 

 ARTICLE V 

COVENANTS OF THE BORROWER 

SECTION
5.01.    SECTION 5.01
Affirmative Covenants. So long as any Advance shall remain unpaid or any Lender shall have any Commitment hereunder, the BorrowerParent will, unless the Majority Lenders shall
otherwise consent in writing: 
 (a)    Compliance with Laws, etc. Comply, and cause each of its
Subsidiariesmember
of the Consolidated Group to comply, in all material respects with all applicable laws, rules, regulations, permits, orders, consent decrees and judgments binding on the Borrower and its
Subsidiariesany
member of the Consolidated Group, including ERISA and the Patriot Act, the failure with which to comply would have a material adverse effect on the financial condition or operations of the Borrower and its
SubsidiariesConsolidated
 Group, taken as a whole. 
 (b)    Payment of Taxes,
etc. Pay and discharge, and cause each of its Subsidiariesmember of the Consolidated Group to pay and discharge, before the
same shall become delinquent, if the failure to pay and discharge would have a material adverse effect on the financial condition or operations of the Borrower and its
SubsidiariesConsolidated
 Group, taken as a whole, (i) all taxes, assessments and governmental charges or levies imposed upon it or upon its property and (ii) all lawful claims which, if unpaid, would by law
become a Lien upon its property; provided, however, that neither the Borrower nor any of its Subsidiariesno member of the
Consolidated Group shall be required to pay or discharge any such tax, assessment, charge, levy or claim which is being contested in good faith and by proper proceedings and as to which
appropriate reserves are being maintained in accordance with GAAP. 
 (c)    Preservation of Corporate
Existence, etc. Subject to Section 5.02(a), preserve and maintain (and, if the Parent shall not be the Borrower, cause the Borrower to preserve and maintain) its corporate existence, rights (charter and statutory) and franchises; provided, however, that the Borrowerno Loan Party shall not be required to preserve any right or franchise if the loss thereof
would not have a material adverse effect on the business, financial condition or operations of the Borrower and its Subsidiaries, taken as a wholeConsolidated Group, taken as a
whole. On and after the Fox Acquisition Closing Date, the Guarantor shall cause the Borrower to be a direct or indirect Subsidiary of the Guarantor. 

(d)    Maintenance of Interest Coverage Ratio. Maintain as of the last day of each fiscal quarter of the BorrowerParent, commencing with the first fiscal quarter of
the BorrowerParent following the Effective
Date, the ratio of (i) Consolidated EBITDA for the Measurement Period ending on such day to (ii) Consolidated Interest Expense for the Measurement Period ending on such day of not less than 3.00 to 1.00. 

(e)    Reporting Requirements. Furnish to the Designated Agent, on behalf of the Lenders: 

(i)    as soon as available and in any event within 50 days after the end of each of the first three
quarters of each fiscal year of the BorrowerParent, a
copy of the BorrowerParent’s quarterly
report to shareholders on Form 10-Q as filed with the Securities and Exchange Commission (the “SEC”)SEC, in each case containing a 

 
consolidated balance sheet of the Borrower and its
SubsidiariesParent as of the end of
such fiscal quarter and consolidated statements of income and of cash flows of the Borrower and its
SubsidiariesParent for the period
commencing at the end of the previous fiscal year and ending with the end of such fiscal quarter, and a certificate of any of
the BorrowerParent’s Chairman of the
Board of Directors, President, Chief Financial Officer, Treasurer, Assistant Treasurer or Controller (A) stating that no Event of Default, or event that with the giving of notice or passage of time or both would constitute an Event of Default,
has occurred and is continuing and (B) containing a schedule which shall set forth the computations used by the BorrowerParent in determining compliance with the covenant contained in Section 5.01(d); provided that the quarterly report on Form 10-Q required to be delivered pursuant to this paragraph shall be deemed to be delivered if such report shall have been posted and shall be available on the website of the SEC at http://www.sec.gov; 

(ii)    as soon as available and in any event within 100 days after the end of each fiscal year of the BorrowerParent, a copy of the BorrowerParent’s annual report to shareholders on Form 10-K as filed with the SEC, containing consolidated financial
statements of the Borrower and its SubsidiariesParent for such fiscal
year and a certificate of any of the
BorrowerParent’s Chairman of the Board of
Directors, President, Chief Financial Officer, Treasurer, Assistant Treasurer or Controller (A) stating that no Event of Default, or event that with the giving of notice or passage of time or both would constitute an Event of Default, has
occurred and is continuing and (B) containing a schedule which sets forth the computations used by the BorrowerParent in determining compliance with the covenant contained in Section 5.01(d); provided that the annual report on Form 10-K required to be delivered pursuant to this paragraph shall be deemed to be delivered if such report shall have been posted and shall be available on the website of the SEC at http://www.sec.gov; 

(iii)    promptly after a Responsible Officer of the BorrowerParent obtains actual knowledge of the occurrence
of an Event of Default, and each or an event
that with the giving of notice or passage of time or both would constitute an Event of Default, a statement of anya Responsible Officer of the Parent setting forth details of such Event of Default or event continuing on the date of such statement, and the action which the
BorrowerParent has taken and proposes to take
with respect thereto; 
 (iv)    promptly after a Responsible Officer of the BorrowerParent obtains actual knowledge thereof, notice of
any actions, suits and proceedings before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting the
Borrower or any of its Subsidiariesany member of the Consolidated Group of the type described in Section 4.01(d); 

(v)    promptly after a Responsible Officer of the
BorrowerParent obtains actual knowledge thereof,
written notice of any pending or threatened Environmental Claim against the Borrower or any of its
Subsidiariesany
member of the Consolidated Group or any of their respective properties which could reasonably be expected to materially and adversely affect the financial condition or operations of the Borrower and its
SubsidiariesConsolidated
 Group, taken as a whole; 

 (vi)    promptly after a Responsible Officer of the BorrowerParent obtains actual knowledge of the occurrence
of any ERISA Event which could reasonably be expected to materially and adversely affect the financial condition or operations of the Borrower and its SubsidiariesConsolidated
Group, taken as a whole, a statement of any of the BorrowerParent’s Chairman of the Board of Directors, President, Chief Financial Officer, Treasurer, Assistant Treasurer or Controller describing
such ERISA Event and the action, if any, which the BorrowerParent has taken and proposes to take with respect thereto; 

(vii)    promptly after a Responsible Officer of the BorrowerParent obtains actual knowledge of receipt thereof
by the BorrowerParent or any ERISA Affiliate
from the sponsor of a Multiemployer Plan, a copy of each notice received by the
BorrowerParent or any ERISA Affiliate
concerning (A) the imposition of withdrawal liability (as defined in Part I of Subtitle E of Title IV of ERISA) by a Multiemployer Plan, which withdrawal liability could reasonably be expected to materially and adversely affect the financial
condition or operations of the Borrower and its SubsidiariesConsolidated Group, taken as a whole, (B) the reorganization or termination, within the meaning of Title IV of ERISA, of any Multiemployer Plan, which reorganization or termination could reasonably be expected to materially and adversely affect the financial condition or
operations of the Borrower and its SubsidiariesConsolidated Group, taken as a whole, or (C) the amount of
liability incurred, or which may be incurred, by the BorrowerParent or any ERISA Affiliate in connection with any event described in subclauseclause (vii)(A) or (vii)(B) above; and 

(viii)    such other material information reasonably related to any Lender’s credit analysis of the Borrower or any of its Subsidiariesany member of the Consolidated Group as any Lender through the
Designated Agent may from time to time reasonably request. 
 For the avoidance of
doubt, all references in this Section 5.01, in Section 4.01 or 4.02 or elsewhere in this
Agreement to any annual, quarterly or other reports filed with the SEC by the Parent or any financial statements of the Parent, and all determinations of Consolidated EBITDA or Consolidated Interest Expense for any Measurement Period, in each case,
will be determined (x) prior to such time on or after the Fox Acquisition Closing Date as the Guarantor first files its annual or quarterly report with the SEC, by
reference to the Borrower being the Parent and (y) thereafter, by reference to the Guarantor being the Parent but, where applicable for any such determination, taking into
account and combining any portion of the relevant period during which the Borrower produced the relevant financial statements, mutatis mutandis. 
 SECTION 5.02.    SECTION 5.02 Negative Covenants. So long as any Advance shall remain unpaid or any Lender shall have any Commitment
hereunder, the
Borrowerno Loan
Party will not, without the written consent of the Majority
Lenders: 
 (a)    Mergers, etc. Merge or consolidate with or into, or convey, transfer, lease or
otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of the assets of the Borrower and its SubsidiariesConsolidated
Group, taken as a whole (whether now owned or hereafter acquired), to, any Person, or permit any of its Subsidiariesmember of the Consolidated
Group to do so, unless (i) immediately after giving 

 
effect to such proposed transaction, no Event of Default or event which, with the giving of notice or lapse of time, or both, would constitute an Event of Default would exist and (ii) in the
case of any such merger to which the Borrowerany Loan Party is a party, the Borrowersuch Loan Party is the surviving corporation, it being understood that,
subject to the compliance with clause (ii) above, nothing in this Section 5.02(a) shall be
deemed to restrict the consummation of the Fox Acquisition Transactions (including the disposition of Regional Sports Network required in connection therewith). 

ARTICLE VI 
 EVENTS OF
DEFAULT 
 SECTION
6.01.    SECTION 6.01
Events of Default. If any of the following events (“Events of Default”) shall occur and be continuing: 

(a)    The Borrower shall fail to pay any principal of any Advance when the same becomes due and payable; or the Borrower
shall fail to pay any interest on any Advance, or any fee or other amount payable under this Agreement, in each case within
three Business Days after such interest, fee or other amount becomes due and payable; or 
 (b)    Any
representation or warranty made by the Borrowerany Loan Party herein or by the Borrowerany Loan Party (or any of its officers) delivered in writing andthat is identified as delivered in connection with this Agreement shall prove to have been incorrect in any material respect when made; or

 (c)    The BorrowerAny Loan Party shall fail to perform or observe any covenant applicable to it
contained in Section 5.01(c) (solely as to the last
sentence of such Section), Section 5.01(d), Section 5.01(e)(iii) or Section 5.02; or 

(d)    The BorrowerAny Loan Party shall fail to perform or observe any other term, covenant or agreement contained in this Agreement applicable to such Loan Party on its part to be performed or observed if the failure to perform or observe such other term, covenant or agreement shall remain unremedied for 30 days after written notice thereof shall have been given to the
BorrowerParent by the Designated Agent
or the Majority Lenders; or 
 (e)    The
Borrower or any of its
Subsidiaries(i) Any member of the Consolidated Group shall fail to pay any principal of or premium or interest on any Debt of the Borrower or such
Subsidiarysuch
member of the Consolidated Group which is outstanding in a principal amount of at least $250,000,000 in the aggregate (but excluding Debt arising hereunder) when the same becomes due and payable
(whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure (iA) shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt and (iiB) shall not have been cured or waived; or(ii) any other event shall occur or condition shall exist
under any agreement or instrument relating to any such Debt and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the
acceleration of, the maturity of such Debt; or (iii) any such Debt shall be declared to be due and payable, or required to
be prepaid (other than by a regularly scheduled required prepayment), redeemed, purchased or defeased, or an offer to prepay, redeem, purchase or defease such Debt shall be required to be made, in each case prior to the stated maturity
thereof; provided that (1) clause (iii) above shall not apply (and it is understood that clause
(ii) above  

 
does not apply) to any prepayment, redemption, purchase or defeasance of any such Debt incurred for the purpose of financing, in whole
or in part, any acquisition (including the Fox Acquisition Transactions) if such prepayment, redemption, purchase or defeasance is required to be made (A) as a result of
such acquisition failing to be consummated or (B) with the proceeds of any sale or other disposition of assets, any incurrence of any other Debt or any issuance of any
equity interests by any member of the Consolidated Group, (2) clause (iii) above shall not apply (and it is understood that clause (ii) above does not apply) to any prepayment, redemption, purchase or defeasance of any such Debt of any Person acquired by the Parent or any of its Subsidiaries after the date hereof
(including 21CF and its subsidiaries) if such prepayment, redemption, purchase or defeasance is required to be made as a result of the consummation of such acquisition (including, in the case of 21CF and its subsidiaries, the Fox Acquisition
Transactions) and (3) it is understood that clauses (ii) and (iii) above do not apply to any
demand for payment of any such Debt that, by its terms, is due on demand made at any time (howsoever described); or 

