Document:

EX-4.4

 Exhibit 4.4 

HOLOGIC, INC. 
 4.625%
SENIOR NOTES DUE 2028 
 INDENTURE 

Dated as of January 19, 2018 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

as Trustee 

 TABLE OF CONTENTS 

 
  

 

					
	PAGE	 
	
	ARTICLE 1	 
	DEFINITIONS AND INCORPORATION BY REFERENCE	 
		
	 Section 1.01. Definitions
	  	 	1	 
	 Section 1.02. Other Definitions
	  	 	29	 
	 Section 1.03. Rules of Construction
	  	 	30	 
	
	ARTICLE 2	 
	THE NOTES	 
		
	 Section 2.01. Form, Dating and Denominations 144A, Regulation S; Legends
	  	 	30	 
	 Section 2.02. Execution and Authentication; Additional Notes
	  	 	32	 
	 Section 2.03. Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money
in Trust
	  	 	32	 
	 Section 2.04. Replacement Notes
	  	 	33	 
	 Section 2.05. Outstanding Notes
	  	 	33	 
	 Section 2.06. Temporary Notes
	  	 	34	 
	 Section 2.07. Cancellation
	  	 	34	 
	 Section 2.08. CUSIP, ISIN, CINS or Other Similar Numbers
	  	 	34	 
	 Section 2.09. Registration, Transfer and Exchange
	  	 	34	 
	 Section 2.10. Restrictions on Transfer and Exchange
	  	 	37	 
	 Section 2.11. Offshore Global Notes
	  	 	39	 
	 Section 2.12. Computation of Interest
	  	 	39	 
	 Section 2.13. Defaulted Interest
	  	 	39	 
	 Section 2.14. Holder Lists
	  	 	40	 
	
	ARTICLE 3	 
	REDEMPTION AND PREPAYMENT	 
		
	 Section 3.01. Election to Redeem; Notices to Trustee
	  	 	40	 
	 Section 3.02. Selection by Trustee of Notes to be Redeemed
	  	 	40	 
	 Section 3.03. Notice of Redemption
	  	 	41	 
	 Section 3.04. Effect of Notice of Redemption
	  	 	42	 
	 Section 3.05. Deposit of Redemption Price
	  	 	42	 
	 Section 3.06. Notes Redeemed in Part
	  	 	42	 
	 Section 3.07. Optional Redemption
	  	 	43	 
	 Section 3.08. No Mandatory Redemption
	  	 	44	 
	
	ARTICLE 4	 
	COVENANTS	 
		
	 Section 4.01. Payment of Principal, Premium and Interest
	  	 	44	 

  
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	 Section 4.02. Maintenance of Office or Agency
	  	 	44	 
	 Section 4.03. Reports to Holders
	  	 	45	 
	 Section 4.04. Corporate Existence
	  	 	46	 
	 Section 4.05. Money for Notes Payments to Be Held in Trust
	  	 	46	 
	 Section 4.06. Payment of Taxes and Other Claims
	  	 	46	 
	 Section 4.07. Limitation on Liens
	  	 	47	 
	 Section 4.08. Limitations on Sale and Lease-Back Transactions
	  	 	48	 
	 Section 4.09. Repurchase of Notes Upon a Change of Control Repurchase Event
	  	 	48	 
	 Section 4.10. Additional Guarantees
	  	 	50	 
	 Section 4.11. Exempted Transactions
	  	 	51	 
	 Section 4.12. Compliance Certificate
	  	 	51	 
	 Section 4.13. Stay, Extension and Usury Laws
	  	 	52	 
	 Section 4.14. Financial Calculations for Limited Condition Acquisitions
	  	 	52	 
	
	ARTICLE 5	 
	SUCCESSORS	 
		
	 Section 5.01. Consolidation, Merger and Sale of Assets of the Company
	  	 	52	 
	
	ARTICLE 6	 
	DEFAULTS AND REMEDIES	 
		
	 Section 6.01. Events of Default
	  	 	53	 
	 Section 6.02. Acceleration of Maturity; Rescission
	  	 	55	 
	 Section 6.03. Other Remedies
	  	 	55	 
	 Section 6.04. Waiver of Past Defaults and Events of Default
	  	 	56	 
	 Section 6.05. Control by Majority
	  	 	56	 
	 Section 6.06. Limitation on Suits
	  	 	56	 
	 Section 6.07. Rights of Holders to Receive Payment
	  	 	57	 
	 Section 6.08. Collection Suit by Trustee
	  	 	57	 
	 Section 6.09. Trustee May File Proofs of Claim
	  	 	57	 
	 Section 6.10. Priorities
	  	 	58	 
	 Section 6.11. Undertaking for Costs
	  	 	58	 
	 Section 6.12. Delay or Omission Not Waiver
	  	 	58	 
	
	ARTICLE 7	 
	TRUSTEE	 
		
	 Section 7.01. Duties of Trustee
	  	 	59	 
	 Section 7.02. Rights of Trustee
	  	 	60	 
	 Section 7.03. Individual Rights of Trustee
	  	 	62	 
	 Section 7.04. Trustee’s Disclaimer
	  	 	62	 
	 Section 7.05. Notice of Defaults; Reports by Trustee to Holders
	  	 	62	 
	 Section 7.06. Compensation and Indemnity
	  	 	63	 
	 Section 7.07. Replacement of Trustee
	  	 	64	 
	 Section 7.08. Successor Trustee by Consolidation, Merger, Etc.
	  	 	65	 

  
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	 Section 7.09. Eligibility; Disqualification
	  	 	65	 
	
	ARTICLE 8	 
	AMENDMENT, SUPPLEMENT AND WAIVER	 
		
	 Section 8.01. Without Consent of Holders
	  	 	65	 
	 Section 8.02. With Consent of Holders
	  	 	66	 
	 Section 8.03. Revocation and Effect of Consents
	  	 	68	 
	 Section 8.04. Notation on or Exchange of Notes
	  	 	68	 
	 Section 8.05. Trustee to Sign Amendments, Etc.
	  	 	68	 
	 Section 8.06. Conformity With Trust Indenture Act
	  	 	68	 
	
	ARTICLE 9	 
	SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE	 
		
	 Section 9.01. Satisfaction and Discharge of Liability on Notes; Defeasance
	  	 	69	 
	 Section 9.02. Conditions to Defeasance
	  	 	71	 
	 Section 9.03. Deposited Money and Government Obligations to be Held in Trust; Other
Miscellaneous Provisions
	  	 	72	 
	 Section 9.04. Reinstatement
	  	 	72	 
	 Section 9.05. Moneys Held by Paying Agent
	  	 	73	 
	 Section 9.06. Moneys Held by Trustee
	  	 	73	 
	
	ARTICLE 10	 
	GUARANTEES	 
		
	 Section 10.01. Guarantee
	  	 	73	 
	 Section 10.02. Severability
	  	 	75	 
	 Section 10.03. Limitation of Liability
	  	 	75	 
	 Section 10.04. Contribution
	  	 	75	 
	 Section 10.05. Subrogation
	  	 	75	 
	 Section 10.06. Reinstatement
	  	 	76	 
	 Section 10.07. Benefits Acknowledged
	  	 	76	 
	
	ARTICLE 11	 
	MISCELLANEOUS	 
		
	 Section 11.01. Trust Indenture Act of 1939
	  	 	76	 
	 Section 11.02. Holder Communications; Holder Actions
	  	 	76	 
	 Section 11.03. Notices
	  	 	77	 
	 Section 11.04. Certificate and Opinion as to Conditions Precedent
	  	 	78	 
	 Section 11.05. Statements Required in Certificate and Opinion
	  	 	79	 
	 Section 11.06. Rules by Trustee and Agents
	  	 	79	 
	 Section 11.07. No Personal Liability of Directors, Officers, Employees and
Stockholders
	  	 	79	 
	 Section 11.08. Governing Law; Waiver of Jury Trial
	  	 	79	 
	 Section 11.09. No Adverse Interpretation of Other Agreements
	  	 	80	 

  
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	 Section 11.10. Successors
	  	 	80	 
	 Section 11.11. Separability
	  	 	80	 
	 Section 11.12. Counterpart Originals
	  	 	80	 
	 Section 11.13. Table of Contents, Headings, Etc.
	  	 	80	 
	 Section 11.14. USA Patriot Act
	  	 	80	 
	 Section 11.15. Calculations
	  	 	80	 
	 Section 11.16. Legal Holidays
	  	 	80	 

 EXHIBITS 
  

			
	Exhibit A	  	FORM OF NOTE
	Exhibit B	  	FORM OF RESTRICTED LEGEND
	Exhibit C	  	FORM OF DTC LEGEND
	Exhibit D	  	FORM OF REGULATION S CERTIFICATE
	Exhibit E	  	FORM OF RULE 144A CERTIFICATE
	Exhibit F	  	FORM OF INSTITUTIONAL ACCREDITED INVESTOR CERTIFICATE
	Exhibit G	  	FORM OF CERTIFICATE OF BENEFICIAL OWNERSHIP
	Exhibit H	  	FORM OF SUPPLEMENTAL INDENTURE

  
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 INDENTURE, dated as of January 19, 2018, among Hologic, Inc., a Delaware corporation, as
issuer, the Subsidiaries of the Company listed on the signature page hereto and Wells Fargo Bank, National Association, a national banking association organized under the laws of the United States, as trustee. 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Notes. 

ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01. Definitions. 

“Additional Notes” means any notes issued under this Indenture in addition to the Initial Notes having the same terms in all
respects as the Initial Notes, or in all respects as the Initial Notes (except the issue date, issue price and the date of the first payment of interest on the Additional Notes if the Additional Notes are issued after the first payment of interest
on the Notes). 
 “Affiliate” means, with respect to any specified Person: any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. No Receivables Entity or Person (other than the Company or any Subsidiary of the Company) in whom a Receivables Entity makes an Investment in connection with a Qualified Receivables Transaction will be deemed to be an Affiliate of the
Company or any of its Subsidiaries solely by reason of such Investment. 
 “Agent” means any Registrar, co-Registrar, DTC Custodian, or Paying Agent. 
 “amend” means amend, modify, supplement,
restate or amend and restate, including successively; and “amending” and “amended” have correlative meanings. 

“Applicable Premium” means, with respect to any Note on any Make-Whole Redemption Date, the greater of (i) 1.0% of the
principal amount of such Note and (ii) the excess of (A) the present value at such Make-Whole Redemption Date of (1) the Redemption Price of such Note at February 1, 2023 (exclusive of accrued and unpaid interest to the
Make-Whole Redemption Date), such Redemption Price being set forth in the table appearing in Section 3.07(a), plus (2) all scheduled interest payments due on such Note from the Make-Whole Redemption Date through February 1, 2023
(exclusive of accrued and unpaid interest to the Make-Whole Redemption Date), computed using a discount rate equal to the Treasury Rate at such Make-Whole Redemption Date, plus 50 basis points, over (B) the principal amount of such Note. The
Trustee shall have no duty to calculate or verify the calculations of the Applicable Premium. 

  
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 “Applicable Procedures” means, with respect to any matter at any time relating
to a Global Note, the rules, policies and procedures of the Depositary applicable to such matter. 
 “Attributable
Indebtedness” means, with respect to any Sale and Lease-Back Transaction, at the time of determination, the lesser of (1) the sale price of the property so leased multiplied by a fraction the numerator of which is the remaining portion
of the base term of the lease included in such transaction and the denominator of which is the base term of such lease, and (2) the total obligation (discounted to the present value at the implicit interest factor, determined in accordance with
GAAP, included in the rental payments) of the lessee for rental payments (other than amounts required to be paid on account of property taxes as well as maintenance, repairs, insurance, water rates and other items which do not constitute payments
for property rights) during the remaining portion of the base term of the lease included in such transaction. 
 “Attributable
Receivables Indebtedness” at any time shall mean the principal amount of Indebtedness which (i) if a Qualified Receivables Transaction is structured as a secured lending agreement, would constitute the principal amount of such
Indebtedness or (ii) if a Qualified Receivables Transaction is structured as a purchase agreement, would be outstanding at such time under the Qualified Receivables Transaction if the same were structured as a secured lending agreement rather
than a purchase agreement. 
 “Bankruptcy Law” means Title 11, United States Code, or any similar U.S. Federal or state law
or law of any other jurisdiction relating to bankruptcy, insolvency, winding-up, liquidation, reorganization or relief of debtors. 

“Board of Directors” means, as to any Person, the board of directors or managers, as applicable, of such Person (or, if such
Person is a partnership, the board of directors or other governing body of the general partner of such Person) or any duly authorized committee thereof. 

“Business Day” means each day that is not a Legal Holiday. 

“Capital Lease” means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person
as lessee that, in conformity with GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person. 

“Capital Lease Obligations” means, with respect to any Person, the obligations of such Person to pay rent or other amounts
under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as Capital Leases on a balance sheet of such Person under
GAAP; and, for the purposes of this Indenture, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 

“Capital Stock” of any Person means any and all shares, interests, participations, rights in or other equivalents (however
designated) of such Person’s capital stock, other equity interests whether now outstanding or issued after the Issue Date, partnership interests (whether general or limited), limited liability company interests, any other interest or
participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the 

  
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issuing Person, including any Preferred Stock, and any rights (other than debt securities convertible into, or exchangeable for or valued by reference to, Capital Stock until and unless any such
debt security is converted into Capital Stock), warrants or options exchangeable for or convertible into such Capital Stock or any other rights to subscribe to or otherwise acquire such Capital Stock. 

“Certificated Note” means a Note in registered individual form without interest coupons. 

“Certificate of Beneficial Ownership” means a certificate substantially in the form of Exhibit G. 

“Change of Control” means the occurrence of any of the following events: 

(1) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the total outstanding Voting Stock
of the Company; 
 (2) the Company consolidates with or merges with or into any Person or sells, assigns, conveys, transfers, leases or
otherwise disposes of all or substantially all of its and its Subsidiaries’ assets, taken as a whole, to any Person, or any Person consolidates with or merges into or with the Company, in any such event pursuant to a transaction in which the
outstanding Voting Stock of the Company is converted into or exchanged for cash, securities or other property, other than any such transaction where: 

(A) the outstanding Voting Stock of the Company is changed into or exchanged for Voting Stock of the surviving corporation, and

 (B) the holders of the Voting Stock of the Company immediately prior to such transaction own, directly or indirectly, not
less than a majority of the Voting Stock of the Company or the surviving corporation immediately after such transaction by reason of such holders owning stock in the Company immediately before the transaction; or 

(3) the Company is liquidated or dissolved or adopts a plan of liquidation or dissolution other than in a transaction which complies with
Section 5.01. 
 “Change of Control Repurchase Event” means the occurrence of a Change of Control that is accompanied
or followed by a downgrade of the Notes within the Ratings Decline Period for such Change of Control by both Rating Agencies and each Rating Agency’s rating of the Notes on any day during such Ratings Decline Period for such Change of Control
is below the rating by such Rating Agency in effect immediately preceding the first public announcement of the Change of Control (or the occurrence thereof if such Change of Control occurs prior to the first public announcement thereof). No Change
of Control Repurchase Event will be deemed to have occurred in connection with a Change of Control prior to the date such Change of Control has been consummated, and no Change of Control Repurchase Event will be deemed to have occurred in connection
with a Change of Control if one or both of the Rating Agencies making the reduction in rating does not publicly announce or confirm or inform the Company in writing at the request of the Company that the reduction was the result, in whole or in
part, of any event or circumstance comprised of or arising as a result of, or in respect of, the Change of Control (whether or not the applicable Change of Control has occurred at the time of such downgrade). 

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

“Collaboration Agreement” means any collaboration, development, co-development, joint
development, marketing, co-marketing or cross license agreement or any similar arrangement entered into between the Company or any Restricted Subsidiary and any third party (other than a Subsidiary). 

“Commission” means the U.S. Securities and Exchange Commission. 

“Commodity Price Protection Agreement” means any forward contract, commodity swap, commodity option or other similar
financial agreement or arrangement relating to, or the value of which is dependent upon, fluctuations in commodity prices. 

“Company” means Hologic, Inc., a Delaware corporation, until a successor replaces it in accordance with the applicable
provisions of this Indenture and thereafter means the successor serving hereunder and any and all successors thereto hereunder. 

“Company Order” means a written request or order signed in the name of the Company by its chairman of the board, chief
executive officer, chief operating officer, chief financial officer, general counsel, president or a vice president, treasurer or an assistant treasurer, controller or an assistant controller, or its secretary or an assistant secretary, and
delivered to the Trustee. 
 “Consolidated Adjusted EBITDA” means, with respect to any Person for any period, the
Consolidated Net Income of such Person and its Restricted Subsidiaries for such period plus, without duplication and to the extent deducted in determining Consolidated Net Income for such period, the sum of: 

(1) expense and provision for taxes, paid or accrued (including any penalties and interest related thereto), including, without limitation, the
U.S. medical device excise tax and any business license or state or other governmental franchise fees, 
 (2) Consolidated Interest Expense
and charges, deferred financing fees, milestone payments in connection with any investment or series of related investments, losses on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk,
net of gains on such hedging obligations, and costs of surety bonds in connection with financing activities, 
 (3) Consolidated Depreciation
and Amortization Expense, 
 (4) non-cash expenses, losses and charges and non-cash revenue loss recorded in respect of purchase accounting (including, but not limited to, revenue not recognized as a result of the write-up of accounts receivable),
and non-cash or unrealized exchange, translation or performance expenses, losses and charges relating to any foreign currency hedging transactions or currency fluctuations, 

  
 4 

 (5) (i) any non-cash exchange, translation or performance
losses relating to any foreign currency hedging transactions or currency fluctuations and (ii) any other non-cash expenses, losses and charges (including, without limitation, incurred pursuant to any
equity incentive plan or award or arising from any impairment of intangible assets or goodwill) except to the extent representing an accrual for future cash outlays, 

(6) non-cash expenses, losses and charges pursuant to Accounting Standards Codification 715-20, Defined Benefit Plans—General and 715-30, Defined Benefit Plans—Pension (but only to the extent of the information therein that was codified from
Statement of Financial Accounting Standards No. 158 or related interpretations or guidance), and 
 (7) all costs or expenses incurred
in connection with the payment or accrual of dividend equivalent rights pursuant to any equity incentive plan or award, but only to the extent that equivalent payments are being or have been made with respect to Capital Stock in the Company, 

minus (without duplication), to the extent included in Consolidated Net Income for such period, any other
non-cash income or gain (except to the extent representing an accrual for future cash income or in respect of which cash or other assets were received in a prior period or will be received) and any unusual
income or gain, all calculated for the Company and its Restricted Subsidiaries in accordance with GAAP on a consolidated basis; 
 provided that to
the extent included in Consolidated Net Income, (A) currency translation gains and losses related to currency remeasurements of Indebtedness shall be excluded in determining Consolidated Adjusted EBITDA (including the net loss or gain resulting
from swap agreements for currency exchange risk) and (B) any adjustments resulting from the application of Accounting Standards Codification 815, Derivatives and Hedging (but only to the extent of the information therein that was
codified from Statement of Financial Accounting Standards No. 133 or related interpretations or guidance) shall be excluded in determining Consolidated Adjusted EBITDA. 

“Consolidated Depreciation and Amortization Expense” means with respect to any Person for any period, the total amount of
depreciation and amortization expense, including any amortization of deferred financing fees, amortization in relation to terminated Hedging Obligations or Swap Obligations and amortization of intangibles, including, but not limited to, goodwill, of
such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. 

  
 5 

 “Consolidated Interest Expense” means, with respect to any period, the sum,
without duplication, of: 
 (a) the interest expense, whether or not paid in cash, of the Company and its Restricted Subsidiaries calculated
on a consolidated basis for such period in accordance with GAAP, including, without limitation, interest expense under Capital Lease Obligations that is treated as interest in accordance with GAAP, capitalized interest and net payments, if any,
pursuant to interest rate Hedging Obligations or Swap Obligations, but excluding any (i) non-cash interest expense attributable to the movement in mark-to-market valuation of Hedging Obligations, Swap Obligations or other derivative instruments pursuant to Accounting Standards Codification 815, Derivatives and Hedging (but only to the extent of
the information therein that was codified from Statement of Financial Accounting Standards No. 133 or related interpretations or guidance), (ii) amortization and write-off of deferred financing fees, and
(iii) expensing of bridge or other financing fees; plus, 
 (1) imputed interest attributable to Capital Lease Obligations of the
Company and its Restricted Subsidiaries for such period, plus 
 (2) commissions, discounts, yield and other fees and charges owed by the
Company or any of its Restricted Subsidiaries with respect to letters of credit securing financial obligations, bankers’ acceptance financing and receivables financings for such period, plus 

(3) amortization or write-off of debt discount or premium associated with Indebtedness of the Company
and its Restricted Subsidiaries for such period, plus 
 (4) cash contributions to any employee stock ownership plan or similar trust made by
the Company or any of its Restricted Subsidiaries to the extent such contributions are used by such plan or trust to pay interest or fees to any Person in connection with Indebtedness incurred by such plan or trust for such period, plus 

(5) all interest paid or payable with respect to discontinued operations of the Company or any of its Restricted Subsidiaries for such period,
plus 
 (6) all interest on any Indebtedness of the Company or any of its Restricted Subsidiaries of the type described in clause (6) or
(7) of the definition of “Indebtedness” for such period, less 
 (b) (1) interest income of the Company and its Restricted
Subsidiaries for such period and (2) any amortization of deferred charges resulting from the application of Accounting Standards Codification 470-20, Debt (but only to the extent of the information
therein that was codified from Financial Accounting Standards Board Staff Position No. APB 14-1—Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial
Cash Settlement) or related interpretations or guidance) (including, for the avoidance of doubt, as a result of its application to Convertible Notes issued in exchange for other Convertible Notes). 

“Consolidated Net Income” means, of any Person for any period, the consolidated net income (or loss) of such Person and its
Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP; provided that in calculating Consolidated Net Income of the Company and its Restricted Subsidiaries for any period, there shall be excluded
(without duplication): 

  
 6 

 (1) the income (or deficit) of any Person accrued prior to the date it becomes a Restricted
Subsidiary of the Company or is merged into or consolidated with the Company or any of its Restricted Subsidiaries; 
 (2) the income (or
deficit) of any Person (other than a Restricted Subsidiary of the Company) in which the Company or any of its Restricted Subsidiaries has an ownership interest, except to the extent that any such income is actually received by the Company or such
Restricted Subsidiary in the form of dividends or similar distributions; 
 (3) [reserved]; 

(4) any fees, expenses, charges or losses recognized during such period, or any amortization or
write-off thereof for such period, in connection with the consummation of any acquisition, investment, asset disposition, issuance or repayment of debt, issuance of equity securities, recapitalization,
mergers, refinancing transaction or amendment, waiver or other modification of any debt instrument or similar transactions (in each case, including any such transaction consummated prior to the Issue Date and any such transaction undertaken but not
completed) and any charges or non-recurring or unusual costs, expenses or losses recognized during such period as a result of any such transaction; 

(5) any non-cash charges incurred pursuant to any equity incentive plan or award; 

(6) any amortization of deferred charges resulting from the application of Accounting Standards Codification
470-20, Debt (but only to the extent of the information therein that was codified from Financial Accounting Standards Board Staff Position No. APB 14-1—Accounting
for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement) or related interpretations or guidance) (including, for the avoidance of doubt, as a result of its application to Convertible Notes
issued in exchange for other Convertible Notes); 
 (7) any unusual, non-recurring or extraordinary
gain or loss, expense or charge (including, without limitation, any gains, losses, expenses or charges arising out of judgments or litigation settlements that arise out of litigation that exists on the Issue Date and is described in the Offering
Circular); 
 (8) any income, loss, expense or charge (including, without limitation, transaction fees and expenses) for such period
attributable to the exchange or extinguishment of Indebtedness, together with any related provision for taxes on any such income; 
 (9) any
net after-tax gains or losses attributable to (i) asset dispositions (including any Qualified Receivables Transaction) and (ii) disposition of minority investments, in each case, other than in the
ordinary course of business, as determined in good faith by the Company; 
 (10) any non-cash gain,
loss, expense or charge attributable to the movement in the mark-to-market valuation of Indebtedness; 

  
 7 

 (11) expenses, losses and charges with respect to casualty events or business interruption; 

(12) any unusual expenses, losses or charges, including, without limitation, any pre-opening, opening,
restructuring, closure, integration, transition and similar expenses, losses or charges accrued during such period, including any charges to establish accruals and reserves or to make payments associated with the reassessment or realignment of the
business and operations of the Company and its Restricted Subsidiaries, including, without limitation, the sale, disposal, closing, abandonment or discontinuance of assets (other than in the ordinary course of business), facilities or operations,
severance and curtailments or modifications to pension and post-retirement employee benefit plans, retention payments in connection therewith, asset write-downs or asset disposals, write-downs for purchase and lease commitments, write-downs of
excess, obsolete or unbalanced inventories, relocation costs which are not otherwise capitalized and any related costs of exiting products or product lines; 

(13) any contingent or deferred obligations (including, but not limited to, obligations in connection with severance, retention, earn-out payments, non-compete payments and consulting payments, together with any interest or similar charge or expense imputed or otherwise accrued in respect of the
foregoing, but excluding ongoing royalty payments) incurred in connection with any acquisition made prior to the Issue Date or any future acquisition not prohibited under this Indenture; and 

(14) expenses, losses and charges incurred to the extent covered by indemnification provisions in any agreement in connection with any
acquisition or disposition not prohibited under this Indenture, so long as such Person has made a determination that a reasonable basis exists for indemnification or reimbursement, but only to the extent that such amount is in fact indemnified or
reimbursed within 12 months of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so indemnified or reimbursed within such 12 months). 

There shall be excluded from Consolidated Net Income for any period (i) any gains or losses resulting from any reappraisal, revaluation
or write-up or write-down of assets or liabilities, (ii) any non-cash charges recorded in respect of intangible assets, including goodwill, and (iii) the
purchase accounting effects of in process research and development expenses and adjustments to property, inventory, accounts receivable (including revenue not recognized as a result of the write up of accounts receivable) and equipment, software and
other intangible assets and deferred revenue and deferred expenses in component amounts required or permitted by GAAP and related authoritative pronouncements (including the effects of such adjustments pushed down to the Company and its
Subsidiaries), in the case of clause (iii), as a result of any acquisition consummated prior to the Issue Date or any future acquisition not prohibited under this Indenture, or the amortization or write-off of
any amounts thereof. 
 “Consolidated Senior Secured Debt Ratio” means, as of any date of determination, the ratio of
(i) Consolidated Total Indebtedness that is secured by a Lien on the Property of the Company or any Restricted Subsidiary minus the amount of unrestricted cash and cash equivalents then held by the Company and its Restricted Subsidiaries as of
such date to (ii) Consolidated Adjusted EBITDA of the Company during the Four Quarter Period ending on or prior to such date. In addition to and without limitation of the foregoing, for purposes of this definition, “Consolidated Adjusted
EBITDA” shall be calculated after giving effect on a pro forma basis for the period of such calculation to, as applicable: 

  
 8 

 (1) the Incurrence or repayment of any Indebtedness and the issuance, maturity,
redemption, conversion, exchange or repurchase of any Disqualified Stock or preferred stock, as applicable, of the Company or any of its Restricted Subsidiaries (and the application of the proceeds thereof) occurring during the Four Quarter Period
or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such Incurrence or repayment, as the case may be (and the application of the proceeds thereof), occurred on the first day of the Four
Quarter Period; and 
 (2) any Investments, acquisitions, dispositions, mergers, consolidations and disposed operations (as
determined in accordance with GAAP) that have been made by the Company or any Restricted Subsidiary during the Four Quarter Period or subsequent to such Four Quarter Period and on or prior to or simultaneously with the Transaction Date shall be
calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, consolidations and disposed operations (and the change in Consolidated Adjusted EBITDA resulting therefrom) had occurred on the first day
of the Four Quarter Period. If since the beginning of such Four Quarter Period any Person (that subsequently became a Restricted Subsidiary or was merged with or into the Company or any Restricted Subsidiary since the beginning of such period) shall
have made any Investment, acquisition, disposition, merger, consolidation or disposed operation that would have required adjustment pursuant to this definition, then the Consolidated Senior Secured Debt Ratio shall be calculated giving pro forma
effect thereto for such period as if such Investment, acquisition, disposition, merger, consolidation or disposed operation had occurred on the first day of the applicable Four Quarter Period. 

For purposes of this definition, whenever pro forma effect is to be given to any such Investment, acquisition, disposition, merger,
consolidation or disposed operation, the pro forma calculations shall be made in good faith by the Company, giving effect to any synergies and cost savings reasonably expected to be achieved as a result of such Investment, acquisition, disposition,
merger, consolidation or disposed operation, whether or not they could then be reflected in pro forma financial statements in accordance with Regulation S-X promulgated under the Securities Act or any other
regulation or policy of the Commission related thereto. In addition, for purposes of any calculation of this Consolidated Senior Secured Debt Ratio for any Four Quarter Period, without duplication of the foregoing, the Company may give pro forma
effect to any operating expense reductions and other operating improvements, cost savings or synergies reasonably expected to be achieved (as certified in an Officers’ Certificate) within 24 months after the date of such Investment,
acquisition, disposition, merger, consolidation or disposed operation to the extent such operating expense reductions and other operating improvements, cost savings or synergies are not already reflected in the Company’s Consolidated Adjusted
EBITDA. 

  
 9 

 “Consolidated Total Indebtedness” means at any time the sum, without
duplication, of (i) the aggregate principal amount of Indebtedness of the Company and its Restricted Subsidiaries outstanding as of such time calculated on a consolidated basis in accordance with GAAP required to be reflected as
“indebtedness” on a consolidated balance sheet of the Company in accordance with GAAP (other than Indebtedness described in clause (4) of the definition of “Indebtedness” in respect of drawings thereunder to the extent such
drawings are reimbursed within 10 Business Days after the date of such drawing) plus (ii) the principal amount of any obligations of any Person (other than the Company or any Restricted Subsidiary) of the type described in the foregoing clause
(i) that are Guaranteed by the Company or any Restricted Subsidiary (whether or not reflected on a consolidated balance sheet of the Company). 

“Convertible Note Repayment Event” means the repurchase, redemption, repayment, exchange or conversion of a Convertible Note
by the Company under the terms of the applicable Convertible Note including, but not limited to, (i) the repurchase of Convertible Notes which the Company is required to repurchase at the option of the holder; (ii) the redemption of
Convertible Notes which the Company has the option to call or otherwise redeem from the holder thereof, (iii) the payment by the Company of cash upon the conversion of any Convertible Notes in lieu of shares or (iv) the exchange of
Convertible Notes by the Company in accordance with the terms of the applicable Convertible Notes. 
 “Convertible Note Repayment
Obligations” means any cash payment paid or to be paid by the Company or any of its Subsidiaries (i) to a holder of a Convertible Note upon the occurrence of a Convertible Note Repayment Event including, without limitation, the
purchase price in regards to the Convertible Note being purchased or repurchased and/or all cash payments of principal, premium, interest, accretion and fees incurred in connection with any redemption, purchase or repurchase in connection with such
Convertible Note Repayment Event and/or (ii) on account of any recapture taxes (or any other applicable taxes) due by the Company or any of its Subsidiaries in respect thereto, in each case, in connection with the redemption, repayment,
repurchase, conversion or exchange thereof upon a Convertible Note Repayment Event. 
 “Convertible Notes” means the 2.00%
Convertible Senior Notes due 2042 issued by the Company pursuant to that certain Indenture dated as of December 10, 2007 by and between Wilmington Trust Company, as trustee, and the Company and that certain Third Supplemental Indenture dated as
of March 5, 2012 by and between Wilmington Trust Company, as trustee and the Company and any other series of convertible notes that may be issued to refinance such Convertible Notes or in exchange therefor. 

“Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business with
respect to this Indenture shall be administered, which office at the date hereof is located at 1 Independent Drive, Suite 620, Jacksonville, Florida 32202 Attention: Corporate, Municipal and Escrow Services, and for Agent services such office shall
also mean the office or agency of the Trustee located at Corporate Trust Operations, MAC N9300-070, 600 South Fourth Street, Seventh Floor, Minneapolis, MN 55415, or such other address as the Trustee may
designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the
Company). 

  
 10 

 “corporation” includes corporations, associations, companies (including any
limited liability company), business trusts and limited partnerships. 
 “Credit Facilities” means, with respect to the
Company or any of its Restricted Subsidiaries, one or more debt facilities, including the Senior Secured Credit Facilities or other financing arrangements (including commercial paper facilities or indentures) providing for revolving credit loans,
term loans, letters of credit or other long-term indebtedness, including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions,
renewals, restatements or refundings thereof, in whole or in part, and any indentures or credit facilities or commercial paper facilities that replace, refund, supplement or refinance any part of the loans, notes, other credit facilities or
commitments thereunder, including any such replacement, refunding, supplemental or refinancing facility, arrangement or indenture that increases the amount permitted to be borrowed or issued thereunder or alters the maturity thereof or adds
Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, trustee, lender or group of lenders or holders. 

“Currency Agreement” means one or more of the following agreements which shall be entered into by one or more financial
institutions: foreign exchange contracts, currency swap agreements or other similar agreements or arrangements designed to protect against the fluctuations in currency values. 

“Custodian” means any receiver, interim receiver, receiver and manager, trustee, assignee, liquidator, custodian or similar
official under any Bankruptcy Law. 
 “Default” means any event which is, or after notice or passage of time or both would
be, an Event of Default. 
 “Depositary” means the depositary of each Global Note, which will initially be DTC, or another
Person designated as Depositary by the Company, which Person must be a clearing agency registered under the Exchange Act. 

“Disqualified Stock” means, with respect to any Person, any Capital Stock that by its terms (or by the terms of any security
into which it is convertible, or for which it is exchangeable, in each case, at the option of the holder) or upon the happening of any event: 

(1) matures or is mandatorily redeemable (other than redeemable only for Capital Stock of such Person which is not itself Disqualified Stock)
pursuant to a sinking fund obligation or otherwise; or 
 (2) is convertible or exchangeable at the option of the holder for Indebtedness or
Disqualified Stock; or 
 (3) is mandatorily redeemable or must be purchased upon the occurrence of certain events or otherwise, in whole or
in part; 

  
 11 

 in each case on or prior to the date that is 91 days after the Stated Maturity of the Notes; provided,
however, that any Capital Stock that would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such Person to purchase or redeem such Capital Stock upon the occurrence of an “asset
sale” or “change of control” occurring prior to the date that is 91 days after the Stated Maturity of the Notes shall not constitute Disqualified Stock if the “asset sale” or “change of control” provisions
applicable to such Capital Stock are customary or in the case of a “change of control” provision, not more favorable to the holders of such Capital Stock than the terms applicable to the Notes and described in Section 4.09; and
provided, further, that if such Capital Stock is issued to any plan for the benefit of employees of the Company or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock
solely because it may be requested to be repurchased by the Company or a Subsidiary in order to satisfy applicable statutory or regulatory regulations. 

The amount of any Disqualified Stock that does not have a fixed redemption, repayment or repurchase price will be calculated in accordance
with the terms of such Disqualified Stock as if such Disqualified Stock were redeemed, repaid or repurchased on any date on which the amount of such Disqualified Stock is to be determined pursuant to this Indenture; provided, however,
that if such Disqualified Stock could not be required to be redeemed, repaid or repurchased at the time of such determination, the redemption, repayment or repurchase price will be the book value of such Disqualified Stock as reflected in the most
recent financial statements of such Person. 
 “Domestic Subsidiary” means any Subsidiary of the Company that is organized
under the laws of any political subdivision of the United States. 
 “DTC” means The Depository Trust Company, a New York
corporation, and its successors. 
 “DTC Custodian” means the Trustee as custodian with respect to the Global Notes or any
successor entity thereto. 
 “DTC Legend” means the legend set forth in Exhibit C. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations
promulgated by the Commission thereunder. 
 “Excluded Disregarded Entity” means (i) a Foreign Subsidiary or
(ii) any Subsidiary of (A) the Company substantially all of the assets of which are Equity Interests in one or more Foreign Subsidiaries that are controlled foreign corporations under Section 957 of the Code and (B) a Foreign
Subsidiary. 
 “Fair Market Value” means, with respect to any asset or property, the sale value that would be obtained in
an arm’s-length free market transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy. Fair Market Value shall be
determined in good faith by the Company. 

  
 12 

 “Foreign Subsidiary” means any direct or indirect Restricted Subsidiary of the
Company that is not a Domestic Subsidiary. 
 “Four Quarter Period” means the four full fiscal quarters for which internal
financial statements of the Company are available. 
 “Funded Debt” means any Indebtedness for money borrowed, whether
created, issued, incurred, assumed or guaranteed. 
 “GAAP” means generally accepted accounting principles in the United
States of America as in effect on the Issue Date, including, without limitation, those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accounts and statements and
pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as approved by a significant segment of the accounting profession but excluding, for the avoidance of doubt, Regulation G and Item 10(e) of
Regulation S-K promulgated by the Commission. 
 “Global Note” means a Note in
registered global form registered in the name of the Depositary or its nominee, without interest coupons. 
 “Guarantee”
means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 

(a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by
virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take-or-pay or to maintain financial statement
conditions or otherwise); or 
 (b) entered into for the purpose of assuring in any other manner the obligee against loss in respect thereof
(in whole or in part); 
 provided, however, that the term “Guarantee” shall not include: 

(1) endorsements for collection or deposit in the ordinary course of business; or 

(2) a contractual commitment by one Person to invest in another Person for so long as such Investment is reasonably expected to be an
Investment in any Person which (a) is, or as a result of such Investment becomes, a Restricted Subsidiary or (b) as a result of such investment is merged or consolidated with or into, or transfers or conveys substantially all of its assets
to, or is liquidated into, the Company or any Restricted Subsidiary; and, in each case, any Investment held by such Person not acquired in contemplation of such Person’s acquisition by the Company. 

The term “Guarantee” used as a verb has a corresponding meaning. The term “Guarantor” shall mean any Person
Guaranteeing any obligation. 

  
 13 

 “Hedging Obligations” of any Person means the obligations of such Person
pursuant to any Interest Rate Agreement, Currency Agreement, Commodity Price Protection Agreement or any other similar agreement or arrangement. 

“Holder” means the Person in whose name a Note is registered on the Note Register. 

“IAI Global Note” means a Global Note resold to Institutional Accredited Investors bearing the Restricted Legend. 

“Incur” means issue, assume, Guarantee, incur or otherwise become liable for; provided that any Indebtedness of a
Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Person at the time it becomes a Restricted Subsidiary. The term
“Incurrence” when used as a noun shall have a correlative meaning. 
 “Indebtedness” means, with respect
to any Person on any date of determination (without duplication): 
 (1) the principal in respect of (A) indebtedness of such Person for
money borrowed and (B) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable, including, in each case, any premium on such indebtedness to the extent such
premium has become due and payable; 
 (2) all Capital Lease Obligations of such Person; 

(3) all obligations of such Person issued or assumed as the deferred purchase price of Property, all conditional sale obligations of such
Person and all obligations of such Person under any title retention agreement (but excluding any accounts payable or other liability to trade creditors arising in the ordinary course of business); 

(4) all obligations of such Person for the reimbursement of any obligor on any letter of credit, bankers’ acceptance or similar credit
transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described in clauses (1) through (3) above) entered into in the ordinary course of business of such Person to the extent such
letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later the 30th day following payment on the letter of credit); 

(5) the amount of all obligations of such Person with respect to the redemption, repayment or other repurchase of any Disqualified Stock of
such Person or, with respect to any Preferred Stock of any Restricted Subsidiary of such Person, the principal amount of such Preferred Stock to be determined in accordance with this Indenture (but excluding, in each case, any accrued dividends);

 (6) to the extent not otherwise included in this definition, Hedging Obligations or Swap Obligations of such Person; 

(7) all Attributable Receivables Indebtedness; 

  
 14 

 (8) all obligations of the type referred to in clauses (1) through (7) of other Persons and
all dividends of other Persons for the payment of which, in either case, such Person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any Guarantee; and 

(9) all obligations of the type referred to in clauses (1) through (8) of other Persons secured by any Lien on any property or asset of
such Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed to be the lesser of the Fair Market Value of such property or assets and the amount of the obligation so secured. 

Notwithstanding the foregoing, (i) in connection with the purchase by the Company or any Restricted Subsidiary of any business, the term
“Indebtedness” will exclude indemnification, purchase price adjustment, earn-outs, holdback and contingency payment obligations (including, but not limited to, obligations to make payments or distributions to dissenting
stockholders, together with any interest or similar charge or expense imputed or otherwise accrued in respect of any such payments or distributions with respect thereto or any of the foregoing) to which the seller may become entitled;
provided that to the extent such payment is fixed and determinable (and not otherwise contingent), the amount is paid within 120 days after the date such payment becomes fixed and determinable (and not otherwise contingent), (ii) obligations
incurred under ERISA or related to deferred employee or director compensation shall not constitute Indebtedness under this Indenture and (iii) the term “Indebtedness” shall not include any lease, concession or license of
property (or guarantee thereof) which would be considered an operating lease under GAAP. 
 The amount of Indebtedness of any Person at any
date shall be the outstanding balance at such date of all obligations as described above; provided that in the case of Indebtedness sold at a discount, the amount of such Indebtedness at any time will be the accreted value thereof at such
time. 
 “Indenture” means this Indenture, as amended or supplemented from time to time in accordance with its terms. 

“Indenture Obligations” means the obligations of the Company and any other obligor under this Indenture or under the Notes,
including any Subsidiary Guarantor, to pay principal of, premium, if any, and interest when due and payable, and all other amounts due or to become due under or in connection with this Indenture, the Notes and the performance of all other
obligations to the Trustee and the Holders under this Indenture and the Notes, according to the respective terms thereof. 

“Initial Notes” means the $400,000,000 aggregate principal amount of the 4.625% Senior Notes due 2028 of the Company issued
pursuant to this Indenture on the Issue Date. 
 “Institutional Accredited Investor” means an institution that is an
“accredited investor” (as defined) in Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
 “Institutional
Accredited Investor Certificate” means a certificate substantially in the form of Exhibit F hereto. 

  
 15 

 “Interest Payment Date” means February 1 or August 1 of each year, as
applicable. 
 “Interest Rate Agreement” means one or more of the following agreements which shall be entered into by one
or more financial institutions: interest rate protection agreements (including, without limitation, interest rate swaps, caps, floors, collars and similar agreements) and/or other types of interest rate hedging agreements from time to time. 

“Investment” means, with respect to any Person, directly or indirectly, (i) any advance, loan (including guarantees), or
other extension of credit or capital contribution to (by means of any transfer of cash or other property to others), (ii) any payment for property or services for the account or use of others, (iii) any purchase, acquisition or ownership by
such Person of any Capital Stock, bonds, notes, debentures or other securities issued by any other Person, (iv) any Designation of a Subsidiary as an Unrestricted Subsidiary or (v) any other item to the extent required to be reflected as
an investment on a consolidated balance sheet of such Person prepared in accordance with GAAP. 
 “Issue Date” means
January 19, 2018. 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions are not
required to be open in the City of New York. 
 “Lien” means any mortgage, pledge, security interest, encumbrance, lien or
charge of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof). 

“Moody’s” means Moody’s Investors Service, Inc. and its successors. 

“Net Proceeds” from a Sale and Lease-Back Transaction means cash payments received therefrom (including any cash payments
received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise and proceeds from the sale or other disposition of any securities received as consideration, all purchase price adjustments, earn-outs and
contingency payment obligations to which a seller may become entitled after the closing of such Sale and Lease-Back Transaction and all holdbacks, in each case, only as and when received in cash, but excluding any other consideration received in the
form of assumption by the acquiring Person of Indebtedness or other obligations relating to such properties or assets or received in any other non-cash form), in each case net of (without duplication): 

(1) all legal, accounting, title and transfer or recording tax expenses, broker’s fees or commissions and other fees and expenses
(including, without duplication, any repatriation costs associated with receipt by the applicable taxpayer of such proceeds) incurred, and all Federal, state, provincial, foreign and local taxes (whether on account of income, gains or otherwise)
required to be accrued as a liability under GAAP, as a consequence of such Sale and Lease-Back Transaction; 
 (2) all payments made on any
Indebtedness which is secured by any assets subject to such Sale and Lease-Back Transaction, in accordance with the terms of any Lien upon or other security agreement of any kind with respect to such assets, or which must by its terms, or in order
to obtain a necessary consent to such Sale and Lease-Back Transaction, or by applicable law, be repaid out of the proceeds from such Sale and Lease-Back Transaction; 

  
 16 

 (3) the deduction of appropriate amounts provided by the seller as a reserve, in accordance with
GAAP, against any liabilities associated with the property or other assets disposed in such Sale and Lease-Back Transaction and retained by the Company or any Restricted Subsidiary after such Sale and Lease-Back Transaction; 

(4) any portion of the purchase price from a Sale and Lease-Back Transaction placed in escrow in connection with that Sale and Lease-Back
Transaction; provided, that upon the termination of that escrow, Net Proceeds will be increased by any portion of funds in the escrow that are released to the Company or any Restricted Subsidiary; and 

(5) the amount of any purchase price adjustment, contingent or deferred payment obligation that the Company and/or any Restricted Subsidiary is
obligated to pay to another Person in connection with a Sale and Lease-Back Transaction. 

“Non-Guarantor Subsidiary” means a Restricted Subsidiary that is not a Subsidiary
Guarantor. 
 “Non-U.S. Person” means a Person who is not a U.S. Person, as defined
in Regulation S. 
 “Notes” means the Initial Notes and the Additional Notes, if any, issued by the Company pursuant to
this Indenture. 
 “Obligations” means, with respect to any Indebtedness, all obligations for principal, premium, interest,
penalties, fees, indemnifications, reimbursements, and other amounts payable pursuant to the documentation governing such Indebtedness. 

“Officer” means the Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer or any
Vice President, the Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the Secretary or an Assistant Secretary of the specified Person. 

“Officers’ Certificate” means a certificate signed by any two signatories among the Chairman of the Board, the Chief
Executive Officer, the Chief Operating Officer, the Chief Financial Officer, the General Counsel, the President or a Vice President, the Treasurer or an Assistant Treasurer, the Controller or an Assistant Controller, or the Secretary or an Assistant
Secretary of the Company, and delivered to the Trustee. 
 “Offering Circular” means the offering circular of the Company,
dated January 16, 2018, related to the offering of the Notes and related Subsidiary Guarantees, including, without limitation, all documents incorporated by reference therein. 

“Offshore Global Note” means a Global Note representing Notes issued and sold pursuant to Regulation S; provided, that
any such Regulation S Global Note shall be deemed to be a “temporary global security” for purposes of Rule 904 under Regulation S until the expiration of the Restricted Period. 

  
 17 

 “Opinion of Counsel” means a written opinion from legal counsel delivered to the
Trustee, which counsel may be an employee of or counsel to the Company, or other counsel acceptable to the Trustee. 
 “Permitted Gen-Probe Asset Sale” means the sale and/or sale leaseback transaction involving the real property interests (fee, leasehold or otherwise) located in San Diego, California then owned by Gen-Probe Incorporated that generates net cash proceeds of less than or equal to $250.0 million. 

“Permitted Licenses” means (i) any licenses, sublicenses or cross licenses (collectively, “licenses”
for purposes of this paragraph) granted by the Company or a Restricted Subsidiary thereof to third parties or by a third party to the Company or any of its Restricted Subsidiaries in the ordinary course of business; (ii) any licenses granted by
the Company or a Restricted Subsidiary thereof to third parties in settlement of any dispute or litigation with third parties or governmental regulatory authorities or otherwise to comply with any legal or regulatory requirement; (iii) any
licenses entered into with a third party in connection with any strategic collaboration (including without limitation any Collaboration Agreement) or any marketing, co-marketing, distribution, manufacturing,
outsourcing, supply or joint venture agreement or any similar arrangement; (iv) licenses granted by the Company or a Restricted Subsidiary thereof to third parties or by a third party to the Company or any of its Restricted Subsidiaries that do
not materially interfere with the business as conducted on the Issue Date or any other business acquired in connection with any acquisition not prohibited under this Indenture and any businesses similar, related, ancillary or incidental thereto, or
that is an adjunct thereto, or a reasonable extension, development or expansion thereof; (v) the licensing of any non-core intellectual property; and (vi) licenses of intellectual property to any
Person for an application other than the application for which the Company or its Subsidiaries use such intellectual property or the transfer or licensing of any non-core intellectual property, in the case of
each of clauses (i), (iv), (v) and (vi) above, which do not materially interfere with the conduct of the Company’s and its Restricted Subsidiaries’ business, taken as a whole or materially detract from the value thereof and
(vii) any license of intellectual property by the Company and/or any of its Restricted Subsidiaries to the Company and/or any of its Restricted Subsidiaries provided that such license is made in the ordinary course of business. 

“Permitted Liens” means, with respect to any Person: 

(1) pledges or deposits by such Person under worker’s compensation laws, unemployment insurance laws or similar legislation, or good faith
deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or United States
government bonds to secure surety or appeal bonds to which such Person is a party, performance bonds or obligations of a like nature or deposits as security for contested taxes or import duties or for the payment of rent, in each case Incurred in
the ordinary course of business; 
 (2) Liens imposed by law, such as carriers’, warehousemen’s, repairmen’s,
materialmen’s, landlord’s and mechanics’ Liens, in each case for sums not yet more than 30 days overdue or being contested in good faith by appropriate proceedings or other Liens arising out of

  
 18 

 
judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review and Liens arising solely by virtue of any
statutory or common law provision relating to banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution;
provided, however, that (A) such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the Company in excess of those set forth by regulations promulgated by the Federal
Reserve Board and (B) such deposit account is not intended by the Company or any Restricted Subsidiary to provide collateral to the depository institution; 

(3) Liens for taxes, assessments or other governmental charges or claims, in each case not yet subject to penalties for non-payment or which are being contested in good faith by appropriate proceedings; 
 (4) Liens in favor of
issuers of performance and surety bonds or bid bonds or letters of credit issued pursuant to the request of and for the account of such Person in the ordinary course of its business; 

(5) minor survey exceptions, defects or irregularities of title, minor encumbrances, easements or reservations of, or rights of others for,
licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property
or Liens incidental to the conduct of the business of such Person or to the ownership of its properties which were not Incurred in connection with Indebtedness; 

(6) (i) Liens to secure Indebtedness Incurred pursuant to the Senior Secured Credit Facilities in an aggregate principal amount at any time
outstanding and secured pursuant to this clause (6)(i) not to exceed $4,000,000,000.00; (ii) Liens securing Indebtedness permitted to be Incurred in connection with the Permitted Gen-Probe Asset Sale; and
(iii) Liens securing Indebtedness consisting of any Guarantee by the Company or a Subsidiary Guarantor of Indebtedness or other Obligations of the Company or any of the Restricted Subsidiaries (provided that the relevant Guarantee constituting
such Indebtedness is Guaranteeing Indebtedness or other Obligations of the Company or any other Restricted Subsidiary as a Guarantor that are secured as permitted hereby); 

(7) Liens existing on the Issue Date (other than Liens referred to in the foregoing clause (6)(i)); 

(8) Liens on property or shares of Capital Stock of another Person at the time such other Person becomes a Subsidiary of such Person;
provided that the Liens do not extend to any other property owned by such Person that becomes a Restricted Subsidiary (other than assets and property affixed or appurtenant thereto); 

(9) Liens on property at the time such Person or any of its Subsidiaries acquires the property, including any acquisition by means of a merger
or consolidation with or into such Person or a Subsidiary of such Person; provided that the Liens do not extend to any other property owned by such Person that becomes a Restricted Subsidiary (other than assets and property affixed or
appurtenant thereto); 

  
 19 

 (10) Liens securing Indebtedness or other obligations of a
Non-Guarantor Subsidiary of such Person owing to such Person or a Wholly Owned Subsidiary of such Person; 

(11) Liens securing Hedging Obligations or Swap Obligations so long as such Hedging Obligations or Swap Obligations are not prohibited to be
Incurred under this Indenture; 
 (12) any Lien on accounts receivable and related assets of the types specified in the definition of
“Qualified Receivables Transaction” incurred in connection with a Qualified Receivables Transaction; 
 (13) (a) Liens in favor of
the Company or the Subsidiary Guarantors, (b) Liens on the property of any Restricted Subsidiary of the Company that is not a Subsidiary Guarantor in favor of the Company or any other Restricted Subsidiary of the Company and (c) Liens on
the property of any Subsidiary of the Company that is not a Restricted Subsidiary of the Company in favor of the Company or any of its Restricted Subsidiaries; 

(14) (x) leases or subleases granted to third parties entered into in the ordinary course of business or consistent with past practice, in each
case which do not materially interfere with the conduct of the business of the Company and the Restricted Subsidiaries and which do not secure any Indebtedness, (y) Liens arising under, pursuant to, as a result of or in connection with
Permitted Licenses and (z) any other Liens (not securing Indebtedness) arising under, pursuant to, or as a result of, Collaboration Agreements or joint venture agreements; 

(15) Liens securing judgments, decrees, orders or awards for the payment of money not constituting an Event of Default; 

(16) Liens created for the benefit of (or to secure) the Notes (or the Subsidiary Guarantees); 

(17) Liens on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of
bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(18) Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by the Company
or any Restricted Subsidiary in the ordinary course of business; 
 (19) Liens in favor of customs and revenue authorities arising as a
matter of law to secure payment of customs duties in connection with the importation of goods; 
 (20) Liens (i) of a collection bank
arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection and (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in
the ordinary course of business, including Liens encumbering reasonable customary initial deposits and margin deposits; 
 (21) liens,
pledges or deposits made in the ordinary course of business to secure liability to insurance carriers; 

  
 20 

 (22) Liens on the Capital Stock of Unrestricted Subsidiaries; 

(23) Liens on equipment of the Company or any Restricted Subsidiary granted in the ordinary course of business to the Company’s or such
Restricted Subsidiary’s supplier at which such equipment is located; 
 (24) Liens arising in connection with and/or from Uniform
Commercial Code financing statement filings regarding operating leases or consignments entered into by the Company and its Restricted Subsidiaries in the ordinary course of business; 

(25) Liens incurred to secure cash management services or to implement cash pooling or sweep arrangements to permit satisfaction of overdraft
or similar obligations in the ordinary course of business; 
 (26) liens arising by virtue of any statutory or common law provisions relating
to banker’s liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depository or financial institution or as to purchase orders and other
agreements entered into with customers in the ordinary course of business; 
 (27) any encumbrance or restriction (including put and call
arrangements) with respect to Capital Stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement; 

(28) Liens (i) solely on any cash earnest money deposits made by the Company or any of its Restricted Subsidiaries in connection with any
letter of intent or purchase agreement in respect of any Investment, (ii) consisting of an agreement to dispose of any property not prohibited to be sold, leased, licensed or otherwise disposed of hereunder or (iii) consisting of a
disposition by a Restricted Subsidiary (including by way of merger) to the Company or by the Company or a Restricted Subsidiary to a Restricted Subsidiary (including, without limitation, through the issuance of Capital Stock of the Company or a
Restricted Subsidiary to the Company or another Restricted Subsidiary); 
 (29) (x) Liens on securities that are the subject of repurchase
agreements not prohibited hereunder and (y) restrictions on transfers under applicable securities laws; 
 (30) Liens securing insurance
premiums financing arrangements; provided that such Liens are limited to the applicable unearned insurance premiums; 
 (31) Liens
arising solely from precautionary Uniform Commercial Code financing statements or similar filings; 
 (32) ground leases in respect of real
property owned or leased by the Company or any of its Subsidiaries and other Liens affecting the interest of any landlord (and any underlying landlord) of any real property leased by the Company or any Subsidiary (including, without limitation and
for the avoidance of doubt, any interest or title of a lessor under any lease of real estate not prohibited hereunder); 

  
 21 

 (33) three-way technology escrow agreements entered into
in the ordinary course of business using reputable escrow agents in connection with the license, development and distribution agreements of the Company or the Restricted Subsidiaries, pursuant to which intellectual property of the Company or the
Restricted Subsidiaries, as applicable, are placed in escrow for the benefit of the party to the agreement; provided that (i) the escrowed technology or intellectual property is only released to the party to the agreement upon the
bankruptcy, cessation of business, repudiation of material obligations or similar industry standard trigger events of the Company or the Restricted Subsidiaries and (ii) upon such release, the use of the party to the agreement is limited to its
internal use only, consistent with the manner in which the technology or intellectual property was used by the Company and/or the Restricted Subsidiaries on behalf of the party to the agreement prior to the technology’s or intellectual
property’s release from escrow; 
 (34) Liens to secure any Refinancing (or successive Refinancings) as a whole, or in part, of any
Indebtedness secured by any Lien referred to in the foregoing clauses (7), (8), (9) and (37); provided, however, that: 

(A) such new Lien shall be limited to all or part of the same property and assets that secured or, under the written agreements
pursuant to which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions thereof); and 

(B) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (i) the
outstanding principal amount of the Indebtedness described under foregoing clauses (7), (8), (9) or (37) at the time the original Lien became a Permitted Lien and (ii) an amount necessary to pay any fees and expenses, including premiums,
related to such refinancing, refunding, extension, renewal or replacement; 
 (35) (x) Liens on one or more escrow accounts in which the
proceeds of offerings of senior notes are placed, pending satisfaction of the conditions for release thereof, pursuant to customary escrow arrangements and (y) Liens of the applicable trustee in connection with any discharge and/or defeasance
of any Indebtedness on proceeds deposited with such trustee for such purpose to the extent not otherwise prohibited hereunder; 
 (36) other
Liens securing Indebtedness to the extent that such Indebtedness, immediately after giving effect to the Incurrence thereof and when taken together with all other Indebtedness secured by Liens Incurred pursuant to this clause (36) and
outstanding on the date such other Lien is Incurred (but not including any Indebtedness being Refinanced with the proceeds of the Indebtedness being Incurred), does not exceed the greater of $750.0 million or 9.0% of Total Assets; and 

(37) Liens securing Capital Lease Obligations and purchase money obligations (including in respect of mortgage, industrial revenue bond,
industrial development bond and similar financings) and otherwise securing all or any part of the purchase price of property acquired or cost of construction of property or cost of additions, substantial repairs, alternations or improvements of
property, if the Indebtedness and the related Liens are incurred within 18 months of the later of such acquisition of property or completion of construction or addition, repairs, alterations or improvements, as the case may be. 

  
 22 

 For purposes of determining compliance with this definition, (A) Permitted Liens need not be
incurred solely by reference to one category of Permitted Liens described above but are permitted to be incurred in part under any combination thereof and (B) in the event that a Lien (or any portion thereof) meets the criteria of one or more
of the categories of Permitted Liens described above at any time, the Company may, in its sole discretion, classify or reclassify such item of Permitted Liens (or any portion thereof) in any manner that complies with this definition at such time and
the Company may divide and classify a Lien in more than one of the types of Permitted Liens in one of the above clauses at such time. 

“Person” means any individual, corporation, company (including any limited liability company), association, partnership,
joint venture, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“Place of Payment”, when used with respect to the Notes, means the place or places where the principal of (and premium, if
any) and interest on the Notes are payable as specified as contemplated by Section 4.02. 
 “Preferred Stock”, as
applied to the Capital Stock of any Person, means Capital Stock of any class of classes (however designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary
liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such Person. 
 “Principal Personal or
Real Property” means any Property other than Property that, in the opinion of the Company, is not of material importance to the total business conducted by the Company and its Subsidiaries, taken as a whole. 

“Property” means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether
tangible or intangible, including, without limitation, Capital Stock, inventory and receivables. 
 “Qualified Capital
Stock” of any Person means any and all Capital Stock of such Person other than Disqualified Stock. 
 “Qualified Equity
Offering” means the issuance and sale of Qualified Capital Stock of the Company in a bona fide public or private offering. 

“Qualified Receivables Transaction” means any transaction or series of transactions that may be entered into by the Company
or any of its Restricted Subsidiaries pursuant to which the Company or any of its Restricted Subsidiaries may sell, convey or otherwise transfer to: 

(1) a Receivables Entity (in the case of a transfer by the Company or any of its Restricted Subsidiaries) or 

(2) any other Person (in the case of a transfer by a Receivables Entity), 

  
 23 

 or may grant a security interest in, any accounts receivable (whether now existing or arising in the future) of
the Company or any of its Restricted Subsidiaries, and any assets related thereto, including all collateral securing such accounts receivable, all contracts and all Guarantees or other obligations in respect of such accounts receivable, proceeds of
such accounts receivable and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving accounts receivable; provided,
however, that the financing terms, covenants, termination events and other provisions thereof shall be market terms at the time of such financing (as determined in good faith by the Company). 

The grant of a security interest in any accounts receivable of the Company or any of its Restricted Subsidiaries to secure Indebtedness
described in clause (6)(i) of the definition of “Permitted Liens” shall not be deemed a Qualified Receivables Transaction. 

“Rating Agencies” means: 

(1) S&P; 
 (2) Moody’s;
or 
 (3) if S&P or Moody’s or both shall not make a rating of the Notes publicly available, a “nationally recognized
statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act, selected by the Company, which shall be substituted for S&P or Moody’s or both, as the case may be. 

“Ratings Decline Period” means, with respect to any Change of Control, the period that (1) begins on the earlier of
(a) the date of the first public announcement of such Change of Control or of the Company’s intention to effect such Change of Control or (b) the occurrence of such Change of Control and (2) ends on the 60th calendar day
following consummation of such Change of Control; provided, however, that such period shall be extended for so long as any Rating Agency rating the notes as of the beginning of the Ratings Decline Period has publicly announced during the
Ratings Decline Period that the rating of the notes is under consideration for downgrade by such Rating Agency. 
 “Receivables
Entity” means (a) a Wholly Owned Subsidiary of the Company that is designated by the Board of Directors of the Company (as provided below) as a Receivables Entity or (b) another Person engaging in a Qualified Receivables
Transaction with the Company, which Person engages in the business of the financing of accounts receivable, and: 
 (1) in either of clause
(a) or (b), no portion of the Indebtedness or any other obligations (contingent or otherwise) of such entity: 
 (A) is
Guaranteed by the Company or any Subsidiary of the Company (excluding Guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), 

  
 24 

 (B) is recourse to or obligates the Company or any Subsidiary of the Company in
any way (other than pursuant to Standard Securitization Undertakings), or 
 (C) subjects any property or asset of the
Company or any Subsidiary of the Company, directly or indirectly, contingently or otherwise, to the satisfaction thereof (other than pursuant to Standard Securitization Undertakings); and 

(2) in the case of clause (b), 

(A) the entity is not an Affiliate of the Company or is an entity with which neither the Company nor any Subsidiary of the
Company has any material contract, agreement, arrangement or understanding other than on terms that the Company reasonably believes to be no less favorable to the Company or such Subsidiary than those that might be obtained at the time from Persons
that are not Affiliates of the Company; and 
 (B) is an entity to which neither the Company nor any Subsidiary of the
Company has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. 

Any such designation by the Board of Directors of the Company shall be evidenced to the Trustee by filing with the Trustee a certified copy of
the resolution of the Board of Directors of the Company giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing conditions. 

“Redemption Date,” when used with respect to any Note to be redeemed pursuant to Article 3 of this Indenture, means the date
fixed for such redemption pursuant to the terms of such Article 3. 
 “Redemption Price,” when used with respect to any
Note to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture. 
 “Refinance” means, in
respect of any Indebtedness, to refinance, extend, renew, refund, repay, replace, prepay, purchase, redeem, substitute, defease, discharge or retire, or to issue other Indebtedness in exchange or replacement for, such Indebtedness. For the avoidance
of doubt, such Indebtedness may be Incurred subsequent to the repayment or extinguishment of other Indebtedness that is being refinanced or replaced so long as the Incurrence of such Indebtedness was contemplated as of the date such other
Indebtedness was repaid or extinguished. “Refinanced” and “Refinancing” shall have correlative meanings. 

“Regular Record Date” for the interest payable on any Interest Payment Date means the January 15 or July 15
(whether or not a Business Day) immediately preceding such Interest Payment Date. 
 “Regulation S” means Regulation S
promulgated under the Securities Act. 
 “Regulation S Certificate” means a certificate substantially in the form of
Exhibit D hereto. 

  
 25 

 “Responsible Officer” means, when used with respect to the Trustee, any officer
of the Trustee within the Corporate Trust Division—Corporate Finance Unit (or any successor unit) of the trustee located at the Corporate Trust Office who has direct responsibility for the administration of this Indenture and, for the purposes
of Section 7.01(c)(2) and the second sentence of Section 7.05(a) shall also mean any other officer of the Trustee to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity with the
particular subject. 
 “Restricted Legend” means the legend in the form attached as Exhibit B hereto. 

“Restricted Period” means the relevant 40-day distribution compliance period as
defined in Regulation S. 
 “Restricted Subsidiary” means any Subsidiary of the Company other than an Unrestricted
Subsidiary. 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 

“Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Rule 144A Certificate” means (i) a certificate substantially in the form of Exhibit E hereto or (ii) a written
certification addressed to the Company and the Trustee to the effect that the Person making such certification (x) is acquiring the Note (or beneficial interest therein) for its own account or one or more accounts with respect to which it
exercises sole investment discretion and that it and each such account is a qualified institutional buyer within the meaning of Rule 144A, (y) is aware that the transfer to it or exchange, as applicable, is being made in reliance upon the
exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A, and (z) acknowledges that it has received such information regarding the Company as it has requested pursuant to Rule 144A(d)(4) or has determined not
to request such information. 
 “Rule 904” means Rule 904 promulgated under the Securities Act. 

“S&P” means Standard & Poor’s Ratings Services LLC, a division of S&P Global Inc., and any successor
thereto. 
 “Sale and Lease-Back Transaction” means any arrangement providing for the leasing for a period of more than
three years by the Company or any of its Restricted Subsidiaries of any real or tangible personal property, which property has been or is to be sold or transferred by the Company or such Restricted Subsidiary to a third Person in contemplation of
such leasing, provided, however, that a Sale Lease-Back Transaction shall not include any transaction that would qualify as a Permitted Gen-Probe Asset Sale. 

“Secured Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries that is secured by a Lien.

 “Securities Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations
promulgated by the Commission thereunder. 

  
 26 

 “Senior Secured Credit Facilities” means (i) the credit and guaranty
agreement dated as of October 3, 2017, among the Company, Hologic GGO 4 Ltd., certain of its subsidiaries that are or may become designated borrowers from time to time, the Company’s Subsidiaries that are Guarantors thereof, and Bank of
America, N.A., as administrative agent, as such agreement, in whole or in part, in one or more instances, may be amended, renewed, extended, substituted, refinanced, restructured, replaced (whether or not upon termination, and whether with the
original lenders or otherwise), supplemented or otherwise modified from time to time (including, in each case, by means of one or more credit agreements, note purchase agreements, indentures or sales of debt securities to institutional investors
whether with the original agents and lenders or otherwise and including, without limitation, any successive renewals, extensions, substitutions, refinancings, restructurings, replacements, supplementations or other modifications of the foregoing)
and including, without limitation, to increase the amount of available borrowing thereunder or to add Restricted Subsidiaries as additional borrowers or Guarantors or otherwise, and (ii) whether or not the agreements referred to in clause
(i) remain outstanding, if designated by the Company to be included in the definition of “Senior Secured Credit Facilities”, one or more (x) debt facilities or commercial paper facilities, providing for revolving credit
loans, term loans, receivables or inventory financing (including through the sale of receivables or inventory to lenders or to special purpose entities formed to borrow from lenders against such receivables or inventory) or letters of credit,
(y) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (z) instruments or agreements evidencing any other Indebtedness,
in each case, with the same or different borrowers, Guarantors or issuers or lenders or group of lenders, and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or
in part from time to time (whether or not upon termination, and whether or not with the original lenders or otherwise). 

“Significant Subsidiary” means any Restricted Subsidiary that would be a “Significant Subsidiary” of the Company
within the meaning of Rule 1-02 under Regulation S-X promulgated by the Commission, as such Regulation is in effect on the Issue Date. 

“Standard Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the
Company or any Subsidiary of the Company or another Receivables Entity that, taken as a whole, are customary in an accounts receivable transaction. 

“Stated Maturity” means, when used with respect to any Indebtedness or any installment of interest thereon, the dates
specified in such Indebtedness as the fixed date on which the principal of such Indebtedness or such installment of interest, as the case may be, is due and payable. 

“Subsidiary” means, with respect to any specified Person: 

(1) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled
(without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or
one or more of the other Subsidiaries of that Person (or a combination thereof); or 

  
 27 

 (2) any partnership (a) the sole general partner or the managing general partner of which is
such Person or a Subsidiary of such Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 

“Subsidiary Guarantee” means the guarantee by any Subsidiary Guarantor of the Company’s Indenture Obligations. 

“Subsidiary Guarantor” means each Restricted Subsidiary of the Company that guarantees the Company’s Indenture
Obligations. 
 “Supplemental Indenture” means a supplemental indenture substantially in the form attached as Exhibit H
hereto. 
 “Swap Obligation” means, with respect to any Subsidiary Guarantor, any obligation to pay or perform under any
agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act, as amended from time to time, or any successor statute (including, without limitation, any Interest Rate
Agreement, Currency Agreement, Commodity Price Protection Agreement or any other similar agreement or arrangement). 
 “Test
Period” means the Company’s most recently ended four fiscal quarters for which internal financial statements are available (as determined in good faith by the Company). 

“Total Assets” means the total assets of the Company and the Restricted Subsidiaries, as shown on the most recent balance
sheet of the Company for which internal financial statements are available immediately preceding the date on which any calculation of Total Assets is being made (the “Transaction Date”), with such pro forma adjustments for
transactions consummated on or prior to or simultaneously with the date of the calculation as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Consolidated Senior Secured Debt Ratio. 

“Transaction Date” has the meaning set forth in the definition of Total Assets. 

“Treasury Rate” means, with respect to any Make-Whole Redemption Date, the yield to maturity at the time of computation of
United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to such Make-Whole Redemption
Date (or, if such statistical release is no longer published, any publicly available source of similar market data)) equal to the period from such Make-Whole Redemption Date to February 1, 2023; provided, however, that if the
period from such Make-Whole Redemption Date to February 1, 2023, is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation
(calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from such Make-Whole Redemption
Date to February 1, 2023, is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. 

  
 28 

 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 

“Trustee” means Wells Fargo Bank, National Association, until a successor replaces it in accordance with the applicable
provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Unrestricted Subsidiary” means
(1) any Subsidiary that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors of the Company in all of the Company’s Credit Facilities (including the Senior Secured Credit Facilities),
whether on or subsequent to the Issue Date, and (2) any Subsidiary of an Unrestricted Subsidiary. 
 “U.S. Global
Note” means a Global Note that bears the Restricted Legend representing Notes issued and sold pursuant to Rule 144A. 

“U.S. Government Obligations” means direct non-callable obligations of, or guaranteed
by, the United States of America for the full and timely payment of which guarantee or obligations the full faith and credit of the United States is pledged. 

“U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act. 

“Voting Stock” of a Person means Capital Stock of such Person of the class or classes pursuant to which the holders thereof
have the general voting power under ordinary circumstances to elect at least a majority of the board of directors, managers or trustees of such Person (irrespective of whether or not at the time Capital Stock of any other class or classes shall have
or might have voting power by reason of the happening of any contingency). 
 “Wholly Owned Subsidiary” means a Restricted
Subsidiary of the Company of which the Company owns all of the Capital Stock, directly or indirectly, other than directors’ qualifying shares, of such Restricted Subsidiary. 

Section 1.02. Other Definitions. 
  

			
	 Term
	  	 Defined in Section

	 “act”
	  	11.02
	 “Agent Members”
	  	2.09
	 “Change of Control Offer”
	  	4.09
	 “Change of Control Repurchase Date”
	  	4.09
	 “Change of Control Repurchase Price”
	  	4.09
	 “Covenant Defeasance”
	  	9.01
	 “effective date”
	  	4.19
	 “Event of Default”
	  	6.01
	 “Legal Defeasance”
	  	9.01
	 “Limited Condition Acquisition”
	  	4.14
	 “Make-Whole Redemption Date”
	  	3.07
	 “Note Register”
	  	2.09
	 “Paying Agent”
	  	2.03
	 “Registrar”
	  	2.03
	 “Successor Company”
	  	5.01

  
 29 

 Section 1.03. Rules of Construction. Unless the context otherwise requires:
 
 (1) a term has the meaning assigned to it herein, whether defined expressly or by reference; 

(2) unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be
made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP; 
 (3) “or” is not
exclusive; 
 (4) words in the singular include the plural, and in the plural include the singular; 

(5) “will” shall be interpreted to express a command; 

(6) words used herein implying any gender shall apply to both genders; 

(7) “herein,” “hereof,” “hereunder” and other words of similar import refer to this Indenture as a whole and not
to any particular Article, Section or other subsection; 
 (8) “$,” “U.S. Dollars” and “United States Dollars”
each refer to United States dollars, or such other money of the United States that at the time of payment is legal tender for payment of public and private debts; 

(9) references to sections of or rules under the Securities Act, the Exchange Act or the Trust Indenture Act will be deemed to include
substitute, replacement of successor sections or rules adopted by the Commission from time to time; and 
 (10) references to Sections,
Articles or Exhibits are references to Sections, Articles or Exhibits of or to this Indenture unless context otherwise requires. 
 ARTICLE 2

 THE NOTES 

Section 2.01. Form, Dating and Denominations 144A, Regulation S; Legends. 

(a) The Notes and the Trustee’s certificate of authentication will be substantially in the form attached as Exhibit A. The terms and
provisions contained in the form of the Note annexed as Exhibit A constitute, and are hereby expressly made, a part of this Indenture. The Notes may have notations, legends or endorsements required by law, rules of or agreements with national
securities exchanges to which the Company is subject, or usage. Each Note will be dated the date of its authentication. The Notes will be issuable in denominations of $2,000 in principal amount and any multiple of $1,000 in excess thereof. 

  
 30 

 (b) (1) Except as otherwise provided in paragraph (c), Section 2.10(b)(3), (b)(5), or
(c) or Section 2.09(b)(4), each Initial Note (other than an Offshore Global Note) will bear the Restricted Legend. 

(2) Each Global Note, whether or not an Initial Note, will bear the DTC Legend. 

(3) [reserved]. 

(4) Initial Notes offered and sold in reliance on Regulation S will be issued as provided in Section 2.11(a). 

(5) Initial Notes offered and sold in reliance on any exception under the Securities Act other than Regulation S and Rule 144A
will be issued, and upon the request of the Company to the Trustee, Initial Notes offered and sold in reliance on Rule 144A may be issued, in the form of Certificated Notes. 

(6) Initial Notes resold to Institutional Accredited Investors will be in the form of an IAI Global Note. 

(c) (1) If the Company determines (upon the advice of counsel and such other certifications and evidence as the Company may reasonably
require) that a Note is eligible for resale pursuant to Rule 144 (or a successor provision) without the need for current public information and that the Restricted Legend is no longer necessary or appropriate in order to ensure that subsequent
transfers of the Note (or a beneficial interest therein) are effected in compliance with the Securities Act, or (2) after an Initial Note is sold pursuant to an effective registration statement under the Securities Act, then, in the case of
either (1) or (2), the Company may provide the Trustee with a Company Order instructing the Trustee to cancel the Note and authenticate and deliver to the Holder thereof (or to its transferee) a new Note of like tenor and amount, registered in
the name of the Holder thereof (or its transferee), that does not bear the Restricted Legend, together with an Officers’ Certificate and an Opinion of Counsel, and the Trustee will comply with such Company Order. Any such
exchange with respect to Global Notes shall comply with Applicable Procedures. 
 (d) By its acceptance of any Note bearing the Restricted
Legend (or any beneficial interest in such a Note), each Holder thereof and each owner of a beneficial interest therein acknowledges the restrictions on transfer of such Note (and any such beneficial interest) set forth in this Indenture and in the
Restricted Legend and agrees that it will transfer such Note (and any such beneficial interest) only in accordance with this Indenture and such legend. 

  
 31 

 Section 2.02. Execution and Authentication; Additional Notes. 

(a) An Officer shall execute the Notes for the Company by facsimile or manual signature in the name and on behalf of the Company. If an Officer
whose signature is on a Note no longer holds that office at the time the Note is authenticated, the Note will still be valid. 
 (b) A Note
will not be valid until the Trustee manually signs the certificate of authentication on the Note, with the signature conclusive evidence that the Note has been authenticated under this Indenture. 

(c) At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company
to the Trustee for authentication. The Trustee will authenticate and deliver: 
 (i) Initial Notes for original issue in the
aggregate principal amount not to exceed $400,000,000; and 
 (ii) Additional Notes from time to time for original issue in
aggregate principal amounts specified by the Company (provided that if the Additional Notes are not fungible with the Initial Notes for U.S. Federal income tax purposes, such Additional Notes will have a different CUSIP); 

after receipt by the Trustee of a Company Order specifying: 

(A) the amount of Notes to be authenticated and the date on which the Notes are to be authenticated, 

(B) whether the Notes are to be Initial Notes or Additional Notes, 

(C) whether the Notes are to be issued as one or more Global Notes or Certificated Notes, and 

(D) other information the Company may determine to include or the Trustee may reasonably request. 

(d) Initial Notes and any Additional Notes will be treated as a single class for all purposes under this Indenture and will vote together as
one class on all matters with respect to the Notes. 
 Section 2.03. Registrar, Paying Agent and Authenticating Agent; Paying Agent
to Hold Money in Trust. (a) The Company may appoint one or more “Registrars” and one or more “Paying Agents”, and the Trustee may appoint an Authenticating Agent, in which case each reference in this
Indenture to the Trustee in respect of the obligations of the Trustee to be performed by that Agent will be deemed to be references to the Agent. The Company may act as Registrar or (except for purposes of Article 9) Paying Agent. In each case the
Company and the Trustee will enter into an appropriate agreement with the Agent implementing the provisions of this Indenture relating to the obligations of the Trustee to be performed by the Agent and the related rights. The Company initially
appoints the Trustee as Registrar and Paying Agent and to act as DTC Custodian with respect to the Global Notes. 

  
 32 

 (b) The Company will require each Paying Agent other than the Trustee to agree in writing that
the Paying Agent will hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal of and interest on the Notes and will promptly notify the Trustee of any default by the Company in
making any such payment. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and the Trustee may at any time during the continuance of any payment default, upon written
request to a Paying Agent, require the Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon doing so, the Paying Agent will have no further liability for the money so paid over to the Trustee. 

Section 2.04. Replacement Notes. If a mutilated Note is surrendered to the Trustee or if a Holder claims that its Note has
been lost, destroyed or wrongfully taken, the Company will issue and the Trustee will authenticate a replacement Note of like tenor and principal amount and bearing a number not contemporaneously outstanding. Every replacement Note is an additional
obligation of the Company and entitled to the benefits of this Indenture. If required by the Trustee or the Company, an indemnity must be furnished that is sufficient in the judgment of both the Trustee and the Company to protect the Company and the
Trustee from any loss they may suffer if a Note is replaced. The Company may charge the Holder for the expenses of the Company and the Trustee in replacing a Note. In case the mutilated, lost, destroyed or wrongfully taken Note has become or is
about to become due and payable, the Company in its discretion may pay the Note instead of issuing a replacement Note. 

Section 2.05. Outstanding Notes. (a) Notes outstanding at any time are all Notes that have been authenticated by the
Trustee except for: 
 (1) Notes cancelled by the Trustee or delivered to it for cancellation; 

(2) any Note which has been replaced pursuant to Section 2.04 unless and until the Trustee and the Company receive proof
satisfactory to them that the replaced Note is held by a bona fide purchaser; and 
 (3) on or after the maturity date
or any Redemption Date in accordance with Article III or date for purchase of the Notes pursuant to an offer to purchase Notes pursuant to Section 4.09, those Notes payable or to be redeemed or purchased on that date for which the Trustee (or Paying
Agent, other than the Company or an Affiliate of the Company) holds money sufficient to pay all amounts then due. 
 (b) A Note does not
cease to be outstanding because the Company or one of its Affiliates holds the Note; provided that in determining whether the Holders of the requisite principal amount of the outstanding Notes have given or taken any request, demand,
authorization, direction, notice, consent, waiver or other action hereunder, Notes owned by the Company or any Affiliate of the Company will be disregarded and deemed not to be outstanding, (it being understood that in determining whether the
Trustee is protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Notes which the Trustee knows to be so owned will be so disregarded). Notes so owned which have been pledged in
good faith may be regarded as outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Company or any Affiliate of the Company. 

  
 33 

 Section 2.06. Temporary Notes. Until definitive Notes are ready for delivery,
the Company may prepare and the Trustee will authenticate temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have insertions, substitutions, omissions and other variations determined to be appropriate by
the Officer executing the temporary Notes, as evidenced by the execution of the temporary Notes. If temporary Notes are issued, the Company will cause definitive Notes to be prepared without unreasonable delay. After the preparation of definitive
Notes, the temporary Notes will be exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency of the Company designated for the purpose pursuant to Section 4.02, without charge to the Holder. Upon surrender
for cancellation of any temporary Notes the Company will execute and the Trustee will authenticate and deliver in exchange therefor a like principal amount of definitive Notes of authorized denominations. Until so exchanged, the temporary Notes will
be entitled to the same benefits under this Indenture as definitive Notes. 
 Section 2.07. Cancellation. The
Company at any time may deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee for cancellation any Notes
previously authenticated hereunder which the Company has not issued and sold. Any Registrar or the Paying Agent will forward to the Trustee any Notes surrendered to it for transfer, exchange or payment. The Trustee will cancel all Notes surrendered
for transfer, exchange, payment or cancellation and dispose of them in accordance with its normal procedures. The Company may not issue new Notes to replace Notes it has paid in full or delivered to the Trustee for cancellation. 

Section 2.08. CUSIP, ISIN, CINS or Other Similar Numbers. The Company in issuing the Notes may use “CUSIP”,
“ISIN”, “CINS” or other similar numbers, and the Trustee will use CUSIP, ISIN, CINS or other similar numbers in notices of redemption or exchange or in offers to purchase as a convenience to Holders, the notice to state that no
representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of redemption or exchange or offer to purchase. The Company will promptly notify the Trustee of any change in the CUSIP, ISIN,
CINS or other similar numbers. 
 Section 2.09. Registration, Transfer and Exchange. (a) The Notes will be
issued in registered form only, without coupons, and the Company shall cause the Trustee to maintain a register (the “Note Register”) of the Notes, for registering the record ownership of the Notes by the Holders and
transfers and exchanges of the Notes. 
 (b) (1) Each Global Note will be registered in the name of the
Depositary or its nominee and, so long as DTC is serving as the Depositary thereof, will bear the DTC Legend. The Company has entered into a letter of representations with DTC in the form provided by DTC and the Trustee and each Agent are hereby
authorized to act in accordance with such letter and Applicable Procedures. Neither the Trustee nor any Agent shall have responsibility for any actions taken or not taken by DTC or any Depositary. 

  
 34 

 (2) Each Global Note will be delivered to the Trustee as custodian for the
Depositary. Transfers of a Global Note (but not a beneficial interest therein) will be limited to transfers thereof in whole, but not in part, to the Depositary, its successors or their respective nominees, (1) except as set forth in
Section 2.09(b)(4) and (2) except that transfers of portions thereof in the form of Certificated Notes may be made upon request of an Agent Member (for itself or on behalf of a beneficial owner) by written notice given to the Trustee by or
on behalf of the Depositary in accordance with customary procedures of the Depositary and in compliance with this Section and Section 2.11. 

(3) Members of, or direct or indirect participants in, the Depositary (“Agent Members”) will have no rights
under this Indenture with respect to any Global Note held on their behalf by the Depositary, or the Trustee as its custodian, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute
owner and Holder of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, the Depositary or its nominee may grant proxies and otherwise authorize any Person (including any Agent Member and any Person that holds a beneficial
interest in a Global Note through an Agent Member) to take any action which a Holder is entitled to take under this Indenture or the Notes, and nothing herein will impair, as between the Depositary and its Agent Members, the operation of customary
practices governing the exercise of the rights of a Holder of any Note. 
 (4) If (x) the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for a Global Note and a successor depositary is not appointed by the Company within 90 days of the notice or (y) an Event of Default has occurred and is continuing and the Trustee
has received a request from the Depositary, the Trustee will promptly exchange each beneficial interest in the Global Note for one or more Certificated Notes in authorized denominations having an equal aggregate principal amount registered in the
name of the owner of such beneficial interest, as identified to the Trustee by the Depositary, and thereupon the Global Note will be deemed canceled. If such Note does not bear the Restricted Legend, then the Certificated Notes issued in exchange
therefor will not bear the Restricted Legend. If such Note bears the Restricted Legend, then the Certificated Notes issued in exchange therefor will bear the Restricted Legend; provided that any Holder of any such Certificated Note issued in
exchange for a beneficial interest in an Offshore Global Note prior to the expiration of the Restricted Period will have the right upon presentation to the Trustee of a duly completed Certificate of Beneficial Ownership after the Restricted Period
to exchange such Certificated Note for a Certificated Note of like tenor and amount that does not bear the Restricted Legend, registered in the name of such Holder. 

(c) Each Certificated Note will be registered in the name of the Holder thereof or its nominee. 

(d) A Holder may transfer a Note (or a beneficial interest therein) to another Person or exchange a Note (or a beneficial interest therein) for
another Note or Notes of any authorized denomination by presenting to the Trustee a written request therefor stating the name of the proposed transferee or requesting such an exchange, accompanied by any certification, opinion or other document
required by Section 2.10. The Trustee will promptly register any transfer or exchange that meets the requirements of this Section by noting the same in the register maintained by the Trustee for the purpose; provided that 

  
 35 

 (x) no transfer or exchange will be effective until it is registered in such
register and 
 (y) the Trustee will not be required (i) to issue, register the transfer of or exchange any Note for a
period of 15 days before a selection of Notes to be redeemed or purchased pursuant to an offer to purchase, (ii) to register the transfer of or exchange any Note so selected for redemption or purchase in whole or in part, except, in the case of
a partial redemption or purchase, that portion of any Note not being redeemed or purchased, or (iii) if a redemption or a purchase pursuant to an offer to purchase is to occur after a Regular Record Date but on or before the corresponding
Interest Payment Date, to register the transfer of or exchange any Note on or after the Regular Record Date and before the Redemption Date or date of purchase. Prior to the registration of any transfer, the Company, the Trustee and their agents will
treat the Person in whose name the Note is registered as the owner and Holder thereof for all purposes (whether or not the Note is overdue), and will not be affected by notice to the contrary. 

From time to time the Company will execute and the Trustee will authenticate additional Notes as necessary in order to permit the registration
of a transfer or exchange in accordance with this Section. 
 No service charge will be imposed in connection with any transfer or exchange
of any Note, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than a transfer tax or other similar governmental charge payable upon exchange
pursuant to subsection (b)(4)). 
 (e) (1) Global Note to Global Note. If a beneficial interest in a Global Note
is transferred or exchanged for a beneficial interest in another Global Note, the Trustee will (x) record a decrease in the principal amount of the Global Note being transferred or exchanged equal to the principal amount of such transfer or
exchange and (y) record a like increase in the principal amount of the other Global Note. Any beneficial interest in one Global Note that is transferred to a Person who takes delivery in the form of an interest in another Global Note, or
exchanged for an interest in another Global Note, will, upon transfer or exchange, cease to be an interest in such Global Note and become an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer and exchange
restrictions, if any, and other procedures applicable to beneficial interests in such other Global Note for as long as it remains such an interest. 

(2) Global Note to Certificated Note. If a beneficial interest in a Global Note is transferred or exchanged for a
Certificated Note, the Trustee will (x) record a decrease in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (y) deliver one or more new Certificated Notes in authorized denominations
having an equal aggregate principal amount to the transferee (in the case of a transfer) or the owner of such beneficial interest (in the case of an exchange), registered in the name of such transferee or owner, as applicable. 

  
 36 

 (3) Certificated Note to Global Note. If a Certificated Note is
transferred or exchanged for a beneficial interest in a Global Note, the Trustee will (x) cancel such Certificated Note, (y) record an increase in the principal amount of such Global Note equal to the principal amount of such transfer or
exchange and (z) in the event that such transfer or exchange involves less than the entire principal amount of the canceled Certificated Note, deliver to the Holder thereof one or more new Certificated Notes in authorized denominations having
an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Certificated Note, registered in the name of the Holder thereof. 

(4) Certificated Note to Certificated Note. If a Certificated Note is transferred or exchanged for another Certificated
Note, the Trustee will (x) cancel the Certificated Note being transferred or exchanged, (y) deliver one or more new Certificated Notes in authorized denominations having an aggregate principal amount equal to the principal amount of such
transfer or exchange to the transferee (in the case of a transfer) or the Holder of the canceled Certificated Note (in the case of an exchange), registered in the name of such transferee or Holder, as applicable, and (z) if such transfer or
exchange involves less than the entire principal amount of the canceled Certificated Note, deliver to the Holder thereof one or more Certificated Notes in authorized denominations having an aggregate principal amount equal to the untransferred or
unexchanged portion of the canceled Certificated Note, registered in the name of the Holder thereof. 
 Section 2.10.
Restrictions on Transfer and Exchange. (a) The transfer or exchange of any Note (or a beneficial interest therein) may only be made in accordance with this Section and Section 2.09 and, in the case of a Global Note (or a beneficial
interest therein), the applicable rules and procedures of the Depositary. The Trustee shall refuse to register any requested transfer or exchange that does not comply with the preceding sentence. 

(b) Subject to paragraph (c), the transfer or exchange of any Note (or a beneficial interest therein) of the type set forth in column A below
for a Note (or a beneficial interest therein) of the type set forth opposite in column B below may only be made in compliance with the certification requirements (if any) described in the clause of this paragraph set forth opposite in column C
below. 
  

					
	A	  	B	  	C
	U.S. Global Note	  	U.S. Global Note	  	(1)
	U.S. Global Note	  	Offshore Global Note	  	(2)
	U.S. Global Note	  	Certificated Note	  	(3)
	Offshore Global Note	  	U.S. Global Note	  	(4)
	Offshore Global Note	  	Offshore Global Note	  	(1)
	Offshore Global Note	  	Certificated Note	  	(5)
	Certificated Note	  	U.S. Global Note	  	(4)
	Certificated Note	  	Offshore Global Note	  	(2)
	Certificated Note	  	Certificated Note	  	(3)

  

	(1)	No certification is required. 

  
 37 

 (2) The Person requesting the transfer or exchange must deliver or cause to be
delivered to the Trustee a duly completed Regulation S Certificate; provided that if the requested transfer or exchange is made by the Holder of a Certificated Note that does not bear the Restricted Legend, then no certification is required.

 (3) The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee (x) a duly
completed Rule 144A Certificate, (y) a duly completed Regulation S Certificate or (z) a duly completed Institutional Accredited Investor Certificate, and/or an Opinion of Counsel and such other certifications and evidence as the Company
may reasonably require in order to determine that the proposed transfer or exchange is being made in compliance with the Securities Act and any applicable securities laws of any state of the United States; provided that if the requested
transfer or exchange is made by the Holder of a Certificated Note that does not bear the Restricted Legend, then no certification is required. In the event that (i) the requested transfer or exchange takes place after the Restricted Period and
a duly completed Regulation S Certificate is delivered to the Trustee or (ii) a Certificated Note that does not bear the Restricted Legend is surrendered for transfer or exchange, upon transfer or exchange the Trustee will deliver a
Certificated Note that does not bear the Restricted Legend. 
 (4) The Person requesting the transfer or exchange must
deliver or cause to be delivered to the Trustee a duly completed Rule 144A Certificate. 
 (5) Notwithstanding anything to
the contrary contained herein, no such exchange is permitted if the requested exchange involves a beneficial interest in an Offshore Global Note during the Restricted Period. If the requested transfer involves a beneficial interest in an Offshore
Global Note during the Restricted Period, the Person requesting the transfer must deliver or cause to be delivered to the Trustee (x) a duly completed Rule 144A Certificate or (y) a duly completed Institutional Accredited Investor
Certificate and/or an Opinion of Counsel and such other certifications and evidence as the Company may reasonably require in order to determine that the proposed transfer is being made in compliance with the Securities Act and any applicable
securities laws of any state of the United States. If the requested transfer or exchange involves a beneficial interest in an Offshore Global Note following the expiration of the Restricted Period, no certification is required and the Trustee will
deliver a Certificated Note that does not bear the Restricted Legend. 
 (c) No certification is required in connection with any transfer or
exchange of any Note (or a beneficial interest therein). 
 (1) after such Note is eligible for resale pursuant to Rule 144
under the Securities Act (or a successor provision) without the need for current public information; provided that the Company has provided the Trustee with an Officers’ Certificate to that effect, and the Company may require from any
Person requesting a transfer or exchange in reliance upon this clause (1) an opinion of counsel and any other reasonable certifications and evidence in order to support such certificate; or 

(2) sold pursuant to an effective registration statement. 

  
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 Any Certificated Note delivered in reliance upon this paragraph will not bear the Restricted
Legend. 
 (d) The Trustee will retain copies of all certificates, opinions and other documents received in connection with the transfer or
exchange of a Note (or a beneficial interest therein), and the Company will have the right to inspect and make copies thereof at any reasonable time upon written notice to the Trustee. 

(e) Neither the Trustee nor the Registrar shall have any duty to monitor the Company’s compliance with or have any responsibility with
respect to the Company’s compliance with any U.S. Federal or state securities laws in connection with registrations of transfers and exchanges of the Notes. The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Notes (including any transfers between or among Depositary participants or beneficial owners of
interests in any Global Note) other than to require delivery of such certificates and other documentation, as is expressly required by, and to do so if and when expressly required by, the terms of this Indenture and to examine the same to determine
substantial compliance as to form with the express requirements hereof. 
 (f) Each Holder by acceptance of its Notes agrees to indemnify the
Trustee against liability that may result from the transfer, exchange or assignment of such Holder’s interest in the Note in violation of any provision of this Indenture and/or applicable U.S. Federal and state securities laws. 

Section 2.11. Offshore Global Notes. 

(a) Each Note originally sold in reliance upon Regulation S will be evidenced by one or more Offshore Global Notes that shall be deemed a
“temporary global note” for purposes of Regulation S until the expiration of the Restricted Period, whereupon such Offshore Global Note will henceforth be deemed a “permanent global note” for purposes of Regulation S and the
“temporary global note” shall also be deemed cancelled. 
 (d) Notwithstanding anything to the contrary contained herein, any owner
of a beneficial interest in an Offshore Global Note prior to the expiration of the Restricted Period shall not be entitled to receive payment of principal or interest on such beneficial interest or other amounts in respect of such beneficial
interest until (x) the expiration of the Restricted Period or (y) such beneficial interest is transferred for an interest in another Global Note or a Certificated Note. 

Section 2.12. Computation of Interest. Interest on the Notes shall be computed on the basis of a 360-day year composed of twelve
30-day months. 
 Section 2.13. Defaulted Interest. If the Company defaults on a payment of interest when due on the Notes, it
shall pay the defaulted interest, and, to the extent lawful, interest on the defaulted interest at a rate per annum that is 1% in excess of 4.625%, in accordance with the terms hereof, to the Persons who are Holders on a subsequent special record
date fixed by the 

  
 39 

 
Company, which date shall be at least five Business Days prior to the payment date fixed by the Company. At least 10 days before such special record date, the Company shall mail or send to each
Holder (with a copy to the Trustee) a notice that states the special record date, the payment date and the amount of defaulted interest, and interest payable on defaulted interest, if any, to be paid. The Company may make payment of any defaulted
interest in any other lawful manner not inconsistent with the requirements (if applicable) of any securities exchange on which the Notes may be listed and, upon such notice as may be required by such exchange, if, after written notice given by the
Company to the Trustee of the proposed payment pursuant to this sentence, such manner of payment shall be deemed practicable by the Trustee. 

Section 2.14. Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list
available to it of the names and addresses of the Holders. If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least five Business Days before each Interest Payment Date, and at such other times as the Trustee may
request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders; provided that, as long as the Trustee is the Registrar, no such list need be furnished. 

ARTICLE 3 

REDEMPTION AND PREPAYMENT 

Section 3.01. Election to Redeem; Notices to Trustee. If the Company elects to redeem Notes pursuant to this Article 3, at least
30 days prior to the Redemption Date but not more than 60 days before the Redemption Date, the Company shall notify the Trustee in writing of the Redemption Date, the principal amount of such Notes to be redeemed and the Redemption Price. Notice
given to the Trustee pursuant to this Section 3.01 may, at the Company’s discretion, state that any such redemption is subject to the satisfaction of one or more conditions precedent. For the avoidance of doubt, the provisions described in this
Article 3 shall not apply to repurchases of Notes by the Company on the open market or in privately negotiated transactions. 

Section 3.02. Selection by Trustee of Notes to be Redeemed. If the Company redeems fewer than all of the Notes at any time, the
Trustee will select the Notes to be redeemed by lot, on a pro rata basis or by any other method the Trustee deems to be fair and appropriate (or, in the case of Global Notes, based on the method required by the Depositary or, if it is not so
required, a method that most nearly approximates a pro rata selection as the Trustee deems fair and appropriate), unless otherwise required by law or applicable stock exchange or depositary requirements. 

The Trustee shall promptly notify the Company of the Notes selected for redemption and, in the case of any partial redemption, the principal
amount thereof to be redeemed. 
 The Company will redeem Notes of $2,000 or less in whole and not in part. For all purposes of this
Indenture unless the context otherwise requires, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 

  
 40 

 Section 3.03. Notice of Redemption. The Company will cause notices of redemption to
be mailed by first-class mail (or electronic transmission in the case of Global Notes) at least 30 but not more than 60 days before the Redemption Date to each Holder of Notes (with a copy to the Trustee) to be redeemed at its registered address.
The Company may provide in the notice that payment of the Redemption Price and performance of the Company’s obligations with respect to the redemption or purchase may be performed by another Person. Any notice may, at the Company’s
discretion, state that the redemption is subject to the satisfaction of one or more conditions precedent. 
 The notice shall identify the
Notes to be redeemed (including the CUSIP number(s) thereof) and shall state: 
 (a) the Redemption Date; 

(b) the Redemption Price; 
 (c) if
fewer than all outstanding Notes are to be redeemed, the portion of the principal amount of such Note to be redeemed and that, after the Redemption Date and upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed
portion will be issued; 
 (d) the name and address of the Paying Agent; 

(e) that Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price; 

(f) that unless the Company defaults in making the redemption payment, or any condition to such redemption is not satisfied or waived, interest
on Notes called for redemption ceases to accrue on and after the Redemption Date; 
 (g) if such redemption is conditioned upon the
occurrence of one or more conditions precedent, the nature of such conditions precedent; 
 (h) the aggregate principal amount of Notes that
are being redeemed; 
 (i) the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are
being redeemed; and 
 (j) that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such
notice or printed on the Notes. 
 At the Company’s written request, the Trustee shall give the notice of redemption in the
Company’s name and at the Company’s sole expense; provided, however, that the Company has delivered to the Trustee, at least five Business Days prior to the date on which such notice is to be given (unless a shorter notice shall be agreed
to in writing by the Trustee), an Officers’ Certificate requesting that the Trustee give such notice together with the notice to be given setting forth the information to be stated in such notice as provided in the preceding paragraph. 

  
 41 

 If any condition precedent provided for in the notice of redemption has not been satisfied
following delivery of such notice pursuant to this Section 3.03, the Company shall notify the Trustee in writing prior to the close of business two Business Days prior to the Redemption Date (or such shorter period as may be acceptable to the
Trustee). Upon receipt of such notice by the Trustee, (i) the notice of redemption shall be rescinded or delayed, and the redemption of the Notes shall be rescinded or delayed as provided in such notice; and (ii) the Trustee shall deliver
such notice to each Holder in the same manner in which the notice of redemption was given. 
 Section 3.04. Effect of Notice of
Redemption. Once the notice of redemption described in Section 3.03 is mailed (or delivered) and any conditions precedent to such redemption have been satisfied, Notes called for redemption become irrevocably due and payable on the Redemption
Date and at the Redemption Price, including any premium, plus interest accrued to the Redemption Date. Upon surrender to the Paying Agent, such Notes shall be paid at the Redemption Price, including any premium, plus interest accrued to the
Redemption Date; provided that (a) if the Redemption Date is after a Regular Record Date and on or prior to the Interest Payment Date, the accrued interest shall be payable to the Holder of the redeemed Notes registered on the relevant
Regular Record Date; and (b) if a Redemption Date is a Legal Holiday, payment shall be made on the next succeeding Business Day and no interest shall accrue for the period from such Redemption Date to such succeeding Business Day. Such notice,
if mailed (or delivered) in the manner provided in Section 3.03, shall be conclusively presumed to have been given whether or not the Holder receives such notice. 

Section 3.05. Deposit of Redemption Price. On or prior to [11:00 A.M.], New York City time, on each Redemption Date, the Company
shall deposit with the Paying Agent in immediately available funds money sufficient to pay the Redemption Price of, including premium, if any, and accrued interest on all Notes to be redeemed on that date other than Notes or portions thereof called
for redemption on that date which have been delivered by the Company to the Trustee for cancellation. 
 On and after any Redemption Date,
if money sufficient to pay the Redemption Price of, including premium, if any, and accrued interest on Notes called for redemption shall have been made available in accordance with the immediately preceding paragraph, the Notes called for redemption
will cease to accrue interest and the only right of the Holders of such Notes will be to receive payment of the Redemption Price of and, subject to Section 3.04(a), accrued and unpaid interest on such Notes to the Redemption Date. If any Note
surrendered for redemption shall not be so paid, interest will be paid, from, and including, the Redemption Date until such redemption payment is made, on the unpaid principal of the Note and any interest not paid on such unpaid principal, in each
case at the rate and in the manner provided in the Notes. 
 Section 3.06. Notes Redeemed in Part. If any Note is to be redeemed
in part only, the notice of redemption that relates to that Note will state the portion of the principal amount thereof that is to be redeemed. The Company will issue a new Note (or transfer by book-entry) in a principal amount equal to the
unredeemed portion of the original Note in the name of the Holder upon cancellation of the original Note. Notes called for redemption become due on the Redemption Date for such Notes, subject to the satisfaction of any conditions precedent. On and
after such Redemption Date, unless the Company defaults in payment of the Redemption Price on such Redemption Date, or any conditions precedent are not satisfied, interest ceases to accrue on the Notes or portions thereof called for such redemption.

  
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 Section 3.07. Optional Redemption. Except as set forth below in this Section 3.07,
the Notes may not be redeemed at the option of the Company. 
 (a) At any time or from time to time on or after February 1, 2023, the
Company, at its option, may redeem the Notes, in whole or in part, at the Redemption Prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest thereon, if any, to the Redemption Date, if redeemed during
the 12-month period beginning on February 1 of the years indicated below (subject to the rights of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date if the Notes have not been
redeemed prior to such Regular Record Date): 
  

					
	 Year
	  	Percentage	 
	 2023
	  	 	102.312	% 
	 2024
	  	 	101.541	% 
	 2025
	  	 	100.770	% 
	 2026 and thereafter
	  	 	100.000	% 

 (b) At any time or from time to time prior to February 1, 2021, the Company, at its option, may redeem up
to 35% of the aggregate principal amount of the Notes (including Additional Notes) with the net cash proceeds of one or more Qualified Equity Offerings at a Redemption Price equal to 104.625% of the principal amount of the Notes to be redeemed, plus
accrued and unpaid interest thereon, if any, to the Redemption Date (subject to the rights of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date if the Notes have not been redeemed
prior to such Regular Record Date); provided that: 
 (i) at least 65% of the aggregate principal amount of Notes
issued under this Indenture (excluding Notes held by the Company and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and 

(ii) the redemption occurs within 120 days of the date of the closing of any such Qualified Equity Offering. 

(c) At any time or from time to time prior to February 1, 2023, the Company may also redeem all or any portion of the Notes at a
Redemption Price equal to 100% of the principal amount thereof, plus the Applicable Premium as of, and accrued and unpaid interest thereon, if any, to, the Redemption Date (a “Make-Whole Redemption Date”) (subject to the rights of
Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date if the Notes have not been redeemed prior to such Regular Record Date). Promptly after the determination thereof, the Company shall
give the Trustee notice of the redemption price provided for in this Section 3.07(c), and the Trustee shall not be responsible for such calculation. 

(d) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06. 

  
 43 

 Section 3.08. No Mandatory Redemption. The Company is not required to make mandatory
redemption or sinking fund payments with respect to the Notes. 
 ARTICLE 4 

COVENANTS 

Section 4.01. Payment of Principal, Premium and Interest. 

(a) The Company agrees to pay the principal of (and premium, if any) and interest on the Notes on the dates and in the manner provided in the
Notes and this Indenture. Not later than 11:00 A.M. (New York City time) on the due date of any principal of or interest on any Notes, or any redemption or purchase price of the Notes, the Company will deposit with the Trustee (or Paying Agent)
money in immediately available funds sufficient to pay such amounts; provided that if the Company or any Affiliate of the Company is acting as Paying Agent, it will, on or before each due date, segregate and hold in a separate trust fund for
the benefit of the Holders a sum of money sufficient to pay such amounts until paid to such Holders or otherwise disposed of as provided in this Indenture. In each case the Company will promptly notify the Trustee of its compliance with this
paragraph. 
 (b) An installment of principal or interest will be considered paid on the date due if the Trustee (or Paying Agent, other than
the Company or any Affiliate of the Company) holds on that date money designated for and sufficient to pay the installment. If the Company or any Affiliate of the Company acts as Paying Agent, an installment of principal or interest will be
considered paid on the due date only if paid to the Holders. 
 (c) The Company agrees to pay interest on overdue principal, and , to the
extent lawful, overdue installments of interest at the rate per annum specified in the Notes and Section 2.13. 
 (d) Payments in
respect of the Notes represented by the Global Notes are to be made by wire transfer of immediately available funds to the accounts specified by the Holders of the Global Notes. With respect to Certificated Notes, the Company will make all payments
by wire transfer of immediately available funds to the accounts specified by the Holders thereof or, if no such account is specified, by mailing a check to each Holder’s registered address. 

Section 4.02. Maintenance of Office or Agency. The Company will maintain in the United States of America for Notes an office or
agency where Notes may be presented or surrendered for payment, where Notes may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served.
The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations,
surrenders, notices and demands. 

  
 44 

 The Company may also from time to time designate one or more other offices or agencies
where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its
obligation to maintain an office or agency in each Place of Payment for Notes for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other
office or agency. 
 Section 4.03. Reports to Holders. 

(a) Notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the
Company will file with the Commission and provide the Trustee with such annual and quarterly reports and such information, documents and other reports as are specified in Sections 13 and 15(d) of the Exchange Act and applicable to a U.S. corporation
subject to such Sections, such information, documents and reports to be so filed and provided at the times specified for the filing of such information, documents and reports under such Sections; provided, however, that (a) the
Company will not be required to provide the Trustee with any such information, documents and reports that are filed with the Commission and (b) the Company will not be so obligated to file such information, documents and reports with the
Commission if the Commission does not permit such filings; provided further, however, that if the Commission does not permit such filings, the Company will be required to provide to the Trustee any such information, documents or
reports that are not so filed at the times specified for such filings under such Sections. The Trustee shall have no responsibility to determine if any such filing has occurred. Delivery of the reports, information and documents in accordance with
this paragraph shall satisfy the Company’s obligation to make such delivery, but, in the case of the Trustee, such delivery shall be for informational purposes only, and the Trustee’s receipt of such reports, information and documents
shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants (as to which the Trustee is entitled to conclusively
rely on an Officers’ Certificate). 
 (b) Notwithstanding anything herein to the contrary, in the event that the Company fails to comply
with its obligation to file or provide such information, documents and reports as required hereunder, the Company will be deemed to have cured such Default for purposes of Section 6.01(d) upon the filing or provision of all such information,
documents and reports required hereunder prior to the expiration of 60 days after written notice to the Company of such failure from the Trustee or the Holders of at least 25% of the principal amount of the outstanding Notes (with a copy to the
Trustee). 
 (c) To the extent not satisfied by the foregoing, for so long as any of the Notes remain outstanding and constitute
“restricted securities” under Rule 144, the Company will furnish to the Holders of the Notes and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

(d) The Company will comply with Section 314(a) of the Trust Indenture Act. 

  
 45 

 Section 4.04. Corporate Existence. The Company will do or cause to be done all things
necessary to preserve and keep in full force and effect its existence and the existence of each of its Restricted Subsidiaries in accordance with their respective organizational documents, and the material rights, licenses and franchises of the
Company and each Restricted Subsidiary; provided that the Company is not required to preserve any such right, license or franchise, or the existence of any Restricted Subsidiary, if the maintenance or preservation thereof is no longer
desirable in the conduct of the business of the Company and its Restricted Subsidiaries taken as a whole; and provided further that this Section 4.04 shall not prohibit any transaction otherwise permitted by Article 5. 

Section 4.05. Money for Notes Payments to Be Held in Trust. If the Company shall at any time act as its own Paying Agent with
respect to the Notes, it will, on or before each due date of the principal of (and premium, if any) or interest on any of the Notes, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal
(and premium, if any) or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act. 

Whenever the Company shall have a Paying Agent for the Notes, it will, prior to [11:00 a.m.], New York City time, on each due date of the
principal of (and premium, if any) or interest on the Notes, deposit with the Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled
to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 

The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or
by Company Order direct the Paying Agent to pay, to the Trustee all sums held in trust by the Company or the Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or the Paying
Agent; and, upon such payment by the Paying Agent to the Trustee, the Paying Agent shall be released from all further liability with respect to such money. 

Any money deposited with the Trustee or the Paying Agent, or then held by the Company, in trust for the payment of the principal of (and
premium, if any) or interest on the Notes and remaining unclaimed for three years after such principal (and premium, if any) or interest has become due and payable shall be paid to the Company on Company Order, or (if then held by the Company) shall
be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or the Paying Agent with respect to such trust money, and
all liability of the Company as trustee thereof, shall thereupon cease. 
 Section 4.06. Payment of Taxes and Other Claims. The
Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (a) all material taxes, assessments and governmental charges levied or imposed upon the Company or any Restricted Subsidiary or upon the
income, profits or property of the Company or any Restricted Subsidiary, and (b) all lawful claims against the Company or any Restricted Subsidiary for labor, materials and supplies, which in the case of either clause (a) or (b) of this Section
4.06, if unpaid, might by 

  
 46 

 
law become a lien upon a Property; provided, however, that neither the Company nor any Restricted Subsidiary shall be required to pay or discharge or cause to be paid or discharged
any such tax, assessment, charge or claim (i) whose amount, applicability or validity is being contested in good faith by appropriate proceedings or (ii) where such failure to pay or discharge such tax, assessment, charge or claim would
not have a material adverse effect on the financial position, stockholders’ equity or results of operations of the Company and its Subsidiaries, taken as a whole. 

Section 4.07. Limitation on Liens. 

(a) Except as provided in Section 4.11 hereof, the Company will not, and will not permit any Subsidiary Guarantor to, directly or
indirectly, Incur or permit to exist any Lien of any nature whatsoever on any of its Principal Personal or Real Property (including Capital Stock of a Subsidiary Guarantor), whether owned at the Issue Date or thereafter acquired, securing any
Indebtedness for borrowed money of the Company or any Subsidiary Guarantor on any of its Principal Personal or Real Property (whether owned at the Issue Date or thereafter acquired), other than Permitted Liens, without effectively providing that the
Notes shall be secured equally and ratably with (or prior to) the obligations so secured on the same property for so long as such obligations are so secured. 

(b) Any Lien on any Principal Personal or Real Property created for the benefit of the Holders pursuant to Section 4.07(a) shall be deemed
automatically and unconditionally released and discharged upon the release and discharge of all Liens on the same Principal Personal or Real Property (other than Permitted Liens and Liens incurred in compliance with Section 4.11 hereof). 