(f)    The Parent, the Borrower or any Material Subsidiary shall generally not pay its Debts as such Debts become due, or shall admit in writing its inability to pay its Debts generally, or shall make a general assignment for the
benefit of creditors; or any proceeding shall be instituted by or against the Parent, the Borrower or any Material Subsidiary
seeking to adjudicate it bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or
relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for substantially all of its property and, in the case of any such proceeding instituted against
it (but not instituted by it), either such proceeding shall remain undismissed or unstayed for a period of 60 days or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the
appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur; or the Parent, the Borrower or any Material Subsidiary shall take any corporate action to authorize any of the actions set forth above in this subsection (f); or 

(g)    Any money judgment, writ or warrant of attachment or similar process against the Borrowerany Obligor, any Material Subsidiary or any of their respective assets in an amount in excess of $250,000,000 (exclusive of any amount covered
by a nationally recognized financially sound insurer that has received notice of the claim to which such money judgment, writ or warrant of attachment or similar process relates and has not denied coverage or otherwise denied liability in respect
thereof) is entered and shall remain undischarged, unvacated, unbonded or unstayed for a period of 30 days or, in any case, within five days of any pending sale or disposition of any asset pursuant to any such process; or 
 (h)    From and after the Fox Acquisition Closing
Date, the Guaranty shall for any reason be terminated by the Guarantor or cease to be in full force and effect or to be valid and binding on the Guarantor, or the enforceability
thereof shall be contested by the Guarantor; 
 then, and in any such event, the Designated
Agent shall at the request, or may with the consent, of the Majority Lenders, by notice to the
BorrowerParent, (A) declare the obligation of
each Lender to make Advances to be terminated, whereupon the same shall forthwith terminate and/or (B) declare the Advances, all interest thereon and all other amounts payable under this Agreement to be forthwith due and payable, without
presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrowereach Obligor; provided, however, that 

 
in the event of an actual or deemed entry of an order for relief with respect to the Borrower under the Federal Bankruptcy Code, (A) the obligation of each Lender to make Advances shall
automatically be terminated and (B) the Advances, all such interest and all such amounts shall automatically become and be due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by the Borrowereach Obligor. 
 ARTICLE VII

 THE DESIGNATED AGENT 
 SECTION 7.01.    SECTION 7.01 Authorization and Action. (a) Each Lender hereby appoints and authorizes the Designated Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Designated Agent by the
terms hereof, together with such powers as are reasonably incidental thereto. As to any matters not expressly provided for by this Agreement (including, without limitation, enforcement of this Agreement or collection of the Advances), the Designated
Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Majority Lenders,
and such instructions shall be binding upon all Lenders and all holders of Notes; provided, however, that the Designated Agent shall not be required to take any action
whichthat, in its
opinion, exposes the Designated Agent to personal liability or which is contrary to this Agreement or applicable law. The Designated Agent agrees to give to each Lender prompt notice of each
notice given to it by the Borrowerany Loan Party pursuant to the terms of this Agreement. The Designated Agent shall not be subject to any fiduciary or other implied duties, regardless of whether an Event of Default, or any event that with the giving of notice or passage of time or
both would constitute an Event of Default, has occurred and is continuing (and it is understood and agreed that the use of the term “agent” herein with reference to the
Designated Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law, and that such term is used as a matter of market custom and is intended to create or reflect
only an administrative relationship between contracting parties). 
 (b)    (a) The Designated Agent may perform any of its duties and exercise its rights and powers hereunder through any of its Affiliates. Notwithstanding anything herein to the contrary, the exculpatory provisions of this
Article VII and the provisions of Sections 8.04 and 8.08 shall apply to any such Affiliate of the Designated Agent and the Designated Agent shall remain responsible for the performance of such duties. 

(c)    
(b) The
Co-Administrative Agents, the Co-Syndication AgentAgents, the
Co-Documentation Agents and the Joint Lead Arrangers and Joint Book Managers named on the cover of this Agreement shall have no duties under this Agreement other than those afforded to them in
their capacities as Lenders, and each Lender hereby acknowledges that the Co-Administrative Agents, the Co-Syndication AgentAgents, the Co-Documentation Agents and the Joint Lead
Arrangers and Joint Book Managers have no liability under this Agreement
other than those assumed by them in their capacities as Lenders. 

SECTION
7.02.    SECTION 7.02
Exculpatory Provisions; Designated
Agent’s Reliance, etc. Neither the Designated Agent nor any of its directors, officers, agents
or employees shall be liable to any Lender for any action taken or omitted to be taken by it or them under or in connection with this Agreement, except for its or their own gross negligence or willful

 
misconduct. Without limitation of the generality of the foregoing, the Designated Agent: (i) may treat the Lender which made any Advance as the holder of the Debt resulting therefrom until
the Designated Agent receives and accepts an Assumption Agreement entered into by an Assuming Lender as provided in Section 2.19 or 2.20, as the case may be, or an Assignment and Acceptance entered into by such Lender, as assignor, and an
Eligible Assignee, as assignee, as provided in Section 8.07; (ii) may consult with legal counsel (including counsel for the Borrowerany Loan Party), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants
or experts; (iii) makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement;
(iv) shall be deemed not to have knowledge of any Event of Default, or any event that with the giving of notice or passage of time or both would constitute an Event of Default,
unless and until written notice thereof (stating that it is a “notice of default”) is given to the Designated Agent by any Loan Party or any Lender and shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement on the part of the Borrowerany Loan Party or to inspect the property (including the books and records) of
the
Borrowerany member
of the Consolidated Group; (v) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any
instrument or document furnished pursuant hereto; and (vi(vi) shall not have any duty to ascertain
or to inquire as to whether any Lender is a Defaulting Lender; and (vii) shall incur no liability under or in respect of this Agreement by acting upon any notice, consent, certificate or
other instrument or writing (which may be received by telecopier or e-mail) believed by
it to be genuine and signed or sent by the proper party or parties. 

SECTION
7.03.    SECTION 7.03
The Designated Agent and its Affiliates. With respect to its Commitment and the Advances made by it and any Note or Notes issued to it, the Designated Agent shall have the same
rights and powers under this Agreement as any other Lender and may exercise the same as though it were not the Designated Agent; and the term “Lender” or
“Lenders” shall,
unless otherwise expressly indicated, include the Designated Agent in its individual capacity. The Designated Agent and its respective Affiliates may accept deposits from, lend money to, act as trustee under indentures of, accept investment banking
engagements from and generally engage in any kind of business with the Borrower,Parent or any of its subsidiariesAffiliates and any Person who may do business with or own securities of the
BorrowerParent or any such subsidiaryof its Affiliates, all as if the Designated Agent were not the Designated Agent and without any duty to account therefor to the Lenders.

 SECTION
7.04.    SECTION 7.04
Lender Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon the Designated Agent, any Co-Administrative Agent, Co-Syndication Agent, Co-Documentation
Agent, Joint Lead Arranger or Joint Book Manager named on the cover of this Agreement or any other Lender and based on the financial statements referred to in Section 4.01(c) and such other
documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Designated Agent or any other
Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement. 

 SECTION 7.05.    SECTION 7.05 Indemnification. 

(a)    
Designated Agent. The Lenders severally agree to indemnify the Designated Agent (to the extent not reimbursed by the BorrowerObligors but without affecting the Borrowerany Obligor’s obligations with respect thereto), ratably according to the respective principal amounts of Advances then owing to each of
them (or, if no Advances are at the time outstanding or if any Advances are then owing to Persons which are not Lenders, ratably according to the respective amounts of their Commitments), from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against the Designated Agent in any way relating to or arising out of this
Agreement or any action taken or omitted by the Designated Agent under this Agreement in its capacity as such; provided that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements resulting from the Designated Agent’s gross negligence or willful misconduct. Without limitation of the foregoing, each Lender agrees to reimburse the Designated Agent promptly upon demand for
its ratable share of any out-of-pocket expenses (including reasonable counsel fees) incurred by the Designated Agent in connection with the preparation, execution,
delivery, administration, modification, amendment or enforcement (whether through negotiations, legal or bankruptcy proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, to the extent that the
Designated Agent is not reimbursed for such expenses by the BorrowerObligors. 
 SECTION 7.06.    SECTION 7.06 Successor Designated Agent. The Designated Agent may resign at any time by giving written notice thereof to the Lenders and the
BorrowerParent and such resignation shall be
effective upon the appointment of a successor Designated Agent as provided herein. Upon any such resignation, the Majority Lenders shall have the right (with the consent of the
BorrowerParent unless an Event of Default has
occurred and is continuing) to appoint a successor Designated Agent (which shall be a Lender). If no successor Designated Agent shall have been so appointed by the Majority Lenders, and shall have accepted such appointment, within 30 days after the
retiring Designated Agent’s giving of notice of resignation, then the retiring Designated Agent may, on behalf of the Lenders, appoint a successor Designated Agent. Any successor Designated Agent appointed hereunder shall be a commercial bank
organized or licensed under the laws of the United States or of any State thereof, or an Affiliate of any such commercial bank, having a combined capital and surplus of at least $500,000,000. Upon the acceptance of any appointment as Designated
Agent hereunder by a successor Designated Agent, such successor Designated Agent shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges and duties of the retiring Designated Agent, and the retiring
Designated Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Designated Agent’s resignation hereunder as Designated Agent, the provisions of this Article VII shall inure to its benefit as to any
actions taken or omitted to be taken by it while it was Designated Agent under this Agreement. 
 SECTION 7.07.    Enforcement of the Guaranty. Each
Guaranty Beneficiary hereby agrees that, notwithstanding anything to the contrary in Article IX hereof, no Guaranty Beneficiary shall have any right individually to enforce the Guaranty, it being understood and agreed that all powers, rights and
remedies under the Guaranty may be exercised solely by the Designated Agent, for the benefit of the Guaranty Beneficiaries, in accordance with the terms thereof, and that each Guaranty Beneficiary hereby authorizes the Designated Agent to be the
agent for and representative of the Guaranty Beneficiaries  

 
with respect to the Guaranty and to exercise all such powers, rights and remedies on its behalf. 
 SECTION 7.08.    Certain Lender Representations, Etc. 