(c) The expansion of Liens by virtue of the following shall not be deemed to be an incurrence of Liens for the purposes of this
Section 4.07: (i) amortization of debt discount or the accretion of principal with respect to a non-interest bearing or other discount security; (ii) the payment of regularly scheduled interest in the form of additional Indebtedness
of the same instrument or the payment of regularly scheduled dividends on Capital Stock in the form of additional Capital Stock of the same class and with the same terms; (iii) changes in value of Indebtedness attributable to movement in the
mark-to-market valuation thereof; (iv) the obligation to pay a premium in respect of Indebtedness arising in connection with the issuance of a notice of redemption or making of a mandatory offer to repurchase such Indebtedness and
(v) Indebtedness incurred solely as a result of fluctuations in the exchange rate of currencies. 
 (d) For purposes of determining
compliance with this Section 4.07, (x) a Lien need not be incurred solely by reference to one category of Permitted Liens but may be incurred under any combination of such categories (including in part under one such category and in part
under any other such category) and (y) in the event that a Lien (or any portion thereof) meets the criteria of one or more of such categories of Permitted Liens or may be incurred in compliance with Section 4.11 hereof, the Company shall,
in its sole discretion, classify or may subsequently reclassify at any time such Lien (or any portion thereof) in any manner that complies with this covenant (including by complying with Section 4.11 hereof) and the definition of Permitted
Liens. 

  
 47 

 Section 4.08. Limitations on Sale and Lease-Back Transactions. Except as provided in
Section 4.11 hereof, the Company will not, and will not permit any Subsidiary Guarantor to, consummate any Sale and Lease-Back Transaction with respect to any Principal Personal or Real Property with another Person (other than with the Company
or a Subsidiary Guarantor) unless: 
 (a) the Company or such Subsidiary Guarantor could incur Indebtedness secured by a Lien on the property
to be leased without equally and ratably securing the Notes; 
 (b) the property leased pursuant to such arrangement is sold for a price at
least equal to such property’s fair value (as determined by the Company in good faith); or 
 (c) within 365 days of the effective date
of any such Sale and Lease-Back Transaction, the Company applies the Net Proceeds of the sale of the leased property, less the amount of Net Proceeds used to prepay, redeem or purchase the Notes, (i) to the prepayment or retirement of Funded
Debt of the Company and its Subsidiaries (which may include the Notes), (ii) to pay any Convertible Note Repayment Obligations; and/or (iii) the acquisition, construction or improvement of any property or assets. 

Section 4.09. Repurchase of Notes Upon a Change of Control Repurchase Event. 

(a) If a Change of Control Repurchase Event occurs, each Holder of Notes will have the right to require that the Company repurchase all or any
part (in minimum denominations of $2,000 and integral multiples of $1,000) of such Holder’s Notes pursuant to a Change of Control offer (a “Change of Control Offer”) on the terms set forth in this Indenture, except that the Company
shall not be obligated to repurchase the Notes pursuant to this Section 4.09 in the event that the Company has exercised the right to redeem all of the Notes as described in Section 3.07. In the Change of Control Offer, the Company will offer to
repurchase all of the Notes at a repurchase price (the “Change of Control Repurchase Price”) in cash in an amount equal to 101% of the principal amount of such Notes, plus accrued and unpaid interest, if any, to (but not including) the
date of repurchase (the “Change of Control Repurchase Date”) (subject to the rights of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date if the Notes have not been
repurchased prior to such Regular Record Date). The Change of Control Repurchase Date will be a date fixed by the Company to be a Business Day no earlier than 30 nor later than 60 days from the date notice of the Change of Control Offer is mailed
(or sent); provided that the Change of Control Repurchase Date may not occur prior to the effectiveness of the Change of Control. 

(b) Within 30 days after any Change of Control Repurchase Event or, at the Company’s option, prior to such Change of Control Repurchase
Event but after it is publicly announced (provided that a definitive agreement is in place for such Change of Control), the Company must notify the Trustee and give written notice of the Change of Control Repurchase Event to each Holder of
Notes, by first-class mail, postage prepaid (or electronic transmission in the case of Global Notes), at its address appearing in the Note Register. The notice must state, among other things: 

(i) that a Change of Control Repurchase Event has occurred or may occur and the date of such event; 

  
 48 

 (ii) the Change of Control Repurchase Price and the Change of Control Repurchase
Date; 
 (iii) that any Note not tendered will continue to accrue interest; 

(iv) that, unless the Company defaults in the payment of the Change of Control Repurchase Price, any Notes accepted for payment
pursuant to the Change of Control Offer shall cease to accrue interest on and after the Change of Control Repurchase Date; and 

(v) other procedures that a Holder of Notes must follow to accept a Change of Control Offer or to withdraw acceptance of the
Change of Control Offer. 
 (c) The Company will comply with the applicable tender offer rules, including Rule 14e-l under the Exchange Act,
and any other applicable securities laws or regulations in connection with a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.09, the Company will
comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.09 by virtue of its compliance with such securities laws or regulations. The Company will not be required to
make a Change of Control Offer upon a Change of Control Repurchase Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements described in this Indenture applicable to a
Change of Control Offer made by the Company and purchases all Notes validly surrendered and not withdrawn under such Change of Control Offer. 

(d) On the Change of Control Repurchase Date, the Company will, to the extent permitted by law (and, at its election, in the case of clause
(iii)(x) below): 
 (i) accept for payment all Notes issued by it or portions thereof properly tendered pursuant to the
Change of Control Offer; 
 (ii) deposit with the Paying Agent an amount equal to the aggregate Change of Control Repurchase
Price in respect of all Notes or portions thereof so tendered; and 
 (iii) deliver, or cause to be delivered, to the Trustee
(x) for cancellation the Notes so accepted and (y) an Officers’ Certificate stating that such Notes or portions thereof have been tendered to and purchased by the Company. 

(e) If Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in a
Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company as described in the last sentence of subsection (c) of this Section 4.09, repurchases all of the Notes validly tendered and
not withdrawn by such Holders, the Company or such third party will have the right, upon not less than 30 days nor more than 60 days’ prior notice (provided that such notice is given not more than 30 days following such repurchase pursuant to
the Change of Control Offer described above), to redeem all Notes that remain outstanding following such repurchase at a price in cash equal to 101% of the aggregate principal amount thereof plus 

  
 49 

 
accrued and unpaid interest, if any, to, but excluding, the Redemption Date (subject to the rights of Holders of record on the relevant Regular Record Date to receive interest due on the relevant
Interest Payment Date if the Notes have not been redeemed prior to such Regular Record Date). 
 (f) The Company’s obligation to make an
offer to repurchase the Notes pursuant to this Section 4.09 may be waived or modified with the written consent of the Holders of a majority in principal amount of the Notes then outstanding in accordance with Article 8 of this Indenture. 

Section 4.10. Additional Guarantees. If the Company or any Wholly Owned Subsidiary of the Company (other than a Receivables Entity
or an Excluded Disregarded Entity) that is a Restricted Subsidiary acquires or creates another Wholly Owned Subsidiary that is a Restricted Subsidiary (other than a Subsidiary Guarantor, a Receivables Entity, an Excluded Disregarded Entity or an
Unrestricted Subsidiary) after the Issue Date that provides a guarantee of the Company’s obligations under any Credit Facility (including the Senior Secured Credit Facilities) with an aggregate principal or committed amount of at least
$250,000,000, then, within 60 days after such Restricted Subsidiary provides such guarantee, such newly acquired or created Restricted Subsidiary will execute a Supplemental Indenture providing for a Subsidiary Guarantee by such Restricted
Subsidiary; provided, that this Section 4.10 shall not be applicable to any guarantee of any Restricted Subsidiary that existed at the time such Person became a Restricted Subsidiary and was not incurred in connection with, or in
contemplation of, such Person becoming a Restricted Subsidiary. The Company may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to be a Subsidiary Guarantor to become a Subsidiary Guarantor, in which case such
Subsidiary shall not be required to comply with the 60-day period in this Section 4.10. 
 Notwithstanding the foregoing, a Subsidiary
Guarantee of a Subsidiary Guarantor will be automatically released: 
 (a) upon a sale or disposition of such Subsidiary in a transaction
that is not prohibited under this Indenture such that such Subsidiary ceases to be a Subsidiary; 
 (b) upon the designation of such
Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the terms of this Indenture; 
 (c) if the Company exercises its Legal
Defeasance option or Covenant Defeasance option as described in Article 9 or if the Company’s obligations under this Indenture are discharged in accordance with the terms of this Indenture; 

(d) upon the release or discharge of the guarantee by such Subsidiary Guarantor of Indebtedness under the Senior Secured Credit Facilities, in
the case of the Subsidiary Guarantees issued on the Issue Date, or the release or discharge of such other guarantee that resulted in the creation of such Subsidiary Guarantee, except, in each case, a discharge or release by or as a result of payment
under such guarantee (it being understood that a release subject to a contingent reinstatement is still a release, and that if any such guarantee is so reinstated, such Subsidiary Guarantee shall also be reinstated to the extent that such Subsidiary
Guarantor would then be required to provide a Subsidiary Guarantee pursuant to this Section 4.10); or 

  
 50 

 (e) as provided for under Article 8; 

Section 4.11. Exempted Transactions. 

(a) Notwithstanding the provisions of Sections 4.07 and 4.08 hereof, the Company and any Subsidiary Guarantor may also (1) create, incur
or assume any Lien upon any property, assets or revenues, or (2) consummate any Sale and Lease-Back Transaction if: (i) the aggregate outstanding principal amount of all Secured Indebtedness for borrowed money of the Company and the
Subsidiary Guarantors that is secured by Liens on any Principal Personal or Real Property plus (ii) the aggregate Attributable Indebtedness in respect of Sale and Lease-Back Transactions that are subject to the restrictions on Sale and
Lease-Back Transactions set forth in Section 4.08 hereof does not exceed an amount that would cause the Consolidated Senior Secured Debt Ratio for the Test Period immediately preceding the creation, incurrence or assumption of such a Lien or
consummation of such Sale and Lease-Back Transaction, as applicable, to be greater than 4.00 to 1.00, calculated on a pro forma basis after giving effect to the creation, incurrence or assumption of such Lien and/or such Attributable
Indebtedness in respect of Sale and Lease-Back Transactions that is subject to the restrictions on Sale and Lease-Back Transactions set forth in Section 4.08 hereof. The Company and any Subsidiary Guarantor may guarantee any Lien created,
incurred or assumed and any Sale and Lease-Back Transaction consummated, in each case, in compliance with this Section 4.11. 
 (b) In the
event any Lien is created, incurred or assumed or any Sale and Lease-Back Transaction is consummated, in each case, in reliance upon compliance with the Consolidated Senior Secured Debt Ratio set forth in Section 4.11(a) hereof concurrently
with the creation, incurrence or assumption of any Permitted Lien, then solely for purposes of calculating the Consolidated Senior Secured Debt Ratio at such time (but, for the avoidance of doubt, not in any subsequent calculation of the
Consolidated Senior Secured Debt Ratio at a subsequent time), the Consolidated Senior Secured Debt Ratio will be calculated without regard to the creation, incurrence or assumption of any such Permitted Lien. 

Section 4.12. Compliance Certificate. 

(a) The Company and each Guarantor shall deliver to the Trustee, within 120 calendar days after the end of each fiscal year, an Officers’
Certificate that need not comply with Section 11.05 as to the signing Officers’ knowledge of the Company’s and/or such Guarantor’s, as applicable, compliance with all applicable conditions and covenants contained in this
Indenture. For purposes of this Section 4.12(a), such compliance shall be determined without regard to any grace period or requirement of notice provided under this Indenture. Any notice required to be given under this Section 4.12(a)
shall be delivered to the Trustee at its Corporate Trust Office. 
 (b) So long as any of the Notes are outstanding, the Company will deliver
to the Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto.

  
 51 

 Section 4.13. Stay, Extension and Usury Laws. 

The Company and each of the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or
in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and
each of the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 

Section 4.14. Financial Calculations for Limited Condition Acquisitions. In connection with any Limited Condition Acquisition and
any related transactions (including any financing thereof), at the Company’s election, (a) compliance with any requirement relating to the absence of a Default or Event of Default may be determined as of the date a definitive agreement for
such Limited Condition Acquisition is entered into (the “effective date”) and not as of any later date as would otherwise be required under this Indenture, and (b) any calculation of the Consolidated Senior Secured Debt Ratio,
any amount based on a percentage of Total Assets, or any other determination under any basket or ratio under this Indenture, may be made as of such effective date and, to the extent so made, will not be required to be made at any later date as would
otherwise be required under this Indenture, giving pro forma effect to such Limited Condition Acquisition and any related transactions (including any Incurrence of Indebtedness and the use of proceeds thereof). If the Company makes such an
election, any subsequent calculation of any such ratio, percentage and/or basket (unless the definitive agreement for such Limited Condition Acquisition expires or is terminated without its consummation) shall be calculated on an equivalent pro
forma basis. As used herein, the term “Limited Condition Acquisition” means any acquisition by one or more of the Company and its Restricted Subsidiaries of any assets, business or Person or any other Investment not prohibited
by this Indenture whose consummation is not expressly conditioned on the availability of, or on obtaining, third party financing. 
 ARTICLE
5 
 SUCCESSORS 

Section 5.01. Consolidation, Merger and Sale of Assets of the Company. 

(a) The Company will not consolidate with or merge with or into (whether or not the Company is the surviving corporation), or convey, transfer
or lease, in one transaction or a series of related transactions, directly or indirectly, all or substantially all the assets of the Company and its Restricted Subsidiaries (taken as a whole) to, any Person, unless: 

(1) the resulting, surviving or transferee Person (the “Successor Company”) shall be a Person organized and
existing under the laws of the United States of America, any state thereof or the District of Columbia and the Successor Company (if not the Company) shall expressly assume, by a supplemental indenture, executed and delivered to the Trustee, in form
satisfactory to the Trustee, all the obligations of the Company under the Notes and this Indenture; 

  
 52 

 (2) immediately after giving pro forma effect to such transaction, no
Default shall have occurred and be continuing; and 
 (3) the Company shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture (if any) are not prohibited by this Indenture, 

provided, however, that clause (2) of this Section 5.01(a) will not be applicable to (x) a Restricted Subsidiary consolidating with, merging
into or transferring all or part of its properties and assets to the Company (so long as no Capital Stock of the Company is distributed to any Person) or (y) the Company merging with an Affiliate of the Company solely for the purpose and with
the sole effect of reincorporating the Company in another jurisdiction. 
 (b) For purposes of this Section 5.01, the sale, lease,
conveyance, assignment, transfer or other disposition of all or substantially all of the properties and assets of one or more Subsidiaries of the Company, which properties and assets, if held by the Company instead of such Subsidiaries, would
constitute all or substantially all of the properties and assets of the Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company. 

(c) The Successor Company will be the successor to the Company and shall succeed to, and be substituted for, and may exercise every right and
power of, the Company under this Indenture, and the predecessor Company, except in the case of a lease, shall be released from the obligation to pay the principal of, premium (if any) and interest on the Notes. 

(d) Notwithstanding the foregoing provisions, this Section 5.01 will not apply to a sale, assignment, transfer, conveyance, lease or other
disposition of assets between or among the Company and any of the Subsidiary Guarantors. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 

Section 6.01. Events of Default. Each of the following events shall be an “Event of
Default”: 
 (a) a failure to pay interest on the Notes that continues for a period of 30 days after payment is due;

 (b) a failure to pay the principal of, or premium, if any, on the Notes when due upon maturity, redemption, required repurchase,
acceleration or otherwise; 
 (c) a failure to comply with any of the Company’s and the Subsidiary Guarantors’ other agreements
contained in this Indenture and applicable to the Notes (other than a failure that is subject to clause (a) or (b) of this Section 6.01) for a period of 90 days after receipt by the Company of written notice of such failure from the Trustee or
receipt by the Company and the Trustee of written notice of such failure from the Holders of at least 25% of the principal amount of the outstanding Notes; 

  
 53 

 (d) one or more defaults shall have occurred under any of the agreements, indentures or
instruments under which the Company or any Significant Subsidiary has outstanding Indebtedness in excess of $250.0 million, individually or in the aggregate, and either (i) such default results from the failure to pay such Indebtedness at its
stated final maturity and such default has not been cured or the Indebtedness repaid in full within 30 days after written notice of such default given by the Trustee or the Holders of not less than 25.0% in principal amount of the outstanding Notes
to the Company and the Trustee or (ii) such default or defaults have resulted in the acceleration of the maturity of such Indebtedness and such acceleration has not been rescinded or such Indebtedness repaid in full within 30 days of receipt of
notice of such acceleration to the Company and the Trustee given by the Trustee or the Holders of not less than 25.0% in principal amount of the outstanding Notes; 

(e) one or more judgments or orders that exceed $250.0 million in the aggregate (net of amounts covered by insurance or bonded) for the payment
of money have been entered by a court or courts of competent jurisdiction against the Company or any Significant Subsidiary and such judgment or judgments have not been satisfied, stayed, annulled or rescinded within 90 days after such judgment or
judgments became final and nonappealable; 
 (f) any Subsidiary Guarantee by a Significant Subsidiary shall for any reason cease to be, or
shall for any reason be held in any judicial proceeding not to be, or asserted in writing by any Subsidiary Guarantor or the Company not to be, in full force and effect and enforceable in accordance with its terms, except to the extent contemplated
by this Indenture and any such Subsidiary Guarantee, and any such Default continues for 10 days; 
 (g) the Company or any Significant
Subsidiary: 
 (i) commences a voluntary insolvency proceeding; 

(ii) consents to the entry of an order for relief against it in an involuntary insolvency proceeding or consents to its
dissolution or winding-up; 
 (iii) consents to the appointment of a Custodian of it or for any substantial part of its
property; 
 (iv) makes a general assignment for the benefit of its creditors; or 

(v) generally is not paying its debts as they become due; 

provided, however, that the liquidation of any Restricted Subsidiary into another Restricted Subsidiary, other than as part of a credit reorganization,
shall not constitute an Event of Default under this Section 6.01(g); and 
 (h) a court of competent jurisdiction enters an order or
decree under any Bankruptcy Law that: 

  
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 (i) is for relief against the Company or any Significant Subsidiary in an
involuntary insolvency proceeding; 
 (ii) appoints a Custodian of the Company or any Significant Subsidiary or for any
substantial part of their property; 
 (iii) orders the winding-up, liquidation or dissolution of the Company or any
Significant Subsidiary; 
 (iv) orders the presentation of any plan or arrangement, compromise or reorganization of the
Company or any Significant Subsidiary; or 
 (v) grants any similar relief under any foreign laws; 

and in each such case the order or decree remains unstayed and in effect for 60 consecutive days. 

The foregoing will constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary
or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

Section 6.02. Acceleration of Maturity; Rescission. If an Event of Default with respect to the Notes (other than an Event of
Default specified in Section 6.01(g) or Section 6.01(h) with respect to the Company) shall have occurred and be continuing, either the Trustee (if the Event of Default is known to the Responsible Officers of the Trustee) or the Holders of at least
25% in outstanding principal amount of the Notes may declare to be immediately due and payable, by notice in writing to the Company and the Trustee specifying (x) the Event of Default that occurred and is continuing and (y) that such
notice is an acceleration notice, the principal amount of all such Notes then outstanding, plus accrued but unpaid interest to the date of acceleration. If an Event of Default specified in Section 6.01(g) or Section 6.01(h) with respect to the
Company shall occur, such amount with respect to all the Notes shall become automatically due and payable immediately without any further action or notice. After any such acceleration, but before a judgment or decree based on acceleration is
obtained by the applicable Person, the Holders of a majority in principal amount of the Notes then outstanding may cancel such acceleration and its consequences if (i) the rescission would not conflict with any judgment or decree and
(ii) if all existing Events of Default have been cured or waived except nonpayment of principal that has become due solely because of the acceleration and all amounts owing to the Trustee have been paid. No such rescission shall affect any
subsequent Default or impair any right consequent thereto. 
 Section 6.03. Other Remedies. If an Event of Default occurs and is
continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of, or premium, if any, and interest on the Notes, as the case may be, or to enforce the performance of any provision of
the Notes, the Subsidiary Guarantees or this Indenture and may take any necessary action requested of it as Trustee to settle, compromise, adjust or otherwise conclude any proceedings to which it is a party. 

  
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 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not
produce any of them in the proceeding. Any such proceeding instituted by the Trustee may be brought in its own name and as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements of the Trustee and its counsel, be for the ratable benefit of the Holders of the Notes in respect of which such judgment has been recovered. A delay or omission by the Trustee or any Holder in exercising any
right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative, to the
extent permitted by law. 
 Section 6.04. Waiver of Past Defaults and Events of Default. Provided the Notes are not then due and
payable by reason of a declaration of acceleration, the Holders of a majority in principal amount of the then outstanding Notes may on behalf of the Holders of all the affected Notes waive any past Default or Event of Default with respect to the
Notes and its consequences by providing written notice thereof to the Company and the Trustee, except a Default or Event of Default (1) in the payment of interest or premium, if any, on or the principal of any Note or (2) in respect of a
covenant or provision hereof which under this Indenture cannot be modified or amended without the consent of the Holder of each outstanding Note affected. In the case of any such waiver, the Company, the Trustee and the Holders of the Notes will be
restored to their former positions and rights under this Indenture, respectively, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; provided
that no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 

Section 6.05. Control by Majority. The Holders of at least a majority in aggregate principal amount of the outstanding Notes may
direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Notes. However, the Trustee may refuse to follow any direction that
conflicts with law or this Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of the affected Notes not joining in the giving of such
direction (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such directions are unduly prejudicial to such Holders), and may take any other action it deems proper that is not inconsistent with
any such direction received from Holders of the Notes. 
 Section 6.06. Limitation on Suits. No Holder of Notes will have any
right to institute any proceeding with respect to this Indenture, or for any remedy hereunder, unless: 
 (a) the Trustee has failed to
institute such proceeding for 60 days after the Holder has previously given to the Trustee written notice of a continuing Event of Default with respect to such Notes, 

(b) the Holders of at least 25% in aggregate principal amount of outstanding Notes have made a written request to the Trustee to institute such
proceeding as Trustee, and offered security or indemnity acceptable to the Trustee; and 

  
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 (c) the Trustee has not received from the Holders of a majority in aggregate principal amount of
the outstanding Notes a direction that is inconsistent with such request. 
 However, the Holder of any Note will have an absolute and
unconditional right to receive payment of the principal of, and premium, if any, or interest on, such Note on or after the date or dates they are required to be paid as expressed in such Note and to institute suit for the enforcement of any such
payment. 
 Section 6.07. Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture,
the contractual right of any Holder of a Note to receive payment of the principal of or premium, if any, or interest, if any, on such Note (including in connection with an offer to purchase) or to bring suit for the enforcement of any such payment,
on or after the due date expressed in the Notes shall not be impaired or affected without the consent of such Holder. 

Section 6.08. Collection Suit by Trustee. If an Event of Default in payment of principal, premium or interest specified in Section
6.01(a) or Section 6.01(b) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company (or any other obligor on the Notes) for the whole amount of unpaid principal and accrued
interest remaining unpaid, and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

Section 6.09. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section
7.06) and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property and, unless prohibited by law, shall be entitled and empowered to collect and receive any monies
or other property payable or deliverable on any such claims and to distribute the same after deduction of its charges and expenses to the extent that any such charges and expenses are not paid out of the estate in any such proceedings and any
custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any
amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.06. To the extent that the payment of any such compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.06 hereof out of the estate in any such proceeding, shall be unpaid for any reason, payment of the same shall be
secured by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise. The Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ committee or other similar committee. 

  
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 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or
accept or adopt on behalf of any Holder any plan or reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such
proceedings. All rights of action and claims under this Indenture or the Notes may be prosecuted and enforced by the Trustee without the possession of any of the Notes thereof in any proceeding relating thereto, and any such proceeding instituted by
the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel, be for the ratable benefit of the Holders in respect of which such judgment has been recovered. 
 Section 6.10.
Priorities. Any money or property collected by the Trustee pursuant to this Article 6 shall be applied in the following order: 

FIRST: to the Trustee (including any predecessor Trustee) for amounts due under Section 7.06; 

SECOND: to Holders for amounts due and unpaid on the affected Notes for principal, premium, if any, and interest as to each, ratably, without
preference or priority of any kind, according to the amounts due and payable on the affected Notes; and 
 THIRD: to the Company. 

The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10. 

Section 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any
suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply
to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in principal amount of the Notes then outstanding. 

Section 6.12. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Notes to exercise
any right or remedy occurring upon an Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article 6 or by law to the Trustee or
to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

  
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 ARTICLE 7 

TRUSTEE 

Section 7.01. Duties of Trustee. The duties and responsibilities of the Trustee are as provided by the Trust Indenture Act
and as set forth herein. Whether or not expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee is subject to this Article. 

(a) If an Event of Default actually known to a Responsible Officer of the Trustee has occurred and is continuing, the Trustee may exercise such
of the rights and powers vested in it under this Indenture, and will use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no
implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of bad
faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture but, in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to
the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts, statements, opinions or conclusions stated therein). 

(c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that: 
 (1) this paragraph does not limit the effect of clause (b) or
(d) of this Section 7.01; 
 (2) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer or Responsible Officers of the Trustee, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(3) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction of the Holders of a majority in aggregate principal amount of the outstanding Notes, determined as provided herein, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee, under this Indenture with respect to the Notes. 

  
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 (d) No provision of this Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to
it against such risk or liability is not reasonably assured to it. The Trustee shall not be required to give any bond or surety in respect of the performance of its powers or duties hereunder. 

(e) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct of, affecting the liability of, or
affording protection to, the Trustee shall be subject to the provisions of this Section 7.01. 
 (f) The Trustee shall not be liable for
interest or earnings on any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by the law. 

(g) The Trustee shall not be responsible for the application of any money by any Paying Agent other than the Trustee. 

Section 7.02. Rights of Trustee. Subject to Section 7.01: 

(a) The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document (whether in its original or facsimile form) believed in good faith by it to be
genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 

(b) Any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Order or Officers’ Certificate,
or signed by an Officer, and any resolution of the Board of Directors may be sufficiently evidenced by a board resolution. 
 (c) Before the
Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel and the Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion. 

(d) The Trustee may execute any of the trusts or power hereunder or perform any duties hereunder either directly or by or through attorneys or
agents and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent appointed with due care by it hereunder. 

(e) The Trustee shall not be liable for any action taken, suffered, or omitted to be taken in good faith and believed by it to be authorized or
within the discretion or rights or powers conferred upon it by this Indenture. 
 (f) The Trustee may consult with counsel of its selection,
and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in reliance thereon. 

  
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 (g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it
by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which
might be incurred by it in compliance with such request or direction. 
 (h) The rights, privileges, protections, immunities and benefits
given to the Trustee, including, without limitation, its right to be compensated, reimbursed and indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person
employed to act hereunder. 
 (i) The Trustee shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books records, and premises of the Company, personally or
by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(j) The Trustee shall not be deemed to have notice or be charged with knowledge of any Default or Event of Default unless a Responsible Officer
of the Trustee has actual knowledge thereof or unless written notice of such Default or Event of Default from the Company or by the Holders of at least 25% of the aggregate principal amount of the outstanding Notes is received by the Trustee at the
Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture. 
 (k) The Trustee may request that the
Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which certificate may be signed by any person authorized to sign a
certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 
 (l) Anything
in this Indenture notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit), even if the Trustee has been advised
as to the likelihood of such loss or damage and regardless of the form of action. 
 (m) The Trustee shall not be responsible or liable for
any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its control, including, without limitation, any provision of any law or regulation or any act
of any governmental authority, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication
services or other unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility; accidents; labor disputes; acts of civil or military authority and governmental action. 

  
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 (n) The permissive right of the Trustee to take or refrain from taking action hereunder shall not
be construed as a duty. The Trustee shall have no obligation to pursue any action that is not in accordance with applicable law. 

Section 7.03. Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of
Notes and may make loans to, accept deposits from, perform services for or otherwise deal with the Company or any Affiliate thereof with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is
also subject to Section 7.09. 
 Section 7.04. Trustee’s Disclaimer. The recitals contained herein and in the Notes, except
the Trustee’s certificates of authentication, shall be taken as the statements of the Company and the Subsidiary Guarantors, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to and shall
not be responsible for the validity, sufficiency or adequacy of this Indenture or of the Notes or any Subsidiary Guarantee. The Trustee shall not be accountable for the use or application by the Company of Notes or the proceeds thereof or any money
paid to the Company or upon the Company’s direction under any provision of this Indenture. The Trustee shall not be responsible to make any calculation with respect to any matter under this Indenture. The Trustee represents that it is duly
authorized to execute and deliver this Indenture, authenticate the Notes and perform its obligations hereunder. The Trustee shall have no duty to monitor or investigate the Company’s compliance with or the breach of, or cause to be performed or
observed, any representation, warranty or covenant made in this Indenture. Under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the Notes or the Subsidiary Guarantees. The Trustee makes no
representation as to and shall not be responsible for any statement or recital herein or any statement in the Offering Circular or any other document in connection with the sale of the Notes. The Trustee shall not be responsible for and makes no
representation as to any act or omission of any Rating Agency or any rating with respect to the Notes. The Trustee shall have no obligation to independently determine or verify if any event has occurred or notify the Holders of any event dependent
upon the rating of the Notes, or if the rating on the Notes has been changed, suspended or withdrawn by any Rating Agency. The Trustee shall have no obligation to independently determine or verify if any Change of Control Repurchase Event or any
other event has occurred or notify the Holders of any such event. 
 Section 7.05. Notice of Defaults. 

(a) Within 90 days after the occurrence thereof, and if actually known to a Responsible Officer of the Trustee, the Trustee shall give to the
Holders of the Notes notice of each Default or Event of Default known to the Trustee, by transmitting such notice to Holders at their addresses as the same shall then appear on the Note Register, unless such Default shall have been cured or waived
before the giving of such notice. Except in the case of a Default or Event of Default in payment of the principal of, premium, if any, or interest on any of the Notes when and as the same shall become payable, or to make any sinking fund payment as
to Notes (including payments pursuant to a redemption or repurchase of the Notes pursuant to the provisions of this 

  
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Indenture), the Trustee shall be protected in withholding such notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the
interests of Holders. Notice to Holders under this Section will be given in the manner and to the extent provided in Trust Indenture Act Section 313(c). 

Section 7.06. Compensation and Indemnity. 

(a) The Company shall pay to the Trustee and Agents from time to time such compensation for their services hereunder (which compensation shall
not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as shall be agreed upon in writing. The Company shall reimburse the Trustee and Agents upon request for all reasonable disbursements, expenses and
advances incurred or made by them in connection with the Trustee’s duties under this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee’s agents and external counsel, except any such expense,
disbursement or advance as may be attributable to its willful misconduct or negligence as finally adjudicated by a court of competent jurisdiction. 

(b) The Company and the Subsidiary Guarantors, jointly and severally, shall fully indemnify each of the Trustee and their officers, agents and
employees and any predecessor Trustee for, and hold each of them harmless against, any and all loss, damage, claim, liability, fees, costs, or expense, including, without limitation, reasonable attorneys’ fees and expenses incurred by each of
them in connection with the acceptance or performance of its duties under this Indenture including the reasonable costs and expenses of defending itself against any claim (whether asserted by the Company, or any Holder or any other Person) or
liability in connection with the exercise or performance of any of its powers or duties hereunder (including, without limitation, settlement costs), and including reasonable attorneys’ fees and expenses and court costs incurred in connection
with any action, claim or suit brought to enforce the Trustee’s right to compensation, reimbursement or indemnification. The Trustee or Agent shall notify the Company in writing promptly of any claim of which a Responsible Officer of the
Trustee has actual knowledge asserted against the Trustee or Agent for which it may seek indemnity; provided that the failure by the Trustee or Agent to so notify the Company shall not relieve the Company of its obligations hereunder. In the
event that a conflict of interest exists or potential harm to the Trustee’s business exists, the Trustee may have separate counsel, which counsel must be reasonably acceptable to the Company and the Company shall pay the reasonable fees and
expenses of such counsel. 
 (c) Notwithstanding the foregoing, the Company need not reimburse the Trustee for any expense or indemnify it
against any loss or liability to have been incurred by the Trustee through its own willful misconduct or negligence as finally adjudicated by a court of competent jurisdiction. 

(d) As security for the performance of the obligations of the Company in this Section 7.06, the Trustee shall have a claim and lien prior to
the Notes upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (or premium, if any) or interest, if any, on particular Notes. 

  
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 (e) The obligations of the Company under this Section 7.06 to compensate and indemnify the
Trustee, Agents and each predecessor Trustee and to pay or reimburse the Trustee, Agents and each predecessor Trustee for expenses, disbursements and advances shall be the liability of the Company and the lien provided for under this Section 7.06
and shall survive the resignation or removal of the Trustee and the satisfaction, discharge or other termination of this Indenture for any reason, including any termination or rejection hereof under any Bankruptcy Law. 

(f) In addition to, but without prejudice to its other rights under this Indenture, when the Trustee incurs expenses or renders services after
an Event of Default specified in Section 6.01(g) or Section 6.01(h) occurs, the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under
any Bankruptcy Law. 
 (g) For purposes of this Section 7.06, the term “Trustee” shall include any
predecessor Trustee; provided, however, that the negligence, willful misconduct or bad faith of any Trustee hereunder shall not affect the rights or any other Trustee hereunder. 

Section 7.07. Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.07. 
 (b) The Trustee may resign at any time by so notifying the Company in writing.
The Holders of a majority in principal amount of the outstanding Notes may remove the Trustee by notifying the Company and the removed Trustee in writing and may appoint a successor Trustee with the Company’s written consent, which consent
shall not be unreasonably withheld. The Company may remove the Trustee at its election if: 
 (1) the Trustee fails to comply
with Section 7.09 or in the circumstances described in Trust Indenture Act Section 310(b); 
 (2) the Trustee is
adjudged a bankrupt or an insolvent or an order for relief entered with respect to the Trustee under Bankruptcy Law; 
 (3) a
receiver or other public officer takes charge of the Trustee or its property; or 
 (4) the Trustee otherwise becomes
incapable of acting. 
 (c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company
shall promptly appoint a successor Trustee. 
 (d) If a successor Trustee does not take office within 30 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Company or the Holders of at least 10% in principal amount of the outstanding Notes may petition at the expense of the Company any court of competent jurisdiction, in the case of the Trustee, for the
appointment of a successor Trustee. 

  
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 (e) If the Trustee fails to comply with Section 7.09, any Holder that satisfies the requirements
of Trust Indenture Act Section 310(b) may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately following
such delivery, the retiring Trustee shall, subject to the lien and its rights under Section 7.06, transfer all property held by it as Trustee to the successor Trustee, the resignation or removal of the retiring Trustee shall become effective, and
the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall mail or send notice of its succession to each Holder. Notwithstanding replacement of the Trustee pursuant to this
Section 7.07, the lien and Company’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. 
 (g) The
Trustee agrees to give the notices provided for in, and otherwise comply with, Trust Indenture Act Section 310(b). 

Section 7.08. Successor Trustee by Consolidation, Merger, Etc. If the Trustee consolidates, merges or converts into, or
transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee. 

Section 7.09. Eligibility; Disqualification. There will at all times be a Trustee hereunder that is a Person organized and
doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by U.S. Federal or state authorities. This
Indenture must always have a Trustee that satisfies the requirements of Trust Indenture Act Section 310(a), and the Trustee (together with its corporate parent) shall have a combined capital and surplus of at least $50.0 million as set forth in
the most recent applicable published annual report of condition. 
 ARTICLE 8 

AMENDMENT, SUPPLEMENT AND WAIVER 

Section 8.01. Without Consent of Holders. The Company, the Subsidiary Guarantors and the Trustee may modify or amend this
Indenture without the consent of any Holder to: 
 (1) cure any ambiguity, defect, mistake or inconsistency in this
Indenture, as set forth in an Officers’ Certificate; 
 (2) provide for uncertificated Notes in addition to or in place
of certificated Notes; 
 (3) comply with the requirements of Section 4.09 or Article 5, as set forth in an Officers’
Certificate; 
 (4) evidence and provide for the acceptance of appointment by a successor Trustee; 

  
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 (5) make any change that would provide any additional rights or benefits to the
Holders of the Notes or that does not adversely affect the legal rights under this Indenture of any such Holder, as set forth in an Officers’ Certificate; 

(6) add covenants for the benefit of the Holders or to surrender any right or power conferred upon the Company or any
Subsidiary Guarantor, as set forth in an Officers’ Certificate; 
 (7) secure the Notes; 

(8) provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture; 

(9) conform the text of this Indenture, the Notes or the Subsidiary Guarantees to any provision of the “Description of
Notes”, contained in the Offering Circular, as set forth in an Officers’ Certificate; 
 (10) allow any Subsidiary
Guarantor to execute a Supplemental Indenture; provided, that any supplemental indenture for the purpose of permitting any existing or future Subsidiary to provide a Subsidiary Guarantee may be signed by the Company, the Subsidiary providing
the Guarantee and the Trustee; and 
 (11) provide for the release of a Guarantee of the Notes by a Restricted Subsidiary of
the Company where such release is otherwise not prohibited under this Indenture and would not result in a Default or an Event of Default. 

Section 8.02. With Consent of Holders. 

(a) The Company, the Subsidiary Guarantors and the Trustee may modify or amend this Indenture with the consent of the Holders of a majority in
aggregate principal amount of then outstanding Notes (including consents obtained in connection with a tender offer or exchange offer for Notes), and any past Default or compliance with any provisions of this Indenture may also be waived (except a
default in the payment of principal, premium or interest and a default under clause (b) of this Section 8.02) with the consent of the Holders of a majority in aggregate principal amount of then outstanding Notes. 

(b) However, no such modification or amendment may, without the consent of each Holder of Notes affected thereby: 

(1) change the due date of the principal of, or any installment of principal of or interest on, the Notes; 

(2) reduce the principal amount of, or any premium or interest rate on, the Notes; 

(3) change the place or currency of payment of principal of, or any premium or interest on, the Notes; 

  
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 (4) reduce the amount payable upon the redemption of any Note or change the time
at which any Note may be redeemed, in each case as described under Section 3.07; 
 (5) release any Subsidiary Guarantor from
any of its obligations under its Subsidiary Guarantee or this Indenture otherwise than in accordance with the terms of this Indenture; 

(6) impair the right to institute suit for the enforcement of any payment on or with respect to the Notes, after the due date
thereof; or 
 (7) reduce the percentage in principal amount of the Notes then outstanding, the consent of whose Holders is
required for modification or amendment of this Indenture, for waiver of compliance with certain provisions of this Indenture or for waiver of certain Defaults. 

(c) Except as provided in Sections 6.02, 6.04 and 6.07, clause (b) of this Section 8.02 and the immediately succeeding sentence, the
Holders of a majority of the principal amount of then outstanding Notes may waive future compliance by the Company with any provision of this Indenture. The Holders of at least a majority in principal amount of then outstanding Notes may waive any
past Default under this Indenture, except a failure by the Company to pay the principal of, or any premium or interest on, any Notes or a provision that cannot be modified or amended without the consent of the Holders of all outstanding Notes. 

(d) In determining whether the Holders of the required principal amount of Notes have concurred in any direction, notice, waiver or consent,
Notes owned by the Company or any Subsidiary, or by any Affiliate of the Company or any Subsidiary, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee will be protected in conclusively
relying on any such direction, notice, waiver or consent, only Notes that a Responsible Officer of the Trustee knows are so owned will be so disregarded. 

(e) It is not necessary for the consent of the Holders under this Section 8.02 to approve the particular form of any proposed amendment,
supplement or waiver, but it is sufficient if such consent approves the substance thereof. 
 (f) After an amendment that requires the
consent of the Holders of the Notes becomes effective, the Company shall mail or send to each registered Holder of the Notes at such Holder’s address appearing in the Note Register a notice briefly describing such amendment. However, the
failure to give such notice to all Holders of the Notes, or any defect therein, shall not impair or affect the validity of the amendment. 

(g) Upon the written request of the Company accompanied by a board resolution of the Board of Directors of the Company authorizing the
execution of any such supplemental indenture pursuant to Section 8.01 or this Section 8.02, and upon the receipt by the Trustee of evidence reasonably satisfactory to the Trustee of the consent of the Holders in the case of a supplemental
indenture pursuant to Section 8.02(a), and upon receipt by the Trustee of the documents described in Section 8.05, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture
adversely affects the Trustee’s own rights, duties or immunities under this Indenture, in which case the Trustee may, but shall not be obligated to, enter into such supplemental indenture. 

  
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 Section 8.03. Revocation and Effect of Consents. After an amendment,
supplement, waiver or other action becomes effective, a consent to it by a Holder of a Note is a continuing consent conclusive and binding upon such Holder and every subsequent Holder of the same Note or portion thereof, and of any Note issued upon
the transfer thereof or in exchange therefor or in place thereof, even if notation of the consent is not made on any such Note. However, subject to Section 11.02(d), any such Holder of a Note or subsequent Holder of a Note may revoke the consent as
to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every
Holder. 
 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to
consent to any amendment, supplement, or waiver in accordance with Section 11.02(d). 
 Section 8.04. Notation on or Exchange
of Notes. If an amendment, supplement, or waiver changes the terms of a Note, the Trustee (in accordance with the specific written direction of the Company) shall request the Holder of the Note (in accordance with the specific written direction
of the Company) to deliver it to the Trustee. In such case, the Trustee shall place an appropriate notation on the Note about the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company in
exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or
waiver. 
 Section 8.05. Trustee to Sign Amendments, Etc. The Trustee shall sign any amendment, supplement or
waiver authorized pursuant to this Article 8 if the amendment, supplement or waiver does not affect the rights, duties, liabilities or immunities of the Trustee. If it does affect the rights, duties, liabilities or immunities of the Trustee, the
Trustee may, but need not, sign such amendment, supplement or waiver. In signing or refusing to sign such amendment, supplement or waiver the Trustee shall be entitled to receive and, subject to Section 7.01, shall be fully protected in relying upon
an Officers’ Certificate and an Opinion of Counsel stating, in addition to the matters required by Section 11.04, that such amendment, supplement or waiver is authorized or permitted by this Indenture and constitutes the legal, valid and
binding obligation of the Company and the Subsidiary Guarantors; provided that the legal counsel delivering such Opinion of Counsel may rely on matters of fact set forth in one or more Officers’ Certificates of the Company. 

  
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 ARTICLE 9 

SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE

 Section 9.01. Satisfaction and Discharge of Liability on Notes; Defeasance. 

(a) This Indenture will be discharged and will cease to be of further effect (except as to rights of registration of transfer or exchange of
Notes which shall survive until all Notes have been canceled) as to all outstanding Notes when: 
 (1) either: 

(A) all the Notes that have been authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced
or paid and Notes for whose payment money has been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from this trust) have been delivered to the Trustee for cancellation, or 

(B) all Notes not delivered to the Trustee for cancellation otherwise (i) have become due and payable, (ii) will
become due and payable, or may be called for redemption, within one year or (iii) have been called for redemption without conditions pursuant to the provisions described under Section 3.07 and, in any case, the Company or any Subsidiary
Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds, in trust solely for the benefit of the Holders of such Notes, U.S. legal tender, U.S. Government Obligations or a combination thereof, in such amounts as
will be sufficient (without consideration of any reinvestment of interest) in the opinion of a nationally recognized firm of independent public accountants selected by the Company and delivered to the Trustee if U.S. Government Obligations are
delivered, to pay and discharge the entire Indebtedness (including all principal and accrued interest) on the Notes not theretofore delivered to the Trustee for cancellation, 

(2) in respect of clause (a)(1)(B) of this Section 9.01, no Default or Event of Default has occurred and is continuing on the
date of the deposit (other than a Default or Event of Default resulting from borrowing funds to be applied to make such deposit (and any similar concurrent deposit relating to other Indebtedness) or the granting of Liens in connection therewith) and
the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company or any Subsidiary Guarantor is a party or by which the Company or any Subsidiary Guarantor is bound (other than with
respect to the borrowing of funds to be applied concurrently to make the deposit required to effect such satisfaction and discharge (and any similar concurrent deposit relating to other Indebtedness) or the granting of Liens in connection
therewith), 
 (3) the Company or any Subsidiary Guarantor has paid all sums payable by it under this Indenture, and 

(4) the Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the
Notes at maturity or on the Redemption Date, as the case may be. 

  
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 In addition, the Company must deliver to the Trustee an Officers’ Certificate and an Opinion
of Counsel stating that all conditions precedent to satisfaction and discharge have been complied with. 
 (b) The Company may, at its
option and at any time, elect to have its obligations and the obligations of the Subsidiary Guarantors discharged with respect to the outstanding Notes (“Legal Defeasance”). Legal Defeasance means that the Company and the Subsidiary
Guarantors shall be deemed to have paid and discharged the entire Indebtedness represented by the Notes and the related Subsidiary Guarantees, and this Indenture shall cease to be of further effect as to all outstanding Notes and the related
Subsidiary Guarantees, except as to: 
 (1) the rights of Holders of Notes issued under this Indenture to receive
payments in respect of the principal of, premium, if any, and interest on such Notes when such payments are due solely out of the trust created pursuant to this Indenture; 

(2) the Company’s obligations with respect to the Notes concerning issuing temporary Notes under Section 2.06,
registration of Notes under Section 2.09, mutilated, destroyed, lost or stolen Notes under Section 2.04, and the maintenance of an office or agency for payment under Section 2.03 and money for security payments held in trust under Section 4.05; 

(3) the rights, powers, trust, duties, and immunities of the Trustee, and the Company’s obligation in connection
therewith; and 
 (4) the applicable provisions of this Article 9. 

In addition, the Company may, at its option and at any time, elect to have its obligations and the obligations of the Subsidiary
Guarantors released with respect to (A) their respective obligations under Sections 4.03, 4.04 and 4.06 through 4.12, inclusive, with respect to the outstanding Notes and (B) the operation of Sections 6.01(c), (d), (e), (f), (g) or
(h) (only as such clauses (g) or (h) apply to Significant Subsidiaries) with respect to outstanding Notes (“Covenant Defeasance”) on and after the conditions in Section 9.02 with respect to Covenant Defeasance are
satisfied, and thereafter any omission to comply with such obligations shall not constitute a Default or Event of Default with respect to such Notes. The Company may exercise its Legal Defeasance option regardless of whether it previously exercised
Covenant Defeasance. 
 (c) If the Company exercises its Legal Defeasance option, payment of the Notes may not be accelerated because
of an Event of Default with respect thereto. 
 (d) Upon satisfaction of the conditions set forth herein and upon request of the Company, the
Trustee shall acknowledge in writing the discharge of those obligations that the Company terminates. 
 (e) Notwithstanding clauses (a) and
(b) of this Section 9.01, the Company’s obligations in Article 2 and Sections 4.01, 4.02, 7.06, 7.07, 9.05 and 9.06 shall survive with respect to the Notes until such time as the Notes have been paid in full. Thereafter, the Company’s
obligations in Sections 7.06, 7.07, 9.05 and 9.06 shall survive. 

  
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 Section 9.02. Conditions to Defeasance. In order to exercise either Legal
Defeasance or Covenant Defeasance with respect to the Notes: 
 (a) the Company must irrevocably deposit with the Trustee, as trust
funds, in trust solely for the benefit of the Holders of the Notes, U.S. legal tender, U.S. Government Obligations or a combination thereof, in such amounts as will be sufficient (without consideration of any reinvestment of interest) in the opinion
of a nationally recognized firm of independent public accountants selected by the Company and delivered to the Trustee if U.S. Government Obligations are delivered, to pay the principal of and interest on the Notes on the stated date for payment or
on the Redemption Date of the principal or installment of principal of or interest on such Notes; 
 (b) in the case of Legal Defeasance, the
Company shall have delivered to the Trustee an Opinion of Counsel in the United States confirming that, subject to customary assumptions and exclusions: 

(1) the Company has received from, or there has been published by the Internal Revenue Service, a ruling; or 

(2) since the Issue Date, there has been a change in the applicable U.S. Federal income tax law, 

in either case to the effect that, and based thereon this Opinion of Counsel shall confirm that, the Holders will not recognize income, gain or loss for U.S.
Federal income tax purposes as a result of the Legal Defeasance and will be subject to U.S. Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(c) in the case of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably
acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, the Holders will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S.
Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if the Covenant Defeasance had not occurred; 

(d) no Default or Event of Default (other than a Default or Event of Default resulting from the borrowing of funds to be applied to make such
deposit (and any similar concurrent deposit relating to other Indebtedness) or the granting of Liens in connection therewith) shall have occurred and be continuing on the date of such deposit; 

(e) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a Default under this Indenture or
a default under any other material agreement or instrument to which the Company or any of its Restricted Subsidiaries is a party or by which the Company or any of its Restricted Subsidiaries is bound (other than any such Default or default resulting
solely from the borrowing of funds and the grant of any related liens to be applied to such deposit); 

  
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 (f) the Company shall have delivered to the Trustee an Officers’ Certificate stating that
the deposit was not made by it with the intent of preferring the Holders over any other of its creditors or with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or any Subsidiary Guarantor or others; and 

(g) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel in the United States (which Opinion
of Counsel may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with. 

If the funds deposited with the Trustee to effect Covenant Defeasance are insufficient to pay the principal of and interest on the Notes when
due, then the Company’s obligations and the obligations of Subsidiary Guarantors under this Indenture will be revived and no such defeasance will be deemed to have occurred. 

Section 9.03. Deposited Money and Government Obligations to be Held in Trust; Other Miscellaneous Provisions. All money and
Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 9.02(a) in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and
this Indenture, to the payment, either directly or through any Paying Agent, to the Holders of such Notes, of all sums due and to become due thereon in respect of principal, premium, if any, and accrued interest, but such money need not be
segregated from other funds except to the extent required by law. 
 The Company shall pay and indemnify the Trustee against any tax,
fee or other charge imposed on or assessed against the Government Obligations deposited pursuant to Section 9.02(a) or the principal, premium, if any, and interest received in respect thereof other than any such tax, fee or other charge which by law
is for the account of the Holders of the outstanding Notes. 
 Anything in this Article 9 to the contrary notwithstanding, the Trustee shall
deliver or pay to the Company from time to time upon a request of the Company any money or Government Obligations held by it as provided in Section 9.02(a) which, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

Section 9.04. Reinstatement. If the Trustee or Paying Agent is unable to apply any money or Government Obligations in
accordance with Section 9.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this
Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to this Article 9 until such time as the Trustee or Paying Agent is permitted to apply all such money or Government Obligations in accordance with
Section 9.01; provided that if the Company has made any payment of principal of, premium, if any, or accrued interest on any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders
of such Notes to receive such payment from the money or Government Obligations held by the Trustee or Paying Agent. 

  
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 Section 9.05. Moneys Held by Paying Agent. In connection with the satisfaction
and discharge of this Indenture, all moneys then held by any Paying Agent under the provisions of this Indenture shall, upon written demand of the Company, be paid to the Trustee, or if sufficient moneys have been deposited pursuant to Section
9.02(a), to the Company upon a request of the Company, and thereupon the Paying Agent shall be released from all further liability with respect to such moneys. 

Section 9.06. Moneys Held by Trustee. Any moneys deposited with the Trustee or any Paying Agent or then held by the Company in
trust for the payment of the principal of, or premium, if any, or interest on any Note that are not applied but remain unclaimed by the Holder of such Note for two years after the date upon which the principal of, or premium, if any, or interest on
such Note shall have respectively become due and payable shall, subject to applicable abandoned property law, be repaid to the Company upon a request of the Company, or if such moneys are then held by the Company in trust, such moneys shall be
released from such trust; and the Holder of such Note entitled to receive such payment shall thereafter, as an unsecured general creditor, look only to the Company for the payment thereof, and all liability of the Trustee or the Paying Agent with
respect to such trust money shall thereupon cease. After payment to the Company or the release of any money held in trust by the Company, Holders entitled to the money must look only to the Company for payment as general creditors unless applicable
abandoned property law designates another Person. 
 ARTICLE 10 

GUARANTEES 

Section 10.01. Guarantee.  

(a) Each Subsidiary Guarantor, hereby jointly and severally, absolutely, unconditionally and irrevocably guarantees the Notes and obligations
of the Company hereunder and thereunder, including all Indenture Obligations, and guarantees to each Holder of a Note authenticated and delivered by the Trustee, and to the Trustee on behalf of such Holder, that (i) the principal of (and
premium, if any) and interest on the Notes will be paid in full when due, whether at Stated Maturity, by acceleration or otherwise (including, without limitation, the amount that would become due but for the operation of any automatic stay provision
of any Bankruptcy Law), together with interest on the overdue principal, if any, and interest on any overdue interest, to the extent lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be paid
in full or performed, all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal of any Notes or of any such other obligations, the same will be paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise, subject, however, in the case of clauses (i) and (ii) above, to the limitations set forth in Section 10.03. 

Each Subsidiary Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of Notes with respect to any provisions hereof or thereof, any release of any other Subsidiary Guarantor, the recovery
of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Subsidiary Guarantor. 

  
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 (b) Each Subsidiary Guarantor hereby waives (to the extent permitted by law) the benefits of
diligence, presentment, demand for payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company or any other Person, protest, notice and all demands
whatsoever and covenants that the Subsidiary Guarantee of such Subsidiary Guarantor shall not be discharged as to the Notes except by complete performance of the obligations contained in such Note, this Indenture and such Subsidiary Guarantee. Each
Subsidiary Guarantor acknowledges that the Subsidiary Guarantee is a guarantee of payment and not of collection. Each of the Subsidiary Guarantors hereby agrees that, in the event of a default in payment of principal (or premium, if any) or interest
on such Note, whether at its Stated Maturity, by acceleration, purchase or otherwise, legal proceedings may be instituted by the Trustee on behalf of, or by, the Holder of such Note, subject to the terms and conditions set forth in this Indenture,
directly against each of the Subsidiary Guarantors to enforce such Subsidiary Guarantor’s Subsidiary Guarantee without first proceeding against the Company or any other Subsidiary Guarantor. Each Subsidiary Guarantor agrees that if, after the
occurrence and during the continuance of an Event of Default, the Trustee or any of the Holders are prevented by applicable law from exercising their respective rights to accelerate the maturity of the Notes, to collect interest on the Notes, or to
enforce or exercise any other right or remedy with respect to the Notes, such Subsidiary Guarantor will pay to the Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise have been due and payable had such
rights and remedies been permitted to be exercised by the Trustee or any of the Holders. 
 (c) If any Holder or the Trustee is required by
any court or otherwise to return to the Company or any Subsidiary Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or any Subsidiary Guarantor, any amount paid by any of them to the
Trustee or such Holder, the Subsidiary Guarantee of each of the Subsidiary Guarantors, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Subsidiary Guarantor further agrees that, as between each Subsidiary
Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (x) subject to this Article 10, the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 for the purposes of the Subsidiary
Guarantee of such Subsidiary Guarantor, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any acceleration of such obligations as
provided in Article 6, such obligations (whether or not due and payable) shall forthwith become due and payable by each Subsidiary Guarantor for the purpose of the Subsidiary Guarantee of such Subsidiary Guarantor. 

(d) Each Subsidiary Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the
Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Company’s assets, and shall,
to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored
or returned by any obligee on 

  
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the Notes, whether as a “voidable preference”, “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the event that any payment,
or any part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

(e) The execution by each Subsidiary Guarantor of this Indenture or a Supplemental Indenture evidences the Subsidiary Guarantee of such
Subsidiary Guarantor, whether or not the person signing as an officer of such Subsidiary Guarantor still holds that office at the time of authentication of any Note. The delivery of any Note by the Trustee after authentication constitutes due
delivery of the Subsidiary Guarantee set forth in this Indenture on behalf of each Subsidiary Guarantor. 
 Section 10.02.
Severability. In case any provision of any Subsidiary Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 10.03. Limitation of Liability. Each Subsidiary Guarantor and by its acceptance hereof each Holder confirms that it
is the intention of all such parties that the guarantee by each such Subsidiary Guarantor pursuant to its Subsidiary Guarantee not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar U.S. Federal or state law or the provisions of its local law relating to fraudulent transfer or conveyance. To effectuate the foregoing intention, the Holders and each such Subsidiary Guarantor
hereby irrevocably agree that the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee shall be limited to the maximum amount that, after giving effect to all other contingent and fixed liabilities of such Subsidiary Guarantor,
and after giving effect to any collections from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under its Subsidiary Guarantee or pursuant to its contribution
obligations under this Indenture, will not result in the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee constituting such fraudulent transfer or conveyance. 

Section 10.04. Contribution. In order to provide for just and equitable contribution among the Subsidiary Guarantors, the
Subsidiary Guarantors agree, inter se, that in the event any payment or distribution is made by any Subsidiary Guarantor under a Subsidiary Guarantee, such Subsidiary Guarantor will be entitled to a contribution from any other Subsidiary Guarantor
in a pro rata amount based on the net assets of each Subsidiary Guarantor determined in accordance with GAAP.  

Section 10.05. Subrogation. Each Subsidiary Guarantor shall be subrogated to all rights of Holders against the Company in
respect of any amounts paid by any Subsidiary Guarantor pursuant to the provisions of Section 10.01; provided, however, that if an Event of Default has occurred and is continuing, no Subsidiary Guarantor shall be entitled to enforce or
receive any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Company under this Indenture or the Notes shall have been paid in full. 

  
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 Section 10.06. Reinstatement. Each Subsidiary Guarantor hereby agrees (and
each Person who becomes a Subsidiary Guarantor shall agree) that the Subsidiary Guarantee provided for in Section 10.01 shall continue to be effective or be reinstated, as the case may be, if at any time, payment, or any part thereof, of any
obligations or interest thereon is rescinded or must otherwise be restored by a Holder to the Company upon the bankruptcy or insolvency of the Company or any Subsidiary Guarantor. 

Section 10.07. Benefits Acknowledged. Each Subsidiary Guarantor acknowledges that it will receive direct and indirect
benefits from the financing arrangements contemplated by this Indenture and that its respective Subsidiary Guarantee and waiver pursuant to its respective Subsidiary Guarantee is knowingly made in contemplation of such benefits. 

ARTICLE 11 

MISCELLANEOUS 

Section 11.01. Trust Indenture Act of 1939. Except with respect to specific provisions of the Trust Indenture Act expressly
referenced in the provisions of this Indenture, or as otherwise required by the Trust Indenture Act, the Trust Indenture Act shall not be applicable to, and shall not govern, this Indenture and the Notes; provided that in the event this Indenture
has been qualified under the Trust Indenture Act, the Trust Indenture Act shall be applicable to, and shall govern, this Indenture and the Notes. 

Section 11.02. Holder Communications; Holder Actions. 

(a) The rights of Holders to communicate with other Holders with respect to this Indenture or the Notes are as provided by the Trust Indenture
Act. Neither the Company nor the Trustee will be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act, regardless of the source from which such information was
derived and such disclosure shall not be deemed to be a violation of existing law. 
 (b) Any request, demand, authorization,
direction, notice, consent to amendment, supplement or waiver or other action provided by this Indenture to be given or taken by a Holder (an “act”) may be evidenced by an instrument signed by the Holder delivered to the Trustee.
The fact and date of the execution of the instrument, or the authority of the person executing it, may be proved in any manner that the Trustee deems sufficient. The Trustee may make reasonable rules for action by or at a meeting of Holders, which
will be binding on all the Holders. 
 (c) Any act by the Holder of any Note binds that Holder and every subsequent Holder of a Note
that evidences the same debt as the Note of the acting Holder, even if no notation thereof appears on the Note. Subject to paragraph (d), a Holder may revoke an act as to its Notes, but only if the Trustee receives the notice of revocation before
the date the amendment or waiver or other consequence of the act becomes effective. 

  
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 (d) The Company may, but is not obligated to, fix a record date (which need not be within the
time limits otherwise prescribed by Trust Indenture Act Section 316(c)) for the purpose of determining the Holders entitled to act with respect to any amendment or waiver or in any other regard, except that during the continuance of an Event of
Default, only the Trustee may set a record date as to notices of default, any declaration or acceleration or any other remedies or other consequences of the Event of Default. If a record date is fixed, those Persons that were Holders at such record
date and only those Persons will be entitled to act, or to revoke any previous act, whether or not those Persons continue to be Holders after the record date. No act will be valid or effective for more than 90 days after the record date. 

Section 11.03. Notices. Except for notice or communications to Holders, any notice or communication shall be given in writing and
is duly given when received if delivered in person, when receipt is acknowledged if sent by facsimile, on the next Business Day if timely delivered by a nationally recognized courier service that guarantees overnight delivery or two Business Days
after deposit if mailed by first-class mail, postage prepaid, addressed as follows: 
 If to the Company and/or any Subsidiary Guarantor:

 Hologic, Inc. 
 250 Campus
Drive 
 Marlborough, Massachusetts 01752 

Attn: Treasurer 
 Fax:
(781) 282-0669 
 With a copy (which shall not constitute notice) to: 

Brown Rudnick LLP 
 1 Financial
Center 
 Boston, Massachusetts 02111 

Attn: Philip J. Flink 
 Fax:
(617) 289-0427 
 If to the Trustee: 

Wells Fargo Bank, National Association 

1 Independent Drive, Suite 620 

Jacksonville, Florida 32202 

Attention: Corporate, Municipal and Escrow Services 

Fax: (904) 351-7266 
 Such
notices or communications shall be effective when actually received and shall be sufficiently given if so given within the time prescribed in this Indenture. 

The Company, and Subsidiary Guarantor or the Trustee by written notice to the others may designate additional or different addresses for
subsequent notices or communications. 

  
 77 

 The Trustee shall have the right, but shall not be required, to rely upon and comply with
instructions and directions sent by email, facsimile and other similar unsecured electronic methods by persons believed by the Trustee to be authorized to give instructions and directions on behalf of the Company. The Trustee shall have no duty or
obligation to verify or confirm that the person who sent such instructions or directions is, in fact, a person authorized to give instructions on behalf of the Company; and the Trustee shall have no liability for any losses, liabilities, costs or
expenses incurred or sustained by the Company as a result of such reliance upon or compliance with such instructions or directions; provided that such reliance was in good faith. The Company agrees to assume all risks arising out of the use
of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and all the risk of interception and misuse by third parties. 

Any notice or communication mailed to a Holder shall be mailed to him by first-class mail, postage prepaid, at his address shown on the
register kept by the Registrar. Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event (including any notice of redemption or repurchase) to a Holder of a Global Note
(whether by mail or otherwise), such notice shall be sufficiently given if given to DTC (or its designee) pursuant to the standing instructions from DTC or its designee, including by electronic mail in accordance with DTC operational arrangements or
other applicable Depositary procedures. 
 Failure to mail a notice or communication to a Holder or any defect in it shall not affect its
sufficiency with respect to other Holders. If a notice or communication to a Holder is mailed in the manner provided above, it shall be deemed duly given, whether or not the addressee receives it. 

If the Company mails a notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same time. 

In case by reason of the suspension of regular mail service, or by reason of any other cause, it shall be impossible to mail any notice as
required by this Indenture, then such method of notification as shall be made with the approval of the Trustee shall constitute a sufficient mailing of such notice. 

Section 11.04. Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture (other than the authentication and
delivery of the Initial Notes), the Company shall furnish to the Trustee: 
 (a) an Officers’ Certificate (which must include the
statements set forth in Section 11.05) stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

  
 78 

 (b) an Opinion of Counsel (which must include the statements set forth in Section 11.05) stating
that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 Section 11.05. Statements
Required in Certificate and Opinion. Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to Section 4.12) must include: 

(a) a statement that the Person making such certificate or opinion has read such covenant or condition; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based; 
 (c) a statement that, in the opinion of such Person, he or she has made such examination or
investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 

Section 11.06. Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders.
The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

Section 11.07. No Personal Liability of Directors, Officers, Employees and Stockholders. No director, officer, employee or
stockholder of the Company or any of the Subsidiary Guarantors, as such, will have any liability for any of the Company’s or such Subsidiary Guarantor’s obligations under the Notes or this Indenture or for any claim based on, in respect
of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

Section 11.08. Governing Law; Waiver of Jury Trial. 

THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE SUBSIDIARY GUARANTEES, AND ANY
CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE, THE NOTES OR THE SUBSIDIARY GUARANTEES, WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY. 
 EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, OR IN CONNECTION WITH THIS INDENTURE. 

  
 79 

 Section 11.09. No Adverse Interpretation of Other Agreements. This Indenture
may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 11.10. Successors. All agreements of the Company in this Indenture and the Notes will bind its successors. All
agreements of the Trustee in this Indenture will bind its successors. All agreements of each Subsidiary Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 4.10. 

Section 11.11. Separability. In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 

Section 11.12. Counterpart Originals. The parties may execute any number of copies of this Indenture by manual or facsimile
signature. Each signed copy will be an original, but all of them together represent the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and
delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all
purposes.  
 Section 11.13. Table of Contents, Headings, Etc. The Table of Contents and Headings of the Articles
and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 

Section 11.14. USA Patriot Act. The Company and the Subsidiary Guarantors acknowledge that in accordance with Section 326 of
the U.S.A. PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that
establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A.
PATRIOT Act. 
 Section 11.15. Calculations. The Company shall be responsible for making all calculations called for under the
Notes or this Indenture. The Company shall provide a copy of its calculations to each of the Trustee and the Paying Agent (if other than the Trustee), and each of the Trustee and the Paying Agent is entitled to rely conclusively upon the accuracy of
such calculations without independent verification. 
 Section 11.16. Legal Holidays. In any case an Interest Payment
Date, Change of Control Repurchase Date, Redemption Date, maturity date or any other date of any payment required to be made on the Notes shall be a Legal Holiday, then each such payment need not be made on such date, but shall be made on the next
succeeding Business Day with the same force and effect as if made on the date of such payment and no additional interest shall accrue as a result of such delay in payment. 

  
 80 

 [Signatures on following page] 

  
 81 

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

			
	HOLOGIC, INC.
		
	By:	 	 /s/ Marci J. Lerner

		 	Name: Marci J. Lerner
		 	Title: Vice President and Treasurer
	
	BIOLUCENT, LLC
		
	By:	 	 Cytyc Corporation
 Its: Sole
Member

		
	By:	 	 /s/ Marci J. Lerner

		 	Name: Marci J. Lerner
		 	Title: Vice President and Treasurer
	
	CYNOSURE, INC.
		
	By:	 	 /s/ Marci J. Lerner

		 	Name: Marci J. Lerner
		 	Title: Vice President and Treasurer
	
	CYTYC CORPORATION
		
	By:	 	 /s/ Marci J. Lerner

		 	Name: Marci J. Lerner
		 	Title: Vice President and Treasurer

 
			
	CYTYC PRENATAL PRODUCTS CORP.
		
	By:	 	 /s/ Marci J. Lerner

		 	Name: Marci J. Lerner
		 	Title: Vice President and Treasurer
	
	CYTYC SURGICAL PRODUCTS, LLC
		
	By:	 	 Cytyc Corporation
 Its: Sole
Member

		
	By:	 	 /s/ Marci J. Lerner

		 	Name: Marci J. Lerner
		 	Title: Vice President and Treasurer
	
	DIRECT RADIOGRAPHY CORP.
		
	By:	 	 /s/ Marci J. Lerner

		 	Name: Marci J. Lerner
		 	Title: Vice President and Treasurer
	
	GEN-PROBE INCORPORATED
		
	By:	 	 /s/ Marci J. Lerner

		 	Name: Marci J. Lerner
		 	Title: Vice President and Treasurer
	
	GEN-PROBE PRODESSE, INC.
		
	By:	 	 /s/ Marci J. Lerner

		 	Name: Marci J. Lerner
		 	Title: Vice President and Treasurer

 
			
	GEN-PROBE SALES & SERVICE, INC.
		
	By:	 	 /s/ Marci J. Lerner

		 	Name: Marci J. Lerner
		 	Title: Vice President and Treasurer
	
	HOLOGIC (MA), LLC
		
	By:	 	 Cytyc Corporation,
 Its: Sole
Member

		
	By:	 	 /s/ Marci J. Lerner

		 	Name: Marci J. Lerner
		 	Title: Vice President and Treasurer
	
	SUROS SURGICAL SYSTEMS, INC.
		
	By:	 	 /s/ Marci J. Lerner

		 	Name: Marci J. Lerner
		 	Title: Vice President and Treasurer

 
			
	 Wells Fargo Bank, National Association,
as Trustee

		
	By:	 	 /s/ Yana Kislenko

		 	Name: Yana Kislenko
		 	Title: Vice President

 EXHIBIT A 

[FORM OF NOTE] 
 [FACE OF NOTE]

 CUSIP No. [            ] 

HOLOGIC, INC. 
  

			
	No. [        ]	  	[Initially]1 $[            ]

 4.625% Senior Notes due 2028 

HOLOGIC, INC., a Delaware corporation, as issuer (the “Company”, which term includes any successor under the Indenture
hereinafter referred to), for value received, promises to pay to [                    ] [CEDE & CO.]1, or its registered assigns, the principal sum of                     DOLLARS
($                    ) [(or such other amount as indicated on the Schedule of Exchanges of Notes attached hereto)]1 on February 1, 2028. 
 Interest Rate: 4.625% per annum. 

Interest Payment Dates: February 1 and August 1, commencing on August 1, 2018. 

Regular Record Dates: January 15 and July 15. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, which will for all purposes have the same effect as
if set forth at this place. 
  

	1 	For Global Notes 

	1 	For Global Notes 

	1 	For Global Notes 

  
 A-1 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by one
of its duly authorized officers. 
  

			
	HOLOGIC, INC.
		
	By:	 	
                 

		 	Name:
		 	Title:

  
 A-2 

 (Form of Trustee’s Certificate of Authentication) 

This is one of the 4.625% Senior Notes due 2028 referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

		
	By:	 	
                     
    

		 	Authorized Signatory

 Dated: [            ], 20[    ] 

  
 A-3 

 [FORM OF REVERSE OF NOTE] 

HOLOGIC, INC. 
 4.625% SENIOR NOTE
DUE 2028 
 1. Principal and Interest.  

The Company promises to pay the principal of this Note on February 1, 2028. 

The Company promises to pay, until the principal hereof is paid or made available for payment, interest on the principal amount set forth on
the face hereof at a rate of 4.625% per annum. Interest will accrue from, and including, the most recent date to which interest has been paid or, if no interest has been paid, from and including
[            ], 20[    ] to, but excluding, the date on which interest is paid. Interest shall be payable in arrears on each February 1 and August 1,
commencing on August 1, 2018, to the Holders of record of the Notes at the close of business on the January 15 or July 15 immediately preceding the Interest Payment Date). Interest will be computed on the basis of a 360-day year
composed of twelve 30-day months. 
 The Company will pay interest on overdue principal, premium, if any, and, to the extent lawful,
interest at a rate per annum that is 1% in excess of 4.625%. Interest not paid when due and any interest on principal, premium or interest not paid when due will be paid to the Persons that are Holders on a special record date, which will be the
15th day preceding the date fixed by the Company for the payment of such interest, whether or not such day is a Business Day. At least 15 days before a special record date, the Company will send to each Holder and to the Trustee a notice that sets
forth the special record date, the payment date and the amount of interest to be paid. 
 2. Paying Agent and Registrar.
Initially, Wells Fargo Bank, National Association (the “Trustee”) will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to the Holders. The Company or any of its
Subsidiaries may act as Paying Agent or Registrar, subject to certain exceptions. 
 3. Indenture; Subsidiary
Guarantees.  
 The Company issued the Notes under an Indenture dated as of January 19, 2018 (the
“Indenture”) among the Company, the Subsidiary Guarantors and the Trustee. This is one of the Notes of the Company issued under the Indenture. The terms of the Notes include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of all such terms. To the extent permitted by applicable law, in the
event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture will control. Capitalized and certain other terms used and not otherwise defined herein have the meanings set forth in the
Indenture. 

  
 A-4 

 The Company’s obligations under the Notes are jointly and severally, fully and
unconditionally guaranteed, to the extent set forth in the Indenture, by each of the Subsidiary Guarantors. 
 4. Optional
Redemption. This Note is subject to redemption, and may be the subject of an offer to purchase, as further described in the Indenture. 

5. Denominations, Transfer, Exchange. The Notes shall be issuable only in fully registered form without coupons in denominations
of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. 

6. Amendment, Supplement, Waiver, Etc. Subject to certain exceptions, the Indenture and the Notes may be amended, or default may
be waived, with the consent of the Holders of a majority in principal amount of the outstanding Notes. Without notice to or the consent of any Holder, the Company and the Trustee may amend or supplement the Indenture or the Notes to, among other
things, cure any ambiguity, defect or inconsistency. 
 7. Defaults and Remedies. If an Event of Default, as defined in
the Indenture, occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the Notes may declare all the Notes to be due and payable. If a bankruptcy or insolvency default with respect to the Company occurs and is
continuing, the Notes automatically become due and payable. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Notes.
Subject to certain limitations, Holders of a majority in principal amount of the Notes then outstanding may direct the Trustee in its exercise of remedies. 

8. Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS NOTE, AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

9. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in
common), TENANT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

  
 A-5 

 [FORM OF TRANSFER NOTICE] 

FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto 

 

	
	Insert Taxpayer Identification No.
	
	  

	    
	  
 Please print or
typewrite name and address including zip code of assignee

	
	  

	the within Note and all rights thereunder, hereby irrevocably constituting and appointing
	
	  

 attorney to transfer said Note on the books of the Company with full power of substitution in the premises. 

  
 A-6 

 [THE FOLLOWING PROVISION TO BE INCLUDED ON ALL CERTIFICATES BEARING A RESTRICTED LEGEND] 

In connection with any transfer of this Note, the undersigned confirms that such transfer is made without utilizing any general solicitation
or general advertising and further as follows: 
 Check One 

☐  (1) This Note is being transferred to a “qualified institutional buyer” in compliance with Rule 144A under the Securities Act of
1933, as amended and certification in the form of Exhibit E to the Indenture is being furnished herewith. 
 ☐  (2) This Note is being
transferred to a Non-U.S. Person in compliance with the exemption from registration under the Securities Act of 1933, as amended, provided by Regulation S thereunder, and certification in the form of Exhibit D to the Indenture is being furnished
herewith. 
 or 
 ☐ (3) This Note
is being transferred other than in accordance with (1) or (2) above and documents are being furnished which comply with the conditions of transfer set forth in this Note and the Indenture. 

If none of the foregoing boxes is checked, the Trustee is not obligated to register this Note in the name of any Person other than the Holder
hereof unless and until the conditions to any such transfer of registration set forth herein and in the Indenture have been satisfied. 
  

			
	Date:	 	  

 

			
	  
 Seller

		
	By	 	  

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any change whatsoever. 

  
 A-7 

					
	Signature Guarantee:5	 	
                     
    

			
		 	By	 	
                     

		 	To be executed by an executive officer

  
  

	5 	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Securities Transfer
Association Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended. 

  
 A-8 

 OPTION OF HOLDER TO ELECT REPURCHASE 

If you wish to have all of this Note repurchased by the Company pursuant to Section 4.09 of the Indenture, check the box:  ☐

 If you wish to have a portion of this Note repurchased by the Company pursuant to Section 4.09 of the Indenture, state the amount (in
denominations of $2,000 and integral multiples of $1,000 in excess thereof) below: 

$                    . 

Date:                     

Your
Signature:                                     

(Sign exactly as your name appears on the other side of this Note) 

Signature
Guarantee:1                              
           
  

	1 	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Trustee, which requirements include membership or participation in the Securities Transfer Association
Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended. 

  
 A-9 

 SCHEDULE OF EXCHANGES OF NOTES1 

The following exchanges of a part of this Global Note for Certificated Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	 	 Amount of decrease

in principal amount
 of this
Global Note
	 	 Amount of increase

in principal amount
 of this
Global Note
	  	Principal amount of
this Global Note
following such
decrease (or
increase)	  	Signature of
authorized signatory
of Trustee

  

 

	1	For Global Notes 

  
 A-10 

 EXHIBIT B 

[FORM OF RESTRICTED LEGEND] 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 

(1) REPRESENTS THAT: 
 (A) IT AND
ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, 

(B) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501(a) (1), (2), (3) OR (7) UNDER THE
SECURITIES ACT) (AN “INSTITUTIONAL ACCREDITED INVESTOR”) OR 
 (C) IT IS NOT A U.S. PERSON (WITHIN THE MEANING OF REGULATION S
UNDER THE SECURITIES ACT) AND 
 (2) AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS
NOTE OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT IN ACCORDANCE WITH THE SECURITIES ACT AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ONLY: 

(A) TO THE COMPANY, 
 (B) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, 
 (C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH
RULE 144A UNDER THE SECURITIES ACT, 
 (D) IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT,

 (E) IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000, TO AN INSTITUTIONAL ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, DELIVERS TO THE
TRUSTEE A DULY COMPLETED AND SIGNED CERTIFICATE (THE FORM OF WHICH MAY BE OBTAINED FROM THE COMPANY) RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS NOTE, OR 

  
 B-1 

 (F) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR
ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN
ACCORDANCE WITH (2)(C) ABOVE OR (2)(D) ABOVE, A DULY COMPLETED AND SIGNED CERTIFICATE (THE FORM OF WHICH MAY BE OBTAINED FROM THE COMPANY) MUST BE DELIVERED TO THE TRUSTEE. PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH
(2)(E) OR (F) ABOVE, THE COMPANY RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE
WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY RULE 144 EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

  
 B-2 

 EXHIBIT C 

[FORM OF DTC LEGEND] 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE. 

  
 D-1 

 EXHIBIT D 

Regulation S Certificate 

            , 20     

Wells Fargo Bank, National Association 
 as Trustee and Registrar
– DAPS Reorg 
 600 Fourth Street South, 7th Floor 
 MAC
N9300-070 
 Minneapolis, MN 55415 
 Phone: 1-800-344-5128 

Fax: 1-866-969-1290 
 Email: dapsreorg@wellsfargo.com 

 

	 	Re:	Hologic, Inc. 

	 	    	4.625% Senior Notes due 2028 (the “Notes”) 

	 	    	Issued under the Indenture (the “Indenture”) dated as 

	 	    	of January 19, 2018 relating to the
Notes                             

Ladies and Gentlemen: 
 Terms are used in
this Certificate as used in Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”), except as otherwise stated herein. 

[CHECK A OR B AS APPLICABLE.] 
  

	 	☐  A.	This Certificate relates to our proposed transfer of $            principal amount of Notes issued under the Indenture. We hereby certify as follows:

  

	 	1.	The offer and sale of the Notes was not and will not be made to a person in the United States (unless such person is excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi) or the account
held by it for which it is acting is excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances described in Rule 902(h)(3)) and such offer and sale was not and will not be specifically targeted at
an identifiable group of U.S. citizens abroad. 

  

	 	2.	Unless the circumstances described in the parenthetical in paragraph 1 above are applicable, either (a) at the time the buy order was originated, the buyer was outside the United States or we and any person acting
on our behalf reasonably believed that the buyer was outside the United States or (b) the transaction was executed in, on or through the facilities of a designated offshore securities market, and neither we nor any person acting on our behalf
knows that the transaction was pre-arranged with a buyer in the United States. 

  
 E-1 

	 	3.	Neither we, any of our affiliates, nor any person acting on our or their behalf has made any directed selling efforts in the United States with respect to the Notes. 

 

	 	4.	The proposed transfer of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act. 

  

	 	5.	If we are a dealer or a person receiving a selling concession, fee or other remuneration in respect of the Notes, and the proposed transfer takes place during the Restricted Period (as defined in the Indenture), or we
are an officer or director of the Company or an Initial Purchaser (as defined in the Indenture), we certify that the proposed transfer is being made in accordance with the provisions of Rule 904(b) of Regulation S. 

 

	 	☐  B.	This Certificate relates to our proposed exchange of $            principal amount of Notes issued under the Indenture for an equal principal amount of Notes
to be held by us. We hereby certify as follows: 

  

	 	1.	At the time the offer and sale of the Notes was made to us, either (i) we were not in the United States or (ii) we were excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi) or
the account held by us for which we were acting was excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances described in Rule 902(h)(3); and we were not a member of an identifiable group of U.S.
citizens abroad. 

  

	 	2.	Unless the circumstances described in paragraph 1(ii) above are applicable, either (a) at the time our buy order was originated, we were outside the United States or (b) the transaction was executed in, on or
through the facilities of a designated offshore securities market and we did not pre-arrange the transaction in the United States. 

  

	 	3.	The proposed exchange of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act. 

  
 E-2 

 You and the Company are entitled to rely upon this Certificate and are irrevocably authorized to
produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

 

			
	Very truly yours,
	
	 [NAME OF SELLER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]

		
	By:	 	
                     
                            

		 	Name:
		 	Title:
		 	Address:

 Date:
                                 

  
 E-3 

 EXHIBIT E 

Rule 144A Certificate 

            , 20     

Wells Fargo Bank, National Association 
 as Trustee and Registrar
– DAPS Reorg 
 600 Fourth Street South, 7th Floor 
 MAC
N9300-070 
 Minneapolis, MN 55415 
 Phone: 1-800-344-5128 

Fax: 1-866-969-1290 
 Email: dapsreorg@wellsfargo.com 

 

	 	Re:	Hologic, Inc. 

 4.625% Senior Notes due 2028 (the “Notes”) 

Issued under the Indenture (the “Indenture”) dated as 

of January 19, 2018 relating to the
Notes                         

Ladies and Gentlemen: 
 This Certificate relates
to: 
 [CHECK A OR B AS APPLICABLE.] 
  

	 	☐  A.	Our proposed purchase of $            principal amount of Notes issued under the Indenture. 

 

	 	☐  B.	Our proposed exchange of $            principal amount of Notes issued under the Indenture for an equal principal amount of Notes to be held by us.

 We and, if applicable, each account for which we are acting in the aggregate owned and invested more than $100,000,000 in
securities of issuers that are not affiliated with us (or such accounts, if applicable), as of             , 20    , which is a date on or since close of our most recent
fiscal year. We and, if applicable, each account for which we are acting, are a qualified institutional buyer within the meaning of Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities
Act”). If we are acting on behalf of an account, we exercise sole investment discretion with respect to such account. We are aware that the transfer of Notes to us, or such exchange, as applicable, is being made in reliance upon the
exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. Prior to the date of this Certificate we have received such information regarding the Company as we have requested pursuant to Rule 144A(d)(4) or have
determined not to request such information. 

  
 F-1 

 You and the Company are entitled to rely upon this Certificate and are irrevocably authorized to
produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

 

			
	Very truly yours,
	
	 [NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]

		
	By:	 	  

		 	Name:
		 	Title:
		 	Address:

 Date:
                             

  
 F-2 

 EXHIBIT F 

Institutional Accredited Investor Certificate 

Wells Fargo Bank, National Association 
 as Trustee and Registrar
– DAPS Reorg 
 600 Fourth Street South, 7th Floor 
 MAC
N9300-070 
 Minneapolis, MN 55415 
 Phone: 1-800-344-5128 

Fax: 1-866-969-1290 
 Email: dapsreorg@wellsfargo.com 

 

	 	Re:	Hologic, Inc. 

 4.625% Senior Notes due 2028 (the “Notes”) 

Issued under the Indenture (the “Indenture”) dated as 

of January 19, 2018 relating to the
Notes                             

Ladies and Gentlemen: 
 This Certificate relates
to: 
 [CHECK A OR B AS APPLICABLE.] 
  

	 	☐  A.	Our proposed purchase of $            principal amount of Notes issued under the Indenture. 

 

	 	☐  B.	Our proposed exchange of $            principal amount of Notes issued under the Indenture for an equal principal amount of Notes to be held by us.

 We hereby confirm that: 
  

	 	1.	We are an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”) (an
“Institutional Accredited Investor”). 

  

	 	2.	Any acquisition of Notes by us will be for our own account or for the account of one or more other Institutional Accredited Investors as to which we exercise sole investment discretion. 

 

	 	3.	We have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of an investment in the Notes and we and any accounts for which we are acting are able to
bear the economic risks of and an entire loss of our or their investment in the Notes. 

  
 G-1 

	 	4.	We are not acquiring the Notes with a view to any distribution thereof in a transaction that would violate the Securities Act or the securities laws of any State of the United States or any other applicable
jurisdiction; provided that the disposition of our property and the property of any accounts for which we are acting as fiduciary will remain at all times within our and their control. 

 

	 	5.	We acknowledge that the Notes have not been registered under the Securities Act and that the Notes may not be offered or sold within the United States or to or for the benefit of U.S. persons except as set forth below.

  

	 	6.	The principal amount of Notes to which this Certificate relates is at least equal to $100,000. 

We agree for the benefit of the Company, on our own behalf and on behalf of each account for which we are acting, that such Notes may be
offered, sold, pledged or otherwise transferred only in accordance with the Securities Act and any applicable securities laws of any State of the United States and only (a) to the Company, (b) pursuant to a registration statement which has
become effective under the Securities Act, (c) to a qualified institutional buyer in compliance with Rule 144A under the Securities Act, (d) in an offshore transaction in compliance with Rule 904 of Regulation S under the Securities Act,
(e) in a principal amount of not less than $100,000, to an Institutional Accredited Investor that, prior to such transfer, delivers to the Trustee a duly completed and signed certificate (the form of which may be obtained from the Trustee)
relating to the restrictions on transfer of the Notes or (f) pursuant to an exemption from registration provided by Rule 144 under the Securities Act or any other available exemption from the registration requirements of the Securities Act.

 Prior to the registration of any transfer in accordance with (c) or (d) above, we acknowledge that a duly completed and signed
certificate (the form of which may be obtained from the Trustee) must be delivered to the Trustee. Prior to the registration of any transfer in accordance with (e) or (f) above, we acknowledge that the Company reserves the right to require
the delivery of such legal opinions, certifications or other evidence as may reasonably be required in order to determine that the proposed transfer is being made in compliance with the Securities Act and applicable state securities laws. We
acknowledge that no representation is made as to the availability of any Rule 144 exemption from the registration requirements of the Securities Act. 

We understand that the Trustee will not be required to accept for registration of transfer any Notes acquired by us, except upon presentation
of evidence satisfactory to the Company and the Trustee that the foregoing restrictions on transfer have been complied with. We further understand that the Notes acquired by us will be in the form of definitive physical certificates and that such
certificates will bear a legend reflecting the substance of the preceding paragraph. We further agree to provide to any person acquiring any of the Notes from us a notice advising such person that resales of the Notes are restricted as stated herein
and that certificates representing the Notes will bear a legend to that effect. 
 We agree to notify you promptly in writing if any of our
acknowledgments, representations or agreements herein ceases to be accurate and complete. 

  
 G-2 

 We represent to you that we have full power to make the foregoing acknowledgments,
representations and agreements on our own behalf and on behalf of any account for which we are acting. 
 You and the Company are entitled
to rely upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

 

			
	Very truly yours,
	
	 [NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]

		
	By:	 	  

		 	Name:
		 	Title:
		 	Address:

 Date:
                             

  
 G-3 

 Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows:

  

	
	
	By:
                                         
               
	
	Date:
                                         
            
	
	Taxpayer ID number:                             

  
 G-4 

 EXHIBIT G 

[COMPLETE FORM I OR FORM II AS APPLICABLE.] 

[FORM I] 
 Certificate
of Beneficial Ownership 
  

	To:	Wells Fargo Bank, National Association 

 as Trustee and Registrar – DAPS Reorg 

600 Fourth Street South, 7th Floor 

MAC N9300-070 
 Minneapolis, MN
55415 
 Phone: 1-800-344-5128 

Fax: 1-866-969-1290 
 Email:
dapsreorg@wellsfargo.com 
  

	OR	

 [Name of DTC Participant] 

 

	Re:	Hologic, Inc. 

 4.625% Senior Notes due 2028 (the “Notes”) 

Issued under the Indenture (the “Indenture”) dated as 

of January 19, 2018 relating to the
Notes                         

Ladies and Gentlemen: 
 We are the beneficial
owner of $            principal amount of Notes issued under the Indenture and represented by an Offshore Global Note (as defined in the Indenture). 

We hereby certify as follows: 

[CHECK A OR B AS APPLICABLE.] 
  

	 	☐  A.	We are a non-U.S. person (within the meaning of Regulation S under the Securities Act of 1933, as amended). 

  

	 	☐  B.	We are a U.S. person (within the meaning of Regulation S under the Securities Act of 1933, as amended) that purchased the Notes in a transaction that did not require registration under the Securities Act of 1933, as
amended. 

 You and the Company are entitled to rely upon this Certificate and are irrevocably authorized to produce this
Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

  
 H-1 

 
			
	Very truly yours,
	
	[NAME OF BENEFICIAL OWNER]
		
	By:	 	  

		 	Name:
		 	Title:
		 	Address:

 Date:
                             

[FORM II] 
 Certificate
of Beneficial Ownership 
  

	To:	Wells Fargo Bank, National Association 

 as Trustee and Registrar – DAPS Reorg 

600 Fourth Street South, 7th Floor 

MAC N9300-070 
 Minneapolis, MN
55415 
 Phone: 1-800-344-5128 

Fax: 1-866-969-1290 
 Email:
dapsreorg@wellsfargo.com 
  

	Re:	Hologic, Inc. 

 4.625% Senior Notes due 2028 (the “Notes”) 

Issued under the Indenture (the “Indenture”) dated as 

of January 19, 2018 relating to the
Notes                         

Ladies and Gentlemen: 
 This is to certify that
based solely on certifications we have received in writing, by tested telex or by electronic transmission from Institutions appearing in our records as persons being entitled to a portion of the principal amount of Notes represented by an Offshore
Global Note issued under the above-referenced Indenture, that as of the date hereof, $            principal amount of Notes represented by the Offshore Global Note being submitted herewith
for exchange is beneficially owned by persons that are either (i) non-U.S. persons (within the meaning of Regulation S under the Securities Act of 1933, as amended) or (ii) U.S. persons that purchased the Notes in a transaction that did
not require registration under the Securities Act of 1933, as amended. 
 We further certify that (i) we are not submitting herewith
for exchange any portion of such Offshore Global Note excepted in such certifications and (ii) as of the date hereof we have not received any notification from any Institution to the effect that the statements made by such Institution with
respect to any portion of such Offshore Global Note submitted herewith for exchange are no longer true and cannot be relied upon as of the date hereof. 

  
 H-2 

 You and the Company are entitled to rely upon this Certificate and are irrevocably authorized to
produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

 

			
	Yours faithfully,
	
	[Name of DTC Participant]
		
	By:	 	  

		 	Name:
		 	Title:
		 	Address:

 Date:
                             

  
 H-3 

 EXHIBIT H 

SUPPLEMENTAL INDENTURE 

dated as of             , 20     

among 
 Hologic, Inc., 

The Subsidiary Guarantor(s) Party Hereto 

and 
 Wells Fargo Bank, National
Association, 
 as Trustee 
  

 
 4.625% Senior
Notes due 2028 

 THIS SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into
as of             , 20    , among HOLOGIC, INC., a Delaware corporation (the “Company”), [insert each Subsidiary Guarantor executing this Supplemental
Indenture and its jurisdiction of incorporation] (each, an “Undersigned”) and Wells Fargo Bank, National Association, as trustee (the “Trustee”). 

RECITALS 
 WHEREAS,
the Company, the Subsidiary Guarantors party thereto and the Trustee entered into the Indenture, dated as of January 19, 2018 (the “Indenture”), relating to the Company’s 4.625% Senior Notes due 2028 (the
“Notes”);  
 WHEREAS, as a condition to the Trustee entering into the Indenture and the purchase of the Notes by
the Holders, the Company agreed pursuant to the Indenture to cause its Restricted Subsidiaries to provide Guarantees in certain circumstances. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties to this Supplemental Indenture hereby agree as follows: 

Section 1. Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture. 

Section 2. Each Undersigned, by its execution of this Supplemental Indenture, agrees to be a Subsidiary Guarantor under the Indenture and
to be bound by the terms of the Indenture applicable to Subsidiary Guarantors, including, but not limited to, Article 10 thereof. 

Section 3. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE, AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS SUPPLEMENTAL INDENTURE, WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

EACH OF THE COMPANY, THE UNDERSIGNED AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE NOTES, THE SUBSIDIARY GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

  
 I-1 

 Section 4. This Supplemental Indenture may be signed in various counterparts that together
will constitute one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or portable document format (“PDF”) transmission shall constitute effective execution and delivery of
this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures
for all purposes. 
 Section 5. This Supplemental Indenture is an amendment supplemental to the Indenture and the Indenture and this
Supplemental Indenture will henceforth be read together. 
 Section 6. The Trustee shall not be responsible in any manner whatsoever
for or in respect of the validity or sufficiency of this Supplemental Indenture, the Subsidiary Guarantee of the Undersigned or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company and the
Undersigned. All of the provisions contained in the Indenture in respect of the rights, privileges, immunities, powers, and duties of the Trustee shall be applicable in respect of this Supplemental Indenture as fully and with like force and effect
as though fully set forth in full herein. 

  
 I-2 

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

			
	HOLOGIC, INC., as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	[GUARANTOR]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

		
	By:	 	  

		 	Name:
		 	Title:

  
 I-3EX-10.1

 EXHIBIT 10.1 

EXECUTION VERSION 
 FIRST
AMENDMENT 
 This First Amendment, dated as of January 12, 2018 (this “Amendment”), to the Second Amended and Restated
Credit Agreement dated as of January 10, 2017 (as amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”) and the Amended and Restated Guarantee and Collateral Agreement
dated as of March 31, 2016 (as amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Guarantee and Collateral Agreement”), among COLONY CAPITAL OPERATING COMPANY, LLC (the “Parent
Borrower”), the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”) and JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the
“Administrative Agent”). 
 W I T N E S S E T H: 

WHEREAS, the Parent Borrower, the Lenders and the Administrative Agent are parties to the Credit Agreement, and the Parent Borrower has
requested that the Credit Agreement and Guarantee and Collateral Agreement be amended as set forth herein; 
 WHEREAS, as permitted by
Section 10.1 of the Credit Agreement, the Administrative Agent and each Lender is willing to agree to this Amendment upon the terms and conditions set forth herein; 

NOW, THEREFORE, in consideration of the premises contained herein, the parties hereto agree as follows: 

SECTION 1. Defined Terms. Unless otherwise defined herein, capitalized terms are used herein as defined in the Credit Agreement as
amended hereby. 
 SECTION 2. Amendments to the Loan Documents. Subject to the satisfaction of the conditions set forth in
Section 3: 
 (a) the Credit Agreement is hereby amended in accordance with Exhibit A hereto by deleting the
stricken text (indicated textually in the same manner as the following example: stricken text) and by inserting the
double-underlined text (indicated textually in the same manner as the following example: double-underlined text), in each case in the place where such text appears therein. 
 (b) a new Exhibit
J to the Credit Agreement is hereby added to the exhibits to the Credit Agreement in the form of Exhibit B hereto. 

(c) the Guarantee and Collateral Agreement is hereby amended in accordance with Exhibit C hereto by deleting the
stricken text (indicated textually in the same manner as the following example: stricken text) and by inserting the
double-underlined text (indicated textually in the same manner as the following example: double-underlined text), in each case in the place where such text appears therein. 

 SECTION 3. Conditions to Effectiveness of this Amendment. This Amendment shall become
effective on the date on which the following conditions precedent have been satisfied or waived (the date on which such conditions shall have been so satisfied or waived, the “First Amendment Effective Date”): 

(a) The Administrative Agent shall have received a counterpart of this Amendment, executed and delivered by a duly authorized
officer of the Parent Borrower and each Lender. 
 (b) The Loan Parties shall have executed and delivered to the
Administrative Agent a guarantee and collateral acknowledgment in the form attached hereto as Exhibit D with respect to the guarantees and Liens created under the Loan Documents. 

(c) The Administrative Agent shall have received all fees required to be paid, and all expenses for which invoices have been
presented (including the reasonable and documented out-of-pocket fees and expenses of legal counsel), on or before the First Amendment Effective Date. 

(d) The Administrative Agent shall have received the legal opinion of Hogan Lovells LLP, counsel to each of the Parent Borrower
and the New Borrower (as defined below). Such legal opinion shall cover such matters incidental to the transactions contemplated by this Amendment as the Administrative Agent may reasonably require. 

(e) The Administrative Agent shall have received (i) a certificate of each Borrower, dated the date hereof, substantially
in the form of Exhibit C to the Credit Agreement, with appropriate insertions and attachments, including the certificate of incorporation of each Borrower certified by the relevant authority of the jurisdiction of organization of each
Borrower or a certification that such documents have not been amended since such documents were previously delivered to the Administrative Agent and (ii) a long-form good standing certificate for each Borrower from the applicable jurisdiction
of organization. 
 (f) Immediately prior to and after giving effect to this Amendment (i) no Default or Event of
Default shall have occurred and be continuing and (ii) each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of such date as if made
on and as of such date (except that any representations and warranties which expressly relate to an earlier date shall be true and correct in all material respects as of such earlier date). 

(g) The Administrative Agent shall have received a certificate signed by a duly authorized officer of the Parent Borrower
certifying that the conditions specified in clause (f) of this Section 3 have been satisfied as of the First Amendment Effective Date. 

(h) The Administrative agent shall have received (a) a Notice of Designation designating Colony Capital Investment Holdco,
LLC (the “New Borrower”) as a Subsidiary Borrower, (b) a Subsidiary Borrower Joinder Agreement signed by a duly authorized officer of the New Borrower and (c) a certificate signed by a duly authorized officer of the New
Borrower certifying that the conditions specified in Section 3 of the Subsidiary Borrower Joinder Agreement have been satisfied. 

(i) The Lenders shall have received, to the extent requested by the Administrative Agent in writing at least ten (10) days
prior to the Closing Date, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act, in each case at
least five (5) days prior to the Closing Date. 

  
 - 2 - 

 SECTION 4. Representations and Warranties. On and as of the date hereof, the Parent
Borrower hereby confirms, reaffirms and restates that, after giving effect to this Amendment (i) each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents are true and correct in all material
respects on and as of the date hereof as if made on and as of such date (except that any representations and warranties which expressly relate to an earlier date shall be true and correct in all material respects as of such earlier date) and
(ii) no Default or Event of Default shall have occurred or be continuing on the date hereof. 
 SECTION 5. Continuing Effect; No
Other Amendments or Consents. 
 (a) Except as expressly provided herein, all of the terms and provisions of the Credit
Agreement are and shall remain in full force and effect. The amendments provided for herein are limited to the specific subsections of the Credit Agreement specified herein and shall not constitute a consent, waiver or amendment of, or an indication
of the Administrative Agent’s or the Lenders’ willingness to consent to any action requiring consent under any other provisions of the Credit Agreement or the same subsection for any other date or time period. Upon the effectiveness of the
amendments set forth herein, on and after the First Amendment Effective Date, each reference in the Credit Agreement to “this Agreement,” “the Agreement,” “hereunder,” “hereof” or words of like import
referring to the Credit Agreement, and each reference in the other Loan Documents to “Credit Agreement,” “thereunder,” “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference
to the Credit Agreement as amended hereby. 
 (b) The Parent Borrower and the other parties hereto acknowledge and agree that
this Amendment shall constitute a Loan Document. 
 SECTION 6. Expenses. The Parent Borrower agrees to pay and reimburse the
Administrative Agent for all its reasonable and documented out-of-pocket costs and expenses incurred in connection with the preparation and delivery of this Amendment,
and any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable and documented
out-of-pocket fees and disbursements of one counsel to the Administrative Agent in accordance with the terms in the Credit Agreement. 

SECTION 7. Counterparts. This Amendment may be executed in any number of counterparts by the parties hereto (including by facsimile and
electronic (e.g. “.pdf”, or “.tif”) transmission), each of which counterparts when so executed shall be an original, but all the counterparts shall together constitute one and the same instrument. 

SECTION 8. Successors and Assigns. The provisions of this Amendment shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns. Each party hereto acknowledges and agrees that its submission of a signature page to this Amendment is irrevocable and binding on such party and its respective successors and assigns even if such
signature page is submitted prior to the effectiveness of any amendment contained herein. 
 SECTION 9. GOVERNING LAW. THIS
AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

[Remainder of page intentionally left blank.] 

  
 - 3 - 

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

			
	COLONY CAPITAL OPERATING COMPANY, LLC

 
			
		
	By:	 	 /s/ Mark M. Hedstrom

		 	Name: Mark M. Hedstrom
		 	Title: Vice President

 Signature Page to First Amendment 

 
			
	JPMORGAN CHASE BANK, N.A.,
	as Administrative Agent and as a Lender
		
	By:	 	 /s/ Matthew Griffith

		 	Name: Matthew Griffith
		 	Title: Executive Director

 Signature Page to First Amendment 

 
			
	Bank of America, N.A., as a Lender
		
	By:	 	 /s/ Jonathan Salzinger

		 	Name: Jonathan Salzinger
		 	Title: Vice President

 Signature Page to First Amendment 

 
			
	BARCLAYS BANK PLC, as a Lender
		
	By:	 	 /s/ May Huang

		 	Name: May Huang
		 	Title: Assistant Vice President

 Signature Page to First Amendment 

 
			
	Citibank, N.A., as a Lender
		
	By:	 	 /s/ John Pawlowski

		 	Name: John Pawlowski
		 	Title: Vice President

 Signature Page to First Amendment 

 
			
	CREDIT SUISSE AG, Cayman Islands Branch, as a Lender
		
	By:	 	 /s/ William O’Daly

		 	Name: William O’Daly
		 	Title: Authorized Signatory
		
	By:	 	 /s/ Brady Bingham

		 	Name: Brady Bingham
		 	Title: Authorized Signatory

 Signature Page to First Amendment 

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender
		
	By:	 	 /s/ Joanna Soliman

		 	Name: Joanna Soliman
		 	Title: Vice President
		
	By:	 	 /s/ James Rolison

		 	Name: James Rolison
		 	Title: Managing Director

 Signature Page to First Amendment 

 
			
	KEYBANK, as a Lender
		
	By:	 	 /s/ Gregory W. Lane

		 	Name: Gregory W. Lane
		 	Title: Vice President

 Signature Page to First Amendment 

 
			
	UBS AG, Stamford Branch, as a Lender
		
	By:	 	 /s/ Craig Pearson

		 	Name: Craig Pearson
		 	Title: Associate Director
		
	By:	 	 /s/ Darlene Arias

		 	Name: Darlene Arias
		 	Title: Director

 Signature Page to First Amendment 

 
			
	Morgan Stanley Senior Funding, Inc., as a Lender
		
	By:	 	 /s/ Mark Campbell

		 	Name: Mark Campbell
		 	Title: Vice President

 Signature Page to First Amendment 

 
			
	CIT Bank, N.A., as a Lender
		
	By:	 	 /s/ Mike Pedone

		 	Name: Mike Pedone
		 	Title: Managing Director

 Signature Page to First Amendment 

 
			
	Chang Hwa Commercial Bank, Ltd., New York Branch, as a Lender
		
	By:	 	 /s/ Linda Lin

		 	Name: Linda Lin
		 	Title: AVP & AGM

 Signature Page to First Amendment 

 
			
	First Commercial Bank, Ltd., A Republic of China Bank Acting Through Its Los Angeles Branch, as a Lender
		
	By:	 	 /s/ Yuan-Gan Ju

		 	Name: Yuan-Gan Ju
		 	Title: SVP & General Manager

 Signature Page to First Amendment 

 
			
	Taiwan Business Bank Los Angeles Branch, as a Lender
		
	By:	 	 /s/ Sam Chiu

		 	Name: Sam Chiu
		 	Title: General Manager

 Signature Page to First Amendment 

 Exhibit A 

AMENDED CREDIT AGREEMENT 

[See attached] 

 CONFORMED VERSION 
 EXECUTION
VERSIONANNEX A 

 
  

 
 $1,000,000,000 

SECOND AMENDED AND RESTATED CREDIT
AGREEMENT1 

among 
 COLONY CAPITAL OPERATING
COMPANY, LLC, 
 as
Parent Borrower, 

The Other Subsidiary
Borrowers from Time to Time Parties Hereto, 
 The Several Lenders from Time to
Time Parties Hereto, 
 and 

JPMORGAN CHASE BANK, N.A., 
 as
Administrative Agent 
 Dated as of January 10, 2017 
  

 
  

JPMORGAN CHASE BANK, N.A. and MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

as Joint Lead Arrangers and Joint Bookrunners 

BANK OF AMERICA, N.A., as Syndication Agent 
  

 

	1 	Conformed version reflecting the First Amendment dated as of January 12, 2018. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 SECTION 1.
	 	DEFINITIONS	  	 	15	 
	 1.1
	 	Defined Terms	  	 	15	 
	 1.2
	 	Other Definitional Provisions	  	 	4146	 
	 1.3
	 	Letter of Credit Amounts	  	 	4247	 
			
	 SECTION 2.
	 	AMOUNT AND TERMS OF COMMITMENTS	  	 	4247	 
	 2.1
	 	Revolving Commitments	  	 	4247	 
	 2.2
	 	Procedure for Revolving Loan Borrowing	  	 	4248	 
	 2.3
	 	Commitment Fees	  	 	4348	 
	 2.4
	 	Termination or Reduction of Revolving Commitments	  	 	4349	 
	 2.5
	 	Optional Prepayments	  	 	4349	 
	 2.6
	 	Mandatory Prepayments and Commitment Reductions	  	 	4449	 
	 2.7
	 	Conversion and Continuation Options	  	 	4551	 
	 2.8
	 	Limitations on Eurodollar Tranches	  	 	4551	 
	 2.9
	 	Interest Rates and Payment Dates	  	 	4651	 
	 2.10
	 	Computation of Interest and Fees	  	 	4652	 
	 2.11
	 	Inability to DetermineAlternative Rate of Interest
Rate	  	 	4652	 
	 2.12
	 	Pro Rata Treatment and Payments	  	 	4753	 
	 2.13
	 	Requirements of Law	  	 	4855	 
	 2.14
	 	Taxes	  	 	4956	 
	 2.15
	 	Indemnity	  	 	5360	 
	 2.16
	 	Change of Lending Office	  	 	5360	 
	 2.17
	 	Replacement of Lenders	  	 	5360	 
	 2.18
	 	Defaulting Lenders	  	 	5461	 
	 2.19
	 	Incremental Commitments	  	 	5663	 
	 2.20
	 	Revolving Termination Date Extension	  	 	5764	 
	
2.21
	 	Designation of Subsidiary Borrowers	  	 	65	 
			
	 SECTION 3.
	 	LETTERS OF CREDIT	  	 	5767	 
	 3.1
	 	L/C Commitment	  	 	5767	 
	 3.2
	 	Procedure for Issuance of Letter of Credit	  	 	5968	 
	 3.3
	 	Fees and Other Charges	  	 	5968	 
	 3.4
	 	L/C Participations	  	 	5969	 
	 3.5
	 	Reimbursement Obligation of the BorrowerBorrowers	  	 	6070	 
	 3.6
	 	Obligations Absolute	  	 
	6070
	 
	 3.7
	 	Letter of Credit Payments	  	 
	6170
	 
	 3.8
	 	Applications	  	 	6170	 
	 3.9
	 	Actions in Respect of Letters of Credit	  	 	6171	 
	 3.10
	 	Reporting	  	 	6171	 
			
	 SECTION 4.
	 	REPRESENTATIONS AND WARRANTIES	  	 	6271	 
	 4.1
	 	Financial Condition	  	 	6271	 
	 4.2
	 	No Change	  	 	6373	 
	 4.3
	 	Existence; Compliance with Law	  	 	6373	 
	 4.4
	 	Power; Authorization; Enforceable Obligations	  	 	6373	 
	 4.5
	 	No Legal Bar	  	 	6473	 
	 4.6
	 	Litigation	  	 	6474	 

							
	 4.7
	 	No Default	  	 	6474	 
	 4.8
	 	Ownership of Property; Liens	  	 	6474	 
	 4.9
	 	Intellectual Property	  	 	6474	 
	 4.10
	 	Taxes	  	 	6474	 
	 4.11
	 	Federal Regulations	  	 	6474	 
	 4.12
	 	Labor Matters	  	 	6574	 
	 4.13
	 	ERISA	  	 	6575	 
	 4.14
	 	Investment Company Act	  	 	6575	 
	 4.15
	 	Subsidiaries	  	 	6575	 
	 4.16
	 	Use of Proceeds	  	 	6575	 
	 4.17
	 	Environmental Matters	  	 	6675	 
	 4.18
	 	Accuracy of Information, etc.	  	 	6676	 
	 4.19
	 	Security Documents	  	 	6676	 
	 4.20
	 	Solvency	  	 	6777	 
	 4.21
	 	Senior Indebtedness	  	 	6777	 
	 4.22
	 	Insurance	  	 	6777	 
	 4.23
	 	Anti-Corruption Laws and Sanctions	  	 	6777	 
	 4.24
	 	Stock Exchange Listing	  	 	6777	 
	 4.25
	 	REIT Status	  	 	6777	 
	 4.26
	 	EEA Financial Institutions	  	 	6777	 
			
	 SECTION 5.
	 	CONDITIONS PRECEDENT	  	 	6777	 
	 5.1
	 	Conditions to Initial Extension of Credit	  	 	6777	 
	 5.2
	 	Conditions to Each Extension of Credit	  	 	7181	 
			
	 SECTION 6.
	 	AFFIRMATIVE COVENANTS	  	 	7182	 
	 6.1
	 	Financial Statements	  	 	7182	 
	 6.2
	 	Certificates; Other Information	  	 	7283	 
	 6.3
	 	Payment of Obligations	  	 	7485	 
	 6.4
	 	Maintenance of Existence; Compliance	  	 	7485	 
	 6.5
	 	Maintenance of Property; Insurance	  	 	7485	 
	 6.6
	 	Inspection of Property; Books and Records; Discussions	  	 	7485	 
	 6.7
	 	Notices	  	 	7485	 
	 6.8
	 	Environmental Laws	  	 	7586	 
	 6.9
	 	Maintenance of REIT Status; New York Stock Exchange Listing	  	 	7587	 
	 6.10
	 	Additional Collateral, etc.	  	 	7587	 
	 6.11
	 	Use of Proceeds	  	 	7890	 
	 6.12
	 	Information Regarding Collateral	  	 	7890	 
	 6.13
	 	Organization Documents of Affiliated Investors	  	 	7890	 
	 6.14
	 	Distribution Accounts	  	 	7890	 
	 6.15
	 	Valuation	  	 	7991	 
	 6.16
	 	Post-Closing Obligations	  	 	7991	 
			
	 SECTION 7.
	 	NEGATIVE COVENANTS	  	 	7992	 
	 7.1
	 	Financial Condition Covenants	  	 	7992	 
	 7.2
	 	Indebtedness	  	 	8092	 
	 7.3
	 	Liens	  	 	8295	 
	 7.4
	 	Fundamental Changes	  	 	8497	 
	 7.5
	 	Disposition of Property	  	 	8497	 
	 7.6
	 	Restricted Payments	  	 	8598	 
	 7.7
	 	Investments	  	 	86100	 

							
	 7.8
	 	Optional Payments and Modifications of Certain Debt Instruments	  	 	87100	 
	 7.9
	 	Transactions with Affiliates	  	 	88101	 
	 7.10
	 	Accounting Changes	  	 	88101	 
	 7.11
	 	Swap Agreements	  	 	88101	 
	 7.12
	 	Changes in Fiscal Periods	  	 	88102	 
	 7.13
	 	Negative Pledge Clauses	  	 	88102	 
	 7.14
	 	Use of Proceeds	  	 	88102	 
	 7.15
	 	Nature of Business	  	 	89102	 
	 7.16
	 	Margin Stock	  	 	89102	 
	 7.17
	 	Amendment, Waiver and Terminations of Certain Agreements	  	 	89102	 
	 7.18
	 	Suspension Period Provisions	  	 	89102	 
			
	 SECTION 8.
	 	EVENTS OF DEFAULT	  	 	89103	 
			
	 SECTION 9.
	 	THE AGENTS	  	 	92107	 
	 9.1
	 	Appointment	  	 	93107	 
	 9.2
	 	Delegation of Duties	  	 	93107	 
	 9.3
	 	Exculpatory Provisions	  	 	93107	 
	 9.4
	 	Reliance by Administrative Agent	  	 	93107	 
	 9.5
	 	Notice of Default	  	 	94108	 
	 9.6
	 	Non-Reliance on Agents and Other Lenders	  	 	94108	 
	 9.7
	 	Indemnification	  	 	94108	 
	 9.8
	 	Agent in Its Individual Capacity	  	 	95109	 
	 9.9
	 	Successor Administrative Agent	  	 	95109	 
	 9.10
	 	Arrangers and Syndication Agent	  	 	95109	 
			
	 SECTION 10.
	 	MISCELLANEOUS	  	 	95109	 
	 10.1
	 	Amendments and Waivers	  	 	95109	 
	 10.2
	 	Notices	  	 	97111	 
	 10.3
	 	No Waiver; Cumulative Remedies	  	 	98112	 
	 10.4
	 	Survival of Representations and Warranties	  	 	98112	 
	 10.5
	 	Payment of Expenses and Taxes	  	 	98112	 
	 10.6
	 	Successors and Assigns; Participations and Assignments	  	 	99114	 
	 10.7
	 	Adjustments; Set-off	  	 	102117	 
	 10.8
	 	Counterparts	  	 	103118	 
	 10.9
	 	Severability	  	 	103118	 
	 10.10
	 	Integration	  	 	103118	 
	 10.11
	 	Governing Law	  	 	104119	 
	 10.12
	 	Submission To Jurisdiction; Waivers	  	 	104119	 
	 10.13
	 	Acknowledgements	  	 	104119	 
	 10.14
	 	Releases of Guarantees and Liens	  	 
	105120
	 
	 10.15
	 	Confidentiality	  	 	106121	 
	 10.16
	 	WAIVERS OF JURY TRIAL	  	 	107122	 
	 10.17
	 	USA Patriot Act	  	 	107122	 
	 10.18
	 	Investment Asset Reviews	  	 	107122	 
	 10.19
	 	Secured Swap Agreements	  	 	107123	 
	 10.20
	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	107123	 
	 10.21
	 	Interest Rate Limitation	  	 	108123	 
	 10.22
	 	Effect of Amendment and Restatement; Reallocation	  	 	108124	 
	 10.23
	 	Suspension of Restrictive Provisions	  	 	109125	 

 SCHEDULES: 
  

			
	1.1A	  	Commitments
		
	1.1B	  	Specified Common Stock
		
	4.15	  	Subsidiaries
		
	4.19	  	UCC Filing Jurisdictions
		
	6.16	  	Post-Closing Obligations
		
	7.2(d)	  	Existing Indebtedness
		
	7.3(f)	  	Existing Liens

 EXHIBITS: 
  

			
	A	  	Form of Guarantee and Collateral Agreement
	B	  	Form of Compliance Certificate
	C	  	Form of Closing Certificate
	D	  	Form of Assignment and Assumption
	E	  	Form of Notice of Borrowing/Conversion/Continuation
	F	  	Form of U.S. Tax Compliance Certificate
	G	  	Form of Increased Facility Activation Notice—Incremental Revolving Commitments
	H	  	Form of New Lender Supplement
	I	  	Form of Guarantee and Collateral Acknowledgment
	J	  	Form of Subsidiary Borrower Joinder Agreement

 SECOND AMENDED AND RESTATED CREDIT AGREEMENT (as amended by the First Amendment and as further amended, amended and restated, supplemented or otherwise modified from time to
time, this “Agreement”), dated as of January 10, 2017, among Colony Capital Operating Company, LLC, a Delaware limited liability company (the “Parent Borrower”), the Subsidiary
Borrowers (as defined below) from time to time party hereto, the several banks and other financial institutions or entities from time to time parties to this Agreement (the
“Lenders”) and JPMorgan Chase Bank, N.A., as administrative agent. 
 WHEREAS, the Parent Borrower, the Administrative Agent (as defined below) and certain Lenders are
parties to that certain Amended and Restated Credit Agreement dated as of March 31, 2016 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”); 

WHEREAS, the
Parent Borrower has requested that the Existing Credit Agreement be amended and
restated as hereinafter provided; and 
 WHEREAS, the Lenders and the Administrative Agent are willing to amend and restate in its
entirety the Existing Credit Agreement upon and subject to the terms and conditions hereinafter set forth; 
 NOW, THEREFORE, the parties
hereto hereby agree that, on the Closing Date (as defined below), the Existing Credit Agreement will be amended and restated in its entirety as follows: 

SECTION 1. DEFINITIONS 
 1.1
Defined Terms. As used in this Agreement, the terms listed in this Section 1.1 shall have the respective meanings set forth in this Section 1.1. 