(a)    
Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and
(y) covenants from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of the Designated Agent and
the institutions named as Co-Administrative Agents, Co-Syndication Agents, Co-Documentation Agents, Joint Lead Arrangers and
Joint Book Managers on the cover page of this Agreement and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of any member of the Consolidated Group, that at least one of the following is and will be
true: 

(i)    such Lender is not using “plan
assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Advances, the Commitments or this Agreement, 

(ii) 
   the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions
determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE
90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving
bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such
Lender’s entrance into, participation in, administration of and performance of the Advances, the
Commitments and this Agreement, 
 (iii)    (A) such Lender is an investment fund
managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified
Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Advances, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Advances, the Commitments and this
Agreement satisfies the requirements of sub-sections
(b) through (g) of Part I of PTE 84-14 and (D) to the
best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such
Lender’s entrance into, participation in, administration of and performance of the Advances, the
Commitments and this Agreement, or 
 (iv)    such other representation, warranty and
covenant as may be agreed in writing between the Designated Agent, in its sole discretion, and such Lender. 

(b)    
In addition, unless either (1) sub-clause (i) of the immediately preceding clause
(a) is true with respect to a Lender or (2) such Lender has provided another representation,
warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from
the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto,  

 
for the benefit of, the Designated Agent and the institutions named as Co-Administrative
Agents, Co-Syndication Agents, Co-Documentation Agents, Joint Lead Arrangers and Joint Book Managers on the cover page of this Agreement and their respective Affiliates,
and not, for the avoidance of doubt, to or for the benefit of any member of the Consolidated Group, that the Designated Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in administration of and performance of the Advances, the Commitments and this
Agreement (including in connection with the reservation or exercise of any rights by the Designated Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

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

The following terms shall for purposes of this Section have the meanings set
forth below: 

“Benefit Plan” means
(a) an “employee
benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code
or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for
purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit
plan” or
“plan”
. 
 “PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be
amended from time to time. 
 ARTICLE VIII 

MISCELLANEOUS 
 SECTION 8.01.    SECTION 8.01 Amendments, etc. No(a) Except as provided in Sections 2.08(e) and 8.13, no amendment or waiver of any provision of this Agreement, or consent to any departure
by the
Borrowerany Loan
Party therefrom, shall in any event be effective unless the same shall be in writing and signed by the Majority Lenders and
the
Borrowereach Loan
Party, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no amendment, waiver or
consent shall: (a) waive any of the conditions specified in Section 3.01 or 3.02 without the written consent of each Lender, (b) increase or extend the scheduled date
of the expiration  

 
of the
Commitments of the Lenders (other than as provided in Section 2.19) or subject the Lenders to any additional obligations without the written consent of each affected Lender,
(c) reduce the principal of, or interest on, the Advances or the fees payable hereunder without the written consent of each affected Lender, (d) postpone any date fixed for any payment of principal of, or interest on, the Advances (other
than as provided in Section 2.20) or any fee without the written consent of each affected Lender, (e) change the percentage of the Commitments or of the aggregate unpaid principal amount of Advances, or the number of Lenders which shall be
required for the Lenders or any of them to take any action hereunder without the written consent of each Lender or (f) amend this
Section 8.01 or Section 2.21(a)(ii), (f) from
and after the Fox Acquisition Closing Date, release (except as expressly provided in Section 9.03) the Guarantor
from the Guaranty (including by limiting liability in respect thereof) without the written consent of each Lender or
(g) amend this Section 8.01 without the written consent of each Lender (it being understood that, for purposes of this proviso, “Lender” shall not
include the Borrower or any of its Affiliates, if a Lender, at the time of any such amendment, waiver or consent); provided further that (i) no amendment, waiver or consent shall, unless in writing and
signed by the Designated Agent, in addition to the Lenders required above to take such action, affect the rights or duties of the Designated Agent under this Agreement or any Note
and (ii) notwithstanding anything to the contrary in this
Section 8.01, any provision of this Agreement may be amended by an agreement in writing entered into by the
Designated Agent and the Parent to cure any ambiguity, omission, defect or inconsistency arising in connection with the consummation of, or otherwise in connection with, the Fox Acquisition Transactions or the Borrower becoming a subsidiary of the
Guarantor. 

SECTION
8.02.    SECTION 8.02
Notices, etc.
(a) 
(a) All notices and other communications provided for hereunder shall, except as otherwise expressly provided for herein, be
in writing (including e-mail and telecopier communication) and mailed, e-mailed, telecopied or delivered, if to the Borrower, at its address at: 
 The Walt Disney
Company 
 500 South Buena Vista Street 

Burbank, California 91521 

Attention: Treasurer 
 Telecopier
Number: (818) 563-1682 
 Email: corp.finance@disney.com; 
 with a
copy to: 
 The Walt Disney Company 

500 South Buena Vista Street 

Burbank, California 91521-0523 

Attention: Treasury Operations 

Telecopier Number: (818) 843-7921 

Email:  

corp.cash.management.group@disney.comcorp.cash.management.group@disney.com; 

with a copy to: 

 The Walt Disney Company 

500 South Buena Vista Street 

Burbank, California 91521 

Attention: AssistantAssociate General Counsel, Corporate Legal
Department 
 Telecopier Number: (818) 560-20921823; 
 if to the Guarantor, at its address at 

TWDC Holdco 613 Corp. 
 c/o The
Walt Disney Company 
 500 South Buena Vista Street 

Burbank, California 91521 
 Attention:
Treasurer 
 Telecopier Number: (818) 563-1682 
 Email:
corp.finance@disney.com; 
 with a
copy to: 
 TWDC
Holdco 613 Corp. 
 c/o The Walt Disney Company 

500 South Buena Vista Street 
 Burbank,
California 91521-0523 
 Attention: Treasury Operations 

Telecopier
Number: (818) 843-7921 

Email: corp.cash.management.group@disney.com; 
 with a copy to: 
 TWDC Holdco 613 Corp. 
 c/o The
Walt Disney Company 
 500 South Buena Vista Street 

Burbank, California 91521 
 Attention:
Associate General Counsel, Corporate Legal Department 
 Telecopier Number: (818) 560-1823; 
 if to any Lender, at its Domestic Lending Office specified on Schedule 1.01 hereto, or in the Assumption Agreement or in the Assignment and
Acceptance pursuant to which it became a Lender, as the case may be; and if to the Designated Agent, at its address at: 
 JPMorgan
Chase Bank, N.A. 
 500 Stanton Christiana Road, Ops 2, Floor 3 

Newark, DE 19713-2107 

    Attention: Eugene Tull III  

 
Mary Crews 

Phone Number: (302) 634-5881

 TelecopyTelecopier Number: (302) 634-3301 

Email: Deal.Management.Team@jpmchase.com, with a copy to 

 eugene.h.tulliii@chasemary.crews@jpmorgan.com; 

J.P. Morgan Europe Limited 

Loans Agency 6th Floor 

 
25 Bank Street, Canary Wharf 
 London E145JP 

United Kingdom 

  Attention: Loans Agency 

TelecopyTelecopier Number: +44 (0) 207 777 2360 

Email: loan_and_agency_london@jpmorgan.com, with a copy to nicole.johnson@jpmorgan.com;  
 with a copy to: 

JPMorgan Chase Bank, N.A. 
 383
Madison Avenue, Floor 24 
 New York, NY 10179 

Attention: Bruce Borden 
 Phone
Number: (212) 270-5799  

TelecopyTelecopier Number: (212) 622-4556 

Email: bruce.s.borden@jpmorgan.com; 
 or, as to
each party, at such other address as shall be designated by such party in a written notice to the other parties; provided that materials required to be delivered pursuant to Section 5.01(e)(i) or 5.01(e)(ii) shall be delivered to the Designated Agent as specified in Section 8.02(b) or as otherwise specified to the BorrowerParent by the Designated Agent; and provided
further that such materials shall be deemed delivered to the Designated Agent to the extent posted and available on the website of the SEC at www.sec.gov. All such notices and communications shall, when mailed, telecopied or e-mailed, be effective when deposited in the mails, telecopied or confirmed by e-mail, respectively, except that notices and communications to the Designated Agent pursuant to
Article II or VII shall not be effective until received by the Designated Agent. Delivery by telecopier, electronic e-mail or other electronic means of an executed counterpart of any amendment or waiver of any provision of this Agreement or the Notes or of
any Exhibit hereto to be executed and delivered hereunder shall be effective as delivery of an original executed counterpart thereof. 

(b)    The BorrowerEach Loan Party agrees that the Designated Agent may make materials required to be delivered pursuant to Section 5.01(e)(i) and 5.01(e)(ii), as well as any other written information, documents, instruments (other than the Notes) and other material relating to the Borrower,
any of its Subsidiaries any member of the Consolidated Group or any other materials or matters relating to this
Agreement or any of the transactions contemplated hereby (collectively, the “Communications”) available to the Lenders by posting such notices on IntraLinks or a substantially similar electronic system (the
“Platform”). The BorrowerEach Loan Party acknowledges that (i) the distribution of
material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution, (ii) the Platform is provided “as is” and “as available” and
(iii) neither the Designated Agent nor any of its Affiliates warrants the accuracy, adequacy or completeness of the Communications or the Platform and each expressly disclaims liability for errors or omissions in the Communications or the
Platform. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or
freedom from viruses or other code defects, is made by the Designated Agent or any of its Affiliates in connection with the Platform. 

(c)    Each Lender agrees that notice to it (as provided in the next sentence) (a “Notice”)
specifying that any Communications have been posted to the Platform shall constitute 

 
effective delivery of such information, documents or other materials to such Lender for purposes of this Agreement; provided that if reasonably requested by any Lender, the Designated
Agent shall deliver a copy of the Communications to such Lender by e-mail or telecopier. Each Lender agrees (i) to notify the Designated Agent in writing of such Lender’s e-mail addresses to which a Notice may be sent by electronic transmission (including by electronic communication) on or before the date such Lender becomes a party to this Agreement (and from time to time thereafter
to ensure that the Designated Agent has on record effective e-mail addresses for such Lender) and (ii) that any Notice may be sent to such e-mail address. 

SECTION
8.03.    SECTION 8.03
No Waiver; Remedies. No failure on the part of any Lender or the Designated Agent to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof;
nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 

SECTION
8.04.    SECTION 8.04
Costs and Expenses.
(a) 
(a) The Borrower agrees promptly to pay all actual, reasonable and documented costs and expenses (including, without
limitation, the actual, reasonable and documented fees and expenses of one counsel) of the Designated Agent in connection with the negotiation and execution of this Agreement and all related documentation and the syndication of the credit facility
established hereby. The Borrower further agrees to pay, within five Business Days of demand, all actual, reasonable and documented costs and expenses of the Designated Agent and each Lender, if any, in connection with the enforcement (whether
through legal proceedings or otherwise) of this Agreement and the other instruments and documents to be delivered hereunder, including, without limitation, in connection with the enforcement of rights under this Section 8.04(a);
provided, that any such costs and expenses consisting of fees and expenses of counsel shall be limited to the actual, reasonable and documented fees and expenses of one counsel for the Designated Agent and no more than one additional counsel
for the Lenders as a group (together with (i) such local counsel, limited in each case to one such local counsel for the Designated Agent and one such local counsel for the Lenders as a group per jurisdiction, that may be reasonably required by
the Designated Agent or the Lenders and (ii) if any Lender shall have reasonably concluded (based upon the advice of counsel) that its representation by counsel for the Lenders creates a conflict of interest for such counsel, such separate
counsel as such Lender may reasonably require). 
 (b)    If any payment of principal of, or Conversion of, any
Eurocurrency Rate Advance is made other than on the last day of the Interest Period for such Advance, as a result of a payment or Conversion pursuant to Section 2.10 or acceleration of the maturity of the Advances pursuant to Section 6.01
or for any other reason (other than by reason of a payment pursuant to Section 2.12), the Borrower shall, within five Business Days of demand by any Lender (with a copy of such demand to the Designated Agent), pay to such Lender any amounts
required to compensate such Lender for any additional losses, costs or expenses which it may reasonably incur as a result of such payment or Conversion, including, without limitation, any loss, cost or expense incurred by reason of the liquidation
or redeployment of deposits or other funds acquired by such Lender to fund or maintain such Advance. All obligations of the Borrower under this Section 8.04 shall survive the making and repayment of the Advances and the termination of this
Agreement. 
 SECTION
8.05.    SECTION 8.05
Right of Set-off. Upon (i) the occurrence and during the continuance of any Event of Default and (ii) the making of the request
or the granting of the consent specified by Section 6.01 to authorize the Designated Agent to declare the Advances due and payable pursuant to the provisions of Section 6.01, each Lender is hereby authorized at any time and from time to
time, to the fullest extent permitted by law, to set off and apply any and 

 
all deposits (general or special, time or demand, provisional or final, but excluding trust accounts) at any time held and other indebtedness at any time owing by such Lender to or for the credit
or the account of the
Borrowerany
Obligor against any and all of the obligations of the Borrowersuch Obligor now or hereafter existing under this Agreement, whether or not such Lender shall have made any demand under this Agreement. Each Lender agrees promptly to notify the BorrowerParent and the Designated Agent after any such set-off and application made by such Lender; provided that the failure to give such notice shall not affect the validity of such setoff and application. The rights of each Lender under this Section are in
addition to other rights and remedies (including, without limitation, other rights of setoff) which such Lender may have. 
 SECTION 8.06.    SECTION 8.06 Binding Effect. This Agreement shall become effective as specified in Section 3.01 and, thereafter, shall
be binding upon and inure to the benefit of the Borrowereach Loan Party, the Designated Agent and each Lender and their
respective successors and permitted assigns, except that the Borrowerno Loan Party shall not have theany right to assign its rights hereunder or any interest herein without the prior written consent of each Lender (and any attempted assignment by any Loan Party without such consent shall be null and void). 

SECTION
8.07.    SECTION 8.07
Assignments and Participations. (a) (a) Each Lender may and, if requested by the Borrower
upon notice by the Borrower delivered to such Lender and the Designated Agent pursuant to clause (ii) of Section 2.16 will, assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement
(including, without limitation, all or a portion of its Commitment and the Advances owing to it and any Note or Notes held by it); provided, however, that (i) each such assignment shall be of a constant, and not a varying,
percentage of all the assigning Lender’s rights and obligations under this Agreement, (ii) the amount (without duplication) of the Commitment and the pro-rata share of outstanding Advances of the
assigning Lender being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance) shall not be less than $12,500,000 (unless the assigning Lender shall assign its entire interest hereunder or such lesser
amount is previously agreed among such assigning Lender, the Designated Agent and the Borrower) or an integral multiple of $500,000 in excess thereof, (iii) the sum of (A) the amount (without duplication) of the Commitment and the pro-rata share of outstanding Advances of the assigning Lender being assigned pursuant to each such assignment and (B) the amount of the commitment and the pro-rata share
of outstanding advances of the assigning Lender being contemporaneously assigned under the
20142018 Credit Agreement, or any agreement
extending or replacing such 2014the 2018
Credit Agreement, by the Person that is such assigning Lender (in both cases determined as of the date of the Assignment and Acceptance or similar agreement with respect to such assignments) shall not be less than $25,000,000 in the aggregate
(unless the assigning Lender shall assign its entire interest hereunder and thereunder or such lesser amount is previously agreed among such assigning Lender, the Designated Agent and the Borrower) or an integral multiple of $1,000,000 in excess
thereof; provided, however, that if the aggregate amount of the Commitment of such assigning Lender hereunder and its commitment under the 20142018 Credit Agreement, or any agreement extending or replacing such
2014the 2018 Credit Agreement, is less than $25,000,000 on the date of such proposed assignment, such assigning Lender
may assign all, but not less than all, of its remaining rights and obligations under this Agreement and the 20142018 Credit Agreement, or any agreement extending or replacing such
2014the 2018 Credit Agreement (unless an assignment of a portion of such assigning Lender’s obligations hereunder
and thereunder is otherwise previously agreed among such assigning Lender, the Designated Agent and the Borrower), (iv) each such assignment shall be to an Eligible Assignee and (v) the parties to each such assignment (other than the Borrower)
shall execute and deliver to the Designated Agent, for 

 
its acceptance and recording in the Register, an Assignment and Acceptance, together with a processing and recordation fee of $3,500 provided that the Designated Agent
may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. Upon such execution, delivery, acceptance and recording, from and after the effective date specified in each Assignment and
Acceptance, (x) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Lender hereunder
and (y) the Lender assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights (other than any rights such Lender assignor may have
under Sections 2.11, 2.142.14, 8.04 and 8.08) and be
released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a
party hereto). 
 (b)    By executing and delivering an Assignment and Acceptance, the Lender assignor thereunder
and the assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such assigning Lender makes no representation or warranty and assumes no
responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any instrument or
document furnished pursuant hereto; (ii) such assigning Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of the
Borrower or any of its Subsidiaries any member of the Consolidated Group or the performance or observance by the Borrowerany Loan Party of any of its obligations under this Agreement or any instrument or document furnished pursuant hereto; (iii) such assignee
confirms that it has received a copy of this Agreement, together with copies of the financial statements referred to in Section 4.01(c), and such other documents and information as it has deemed appropriate to make its own credit analysis and
decision to enter into such Assignment and Acceptance; (iv) such assignee will, independently and without reliance upon the Designated Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (v) such assignee confirms that it is an Eligible Assignee; (vi) such assignee appoints and authorizes the Designated
Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Designated Agent by the terms hereof, together with such powers as are reasonably incidental thereto; and (vii) such
assignee agrees that it will perform in accordance with their terms all of the obligations which by the terms of this Agreement are required to be performed by it as a Lender. 

(c)    The Designated Agent shall maintain a copy of each Assignment and Acceptance and each Assumption Agreement
delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders and the Commitment of, and principal amount of the Advances owing to, each Lender from time to time (the
“Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the BorrowerLoan Parties, the Designated Agent and the Lenders may treat each
Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrowerany Loan Party or any Lender at any reasonable time and from time to time upon reasonable prior notice to the Designated Agent. 

(d)    Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an assignee representing that
it is an Eligible Assignee and, if applicable, the 

 
Borrower, together with any Note subject to such assignment, the Designated Agent shall, if such Assignment and Acceptance has been completed and is in substantially the form of Exhibit B hereto,
(i) accept such Assignment and Acceptance, (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Borrower. 

(e)    Each Lender may sell participations to one or more banks or other entities in or to all or a portion of its rights
and obligations under this Agreement (including, without limitation, all or a portion of its Commitment and the Advances owing to it and any Note issued to it hereunder); provided, however, that (i) such Lender’s obligations
under this Agreement (including, without limitation, its Commitment hereunder) shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the BorrowerLoan Parties, the Designated Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and (iv) such Lender
shall not agree in any participation agreement with any participant or proposed participant to obtain the consent of such participant before agreeing to the amendment, modification or waiver of any of the terms of this Agreement or any Note before
consenting to any action or failure to act by the Borrower or any other party hereunder or under any Note, or before exercising any rights it may have in respect thereof, unless such amendment, modification, waiver, consent or exercise would
(A) increase or extend the scheduled expiration of the amount of such participant’s portion of such Lender’s
Commitment, (B) reduce the principal amount of or rate of interest on the Advances or any fee or other amounts payable hereunder to which such participant would be entitled to receive a share under such participation agreement, or
(C) postpone any date fixed for any payment of principal of or interest on the Advances or any fee or other amounts payable hereunder to which such participant would be entitled to receive a share under such participation agreement. Each Lender
that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal
amounts (and stated interest) of each participant’s interest in the Advances or other obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose
all or any portion of the Participant Register (including the identity of any Participant or any information relating to a participant’s interest in any Commitments, Advances, Notes or its other obligations under this Agreement) to any Person
except to the extent that such disclosure is requested by such Person and is necessary to establish that such Commitment, Advance, Note or other obligation is in registered form under Section 5f.103-1(c)
of the U.S. Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for
all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Designated Agent (in its capacity as Designated Agent) shall have no responsibility for maintaining a Participant Register. 

(f)    Any Lender may, in connection with any assignment or participation or proposed assignment or participation pursuant
to this Section 8.07, disclose to the assignee or participant or proposed assignee or participant any information relating to the Borrowerany Loan Party furnished to such Lender by or on behalf of the
Borrowerany Loan
Party in writing and directly related to the transactions contemplated hereunder; provided that, prior to any such disclosure, the assignee or participant or proposed assignee or
participant shall agree to preserve the confidentiality of any confidential information relating to the
Borrowerany Loan
Party received by it from such Lender in accordance with the terms of Section 8.09(a). 

(g)    No participation or assignment hereunder shall be made in violation of the Securities Act of 1933, as amended from
time to time, or any applicable state securities laws, and 

 
each Lender hereby represents that it will make any Advance for its own account in the ordinary course of its business and not with a view to the public distribution or sale thereof. 

(h)    Anything in this Agreement to the contrary notwithstanding, any Lender may at any time assign or create a security
interest in all or any portion of its rights under this Agreement (including, without limitation, the Advances owing to it and any Note issued to it hereunder) in favor of any Federal Reserve Bank or any foreign central bank having authority over
such Lender in accordance with Regulation A of the Board of Governors of the Federal Reserve System (or any successor regulation thereto), any applicable operating circular of such Federal Reserve Bank or any other regulation issued by the
applicable foreign central bank; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

SECTION
8.08.    SECTION 8.08
Indemnification. The Borrower agrees to indemnify and hold harmless the Designated Agent, each Lender and each of their Affiliates and their respective officers, directors, employees,
agents and advisors (each, an “Indemnified Party”) from and against any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees and expenses of counsel) that may be incurred
by or asserted against any Indemnified Party, in each case arising out of or in connection with or by reason of, or in connection with the preparation for a defense of, any investigation, litigation or proceeding (whether or not an Indemnified Party
is a party thereto) arising out of, related to or in connection with the Commitments hereunder or the Advances made hereunder or any transactions in connection herewith, including, without limitation, any transaction in which any proceeds of the
Advances are, or are proposed to be, applied (collectively, the “Indemnified Matters”); provided that the Borrower shall have no obligation to any Indemnified Party under this Section 8.08 with respect to
(i) matters for which such Indemnified Party has been reimbursed by or on behalf of the Borrower pursuant to any other provision of this Agreement, but only to the extent of such reimbursement, or (ii) Indemnified Matters found by a court
of competent jurisdiction to have resulted from the willful misconduct or gross negligence of such Indemnified Party. If any action is brought against any Indemnified Party, such Indemnified Party shall promptly notify the Borrower in writing of the
institution of such action and the Borrower shall thereupon have the right, at its option, to elect to assume the defense of such action; provided, however, that the Borrower shall not, in assuming the defense of any Indemnified Party
in any Indemnified Matter, agree to any dismissal or settlement of such Indemnified Matter without the prior written consent of such Indemnified Party, which consent shall not be unreasonably withheld, if such dismissal or settlement (A) would
require any admission or acknowledgment of culpability or wrongdoing by such Indemnified Party or (B) would provide for any non-monetary relief to any Person to be performed by such Indemnified Party. If
the Borrower so elects, it shall promptly assume the defense of such action, including the employment of counsel (reasonably satisfactory to such Indemnified Party) and payment of expenses. Such Indemnified Party shall have the right to employ its
or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (1) the employment of such counsel shall have been authorized in writing by the Borrower in connection
with the defense of such action or (2) the Borrower shall not have properly employed counsel reasonably satisfactory to such Indemnified Party to have charge of the defense of such action, in which case such fees and expenses shall be paid by
the Borrower. If an Indemnified Party shall have reasonably concluded (based upon the advice of counsel) that the representation by one counsel of such Indemnified Party and
the
Borrowerany Loan
Party creates a conflict of interest for such counsel, the reasonable fees and expenses of such counsel shall be borne by the Borrower and the Borrower shall not have the right to direct the
defense of such action on behalf of such Indemnified Party (but shall retain the right to direct the defense of such action on behalf of the Borrower). Anything in this Section 8.08 to 

 
the contrary notwithstanding, the Borrower shall not be liable for the fees and expenses of more than one counsel for any Indemnified Party in any jurisdiction as to any Indemnified Matter or for
any settlement of any Indemnified Matter effected without its written consent. All obligations of the Borrower under this Section 8.08 shall survive the making and repayment of the Advances and the termination of this Agreement. This Section 8.08 shall not apply with respect to any Taxes indemnified under Section 2.14 or any Excluded Taxes. 