“ABR”: for any day, a rate per annum (rounded upwards, if necessary, to the next 1/16th of 1%) equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus  1⁄2 of 1% and (c) the Eurodollar Rate on such day (or, if such day is not a Business
Day, the next preceding Business Day) for a deposit in Dollars with a maturity of one month plus 1.0%, provided that for
the purpose of this definition, the Eurodollar Rate for any day shall be based on the Screen Rate (or if the Screen Rate is not available for a deposit in Dollars with a maturity of one month, the Interpolated Rate) at approximately 11:00 a.m.
London time on such day. Any change in the ABR due to a change in the Prime Rate, the NYFRB Rate or suchthe Eurodollar Rate shall be effective as of the opening of business on the dayfrom and including
the effective date of such change in the Prime Rate, the NYFRB Rate or suchthe Eurodollar Rate, respectively. If the ABR is being used as an alternate rate of interest pursuant to Section 2.11 hereof, then the ABR shall be the greater of clause
(a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt, if the ABR shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 
 “ABR Loans”: Loans the rate of interest applicable to which is based upon
the ABR. 
 “Additional Convertible Notes”: convertible notes that are issued by the Parent Borrower in a transaction permitted by Section 7.2 or by the REIT Entity in
a transaction that would not constitute a Default under Section 8(l). 
 “Adjusted Net Book Value”: (i) the net
book value (determined in accordance with GAAP), plus (ii) solely with respect to any Commercial Real Estate Ownership Investment and solely to the extent deducted in determining net book value, real property depreciation and amortization minus
(iii) solely with respect to any Commercial Real Estate Ownership Investment and solely to the extent included in determining net book value, maintenance capital expenditures. 

 “Administrative Agent”: JPMorgan Chase Bank, N.A., together with its affiliates,
as the arranger of the Revolving Commitments and as the administrative agent for the Lenders under this Agreement and the other Loan Documents, together with any of its successors. 

“Affiliate”: as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under
common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, either to (a) vote 10% or more of the securities having ordinary voting power for the election of
directors (or persons performing similar functions) of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. 

“Affiliated Holder”: a Person that (i) owns directly or indirectly an Investment Asset that constitutes a Qualified Non-Pledged Asset and (ii) is either a Subsidiary that is a Subsidiary Guarantor or a Person in which any Capital Stock is directly or indirectly owned by a Subsidiary that is a Subsidiary Guarantor. 

“Affiliated Investor”: a Person that (i) (x) owns directly or indirectly an Investment Asset or (y) receives any Fee-Related Earnings from any Colony Fund and (ii) is either a Pledged Affiliate or a Person in which any Capital Stock is directly or indirectly owned by a Pledged Affiliate. For the avoidance of doubt, the
term Affiliated Investor shall not include (A) an Equity Investment Asset Issuer or (B) any Loan Party. 
 “After-Acquired
Property”: as defined in Section 6.10(a). 
 “Agents”: the collective reference to the Administrative Agent
and any other agent identified on the cover page of this Agreement. 
 “Aggregate Exposure”: with respect to any Lender at
any time, the amount of such Lender’s Revolving Commitment then in effect or, if the Revolving Commitments have been terminated, the amount of such Lender’s Revolving Extensions of Credit then outstanding. 

“Aggregate Exposure Percentage”: with respect to any Lender at any time, the ratio (expressed as a percentage) of such
Lender’s Aggregate Exposure at such time to the Aggregate Exposure of all Lenders at such time. 
 “Agreement”: as
defined in the preamble hereto. 
 “Annualized Base Management Fee EBITDA”: as of any date of determination, the product of
(i) the Applicable EBITDA Adjustment Percentage multiplied by (ii) the product of (a) Fee-Related Earnings of asset manager Subsidiaries of the Parent Borrower that are received by Pledged Loan Parties or Pledged Affiliates directly
or indirectly from any Colony Fund for the then most recently ended fiscal quarter of the Parent Borrower for which financial statements have been delivered or required to be delivered pursuant to Section 6.1, multiplied by (b) 4; provided that if any
Fee-Related Earnings are received by a Pledged Affiliate that is a Non Wholly-Owned Consolidated Affiliate, the amount of such Fee-Related Earnings included in clause
(ii)(a) above shall be limited to the Consolidated Group Pro Rata Share of such Fee-Related Earnings; provided further that Fee-Related Earnings shall be included in
Annualized Base Management Fee EBITDA only to the extent that (1) the Pledged Loan Party or Pledged Affiliate that ultimately receives such Fee-Related Earnings and each other Loan Party or Affiliated

  
 6 

 
Investor that receives, or is reasonably expected to receive, such Fee-Related Earnings in the course of an indirect transfer of such Fee-Related Earnings from the applicable Colony Fund to such Pledged Loan Party or Pledged Affiliate (A) except as otherwise permitted hereunder with respect to any Colony Fund (as described in the definition
of Unlevered Affiliated Investor), has no Indebtedness (other than (x) the Obligations (y) any other Indebtedness incurred by the
Parent Borrower in accordance with Section 7.2(g) and (z) any
intercompany obligations owing to the Parent Borrower or any Subsidiary)
outstanding at such time, (B) is Solvent at such time, (C) is not subject to any proceedings under any Debtor Relief Law at such time and (D) other than in the case of any Pledged Loan Party, any Pledged Affiliate or any Colony Fund,
is Controlled by a Pledged Affiliate and, in the case of a Colony Fund, is Controlled by an Affiliate; (2) there are no contractual or legal prohibitions on the making of dividends, distributions or other payments that, as in effect on any date
of determination, are effective to prevent dividends, distributions or other payments from the applicable Colony Fund to the asset manager Subsidiary of the
Parent Borrower or from the asset manager Subsidiary of the Parent Borrower to, directly or indirectly, a Loan Party, (3) the obligations under
Section 6.14 hereof with respect to such Fee-Related Earnings are satisfied, (4) such Fee-Related Earnings are not, directly or indirectly, encumbered by any
Lien (other than a Lien arising under a Loan Document) at such time and (5) such Fee-Related Earnings are not the subject of any proceedings under any Debtor Relief Law at such time. 

“Anti-Corruption Laws”: all laws, rules, and regulations of any jurisdiction applicable to the Parent Borrower or any of its Affiliates from time to time concerning or relating to
bribery or corruption. 
 “Applicable EBITDA Adjustment Percentage”: (i) if the
Non-Base Management Fee Adjustment Percentage is less than or equal to zero, 100% and (ii) if the Non-Base Management Fee Adjustment Percentage is greater than
zero, a percentage equal to 100% minus the Non-Base Management Fee Adjustment Percentage. 

“Applicable Margin”: the rate per annum equal to (a) with respect to Eurodollar Loans, 2.25% and (b) with respect
to ABR Loans, 1.25%. 
 “Application”: with respect to an Issuing Lender, an application, in such form as such Issuing
Lender may specify from time to time, requesting such Issuing Lender to open a Letter of Credit. 
 “Approved Fund”: as
defined in Section 10.6(b). 
 “Arrangers”: the Joint Lead Arrangers and Joint Bookrunners identified on the cover
page of this Agreement. 
 “Assignee”: as defined in Section 10.6(b). 

“Assignment and Assumption”: an Assignment and Assumption, substantially in the form of Exhibit D. 

“Assumed Facility Interest Expense”: the greater of (i) actual interest expense on the Revolving Facility for the most
recently ended fiscal quarter multiplied by four (4) and (ii) annual interest expense calculated by multiplying the average daily outstanding amount of the Revolving Facility during the most recently ended fiscal quarter by 7.0%. 

“Available Revolving Commitment”: as to any Revolving Lender at any time, an amount equal to the excess, if any, of
(a) such Lender’s Revolving Commitment then in effect over (b) such Lender’s Revolving Extensions of Credit then outstanding. 

  
 7 

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

“Bail-In Legislation”: 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. 
 “Bankruptcy Event”: with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith
determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by
virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership interest does not result in or provide such
Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate,
disavow or disaffirm any contracts or agreements made by such Person. 
 “Benefitted Lender”: as defined in
Section 10.7(a). 
 “Board”: the Board of Governors of the Federal Reserve System of the United States (or any
successor). 
 “Borrower”: as defined in the preamble
heretothe Parent Borrower and each Subsidiary Borrower (collectively, the “Borrowers”). 
 “Borrowing Date”: any Business Day specified by thea
Borrower as a date on which thesuch Borrower requests the relevant Lenders to make Revolving Loans hereunder. 

“Business”: as defined in Section 4.17(b). 

“Business Day”: a day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or
required by law to close, provided, that with respect to notices and determinations in connection with, and payments of principal and interest on, Loans having an interest rate determined by reference to the Eurodollar Rate, such day is also
a day for trading by and between banks in Dollar deposits in the interbank eurodollar market. 
 “Capital Expenditures”:
for any period, with respect to any Person, the aggregate of all expenditures by such Person and its Subsidiaries for the acquisition or leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment (including
replacements, capitalized repairs and improvements during such period) that should be capitalized under GAAP on a consolidated balance sheet of such Person and its Subsidiaries; provided, however, that Capital Expenditures shall
exclude all Capital Expenditures made with respect to any Investment Asset. 
 “Capital Lease Obligations”: as to any
Person, the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such Person under GAAP and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP.

  
 8 

 “Capital Stock”: any and all shares, interests, participations or other
equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing, but excluding any
debt securities convertible into any of the foregoing. 
 “Cash Equivalents”: (a) marketable direct obligations issued by,
or unconditionally guaranteed by, the United States Government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition; (b) certificates of
deposit, time deposits, eurodollar time deposits or overnight bank deposits maturing within one year from the date of acquisition issued by any Lender or by any commercial bank organized under the laws of the United States or any state thereof
having combined capital and surplus of not less than $500,000,000; (c) commercial paper of an issuer rated at least A-2 by Standard & Poor’s Ratings Services (“S&P”) or P-2 by Moody’s Investors Service, Inc. (“Moody’s”), or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing
ratings of commercial paper issuers generally, and maturing within one year from the date of acquisition; (d) repurchase obligations of any Lender or of any commercial bank satisfying the requirements of clause (b) of this definition,
having a term of not more than 30 days, with respect to securities issued or fully guaranteed or insured by the United States government; (e) securities with maturities of one year or less from the date of acquisition issued or fully guaranteed
by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory,
political subdivision, taxing authority or foreign government (as the case may be) are rated at least A-2 by S&P or P-2 by Moody’s; (f) securities with
maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of clause (b) of this definition; (g) money market mutual or similar
funds that invest exclusively in assets satisfying the requirements of clauses (a) through (f) of this definition; or (h) money market funds that (i) comply with the criteria set forth in SEC Rule
2a-7 under the Investment Company Act of 1940, as amended, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000. 

“CLIP Issuer”: the Pledged Loan Party or Pledged Affiliate that owns, directly or indirectly, the CLIP Portfolio. 

“CLIP Portfolio”: that certain Portfolio of industrial real property assets acquired by the Parent Borrower or certain Subsidiaries of the Parent Borrower from Cobalt Capital Partners or any affiliate thereof, and owned
directly or indirectly by the CLIP Issuer. 
 “Closing Date”: the date on which the conditions precedent set forth
in Section 5.1 shall have been satisfied, which date is January 10, 2017. 
 “Code”: the Internal Revenue Code of
1986, as amended. 
 “Collateral”: all property of the Loan Parties, now owned or hereafter acquired, upon which a Lien is
purported to be created by any Security Document. 
 “Colony Capital”: Colony Capital, Inc., a Maryland corporation. 

  
 9 

 “Colony Fund(s)”: any investment vehicle(s), private equity fund(s) or other
similar investment company(ies), including, without limitation, an externally managed real estate investment trust, in each case, that is managed by any Subsidiary of the
Parent Borrower. 

“Colony Mortgage Capital Loan Parties”: collectively, Colony Mortgage Capital, LLC – Series A and Colony Mortgage
Capital, LLC – Series B. 
 “Colony Starwood Homes”: Colony Starwood Homes, Inc. 

“Commercial Real Estate Debt Investment”: a commercial mortgage loan or other commercial real estate-related debt investment.

 “Commercial Real Estate Ownership Investment”: a fee simple interest in commercial real property. For purposes of the
definition of “Maximum Permitted Outstanding Amount”, a Portfolio consisting entirely of Commercial Real Estate Ownership Investments, as defined above, shall be deemed to be a single Commercial Real Estate Ownership Investment. 

“Commitment Fee Rate”: (a) at any time that the Facility Utilization is below 50%, 0.35% and (b) otherwise, 0.25%;
provided that at any time that any Indebtedness described in Section 7.2(h) shall have been incurred and shall remain outstanding, the Commitment Fee Rate shall be 1.00%. 

“Commitment Increase”: as defined in Section 2.19(a). 

“Compliance Certificate”: a certificate duly executed by a Responsible Officer of the Parent Borrower substantially in the form of Exhibit B. 

“Confidential Information Memorandum”: the Confidential Information Memorandum dated December 2016 and furnished to certain
Lenders. 
 “Consolidated Cash Interest Expense”: for any period, that portion of Consolidated Interest Expense for such
period that is paid or payable in cash; provided, however, that Consolidated Cash Interest Expense shall exclude (i) any interest expense recognized in such period that is paid from a prefunded interest reserve for such period to
the extent the amounts in such prefunded interest reserve were included in Consolidated Cash Interest Expense in a prior period and (ii) any fees and expenses accounted for as deferred financing costs). 

“Consolidated EBITDA”: for any period, Core FFO plus an amount which, in the determination of Core FFO for such period, has
been deducted (and not added back) for, without duplication, (i) Consolidated Interest Expense and (ii) provisions for taxes based on income of the
Parent Borrower and its Consolidated Subsidiaries (provided that Consolidated
EBITDA shall, solely with respect to the Consolidated EBITDA attributable to any Non Wholly-Owned Consolidated Affiliate, only include the Consolidated Group Pro Rata Share of such attributable amount). 

“Consolidated Fixed Charge Coverage Ratio”: for any period, the ratio of (a) (i) Consolidated EBITDA for such period
plus (ii) Consolidated Lease Expense for such period to (b) Consolidated Fixed Charges for such period. 

“Consolidated Fixed Charges”: for any period, the sum (without duplication) of (a) Consolidated Cash Interest Expense
for such period, (b) Consolidated Lease Expense for such period that is paid or payable in cash, (c) the aggregate amount actually paid by the
Parent Borrower and its Subsidiaries during such period on account of Capital
Expenditures (excluding the principal amount of 

  
 10 

 
Indebtedness (other than any Revolving Loans) incurred in connection with such expenditures), (d) scheduled payments made during such period on account of principal of Indebtedness of the Parent Borrower or any of its Consolidated Subsidiaries (excluding (i) scheduled
principal payments and any payment at maturity in respect of Extended Loans and (ii) scheduled principal payments made by the
Parent Borrower or a Consolidated Subsidiary that are paid solely from
funds collected as principal due under another credit facility in which
suchthe Parent Borrower or such Consolidated
Subsidiary, as applicable, is the lender) and (e) the amount of Restricted Payments paid or required to be paid by the
Parent Borrower in cash during such period in respect of any of its
preferred Capital Stock. 
 “Consolidated Group Pro Rata Share”: with respect to any Non Wholly-Owned Consolidated
Affiliate, the percentage interest held by the Parent Borrower and its
Wholly-Owned Subsidiaries, in the aggregate, in such Non Wholly-Owned Consolidated Affiliate determined by calculating the percentage of Capital Stock of such Non Wholly-Owned Consolidated Affiliate owned by the Parent Borrower and its Wholly-Owned Subsidiaries. 

“Consolidated Interest Expense”: for any period, total interest expense (including that attributable to Capital Lease
Obligations) of the Parent Borrower and its Consolidated Subsidiaries for such
period with respect to all outstanding Indebtedness of the Parent Borrower
and its Consolidated Subsidiaries (including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing and net costs under Swap Agreements in respect of interest rates to the
extent such net costs are allocable to such period in accordance with GAAP); provided that Consolidated Interest Expense shall, with respect to any Non Wholly-Owned Consolidated Affiliate, only include the Consolidated Group Pro Rata Share of
the total cash interest expense (determined in accordance with GAAP) of such Non Wholly-Owned Consolidated Affiliate for such period. Notwithstanding anything to the contrary in this Agreement or the other Loan Documents, all interest expense of the
REIT Entity shall be deemed to be interest expense of the Parent Borrower
for all purposes of the Loan Documents (including without limitation any financial definitions) to the extent not otherwise constituting interest expense of the
Parent Borrower. 

“Consolidated Lease Expense”: for any period, the aggregate amount of fixed and contingent rentals payable by the Parent Borrower and its Consolidated Subsidiaries for such period with respect to leases
of real and personal property, determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Leverage
Ratio”: at any date, the ratio of (a) Consolidated Total Debt on such day to (b) Total Asset Value as of such date. 

“Consolidated Subsidiaries”: as to any Person, all Subsidiaries of such Person which are consolidated with such Person for
financial reporting purposes under GAAP. 
 “Consolidated Tangible Net Worth”: at any date, all amounts that would, in
conformity with GAAP, be included on a consolidated balance sheet of the Parent
Borrower and its Consolidated Subsidiaries under stockholders’ equity at such date plus (i) accumulated depreciation and (ii) amortization of real estate intangibles such as in-place
lease value, above and below market lease value and deferred leasing costs which are purchase price allocations determined upon the acquisition of real estate, in each case, of the
Parent Borrower and its Consolidated Subsidiaries on such date
(provided that the amounts described in the foregoing clauses (i) and (ii) shall, solely with respect to any such amount attributable to any Non Wholly-Owned Consolidated Affiliate, only include the Consolidated Group Pro Rata Share of
such attributable amount) minus the Intangible Assets of the Parent
Borrower and its Consolidated Subsidiaries on such date (provided that any such amount deducted with respect to deferred financing costs shall, solely with respect to any such amount attributable to any Non Wholly-Owned

  
 11 

 
Consolidated Affiliate, only include the Consolidated Group Pro Rata Share of such attributable amount); provided, however, that there shall be excluded from the calculation of
“Consolidated Tangible Net Worth” any effects resulting from the application of FASB ASC No. 715: Compensation—Retirement Benefits; provided, further, that notwithstanding anything to the contrary in this Agreement
or the other Loan Documents, the amount of stockholders’ equity included on the consolidated balance sheet of the
Parent Borrower and its Consolidated Subsidiaries shall reflect (to the extent not
otherwise reflected) a reduction in an amount equal to the amount of the Convertible Notes and any Additional Convertible Notes then outstanding for all purposes of the Loan Documents (including without limitation any financial definitions).

 “Consolidated Total Debt”: at any date, the aggregate principal amount of all Indebtedness of the Parent Borrower and its Consolidated Subsidiaries at such date, determined on a
consolidated basis in accordance with GAAP; provided that Consolidated Total Debt shall (i) exclude any Indebtedness attributable to a Specified GAAP Reportable B Loan Transaction, (ii) exclude 50% of Permitted Warehouse
Indebtedness (provided that (x) no more than $250,000,000 of Permitted Warehouse Indebtedness may be excluded pursuant to this clause (ii) and (y) solely for the purpose of this definition, Permitted Warehouse Indebtedness shall
exclude any portion of Warehouse Indebtedness used to finance the purchase or origination of a Commercial Real Estate Debt Investment that continues to secure such Warehouse Indebtedness twelve months after the purchase or origination thereof),
(iii) exclude all Permitted Non-Recourse CLO Indebtedness, (iv) solely with respect to the Indebtedness of any Non Wholly-Owned Consolidated Affiliate, only include the Consolidated Group Pro Rata Share
of such Indebtedness, (v) exclude the Parent Borrower’s and its
Consolidated Subsidiaries’ uncalled capital commitments to funds managed by an Affiliate of the Parent Borrower, (vi) exclude Indebtedness arising under the Junior Subordinated Notes and (vii) exclude any Subscription Line Indebtedness. 

“Consolidating Information”: as defined in Section 6.1. 

“Continuing Directors”: the directors of the REIT Entity on the Closing Date, after giving effect to the transactions
contemplated hereby, and each other director, if, in each case, (i) such other director’s nomination for election to the board of directors of the REIT Entity is recommended by at least a majority of the then Continuing Directors in his or
her election by the shareholders of the REIT Entity or (ii) such other director is approved by the board of directors of the REIT Entity as a director candidate prior to his or her election. 

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

“Control”: the possession, directly or indirectly, of the power to veto, direct or cause the direction of the management or
fundamental policies of a Person, whether through the ability to exercise voting power, by contract or otherwise which for purposes of this definition shall include, among other things, ownership of Capital Stock having at least 50% of the voting
interests of a Person or having majority control of a board of directors or equivalent governing body of a Person. 
 “Control
Agreement”: a deposit account control agreement or securities account control agreement, as applicable, executed by a Loan Party, the Administrative Agent and the applicable depository bank or securities intermediary granting the
Administrative Agent control over the applicable deposit account or securities account, which agreement shall be in form and substance satisfactory to the Administrative Agent. 

  
 12 

 “Convertible Notes”: collectively, (i) the 5.00% Convertible Senior Notes
of the REIT Entity due on April 15, 2023 in an amount not to exceed the amount outstanding on the Closing Date, (ii) the 3.875% Convertible Senior Notes of the REIT Entity due on January 15, 2021 in an amount not to exceed the amount
outstanding on the Closing Date and (iii) any refinancing, refunding or renewal or extension thereof (provided that such refinancing, refunding, renewal or extension does not increase the principal amount thereof (except an increase
attributable to any accrued interest thereon and the amount of any fees and expenses incurred in connection therewith) or shorten the maturity thereof), in the case of clauses (i) and (ii), issued pursuant to the Convertible Notes Indenture.

 “Convertible Notes Indenture”: the Indenture, dated as of April 10, 2013, between Colony Capital and the Bank of
New York Mellon, as trustee, as supplemented from time to time, including by the First Supplemental Indenture dated as of April 10, 2013 and the Second Supplemental Indenture, dated as of January 28, 2014. 

“Core FFO”: for any period, FFO, as adjusted to (A) exclude, without duplication, each of the following items to the
extent any such item was included in the calculation of FFO: (i) stock compensation expense; (ii) effects of straight-line rent revenue and straight-line rent expense on ground leases; (iii) amortization of acquired above- and
below-market lease values; (iv) amortization of deferred financing costs and debt premiums and discounts; (v) unrealized gains or losses from fair value adjustments; (vi) acquisition-related expenses, merger and integration costs;
(vii) amortization and impairment of investment management intangibles; (viii) deferred tax benefits related to Core FFO adjustments described herein, (ix) gain on remeasurement of consolidated investment entities, net of deferred tax
liability, and the effect of amortization thereof; (x) non-real estate depreciation and amortization; (xi) change in fair value of contingent consideration; (xii) any net gain or loss from
discontinued operations; and (xiii) effects of certain non-cash CDO accounting adjustments and (B) include, to the extent excluded in the calculation of FFO, gains and losses from sales of real
estate debt and depreciable real estate that are Investment Assets, not included in a single asset-class reporting segment of the
Parent Borrower (such gains or losses to be determined on a cost basis without
giving effect to any previous depreciation and amortization on such Investment Asset) (provided that Core FFO shall, solely with respect to the Core FFO attributable to any Non Wholly-Owned Consolidated Affiliate, only include the Consolidated Group
Pro Rata Share of such attributable amount). 
 “Credit Party”: the Administrative Agent, any Issuing Lender or any
other Lender and, for the purposes of Section 10.13 only, any other Agent and the Arrangers. 
 “Default”: any
of the events specified in Section 8, whether or not any requirement for the giving of notice, the lapse of time, or both, has been satisfied. 

“Defaulting Lender”: any Lender that (a) has failed, within two Business Days of the date required to be funded
or paid, to (i) fund any portion of its Revolving Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder,
unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically
identified and including the particular default, if any) has not been satisfied, (b) has notified the Parent Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or
public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be
satisfied) or generally under agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by a Credit Party or the
Parent Borrower, acting in good faith, to provide a certification

  
 13 

 
in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Revolving Loans and
participations in then outstanding Letters of Credit under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s or the Parent Borrower’s receipt, as applicable, of such certification in form and
substance satisfactory to it and the Administrative Agent, or (d) has, or has a Lender Parent that has, become the subject of a Bankruptcy Event or a Bail-In Action. Any determination by the
Administrative Agent made in writing to the Parent Borrower and each Lender
that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error. 

“Designated Asset Sale”: the sale, lease or other Disposition of all those certain real estate assets of the Parent Borrower, NorthStar Realty, NorthStar Asset Management or any of their
Subsidiaries described in Section 6.18 of the Merger Agreement. 
 “Disposition”: with respect to any property,
any sale, lease, sale and leaseback, assignment, conveyance, transfer or other disposition thereof. The terms “Dispose” and “Disposed of” shall have correlative meanings. 

“Disqualified Capital Stock”: any Capital Stock which, by its terms (or by the terms of any security or other Capital Stock
into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than solely for Capital Stock other than Disqualified Capital Stock), pursuant to a
sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full
of the Loans and all other Obligations that are accrued and payable and the termination of the Revolving Commitments and all outstanding Letters of Credit), (b) is redeemable at the option of the holder thereof (other than solely for Capital Stock
other than Disqualified Capital Stock), in whole or in part, (c) provides for the scheduled payments of dividends in cash, or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Capital Stock that would
constitute Disqualified Capital Stock, in each case, prior to the date that is ninety-one (91) days after the Latest Termination Date. 

“Distribution Account”: as defined in Section 6.14(a). 

“Distributions”: (a) any and all dividends, distributions or other payments or amounts made, or required to be paid or
made to a Loan Party by any Affiliated Investor who, directly or indirectly, owns an Investment Asset, including, without limitation, any distributions of payments to such Loan Party in respect of principal, interest or other amounts relating to
such Investment Asset owned, directly or indirectly, by such Affiliated Investor, (b) any and all Fee-Related Earnings paid or payable to a Loan Party or an Affiliated Investor from any Colony Fund and
(c) any and all amounts owing to such Loan Party from the disposition, dissolution or liquidation of any such Affiliated Investor referred to in clause (a) or (b) above (or any direct or indirect parent thereof) or from the issuance or
sale of Capital Stock of such Affiliated Investor (or any direct or indirect parent thereof). 
 “Dollars” and
“$”: dollars in lawful currency of the United States. 
 “Domestic Subsidiary”: any Subsidiary of the Parent Borrower organized under the laws of any jurisdiction within the United States.

 “EEA Financial Institution”: (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 institution established
in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

  
 14 

 “EEA Member Country”: any of the member states of the European Union, Iceland,
Liechtenstein, and Norway. 
 “EEA Resolution Authority”: 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. 

“Environmental Laws”: any and all laws (including common law), treaties, rules, orders, regulations, statutes, ordinances,
codes, decrees, requirements of any Governmental Authority or other Requirements of Law regulating, relating to or imposing liability or standards of conduct concerning protection of human health or the environment, as now or may at any time
hereafter be in effect. 
 “Equity Investment Asset Issuer”: (i) each issuer of Specified Common Stock and (ii) each
issuer of a Preferred Equity Investment, in each case, including any Subsidiary thereof. 
 “ERISA”: the Employee
Retirement Income Security Act of 1974, as amended from time to time. 
 “ERISA Affiliate”: any entity, trade or business
(whether or not incorporated) that, is under common control with a Group Member within the meaning of Section 4001(a)(14) of ERISA or, together with any Group Member, is treated as a single employer under Section 414 of the Code. 

“ERISA Event”: (a) the failure of any Plan to comply with any material provisions of ERISA and/or the Code (and
applicable regulations under either) or with the material terms of such Plan; (b) the existence with respect to any Plan of a non-exempt Prohibited Transaction; (c) any Reportable Event; (d) the
failure of any Group Member or ERISA Affiliate to make by its due date a required installment under Section 430(j) of the Code with respect to any Pension Plan or any failure by any Pension Plan to satisfy the minimum funding standards (within
the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Pension Plan, whether or not waived; (e) a determination that any Pension Plan is, or is expected to be, in “at risk” status (within the
meaning of Section 430 of the Code or Section 303 of ERISA); (f) the filing pursuant to Section 412 of the Code or Section 302 of ERISA of an application for a waiver of the minimum funding standard with respect to any
Pension Plan; (g) the occurrence of any event or condition which might constitute grounds under ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or the incurrence by any Group Member or any ERISA
Affiliate of any liability under Title IV of ERISA with respect to the termination of any Pension Plan, including but not limited to the imposition of any Lien in favor of the PBGC or any Pension Plan; (h) the receipt by any Group Member
or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Pension Plan or to appoint a trustee to administer any Pension Plan under Section 4042 of ERISA; (i) the failure by any
Group Member or any of its ERISA Affiliates to make any required contribution to a Multiemployer Plan pursuant to Sections 431 or 432 of the Code; (j) the incurrence by any Group Member or any ERISA Affiliate of any liability with respect to
the withdrawal or partial withdrawal from any Pension Plan or Multiemployer Plan; (k) the receipt by any Group Member or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from a Group Member or any ERISA Affiliate of
any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, Insolvent, in “endangered” or “critical” status (within the meaning of Section 432 of the
Code or Section 305 of ERISA), or terminated (within the meaning of Section 4041A of ERISA); or (l) the failure by any Group Member or any of its ERISA Affiliates to pay when due (after expiration of any applicable grace period) any
installment payment with respect to Withdrawal Liability under Section 4201 of ERISA. 

  
 15 

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

“Eurocurrency Reserve Requirements”: for any day as applied to a Eurodollar Loan, the aggregate (without duplication) of the
maximum rates (expressed as a decimal fraction) of reserve requirements in effect on such day (including basic, supplemental, marginal and emergency reserves) under any regulations of the Board or other Governmental Authority having jurisdiction
with respect thereto dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board) maintained by a member bank of the Federal Reserve System. 

“Eurodollar Base Rate”: with respect to any Eurodollar Loan for any Interest Period, a rate per annum equal to 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 Dollars for a period equal in length to such Interest Period as displayed on pages LIBOR01 or
LIBOR02 of the Reuters Screen that displays such rate (or, in the event such rate does not appear on either of such Reuters pages, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other
information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; in each case, the “Screen Rate”) as of the Specified Time on the Quotation Day for such Interest
Period; provided that if the Screen Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement; provided, further, that if the Screen Rate shall not be available at such time for such
Interest Period (an “Impacted Interest Period”) with respect to Dollars, then the Eurodollar Base Rate shall be the Interpolated Rate at such time (provided that if the Interpolated Rate shall be less than zero, such rate shall be
deemed to be zero for purposes of this Agreement). 
 “Eurodollar Loans”: Loans the rate of interest applicable to which is
based upon the Eurodollar Rate. 
 “Eurodollar Rate”: with respect to each day during each Interest Period pertaining to a
Eurodollar Loan, a rate per annum determined for such day in accordance with the following formula: 
  

					
		  	 Eurodollar Base Rate
	  	
		  	1.00 - Eurocurrency Reserve Requirements	  	

 “Eurodollar Tranche”: the collective reference to Eurodollar Loans the then current Interest
Periods with respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been made on the same day). 

“Event of Default”: any of the events specified in Section 8, provided that any requirement for the giving of
notice, the lapse of time, or both, has been satisfied. 
 “Excess Specified Asset Investments”: as defined in subsection
(iv) of the proviso to the definition of “Maximum Permitted Outstanding Amount”. 

  
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 “Excluded Foreign Subsidiary”: (1) any Foreign Subsidiary in respect of which
either (a) the pledge of all of the Capital Stock of such Subsidiary as Collateral or (b) the guaranteeing by such Subsidiary of the Obligations, would, in the good faith judgment of the Parent Borrower, result in adverse tax consequences to the Parent Borrower, (2) any Domestic Subsidiary substantially all of whose assets
consist of equity interests in an Excluded Foreign Subsidiary or (3) any Domestic Subsidiary of an Excluded Foreign Subsidiary. 

“Excluded Subsidiary”: any Subsidiary
(other than a Subsidiary Borrower) that (i) is an Immaterial Subsidiary,
(ii) has or is reasonably expected to incur secured Indebtedness within 120 days (or by such later date as the Administrative Agent may agree in its sole discretion) of becoming subject to the requirements of Section 6.10(b) hereof that
(x) is owed to a Person that is not an Affiliate of the Parent
Borrower or any Subsidiary thereof and (y) by its terms does not permit such Subsidiary to guarantee the Obligations of the
Parent Borrower or (iii) is the general partner, controlling member or
controlling shareholder, as applicable, of a Colony Fund. 
 “Excluded Swap Obligation”: with respect to any
Subsidiary Guarantor, any Swap Obligation, if, and to the extent that, and only for so long as, all or a portion of the guarantee of such Subsidiary Guarantor of, or the grant by such Subsidiary Guarantor of a security interest to secure, such Swap
Obligation (or any guarantee thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by
virtue of such Subsidiary Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the guarantee of (or grant of such
security interest by, as applicable) such Subsidiary Guarantor becomes or would otherwise have become effective with respect to such Swap Obligation but for such Subsidiary Guarantor’s failure to constitute an “eligible contract
participant” at such time. If a Swap Obligation arises under a master agreement governing more than one Swap Agreement, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to SwapsSwap Agreements for which such guarantee or security interest is or becomes illegal or
unlawful under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof). 

“Excluded Taxes”: any of the following Taxes imposed on or with respect to a Credit Party or required to be withheld or
deducted from a payment to a Credit Party, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Credit Party (or any direct or
indirect investor therein) being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or
(ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Revolving Commitment
pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Revolving Commitment (other than pursuant to an assignment request by the
Parent Borrower under Section 2.17) or (ii) such Lender changes its
lending office, except in each case to the extent that, pursuant to Section 2.14, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in such Loan
or Revolving Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Credit Party’s failure to comply with Section 2.14(f), and (d) any U.S. Federal withholding Taxes imposed
under FATCA. 
 “Existing Credit Agreement”: as defined in the preamble hereto. 

“Existing Limited Guarantees”: those certain guaranties in respect of Non-Recourse
Indebtedness of Subsidiaries of Colony Capital entered into prior to March 31, 2015 by Colony Capital, in each case, solely to the extent that such guaranties (a) are limited to the matters described in clause (i) of the definition of
Non-Recourse Indebtedness and (b) were permitted to be entered into by Colony Capital prior to March 31, 2015 under the Initial Credit Agreement. 

  
 17 

 “Existing NorthStar Swap Agreement”: that certain 2002 ISDA Master Agreement by
and between the Parent Borrower, as Party B and Bank of America, N.A., as Party A,
(including the Schedule and Credit Support Annex thereto) and the Confirmation entered into thereunder related to that certain interest rate swap Transaction with a notional amount of $2,000,000,000 and a Trade Date of June 25, 2015.

 “Extended Commitments”: as defined in Section 2.20. 

“Extended Loans”: as defined in Section 2.20. 

“Extended Termination Date”: as defined in Section 2.20. 

“Extension Option”: as defined in Section 2.20. 

“Extension Date”: as defined in Section 2.20. 

“Facility Utilization”: at any date, the amount (expressed as a percentage) equal to (a) the aggregate amount of Total
Revolving Extensions of Credit divided by (b) the Total Revolving Commitments. 
 “FATCA”: Sections 1471
through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof
and any agreements entered into pursuant to Section 1471(b)(1) of the Code. 
 “FDIC”: the Federal Deposit Insurance
Corporation. 
 “FDIC Investment”: any Investment Asset consisting of (x) a Portfolio acquired from the FDIC pursuant
to a joint venture with the FDIC or (y) the Capital Stock of any Affiliated Investor or Pledged Loan Party that holds, directly or indirectly, such Portfolio, in each case solely to the extent that the grant of a Lien in favor of the
Administrative Agent, for the benefit of the Lenders, by the applicable Loan Party in any Capital Stock of any Affiliated Investor or Pledged Loan Party that holds, directly or indirectly, such FDIC Investment would under applicable Law not require
a consent or authorization of the FDIC that has not been obtained. 
 “Federal Funds Effective Rate”: for any day, the rate
calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions (as determined in such manner as 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 the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Fee Payment Date”: (a) the last day of each March, June, September and December and (b) the last day of the Revolving
Commitment Period. 

  
 18 

 “Fee-Related Earnings”: (a) all
investment management (IM) segment base management fees and other related revenues (excluding, for the avoidance of doubt, incentive fees based on gains and carried interest) plus (b) incentive fees based on yield and fees based on the
consummation of an acquisition or disposition (such sum, the “Fee-Related Revenues”) less (x) IM segment direct cash compensation and benefits (excluding
(i) non-cash equity-based compensation consisting of equity interests in the
Parent Borrower or a direct or indirect parent of the Parent Borrower and (ii) any such cash compensation or benefits consisting of a
participation in carried interest and any variable cash compensation or benefits tied to either carried interest or fees (other than fees described in clause (b) above)) and (y) IM segment general and administrative expenses. For the
avoidance of doubt, such Fee-Related Earnings shall be calculated prior to the deduction of any income taxes. 

“Fee-Related Revenues”: as defined in the definition of “Fee-Related Earnings”. 
 “FFO”: for any period, (a) net income (or loss)
for such period of the Parent Borrower and its Consolidated Subsidiaries
calculated in accordance with GAAP, excluding without duplication (but only to the extent included in determining net income (or loss) for such period), (i) extraordinary items, as defined by GAAP and (ii) gains and losses from sales of
depreciable real estate and impairment write-downs associated with depreciable real estate, plus (b) an amount which, in the determination of the foregoing clause (a) for such period, has been deducted (and not added back) for, without
duplication, real estate-related depreciation and amortization. For the avoidance of doubt, FFO shall be calculated prior to the deduction of preferred dividends. 

“First Amendment”:
the First Amendment, dated as of the First Amendment Effective Date, to this Agreement and the Guarantee and Collateral Agreement. 

“First Amendment
Effective Date”: January 12, 2018. 
 “First Priority
Commercial Real Estate Debt Investments”: any Commercial Real Estate Debt Investment secured by a first priority Lien on the underlying asset (which, for the avoidance of doubt, shall not include any
“B-note” or “B-piece” or any other junior tranche of an investment) and with respect to which no other Indebtedness has been incurred that is prior
in right of payment in any respect; provided, however, that for purposes of the definition of “Maximum Permitted Outstanding Amount” and the component definitions thereof, (i) such investment shall constitute a First Priority
Commercial Real Estate Debt Investment only if held by a Pledged Loan Party or an Unlevered Affiliated Investor (it being understood that such requirement shall not apply for purposes of the definition of Qualified Levered SPV Affiliated Investor)
and (ii) any Portfolio otherwise constituting a First Priority Commercial Real Estate Debt Investment in which greater than 25% of the Adjusted Net Book Value of such Portfolio is classified as
Non-Performing Loans (and any single Investment Asset otherwise constituting a First Priority Commercial Real Estate Debt Investment that is a Non-Performing Loan) shall
instead be deemed to be a Junior Priority Commercial Real Estate Debt Investment (it being understood that such classification as a Junior Priority Commercial Real Estate Debt Investment pursuant to this clause (ii) shall not apply for purposes
of the definition of Qualified Levered SPV Affiliated Investor). For clarity, a Portfolio consisting entirely of First Priority Commercial Real Estate Debt Investments, as defined above, shall be deemed to be a single First Priority Commercial Real
Estate Debt Investment. 
 “First Priority Commercial Real Estate Investments”: collectively, (a) any First Priority
Commercial Real Estate Debt Investment and (b) any unencumbered Commercial Real Estate Ownership Investment (excluding land) that is wholly-owned by an Unlevered Affiliated Investor. 

“Foreign Subsidiary”: any Subsidiary of the
Parent Borrower that is not a Domestic Subsidiary. 

“Foreign Benefit Arrangement”: any employee benefit arrangement mandated by non-US
law that is maintained or contributed to by any Group Member or any ERISA Affiliate. 

  
 19 

 “Foreign Plan”: each employee benefit plan (within the meaning of
Section 3(3) of ERISA, whether or not subject to ERISA) that is not subject to US law and is maintained or contributed to by any Group Member or any ERISA Affiliate. 

“Foreign Plan Event”: with respect to any Foreign Benefit Arrangement or Foreign Plan, (a) the failure to make or, if
applicable, accrue in accordance with normal accounting practices, any employer or employee contributions required by applicable law or by the terms of such Foreign Benefit Arrangement or Foreign Plan; (b) the failure to register or loss of
good standing with applicable regulatory authorities of any such Foreign Benefit Arrangement or Foreign Plan required to be registered; or (c) the failure of any Foreign Benefit Arrangement or Foreign Plan to comply with any material provisions
of applicable law and regulations or with the material terms of such Foreign Benefit Arrangement or Foreign Plan. 
 “Funding
Office”: the office of the Administrative Agent specified in Section 10.2 or such other office as may be specified from time to time by the Administrative Agent as its funding office by written notice to the Parent Borrower and the Lenders. 

“GAAP”: generally accepted accounting principles in the United States as in effect from time to time, except that for
purposes of Section 7.1, GAAP shall be determined on the basis of such principles in effect on the date hereof and consistent with those used in the preparation of the most recent audited financial statements referred to in Section 4.1. In
the event that any “Accounting Change” (as defined below) shall occur and such change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then the BorrowerBorrowers and the Administrative Agent agree to enter into negotiations in order to amend such provisions of this Agreement so as to reflect equitably such Accounting Changes with the desired result that the requirements
and limitations imposed by such financial covenants, standards or terms shall be the same after such Accounting Changes as if such Accounting Changes had not been made. Until such time as such an amendment shall have been executed and delivered by
the BorrowerBorrowers, the Administrative Agent and the Required Lenders, all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Changes had not occurred.
“Accounting Changes” refers to changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public
Accountants or, if applicable, the SEC. 
 “Governmental Authority”: any nation or government, any state or other
political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government,
any securities exchange and any self-regulatory organization (including the National Association of Insurance Commissioners). 

“Group Members”: the collective reference to the
Parent Borrower and its Subsidiaries. 

“Guarantee and Collateral Agreement”: the Amended and Restated Guarantee and Collateral Agreement dated as of March 31,
2016, among the Parent Borrower, each Subsidiary Guarantor and the Administrative
Agent, substantially in the form of Exhibit Aas amended by the First Amendment, as reaffirmed by that certain Guarantee and Collateral Acknowledgment, dated as of the Closing Date, among the
Parent Borrower and each Subsidiary Guarantor. and as
further reaffirmed by that certain Guarantee and Collateral Acknowledgment, dated as of the First Amendment Effective Date, among the Parent Borrower, the Subsidiary Borrowers as of the First Amendment Effective Date and each Subsidiary
Guarantor. 

  
 20 

 “Guarantee Obligation”: as to any Person (the “guaranteeing
person”), any obligation, including a reimbursement, counterindemnity or similar obligation, of the guaranteeing Person that guarantees or in effect guarantees, or which is given to induce the creation of a separate obligation by another
Person (including any bank under any letter of credit) that guarantees or in effect guarantees, any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary
obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect
security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or
solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation
or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit
or collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect
of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum
amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as
determined by the Parent Borrower in good faith. 

“Healthcare Business”: that certain portfolio of medical office buildings, senior housing, skilled nursing, hospitals and
other healthcare properties acquired by NorthStar Realty or certain Subsidiaries thereof, and which are, as of the Closing Date, held directly or indirectly, wholly or in joint venture structures, by NRF Holdco, LLC. 

“Hospitality Business”: that certain portfolio of extended stay hotels and select service hotels acquired by NorthStar Realty
or certain Subsidiaries thereof, and which are, as of the Closing Date, held directly or indirectly, wholly or in joint venture structures, by NRF Holdco, LLC. 

“Immaterial Subsidiary”: as of any date, a Subsidiary that, together with its Consolidated Subsidiaries, as of the last day
of the most recent fiscal quarter of the Parent Borrower for which consolidated
financial statements have been delivered in accordance with Section 6.1 (x) did not have (a) assets with a value in excess of 2.0% of Total Asset Value or (b) Consolidated EBITDA representing in excess of 2.0% of Consolidated EBITDA
for the four fiscal quarters ending on such last day and (y) when taken together with all other Immaterial Subsidiaries on a consolidated basis as of such date, did not have assets with a value in excess of 5.0% of the Total Asset Value as of
such date or Consolidated EBITDA representing in excess of 5.0% of Consolidated EBITDA for the four fiscal quarters ending on such date, each calculated by reference to the latest consolidated financial statements delivered to the Administrative
Agent in accordance with Section 6.1. Any Immaterial Subsidiary may be designated to be a Material Subsidiary for the purposes of this Agreement and the other Loan Documents by written notice to the Administrative Agent. 

“Impacted Interest Period”: as defined in the definition of “Eurodollar Base Rate”. 

“Increased Facility Activation Date”: any Business Day on which any Lender shall execute and deliver to the Administrative
Agents an Increased Facility Activation Notice pursuant to Section 2.19(a). 

  
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 “Increased Facility Activation Notice”: a notice substantially in the form of
Exhibit G. 
 “Increased Facility Closing Date”: any Business Day designated as such in an Increased Facility
Activation Notice. 
 “Indebtedness”: of any Person at any date, without duplication, (a) all indebtedness of such
Person for borrowed money, (b) all obligations of such Person for the deferred purchase price of property or services (other than current trade payables incurred in the ordinary course of such Person’s business), (c) all obligations of
such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though
the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all Capital Lease Obligations of such Person, (f) all obligations of such Person, contingent
or otherwise, as an account party or applicant under or in respect of acceptances, letters of credit, surety bonds or similar arrangements, (g) the liquidation value of all mandatorily redeemable preferred Capital Stock of such Person (except
for Capital Stock (x) mandatorily redeemable as a result of a change of control or asset sale so long as any rights of the holders thereof upon such occurrence shall be subject to the prior Payment in Full of the Obligations or
(y) mandatorily redeemable not prior to the date that is 91 days after Payment in Full), (h) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (g) above, (i) all
obligations of the kind referred to in clauses (a) through (h) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including accounts and contract
rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation, and (j) (x) in the case of the
Parent Borrower and its Subsidiaries, all obligations in respect of the Existing
NorthStar Swap Agreement and (y) for the purposes of Section 8(e) only, all obligations of such Person in respect of Swap Agreements. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any
partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness
expressly provide that such Person is not liable therefor. Notwithstanding anything to the contrary in this Agreement or the other Loan Documents, all Indebtedness of the REIT Entity shall be deemed to be Indebtedness of the Parent Borrower for all purposes of the Loan Documents (including without limitation any
financial definitions) to the extent not otherwise constituting Indebtedness of the Parent Borrower. 
 “Indemnified Taxes”: (a) Taxes, other than Excluded Taxes, imposed
on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a) above, Other Taxes. 

“Independent Valuation Provider”: as defined in Section 10.18. 

“Initial Credit Agreement”: that certain Credit Agreement, dated as of August 6, 2013, among the Parent Borrower (as successor to Colony Capital (formerly known as Colony Financial,
Inc.)), the Administrative Agent and certain lenders party thereto (as amended, restated, supplemented or otherwise modified prior to the date of the Existing Credit Agreement). 

“Initial Revolving Termination Date”: January 11, 2021. 

“Insolvent”: with respect to any Multiemployer Plan, the condition that such plan is insolvent within the meaning of
Section 4245 of ERISA. 

  
 22 

 “Intangible Assets”: assets that are considered to be intangible assets under
GAAP, including customer lists, goodwill, computer software, copyrights, trade names, trademarks, patents, franchises, licenses, unamortized deferred charges (including deferred financing costs), unamortized debt discount and capitalized research
and development costs; provided, however, that Intangible Assets shall not include real estate intangibles such as in-place lease value, above and below market lease value and deferred leasing
costs which are purchase price allocations determined upon the acquisition of real estate. 
 “Intellectual Property”: the
collective reference to all rights, priorities and privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including copyrights, copyright licenses, patents, patent licenses,
trademarks, trademark licenses, technology, know-how and processes, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and
damages therefrom. 
 “Interest Coverage Ratio”: for any quarter, the ratio of (i) (x) (A) the portion of Consolidated
EBITDA for such quarter attributable to investments included in the Maximum Permitted Outstanding Amount at any point during such quarter (provided that the calculation of such portion of Consolidated EBITDA (I) shall exclude general
corporate-level expense and (II) shall not include any add backs of interest expense other than the interest expense related to the Revolving Facility) multiplied by (B) 4 plus (y) without duplication of amounts included in
clause (x), Annualized Base Management Fee EBITDA with respect to such quarter to (ii) Assumed Facility Interest Expense with respect to such quarter. 

“Interest Payment Date”: (a) as to any ABR Loan, the last day of each March, June, September and December (or, if an Event of
Default is in existence, the last day of each calendar month) to occur while such Loan is outstanding and the final maturity date of such Loan, (b) as to any Eurodollar Loan having an Interest Period of three months or less, the last day of
such Interest Period, (c) as to any Eurodollar Loan having an Interest Period longer than three months, each day that is three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest
Period and (d) as to any Loan (other than any Revolving Loan that is an ABR Loan), the date of any repayment or prepayment made in respect thereof. 

“Interest Period”: as to any Eurodollar Loan, (a) initially, the period commencing on the borrowing or conversion date,
as the case may be, with respect to such Eurodollar Loan and ending one, two, three or six months thereafter, as selected by the
applicable Borrower in its notice of borrowing or notice of conversion, as the
case may be, given with respect thereto; and (b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Eurodollar Loan and ending one, two, three or six months thereafter, as selected by the
applicable Borrower by irrevocable notice to the Administrative Agent not
later than 11:00 A.M., New York City time, on the date that is three Business Days prior to the last day of the then current Interest Period with respect thereto; provided that, all of the foregoing provisions relating to Interest Periods are
subject to the following: 
 (i) if any Interest Period would otherwise end on a day that is not a Business Day, such
Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding
Business Day; 
 (ii) the BorrowerBorrowers may not select an Interest Period under the Revolving Facility that would
extend beyond the Revolving Termination Date; and 

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

“Interpolated Rate”: at any time, the rate per annum (rounded to the same number of decimal places as the Screen Rate)
determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the Screen Rate (for the longest period
for which that Screen Rate is available in Dollars) that is shorter than the Impacted Interest Period and (b) the Screen Rate (for the shortest period for which that Screen Rate is available for Dollars) that exceeds the Impacted Interest
Period, in each case, as of the Specified Time on the Quotation Day for such Interest Period. When determining the rate for a period which is less than the shortest period for which the Screen Rate is available, the Screen Rate for purposes of
clause (a) above shall be deemed to be the overnight rate for Dollars determined by the Administrative Agent from such service as the Administrative Agent may select. 

“Investment Asset”: (i) a Commercial Real Estate Debt Investment, (ii) a Commercial Real Estate Ownership Investment,
(iii) a Preferred Equity Investment, (iv) Qualified Levered SPV Capital Stock or Specified Levered SPV Capital Stock, (v) Specified Common Stock, (vi) a Specified Levered SPV Investment or (vii) any Portfolio of any of the
foregoing, in each case to the extent owned by a Pledged Loan Party or any other Person in which a Loan Party, directly or indirectly, owns any Capital Stock. Subject to the limitations set forth in the definition of Maximum Permitted Outstanding
Amount, the term Investment Asset shall also include any Investment Asset described in the foregoing clauses (i) through (vii) that is held by a Colony Fund in which an Affiliated Investor or a Pledged Loan Party holds a limited partnership
interest, limited liability company membership interest or other similar interest in the nature of an equity investment. 

“Investment Asset Review”: as defined in Section 10.18. 

“Investment Location”: (i) with respect to a Commercial Real Estate Debt Investment, (x) to the extent such Commercial
Real Estate Debt Investment is secured, the jurisdiction in which the underlying commercial real property subject to such Commercial Real Estate Debt Investment is located and (y) to the extent such Commercial Real Estate Debt Investment is
unsecured, the jurisdiction of the governing law of the contract governing such Commercial Real Estate Debt Investment; (ii) with respect to a Specified GAAP Reportable B Loan Transaction, the jurisdiction of the governing law of the contracts
governing such Specified GAAP Reportable B Loan Transaction; (iii) with respect to a Commercial Real Estate Ownership Investment, the jurisdiction in which such Commercial Real Estate Ownership Investment is physically located; (iv) with
respect to Qualified Levered SPV Capital Stock and Specified Levered SPV Capital Stock, the jurisdiction in which the First Priority Commercial Real Estate Debt Investments held by the related Affiliated Investor are located (with such location
being determined in accordance with clause (i) or, with respect to a Portfolio, clause (vi) of this definition); (v) with respect to a Preferred Equity Investment and Specified Common Stock, the jurisdiction in which the issuer of such
Preferred Equity Investment or Specified Common Stock, as applicable, is organized; or (vi) with respect to a Portfolio of any of the foregoing, the Investment Location of each Investment Asset in such Portfolio (and it being agreed that if the
Investment Location of any Investment Asset in such Portfolio shall be deemed to be a Non-Qualifying Location, then only such Investment Asset, and not the Portfolio as a whole, shall be deemed to have an
Investment Location in a Non-Qualifying Location). Notwithstanding the foregoing, if any (a) Equity Investment Asset Issuer, (b) Affiliated Investor, (c) underlying real estate asset relating to
an Investment Asset or (d) Affiliate of the Parent Borrower that directly or
indirectly owns an underlying real estate asset relating to an Investment Asset to the extent that the ownership interest attributable to such Affiliate contributes or results in a contribution to the calculation of the Maximum Permitted Outstanding
Amount, in each case, is located in a Non-Qualifying 

  
 24 

 
Location, then the Investment Location of each Investment Asset owned directly or indirectly by such Person or to which such underlying real estate asset relates, as applicable, shall be deemed
to have an Investment Location in a Non-Qualifying Location. For purposes of the foregoing sentence, each Person shall be located in the jurisdiction in which it is organized and each underlying real estate
asset shall be located in the jurisdiction in which such real estate asset is physically located. 
 “Investments”: as
defined in Section 7.7. 
 “IRS”: the United States Internal Revenue Service. 