SECTION
8.09.    SECTION 8.09
Confidentiality. (a)  

(a)    
None of the Designated Agent or the Lenders may disclose to any Person any confidential, proprietary or non-public information of the
Borrowerany Loan
Party or any member of the Consolidated Group furnished to the Designated Agent or the Lenders by the Borrower or any of
its
Subsidiariesany
member of the Consolidated Group (such information being referred to collectively herein as the “Borrower Information”), except that each of the Designated Agent and each
of the Lenders may disclose Borrower Information (i) to its and its Affiliates’ employees, officers, directors, agents, auditors and advisors (it being understood that the Persons to whom such disclosure is made will be informed of the
confidential nature of such Borrower Information and instructed to keep such Borrower Information confidential on substantially the same terms as provided herein), (ii) to the extent requested by any regulatory authority or self-regulatory body,
(iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any other party to this Agreement, (v) in connection with the exercise of any remedies hereunder or any suit, action
or proceeding relating to this Agreement or the enforcement of rights hereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section 8.09(a), to any assignee of or participant in, or any
prospective assignee of or participant in, any of its rights or obligations under this Agreement, (vii) to the extent such Borrower Information (A) is or becomes generally available to the public on a
non-confidential basis, other than as a result of a breach of this Section 8.09(a) by the Designated Agent or such Lender, or (B) is or becomes available to the Designated Agent or such Lender on a non-confidential basis from a source other than the
BorrowerParent, its Affiliates or their
respective officers, directors, agents, auditors and advisors, provided such source is not bound by a confidentiality agreement or other legal or fiduciary obligations of secrecy with the BorrowerParent or its Affiliates with respect to the
Borrower Information, and (viii) with the consent of the BorrowerParent. 

(b)    The BorrowerEach Loan Party agrees to maintain the confidentiality of any rate provided by an individual Reference Bank hereunder for purposes of setting the Eurocurrency Rate (and the name of such Reference Bank), except (i) to its
and its Affiliates’ employees, officers, directors, agents, auditors and advisors (it being understood that the persons to whom such disclosure is made will be informed of the confidential nature of such information and instructed to keep such
information confidential on substantially the same terms as provided herein), (ii) as consented to by the applicable Reference Bank, (iii) to the extent requested by any regulatory authority or self-regulatory body, (iv) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process, (v) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights
hereunder or (vi) to the extent such rate (A) is or becomes generally available to the public on a non-confidential basis, other than as a result of a breach of this Section 8.09(b) by the Borrowerany Loan Party, or (B) is or becomes available to the
Borrowerany Loan
Party on a non-confidential basis from a source other than the applicable Reference Bank, provided, to its knowledge, such source is not bound by a
confidentiality agreement or other legal or fiduciary obligations of secrecy with such Reference Bank with respect to the rate. Notwithstanding the 

 
foregoing, it is understood that the
Borrowereach Loan
Party may disclose to any Lender the average of the rates quoted by the Reference Banks that provide rate quotes in connection with any determination of the Eurocurrency Rate. 

SECTION
8.10.    SECTION 8.10
Patriot Act. Each Lender and the Designated Agent hereby notifies the Borrowereach Loan Party that, pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the
Borrowereach Loan
Party, which information includes the name and address of the Borrowereach Loan Party and other information that will allow it to identify the
Borrowereach Loan
Party in accordance with the Patriot Act. The
BorrowerEach Loan
Party shall promptly provide such information upon request by any Lender or the Designated Agent. 

SECTION
8.11.    SECTION 8.11
Judgment. (a) (a) If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder in Dollars 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 Designated Agent could purchase Dollars with such other
currency at the Designated Agent’s principal office in London at 11:00 A.M. (London time) on the Business Day preceding that on which a final judgment is given. 

(b)    If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder in a
Committed Currency into Dollars, 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 Designated Agent could purchase
such Committed Currency with Dollars at the Designated Agent’s principal office in London at 11:00 A.M. (London time) on the Business Day preceding that on which final judgment is given. 

(c)    The obligation of the Borrower in respect of any sum due from it in any currency (the “Primary
Currency”) to any Lender or the Designated Agent hereunder shall, notwithstanding any judgment in any other currency, be discharged only to the extent that on the Business Day following receipt by such Lender or the Designated Agent (as
the case may be) of any sum adjudged to be due in such other currency, such Lender or the Designated Agent (as the case may be) may, in accordance with normal banking procedures, purchase the applicable Primary Currency with such other currency; if
the amount of the applicable Primary Currency so purchased is less than such sum due to such Lender or the Designated Agent (as the case may be) in the applicable Primary Currency, the Borrower agrees, as a separate obligation and notwithstanding
any such judgment, to indemnify such Lender or the Designated Agent (as the case may be) against such loss, and if the amount of the applicable Primary Currency so purchased exceeds such sum due to such Lender or the Designated Agent (as the case
may be) in the applicable Primary Currency, such Lender or the Designated Agent (as the case may be) agrees to remit to the Borrower such excess. 

SECTION
8.12.    SECTION 8.12
Consent to Jurisdiction and Service of Process. All judicial proceedings brought against the
Borrowerany Loan
Party with respect to this Agreement or any instrument or other documents delivered hereunder may be brought in any state or Federal court in the Borough of Manhattan in the State of New York, and
by execution and delivery of this Agreement, the Borrowereach Loan Party accepts, for itself and in connection with its
properties, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts, and irrevocably agrees to be bound by any final judgment rendered thereby in connection with this Agreement or any instrument or other document delivered
hereunder from which no appeal has 

 
been taken or is available. The
BorrowerEach Loan
Party agrees to receive service of process in any such proceeding in any such court at its office at 77 West 66th Street, 15th Floor, New York, New York 10023, Attention: Kenneth E. Newman (or at such other address in the Borough of Manhattan in the State of New York as the BorrowerParent shall notify the Designated Agent from time
to time) and, if the Borrowerany Loan Party ever ceases to maintain such office in the Borough of
Manhattan, irrevocably designates and appoints Corporation Service Company, 1180 Avenue of the Americas, Suite 210, New York, New York 10036, or any other address in the State of New York communicated by Corporation Service Company to the Designated
Agent, as its agent to receive on its behalf service of all process in any such proceeding in any such court, such service being hereby acknowledged by the Borrowereach Loan Party to be effective and binding service in every respect. 
 SECTION 8.13.    SECTION 8.13 Substitution of Currency. If a change in any Committed Currency occurs pursuant to any applicable law, rule or
regulation of any governmental, monetary or multi-national authority, this Agreement (including, without limitation, the definition of Eurocurrency Rate) will be amended to the extent determined by the Designated Agent (acting reasonably, in
consultation with the Borrower and in accordance with the terms of Section 8.01) to be necessary to reflect the change in currency and to put the Lenders and the Borrower in the same position, so far as possible, that they would have been in if
no change in such Committed Currency had occurred. 
 SECTION
8.14.    SECTION 8.14
Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. 

SECTION
8.15.    SECTION 8.15
Execution in Counterparts; Interpretation. This
Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier or other electronic means shall be effective as delivery of an original executed counterpart of this Agreement. A full set of executed counterparts of
this Agreement shall be lodged with each of the Designated Agent and the BorrowerParent. Any Notes issued hereunder shall be
delivered in original hard copy to the Lender requesting such Note. This Agreement and the Notes constitute the entire contract among the parties relating to the subject matter
hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof, including the commitments of the Lenders and, if applicable, their Affiliates under any commitment advices with respect
to the credit facility established hereby submitted by any Lender (but do not supersede any provisions of any fee letter executed by any Loan Party in connection with this Agreement). 

SECTION
8.16.    SECTION 8.16
Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties hereto
shall endeavor in good-faith negotiations to replace the prohibited or unenforceable provision with valid provisions the economic effect of which comes as close as possible to that of the prohibited or unenforceable provision. 

 SECTION 8.17.    SECTION 8.17 No Fiduciary Relationship. The
BorrowerEach Loan
Party, on behalf of itself and its subsidiaries, agrees that in connection with all aspects of the transactions contemplated hereby and any communications in connection therewith, the Designated
Agent, the Lenders and their Affiliates are acting pursuant to a contractual relationship on an arm’s-length basis, and the parties hereto do not intend that the Designated Agent, the Lenders or their
Affiliates act or be responsible as a fiduciary to the Borrowerany Loan Party, its management, stockholders, creditors or any other
Person. Each of the
BorrowerLoan
Parties, the Designated Agent, the Lenders and their Affiliates expressly disclaims any fiduciary relationship and agrees they are each responsible for making their own independent judgments with
respect to any transactions entered into between them. 
 SECTION
8.18.    SECTION 8.18
Non-Public Information. Each Lender acknowledges that all information, including requests for waivers and amendments, furnished by the Borrowerany Loan Party or the Designated Agent pursuant to or in connection with, or in the course of administering, this Agreement will be
syndicate-level information, which may contain material non-public information with respect to the Borrowerany Loan Party, its subsidiaries or their securities. Each Lender represents to the Borrowereach Loan Party and the Designated Agent that (i) it has developed compliance procedures regarding the use of such material non-public information and that it will handle such
material non-public information in accordance with such procedures and applicable law, including Federal, state and foreign securities laws, and (ii) it has identified to the Designated Agent a credit
contact who may receive information that may contain such material non-public information in accordance with its compliance procedures and applicable law, including Federal, state and foreign securities laws.