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

“Issuing Lender”: each of JPMorgan Chase Bank, N.A. and Bank of America, N.A. (or in each case any affiliate thereof) and any
other Revolving Lender approved by the Administrative Agent and the Parent
Borrower that has agreed in its sole discretion to act as an “Issuing Lender” hereunder, or any of their respective affiliates, in each case in its capacity as issuer of any Letter of Credit. Each reference herein to “the Issuing
Lender” shall be deemed to be a reference to the relevant Issuing Lender. 
 “Junior Priority Commercial Real Estate
Debt Investments”: (a) all Commercial Real Estate Debt Investments that are not First Priority Commercial Real Estate Debt Investments or Specified Commercial Real Estate Debt Investments and (b) any Specified GAAP Reportable B Loan
Transactions, in each case, to the extent held by (i) a Pledged Loan Party or (ii) an Unlevered Affiliated Investor. For purposes of the definition of “Maximum Permitted Outstanding Amount”, a Portfolio consisting entirely of
Junior Priority Commercial Real Estate Debt Investments, as defined above (and any Portfolio of First Priority Commercial Real Estate Debt Investments in which greater than 25% of the Adjusted Net Book Value of such Portfolio is classified as Non-Performing Loans), shall be deemed to be a single Junior Priority Commercial Real Estate Debt Investment. 

“Junior Priority Commercial Real Estate Investments”: collectively, (a) any Junior Priority Commercial Real Estate Debt
Investment and (b) any Qualified Levered SPV Capital Stock. 
 “Junior Subordinated Notes”: means, collectively,
(i) the junior subordinated notes Trust I of NRF Holdco, LLC due March 2035 (bearing an interest rate of LIBOR plus 3.25% as of the Closing Date), (ii) the junior subordinated notes Trust II of NRF Holdco, LLC due June 2035 (bearing an interest
rate of LIBOR plus 3.25% as of the Closing Date), (iii) the junior subordinated notes Trust III of NRF Holdco, LLC due January 2036 (bearing an interest rate of LIBOR plus 2.83% as of the Closing Date), (iv) the junior subordinated notes Trust IV of
NRF Holdco, LLC due June 2036 (bearing an interest rate of LIBOR plus 2.80% as of the Closing Date), (v) the junior subordinated notes Trust V of NRF Holdco, LLC due September 2036 (bearing an interest rate of Libor plus 2.70% as of the Closing
Date), (vi) the junior subordinated notes Trust VI of NRF Holdco, LLC due December 2036 (bearing an interest rate of Libor plus 2.90% as of the Closing Date), (vii) the junior subordinated notes Trust VII of NRF Holdco, LLC due April 2037 (bearing
an interest rate of Libor plus 2.50% as of the Closing Date), and (viii) the junior subordinated notes Trust VIII of NRF Holdco, LLC due July 2037 (bearing an interest rate of Libor plus 2.70% as of the Closing Date). 

“L/C Cash Collateral Account”: as defined in Section 3.1(c). 

  
 25 

 “L/C Commitment”: as to any Issuing Lender, the obligation of such Issuing
Lender to issue Letters of Credit pursuant to Section 3 in an aggregate undrawn, unexpired face amount plus the aggregate unreimbursed drawn amount thereof at any time not to exceed the amount set forth under the heading “L/C
Commitment” opposite such Issuing Lender’s name on Schedule 1.1A or in the Assignment and Assumption pursuant to which such Issuing Lender becomes a party thereto (its “Initial L/C Commitment”), in each case, as the same may be
changed from time to time pursuant to the terms hereof; provided, that the amount of any Issuing Lender’s L/C Commitment may be (i) increased subject only to the consent of such Issuing Lender and the Parent Borrower (and notified to the Administrative Agent), (ii) decreased,
but only to the extent it is not decreased below the Initial L/C Commitment of such Issuing Lender, subject only to the consent of such Issuing Lender and the
Parent Borrower (and notified to the Administrative Agent) or
(iii) decreased at the option of the Parent Borrower on a
ratable basis for each Issuing Lender outstanding at the time of such reduction (and notified to the Issuing Lenders and the Administrative Agent). 

“L/C Exposure”: at any time, the total L/C Obligations. The L/C Exposure of any Revolving Lender at any time shall be its
Revolving Percentage of the total L/C Exposure at such time. 
 “L/C Obligations”: as at any date of determination, the
aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit
shall be determined in accordance with Section 1.3. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation
of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

“L/C Participants”: with respect to any Letter of Credit issued by an Issuing Lender, the collective reference to all the
Revolving Lenders other than the Issuing Lender with respect to such Letter of Credit. 
 “Latest Termination Date”:
January 10, 2022. 
 “Lender Parent”:    with respect to any Lender, any Person as to which such
Lender is, directly or indirectly, a Subsidiary. 
 “Lenders”: as defined in the preamble hereto. 

“Letters of Credit”: as defined in Section 3.1(a). 

“Lien”: any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge
or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any capital lease having
substantially the same economic effect as any of the foregoing). 
 “Loan”: any loan made by any Lender pursuant to this
Agreement. 
 “Loan Documents”: this
Agreement, each Subsidiary Borrower Joinder Agreement, the Security Documents, the
Notes, the REIT Guaranty (if applicable) and any amendment, waiver, supplement or other modification to any of the foregoing. 

“Loan Parties”: each Group Member that is a party to a Loan Document. 

  
 26 

 “Material Indebtedness”: Indebtedness (other than the Loans) in an aggregate
principal amount in excess of $25,000,000. 
 “Material Subsidiary”: any Subsidiary other than an Immaterial Subsidiary.

 “Material Adverse Effect”: a material adverse effect on (a) the business, property, operations or condition
(financial or otherwise) of the Parent Borrower and its Subsidiaries taken as a
whole or (b) the validity or enforceability of this Agreement or any of the other Loan Documents or the rights or remedies of the Administrative Agent or the Lenders hereunder or thereunder. 

“Materials of Environmental Concern”: any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum
products, asbestos, polychlorinated biphenyls, urea-formaldehyde insulation, mold, radon, or any substance (whether in gas, liquid or solid form), defined, classified or regulated as hazardous or toxic or as a pollutant, contaminant, or waste (or
words of similar meaning), in, or that could give rise to liability under, any Environmental Law. 
 “Maximum Permitted Increase
Amount”: the amount by which (x) 150% of the Total Revolving Commitments in effect on the Closing Date exceeds (y) the Total Revolving Commitments in effect on the Closing Date. 

“Maximum Permitted Outstanding Amount”: at any time, an amount that is equal to (x) during the period from and after the
Closing Date and prior to the Initial Revolving Termination Date, 100% and (y) during the period from and after the Initial Revolving Termination Date when the
Parent Borrower has exercised an Extension Option, 90%, in each case, of the sum
of: 
 (a) with respect to each First Priority Commercial Real Estate Investment, the product of 55% multiplied
by the Adjusted Net Book Value of such First Priority Commercial Real Estate Investment, plus 
 (b) with respect to
each Junior Priority Commercial Real Estate Investment, the product of 40% multiplied by the Adjusted Net Book Value of such Junior Priority Commercial Real Estate Investment, plus 

(c) with respect to each Specified Asset Investment that is not an Excess Specified Asset Investment, the product of 30%
multiplied by the Adjusted Net Book Value of such Specified Asset Investment, plus 
 (d) with respect to each
Excess Specified Asset Investment, the product of 15% multiplied by the Adjusted Net Book Value of such Excess Specified Asset Investments; plus 

(e) the product of 3.0 multiplied by the Annualized Base Management Fee EBITDA attributable to Fee-Related Earnings earned from third parties by asset manager Subsidiaries of the Parent Borrower that constitute taxable REIT subsidiaries; 
 provided that
notwithstanding the foregoing (it being understood that each percentage limitation set forth in clauses (iii), (iv), (v), (vi), (vii), (viii), (xvi) and (xvii) below shall be calculated prior to giving effect to any reductions resulting from
the application of such percentage limitation): 

  
 27 

 (i) in no event shall any Investment Asset contribute, directly or indirectly, to
the Maximum Permitted Outstanding Amount pursuant to more than one lettered clause above; 
 (ii) FDIC Investments shall
contribute, directly or indirectly, to the calculation of the Maximum Permitted Outstanding Amount solely to the extent that such investment is directly or indirectly subject to a first priority Lien in favor of the Administrative Agent, for the
benefit of the Lenders, which Lien may be foreclosed upon (taking into account all other pledges or transfers with respect to the underlying assets or any direct or indirect holder thereof) without triggering a “change of control” (or like
term) under the documentation governing such investment; 
 (iii) in no event shall any single Investment Asset (it being
understood that the following shall be deemed to be a single Investment Asset for purposes of this clause (iii): (x) any portion of any Portfolio held by a single Person that has (or any Affiliated Investor that directly or indirectly owns such
Person has) any Indebtedness outstanding and (y) any cross-collateralized assets that are deemed to be a single Investment Asset pursuant to subsection (xviii) of this proviso or any cross-guaranteed assets) contribute, directly or
indirectly, in excess of 10% of the sum of clauses (a) through (e) above; provided, however, that such percentage shall be 15% in the case of: (A) the Capital Stock of Colony Starwood Homes, (B) the Investment Asset referred to as the
CLIP Issuer (which shall be treated as a single Investment Asset in accordance with this provision), (C) the Capital Stock of the Healthcare Business and (D) the Capital Stock of the Hospitality Business; 

(iv) Specified Asset Investments shall not contribute more than 50% in the aggregate of the Maximum Permitted Outstanding
Amount; provided that, such concentration limit may be increased by an additional 10% of the aggregate Maximum Permitted Outstanding Amount to the extent such increase is solely attributable to the Specified Asset Investments constituting the
Healthcare Business and/or the CLIP Issuer (the portion of the Healthcare Business and/or the CLIP Issuer Specified Assets Investments attributable to such increased concentration limit, the “Excess Specified Asset Investments”);

 (v) the sum of (i) Non-Performing Loans and (ii) Preferred Equity
Investment with respect to which any dividends required to be paid in cash are in arrears shall not contribute more than 10% in the aggregate of the Maximum Permitted Outstanding Amount; 

(vi) the contribution of the Annualized Base Management Fee EBITDA pursuant to clause (e) above shall not exceed 25% in
the aggregate of the Maximum Permitted Outstanding Amount; 
 (vii) not less than 80% of the Maximum Permitted Outstanding
Amount shall be attributable to Investment Assets having an Investment Location in a Qualifying Location; 

  
 28 

 (viii) Qualified Non-Pledged Assets shall
not contribute more than 15% in the aggregate of the Maximum Permitted Outstanding Amount; 
 (ix) [Reserved]; 

(x) no Investment Asset shall contribute, directly or indirectly, to the Maximum Permitted Outstanding Amount if any Affiliated
Investor that directly or indirectly owns such Investment Asset is in default with respect to any of its Indebtedness that is material in relation to the value of such Investment Asset; 

(xi) no Investment Asset securing any Warehouse Facility shall contribute, directly or indirectly, to the Maximum Permitted
Outstanding Amount for so long as such Investment Asset secures any Warehouse Facility; 
 (xii) the Adjusted Net Book Value
used in the calculations set forth in clauses (a) through (e) above with respect to any Investment Asset that is owned, directly or indirectly, by any Excluded Foreign Subsidiary shall be limited to 66% of the Adjusted Net Book Value of such
Investment Asset; 
 (xiii) with respect to any Investment Asset held by a Colony Fund in which a Pledged Loan Party or an
Affiliated Investor directly or indirectly owns a limited partnership, limited liability company membership or other similar equity interest, the Maximum Permitted Outstanding Amount shall include the pro rata share of the individual eligible
Investment Assets held by such Colony Fund instead of such limited partner, the limited liability company membership equity interests or other similar equity interests in such Colony Fund; provided that (A) such limited partner, limited
liability company equity interests or other similar equity interests in the Colony Fund are owned by a Pledged Loan Party or an Unlevered Affiliated Investor, (B) the pro rata share of the individual eligible Investment Assets held by such
Colony Fund shall be adjusted to account for any “opt-out” elections of any holders of such equity interests, (C) such pro rata share shall be reduced to the extent that any applicable
Investment Asset has been funded with the proceeds of subscription debt in lieu of equity funding from the applicable Affiliated Investor, (D) such Pledged Loan Party or Affiliated Investor shall not be in default under the limited partnership
agreement, limited liability company agreement or other similar organizational agreement, as applicable, of such Colony Fund or any other Organizational Document of such Colony Fund and (E) such Colony Fund shall not be in default under the
documents governing any subscription debt of such Colony Fund; 
 (xiv) in no event shall any Investment Asset that does not
satisfy the Qualifying Criteria contribute, directly or indirectly, to the Maximum Permitted Outstanding Amount; 
 (xv) upon
the completion of an Investment Asset Review pursuant to Section 10.18, the reference to the Adjusted Net Book Value of each asset subject to such Investment Asset Review for purposes of calculating the Maximum Permitted
Outstanding Amount shall be the lesser of (x) such Adjusted Net Book Value as determined by the Parent Borrower and (y) such appraised value as determined by the Independent Valuation Provider; 

  
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 (xvi) in no event shall the aggregate amount of Investment Assets constituting
Commercial Real Estate Ownership Investments in land and Commercial Real Estate Debt Investments secured by land contribute more than 15% in the aggregate of the Maximum Permitted Outstanding Amount; 

(xvii) in no event shall the Maximum Permitted Outstanding Amount attributable to an Investment Asset constituting interests in
securitizations (other than those certain trust certificates (assets) issued by Colony Multifamily Mortgage Trust 2014-1, a Cayman securitization vehicle, to and owned by ColFin Multifamily Mortgage 2014-1, LLC) exceed 20% of the Maximum Permitted Outstanding Amount; and 
 (xviii) to the
extent that any Non-Recourse Indebtedness secured pursuant to Section 7.3(j) is secured by more than one Investment Asset, (i) the Investment Assets securing such
Non-Recourse Indebtedness shall be treated as a single Investment Asset for purposes of calculating the Maximum Permitted Outstanding Amount and (ii) to the extent that such Investment Assets are subject
to different advance rates pursuant to clauses (a) through (d) above, the lowest advance rate shall apply. 

“Merger”: the combination of NorthStar Realty and NorthStar Asset Management with Colony Capital contemplated by the Merger
Agreement. 
 “Merger Agreement”: that certain Agreement and Plans of Merger (together with all exhibits, schedules,
attachments and disclosure letters thereto, and as may be amended, supplemented or otherwise modified from time to time prior to the date hereof), dated as of June 2, 2016, by and among Colony Capital, NorthStar Realty, New Sirius Inc.,
NorthStar Realty LP, Sirius Merger Sub-T, LLC, New Sirius Merger Sub, LLC, the REIT Entity, and NorthStar Asset Management. 

“Merger Loan Parties”: as defined in Section 6.10(d). 

“Merger Party Compliance Date”: as defined in Section 6.10(d). 

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

“Net Cash Proceeds”: (a) in connection with any Disposition of assets, the proceeds thereof in the form of cash or Cash
Equivalents (including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but only as and when received) net of deductions for
proceeds allocated for REIT maintenance and corporate or excise tax minimization amounts, attorneys’ fees, investment banking fees, accountants’ fees, taxes paid or reasonably estimated to be payable as a result thereof (after taking into
account any available tax credits or deductions and any tax sharing arrangements) and the amount of any reserves established by the
Parent Borrower and its Subsidiaries to fund contingent liabilities reasonably
estimated to be payable as a result thereof (provided that any determination by the Parent Borrower that taxes estimated to be payable are not payable and any reduction at any time in the amount of any such reserves (other than as a result of payments made in respect thereof) shall be deemed to
constitute the receipt by the Parent Borrower at such time of Net Cash
Proceeds in the amount of the estimated taxes not payable or such reduction of reserves, as applicable), amounts required to be applied to the repayment of Indebtedness secured by a Lien expressly permitted hereunder on any asset that is the subject
of such 

  
 30 

 
Disposition (other than any Lien pursuant to a Security Document) and other customary fees and expenses actually incurred in connection therewith that are actually received by (x) a Loan
Party or (y) a Subsidiary that is not a Loan Party to the extent such cash or Cash Equivalent proceeds are distributable to a Loan Party (but only as and when distributable) and (b) in connection with any issuance or sale of Capital Stock
or any incurrence of Indebtedness, the cash proceeds (including Cash Equivalents) received from such issuance or incurrence (excluding, in the case of any issuance in exchange for the contribution of any Investment Asset, any incidental cash or Cash
Equivalents associated with such Investment Property), net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions, taxes paid or reasonably estimated to be payable, and other customary fees
and expenses actually incurred in connection therewith that are actually received by (x) a Loan Party or (y) a Subsidiary that is not a Loan Party to the extent such cash proceeds are distributable to a Loan Party (but only as and when
distributable) and not otherwise required pursuant to the terms of such issuance of Capital Stock to be applied to the acquisition of any Investment Asset. 

“New Lender”: as defined in Section 2.19(b). 

“New Lender Supplement”: as defined in Section 2.19(b). 

“New Subsidiaries”: as defined in Section 6.10(b). 

“Non-Base Management Fee Adjustment Percentage”: with respect to any period, a
percentage equal to (x) the Non-Base Management Fee Percentage for such period minus (y) 25%. 

“Non-Base Management Fee Percentage”: with respect to any period, a fraction
(expressed as a percentage), the numerator of which is the portion of Fee-Related Revenues that is attributable to investment management segment fees and revenues that are not investment management segment
base management fees and related revenues for such period and the denominator of which is the aggregate amount of Fee-Related Revenues for such period. 

“Non-Performing Loan”: as of any date of determination, any accruing Commercial Real
Estate Debt Investment (x) past due by 90 or more days, (y) on non-accrual status or (z) with respect to which there is a payment default and any applicable grace period has expired. 

“Non-Qualifying Location”: each location that is not a Qualifying Location. 

“Non-Recourse Indebtedness”: Indebtedness of a Person as to which no Loan Party
(a) provides any Guarantee Obligation or credit support of any kind (including any undertaking, Guarantee Obligation, indemnity, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable (as a
guarantor or otherwise), in each case except for (i) customary exceptions for bankruptcy filings, fraud, misrepresentation, misapplication of cash, waste, failure to pay taxes, environmental claims and liabilities, prohibited transfers,
violations of single purpose entity covenants, and other circumstances customarily excluded from exculpation provisions and/or included in separate guaranty or indemnification agreements in non-recourse or tax-exempt financings of real estate and (ii) the direct parent company of the primary obligor in respect of the Indebtedness may provide a limited pledge of the equity of such obligor to secure such
Indebtedness so long as the lender in respect of such Indebtedness has no other recourse (except as permitted pursuant to the immediately preceding clause (i)) to such direct parent company except for such equity pledge) (such pledge, a “Non-Recourse Pledge”). 
 “Non-Recourse
Pledge”: as defined in the definition of “Non-Recourse Indebtedness”. 

  
 31 

 “Non-U.S. Lender”: (a) if the applicable Borrower is a U.S. Person, a Lender, with respect to thesuch Borrower,
 that is not a U.S. Person, and (b) if the applicable Borrower is not
a U.S. Person, a Lender, with respect to
thesuch Borrower, that is resident or organized under the laws of a jurisdiction other than that in which thesuch Borrower is resident for tax purposes. 

“Non Wholly-Owned Consolidated Affiliate”: each Consolidated Subsidiary of the Parent Borrower in which less than 100% of each class of the Capital Stock (other than
directors’ qualifying shares, if applicable) of such Consolidated Subsidiary are at the time owned, directly or indirectly, by the
Parent Borrower. 

“NorthStar Asset Management”: NorthStar Asset Management Group Inc., a Delaware corporation. 

“NorthStar Realty”: NorthStar Realty Finance Corp., a Maryland corporation. 

“NorthStar Realty LP”: NorthStar Realty Finance Limited Partnership, a Delaware limited partnership. 

“Notes”: the collective reference to any promissory note evidencing Loans. 

“Notice of
Designation”: as defined in Section 2.21(a)(i). 

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

“NYFRB Rate”: for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the
Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term “NYFRB
Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a Federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates
shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 
 “Obligations”: (i) the
unpaid principal of and interest on (including interest accruing after the maturity of the Loans and Reimbursement Obligations and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency,
reorganization or like proceeding, relating to
theany Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Loans, the Reimbursement Obligations and all other obligations and liabilities of the BorrowerBorrowers to the Secured Parties, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement, any
other Loan Document, the Letters of Credit, any Secured Swap Agreement or any other document made, delivered or given in connection herewith or therewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities,
costs, expenses (including all fees, charges and disbursements of counsel to the Administrative Agent or to any Lender that are required to be paid by the
BorrowerBorrowers pursuant hereto) or otherwise and (ii) all indebtedness, liabilities, duties, indemnities and obligations of any Loan Party owing to JPMorgan Chase Bank, N.A. or any Affiliate of JPMorgan Chase Bank, N.A. in
connection with or relating to any Distribution Account maintained by such Loan Party at JPMorgan Chase Bank, N.A. or such Affiliate, including, without limitation, those arising under all instruments, agreements or other documents executed in
connection therewith or relating thereto; provided that, with respect to any Guarantor, “Obligations” shall exclude
any Excluded Swap Obligations of such Guarantor. 

  
 32 

 “Organizational Documents”: as to any Person, the Certificate of Incorporation
and Bylaws or other organizational or governing documents of such Person. 
 “Other Connection Taxes”: with respect to any
Credit Party, Taxes imposed as a result of a present or former connection between such Credit Party (or any direct or indirect investor therein) and the jurisdiction imposing such Tax (other than connections arising from such Credit Party having
executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to, or enforced, any Loan Document, or sold or assigned an
interest in any Loan or Loan Document). 
 “Other Merger Parties”: NorthStar Realty and NorthStar Asset Management. 

“Other Merger Party Excluded Subsidiary”: any Subsidiary of an Other Merger Party (i) that is prohibited from providing
a guarantee pursuant to the Loan Documents, (ii) granting security interests pursuant to the Loan Documents by Contractual Obligations existing on the Closing Date (and not entered into in contemplation hereof) (for the avoidance of doubt,
other than any Subsidiary that is the owner of a Qualified Non-Pledged Asset) or (iii) with respect to which providing a guarantee or granting security interests pursuant to the Loan Documents would, in
the good faith judgment of the Parent Borrower, result in adverse tax consequences
to the Parent Borrower. 

“Other Taxes”: all present or future stamp, court, or documentary, intangible, recording, filing or similar Taxes that arise
from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are
Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.17). 

“Overnight Bank Funding Rate”: 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). 

“Participant”: as defined in Section 10.6(c). 

“Participant Register”: as defined in Section 10.6(c). 

“Payment in Full”: with respect to any Obligations, that each of the following shall have occurred: (a) the payment in
full in cash of all such Obligations (other than (i) contingent indemnification obligations to the extent no claim giving rise thereto has been asserted, and (ii) Obligations of the Loan Parties under any Secured Swap Agreement that, by
its terms or in accordance any consent obtained from the counterparty thereto, is not required to be terminated in connection with the termination of the Loan Documents), (b) the termination or expiration of all of the Revolving Commitments and
(c) no Letters of Credit shall be outstanding. 
 “PBGC”: the Pension Benefit Guaranty Corporation established
pursuant to ERISA and any successor entity performing similar functions. 
 “Pension Plan”: any Plan subject to the
provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA. 

  
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 “Permitted Non-Recourse CLO
Indebtedness”: Indebtedness that is (i) incurred by a Subsidiary in the form of asset-backed securities commonly referred to as “collateralized loan obligations” or “collateralized debt obligations” and (ii) is
Non-Recourse Indebtedness. 

“Permitted Warehouse
Borrower”: as defined in the definition of “Permitted Warehouse Indebtedness”. 

“Permitted Warehouse
Equity Pledge” : as defined in the definition of “Permitted Warehouse Indebtedness”. 

“Permitted Warehouse Indebtedness”: Warehouse Indebtedness incurred directly by any Subsidiary that is not a Loan Party (a
“Permitted Warehouse Borrower”), and, to the extent guaranteed, is guaranteed only by a Loan Party (except that the direct parent company of a Permitted Warehouse Borrower may provide a limited pledge of the equity of such Permitted
Warehouse Borrower to secure the Permitted Warehouse Indebtedness so long as the lender in respect of such Warehouse Indebtedness has no other recourse (other than the rights described in clause (b) of the definition of Non-Recourse Indebtedness) to such direct parent company except for such pledge (any such pledge, a “Permitted Warehouse Equity Pledge”); provided, however, that the excess (determined as of
the most recent date for which internal financial statements are available), if any, of (x) the amount of any such Warehouse Indebtedness for which the holder thereof has contractual recourse to the Parent Borrower or its Subsidiaries to satisfy claims with respect to such Warehouse
Indebtedness over (y) the aggregate (without duplication of amounts) realizable value of the assets which secure such Warehouse Indebtedness, shall not be Permitted Warehouse Indebtedness. For purposes of this definition, “realizable
value” of an asset means (i) with respect to any REO Asset, the value realizable upon the disposition of such asset as determined by the
Parent Borrower in its reasonable discretion and consistent with customary
industry practice and (ii) with respect to any other asset, the lesser of (x) the face value of such asset and (y) the market value of such asset as determined in accordance with the agreement governing the applicable Warehouse
Indebtedness; provided, however, that the realizable value of any asset described in clause (i) or (ii) above for which an unaffiliated third party has a binding contractual commitment to purchase from the Parent Borrower or a Subsidiary shall be the minimum price payable to the Parent Borrower or such Subsidiary for such asset pursuant to such contractual
commitment. 
 “Person”: an individual, partnership, corporation, limited liability company, business trust, joint
stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 

“Plan”: any employee benefit plan as defined in Section 3(3) of ERISA, including any employee welfare benefit plan (as
defined in Section 3(1) of ERISA), any employee pension benefit plan (as defined in Section 3(2) of ERISA but excluding any Multiemployer Plan), and any plan which is both an employee welfare benefit plan and an employee pension benefit
plan, and in respect of which any Group Member or any ERISA Affiliate is (or, if such Plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Pledged Affiliate”: a corporation, limited liability company, partnership or other legal entity which is not a Loan Party in
which a Loan Party directly owns all or a portion of its equity interests, in each case so long as (i) all of the equity interests owned by such Loan Party (or, in the case of an Excluded Foreign Subsidiary, 66% of the total voting equity
interests owned by such Loan Party) in such Person are pledged as Collateral in favor of the Administrative Agent, for the benefit of the Secured Parties, pursuant to the Security Documents and (ii) such Loan Party Controls such Person. 

  
 34 

 “Pledged Loan Party”: each Loan Party, so long as all of the equity interests in
such Loan Party are pledged as Collateral in favor of the Administrative Agent, for the benefit of the Secured Parties, pursuant to the Security Documents. 

“Portfolio”: a group of Investment Assets purchased by the
Parent Borrower on the same date from the same seller in one or a series of
related transactions. 
 “Preferred Equity Investment”: a preferred equity investment held by a Pledged Loan Party
or an Affiliated Investor in a Person that (x) is not (except by virtue of such investment) an Affiliate of any Loan Party, and (y) owns one or more Commercial Real Estate Debt Investments and/or Commercial Real Estate Ownership
Investments, so long as the documents governing the terms of such preferred equity investment include the following provisions: 

(i) (A) defined requirements for fixed, periodic cash distributions to be paid to the Pledged Loan Party or Affiliated Investor
that owns such preferred equity investment in order to provide a fixed return to such Pledged Loan Party or Affiliated Investor on the then unreturned amount of its investment related thereto, with such distributions being required to be paid prior
to any distribution, redemption and/or payments being made on or in respect of any other Capital Stock of the issuer of such preferred equity investment, (B) a requirement that proceeds derived from or in connection with (1) any
liquidation or dissolution of the issuer of such preferred equity investment, (2) any direct or indirect sale, transfer, conveyance or other disposition, in one or a series of related transactions, of all or substantially all of the assets of
the issuer of such preferred equity investment or (3) any loss, damage to or any destruction of, or any condemnation or other taking of, all or substantially all of the assets of the issuer of such preferred equity investment, including any
proceeds received from insurance policies or condemnation awards in connection therewith, shall, in the case of each of subclauses (1) through (3) of this clause (B), be paid to such Pledged Loan Party or Affiliated Investor until such Pledged
Loan Party or Affiliated Investor has received an amount equal to the then unreturned amount of its investment related to such preferred equity investment (plus the accrued and unpaid return due and payable thereon) prior to any distribution,
redemption and/or payments being made from any such proceeds on or in respect of any other Capital Stock of the issuer of such preferred equity investment and (C) upon the failure of the issuer of such preferred equity investment to comply with
the provisions described above in this clause (i) it shall be a default and such Pledged Loan Party or Affiliated Investor shall be entitled to exercise any or all of the remedies described in clauses (ii) and (iii) below; 

(ii) a defined maturity date or mandatory redemption date for such preferred equity investment (excluding any maturity
resulting from an optional redemption by the issuer thereof), upon which it is a default if the then unreturned amount of the investment made by such Pledged Loan Party or Affiliated Investor in respect thereof (plus the accrued and unpaid return
due and payable thereon) is not immediately repaid to the applicable Pledged Loan Party or Affiliated Investor (and upon such default, in addition to the other remedies enumerated below in clause (iii), the holder of such preferred equity investment
is entitled to take control of the issuer thereof and, thereafter, all dividends and distributions by such issuer shall be paid to the holders of the preferred equity investment until the entire unreturned amount of the investment made by such
Pledged Loan Party or Affiliated Investor in respect thereof plus all accrued and unpaid return due and payable thereon has been paid to the holders of the preferred equity investment and no distribution, redemption and/or payments shall be made on
or in respect of any other equity interest or Capital Stock of the issuer of such preferred equity investment); and 

  
 35 

 (iii) default remedies that (A) permit the holders of the preferred equity
investment to make any and all decisions formerly reserved to (1) holders of the equity interests or Capital Stock (other than such preferred equity investment), or (2) the board of directors or managers (or a similar governing body) of
the issuer of such preferred equity investment, including with respect to the sale of all or any part of the Capital Stock or assets of the issuer of such preferred equity investment, and (B) provide for the elimination of all material consent,
veto or similar decision making rights afforded to (1) any holders of the capital stock or Capital Stock (other than such preferred equity investment), or (2) the board of directors or managers (or a similar governing body), of such
issuer, provided that such decisions (in the case of clause (A) above) and such consent, veto or similar decision making rights (in the case of clause (B) above) could reasonably be expected to restrict the ability of, compromise or
delay the holders of the preferred equity investment from realizing upon and paying from the Capital Stock or the assets of the issuer of the preferred equity investment all amounts due and payable with respect to the preferred equity investment.

 “Preferred Equity Issuer”: a Person in which a Pledged Loan Party or an Affiliated Investor makes a Preferred Equity
Investment. 
 “Prime Rate”: the rate of interest per annum 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 (the Prime Rate not being intended to be the lowest rate of interest charged by JPMorgan Chase Bank, N.A. in connection with extensions of credit to debtors). 

“Pro Forma Financial Statements”: as defined in Section 5.1(c). 

“Proceeding”: as defined in Section 10.5. 

“Prohibited Transaction”: as defined in Section 406 of ERISA and Section 4975(c) of the Code. 

“Projections”: as defined in Section 6.2(c). 

“Properties”: the facilities and properties owned, leased or operated by any Group Member. 

“Qualified Investment Asset”: an Investment Asset which contributes to the calculation of the Maximum Permitted Outstanding
Amount. 
 “Qualified Levered SPV Affiliated Investor”: an Affiliated Investor that is not an Unlevered Affiliated Investor
and directly owns only First Priority Commercial Real Estate Debt Investments or Portfolios of First Priority Commercial Real Estate Debt Investments, so long as the aggregate amount of Indebtedness (other than Indebtedness incurred pursuant to the
Loan Documents) outstanding of such Affiliated Investor and all Affiliated Investors that, directly or indirectly, hold Capital Stock of such Affiliated Investor does not exceed 65% of the aggregate Adjusted Net Book Value of the Investment Assets
of such Affiliated Investor; provided that, solely for purposes of this definition, a Portfolio otherwise constituting a First Priority Commercial Real Estate Debt Investment may include Junior Priority Commercial Real Estate Debt Investments
of up to 5% of the Adjusted Net Book Value of such Portfolio. An Affiliated Investor shall not be a Qualified Levered SPV Affiliated Investor if it owns any Specified Levered SPV Investments. 

  
 36 

 “Qualified Levered SPV Capital Stock”: all of the Capital Stock held, directly
or indirectly, by any Pledged Loan Party in any Qualified Levered SPV Affiliated Investor. 
 “Qualified Non-Pledged Asset”: any Investment Asset that is subject to limitations that prohibit the direct and indirect pledge of equity interests in such Investment Asset, but which otherwise satisfies the
Qualifying Criteria. Notwithstanding anything to the contrary set forth in this Agreement or any other Loan Document, including as set forth in the definition of Investment Asset or any component definition thereof, a Qualified Non-Pledged Asset shall be held (and shall be permitted to be held) directly by an Affiliated Holder and shall not be required to be held by a Pledged Loan Party, Pledged Affiliate or Affiliated Investor. 

“Qualifying Criteria”: with respect to any Investment Asset the requirements that: 

(A) such Investment Asset is owned (i) with respect to any Investment Asset other than a Qualified
Non-Pledged Asset, directly or indirectly by a Pledged Loan Party or a Pledged Affiliate and (ii) with respect to any Qualified Non-Pledged Asset, directly by an
Affiliated Holder, 
 (B) with respect to any Investment Asset other than a Qualified Non-Pledged
Asset, the Pledged Loan Party or Affiliated Investor that owns the Investment Asset and each other Loan Party or Affiliated Investor that directly or indirectly owns any Capital Stock in such Pledged Loan Party or Affiliated Investor shall
(1) except as otherwise permitted hereunder with respect to any Colony Fund (as described in the definition of Unlevered Affiliated Investor), any encumbered Commercial Real Estate Ownership Investment (as described in the definition of
Specified Asset Investments), Qualified Levered SPV Capital Stock, Specified Levered SPV Investment or Specified Levered SPV Capital Stock, have no Indebtedness (other than (x) the Obligations, (y) any other Indebtedness incurred by the Parent Borrower in accordance with Section 7.2(g) and (z) any intercompany
obligations owing to the Parent Borrower or any Subsidiary) outstanding at
such time, (2) be Solvent at such time, (3) not be subject to any proceedings under any Debtor Relief Law at such time and (4) other than in the case of any Pledged Loan Party, any Pledged Affiliate or any Colony Fund, be Controlled
by a Pledged Affiliate and, in the case of a Colony Fund, be Controlled by an Affiliate, 
 (C) with respect to any Qualified Non-Pledged Asset, each Affiliated Holder that directly or indirectly owns the Qualified Non-Pledged Asset shall (1) have no Indebtedness (other than (x) the
Obligations and (y) any intercompany obligations owing to the Parent Borrower
or any Subsidiary that is a Guarantor) outstanding at such time, (2) be Solvent at such time, (3) not be subject to any proceedings under any Debtor Relief Law at such time and (4) other than in the case of any Colony Fund, be
Controlled by a Subsidiary that is a Subsidiary Guarantor and, in the case of a Colony Fund, be Controlled by an Affiliate, 
 (D)
Adjusted Net Book Value with respect to such Investment Asset be included in the calculation of the Maximum Permitted Outstanding Amount only to the extent that (1) there are no contractual or legal prohibitions on the making of dividends,
distributions or other payments that, as in effect on any date of determination, are effective to prevent dividends, distributions or other payments from the applicable Investment Asset to, directly or indirectly, a Loan Party (it being understood
that reasonable or customary limitations associated with (i) distributions by any Colony Fund to its fund investors and (ii) the timing of distributions or requirements associated with the retention of funds by an Affiliated Investor for
the purpose of maintaining working capital, liquidity, reserves or otherwise satisfying funding needs in respect of an Investment Asset shall in any event not constitute prohibitions on dividends, distributions or other payments hereunder) and
(2) the obligations under Section 6.14 hereof with respect to such Investment Asset are satisfied, 

  
 37 

 (E) except in connection with Indebtedness permitted hereunder with respect to any encumbered
Commercial Real Estate Ownership Investment (as described in the definition of Specified Asset Investments), Qualified Levered SPV Capital Stock, Specified Levered SPV Investment or Specified SPV Levered Capital Stock, such Investment Asset
(excluding, for the avoidance of doubt, any real estate to which such Investment Asset relates and Liens encumbering the assets of any Equity Investment Asset Issuer) shall not be, directly or indirectly, encumbered by any Lien (other than a Lien
arising under a Loan Document) at such time, 
 (F) such Investment Asset (or the real estate to which such Investment Asset relates) is not
the subject of any proceedings under any Debtor Relief Law at such time, and 
 (G) no Investment Asset shall contribute, directly or
indirectly, to the Maximum Permitted Outstanding Amount unless (x) each direct or indirect owner of such asset required to be a Subsidiary Guarantor pursuant to the terms of the Loan Documents shall have been made a Subsidiary Guarantor (and,
for the avoidance of doubt, at least one direct or indirect owner of such asset shall have been made a Pledged Loan Party or Pledged Affiliate (or, with respect to any Qualified Non-Pledged Assets, a
Subsidiary Guarantor)) and (y) except with respect to Qualified Non-Pledged Assets, each such Subsidiary Guarantor shall have granted to the Administrative Agent, for the benefit of the Lenders, a first
priority perfected security interest in any assets that are required to be subject to the Lien created by any of the Security Documents, in accordance with Section 6.10 hereof and the Security Documents (including, for the avoidance of doubt
(and notwithstanding anything to the contrary set forth in the Security Documents) 100% of the Capital Stock of the Affiliated Investor or Pledged Loan Party, as applicable (or, solely with respect to an Excluded Foreign Subsidiary, 66% of the
Capital Stock of such Excluded Foreign Subsidiary) that holds such Investment Asset or of a direct or indirect parent thereof). 

“Qualifying Location”: each of the U.S., Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland,
Japan, Italy, Luxembourg, Netherlands, Norway, Spain, Sweden, Switzerland and United Kingdom. 
 “Quotation Day”: with
respect to any Eurodollar Loan for any Interest Period, two Business Days prior to the commencement of such Interest Period. 

“Register”: as defined in Section 10.6(b). 

“Regulation U”: Regulation U of the Board as in effect from time to time. 

“Reimbursement Obligation”: the obligation of
thea Borrower to reimburse an Issuing Lender pursuant to Section 3.5 for amounts drawn under Letters of Credit. 

“REIT”: a “real estate investment trust” as defined in Section 856(a) of the Code. 

“REIT Entity”: Colony NorthStar, Inc., a Maryland corporation. 

“REIT Guaranty”: a guaranty in form and substance substantially similar to the guarantee contained in Section 2 of the
Guarantee and Collateral Agreement, to be entered into by the REIT Entity pursuant to which the REIT Entity shall guarantee the Obligations; provided that recourse under such guaranty shall only be available upon the occurrence of an Event of
Default pursuant to Section 8(l) hereof. 

  
 38 

 “REO Asset”: with respect to any Person, any real property owned by such Person
and acquired as a result of the foreclosure or other enforcement of a Lien on such asset securing a loan or other mortgage-related receivable. 

“Reorganization”: as defined in the definition of “Transactions”. 

“Reportable Event”: any of the events set forth in Section 4043(c) of ERISA or the regulations issued thereunder, with
respect to a Pension Plan, other than those events as to which notice is waived pursuant to DOL Reg. Section 4043 as in effect on the date hereof (no matter how such notice requirement may be changed in the future). 

“Required Lenders”: the holders of more than 50% of (x) until the Closing Date, the Revolving Commitments then in effect
and (y) thereafter, the sum of the Total Revolving Commitments then in effect or, if the Revolving Commitments have been terminated, the Total Revolving Extensions of Credit then outstanding, subject to Section 2.18(b). 

“Requirement of Law”: as to any Person, any law (including common law), code, statute, ordinance, treaty, rule, regulation,
decree, order or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Responsible Officer”:
as to any Person, the chief executive officer, president, vice president, chief
financial officer or treasurer of the
Borrowersuch Person, but in any event, with respect to financial
matters, the chief financial officer or treasurer of the
Borrowersuch Person. 

“Restricted Investment”: an Investment by any Loan Party in an Investment Asset in respect of which (a) as a result of
the operation of clause (iv) of the proviso to Section 3.1 of the Guarantee and Collateral Agreement, the Administrative Agent, on behalf the Lenders, does not have (or, after the making thereof, will not have), a direct or indirect pledge
of Capital Stock associated with such Investment Asset (it being understood that the pledge of the Capital Stock of any Upper Tier Issuer (as defined in the Guarantee and Collateral Agreement) that indirectly owns such Investment Asset will
constitute an indirect pledge for purposes of this clause (a)) and (b) at the time such Investment Asset is initially acquired, Total Revolving Extensions of Credit outstanding exceed 90% of the Maximum Permitted Outstanding Amount immediately
after giving effect to the acquisition of such Investment Asset. For clarity, an Investment made in respect of an existing Investment Asset pursuant to pre-existing funding obligations shall not constitute a
Restricted Investment. 
 “Restricted Payments”: as defined in Section 7.6. 

“Restrictive Provisions”: means (a) any financial covenant set forth in Section 7.1, including any associated
prepayment or similar obligations due to extensions of credit made on or after the Closing Date exceeding the Maximum Permitted Outstanding Amount (other than as a result of (i) a borrowing that, at the time incurred (other than on the Closing
Date), exceeded the Maximum Permitted Outstanding Amount or (ii) an incurrence of Indebtedness or a sale or transfer of assets that, on a pro forma basis as of the date of such incurrence, sale or transfer, was not in compliance with
Section 7.1 (each of which such matters shall be governed by the immediately following clause (b)) and (b) any other representation, covenant or event of default under the Loan Documents; provided that solely in the case of clause (b), the
applicable default under such provision shall have occurred inadvertently and solely in the case of clause (b) (and with respect to item (i) below, clause (a)), such default would not (i) impair the enforceability of the Loan Documents,
(ii) materially impair the ability of
theany Borrower to repay the obligations under the Loan Documents when due, (iii) materially diminish the credit quality of the Loan Parties or, taken as a whole, the Parent Borrower and its subsidiaries or (iv) materially impair the value of or
benefit obtained from the Collateral from the perspective of the Lenders taken as a whole. 

  
 39 

 “Revolving Commitment”: as to any Lender, the obligation of such Lender, if any,
to make Revolving Loans and participate in Letters of Credit in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “Revolving Commitment” opposite such Lender’s name on Schedule 1.1A or in
the Assignment and Assumption pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The original amount of the Total Revolving Commitments is $1,000,000,000. 

“Revolving Commitment Period”: the period from and including the Closing Date to the Revolving Termination Date. 

“Revolving Extensions of Credit”: as to any Revolving Lender at any time, an amount equal to the sum of (a) the
aggregate principal amount of all Revolving Loans held by such Lender then outstanding and (b) such Lender’s Revolving Percentage of the L/C Obligations then outstanding. 

“Revolving Facility”: the Revolving Commitments and the extensions of credit made thereunder. 

“Revolving Lender”: each Lender that has a Revolving Commitment or that holds Revolving Loans. 

“Revolving Loans”: as defined in Section 2.1. 

“Revolving Percentage”: as to any Revolving Lender at any time, the percentage which such Lender’s Revolving Commitment
then constitutes of the Total Revolving Commitments or, at any time after the Revolving Commitments shall have expired or terminated, the percentage which the aggregate principal amount of such Lender’s Revolving Loans then outstanding
constitutes of the aggregate principal amount of the Revolving Loans then outstanding. Notwithstanding the foregoing, in the case of Section 2.18 when a Defaulting Lender shall exist, Revolving Percentages shall be determined without regard to
any Defaulting Lender’s Revolving Commitment. 
 “Revolving Termination Date”: (i) until the exercise by the Parent Borrower of an Extension Option in accordance with and subject to the terms and
conditions of Section 2.20, the Initial Revolving Termination Date and (ii) thereafter, the Extended Termination Date. 

“Sanctioned Country”: at any time, a country, region or territory which is itself the subject or target of any Sanctions (as
of the Closing Date, the Crimea region of Ukraine, Cuba, Iran, North Korea, Republic of Sudan and Syria). 
 “Sanctioned
Person”: at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United
Nations Security Council, the European Union, any European Union member state or Her Majesty’s Treasury of the United Kingdom, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or
controlled by any such Person or Persons described in the foregoing clauses (a) or (b). 
 “Sanctions”: economic or
financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S.
Department of State, or (b) the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority. 

  
 40 

 “Screen Rate”: as defined in the definition of “Eurodollar Base Rate”.

 “SEC”: the Securities and Exchange Commission, any successor thereto and any analogous Governmental Authority. 

“Secured Parties”: collectively, the Administrative Agent, the Lenders, any affiliate of the foregoing, the Swap Banks and
each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.2. 

“Secured Swap Agreement”: any Swap Agreement permitted under Section 7.11 that is entered into by and between the Parent Borrower or any other Loan Party and any Swap Bank, to the extent
(i) designated by the Parent Borrower and such Swap Bank as a
“Secured Swap Agreement” in writing to the Administrative Agent within ten (10) Business Days of the date such Swap Agreement is entered into (or such later time as may be permitted by the Administrative Agent) and (ii) the
requirements described in the definition of “Swap Agreement” shall have been satisfied with respect to such Swap Agreement. The designation of any Secured Swap Agreement shall not create in favor of such Swap Bank any rights in connection
with the management or release of Collateral or of the obligations of any Subsidiary Guarantor under the Loan Documents. 

“Security Documents”: the collective reference to the Guarantee and Collateral Agreement, any Control Agreement and all other
security documents hereafter delivered to the Administrative Agent granting or perfecting (or purporting to grant or perfect) a Lien on any property of any Person to secure the obligations and liabilities of any Loan Party under any Loan Document.

 “Solvent”: when used with respect to any Person, means that, as of any date of determination, (a) the amount of the
“present fair saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such quoted terms are determined in accordance
with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater than the amount that will be required to pay the
liability of such Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, and (d) such Person will be able
to pay its debts as they mature. For purposes of this definition, (i) “debt” means liability on a “claim”, and (ii) “claim” means any (x) right to payment, whether or not such a right is reduced to judgment,
liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether
or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured. 

“Specified Asset Investments”: collectively, (a) any encumbered Commercial Real Estate Ownership Investment (excluding
land) that is owned by an Affiliated Investor and any unencumbered Commercial Real Estate Ownership Investment in land that is owned by an Unlevered Affiliated Investor, (b) Specified Common Stock, (c) Preferred Equity Investments to the
extent held by a Pledged Loan Party or an Unlevered Affiliated Investor, (d) any Specified Commercial Real Estate Debt Investment, (e) any Specified Levered SPV Investment and (f) any Specified Levered SPV Capital Stock. 

  
 41 

 “Specified Commercial Real Estate Debt Investment”: any Portfolio otherwise
constituting a Junior Priority Commercial Real Estate Debt Investment (for clarity, excluding any Investment Asset classified as a Junior Priority Commercial Real Estate Debt Investment pursuant to clause (ii) to the proviso to the definition
of First Priority Commercial Real Estate Debt Investment) in which greater than 10% of the Adjusted Net Book Value of such Portfolio is classified as Non-Performing Loans (and any single Investment Asset otherwise constituting a Junior Priority
Commercial Real Estate Debt Investment that is a Non-Performing Loan). 
 “Specified Common
Stock”: common stock in platforms or companies listed on Schedule 1.1B, in each case, to the extent held by a Pledged Loan Party or an Unlevered Affiliated Investor. 

“Specified GAAP Reportable B Loan Transaction”: a transaction involving either (i) the sale by the Parent Borrower, any Subsidiary or any Affiliated Investor of the portion of an
Investment Asset consisting of an “A-Note”, and the retention by the Parent
Borrower, its Subsidiaries and the Affiliated Investors of the portion of such Investment Asset consisting of a “B-Note”, which transaction is
required to be accounted for under GAAP as a “financing transaction” or (ii) the acquisition or retention by the
Parent Borrower, any of its Subsidiaries or any Affiliated Investor of an
Investment Asset consisting of a “b-piece” in a securitization facility, which transaction under GAAP results in all of the assets of the trust that is party to the securitization facility, and all
of the bonds issued by such trust under such securitization facility that are senior to the “b-piece”, to be consolidated on the
Parent Borrower’s consolidated balance sheet as assets and
liabilities, respectively. 
 “Specified Levered SPV Investment”: any Portfolio otherwise constituting a First
Priority Commercial Real Estate Debt Investment held by an Affiliated Investor that would otherwise qualify as a Qualified Levered SPV Affiliated Investor in which greater than 25% of the Adjusted Net Book Value of such Portfolio is classified as Non-Performing Loans (and any single Investment Asset held by an Affiliated Investor that would otherwise qualify as a Qualified Levered SPV Affiliated Investor that is a
Non-Performing Loan). 
 “Specified Levered SPV Capital Stock”: all of the Capital
Stock held, directly or indirectly, by any Pledged Loan Party in any Affiliated Investor that would otherwise qualify as a Qualified Levered SPV Affiliated Investor but for the fact that the aggregate amount of Indebtedness (other than Indebtedness
incurred pursuant to this Agreement or any Loan Document) outstanding of such Affiliated Investor and all Affiliated Investors that, directly or indirectly, hold Capital Stock of such Affiliated Investor exceeds 65% of the aggregate Adjusted Net
Book Value of the Investment Assets of such Affiliated Investor. 
 “Specified REITs”: collectively, NRFC MH Holdings LLC,
NRFC MH II Holdings LLC, MH III Holdings-T, LLC and MH IV Holdings-T, LLC. 

“Specified Subsidiary”: as defined in Section 10.14(d). 

“Specified Time”: 11:00 a.m., London time. 

“Subscription Line Indebtedness”: Indebtedness incurred to provide bridge financing pending receipt of capital call
commitments, which Indebtedness would be either (i) Non-Recourse Indebtedness, or (ii) in the case of such Indebtedness of a Loan Party, limited in recourse to the rights of such Loan Party to
provide capital commitments, make capital calls, exercise rights as the general partner or managing member of the subsidiary or affiliate obtaining such subscription line, and ancillary rights related thereto or otherwise granted in connection with
such subscription facility, including, without limitation, in relation to any bank accounts into which proceeds of such capital calls are made; provided that, in each case, the amount of such Subscription Line Indebtedness shall be limited to
a borrowing base that cannot exceed the amount of uncalled capital commitments of the borrower of such Subscription Line Indebtedness. 

  
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 “Subsidiary”: as to any Person, a corporation, partnership, limited liability
company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of
the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person;
provided, however, that in no event shall a Colony Fund constitute a Subsidiary. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or
Subsidiaries of the Parent Borrower. 

“Subsidiary
Borrower”: (a) Colony Capital Investment Holdco, LLC and (b) any Wholly-Owned Subsidiary of the Parent Borrower that is a Domestic Subsidiary and that becomes a party hereto pursuant to Section 2.21 until, in each case, such time as
such Subsidiary Borrower is removed as a party hereto pursuant to Section 2.21. 

“Subsidiary Borrower
Joinder Agreement”: as defined in Section 2.21(a)(i). 

“Subsidiary Guarantor”: (a) each Subsidiary that is party to the Guarantee and Collateral Agreement on the Closing Date and
(b) each Subsidiary that becomes a party to the Guarantee and Collateral Agreement after the Closing Date pursuant to Section 6.10 or otherwise. 

“Supermajority Lenders”: the holders of more than 66 2⁄3% of (x) until the Closing Date, the Revolving Commitments then in effect and (y) thereafter, the sum of the Total Revolving Commitments then in effect or, if the Revolving Commitments have been
terminated, the Total Revolving Extensions of Credit then outstanding, subject to Section 2.18(b). 
 “Suspension
Fee”: as defined in Section 2.3(b). 
 “Suspension Notice”: as defined in Section 10.23. 

“Suspension Period”: the period of time beginning on the date specified in the Suspension Notice and ending on the earlier of
(x) the 60th day after the Closing Date or (y) the date specified in the Suspension Termination Notice. 

“Suspension Termination Notice”: as defined in Section 10.23. 

“Swap
Agreement”: any agreement, contract or transaction that constitutes a
“swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 
 “Swap
Agreement”: any agreement with respect to any swap, forward,
future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of
economic, financial or pricing risk or value or any similar transaction or any combination of these transactions;
provided that
 no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or any of its Subsidiaries shall be a “Swap
Agreement”.

  
 43 

 “Swap Bank”: any Person that is the Administrative Agent, a Lender, an Affiliate
of the Administrative Agent or an Affiliate of a Lender at the time it enters into a Secured Swap Agreement, in its capacity as a party thereto, and (other than a Person already party hereto as the Administrative Agent or a Lender) that delivers to
the Administrative Agent a letter agreement reasonably satisfactory to it (i) appointing the Administrative Agent as its agent under the applicable Loan Documents and (ii) agreeing to be bound by Sections 10.5, 10.11, 10.12, 10.16 and
the Guarantee and Collateral Agreement as if it were a Lender. 
 “Swap Obligation”: with respect to any Subsidiary
Guarantor, any obligation to pay or perform under any Swap Agreement. 

“Syndication Agent”: the Syndication Agent identified on the cover page of this Agreement. 

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

“Termination
Letter”: as defined in Section 2.21(a)(ii). 
 “Total Asset
Value”: as of any date, the net book value of the total assets of the
Parent Borrower and its Consolidated Subsidiaries on such date as determined in
accordance with GAAP plus (x) accumulated depreciation and (y) amortization of real estate intangibles; provided, that Total Asset Value shall (i) exclude the amount of all restricted cash (other than reserves for Capital
Expenditures) of the Parent Borrower and its Consolidated Subsidiaries to
the extent such cash supports obligations that do not constitute Consolidated Total Debt, (ii) include the net book value of assets associated with a Specified GAAP Reportable B Loan Transaction only to the extent in excess of the amount of any
Indebtedness attributable to such Specified GAAP Reportable B Loan Transaction, (iii) include the net book value of assets associated with any Permitted Non-Recourse CLO Indebtedness only to the extent
(A) in excess of the amount of any associated Permitted Non-Recourse CLO Indebtedness and (B) such assets are Investment Assets that contribute, directly or indirectly, to the Maximum Permitted
Outstanding Amount, (iv) solely with respect to the net book value of the total assets of a Non Wholly-Owned Consolidated Affiliate, only include the Consolidated Group Pro Rata Share of the net book value of such Non Wholly-Owned Consolidated
Affiliate’s total assets and (v) exclude any assets of a Colony Fund funded with Subscription Line Indebtedness. 

“Total Revolving Commitments”: at any time, the aggregate amount of the Revolving Commitments then in effect. 

“Total Revolving Extensions of Credit”: at any time, the aggregate amount of the Revolving Extensions of Credit of the
Revolving Lenders outstanding at such time. 
 “Transaction Costs”: as defined in the definition of
“Transactions”. 
 “Transactions”: collectively, (a) the execution and delivery of this Agreement by the Parent Borrower, (b) the application of proceeds of the Revolving Loans received by
the Parent Borrower on the Closing Date to, directly or indirectly,
refinance in full the outstanding indebtedness of each of NorthStar Realty, NorthStar Asset Management and Colony Capital and their respective Subsidiaries required to be repaid in connection with the consummation of the Transactions, as set forth
in the Merger Agreement, (c) the payment by the Parent Borrower of the
fees and expenses incurred in connection with the Transactions (such fees and expenses, the “Transaction Costs”) and (d) the consummation of the 

  
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Merger in a manner consistent with the Merger Agreement, which will in any event result in (x) the
Parent Borrower becoming a direct subsidiary of the REIT Entity and (y) the
assets of NorthStar Realty, NorthStar Asset Management, the Parent Borrower
and their respective Subsidiaries being held by the Parent Borrower and its
Subsidiaries after giving effect to the Merger, other than the Capital Stock of the Specified REITs, which shall be held directly by the REIT Entity (clauses (x) and (y) together, the “Reorganization”). 

“Transferee”: any Assignee or Participant. 

“Trigger Event”: at any time with respect to any Qualified Investment Asset, any event or circumstance that occurs with
respect to such Qualified Investment Asset (including, for this purpose, in respect of any direct or indirect owner thereof) that could reasonably be expected to result in a reduction in the Maximum Permitted Outstanding Amount during the then
current fiscal quarter of the Parent Borrower (including any default or
restructuring in respect of such Qualified Investment Asset, any modification, waiver, termination or expiration of any applicable loan agreement, lease agreement or joint venture or other equityholder documentation relating to such Qualified
Investment Asset, any bankruptcy or insolvency event relating to any real property manager, tenant or any other obligor in respect of such Qualified Investment Asset, any liabilities (environmental, tax or otherwise) incurred by any Loan Party or
Affiliated Investor in respect of such Qualified Investment Asset, any casualty or condemnation event with respect to such Qualified Investment Asset); provided that either (i) immediately before or after giving effect to such event or
circumstance, the Total Revolving Extensions of Credit outstanding exceeds 90% of the Maximum Permitted Outstanding Amount or (ii) (x) immediately before or after giving effect to such event or circumstance, the Total Revolving Extensions of
Credit outstanding exceeds 75% of the Maximum Permitted Outstanding Amount and (y) such event or circumstance results in a reduction of the Maximum Permitted Outstanding Amount in excess of 5% thereof (to be calculated after giving effect to
such reduction). 
 “Type”: as to any Loan, its nature as an ABR Loan or a Eurodollar Loan. 

“UCP” means, with respect to any Letter of Credit, the “Uniform Customs and Practice for Documentary Credits,
International Chamber of Commerce (“ICC”) Publication No. 600 (or such later version thereof as may be in effect at the time of issuance). 

“Unconsolidated Subsidiary”: any Subsidiary of the
Parent Borrower that is not a Consolidated Subsidiary of the Parent Borrower. 

“United States”: the United States of America. 

“Unlevered Affiliated Investor”: any Affiliated Investor so long as (i) such Affiliated Investor has no Indebtedness
outstanding, (ii) such Affiliated Investor is not an Excluded Subsidiary and (iii) no Affiliated Investor that, directly or indirectly, holds Capital Stock of such Affiliated Investor has any Indebtedness outstanding (in each case with
respect to clauses (i) and (iii), other than (x) any Indebtedness incurred pursuant to the Loan Documents and (y) in the case of any Colony Fund or any Affiliated Investor in which a Colony Fund directly or indirectly holds Capital
Stock, any Subscription Line Indebtedness) or is an Excluded Subsidiary. 
 “Unreimbursed Amounts”: as defined in
Section 3.4. 
 “Unrestricted Cash”: at any time (i) the aggregate amount of cash of the Loan Parties at such
time that are not subject to any Lien (excluding Liens arising under a Loan Document, Liens of the type described in Section 7.3(a), and statutory Liens in favor of any depositary bank where such cash is maintained), minus
(ii) amounts included in the foregoing clause (i) that are held by a Person other than a Loan Party as a deposit or security for Contractual Obligations. 

  
 45 

 “U.S. Person”: a “United States person” within the meaning of
Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance Certificate”: as defined in Section 2.14(f)(ii)(B)(3).

 “Warehouse Facility”: any financing arrangement of any kind, including, but not limited to, financing arrangements in
the form of repurchase facilities, loan agreements, note issuance facilities and commercial paper facilities (excluding in all cases, securitizations), with a financial institution or other lender or purchaser exclusively to finance the purchase or
origination of Commercial Real Estate Debt Investments prior to securitization thereof; provided that such purchase or origination is in the ordinary course of business. 

“Warehouse Indebtedness”: Indebtedness in connection with a Warehouse Facility; provided that the amount of any
particular Warehouse Indebtedness as of any date of determination shall be calculated in accordance with GAAP. 
 “Wholly-Owned
Subsidiary”: as to any Person, any other Person all of the Capital Stock of which (other than directors’ qualifying shares required by law) is owned by such Person directly and/or through other Wholly-Owned Subsidiaries. 

“Wholly-Owned Subsidiary Guarantor”: any Subsidiary Guarantor that is a Wholly-Owned Subsidiary of the Parent Borrower. 

“Withdrawal Liability”: any liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Title IV of ERISA. 
 “Write-Down and Conversion Powers”: 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. 
 1.2 Other Definitional
Provisions. (a) Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto.

 (b) As used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto,
(i) accounting terms relating to any Group Member not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP (provided
that all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to (i) any election under Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial Accounting Standard having a
similar result or effect) to value any Indebtedness or other liabilities of the Parent Borrower or any Subsidiary at “fair value”, as defined therein and (ii) any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards 

  
 46 

 
Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall
at all times be valued at the full stated principal amount thereof), (ii) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (iii) the word
“incur” shall be construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words “incurred” and “incurrence” shall have correlative meanings), (iv) the words
“asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, Capital Stock, securities, revenues, accounts, leasehold
interests and contract rights, and (v) references to agreements or other Contractual Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Contractual Obligations as amended, supplemented, restated or otherwise
modified from time to time. 
 (c) The words “hereof”, “herein” and “hereunder” and words of similar import,
when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified. 

(d) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 

(e) All references herein to consolidated financial statements of the
Parent Borrower and its Subsidiaries or to the determination of any amount for the
Parent Borrower and its Subsidiaries on a consolidated basis or any similar
reference shall, in each case, be deemed to include each variable interest entity that the Parent Borrower is required to consolidated pursuant to FASB ASC 810 as if such variable interest entity were a Subsidiary as defined herein. 

(f) When the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a
day which is not a Business Day, the date of such payment (other than as described in the definition of “Interest Period”) or performance shall extend to the immediately succeeding Business Day and such extension of time shall be reflected
in computing applicable interest or fees, as the case may be. 
 1.3 Letter of Credit Amounts. Unless otherwise specified herein, the amount
of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Application
related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases,
whether or not such maximum stated amount is in effect at such times. 
 SECTION 2. AMOUNT AND TERMS OF COMMITMENTS 

2.1 Revolving Commitments. Subject to the terms and conditions hereof, each Revolving Lender severally agrees to make revolving credit loans
in Dollars (“Revolving Loans”) to
theany Borrower from time to time during the Revolving Commitment Period in an aggregate principal amount at any one time outstanding which, when added to such Lender’s Revolving Percentage of the L/C Obligations
then outstanding, does not exceed the amount of such Lender’s Revolving Commitment; provided, that no Lender shall make Revolving Loans to theany Borrower during the Suspension Period.

  
 47 

 
During the Revolving Commitment Period the
BorrowerBorrowers may use the Revolving Commitments by borrowing, prepaying the Revolving Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Revolving Loans may from time to
time be Eurodollar Loans or ABR Loans, as determined by the applicable
Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.7. Notwithstanding anything to the contrary in this Agreement, in no event shall the Total Revolving Extensions of Credit exceed the Maximum Permitted
Outstanding Amount. 
 2.2 Procedure for Revolving Loan Borrowing.
TheAny Borrower may borrow under the Revolving Commitments during the Revolving Commitment Period (but not during the Suspension Period) on any Business Day, provided that the applicable Borrower shall give the Administrative Agent irrevocable notice (which notice
must be received by the Administrative Agent prior to 12:00 Noon, New York City time, (a) three Business Days prior to the requested Borrowing Date (or, with respect to any such borrowing to be made on the Closing Date, such later date agreed
to by the Administrative Agent in its sole discretion), in the case of Eurodollar Loans, or (b) on the requested Borrowing Date, in the case of ABR Loans), specifying (i) the amount and Type of Revolving Loans to be borrowed, (ii) the
requested Borrowing Date and (iii) in the case of Eurodollar Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor. Each borrowing under the Revolving Commitments shall be in
an amount equal to (x) in the case of ABR Loans, $1,000,000 or a whole multiple thereof (or, if the then aggregate Available Revolving Commitments are less than $1,000,000, such lesser amount) and (y) in the case of Eurodollar Loans,
$5,000,000 or a whole multiple of $1,000,000 in excess thereof. Upon receipt of any such notice from
thea Borrower, the Administrative Agent shall promptly notify each Revolving Lender thereof. Each Revolving Lender will make the amount of its pro rata share of each borrowing available to the
Administrative Agent for the account of the applicable Borrower at the
Funding Office prior to 2:00 P.M., New York City time, on the Borrowing Date requested by
thesuch Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the
applicable Borrower by the Administrative Agent crediting the account of
thesuch Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Revolving Lenders and in like funds as received by the Administrative Agent. 

2.3 Commitment Fees. (a) The
Parent Borrower agrees to pay to the Administrative Agent for the account of each
Revolving Lender a commitment fee for the period from and including the date hereof to the last day of the Revolving Commitment Period, computed at the Commitment Fee Rate on the average daily amount of the Available Revolving Commitment of such
Lender during the period for which payment is made, payable quarterly in arrears on each Fee Payment Date, commencing on the first such date to occur after the date hereof. For the avoidance of doubt, the commitment fees shall continue to accrue and
be payable during a Suspension Period. 
 (b) Suspension Period Fee. Upon the delivery of a Suspension Notice to the
Administrative Agent in accordance with Section 10.23(b), the Parent Borrower
shall pay to the Administrative Agent, for the ratable benefit of each Lender, a fee (the “Suspension Fee”) in an aggregate amount equal to 0.25% of the Revolving Commitment (or, in the event no Revolving Commitments are outstanding
on the delivery date of the Suspension Notice, the Revolving Extensions of Credit) of such Lender on the first day of the Suspension Period. The Suspension Fee is earned on the first day of the Suspension Period and due and payable in full on the
first Business Day after the first day of the Suspension Period, if any. 

  
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 (c) The
Parent Borrower agrees to pay to the Administrative Agent the fees in the amounts
and on the dates as set forth in any fee agreements with the Administrative Agent and to perform any other obligations contained therein. 

2.4 Termination or Reduction of Revolving Commitments. The
Parent Borrower shall have the right at any time, upon not less than three
Business Days’ notice to the Administrative Agent, to terminate the Revolving Commitments or, from time to time, to reduce the amount of the Revolving Commitments; provided that no such termination or reduction of Revolving Commitments
shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Loans made on the effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Commitments. Any such reduction shall be
in an amount equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the Revolving Commitments then in effect. 

2.5 Optional Prepayments. The BorrowerBorrowers may at any time and from time to time prepay the Loans, in whole or in part,
without premium or penalty, upon irrevocable notice delivered to the Administrative Agent no later than 12:00 Noon, New York City time, three Business Days prior thereto, in the case of Eurodollar Loans, and no later than 12:00 Noon, New York City
time, on the date of such prepayment, in the case of ABR Loans, which notice shall specify the date and amount of prepayment and whether the prepayment is of Eurodollar Loans or ABR Loans; provided, that if a Eurodollar Loan is prepaid on any
day other than the last day of the Interest Period applicable thereto, the applicable Borrower shall also pay any amounts owing pursuant to Section 2.15. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. If any such notice is given,
the amount specified in such notice shall be due and payable on the date specified therein, together with (except in the case of Revolving Loans that are ABR Loans) accrued interest to such date on the amount prepaid. Partial prepayments of Loans
shall be in an aggregate principal amount of $1,000,000 or a whole multiple thereof. Notwithstanding the foregoing, any notice of prepayment delivered in connection with any refinancing or prepayment of all of the Revolving Facility with the
proceeds of Indebtedness or other transaction to be incurred or consummated substantially simultaneously with such refinancing or prepayment, may be, if expressly stated in such notice of prepayment, contingent upon the consummation of such
transactions and may be revoked by the applicable Borrower in the event the
incurrence of such transaction is not consummated. 
 2.6 Mandatory Prepayments and Commitment Reductions. (a) If for any reason
the Total Revolving Extensions of Credit exceeds the lesser of (x) the Total Revolving Commitments then in effect and (y) the Maximum Permitted Outstanding Amount, the
BorrowerBorrowers shall immediately, prepay the applicable Loans in an aggregate amount equal to
such excess. 
 (b) [Reserved] 

(c) [Reserved] 
 (d) If any
Indebtedness shall be incurred pursuant to Section 7.2(h), an amount equal to 100% of the Net Cash Proceeds thereof shall be immediately applied toward the prepayment of the Loans. 

(e) Any reduction of the Revolving Commitments shall be accompanied by prepayment of the Revolving Loans to the extent, if any, that the Total
Revolving Extensions of Credit exceed the amount of the Total Revolving Commitments as so reduced, provided that if the aggregate principal amount of Revolving Loans then outstanding is less than the amount of such excess (because L/C
Obligations constitute a portion thereof), the
BorrowerBorrowers shall, 

  
 49 

 
to the extent of the balance of such excess, cash collateralize on or prior to the date of such reduction (in the manner described in Section 3.9) or replace outstanding Letters of Credit.
The application of any prepayment pursuant to Section 2.6 shall be made, first, to ABR Loans and, second, to Eurodollar Loans. Each prepayment of the Revolving Loans under Section 2.6 (except in the case of Revolving Loans
that are ABR Loans) shall be accompanied by accrued interest to the date of such prepayment on the amount prepaid. 
 (f) At any time during
the Suspension Period and upon the occurrence of any of the following events, the
BorrowerBorrowers shall prepay the Revolving Loans at par plus accrued and unpaid interest, in each case, on a dollar-for-dollar basis within one
Business Day of receipt of such Net Cash Proceeds, in an amount equal to: 
 (i) 100% of the Net Cash Proceeds of
(a) any Disposition of assets (other than from (I) casualty or condemnation events, (II) any intercompany transfers, provided proceeds from transfers of assets from Loan Parties to non-Loan
Parties will not be so excluded, (III) other Dispositions of assets not to exceed $50,000,000 in the aggregate for all such Dispositions, (IV) dispositions of worn out, surplus or obsolete equipment in the ordinary course of business and
(V) Dispositions of assets the proceeds of which are to be applied to finance the acquisition of assets in respect of which the obligation to make such acquisition was incurred prior to the commencement of the Suspension Period (and was not
incurred in contemplation thereof)) by the Parent Borrower or any of its
Subsidiaries (or, in the case of any non-Wholly-Owned Subsidiary of the Parent Borrower, the applicable parent’s allocable share of such proceeds) and
(b) any Designated Asset Sales. 
 (ii) 100% of the Net Cash Proceeds of incurrences of Indebtedness of the Parent Borrower or its Subsidiaries other than (i) any intercompany Indebtedness of
the Parent Borrower or any of its Subsidiaries, (ii) any re-financing of existing Indebtedness not increasing the existing amount (or commitments, if applicable) thereof in excess of the principal amount of the Indebtedness being refinanced, plus accrued interest, fees,
premiums and refinancing expenses, (iii) Subscription Line Indebtedness, (iv) Indebtedness incurred pursuant to debt facility commitments in existence prior to the commencement of the Suspension Period (and not incurred in contemplation
thereof) and any replacement or refinancing thereof not increasing the amount (or amount of commitments, as applicable) thereof and (v) Indebtedness to finance the acquisition of assets in respect of which the obligation to make such
acquisition was incurred prior to the commencement of the Suspension Period (and was not incurred in contemplation thereof). 

(iii) 100% of the Net Cash Proceeds from the issuance of any Capital Stock by the REIT Entity (other than (A) issuances
and settlements pursuant to employee stock plans or other benefit or employee incentive arrangements, (B) issuances of shares of capital stock or rights to Wholly-Owned Subsidiaries
of the Parent Borrower, (C) issuances of shares of Capital Stock in
connection with the conversion of convertible shares or units of such party outstanding as of the date hereof or otherwise issued in compliance with Section 5.01(c) of the Merger Agreement and (D) issuances to finance the acquisition of
assets in respect of which the obligation to make such acquisition was incurred prior to the commencement of the Suspension Period (and was not incurred in contemplation thereof)). 

  
 50 

 2.7 Conversion and Continuation Options. (a) TheAny applicable Borrower may elect from time to time to convert Eurodollar Loans to ABR
Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurodollar Loans
may only be made on the last day of an Interest Period with respect thereto. The applicable Borrower may elect from time to time to convert ABR Loans to Eurodollar Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the
third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan may be converted into a Eurodollar Loan when any Event of Default has
occurred and is continuing and the Administrative Agent or the Required Lenders have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each
relevant Lender thereof. 
 (b) Any Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period
with respect thereto by the applicable Borrower giving irrevocable notice to the
Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurodollar
Loan may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuations or (ii) if
an Event of Default specified in clause (i) or (ii) of Section 8(f) with respect to
theany Borrower is in existence, and provided, further, that (i) if the
applicable Borrower shall fail to give any required notice as described
above in this paragraph or to specify any Interest Period in any such notice, such Loans shall be continued as Eurodollar Loans with an Interest Period of one month, or (ii) if such continuation is not permitted pursuant to the preceding
proviso, such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 

2.8 Limitations on Eurodollar Tranches. Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions and
continuations of Eurodollar Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections so that, (a) after giving effect thereto, the aggregate principal amount of the Eurodollar Loans comprising
each Eurodollar Tranche shall be equal to $5,000,000 or a whole multiple of $1,000,000 in excess thereof and (b) no more than ten Eurodollar Tranches shall be outstanding at any one time. 

2.9 Interest Rates and Payment Dates. (a) Each Eurodollar Loan shall bear interest for each day during each Interest Period with respect
thereto at a rate per annum equal to the Eurodollar Rate determined for such day plus the Applicable Margin. 
 (b) Each ABR Loan shall bear
interest at a rate per annum equal to the ABR plus the Applicable Margin. 
 (c) (i) If all or a portion of the principal amount of any
Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the case of

  
 51 

 
Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the case of Reimbursement Obligations, the rate
applicable to ABR Loans under the Revolving Facility plus 2% and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due
(whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans plus 2%, in each case, with respect to clauses (i) and (ii) above,
from the date of such non-payment until such amount is paid in full (as well after as before judgment). 

(d) Interest shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to paragraph
(c) of this Section shall be payable from time to time on demand. 
 2.10 Computation of Interest and Fees. (a) Interest and fees
payable pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed, except that, with respect to ABR Loans, the interest thereon shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant
Borrowers and Lenders of each determination of a Eurodollar Rate. Any
change in the interest rate on a Loan resulting from a change in the ABR or the Eurocurrency Reserve Requirements shall become effective as of the opening of business on the day on which such change becomes effective. The Administrative Agent shall
as soon as practicable notify the Borrower and the relevant Borrowers and Lenders of the effective date and the amount of each such change in
interest rate. 
 (b) Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement
shall be conclusive and binding on the
BorrowerBorrowers and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the
applicable Borrower, deliver to thesuch Borrower
 a statement showing the quotations used by the Administrative Agent in determining any interest rate pursuant to Section 2.9(a). 

2.11 Inability to DetermineAlternative Rate of Interest
Rate. (a) If prior to the first day of any Interest Period: 
 (i) (a) the Administrative Agent shall have determined (which
determination shall be conclusive and binding absent manifest error) that adequate and reasonable means do not exist for ascertaining the Eurodollar Base Rate or the Eurodollar Rate, as applicable (including, without limitation, because the Screen Rate is not available or published on a current basis), for such Interest Period, or 
 (ii)
(b)
the Administrative Agent shall have received notice from the Required Lenders that the Eurodollar Base Rate or the Eurodollar Rate, as applicable, determined or to be determined for such
Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively certified by such Lenders) of making or maintaining their affected Loans during such Interest Period, 

then the Administrative Agent shall give telecopy or telephonic notice thereof to the Borrower and the relevant Borrowers and Lenders as soon
as practicable thereafter. If such notice is given (x) any Eurodollar Loans requested to be made on the first day of such Interest Period shall be made as ABR Loans, (y) any Loans that were to have been converted on the first day of such
Interest Period to Eurodollar Loans shall be continued as ABR Loans and (z) any outstanding Eurodollar Loans shall be converted, on the last day of the then-current Interest Period, to ABR Loans. Until such notice has been withdrawn by the
Administrative Agent, no further Eurodollar Loans shall be made or continued as such, nor shall
theany Borrower have the right to convert Loans to Eurodollar Loans. 

  
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(b) If at any time the Administrative Agent determines (which determination shall be conclusive
absent manifest error) that (i) the circumstances set forth in clause (a)(i) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in clause (a)(i) have not arisen but the supervisor
for the administrator of the Screen Rate or a Governmental Authority having jurisdiction over the Administrative 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 Administrative Agent and the Borrowers shall endeavor to establish an alternate rate of interest to the Eurodollar 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. Notwithstanding
anything to the contrary in Section 10.1, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of
the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in
accordance with this clause (b) (but, in the case of the circumstances described in clause (ii) of the first sentence of this Section 2.11(b), only to the extent the Screen Rate for such Interest Period is not available or published at
such time on a current basis), (x) any Interest Election Request that requests the conversion of any Loan to, or continuation of any Loan as, a Eurodollar Loan shall be ineffective and (y) if any notice of borrowing requests a Eurodollar
Loan, such Loan shall be made as an ABR Loan; provided that, if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this
Agreement. 
 2.12 Pro Rata Treatment and Payments. (a) Each borrowing by thea
Borrower from the Lenders hereunder, each payment by the Parent Borrower on
account of any commitment fee (other than as provided in Section 2.18(a)) and any reduction of the Revolving Commitments of the Lenders shall be made pro rata according to the respective Revolving Percentages of the relevant
Lenders. 
 (b) Subject to Section 2.18, each payment (including each prepayment) by theany
Borrower on account of principal of and interest on the Loans shall be made pro rata according to the respective outstanding principal amounts of the Loans then held by the Lenders. 

(c) All payments (including prepayments) to be made by theany Borrower hereunder, whether on account of principal, interest, fees or otherwise,
shall be made without setoff or counterclaim and shall be made prior to 12:00 Noon, New York City time, on the due date thereof to the Administrative Agent, for the account of the Lenders, at the Funding Office, in Dollars and in immediately
available funds. The Administrative Agent shall distribute such payments to each relevant Lender promptly upon receipt in like funds as received, net of any amounts owing by such Lender pursuant to Section 9.7. If any payment hereunder (other
than payments on the Eurodollar Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day. If any payment on a 

  
 53 

 
Eurodollar Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be
to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding two sentences, interest
thereon shall be payable at the then applicable rate during such extension. 
 (d) Unless the Administrative Agent shall have been notified
in writing by any Lender prior to a borrowing that such Lender will not make the amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such
amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon such assumption, make available to the
applicable Borrower a corresponding amount. If such amount is not made available
to the Administrative Agent by the required time on the Borrowing Date therefor, such Lender shall pay to the Administrative Agent, on demand, such amount with interest thereon, at a rate equal to the greater of (i) the Federal Funds Effective
Rate and (ii) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, for the period until such Lender makes such amount immediately available to the Administrative Agent. A certificate
of the Administrative Agent submitted to any Lender with respect to any amounts owing under this paragraph shall be conclusive in the absence of manifest error. If such Lender’s share of such borrowing is not made available to the
Administrative Agent by such Lender within three Business Days after such Borrowing Date, the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to ABR Loans, on demand, from the
applicable Borrower. 

(e) Unless the Administrative Agent shall have been notified in writing by the
applicable Borrower prior to the date of any payment due to be made by thesuch Borrower
 hereunder that the
such Borrower will not make such payment to the Administrative Agent, the
Administrative Agent may assume that
thesaid Borrower is making such payment, and the Administrative Agent may, but shall not be required to, in reliance upon such assumption, make available to the Lenders their respective pro rata shares of a
corresponding amount. If such payment is not made to the Administrative Agent by the applicable Borrower within three Business Days after such due date, the Administrative Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant to the preceding
sentence, such amount with interest thereon at the rate per annum equal to the daily average Federal Funds Effective Rate. Nothing herein shall be deemed to limit the rights of the Administrative Agent or any Lender against theany
Borrower. 
 (f) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.12(d), 2.12(e),
2.14(e) or 9.7, then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, apply any amounts thereafter received by the Administrative Agent for the account of such Lender in accordance with
Section 2.18(c). 

  
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 2.13 Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or
in the interpretation or application thereof or compliance by any Lender or other Credit Party with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date
hereof: 
 (i) shall subject any Credit Party to any Taxes (other than (A) Indemnified Taxes and (B) Excluded Taxes
) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; 

(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit (or participations therein) by, or any other acquisition of funds by, any office of such Lender that is not
otherwise included in the determination of the Eurodollar Rate; or 
 (iii) shall impose on such Lender any other condition
(other than Taxes); 
 and the result of any of the foregoing is to increase the cost to such Lender or such other Credit Party, by an amount that such
Lender or other Credit Party deems to be material, of making, converting into, continuing or maintaining Loans or issuing or participating in Letters of Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case,
the
Borrowerapplicable
 Borrowers shall promptly pay such Lender or such other Credit Party, upon its demand and delivery to
the Parent Borrower of a certificate described in clause (d) below,
any additional amounts necessary to compensate such Lender or such other Credit Party for such increased cost or reduced amount receivable. If any Lender or such other Credit Party becomes entitled to claim any additional amounts pursuant to this
paragraph, it shall promptly notify the Parent Borrower (with a copy to the
Administrative Agent) of the event by reason of which it has become so entitled. 
 (b) If any Lender shall have determined that the
adoption of or any change in any Requirement of Law regarding capital or liquidity requirements or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive
regarding capital or liquidity requirements (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender’s or such
corporation’s capital as a consequence of its obligations hereunder or under or in respect of any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance
(taking into consideration such Lender’s or such corporation’s policies with respect to capital adequacy or liquidity) by an amount deemed by such Lender to be material, then from time to time, after submission by such Lender to the Parent Borrower (with a copy to the Administrative Agent) of a written request therefor
in the form of a certificate described in clause (d) below, the
Borrowerapplicable Borrowers shall pay to such Lender such additional amount or amounts as will compensate such Lender or such corporation for such reduction. 

  
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 (c) Notwithstanding anything herein to the contrary, (i) all requests, rules,
guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or by United States or foreign regulatory authorities, in each case
pursuant to Basel III, and (ii) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith or in implementation thereof,
shall in each case be deemed to be a change in law, regardless of the date enacted, adopted, issued or implemented; provided that a Lender may only submit a request for compensation in connection with the changes in the Requirements in Law described
in clauses (i) and (ii) above if such Lender imposes such increased costs on borrowers similarly situated to the
Parent Borrower under syndicated credit facilities comparable to the Revolving
Facility. 
 (d) A certificate as to any additional amounts payable pursuant to this Section submitted by any Lender to the Parent Borrower (with a copy to the Administrative Agent) shall be conclusive in the
absence of manifest error. Notwithstanding anything to the contrary in this Section, the
BorrowerBorrowers shall not be required to compensate a Lender pursuant to this Section for any amounts incurred more than nine months prior to the date that such Lender notifies the Parent Borrower of such Lender’s intention to claim compensation therefor;
provided that, if the circumstances giving rise to such claim have a retroactive effect, then such nine-month period shall be extended to include the period of such retroactive effect. The obligations of the BorrowerBorrowers pursuant to this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 

2.14 Taxes. (a) Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without
deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such
payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with
applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that, after such deduction or withholding has been made (including such deductions and withholdings
applicable to additional sums payable under this Section 2.14), the amounts received with respect to this agreement equal the sum which would have been received had no such deduction or withholding been made. 

(b) The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the
Administrative Agent timely reimburse it for, Other Taxes. 
 (c) As soon as practicable after any payment of Taxes by any Loan Party to a
Governmental Authority pursuant to this Section 2.14, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment (if any), or a copy of
the return reporting such payment (or other evidence of such payment reasonably satisfactory to the Administrative Agent). 
 (d) The Loan
Parties shall jointly and severally indemnify each Credit Party, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable to such Credit
Party by a Loan Party under this Section) payable or paid by such Credit Party or required to be withheld or deducted from a payment to such Credit Party and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Taxes were correctly or legally imposed or 

  
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asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the
Parent Borrower by a Lender (with a copy to the Administrative Agent), or by the
Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
 (e) Each Lender shall
severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Taxes
and without limiting the obligation of the Loan Parties to do so) and (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.6(c) relating to the maintenance of a Participant Register, in
either case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by
the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to
set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this
paragraph (e). 
 (f) (i) Each Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments
made under any Loan Document shall deliver to the Parent Borrower and the
Administrative Agent, at the time or times reasonably requested by the
Parent Borrower or the Administrative Agent, such properly completed and
executed documentation reasonably requested by the Parent Borrower or the
Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the
Parent Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by the Parent Borrower or the Administrative Agent as will enable the Parent Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two
sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.14(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such
completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii) Without limiting the generality of the foregoing, in the event that theany
Borrower is a U.S. Person, 
 (A) any Lender that is a U.S. Person shall deliver to the Parent Borrower and the Administrative Agent on or prior to the date on which such
Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the
Parent Borrower or the Administrative Agent), executed originals of IRS
Form W-9 certifying that such Lender is fully exempt from U.S. federal backup withholding tax; 

  
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 (B) any Non-U.S. Lender shall, to the
extent it is legally entitled to do so, deliver to the Parent Borrower and the
Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender under this Agreement (and from time to time
thereafter upon the reasonable request of the Parent Borrower or the
Administrative Agent), whichever of the following is applicable (plus any other documents or other evidence to fully exempt any amount payable or paid to such Non-U.S. Lender from U.S. federal backup
withholding tax): 
  

	 	(1)	in the case of a Non-U.S. Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan
Document, executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from U.S. federal withholding Tax
pursuant to the “interest” article of such tax treaty (if such amount is properly treated as interest thereunder and as otherwise required under U.S. federal tax law) and (y) with respect to any other applicable payments under any
Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax
pursuant to the “business profits” or “other income” article of such tax treaty; 

  

	 	(2)	executed originals of IRS Form W-8ECI; 

  

	 	(3)	in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the
form of Exhibit F-1 to the effect that such Non-U.S. Lender is none of the following: a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a
“10 percent shareholder” of theany Borrower within the meaning of Section 881(c)(3)(B) of the
Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form
W-8BEN or IRS Form W-8BEN-E; 

  

	 	(4)	to the extent a Non-U.S. Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in
the form of Exhibit F-2 or Exhibit F-3, IRS Form W-9, and/or other valid and reasonably acceptable certification documents from
each beneficial owner, as applicable; provided that if the Non-U.S. Lender is a partnership and one or more direct or indirect partners of such Non-U.S. Lender
are claiming the portfolio interest exemption, such Non-U.S. Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-4 on behalf of
each such direct and indirect partner; 

 (C) any Non-U.S. Lender
shall, to the extent it is legally entitled to do so, deliver to the Parent
Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender under this Agreement (and from
time to time thereafter upon the reasonable request of the Parent Borrower
or the Administrative Agent), executed 

  
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originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary
documentation as may be prescribed by applicable law to permit the Parent Borrower
or the Administrative Agent to determine the withholding or deduction required to be made; and 
 (D) if a payment
made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax under FATCA if such Lender were to fail to comply with the applicable requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of
the Code, as applicable), such Lender shall deliver to the Parent Borrower and the
Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the
Parent Borrower or the Administrative Agent such documentation prescribed
by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the
Parent Borrower or the Administrative Agent as may be necessary for the
Parent Borrower and the Administrative Agent to comply with their
obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), and notwithstanding
the definition thereof, “FATCA” shall include any and all amendments made to FATCA after the date of this Agreement. 

(iii) Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in
any respect, it shall update such form or certification or promptly notify the
Parent Borrower and the Administrative Agent in writing of its legal inability to
do so. 
 (g) If any party determines, in its reasonable discretion, 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 Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over
pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding
anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less
favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the
indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes
that it deems confidential) to the indemnifying party or any other Person. 

  
 59 

 (h) Each party’s obligations under this Section 2.14 shall survive the resignation or
replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Revolving Commitments and the repayment, satisfaction or discharge of all obligations under the Loan Documents. 

(i) For purposes of this Section 2.14 and the relevant defined terms used therein, (A) the term “applicable law” includes
FATCA and (B) the term “Lender” includes the Issuing Lenders. 
 (j) For purposes of determining withholding Taxes imposed
under FATCA, from and after the Closing Date, the Parent Borrower and the
Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulations Section 1.1471-2(b)(2)(i). 
 2.15 Indemnity. TheEach Borrower
 agrees to indemnify each Lender for, and to hold each Lender harmless from, any loss or expense that such Lender may sustain or incur as a consequence of (a) default by
thesuch Borrower in making a borrowing of, conversion into or continuation of Eurodollar Loans after thesuch Borrower has given a notice requesting the same in accordance with the provisions
of this Agreement, (b) default by
thesuch
 Borrower in making any prepayment of or conversion from Eurodollar Loans after thesuch Borrower has given a notice thereof in accordance with the provisions of this
Agreement or (c) the making of a prepayment of Eurodollar Loans on a day that is not the last day of an Interest Period with respect thereto. Such indemnification may include an amount equal to the excess, if any, of (i) the amount of
interest that would have accrued on the amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of such Interest Period (or, in
the case of a failure to borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable
Margin included therein, if any) over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading
banks in the interbank eurodollar market. A certificate as to any amounts payable pursuant to this Section submitted to the
Parent Borrower by any Lender shall be conclusive in the absence of
manifest error. This covenant shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 

2.16 Change of Lending Office. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section 2.13,
2.14(a), or 2.14(d) with respect to such Lender, it will, if requested by the
Parent Borrower, use reasonable efforts (subject to overall policy considerations
of such Lender) to designate another lending office for any Loans affected by such event with the object of avoiding the consequences of such event; provided, that such designation is made on terms that, in the sole judgment of such Lender,
cause such Lender and its lending offices to suffer no material economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations of theany
Borrower or the rights of any Lender pursuant to Section 2.13, 2.14(a), or 2.14(d). 
 2.17 Replacement of Lenders. The Parent Borrower shall be permitted to replace any Lender that (a) requests (or any
Participant to which such Lender sold a participation requests) reimbursement for amounts owing pursuant to Section 2.13, 2.14(a) or 2.14(d), (b) becomes a Defaulting Lender, or (c) does not consent to any proposed amendment, supplement,
modification, consent or waiver of any provision of this Agreement or any other Loan Document that requires the consent of each of the 

  
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Lenders or each of the Lenders affected thereby (so long as the consent of the Required Lenders (with the percentage in such definition being deemed to be 50% for this purpose) has been
obtained), with a replacement financial institution; provided that (i) such replacement does not conflict with any Requirement of Law, (ii) no Event of Default shall have occurred and be continuing at the time of such replacement,
(iii) prior to any such replacement, such Lender (or Participant, as applicable) shall have taken no action under Section 2.16 so as to eliminate the continued need for payment of amounts owing pursuant to Section 2.13, 2.14(a), or
2.14(d), (iv) the replacement financial institution shall purchase, at par, all Loans and other amounts owing to such replaced Lender (or Participant, as applicable) on or prior to the date of replacement, (v) the applicable Borrower shall be liable to such replaced Lender (or Participant, as
applicable) under Section 2.15 if any Eurodollar Loan owing to such replaced Lender (or Participant, as applicable) shall be purchased other than on the last day of the Interest Period relating thereto, (vi) except in the case of a
Participant, the replacement financial institution shall be reasonably satisfactory to the Administrative Agent, (vii) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 10.6
(provided that the Parent Borrower shall be obligated to pay the
registration and processing fee referred to therein), (viii) until such time as such replacement shall be consummated, the BorrowerBorrowers shall pay all additional amounts (if any) required pursuant to
Section 2.13, 2.14(a), or 2.14(d), as the case may be, (ix) any such replacement shall not be deemed to be a waiver of any rights that theany Borrower, the Administrative Agent or any other Lender shall have against the
replaced Lender (or Participant, as applicable), and (x) no Suspension Period is in effect at the time of such replacement. Each party hereto agrees that an assignment required pursuant to this paragraph may be effected pursuant to an
Assignment and Assumption executed by the
BorrowerBorrowers, the Administrative Agent and the assignee, and that the Lender (or Participant, as applicable) required to make such assignment need not be a party thereto in order for such assignment to be effective.

 2.18 Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting
Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 
 (a) fees shall cease to accrue on the
unfunded portion of the Revolving Commitment of such Defaulting Lender pursuant to Section 2.3(a) (it being understood, for the avoidance of doubt, that the
Parent Borrower shall have no obligation to retroactively pay such fees after such
Lender ceases to be a Defaulting Lender); 
 (b) the Revolving Commitment and Revolving Extensions of Credit of such Defaulting Lender
shall not be included in determining whether the Required Lenders or the Supermajority Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 10.1);
provided, that this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby; 

(c) Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender
(whether voluntary or mandatory, at maturity, pursuant to Section 8 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 10.7 shall be applied at such time or times as may be determined by the
Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, as the
Parent Borrower may request (so long as no Default or Event of Default exists), to
the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as 

  
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required by this Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the
Parent Borrower, to be held in a deposit account and released pro rata in order to
satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction
obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Default or Event of Default exists, to the payment of any amounts owing to
thea Borrower as a result of any judgment of a court of competent jurisdiction obtained by thesuch Borrower against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement; and sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal
amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made at a time when the conditions set forth in Section 5.2 were satisfied or waived, such payment shall be
applied solely to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans are held by the
Lenders pro rata in accordance with the Revolving Commitments. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral
pursuant to this Section 2.18(c) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto; 

(d) if any L/C Exposure exists at the time such Lender becomes a Defaulting Lender then: 

(i) all or any part of the L/C Exposure of such Defaulting Lender shall be reallocated among the
non-Defaulting Lenders in accordance with their respective Revolving Percentages but only to the extent the sum of all non-Defaulting Lenders’ Revolving Extensions
of Credit plus such Defaulting Lender’s L/C Exposure does not exceed the total of all non-Defaulting Lenders’ Revolving Commitments; 

(ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, theeach Borrower
 shall within one Business Day following notice by the Administrative Agent cash collateralize for the benefit of the Issuing Lenders only thesuch Borrower’s obligations corresponding to such Defaulting Lender’s L/C
Exposure (after giving effect to any partial reallocation pursuant to clause (i) above), if any, in accordance with the procedures set forth in Section 3.9 for so long as
such L/C Exposure is outstanding; 
 (iii) if
thea Borrower cash collateralizes any portion of such Defaulting Lender’s L/C Exposure pursuant to clause (ii) above,
thesuch Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 3.3(a) with respect to such Defaulting Lender’s L/C Exposure during the period such Defaulting Lender’s
L/C Exposure is cash collateralized; 
 (iv) if the L/C Exposure of the
non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Section 2.3(a) and Section 3.3(a) shall be adjusted in accordance with such non-Defaulting Lenders’ Revolving Percentages; and 

  
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 (v) if all or any portion of such Defaulting Lender’s L/C Exposure is
neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Lenders or any other Lender hereunder, all fees payable under Section 3.3(a) with respect to
such Defaulting Lender’s L/C Exposure shall be payable to the applicable Issuing Lenders until and to the extent that such L/C Exposure is reallocated and/or cash collateralized; and 

(e) so long as such Lender is a Defaulting Lender, the Issuing Lenders shall not be required to issue, amend or increase any Letter of Credit,
unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding L/C Exposure will be 100% covered by the Revolving Commitments of the non-Defaulting Lenders and/or cash
collateral will be provided by the applicable Borrower in accordance with
Section 2.18(d), and participating interests in any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.18(d)(i) (and such
Defaulting Lender shall not participate therein). Subject to Section 10.20, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that
Lender having become a Defaulting Lender, including any claim of a non-Defaulting Lender as a result of such non-Defaulting Lender’s increased exposure following
such reallocation. 
 (f) If (i) a Bankruptcy Event or a Bail-In Action with respect to a
Lender Parent of any Lender shall occur following the date hereof and for so long as such event shall continue or (ii) an Issuing Lender has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other
agreements in which such Lender commits to extend credit, no Issuing Lender shall be required to issue, amend or increase any Letter of Credit, unless such Issuing Lender, as the case may be, shall have entered into arrangements with the applicable Borrower or such Lender, satisfactory to such Issuing Lender, as the case may
be, to defease any risk to it in respect of such Lender hereunder. 
 (g) In the event that the Administrative Agent, the Parent Borrower and the Issuing Lenders each agrees that a Defaulting Lender has
adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the L/C Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Revolving Commitment and on such date such Lender shall
purchase at par such of the Revolving Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Revolving Loans in accordance with its Revolving Percentage. 

2.19 Incremental Commitments. (a) The BorrowerBorrowers and any one or more Lenders (including New Lenders) may from time to time
prior to the Initial Revolving Termination Date agree that such Lenders shall make, obtain or increase the amount of their Revolving Commitments (each, a “Commitment Increase”) by executing and delivering to the Administrative
Agents an Increased Facility Activation Notice specifying (i) the amount of such increase and (ii) the applicable Increased Facility Closing Date; provided that immediately prior to and after giving effect to any such increase in
the Revolving Commitments (i) no Default or Event of Default shall have occurred and be continuing and (ii) each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be true and correct in
all material respects (or, if such representations and warranties are 

  
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qualified by materiality, in all respects) on and as of such date as if made on and as of such date (except that any representations and warranties which expressly relate to an earlier date shall
be true and correct in all material respects (or, if such representations and warranties are qualified by materiality, in all respects) as of such earlier date). Notwithstanding the foregoing, (i) without the consent of the Required Lenders,
the aggregate amount of incremental Revolving Commitments obtained after the Closing Date pursuant to this paragraph shall not exceed the Maximum Permitted Increase Amount, and (ii) without the consent of the Administrative Agent, (x) each
increase effected pursuant to this paragraph shall be in a minimum amount of at least $25,000,000 and (y) no more than five Increased Facility Closing Dates may be selected by the
BorrowerBorrowers after the Closing Date. No Lender shall have any obligation to participate in any increase described in this paragraph unless it agrees to do so in its sole discretion. 

(b) Any additional bank, financial institution or other entity which, with the consent of the Parent Borrower and the Administrative Agent (which consent shall not be unreasonably
withheld), elects to become a “Lender” under this Agreement in connection with any transaction described in Section 2.19(a) shall execute a New Lender Supplement (each, a “New Lender Supplement”), substantially in the
form of Exhibit H, whereupon such bank, financial institution or other entity (a “New Lender”) shall become a Lender for all purposes and to the same extent as if originally a party hereto and shall be bound by and entitled to the
benefits of this Agreement. 
 (c) Upon each Increased Facility Closing Date, the BorrowerBorrowers shall (A) prepay the outstanding Revolving Loans (if any) in full, (B) simultaneously borrow new Revolving Loans hereunder in an amount equal to such prepayment (in the case of Eurodollar Loans, with
Eurodollar Base Rates equal to the outstanding Eurodollar Base Rate and with Interest Period(s) ending on the date(s) of any then outstanding Interest Period(s)), as applicable (as modified hereby); provided that with respect to subclauses
(A) and (B), (x) the prepayment to, and borrowing from, any existing Lender shall be effected by book entry to the extent that any portion of the amount prepaid to such Lender will be subsequently borrowed from such Lender and (y) the
existing Lenders (including existing Lenders providing a Commitment Increase, if applicable) and the New Lenders shall make and receive payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect
thereto, the Revolving Loans are held ratably by such existing Lenders and New Lenders in accordance with the respective Revolving Commitments of such Lenders (after giving effect to such Commitment Increase) and (C) pay to the Lenders the
amounts, if any, payable under Section 2.15 as a result of any such prepayment. Concurrently therewith, the Lenders shall be deemed to have adjusted their participation interests in any outstanding Letters of Credit so that such interests are
held ratably in accordance with their Revolving Commitments as so increased. The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement
shall not apply to the transactions effected pursuant to this clause (c). 
 2.20 Revolving Termination Date Extension.
Notwithstanding anything herein to the contrary, the Parent Borrower may, at its
election by written notice to the Administrative Agent (which shall promptly notify each of the Lenders) (each such election, an “Extension Option”, the date of such election, the “Extension Date”) extend the
Revolving Commitments and Revolving Loans (such extended Revolving Commitments, the “Extended Commitments” and such extended Revolving Loans, the “Extended Loans”) for additional terms of 6 months each (the
“Extended Termination Date”), subject to the following terms and conditions: 

  
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 (i) there shall be no more than two (2) Extension Options exercised during
the term of this Agreement; 
 (ii) no Default or Event of Default shall have occurred or be continuing on the date of such
written notice and on the Initial Revolving Termination Date or first Extended Termination Date, as applicable, or would result from the exercise of any Extension Option; 

(iii) each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be true and
correct in all material respects (or, if such representations and warranties are qualified by materiality, in all respects) on and as of the date of such written notice and on and as of such Extension Date (and after giving effect to such Extension
Option) as if made on and as of such dates (except that any representations and warranties which expressly relate to an earlier date shall be true and correct in all material respects (or, if such representations and warranties are qualified by
materiality, in all respects) as of such earlier date); 
 (iv) the
Parent Borrower shall make the request for such Extension Option not earlier than
90 days and not later than 30 days prior to the Initial Revolving Termination Date, or first Extended Termination Date, as applicable; 

(v) the latest Extended Termination Date shall be no later than the Latest Termination Date; and 

(vi) the
Parent Borrower shall pay or cause to be paid to each Lender on each such
Extension Date a fee equal to 0.10% of the amount of the then existing Revolving Commitments of such Lender. 
 2.21
Designation of Subsidiary Borrowers. 

(a) The Parent Borrower shall be permitted, so long as no Default or Event of Default shall
have occurred and be continuing: 
 (i)
to designate any Wholly-Owned Subsidiary of the Parent Borrower that is a Domestic Subsidiary as a Subsidiary Borrower under the
Revolving Facility upon (A) fifteen Business Days’ prior written notice (or such shorter period as may be agreed by the Administrative Agent in its sole discretion) to the Administrative Agent (which shall promptly deliver such notice to
the Lenders) (a “Notice of Designation”), which shall contain the name, primary business address and taxpayer identification number of such Subsidiary, (B) the execution and delivery by the Parent Borrower, such Subsidiary and the
Administrative Agent of a Subsidiary Borrower Joinder Agreement substantially in the form of Exhibit J (a “Subsidiary Borrower Joinder Agreement”), providing for such Subsidiary to
become a Subsidiary Borrower, and the consent of the Administrative Agent to such joinder, evidenced by its acknowledgement signature thereto, (C) compliance by the Parent Borrower and such Subsidiary Borrower with Section 6.10(f), (D)
delivery by the Parent Borrower or such Subsidiary Borrower of all documentation and information as is reasonably requested in writing by the Lenders at least ten days prior to the anticipated effective date of such designation required
under 

  
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applicable “know your customer” and anti-money laundering rules and
regulations, including without limitation the PATRIOT Act and (E) the delivery to the Administrative Agent of (1) corporate or other applicable resolutions, certificates of incorporation or other applicable constituent documents,
officer’s certificates, good standing certificates and legal opinions in respect of such Subsidiary as may be required by the Administrative Agent, in each case reasonably equivalent to comparable documents delivered on the Closing Date and
(2) such other documents with respect thereto as the Administrative Agent shall reasonably request; provided that, in the case of this clause (i), prior to the date of designation of such Subsidiary Borrower, the Administrative Agent shall not
have received notice from any Lender that an extension of credit to such Subsidiary shall contravene any law or regulation applicable to such Lender; and 

(ii)
 So long as no Default or Event of Default shall have occurred and be continuing, to remove any Subsidiary as a Subsidiary Borrower
upon execution and delivery by the Parent Borrower to the Administrative Agent of a written notification to such effect and repayment in full of all Loans made to such Subsidiary Borrower, cash collateralization of all L/C Obligations in respect of
any Letters of Credit issued for the account of such Subsidiary Borrower and repayment in full of all other amounts owing by such Subsidiary Borrower under this Agreement and the other Loan Documents (it being agreed that any such repayment or cash
collateralization shall be in accordance with the other terms of this Agreement) (a “Termination Letter”). The delivery of a Termination Letter with respect to any Subsidiary Borrower shall not terminate (x) any Obligation of such
Subsidiary Borrower that remains unpaid at the time of such delivery or (y) the Obligations of the Parent Borrower with respect to any such unpaid Obligations. 

(b) Notwithstanding anything to the contrary contained herein or in any other Loan Document,
the Administrative Agent is hereby irrevocably authorized by each Lender (without requirement of notice to or consent of any Lender) to enter into such amendments to the Security Documents and/or such new Security Documents as are necessary or
advisable, as reasonably determined by the Administrative Agent, in order to effect the provisions of Section 6.10(f). 

(c) Each Subsidiary of the Parent Borrower that is or becomes a “Subsidiary Borrower”
pursuant to this Section 2.21 hereby irrevocably appoints the Parent Borrower as its agent for all purposes relevant to this Agreement and each of the other Loan Documents, including (i) the giving and receipt of notices and (ii) the
execution and delivery of all documents, instruments and certificates contemplated herein and all modifications hereto. Any acknowledgment, consent, direction, certification or other action which might otherwise be valid or effective only if given
or taken by all Borrowers, or by each Borrower acting singly, shall be valid and effective if given or taken only by the Parent Borrower, whether or not any such other Borrower joins therein. Any notice, demand, consent, acknowledgement, direction,
certification or other communication delivered to the Parent Borrower in accordance with the terms of this Agreement shall be deemed to have been delivered to each Subsidiary Borrower. 

  
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 SECTION 3. LETTERS OF CREDIT 

3.1 L/C Commitment. (a) Subject to the terms and conditions hereof, each Issuing Lender, in reliance on the agreements of the other
Revolving Lenders set forth in Section 3.4(a), agrees to issue letters of credit (“Letters of Credit”) for the account of theany Borrower on any Business Day during the Revolving Commitment Period in such form as
may be approved from time to time by such Issuing Lender; provided that no Issuing Lender shall issue any Letter of Credit during the Suspension Period (if any), other than any renewal or extension of existing Letters of Credit without
increasing the dollar amount thereof; provided further, that such Issuing Lender shall have no obligation to issue any Letter of Credit if, after giving effect to such issuance, (i) the L/C Obligations of such Issuing Lender would
exceed the L/C Commitment of such Issuing Lender then in effect, or (ii) the aggregate amount of the Available Revolving Commitments would be less than zero. Each Letter of Credit shall (i) be denominated in Dollars and (ii) except as
provided in Section 3.1(b) below, expire no later than the earlier of (x) the first anniversary of its date of issuance and (y) the date that is five Business Days prior to the Revolving Termination Date, provided that any
Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in
clause (y) above). 
 (b) If requested by thea Borrower, each Issuing Lender agrees to issue one or more Letters of Credit hereunder,
with expiry dates that would occur after the fifth (5th) Business Day prior to the Revolving Termination Date, based upon
the
Borrower’s agreement
of the applicable Borrower to cash collateralize the L/C Obligations in
accordance with Section 3.9. If
thesuch Borrower fails to cash collateralize the outstanding L/C Obligations in accordance with the requirements of Section 3.9, each outstanding Letter of Credit shall automatically be deemed to be drawn in full on
such date and the reimbursement obligations of the such Borrower set forth
in Section 3.5 shall be deemed to apply and shall be construed such that the reimbursement obligation is to provide cash collateral in accordance with the requirements of Section 3.9. 

(c) The applicable Borrower shall grant to the Administrative Agent for the benefit of each Issuing Lender and the Lenders, pursuant to the Guarantee and Collateral Agreement, a security interest in all cash, deposit accounts and
all balances therein and all proceeds of the foregoing as required to be deposited pursuant to Section 3.1(b) or Section 3.9. Cash collateral shall be maintained in blocked, interest bearing deposit accounts at JPMorgan Chase Bank, N.A.
(or any affiliate thereof) (the “L/C Cash Collateral Account”). All interest on such cash collateral shall be paid to the
applicable Borrower upon the
Borrower’sits request, provided that such interest shall first be applied to all
outstanding Obligations at such time and the balance shall be distributed to
thesuch Borrower. 
 (d) No Issuing Lender shall at any time be obligated to issue any Letter of Credit
if (i) such issuance would conflict with, or cause such Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law, (ii) any order, judgment or decree of any Governmental Authority or
arbitrator shall by its terms purport to enjoin or restrain such Issuing Lender from issuing the Letter of Credit, or any law applicable to such Issuing Lender or any request or directive (whether or not having the force of law) from any
Governmental Authority with jurisdiction over such Issuing Lender shall prohibit, or request that such Issuing Lender refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon such Issuing
Lender with respect to the Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Lender is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such Issuing Lender any
unreimbursed loss, cost or expense which was not applicable on the Closing Date, which such Issuing Lender in good faith deems material to it and which is not subject to indemnification obligations of the applicable Borrower hereunder or (iii) issuance of the Letter of Credit would
violate one or more policies of such Issuing Lender applicable to letters of credit generally. 

  
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 (e) Unless otherwise expressly agreed by the applicable Issuing Lender and the applicable Borrower when a Letter of Credit is issued, (i) the rules of the ISP
shall apply to each standby Letter of Credit, and (ii) the rules of the UCP shall apply to each commercial Letter of Credit. Notwithstanding the foregoing, no Issuing Lender shall be responsible to the Borrower forBorrowers, and no Issuing Lender’s rights and remedies against the BorrowerBorrowers shall be impaired by, any action or inaction of such Issuing Lender required
or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the law or any order of a jurisdiction where an Issuing Lender or the beneficiary is located, the
practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade—International Financial Services
Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice. 

(f) In the event of any conflict between the terms hereof and the terms of any Application, the terms hereof shall control. 

3.2 Procedure for Issuance of Letter of Credit. TheAny Borrower may from time to time request that any Issuing Lender issue a Letter of
Credit by delivering to such Issuing Lender at its address for notices specified herein an Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other papers and information as such
Issuing Lender may reasonably request. Upon receipt of any Application, the relevant Issuing Lender will process such Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance
with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall any Issuing Lender be required to issue any Letter of Credit earlier than three Business Days after its receipt of the Application
therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by the relevant Issuing Lender and
the applicable Borrower. The relevant Issuing Lender shall furnish a copy
of such Letter of Credit to the relevant Borrower promptly following the
issuance thereof. The relevant Issuing Lender shall promptly furnish to the Administrative Agent, which shall in turn promptly furnish to the Lenders, notice of the issuance of each Letter of Credit (including the amount thereof). 

3.3 Fees and Other Charges. (a) Subject to Section 2.18(d)(iii),
theeach Borrower
willagrees to pay a fee on all of its outstanding
Letters of Credit at a per annum rate equal to the Applicable Margin then in effect with respect to Eurodollar Loans under the Revolving Facility, shared ratably among the Revolving Lenders and payable quarterly in arrears on each Fee Payment Date
after the issuance date. In addition, the applicable Borrower shall pay to
the relevant Issuing Lender for its own account a fronting fee of 0.25% per annum on the undrawn and unexpired amount of each Letter of Credit issued by such Issuing Lender
on its behalf, payable quarterly in arrears to the relevant Issuing Lender
on each Fee Payment Date after the issuance date. 
 (b) In addition to the foregoing fees, the applicable Borrower
shallagrees to pay or reimburse each Issuing Lender for such normal and customary costs and
expenses as are incurred or charged by such Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit. 