 SECTION
8.19.    SECTION 8.19
Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in this Agreement or in
any other agreement, arrangement or understanding among the parties hereto, each party hereto acknowledges that any liability of any EEA Financial Institution arising under this Agreement, to the extent such liability is unsecured, may be subject to
the write-down and conversion powersWrite-Down and Conversion Powers of an EEA Resolution Authority
(exercised in accordance with the relevant Bail-In Legislation) and consents to and acknowledges and agrees to be bound by: 

(a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 
 (b)    the
effects of any Bail-In Action on any such liability, including, if applicable: 

(i)    a reduction in full or in part or cancellation of any such liability; 

(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership
in such EEA Financial Institution, its parent entity or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to
any such liability under this Agreement or any other Loan Document, subject to the right of such recipient to decline ownership of such shares or other instruments of ownership, in which case, subject as provided in the relevant Bail-In Legislation, any such liability may 

 
be reduced or cancelled, as the case may be, to the same extent as if such shares or other instruments of ownership had been accepted; or 

(iii)    the variation of the terms of such liability in connection with the exercise of the write-downWrite-Down and conversion powersConversion Powers of any EEA Resolution Authority. 
 The following terms shall for purposes of this Section have
the meanings set forth below: 
 “Bail-In Action” means the exercise of any
Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of such EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU
Bail-In Legislation Schedule. 
 “EEA Financial Institution” means
(a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution
described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clause (a) or (b) of this definition and is subject to consolidated
supervision with its parent. 
 “EEA Member Country” means any member state of the European Union, Iceland,
Liechtenstein and Norway. 
 “EEA Resolution Authority” means any public administrative authority or any person
entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion
powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
 ARTICLE
IX 

GUARANTY 

SECTION
9.01.    The Guaranty. The Guarantor hereby irrevocably and unconditionally guarantees, from and after the
Fox Acquisition Closing Date, the full and punctual payment when due (whether at stated maturity, upon acceleration or otherwise) of all obligations of the Borrower under this Agreement and the other Loan Documents, including, without limitation, (i) the principal of and interest on each Advance made to the Borrower and (ii) all other amounts payable by the
Borrower under this Agreement and the  

 
other Loan Documents, including, without limitation, all fees, expenses, reimbursements, indemnities and other monetary obligations,
whether absolute or contingent, matured or unmatured, liquidated or unliquidated, including monetary
obligations incurred under this Agreement or any other Loan Document during the pendency of any bankruptcy, insolvency, receivership or other similar process, regardless of whether allowed or allowable in such proceeding (all of the foregoing being
referred to collectively as the “Guaranteed
Obligations”). Upon the failure by the Borrower to pay punctually when due any such
amount, subject to any applicable grace or notice and cure period, the Guarantor agrees that, from and after the Fox Acquisition Closing Date, it shall forthwith pay such amount at the place and in the manner specified in this Agreement. The
Guarantor hereby agrees that, from and after the Fox Acquisition Closing Date, the Guaranty is an absolute, irrevocable and unconditional guaranty of payment and is not a guaranty of collection.

 SECTION
9.02.    Guaranty Unconditional. The obligations of the Guarantor under the Guaranty shall, from and after
the Fox Acquisition Closing Date, be unconditional and absolute and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by: 

(a)    
any extension, renewal, settlement, 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, in each case other than the payment in full in cash of the Guaranteed
Obligations (other than contingent obligations that have not yet arisen); 
 (b)    any modification or amendment of or supplement
to this 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; provided that the Guarantor has consented to any such modification, amendment or supplement in writing if its
consent thereto is otherwise required under this Agreement or the other Loan Documents; 

(c)    
any change in the corporate, partnership, limited liability company or other existence, structure or ownership of the Borrower or the Guarantor, or any insolvency, bankruptcy,
reorganization or other similar proceeding affecting the Borrower or any of its assets, in each case other than the payment in full in cash of the Guaranteed Obligations (other than contingent obligations that have not yet arisen); 
 (d)    the existence of any claim, setoff or other rights which the Guarantor may have at any time against the Borrower, any
other guarantor of any of the Guaranteed Obligations, any Guaranty Beneficiary or any other Person, whether in connection with the Guaranty or in connection with any unrelated transactions, provided that nothing in this Article IX shall prevent the
assertion of any such claim by separate suit or compulsory counterclaim;  
 (e)    the unenforceability or invalidity of the
Guaranteed Obligations or any part thereof or the lack of genuineness, enforceability or validity of any agreement relating thereto, or any other invalidity or unenforceability relating to or against the  

 
Borrower or any other guarantor of any of the Guaranteed Obligations (other than any defense that the Borrower has for payment in full
in cash of the Guaranteed Obligations (other than contingent obligations that have not yet arisen)) for any reason related to this 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; or 
 (f)    any other act or omission to act or delay of any kind by the Borrower, any Guaranty Beneficiary or any other Person or
any other circumstance whatsoever which might, but for the provisions of this Section 9.02, constitute a legal or equitable discharge of the Guarantor’s obligations under this Article IX or otherwise reduce, release, prejudice or extinguish its liability under the
Guaranty, in each case other than the payment in full in cash of the Guaranteed Obligations (other than contingent obligations that have not yet arisen) or performance by the Borrower of its obligations under this Agreement and the other Loan
Documents. 

SECTION
9.03.    Continuing Guaranty; Discharge and Reinstatement. From and after the Fox Acquisition Closing Date,
the Guarantor’s obligations under this Article IX shall constitute a continuing and irrevocable
guarantee of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until all Guaranteed Obligations shall have been paid in full in cash (other than contingent obligations that have not yet arisen) and the
Commitments shall have terminated or expired, at which time, subject to all the foregoing conditions, the obligations of the Guarantor under the Guaranty shall automatically terminate. If at any time any payment of the principal of or interest on
any Advance or any other Guaranteed Obligation (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
(including pursuant to any settlement entered into by any Guaranty Beneficiary in its discretion), the Guarantor’s obligations under the Guaranty with respect to such payment shall be reinstated as though such payment had been due but not made at such
time. 
 SECTION
9.04.    Waivers. The Guarantor irrevocably waives acceptance of the Guaranty, presentment, demand or action
on delinquency, protest, the benefit of any statute of limitations and, to the fullest extent permitted by law, any notice not provided for in this Agreement or under any other Loan Document, 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. Notwithstanding anything to the contrary in this Article IX, the Guarantor hereby absolutely, unconditionally, knowingly, and expressly
waives, to the fullest extent permitted by law: 
 (a)    any right it may have to revoke the Guaranty
as to future indebtedness or notice of acceptance hereof; 
 (b)    (i) notice of acceptance of the Guaranty;
(ii) notice of any Advances or other financial accommodations made or extended under the Loan Documents or the creation or existence of any Guaranteed Obligations; (iii) notice of the amount of the Guaranteed Obligations,
subject, however, to the Guarantor’s right to make inquiry of the Guaranty Beneficiaries to
ascertain the amount of the Guaranteed Obligations at any reasonable time; (iv) notice of any adverse change in the financial condition of the Borrower or of any other fact
that might increase the Guarantor’s risk hereunder; (v) notice of  

 
presentment for payment, demand, protest, and notice thereof as to any instruments among the Loan Documents, other than demand for
payment under the Guaranty; (vi) notice of any Event of Default or any event or condition that constitutes, or upon notice, lapse of time or both would constitute, an Event
of Default; and (vii) all other notices (except if such notice is expressly required to be given to the Guarantor hereunder) and demands to which the Guarantor might
otherwise expressly be entitled; and 
 (c)    its right, if any, to require any Guaranty
Beneficiary or any other Person to institute suit against, or to exhaust any rights and remedies which any Guaranty Beneficiary or any other Person have or may have against, any third party.

 SECTION
9.05.    Subrogation. The Guarantor shall not exercise any right of subrogation, contribution, indemnity,
reimbursement or similar rights with respect to any payments it makes under the Guaranty until all of the Guaranteed Obligations and any amounts payable under the Guaranty have been paid in full in cash (other than contingent obligations that have
not yet arisen) and all Commitments have terminated. If any amounts are paid to the Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Guaranty Beneficiaries and shall forthwith be
paid to such Persons to reduce the amount of the Guaranteed Obligations, whether matured or
unmatured. 

SECTION
9.06.    Stay of Acceleration. If acceleration of the time for payment of any amount payable by the Borrower
under this 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 this Agreement or any other
Loan Document shall nonetheless be payable by the Guarantor under the Guaranty forthwith on demand by the Designated Agent. 

SECTION
9.07.    Taxes. The Guarantor agrees that the provisions of Section 2.14 shall be applicable, mutatis
mutandis, to all payments required to be made by the Guarantor under the Guaranty, as if each reference in such Section to the Borrower were a reference to the
Guarantor. 
 [Remainder of Page Intentionally Left Blank]Exhibit 10.1

 

XPRESSPA GROUP, INC.

 

INDEMNITY AGREEMENT

 

This Indemnity Agreement
(the “Agreement”) is made as of December 26, 2018 by and between XpresSpa Group Inc., a Delaware corporation (the “Company”),
and Richard Abbe (“Indemnitee”). This Agreement supersedes and replaces any and all previous agreements between the
Company and Indemnitee covering the subject matter of this Agreement.

 

RECITALS

 

WHEREAS, highly competent
persons have become more reluctant to serve publicly-held corporations as directors or officers or in other capacities unless they
are provided with adequate protection through indemnification against inordinate risks of claims and actions against them arising
out of their service to and activities on behalf of the corporation.

 

WHEREAS, the Company’s
amended and restated certificate of incorporation and amended and restated bylaws (collectively, the “Organizational Documents”)
require indemnification of the officers and directors of the Company, and Indemnitee may also be entitled to indemnification pursuant
to applicable provisions of the Delaware General Corporation Law (“DGCL”). The Organizational Documents and the DGCL
expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts
may be entered into between the Company and members of the board of directors (the “Board”), officers and other persons
with respect to indemnification.

 

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such
persons to the fullest extent permitted by applicable law so that they will be free from undue concern that they will not be so
indemnified.

 

WHEREAS, this Agreement
is a supplement to and in furtherance of the Organizational Documents and any resolutions adopted pursuant thereto, and shall not
be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

WHEREAS, the Indemnitee
may be party to a previous indemnification agreement or agreements with the Company (each, a “Prior Agreement”).

 

WHEREAS, the parties
desire to supersede and replace each Prior Agreement, if any, in its entirety and hereby agree that this Agreement shall govern
the rights of Indemnitee with respect to the subject matter of this Agreement henceforth.

 

NOW, THEREFORE, in
consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

1.                  
Services to the Company. Indemnitee will serve or continue to serve as an officer, director or key employee
of the Company for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his resignation or is terminated.

 

2.                  
Definitions. As used in this Agreement:

 

(a)               
“Corporate Status” describes the status of a person who is or was a director, officer, trustee, general partner,
managing member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is
or was serving at the request of the Company.

 

     

     

    

 

(b)               
“Disinterested Director” shall mean a director of the Company who is not and was not a party to the Proceeding
(as defined below) in respect of which indemnification is sought by Indemnitee.

 

(c)               
“Enterprise” shall mean the Company and any other corporation, constituent corporation (including any constituent
of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party,
limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is
or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee
or agent.

 

(d)               
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(e)               
“Expenses” shall mean all reasonable costs, expenses, fees and charges, including, without limitation, attorneys’
fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing
and binding costs, telephone charges, postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee
as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties, and all other
disbursements or expenses in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or
preparing to be a witness in, or otherwise participating in, a Proceeding (as defined below). Expenses also shall include Expenses
incurred in connection with any appeal resulting from any Proceeding (as defined below), including, without limitation, the premium,
security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent.

 

(f)                
“Indemnity Obligations” shall mean all obligations of the Company to Indemnitee under this Agreement, including
the Company’s obligations to provide indemnification to Indemnitee and advance Expenses to Indemnitee under this Agreement.

 

(g)               
“Independent Counsel” shall mean a law firm or a member of a law firm that is experienced in matters of corporation
law and neither presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter
material to either such party (other than with respect to matters concerning other indemnitees under similar indemnification agreements);
or (ii) any other party to the Proceeding (as defined below) giving rise to a claim for indemnification hereunder.

 

(h)               
“Liabilities” means all claims, liabilities, damages, losses, judgments, orders, fines, penalties and other
amounts payable in connection with, arising out of, or in respect of or relating to any Proceeding, including, without limitation,
amounts paid in settlement in any Proceeding and all costs and expenses in complying with any judgment, order or decree issued
or entered in connection with any Proceeding or any settlement agreement, stipulation or consent decree entered into or issued
in settlement of any Proceeding.

 

(i)                
References to “serving at the request of the Company” shall include any service as a director, officer, employee
or agent of the Company which imposes duties on such persons, including duties relating to an employee benefit plan, its participants
or beneficiaries; and references to “not opposed to the best interest of the corporation” describes the actions of
a person who acts in good faith and in a manner he or she reasonably believes to be in the best interests of the participants and
beneficiaries of an employee benefit plan.

 

(j)                
The term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as in
effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries (as
defined below) of the Company; (iii) any employee benefit plan of the Company or of a Subsidiary (as defined below) of the Company
or of any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as
their ownership of stock of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan
of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the stockholders
of the Company in substantially the same proportions as their ownership of stock of the Company.

 

    	 	2	 

     

    

 

(k)               
The term “Proceeding” shall include any threatened, pending or completed action, claim, suit, arbitration, alternate
dispute resolution mechanism, investigation, inquiry, administrative hearing or any other threatened, pending or completed proceeding,
whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims),
criminal, administrative, investigative, formal or informal nature, including any appeal therefrom, in each case, in which Indemnitee
was, is or will be, or is threatened to be, involved as a party, witness or otherwise by reason of the fact that Indemnitee is
or was a director or officer of the Company, by reason of any action (or failure to act) taken by him or of any action (or failure
to act) on his part while acting as a director or officer of the Company, or by reason of the fact that he is or was serving at
the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent of any
other Enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which
indemnification, reimbursement, or advancement of Expenses can be provided under this Agreement. If the Indemnitee believes in
good faith that a given situation may lead to or culminate in the institution of a Proceeding, such situation shall be considered
a Proceeding under this paragraph.

 

(l)                
The term “Subsidiary,” with respect to any Person, shall mean any corporation or other entity of which a majority
of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by that Person.

 

3.                  
Indemnity in Third-Party Proceedings. The Company shall indemnify and hold harmless Indemnitee, to the fullest
extent permitted by applicable law, in accordance with the provisions of this Section 3 if Indemnitee was or is a party to or a
participant (as a witness or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure
a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified against all Liabilities and Expenses incurred
by Indemnitee or on his behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in
good faith and in a manner he reasonably believed to be in or not opposed to the best interest of the Company and, in the case
of a criminal Proceeding, had no reasonable cause to believe that his conduct was unlawful. The parties hereto intend that this
Agreement shall provide to the fullest extent permitted by law for indemnification in excess of that expressly permitted by statute,
including, without limitation, any indemnification provided by the Organizational Documents, vote of its stockholders or Disinterested
Directors or applicable law.

 

4.                  
Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify and hold harmless
Indemnitee, to the fullest extent permitted by applicable law, in accordance with the provisions of this Section 4 if Indemnitee
was or is a party to or a participant (as a witness or otherwise) in any Proceeding by or in the right of the Company to procure
a judgment in its favor. Pursuant to this Section 4, Indemnitee shall be indemnified against all Liabilities and Expenses incurred
in connection with the Proceeding, if Indemnitee acted in good faith and in a manner he reasonably believed to be in or not opposed
to the best interests of the Company. No indemnification for Liabilities and Expenses shall be made under this Section 4 in respect
of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless
and only to the extent that any court in which the Proceeding was brought or any court of competent jurisdiction shall determine
upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly
and reasonably entitled to indemnification.

 

    	 	3	 

     

    

 

5.                  
Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions
of this Agreement, and without limiting the rights of Indemnitee under any other provision hereof, to the fullest extent permitted
by applicable law, to the extent that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise,
in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify and hold
harmless Indemnitee against all Expenses incurred by him in connection therewith. If Indemnitee is not wholly successful in such
Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such
Proceeding, the Company shall indemnify and hold harmless Indemnitee against all Liabilities and Expenses incurred by him or on
his behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation,
the termination of any claim, issue or matter in such a Proceeding by settlement, entry of a plea of nolo contendere or by dismissal,
with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

6.                  
Indemnification For Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest
extent permitted by applicable law and to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness
or otherwise asked to participate in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Liabilities
and Expenses suffered or incurred by him or on his behalf in connection therewith.

 

7.                  
Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification
by the Company for some or a portion of Liabilities and Expenses, but not, however, for the total amount thereof, the Company shall
nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

 

8.                  
Additional Indemnification. 

 

(a)               
Notwithstanding any limitation in Sections 3, 4, or 5, the Company hereby covenants and agrees to indemnify and hold harmless
Indemnitee to the fullest extent permitted by applicable law if Indemnitee is a party to or threatened to be made a party to any
Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all liabilities,
obligations to pay a judgment, settlement, penalty, fine (including an excise tax assessed with respect to any employee benefit
plan), and Liabilities and Expenses incurred by Indemnitee in connection with the Proceeding. In furtherance and not in limitation
of the foregoing, the Company shall indemnify and hold harmless Indemnitee (i) to the fullest extent permitted by the provision
of the DGCL that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment
to or replacement of the DGCL, and (ii) to the fullest extent authorized or permitted by any amendments to or replacements of the
DGCL adopted after the date of this Agreement that increase the extent to which a limited liability company, corporation or other
business enterprise may indemnify its officers and directors.

 

(b)               
Notwithstanding any other provision of this Agreement, and to the fullest extent permitted by applicable
law, Indemnitee shall be indemnified for any Expenses
associated with Indemnitee’s contemplated or actual departure from the Board of Directors of XpresSpa Group, Inc., including
but not limited to, Indemnitee’s legal fees in connection with Indemnitee’s contemplated or actual departure from the
Board.

 

(c)               
Notwithstanding any other provision of this Agreement and notwithstanding any concurrent or ongoing representation of Indemnitee
by the Company’s legal counsel, Indemnitee shall be indemnified for any Expenses and legal fees incurred by Indemnitee in
connection with the litigation or appeal of the case captioned Moreton Binn and Marisol F, LLC v. Bernstein et al., Civil
Action No. 1:17-cv-08594-LLS (the “Binn Litigation”), including but not limited to any Expenses and legal fees incurred
by separate or concurrent counsel retained by Indemnitee in the Binn Litigation. The Company acknowledges Indemnitee’s right
to engage separate or concurrent counsel with respect to the Binn Litigation.

 

9.                  
Exclusions. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this
Agreement to make any indemnity in connection with any claim made against Indemnitee, except as otherwise provided in Section 14(e)
hereof, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or
any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees,
unless the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation.

 

    	 	4	 

     

    

 

10.              
Advances of Expenses; Defense of Claim. 

 

(a)               
Notwithstanding any provision of this Agreement to the contrary, and to the fullest extent permitted by applicable law,
the Company shall advance the Expenses incurred by Indemnitee in connection with any Proceeding within ten (10) days after the
receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final
disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s
ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other
provisions of this Agreement. Advances shall include any and all Expenses incurred pursuing a Proceeding to enforce this right
of advancement. The Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement, which
shall constitute an undertaking providing that the Indemnitee undertakes to the fullest extent permitted by law to repay the advance
(without interest) if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final judgment,
not subject to appeal, or, if no such determination is made by a court of competent jurisdiction, then by the Board, that Indemnitee
is not entitled to be indemnified by the Company. No other form of undertaking shall be required other than the execution of this
Agreement. This Section 10(a) shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section
9.

 

(b)               
The Company will be entitled to participate in the Proceeding at its own expense.

 

11.              
Procedure for Notification and Defense of Proceeding.

 

(a)               
Indemnitee shall notify the Company in writing of any Proceeding with respect to which Indemnitee intends to seek indemnification
or advancement of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof.
The written notification to the Company shall include a description of the nature of the Proceeding and the facts underlying the
Proceeding. To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including
therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to
determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such action,
suit or proceeding. Any delay or failure by Indemnitee to notify the Company hereunder will not relieve the Company from any liability
which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay or failure in so notifying the
Company shall not constitute a waiver by Indemnitee of any rights under this Agreement. The Secretary of the Company shall, promptly
upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.

                

(b)               
Subject to Section 8(c), in the event Indemnitee is entitled to indemnifications and/or advancement of Expenses with respect
to any Proceeding, Indemnitee may, at Indemnitee’s option, (i) retain counsel selected by Indemnitee and approved by the
Company (which approval shall not be unreasonably withheld, conditioned or delayed) to defend Indemnitee in such Proceeding, at
the sole expense of the Company, or (ii) have the Company assume the defense of Indemnitee in such Proceeding, in which case the
Company shall assume the defense of such Proceeding with counsel selected by the Company and approved by Indemnitee (which approval
shall not be unreasonably withheld, conditioned or delayed) within ten (10) days of the Company’s receipt of written notice
of Indemnitee’s election to cause the Company to do so. If the Company is required to assume the defense of any such Proceeding,
it shall engage legal counsel for such defense, and the Company shall be solely responsible for all fees and Expenses of such
legal counsel and otherwise of such defense. Such legal counsel may represent both Indemnitee and the Company (and/or any other
party or parties entitled to be indemnified by the Company with respect to such matter) unless, in the reasonable opinion of legal
counsel to Indemnitee, there is a conflict of interest between Indemnitee and the Company (or any other such party or parties)
or there are legal defenses available to Indemnitee that are not available to the Company (or any such other party or parties).
Notwithstanding either party’s assumption of responsibility for defense of a Proceeding, each party shall have the right
to engage separate counsel at its own expense. The party having responsibility for defense of a Proceeding shall provide the other
party and its counsel with all copies of pleadings and material correspondence relating to the proceeding. Indemnitee and the
Company shall reasonably cooperate in the defense of any Proceeding with respect to which indemnification is sought hereunder,
regardless of whether the Company or Indemnitee assumes the defense thereof. Indemnitee may not settle or compromise any Proceeding
without the prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed. The
Company may not settle or compromise any proceeding without the prior written consent of Indemnitee, which consent shall not be
unreasonably withheld, conditioned or delayed. For the avoidance of doubt and notwithstanding any concurrent or ongoing representation
of Indemnitee by the Company’s legal counsel, Indemnitee shall be indemnified for any Expenses and legal fees incurred by
Indemnitee in connection with the litigation or appeal of the case captioned Moreton Binn and Marisol F, LLC v. Bernstein et
al., Civil Action No. 1:17-cv-08594-LLS (the “Binn Litigation”), including but not limited to any Expenses and
legal fees incurred by separate or concurrent counsel retained by Indemnitee in the Binn Litigation. The Company acknowledges
Indemnitee’s right to engage separate or concurrent counsel with respect to the Binn Litigation.

 

    	 	5	 

     

    

 

12.              
Procedure Upon Application for Indemnification. 

 

(a)               
A determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall
be made in the specific case by one of the following methods, which shall be at the election of Indemnitee: (i) by a majority vote
of a quorum of the Disinterested Directors; or (ii) by Independent Counsel in a written opinion to the Board, a copy of which shall
be delivered to Indemnitee. The Company promptly will advise Indemnitee in writing with respect to any determination that Indemnitee
is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied.
If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days
after such determination. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with
respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable
advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably
available to Indemnitee and reasonably necessary to such determination. Any Expenses (including attorneys’ fees and disbursements)
incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company
(irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Company hereby indemnifies and agrees
to hold Indemnitee harmless therefrom. The Company will not deny any written request for indemnification hereunder made in good
faith by Indemnitee unless a determination as to Indemnitee’s entitlement to such indemnification described in this Section
12(a) has been made. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and
to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this
Agreement or its engagement pursuant hereto.

 

(b)               
In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section
12(a) hereof, (i) the Independent Counsel shall be selected by the Company within ten (10) days of the Submission Date (as defined
below) (the cost of each such counsel to be paid by the Company), (ii) the Company shall give written notice to Indemnitee advising
him of the identity of the Independent Counsel so selected and (iii) Indemnitee may, within ten (10) days after such written notice
of selection shall have been given, deliver to the Company Indemnitee’s written objection to such selection. Absent a timely
objection, the person so selected shall act as Independent Counsel. If a written objection is so made by Indemnitee, the Independent
Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn. If no Independent Counsel
shall have been selected and not objected to before thirty (30) days after the submission by Indemnitee of a written request for
indemnification pursuant to Section 12(a) hereof (the “Submission Date”), each of the Company and Indemnitee
shall select a law firm or member of a law firm meeting the qualifications to serve as Independent Counsel, and such law firms
or members of law firms shall select the Independent Counsel. Upon the due commencement of any judicial proceeding or arbitration
pursuant to Section 14(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility
in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

    	 	6	 

     

    

 

13.              
Presumptions and Effect of Certain Proceedings.

 

(a)               
In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making
such determination shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under
this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 12(a) of this Agreement, and
the Company shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption in connection
with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the
Company (including by its directors or Independent Counsel) to have made a determination prior to the commencement of any action
pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard
of conduct, nor an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee has
not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met
the applicable standard of conduct.

 

(b)               
Subject to Section 14(f), if the person, persons or entity empowered or selected under Section 12 of this Agreement to determine
whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the
Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent not
prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent a prohibition of
such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not
to exceed an additional thirty (30) days, if (i) the determination is to be made by Independent Counsel and Indemnitee objects
to the Company’s selection of Independent Counsel and (ii) the Independent Counsel ultimately selected requires such additional
time for the obtaining or evaluating of documentation and/or information relating thereto.

 

(c)               
The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction,
or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

(d)               
To the greatest extent permitted by applicable law, settlement of any Proceeding without any finding of responsibility,
wrongdoing or guilt on the part of the Indemnitee with respect to claims asserted in such Proceeding shall constitute a conclusive
determination that Indemnitee is entitled to indemnification hereunder with respect to such Proceeding.

 

(e)               
For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s
action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied
to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise
or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser
or other expert selected by the Enterprise. The provisions of this Section 13(e) shall not be deemed to be exclusive or to limit
in any way the other circumstances in which the Indemnitee may be deemed or found to have met the applicable standard of conduct
set forth in this Agreement.

 

    	 	7	 

     

    

 

(f)                
The knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, managing member, fiduciary,
agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification
under this Agreement.

 

14.              
Remedies of Indemnitee.

 

(a)               
In the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to
indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely
made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant
to Section 12 of this Agreement within ten (10) days after receipt by the Company of the request for indemnification, (iv) payment
of indemnification is not made pursuant to Section 5 or 6 or the last sentence of Section 12(a) of this Agreement within ten (10)
days after receipt by the Company of a written request therefor, (v) payment of indemnification pursuant to Section 3, 4 or 8 of
this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification,
or (vi) in the event that the Company or any other person takes or threatens to take any action to declare this Agreement void
or unenforceable, or institutes any litigation or other action or Proceeding designed to deny, or to recover from, the Indemnitee
the benefits provided or intended to be provided to the Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by
the Delaware Chancery Court (as defined below) to such indemnification, contribution or advancement of Expenses. Alternatively,
Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the
Commercial Arbitration Rules of the American Arbitration Association. The Company shall not oppose Indemnitee’s right to
seek any such adjudication or award in arbitration.

 

(b)               
In the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not
entitled to indemnification, any judicial or arbitration proceeding commenced pursuant to this Section 14 shall be conducted in
all respects as a de novo trial or arbitration on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.
In any judicial proceeding or arbitration commenced pursuant to this Section 14, Indemnitee shall be presumed to be entitled to
indemnification under this Agreement and the Company shall have the burden of proving Indemnitee is not entitled to indemnification
or advancement of Expenses, as the case may be. If Indemnitee commences a judicial proceeding pursuant to this Section 14, Indemnitee
shall not be required to reimburse the Company for any advances pursuant to Section 10 until a final determination is made with
respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

 

(c)               
If a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14,
absent a prohibition of such indemnification under applicable law.

 

(d)               
The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial or arbitration
proceeding commenced pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding
and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions
of this Agreement. It is the intent of the Company that the Indemnitee not be required to incur legal fees or other Expenses associated
with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because
the cost and expense thereof would substantially detract from the benefits intended to be extended to the Indemnitee hereunder.

 

    	 	8	 

     

    

 

(e)               
The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and,
if requested by Indemnitee, shall (within ten (10) days after the Company’s receipt of such written request) advance to Indemnitee,
to the fullest extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial
proceeding brought by Indemnitee (i) to enforce his rights under, or to recover damages for breach of, this Agreement or any other
indemnification, advancement or contribution agreement or provision of the Organizational Documents now or hereafter in effect;
or (ii) for recovery or advances under any insurance policy maintained by any person for the benefit of Indemnitee, regardless
of whether Indemnitee ultimately is determined to be entitled to such indemnification, advance, contribution or insurance recovery,
as the case may be.

 

(f)                
Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under
this Agreement shall be required to be made prior to the final disposition of the Proceeding; provided that, in absence of any
such determination with respect to such Proceeding, the Company shall pay Liabilities and advance Expenses with respect to such
Proceeding as if the Company had determined the Indemnitee to be entitled to indemnification and advancement of Expenses with respect
to such Proceeding.

 

15.              
Non-Exclusivity; Survival of Rights; Insurance.

 

(a)               
The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive
of any other rights to which Indemnitee may at any time be entitled under applicable law, the Organizational Documents, any agreement,
a vote of stockholders or a resolution of the Board, or otherwise. No amendment, alteration or repeal of this Agreement or of any
provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted
by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. To the extent that a change
in applicable law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would
be afforded currently under the Organizational Documents or this Agreement, it is the intent of the parties hereto that Indemnitee
shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended
to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of
any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

(b)               
To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers,
employees, or agents of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other
Enterprise, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent
of the coverage available for any such director, officer, employee or agent under such policy or policies. If, at the time of the
receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect,
the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set
forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to
pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.
The Company shall be obligated to maintain any such insurance policy or policies for so long as Indemnitee shall be subject to
any possible Proceeding by reason of his Corporate Status, whether or not he is acting in such capacity at the time any liability
or expense is incurred.

 

(c)               
The indemnification and contribution provided for in this Agreement will remain in full force and effect regardless of any
investigation made by or on behalf of Indemnitee.

 

16.              
Form 8-K and Publicity. Indemnitee hereby acknowledges and agrees that the statements included in the form
of Current Report on Form 8-K attached hereto as Exhibit A are true and correct.

 

    	 	9	 

     

    

 

17.              
Duration of Agreement. All agreements and obligations of the Company contained herein shall continue during
the period Indemnitee serves as a director or officer of the Company or as a director, officer, trustee, partner, managing member,
fiduciary, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise
which Indemnitee serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any
possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of
this Agreement) by reason of his Corporate Status, whether or not he is acting in any such capacity at the time any liability or
expense is incurred for which indemnification can be provided under this Agreement, and shall inure to the benefit of the heirs,
executors and administrators of Indemnitee.

 

18.              
Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable
for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including,
without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to
be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or
impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be
deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties
hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of
any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

19.              
Enforcement and Binding Effect.

 

(a)               
Without limiting any of the rights of Indemnitee under the Organizational Documents as they may be amended from time to
time, this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject
matter hereof. For the avoidance of doubt, this Agreement supersedes and replaces any Prior Agreement in its entirety and any such
Prior Agreement shall terminate and be of no further force and effect.

 

(b)               
The indemnification and advancement of Expenses provided by or granted pursuant to this Agreement shall be binding upon
and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor
by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue
as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or of any other Enterprise at the
Company’s request, and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors
and administrators and other legal representatives.

 

(c)               
The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise)
to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and
substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform if no such succession had taken place.

 

(d)               
The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be
inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly,
the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof,
without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance
Indemnitee shall not be precluded from seeking or obtaining any other relief to which he may be entitled. The Company and Indemnitee
further agree that Indemnitee shall be entitled to such specific performance and injunctive relief, including temporary restraining
orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection
therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court
of competent jurisdiction, and the Company hereby waives any such requirement of such a bond or undertaking.

 

    	 	10	 

     

    

 

20.              
Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless
executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute
a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

 

21.              
Notices. All notices, requests, demands and other communications under this Agreement shall be in writing
and shall be deemed to have been duly given (i) if delivered by hand and receipted for by the party to whom said notice or other
communication shall have been directed, (ii) mailed by certified or registered mail with postage prepaid, on the third (3rd) business
day after the date on which it is so mailed, or (iii) when sent by electronic mail if sent during normal business hours of the
recipient, and if not so confirmed, then on the next business day:

 

(a)               
If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee
shall provide in writing to the Company.

 

(b)               
If to the Company, to:

 

XpresSpa Group, Inc.

780 Third Avenue, 12th
Floor

New York, NY 10017

Fax: (212) 309-7549

 

or to any other address as may have been
furnished to Indemnitee in writing by the Company.

 

22.              
Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for
in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall
contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid
in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such
proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the
relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such
Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in
connection with such event(s) and/or transaction(s).

 

23.              
Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall
be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict
of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, the
Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection
with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Chancery Court”),
and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to
submit to the exclusive jurisdiction of the Delaware Chancery Court for purposes of any action or proceeding arising out of or
in connection with this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the Delaware
Chancery Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the
Delaware Chancery Court has been brought in an improper or inconvenient forum.

 

24.              
Identical Counterparts; Construction. This Agreement may be executed in one or more counterparts (including
by facsimile or electronic transmission), each of which shall for all purposes be deemed to be an original but all of which together
shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought
needs to be produced to evidence the existence of this Agreement. For purposes of this agreement, references to any gender include
each other gender.

 

***

 

    	 	11	 

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be signed as of the day and year first above written.

 

	
        XPRESSPA GROUP, INC.

         

         
	INDEMNITEE
	By: /s/ Edward Jankowski	
        /s/ Richard Abbe

         

	
        Name:                    Edward Jankowski

        Address:               XpresSpa Group, Inc.

        780 Third Avenue, 12th Floor

        New York, NY 10017

        Tel.: (212) 309-7549

         
	
        Name:            Richard Abbe

        Address:      205 East 42nd St., 20th Fl.

        New York, NY 10017

        Tel.: (212) 974-3070

        Fax: (347) 408-0969

         

 

 

    	 	12	 

     

    

 

 

Exhibit A

 

 

 

    	 	13

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