  
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 3.4 L/C Participations. (a) Each Issuing Lender irrevocably agrees to grant and hereby
grants to each L/C Participant, and, to induce such Issuing Lender to issue Letters of Credit, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from such Issuing Lender, on the terms and conditions set
forth below, for such L/C Participant’s own account and risk an undivided interest equal to such L/C Participant’s Revolving Percentage in such Issuing Lender’s obligations and rights under and in respect of each Letter of Credit and
the amount of each draft paid by such Issuing Lender thereunder. Each L/C Participant agrees with each Issuing Lender that, if a draft is paid under any Letter of Credit for which such Issuing Lender is not reimbursed in full by the applicable Borrower in accordance with the terms of this Agreement (or in the event that
any reimbursement received by such Issuing Lender shall be required to be returned by it at any time) (“Unreimbursed Amounts”), such L/C Participant shall pay to such Issuing Lender upon demand at such Issuing Lender’s address
for notices specified herein an amount equal to such L/C Participant’s Revolving Percentage of the amount that is not so reimbursed (or is so returned). Each L/C Participant’s obligation to pay such amount shall be absolute and
unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such L/C Participant may have against any Issuing Lender, theany
Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Section 5, (iii) any adverse change in the
condition (financial or otherwise) of
theany Borrower, (iv) any breach of this Agreement or any other Loan Document by theany Borrower, any other Loan Party or any other L/C Participant or (v) any other
circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 
 (b) If any amount required to be paid
by any L/C Participant to any Issuing Lender pursuant to Section 3.4(a) in respect of any unreimbursed portion of any payment made by such Issuing Lender under any Letter of Credit is paid to such Issuing Lender within three Business Days after
the date such payment is due, such L/C Participant shall pay to such Issuing Lender on demand an amount equal to the product of (i) such amount, times (ii) the daily average Federal Funds Effective Rate during the period from and including
the date such payment is required to the date on which such payment is immediately available to the relevant Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator
of which is 360. If any such amount required to be paid by any L/C Participant pursuant to Section 3.4(a) is not made available to the relevant Issuing Lender by such L/C Participant within three Business Days after the date such payment is
due, such Issuing Lender shall be entitled to recover from such L/C Participant, on demand, such amount with interest thereon calculated from such due date at the rate per annum applicable to ABR Loans under the Revolving Facility. A certificate of
the relevant Issuing Lender submitted to any L/C Participant with respect to any amounts owing under this Section shall be conclusive in the absence of manifest error. 

(c) Whenever, at any time after any Issuing Lender has made payment under any Letter of Credit and has received from any L/C Participant its
pro rata share of such payment in accordance with Section 3.4(a), such Issuing Lender receives any payment related to such Letter of Credit (whether directly from the
applicable Borrower or otherwise, including proceeds of collateral applied thereto
by such Issuing Lender), or any payment of interest on account thereof, such Issuing Lender will distribute to such L/C Participant its pro rata share thereof; provided, however, that in the event that any such payment
received by such Issuing Lender shall be required to be returned by such Issuing Lender, such L/C Participant shall return to such Issuing Lender the portion thereof previously distributed by such Issuing Lender to it. 

  
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 3.5 Reimbursement Obligation of the BorrowerBorrowers. If any draft is paid under any Letter of Credit, the applicable Borrower shall reimburse the relevant Issuing Lender for the amount of (a) the draft so paid and (b) any taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with
such payment, not later than 12:00 Noon, New York City time, on (i) the Business Day that the Parent Borrower or the
applicable Borrower receives notice of such draft, if such notice is received on such day prior to 10:00 A.M., New York City time, or (ii) if clause (i) above does not apply, the
Business Day immediately following the day that the Parent Borrower or the applicable Borrower receives such notice. Each such payment shall be made to the
relevant Issuing Lender at its address for notices referred to herein in Dollars and in immediately available funds. Interest shall be payable on any such amounts from the date on which the relevant draft is paid until payment in full at the rate
set forth in (x) until the Business Day next succeeding the date of the relevant notice, Section 2.9(b) and (y) thereafter, Section 2.9(c). 

3.6 Obligations Absolute. The Borrower’sBorrowers
’ obligations under this Section 3 shall be absolute and
unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that the BorrowerBorrowers may have or have had against any Issuing Lender, any beneficiary of a Letter
of Credit or any other Person. The
BorrowerBorrowers also
agreesagree with each Issuing Lender that such Issuing Lender shall not be responsible for, and the Borrower’s
ReimbursementBorrowers’
 Obligations under Section 3.5 shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact
prove to be invalid, fraudulent or forged, or any dispute between or among the applicable Borrower and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever of the applicable Borrower against any beneficiary of such Letter of Credit or any such
transferee. No Issuing Lender shall be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for errors or omissions
found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Issuing Lender. The
Borrower agreesBorrowers agree that any action taken or omitted by any Issuing Lender under or in connection with any Letter of Credit or the related drafts or documents, if done in the absence of gross negligence or willful misconduct, shall
be binding on the BorrowerBorrowers and shall not result in any liability of such Issuing Lender to
theany Borrower. 
 3.7 Letter of Credit Payments. If any draft shall be presented for payment under any
Letter of Credit, the relevant Issuing Lender shall promptly notify the Parent Borrower and/or the applicable Borrower of the date and amount thereof. The responsibility of the relevant Issuing Lender to the
relevant Borrower in connection with any draft presented for payment under
any Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such
presentment are substantially in conformity with such Letter of Credit. 
 3.8 Applications. To the extent that any provision of any
Application related to any Letter of Credit is inconsistent with the provisions of this Section 3, the provisions of this Section 3 shall apply. 

  
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 3.9 Actions in Respect of Letters of Credit. 

(a) Not later than the date that is ten (10) Business Days prior to the Revolving Termination Date, or at any time after the Revolving
Termination Date when the aggregate funds on deposit in the L/C Cash Collateral Account shall be less than the amounts required herein, theeach Borrower
with any Letters of Credit then outstanding shall pay to the Administrative
Agent in immediately available funds, at the Administrative Agent’s office referred to in Section 10.2, for deposit in the L/C Cash Collateral Account described in Section 3.1(c), the amount required so that, after such payment, the
aggregate funds on deposit in the L/C Cash Collateral Account are not less than 105% of the sum of all outstanding L/C Obligations with an expiration date beyond the Revolving Termination Date. 

(b) The Administrative Agent may, from time to time after funds are deposited in any L/C Cash Collateral Account, apply funds then held in such
L/C Cash Collateral Account to the payment of any amounts, in accordance with the terms herein, as shall have become or shall become due and payable by the BorrowerBorrowers to the Issuing Lenders or Lenders in respect of the L/C Obligations. The
Administrative Agent shall promptly give written notice of any such application; provided, however, that the failure to give such written notice shall not invalidate any such application. 

3.10 Reporting. Unless otherwise requested by the Administrative Agent, each Issuing Lender shall report in writing to the Administrative Agent
(i) on each Business Day, the aggregate undrawn amount of all outstanding Letters of Credit issued by it, (ii) on each Business Day on which such Issuing Lender expects to issue, amend, renew or extend any Letter of Credit, the aggregate
face amount of the Letters of Credit to be issued, amended, renewed or extended by it on such date, and no Issuing Lender shall be permitted to issue, amend, renew or extend such Letter of Credit without first notifying the Administrative Agent as
set forth herein, (iii) on each Business Day on which such Issuing Lender makes any payment pursuant to a Letter of Credit (including in respect of a time draft presented thereunder), the date of such payment and the amount of such payment and
(iv) on any other Business Day, such other information as the Administrative Agent shall reasonably request, including but not limited to prompt verification of such information as may be requested by the Administrative Agent. 

SECTION 4. REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent and the Lenders to enter into this Agreement and to make the Loans and issue or participate in the Letters
of Credit, subject to Section 10.23,
theeach Borrower hereby represents and warrants to the Administrative Agent and each Lender that: 
 4.1
Financial Condition. 
 (a) The audited consolidated balance sheets of Colony Capital and its Consolidated Subsidiaries as at
December 31, 2013, December 31, 2014 and December 31, 2015, and the related consolidated statements of income and of cash flows for the fiscal years ended on such dates, reported on by and accompanied by an unqualified report from
Ernst & Young LLP, present fairly in all material respects the consolidated financial condition of Colony Capital and its Consolidated Subsidiaries as at such date, and the consolidated results of its operations and its consolidated cash
flows for the respective fiscal years then ended. The unaudited consolidated balance sheet of Colony Capital and its Consolidated Subsidiaries as at September 30, 2016, and the related unaudited consolidated statements of income and cash flows
for the nine-month period ended on such date, present fairly the consolidated financial condition of Colony Capital and its Consolidated Subsidiaries as at such date, and the consolidated results of its operations and its consolidated cash flows for
the nine-month period then ended (subject to normal year-end audit adjustments). The Consolidating Information for the fiscal year ending December 31, 2015 and the fiscal quarter ending September 30,
2016 presents fairly in all material respects the consolidated financial condition and the consolidated results of operations and consolidated cash 

  
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flows of the Parent Borrower
and its Consolidated Subsidiaries on a standalone basis for the respective fiscal year and nine-month period, respectively, then ended. All such financial statements, including the related schedules and notes thereto, have been prepared in
accordance with GAAP applied consistently throughout the periods involved (except as approved by the aforementioned firm of accountants and disclosed therein). 

(b) The audited consolidated balance sheets of NorthStar Realty and its Consolidated Subsidiaries as at December 31, 2013,
December 31, 2014 and December 31, 2015, and the related consolidated statements of income and of cash flows for the fiscal years ended on such dates, reported on by and accompanied by an unqualified report from Grant Thornton LLP, present
fairly in all material respects the consolidated financial condition of NorthStar Realty and its Consolidated Subsidiaries as at such date, and the consolidated results of its operations and its consolidated cash flows for the respective fiscal
years then ended. The unaudited consolidated balance sheet of NorthStar Realty and its Consolidated Subsidiaries as at September 30, 2016, and the related unaudited consolidated statements of income and cash flows for the nine-month period
ended on such date, present fairly the consolidated financial condition of NorthStar Realty and its Consolidated Subsidiaries as at such date, and the consolidated results of its operations and its consolidated cash flows for the nine-month period
then ended (subject to normal year-end audit adjustments). All such financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently
throughout the periods involved (except as approved by the aforementioned firm of accountants and disclosed therein). 
 (c) The audited
consolidated balance sheets of NorthStar Asset Management and its Consolidated Subsidiaries as at December 31, 2014 and December 31, 2015, and the related consolidated statements of income and of cash flows for the fiscal years ended on
such dates, reported on by and accompanied by an unqualified report from Grant Thornton LLP, present fairly in all material respects the consolidated financial condition of NorthStar Asset Management and its Consolidated Subsidiaries as at such
date, and the consolidated results of its operations and its consolidated cash flows for the respective fiscal years then ended. The unaudited consolidated balance sheet of NorthStar Asset Management and its Consolidated Subsidiaries as at
September 30, 2016, and the related unaudited consolidated statements of income and cash flows for the nine-month period ended on such date, present fairly the consolidated financial condition of NorthStar Asset Management and its Consolidated
Subsidiaries as at such date, and the consolidated results of its operations and its consolidated cash flows for the nine-month period then ended (subject to normal year-end audit adjustments). All such
financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved (except as approved by the aforementioned firm of accountants and disclosed
therein). 
 (d) The Pro Forma Financial Statements, copies of which have heretofore been furnished to each Lender, have been prepared giving
effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of such statement of income). The Pro Forma Financial Statements have been prepared
based on the best information available to the Parent Borrower as of the date of
delivery thereof, and present fairly on a pro forma basis the estimated financial position of the Parent Borrower and its Consolidated Subsidiaries as at September 30, 2016, assuming that the events specified in the preceding sentence had actually occurred at such date. 

  
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 (e) As of the Closing Date, no Group Member has any material Guarantee Obligations, contingent
liabilities and liabilities for taxes, or any long-term leases or unusual forward or long-term commitments, including any interest rate or foreign currency swap or exchange transaction or other obligation in respect of derivatives, that are not
reflected in the most recent financial statements referred to in subsections (a), (b), (c) and (d) of this Section 4.1. 
 4.2 No
Change. Since December 31, 2015, there has been no development or event that has had or could reasonably be expected to have a Material Adverse Effect. 

4.3 Existence; Compliance with Law. Each Group Member (a) is duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization, (b) has the power and authority, and the legal right, to own and operate its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged, (c) is duly
qualified as a foreign corporation or other organization and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification and (d) is in
compliance with its Organizational Documents and all Requirements of Law except in each case referred to in clauses (b), (c) and (d), to the extent that the failure to comply therewith could not, in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 4.4 Power; Authorization; Enforceable Obligations. Each Loan Party has the power and authority, and the legal
right, to make, deliver and perform the Loan Documents to which it is a party and, in the case of
theeach Borrower, to obtain extensions of credit hereunder. Each Loan Party has taken all necessary organizational action to authorize the execution, delivery and performance of the Loan Documents to which it is a party
and, in the case of theeach Borrower, to authorize the extensions of credit on the terms and conditions of this Agreement. No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority
or any other Person is required in connection with the extensions of credit hereunder or with the execution, delivery, performance, validity or enforceability of this Agreement or any of the Loan Documents, except (i) consents, authorizations,
filings and notices which have been obtained or made and are in full force and effect and (ii) the filings referred to in Section 4.19. Each Loan Document has been duly executed and delivered on behalf of each Loan Party party thereto.
This Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of each Loan Party party thereto, enforceable against each such Loan Party in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by
proceedings in equity or at law). 
 4.5 No Legal Bar. The execution, delivery and performance of this Agreement and the other Loan
Documents, the issuance of Letters of Credit, the borrowings hereunder and the use of the proceeds thereof will not violate any Requirement of Law or any Organizational Document or Contractual Obligation of any Group Member, except where any such
violation could not reasonably be expected to have a Material Adverse Effect and will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any Requirement of Law or any such
Contractual Obligation (other than the Liens created by the Security Documents). No Requirement of Law or Contractual Obligation applicable to the
Parent Borrower or any of its Subsidiaries could reasonably be expected to have a
Material Adverse Effect. 

  
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 4.6 Litigation. No litigation, investigation or proceeding of or before any arbitrator or
Governmental Authority is pending or, to the knowledge of the Parent Borrower,
threatened by or against any Group Member or against any of their respective properties or revenues (a) with respect to any of the Loan Documents or any of the transactions contemplated hereby or thereby, or (b) that could reasonably be
expected to have a Material Adverse Effect. 
 4.7 No Default. No Group Member is in default under or with respect to any of its
Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 

4.8 Ownership of Property; Liens. Each Group Member has title in fee simple to, or a valid leasehold interest in, all its real property, and
good title to, or a valid leasehold interest in, all its other property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, and none of such property is subject to any Lien except as permitted by Section 7.3. 
 4.9 Intellectual
Property. Each Group Member owns, or is licensed to use, all Intellectual Property necessary for the conduct of its business as currently conducted. Except for such claims as could not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect, no claim has been asserted and is pending by any Person challenging or questioning the use of any Intellectual Property or the validity or effectiveness of any Intellectual Property, nor does theany
Borrower know of any valid basis for any such claim. Except as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the use of Intellectual Property by each Group Member does not infringe on the
rights of any Person. 
 4.10 Taxes. Each Group Member has timely filed or caused to be filed all Federal and state income Tax returns
and any other material Tax returns that have been required to be filed (taking into account extensions) and has timely paid all such Taxes and assessments payable by it which have become due (other than any the amount or validity of which are
currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been established); no Liens for Taxes have been filed (other than Liens for Taxes not yet due or the amount or
validity of which are being contested in good faith by appropriate proceedings, provided that adequate reserves with respect thereto are maintained in conformity with GAAP), and, to the knowledge of the Parent Borrower, as of the date hereof, no claim is being asserted with respect to any
such Tax. 
 4.11 Federal Regulations. No part of the proceeds of any Loans, and no other extensions of credit hereunder, will be used
for purchasing or “carrying” any “margin stock” or to extend credit to others for the purpose of purchasing or carrying margin stock within the respective meanings of each of the quoted terms under Regulation U as now and
from time to time hereafter in effect or for any purpose that violates the provisions of Regulations T, U or X of the Board. No more than 25% of the assets of the Group Members consist of (or after applying the proceeds of the Loans will
consist of) “margin stock” as so defined. If requested by any Lender or the Administrative Agent, the BorrowerBorrowers will furnish to the Administrative Agent and each Lender a statement to the
foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U. 

4.12 Labor Matters. Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect: (a) there are no
strikes or other labor disputes against any Group Member pending or, to the knowledge of the Parent Borrower, threatened; (b) hours worked by and payment made to employees of each Group Member have not been in violation of the Fair Labor Standards Act or any other applicable Requirement of Law dealing with
such matters; and (c) all payments due from any Group Member on account of employee health and welfare insurance have been paid or accrued as a liability on the books of the relevant Group Member. 

  
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 4.13 ERISA. Except as could not reasonably be expected, individually or in the aggregate, to have
a Material Adverse Effect: (a) each Group Member and each of their respective ERISA Affiliates is in compliance with the applicable provisions of ERISA and the provisions of the Code relating to Plans and the regulations and published
interpretations thereunder; (b) no ERISA Event or Foreign Plan Event has occurred or is reasonably expected to occur; and (c) all amounts required by applicable law with respect to, or by the terms of, any retiree welfare benefit
arrangement maintained by any Group Member or any ERISA Affiliate or to which any Group Member or any ERISA Affiliate has an obligation to contribute have been accrued in accordance with Accounting Standards Codification No. 715-60. Except as could not reasonably be expected to have a Material Adverse Effect, the present value of all accumulated benefit obligations under each Pension Plan did not, as of the date of the most
recent financial statements reflecting such amounts, exceed the fair market value of the assets of such Pension Plan allocable to such accrued benefits (determined in both cases using the applicable assumptions under Section 430 of the Code and
the Treasury Regulations promulgated thereunder), and the present value of all accumulated benefit obligations of all underfunded Pension Plans did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair
market value of the assets of all such underfunded Pension Plans (determined in both cases using the applicable assumptions under Section 430 of the Code and the Treasury Regulations promulgated thereunder). 

4.14 Investment Company Act. No Loan Party is an “investment company”, or a company “controlled” by an “investment
company”, within the meaning of the Investment Company Act of 1940, as amended. 
 4.15 Subsidiaries. As of the Closing Date,
(a) except to the extent set forth on Schedule 6.16, Schedule 4.15 sets forth the name and jurisdiction of incorporation of each Subsidiary and, as to each such Subsidiary, the percentage of each class of Capital Stock owned by any Loan Party
and (b) except as disclosed on Schedule 4.15, there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options granted to employees or directors and directors’ qualifying
shares) of any nature relating to any Capital Stock of the Parent Borrower or any
Subsidiary, except as created by the Loan Documents. 
 4.16 Use of Proceeds. The proceeds of the Revolving Loans and the Letters of
Credit shall be used to finance (x) in part, the Transactions (except any Transaction Costs paid to an Affiliate of a Lender that is not a Subsidiary of such Lender, which shall not be paid with proceeds of the Revolving Loans) and (y) the
investment activities, working capital needs and general corporate purposes of the Parent Borrower and its Subsidiaries. 
 4.17 Environmental Matters. Except as, individually or in the
aggregate, could not reasonably be expected to have a Material Adverse Effect: 
 (a) each Group Member is in compliance with all, and has
not violated any, applicable Environmental Laws; 
 (b) no Group Member has received any notice of violation, alleged violation, non-compliance, liability or potential liability or request for information regarding compliance with or liability under any Environmental Laws or regarding liability with respect to Materials of Environmental
Concern, nor is any Group Member aware of any of the foregoing concerning any property owned, leased or operated by any Group Member; 

  
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 (c) no Group Member has used, managed, stored, handled, transported, disposed of, or arranged for
the disposal of, any Materials of Environmental Concern in violation of any applicable Environmental Law, or in a manner or at any location that could give rise to liability under, any applicable Environmental Law; 

(d) no litigation, investigation or proceeding of or before any Governmental Authority or arbitrator is pending or, to the knowledge of the Parent Borrower, threatened, by or against any Group Member or against or affecting any
property owned, leased or operated by any Group Member, under any Environmental Law or regarding any Materials of Environmental Concern; nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or
other administrative or judicial requirements outstanding against any Group Member or against or affecting any property owned, leased or operated by any Group Member, under any Environmental Law or regarding any Materials of Environmental Concern;

 (e) Materials of Environmental Concern are not present at any property owned, leased or operated by any Group Member under
circumstances or conditions that could result in liability to any Group Member or interfere with the use or operation of any such property; and 

(f) no Group Member has assumed or retained, by contract or operation of law, any liability under Environmental Laws or regarding Materials of
Environmental Concern. 
 4.18 Accuracy of Information, etc. No statement or information contained in this Agreement, any other Loan
Document, the Confidential Information Memorandum or any other document, certificate or statement furnished by or on behalf of any Loan Party to the Administrative Agent or the Lenders, or any of them, for use in connection with the transactions
contemplated by this Agreement or the other Loan Documents, contained as of the date such statement, information, document or certificate was so furnished (or, in the case of the Confidential Information Memorandum, as of the date of this
Agreement), any untrue statement of a material fact or omitted to state a material fact necessary to make the statements contained herein or therein not materially misleading. The projections and pro forma financial information contained in the
materials referenced above are based upon good faith estimates and assumptions believed by management of the Parent Borrower to be reasonable at the time made, it being recognized by the Lenders that such financial information as it relates to future events is not to be viewed as fact and that actual results during the period
or periods covered by such financial information may differ from the projected results set forth therein by a material amount. 
 4.19
Security Documents. The Guarantee and Collateral Agreement is effective to create in favor of the Administrative Agent, for the benefit of the Lenders, a legal, valid and enforceable security interest in the Collateral described therein and proceeds
thereof. In the case of the Securities (as defined in the Guarantee and Collateral Agreement) that are certificated described in the Guarantee and Collateral Agreement, when stock certificates representing such Securities are delivered to the
Administrative Agent (together with a properly completed and signed stock power or endorsement), and in the case of the other Collateral described in the Guarantee and Collateral Agreement, when financing statements and other filings specified on
Schedule 4.19 in appropriate form are filed in the offices specified on Schedule 4.19 and the other actions specified on Schedule 4.19 shall have been taken, the Guarantee and Collateral Agreement shall constitute a fully perfected Lien on, and
security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds thereof, as security for the Obligations (as defined in the Guarantee and Collateral Agreement), in each case prior and superior in right to
any other Person (except Liens permitted by Section 7.3(a), (h) and (n)). 

  
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 4.20 Solvency. On the Closing Date, after giving effect to the transactions contemplated hereby
(including the borrowing of Revolving Loans and the issuance of Letters of Credit, if any), the Loan Parties, on a consolidated basis, are Solvent. 

4.21 Senior Indebtedness. The Obligations constitute “Senior Indebtedness” of the BorrowerBorrowers. The obligations of each Subsidiary Guarantor under the Guarantee and Collateral Agreement constitute “Guarantor Senior Indebtedness” of such Subsidiary Guarantor. 

4.22 Insurance. The properties of the
Parent Borrower and its Subsidiaries are insured with financially sound and
reputable insurance companies which are not Affiliates of the Parent
Borrower, in such amounts with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Parent Borrower or the applicable Subsidiary operates. 

4.23 Anti-Corruption Laws and Sanctions. The
Parent Borrower has implemented and maintains in effect policies and procedures
designed to ensure compliance by the Parent Borrower, its Affiliates and
their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower and itsBorrowers and their Affiliates and, to the knowledge of the BorrowerBorrowers, their respective officers, employees, directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects and are not knowingly engaged in any activity that would
reasonably be expected to result in
theany Borrower being designated as a Sanctioned Person. None of (a) the Parent Borrower, any
Subsidiary Borrower, any Affiliate of the foregoing or any of their respective directors, officers or employees, or (b) to the knowledge of theany Borrower, any agent of theany
Borrower or any Affiliate thereof that will act in any capacity in
connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds or other transaction contemplated by this Agreement will violate any Anti-Corruption Law or applicable
Sanctions. 
 4.24 Stock Exchange Listing. The shares of common Capital Stock of the REIT Entity are listed on the New York Stock
Exchange. 
 4.25 REIT Status. The REIT Entity has been organized and has operated in conformity with the requirements for qualification and
taxation as a REIT under the Code and all applicable regulations under the Code for each of its taxable years beginning with its taxable year ended December 31, 2009. 

4.26 EEA Financial Institutions. No Loan Party is an EEA Financial Institution. 

SECTION 5. CONDITIONS PRECEDENT 

5.1 Conditions to Initial Extension of Credit. This Agreement shall become effective on and as of the first date on which all of the following
conditions precedent (except to the extent set forth on Schedule 6.16) shall have been satisfied (or waived in accordance with Section 10.1): 

(a) Credit Agreement; Guarantee and Collateral Agreement. The Administrative Agent shall have received (i) this Agreement, executed
and delivered by the Administrative Agent, the Parent Borrower and each Person
listed on Schedule 1.1A and (ii) a guarantee and collateral acknowledgment in the form attached hereto as Exhibit I with respect to the guarantees and Liens created under the Loan Documents, executed and delivered by each Loan Party.

  
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 (b) Closing Date Payments and Reallocation. 

(i) The
Parent Borrower shall have paid to the Administrative Agent all interest, letter
of credit fees and commitment fees which are unpaid and accrued to the Closing Date under the Existing Credit Agreement; and 

(ii) The payments required pursuant to Section 10.22(b) shall have been made. 

(c) Financial Statements. The Lenders shall have received: 

(i) (A) audited consolidated financial statements of the
Parent Borrower and its Consolidated Subsidiaries for the 2013, 2014 and 2015
fiscal years; provided that the Parent Borrower may satisfy its
obligations with respect to financial information relating to the Parent
Borrower described above by furnishing financial information relating to Colony Capital; provided further that, with respect to the financial statements for the 2015 fiscal year, (x) the same is accompanied by Consolidating
Information and (y) the Consolidating Information shall be certified by a Responsible Officer of the Parent Borrower as presenting fairly in all material respects the financial condition and results of operations of the
Parent Borrower and its Consolidated Subsidiaries on a standalone basis;
(B) audited consolidated financial statements of NorthStar Realty and its Consolidated Subsidiaries for the 2013, 2014 and 2015 fiscal years and (C) audited financial statements of NorthStar Asset Management and its Consolidated
Subsidiaries for the 2014 and 2015 fiscal years; 
 (ii) unaudited financial statements of each of the Parent Borrower, NorthStar Realty and NorthStar Asset Management and each of their
respective Consolidated Subsidiaries, for the fiscal quarters ended March 31, 2016, June 30, 2016 and September 30, 2016; and 

(iii) a pro forma consolidated balance sheet and related pro forma consolidated statement of income of the Parent Borrower and its Subsidiaries as of and for the nine-month period ending on
September 30, 2016, prepared after giving effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of such statement of income) (the
“Pro Forma Financial Statements”) and (ii) such other “roll forward” pro forma financial information as the Administrative Agent may reasonably request with respect to subsequent fiscal periods. 

(d) Approvals. All governmental and third party approvals necessary in connection with the continuing operations of the Group Members
and the transactions contemplated hereby shall have been obtained and be in full force and effect, and all applicable waiting periods shall have expired without any action being taken or threatened by any competent authority that would restrain,
prevent or otherwise impose adverse conditions on the financing contemplated hereby. 
 (e) Lien Searches. The Administrative Agent
shall have received the results of a recent Lien search with respect to each Loan Party, and such search shall reveal no Liens on any of the assets of the Loan Parties except for Liens permitted by Section 7.3 or discharged on or prior to the
Closing Date pursuant to documentation satisfactory to the Administrative Agent. 

  
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 (f) Fees. The Administrative Agent shall have received all fees required to be paid to the
Arrangers and the Lenders, and all expenses for which invoices have been presented (including the reasonable and documented out-of-pocket fees and expenses of legal
counsel), on or before the Closing Date. Such amounts may be paid with proceeds of Revolving Loans made on the Closing Date and, if so, will be reflected in the funding instructions given by the Parent Borrower to the Administrative Agent on or before the Closing Date. 

(g) Closing Certificate; Certified Certificate of Incorporation; Good Standing Certificates. The Administrative Agent shall have
received (i) a certificate of each Loan Party, dated the Closing Date, substantially in the form of Exhibit C, with appropriate insertions and attachments, including the certificate of incorporation or certificate of formation, as applicable,
of each Loan Party certified by the relevant authority of the jurisdiction of organization of such Loan Party or confirmation that such certificate of incorporation or certificate of formation most recently delivered in connection with the Existing
Credit Agreement has not been amended, modified or terminated and remains in full force and effect, and (ii) a long form good standing certificate for each Loan Party from its jurisdiction of organization. 

(h) Legal Opinions. The Administrative Agent shall have received the legal opinion of each of (i) Hogan Lovells LLP, counsel to the
Parent Borrower and its Subsidiaries and (ii) Morris, Nichols,
Arsht & Tunnell LLP, special Delaware counsel to the Colony Mortgage Capital Loan Parties. Such legal opinions shall cover such other matters incident to the transactions contemplated by this Agreement as the Administrative Agent may
reasonably require. 
 (i) Pledged Stock; Stock Powers. The Administrative Agent shall have received the certificates (if any)
representing the shares of Capital Stock pledged pursuant to the Guarantee and Collateral Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof. 

(j) Filings, Registrations and Recordings. Subject to the provisions of Section 6.10(d), each document (including any Uniform
Commercial Code financing statement) required by the Security Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor of the Administrative Agent, for the
benefit of the Lenders, a perfected Lien on the Collateral described therein, prior and superior in right to any other Person (other than with respect to Liens expressly permitted by Section 7.3), shall be in proper form for filing,
registration or recordation. 
 (k) Certificates. 

(i) a certificate of a Responsible Officer of each Loan Party either (A) attaching copies of all consents, licenses and
approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force
and effect, or (B) stating that no such consents, licenses or approvals are so required. 

  
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 (ii) a Compliance Certificate executed by a Responsible Officer of the Parent Borrower, giving pro forma effect to the effectiveness of this Agreement.

 (iii) a certificate signed by a Responsible Officer of the
Parent Borrower (x) certifying (A) that the conditions specified in this
Section 5 have been satisfied (other than with respect to the satisfaction of the Administrative Agent or any Lender) and (B) that, since December 31, 2015, there has been no development or event that has had or could reasonably be
expected to have a Material Adverse Effect on (1) the business, assets, financial condition or results of operations of (a) the
Parent Borrower or (b) the Parent Borrower, its Subsidiaries and any of the entities in which they have invested
directly or indirectly, taken as a whole or (2) the facts and information, taken as a whole, regarding any such entities as heretofore disclosed to the Administrative Agent and the Lenders and (y) certifying that the Parent Borrower has delivered true and correct copies of the operating agreements,
partnership agreements or other applicable organizational documents of each Affiliated Investor in which all or a portion of its Capital Stock are owned directly by a Loan Party. 

(iv) a certificate signed by a Responsible Officer of the
Parent Borrower setting forth (A) a reasonably detailed pro forma calculation
of the Maximum Permitted Outstanding Amount as of the Closing Date after giving effect to the Transactions and (B) a reasonably detailed pro forma calculation of the financial ratios and metrics set forth in Section 7.1 giving effect to
the Transactions (but, for the avoidance of doubt with respect to this clause (B), subject to compliance with Section 5.1(n) below, there shall be no requirement that such calculations evidence compliance with any ratio or metric as a condition
to the Closing Date). 
 (l) Solvency. The Administrative Agent shall have received a certificate from the chief financial
officer or treasurer of the Parent Borrower, in form and substance reasonably
acceptable to the Administrative Agent certifying that the Parent Borrower
and its Subsidiaries, on a consolidated basis after giving effect to this Agreement, the transactions contemplated hereby (including the borrowing of Revolving Loans, if any) and the Transactions are Solvent as of the Closing Date. 

(m) KYC Information. The Lenders shall have received, to the extent requested by the Administrative Agent in writing at least ten
(10) days prior to the Closing Date, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act, in
each case at least five (5) days prior to the Closing Date. 
 (n) Representations and Warranties; No Default. The conditions set
forth in Section 5.2(a) and (b) shall have been satisfied. 
 (o) Insurance. The Administrative Agent shall have received
evidence of insurance required to be maintained pursuant to the Loan Documents. 

  
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 (p) Merger. The Merger shall be consummated pursuant to the Merger Agreement (including
the consummation of the Reorganization) substantially concurrently with the Closing Date. 
 (q) Closing Date Material Adverse Effect.
(i) Since the date of the Merger Agreement, no Material Adverse Effect (as defined in the Merger Agreement) with respect to NorthStar Asset Management shall have occurred and (ii) since the date of the Merger Agreement, no Material Adverse
Effect (as defined in the Merger Agreement) with respect to NorthStar Realty shall have occurred. 
 (r) Termination of Commitments.
The commitments under that certain Commitment Letter, dated as of June 2, 2016, by and among the Parent Borrower, JPMorgan Chase Bank, N.A., Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated and the other parties party thereto shall be terminated in full. 

For the purpose of determining compliance with the conditions specified in this Section 5.1, each Lender that has signed this Agreement shall be deemed to
have accepted, and to be satisfied with, each document or other matter required under this Section 5.1 unless the Administrative Agent shall have received written notice from such Lender prior to the proposed Closing Date specifying its
objection thereto. 
 5.2 Conditions to Each Extension of Credit. The agreement of each Lender to make any extension of credit requested to
be made by it on any date (including its initial extension of credit) is subject to the satisfaction (or waiver in accordance with Section 10.1) of the following conditions precedent: 

(a) Representations and Warranties. Each of the representations and warranties made by any Loan Party in or pursuant to the Loan
Documents shall be true and correct in all material respects (or, if such representations and warranties are qualified by materiality, in all respects) on and as of such date as if made on and as of such date (except that any representations and
warranties which expressly relate to an earlier date shall be true and correct in all material respects (or, if such representations and warranties are qualified by materiality, in all respects) as of such earlier date). 

(b) No Default. No Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the
extensions of credit requested to be made on such date. 
 (c) No Bridge Loans. No Indebtedness incurred pursuant to
Section 7.2(h) shall remain outstanding. 
 (d) No Suspension Period. No Suspension Period shall be in effect. 

Each borrowing by and issuance of a Letter of Credit on behalf of thea Borrower hereunder shall constitute a representation and warranty by thesuch Borrower
(and,
 if such Borrower is a Subsidiary Borrower, by the Parent Borrower) as
of the date of such extension of credit that the conditions contained in this Section 5.2 have been satisfied. 

  
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 SECTION 6. AFFIRMATIVE COVENANTS 

Subject to Section 10.23, theeach Borrower hereby agrees that, until Payment in Full, the Parent Borrower shall and shall cause each of its respective Subsidiaries to: 

6.1 Financial Statements. Furnish to the Administrative Agent for distribution to each Lender: 

(a) as soon as available, but in any event within 90 days after the end of each fiscal year of the Parent Borrower, a copy of the audited consolidated balance sheet of the Parent Borrower and its Consolidated Subsidiaries as at the end of such year and the
related audited consolidated statements of income and of cash flows for such year, setting forth in each case in comparative form the figures for the previous year, reported on without a “going concern” or like qualification or exception,
or qualification arising out of the scope of the audit (except for any going concern exception or explanatory paragraph that is expressly solely with respect to, or expressly resulting solely from, the upcoming Revolving Termination Date occurring
within one year from the time such report is delivered), by Ernst & Young LLP or other independent certified public accountants of nationally recognized standing; 

(b) as soon as available, but in any event not later than 45 days after the end of each of the first three quarterly periods of each fiscal
year of the Parent Borrower, the unaudited consolidated balance sheet of the
Parent Borrower and its Consolidated Subsidiaries as at the end of such
quarter and the related unaudited consolidated statements of income and of cash flows for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures for the previous
year, certified by a Responsible Officer of the Parent Borrower as
presenting fairly in all material respects the financial condition and results of operations of the Parent Borrower and its Consolidated Subsidiaries (subject to normal year-end audit adjustments and the lack of footnotes); and 

(c) as soon as available, but in any event not later than March 31, 2017, a pro forma consolidated balance sheet and related pro forma
consolidated statement of income of the Parent Borrower and its Consolidated
Subsidiaries as of and for the twelve-month period ending on the last day of the four-fiscal quarter period ended on December 31, 2016, prepared after giving effect to the Transactions as if the Transactions had occurred as of such date (in the
case of the balance sheet) or at the beginning of such period (in the case of the statement of income). 
 All such financial statements shall be
prepared in reasonable detail and in accordance with GAAP applied (except as approved by such accountants or officer, as the case may be, and disclosed in reasonable detail therein) consistently throughout the periods reflected therein and with
prior periods. 
 Notwithstanding the foregoing, the
Parent Borrower will be permitted to satisfy its obligations with respect to
financial information relating to the Parent Borrower described in clauses
(a) and (b) above by furnishing financial information relating to the REIT Entity; provided that (i) the same is accompanied by consolidating information that explains in reasonable detail the differences between the information
relating to the REIT Entity and its Consolidated Subsidiaries, on the one hand, and the information relating to the
Parent
 Borrower and its Consolidated Subsidiaries on a standalone basis, on the other hand, with respect to the consolidated balance sheet and income statement (“Consolidating
Information”) and (ii) the Consolidating Information shall be certified by a Responsible Officer of the Parent
Borrower as presenting fairly in all material respects the financial condition and results of operations of the
Parent Borrower and its Consolidated Subsidiaries on a standalone basis.

  
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 6.2 Certificates; Other Information. Furnish to the Administrative Agent for distribution to each
Lender (or, in the case of clause (g), to the relevant Lender): 
 (a) as soon as available, but in any event not later than 90 days after
the end of each fiscal year of the Parent Borrower, to the extent consistent with
the policy of the independent certified public accountants reporting on the financial statements referred to in Section 6.1(a), a certificate of such independent certified public accountants stating that in making the examination necessary
therefor no knowledge was obtained of any Event of Default pursuant to Section 7.1, except as specified in such certificate; 

(b) as soon as available, but in any event not later than 90 days after the end of each fiscal year of the Parent Borrower and 45 days after the end of each of the first three quarterly periods
of each fiscal year of the Parent Borrower, (i) a certificate of a
Responsible Officer of the Parent Borrower stating that such Responsible
Officer has obtained no knowledge of any Default or Event of Default except as specified in such certificate and (ii) (x) a Compliance Certificate containing calculations necessary for determining compliance by each Group Member with the
provisions of Section 7.1 as of the last day of the fiscal quarter or fiscal year of the Parent Borrower, as the case may be and (y) to the extent not previously disclosed to the Administrative Agent, (1) a description of any change in the jurisdiction of organization of any Loan Party, (2) a
list of any Capital Stock acquired by any Loan Party (or a structure chart depicting such Capital Stock), (3) a description of any Person that has become a Wholly-Owned Subsidiary
of the Parent Borrower that is a Domestic Subsidiary (other than an
Excluded Subsidiary) (or a structure chart depicting such Persons) and (4) a description of any Person that has become an Excluded Subsidiary of the type described in clause (ii) of the definition of “Excluded Subsidiary”, in
each case since the date of the most recent report delivered pursuant to this clause (y) (or, in the case of the first such report so delivered, since the Closing Date); 

(c) as soon as available, but in any event no later than 90 days after the end of each fiscal year of the Parent Borrower, a detailed consolidated budget for the following fiscal year (including
a projected consolidated balance sheet of the Parent Borrower and its
Subsidiaries as of the end of the following fiscal year, the related consolidated statements of projected cash flow and projected income and a description of the underlying assumptions applicable thereto) (collectively, the
“Projections”), which Projections shall in each case be accompanied by a certificate of a Responsible Officer
of the Parent Borrower stating that such Projections are prepared in good
faith based upon assumptions believed to be reasonable at the time furnished (it being recognized that such Projections are not to be viewed as facts and that actual results during the period or periods covered by any such Projections may differ
from the projected results, and such differences may be material); 
 (d) as soon as available, but in any event no later than 90 days
after the end of each fiscal year of the Parent Borrower and 45 days after the end
of each of the first three quarterly periods of each fiscal year of the
Parent Borrower, a certificate of a Responsible Officer of the Parent Borrower setting forth a reasonably detailed calculation of the Maximum

  
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Permitted Outstanding Amount on the last date of the relevant period covered by the financial statements for such fiscal period (including (i) a list of each Investment Asset owned by any
Colony Fund and the pro rata share of such Investment Asset that is attributable to the applicable Loan Party or Affiliated Investor’s limited partnership interest, limited liability company membership interest or other similar equity interest
in such Colony Fund as determined in accordance with clause (xiii) of the proviso to the definition of “Maximum Permitted Outstanding Amount” and (ii) operating results of the investment management segment which details the
components of Fee-Related Earnings and any other information necessary to determine Fee-Related Earnings); provided that in the event that the Total Revolving
Extensions of Credit outstanding at any time exceeds 90% of the Maximum Permitted Outstanding Amount at such time, the
Parent Borrower shall provide such certificates to the Administrative Agent on
demand; 
 (e) promptly after the same are sent, copies of all financial statements and reports that the Parent Borrower sends to the holders of any class of its debt securities or public
equity securities and, promptly after the same are filed, copies of all financial statements and reports that the
Parent Borrower may make to, or file with, the SEC; 

(f) promptly following receipt thereof, copies of (i) any documents described in Section 101(k) or 101(l) of ERISA that any Group
Member or any ERISA Affiliate may request with respect to any Multiemployer Plan or any plan funding notice described in Section 101(f) of ERISA with respect to any Pension Plan or any Multiemployer Plan provided to or received by any Group
Member or any ERISA Affiliate; provided, that if the relevant Group Members or ERISA Affiliates have not received or requested, as applicable, such documents or notices from the administrator or sponsor of the applicable Multiemployer Plans,
then, upon reasonable request of the Administrative Agent, such Group Member or the ERISA Affiliate shall promptly make a request for such documents or notices from such administrator or sponsor and the Parent Borrower shall provide copies of such documents and notices to the Administrative
Agent promptly after receipt thereof; and 
 (g) promptly, such additional financial and other information (including, for the
avoidance of doubt, asset-level data) as the Administrative Agent or any Lender may from time to time reasonably request; provided that in no event shall the
Parent Borrower or any Subsidiary be required to disclose information (x) to
the extent that such disclosure to the Administrative Agent or such Lender violates any bona fide contractual confidentiality obligations by which it is bound, so long as (i) such obligations were not entered into in contemplation of this
Agreement or any other Loan Document, and (ii) such obligations are owed by it to a third party, or (y) if such information is subject to attorney-client privilege and as to which the Parent Borrower or the applicable Subsidiary has been advised by counsel that the
provision of such information to the Administrative Agent or such Lender would give rise to a waiver of such attorney-client privilege. 

  
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 Information required to be delivered pursuant to Section 6.1 and clause (e) of this Section 6.2
shall be deemed to have been delivered if such information, or one or more annual or quarterly reports containing such information, shall be available on the website of the
Parent Borrower or the REIT Entity or the SEC at http://www.sec.gov. 

6.3 Payment of Obligations. Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all
its material obligations in respect of Tax liabilities and other governmental charges, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with
respect thereto have been provided on the books of the relevant Group Member. 
 6.4 Maintenance of Existence; Compliance. (a)(i) Preserve,
renew and keep in full force and effect its organizational existence and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, except, in each case, as
otherwise permitted by Section 7.4 and except, in the case of this clause (ii), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and (b) comply with all Contractual Obligations and
Requirements of Law except to the extent that failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. The
Parent Borrower will maintain in effect and enforce policies and procedures
designed to ensure compliance by the Parent Borrower, its Affiliates and
their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 
 6.5 Maintenance of
Property; Insurance. (a) Except as could not, in the aggregate, reasonably be expected to have a Material Adverse Effect, keep all property useful and necessary in its business in good working order and condition, ordinary wear and tear
excepted and (b) maintain with financially sound and reputable insurance companies insurance on all its property in at least such amounts and against at least such risks (but including in any event public liability, product liability and
business interruption) as are usually insured against in the same general area by companies engaged in the same or a similar business. 
 6.6
Inspection of Property; Books and Records; Discussions. (a) Keep proper books of records and account (in which full, true and correct entries shall be made of all material financial transactions and matters involving the assets and business of
the Parent Borrower and its Subsidiaries) in a manner that permits the preparation
of financial statements in conformity with GAAP and all Requirements of Law and (b) permit representatives of the Administrative Agent or any Lender to visit and inspect any of its properties and examine and make abstracts from any of its books
and records at any reasonable time during normal business hours and as often as may reasonably be desired, upon reasonable advance notice to the
Parent Borrower and to discuss the business, operations, properties and
financial and other condition of the Group Members with officers and employees of the Group Members and with their independent certified public accountants; provided, however, that so long as no Event of Default exists, the
Administrative Agent on behalf of the Lenders shall be permitted to make only one (1) such visit per fiscal year at the expense of the
Parent Borrower. 

6.7 Notices. Promptly upon a Responsible Officer
of the Parent Borrower becoming aware of the occurrence of any of the following
events, give notice to the Administrative Agent for distribution to the Lenders: 
 (a) of the occurrence of any Default or Event of
Default; 

  
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 (b) of any (i) default or event of default under any Contractual Obligation of any Group
Member or (ii) litigation, investigation or proceeding that may exist at any time between any Group Member and any Governmental Authority, that in either case, if not cured or if adversely determined, as the case may be, could reasonably be
expected to have a Material Adverse Effect; 
 (c) of any litigation or proceeding affecting any Group Member (i) which could reasonably
be expected to have a Material Adverse Effect and is not covered by insurance, (ii) in which injunctive or similar relief is sought or (iii) which relates to any Loan Document; 

(d) of the occurrence of any ERISA Event or Foreign Plan Event that, alone or together with any other ERISA Events and/or Foreign Plan Events
that have occurred, could reasonably be expected to have a Material Adverse Effect; 
 (e) if at any time the Total Revolving Extensions of
Credit outstanding exceeds 90% of the Maximum Permitted Outstanding Amount; 
 (f) of any Trigger Event; 

(g) of any development or event that has had or could reasonably be expected to have a Material Adverse Effect; and 

(h) of any Subsidiary Guarantor being a Specified Subsidiary. 

Each notice pursuant to this Section 6.7 shall be accompanied by a statement of a Responsible Officer of the Parent Borrower setting forth details of the occurrence referred to therein and
stating what action the relevant Group Member proposes to take with respect thereto. 
 6.8 Environmental Laws. (a) Comply with,
and ensure compliance by all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply with and maintain, and ensure that all tenants and subtenants obtain and comply with and maintain, any and all licenses,
approvals, notifications, registrations or permits required by applicable Environmental Laws to continue activities as currently conducted; and 

(b) Generate, use, treat, store, release, transport, dispose of, and otherwise manage all Materials of Environmental Concern in a manner that
does not result in liability to any Group Member and does not impair the use of any property owned, leased or operated by any Group Member, and take reasonable efforts to prevent any other Person from generating, using, treating, storing, releasing,
transporting, disposing of, or otherwise managing Materials of Environmental Concern in a manner that could result in a liability to, or impair the use of any real property owned, leased or operated by, any Group Member; 

  
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 it being understood that this Section 6.8 shall be deemed not breached by a noncompliance with any of the
foregoing (a) or (b) provided that such non-compliance, in the aggregate with any other such non-compliance, could not reasonably be expected to have a
Material Adverse Effect. 
 6.9 Maintenance of REIT Status; New York Stock Exchange Listing. The REIT Entity will at all times maintain its
status as a REIT in compliance with the Code and all applicable regulations under the Code. The REIT Entity will also at all times be listed on the New York Stock Exchange.  

6.10 Additional Collateral, etc. (a) With respect to any property acquired after the Closing Date by any Loan Party that is property of
the type which would otherwise constitute Collateral subject to the Lien created by any of the Security Documents but is not yet so subject (including, without limitation, (x) all Capital Stock held by any Loan Party in any newly formed or
acquired Subsidiary of the Parent Borrower and (y) all Capital Stock held by
any Loan Party in any Affiliated Investor) (collectively, the “After-Acquired Property”), promptly but in any event within 60 days after the end of the fiscal year during which such property was acquired (or by such later date as
the Administrative Agent may agree in its sole discretion) (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Administrative Agent may reasonably request
to grant to the Administrative Agent, for the benefit of the Lenders, a security interest in such property and (ii) take all actions necessary or reasonably requested to grant to the Administrative Agent, for the benefit of the Lenders, a
perfected first priority security interest in such property, including (A) the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be
requested by the Administrative Agent and (B) the delivery of the certificates (if any) representing any such Capital Stock acquired (together with undated stock powers or other appropriate instruments of transfer executed and delivered in
blank by a duly authorized officer of the holder(s) of such Capital Stock); provided that to extent that the documents described in clause (i) of this clause (a) have not been executed and delivered or the actions described in
clause (ii) of this clause (a) have not been taken, in each case, with respect to any After-Acquired Property with an aggregate value in excess of 5.0% of the Total Asset Value at any time, the Parent Borrower shall cause the requirements set forth in clauses (i) and (ii) of
this clause (a) to be met within 60 days after the end of the fiscal quarter during which such limit was exceeded to the extent necessary to eliminate such excess. 

(b) With respect to any new Wholly-Owned Subsidiary
of the Parent Borrower that is a Domestic Subsidiary (other than an Excluded
Subsidiary or an Excluded Foreign Subsidiary) created or acquired after the Closing Date by any Group Member (which, for the purposes of this paragraph (b), shall include any existing Subsidiary that ceases to be an Excluded Subsidiary or Excluded
Foreign Subsidiary) (collectively, the “New Subsidiaries”), promptly but in any event within 60 days after the end of the fiscal year during which such New Subsidiary was created or acquired (or by such later date as the
Administrative Agent may agree in its sole discretion), (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent may reasonably request to grant to the Administrative
Agent, for the benefit of the Lenders, a perfected first priority security interest in the Capital Stock of such New Subsidiary that is owned by any Loan Party, (ii) deliver to the Administrative Agent the certificates representing such Capital
Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, (iii) cause such New Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and
(B) to take such actions necessary or reasonably requested to grant to the Administrative Agent for the benefit of the Lenders a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement
with respect to such New 

  
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Subsidiary, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be
reasonably requested by the Administrative Agent and (C) to deliver to the Administrative Agent a certificate of such New Subsidiary, substantially in the form of Exhibit C, with appropriate insertions and attachments and (iv) if requested
by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent;
provided that to extent that such New Subsidiaries that have not yet executed and delivered the documents and taken the actions described in clauses (i) through (iv) of this clause (b) have assets with an aggregate value in excess
of 5.0% of the Total Asset Value at any time, the Parent Borrower shall cause such
New Subsidiaries to comply with clauses (i) through (iv) of this clause (b) within 60 days after the end of the fiscal quarter during which such limit was exceeded to the extent necessary to eliminate such excess. 

(c) With respect to any new Excluded Foreign Subsidiary created or acquired after the Closing Date directly by any Loan Party, promptly but in
any event within 60 days after the end of the fiscal year during which such New Excluded Foreign Subsidiary was created or acquired (or by such later date as the Administrative Agent may agree in its sole discretion) (i) execute and deliver to
the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent may reasonably request to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest
in the Capital Stock of such new Subsidiary that is owned by any Loan Party (provided that in no event shall more than 66% of the total outstanding voting Capital Stock, as determined for U.S. federal income tax purposes, of any such new
Subsidiary be required to be so pledged), and (ii) deliver to the Administrative Agent the certificates (if any) representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer
of the relevant Loan Party, and take such other action as may be necessary or reasonably requested by the Administrative Agent to perfect the Administrative Agent’s security interest therein and (iii) if requested by the Administrative
Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. Notwithstanding the foregoing or
any other provision of the Loan Documents, the Loan Parties shall not be required to undertake such perfection actions in any jurisdictions outside the United States. 

(d) Notwithstanding the foregoing, each Other Merger Party and each of their Subsidiaries that are Wholly-Owned Subsidiaries and Domestic
Subsidiaries of the Parent Borrower after giving effect to the Transactions (other
than an Excluded Subsidiary, an Excluded Foreign Subsidiary or an Other Merger Party Excluded Subsidiary) (collectively, the “Merger Loan Parties”) shall promptly but in any event within sixty (60) days after the Closing Date
(or by such later date as the Administrative Agent may agree in its sole discretion) (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent may reasonably
request to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest in the Capital Stock of such Merger Loan Party that is owned by any Loan Party, (ii) deliver to the Administrative Agent
the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan 

  
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Party, (iii) cause such Merger Loan Party (A) to become a party to the Guarantee and Collateral Agreement and (B) to take such actions necessary or reasonably requested to grant to
the Administrative Agent for the benefit of the Lenders a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such Merger Loan Party, including the filing of Uniform
Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Administrative Agent; (provided, that, the Administrative Agent may agree, in
its sole discretion, to permit any Merger Loan Party an additional amount of time following its joinder to the Guarantee and Collateral Agreement to comply with any Control Agreement requirements set forth therein (the date by which any such
compliance shall be required, the “Merger Party Compliance Date” with respect to such Merger Loan Party) and (C) to deliver to the Administrative Agent a certificate of such Merger Loan Party, substantially in the form of
Exhibit C, with appropriate insertions and attachments and (iv) deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory
to the Administrative Agent. For the avoidance of doubt, in no event shall any Other Merger Party Excluded Subsidiary or its assets contribute to the Maximum Permitted Outstanding Amount. 

(e) Notwithstanding anything set forth herein or any of the other Loan Documents, with respect to any Collateral that is not included in the
calculation of the Maximum Permitted Outstanding Amount, the Loan Parties shall not be required to obtain third party acknowledgements, agreements or consents in support of the creation, perfection or enforcement of security interests in such
Collateral. In addition, the requirements of this Section 6.10 shall not apply to (i) any assets or Subsidiaries created or acquired after the Closing Date, as applicable, as to which the Administrative Agent has reasonably determined, and
has advised the Parent Borrower, that such requirements need not be satisfied
because, inter alia, the collateral value thereof is insufficient to justify the difficulty, time and/or expense of obtaining a perfected security interest therein or (ii) require the pledge of any Qualified Non-Pledged Asset or other Investment Asset that would otherwise constitute Excluded Collateral (as defined in the Guarantee and Collateral Agreement). 

(f) Notwithstanding anything
to the contrary set forth in this Agreement, each Subsidiary Borrower and any other applicable Loan Party shall, on the date such Subsidiary becomes a Subsidiary Borrower under this Agreement, (A) execute and deliver to the Administrative Agent
such amendments to such Security Documents (or such additional Security Documents) as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority
security interest in the Capital Stock of such Subsidiary Borrower, (B) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly
authorized officer of the Parent Company or such other Loan Party, as the case may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Administrative Agent’s security
interest therein, (C) execute and deliver to the Administrative Agent such amendments to such Security Documents (or such additional Security Documents and guarantee documents) as the Administrative Agent deems necessary or advisable for such
Subsidiary Borrower to become a party to each applicable Security Document and guarantee document in its capacity as a Subsidiary Borrower, (D) execute and deliver such other documents as the Administrative Agent 

  
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deems necessary or advisable to grant to the Administrative Agent, for the
benefit of the Lenders, a security interest in such property of such Subsidiary Borrower that is of the type included in the Collateral and (E) take all actions necessary or advisable to grant to the Administrative Agent, for the benefit of the
Secured Parties, a perfected security interest in such property having the highest priority then available, including the filing of Uniform Commercial Code financing statements (or equivalent documents under local law) in such jurisdictions as may
be required by the Security Documents or by law or as may be reasonably requested by the Administrative Agent. 

6.11 Use of Proceeds. The proceeds of the Loans shall be used to finance (x) in part, the Transactions (except any Transaction Costs paid
to an Affiliate of a Lender that is not a Subsidiary of such Lender, which shall not be paid with proceeds of the Revolving Loans) and (y) the investment activities, working capital needs and general corporate purposes of the Parent Borrower and its Subsidiaries. 

6.12 Information Regarding Collateral. The
Parent Borrower shall provide prompt (but in any event within ten (10) days
of any such change) written notice to the Administrative Agent of any change (i) in any Loan Party’s legal name, (ii) in the location of any Loan Party’s chief executive office, (iii) in any Loan Party’s identity or
type of organization, (iv) in any Loan Party’s Federal Taxpayer Identification Number (or equivalent thereof), or (v) in any Loan Party’s jurisdiction of organization (in each case, including by merging with or into any other
entity, reorganizing, dissolving, liquidating, reorganizing or organizing in any other jurisdiction), in each case, clearly describing such change and providing such other information in connection therewith as the Administrative Agent may
reasonably request. Prior to effecting any such change, the Parent Borrower
shall have taken (or will take on a timely basis) all action required to maintain the perfection and priority of the security interest of the Administrative Agent in the Collateral, if applicable. The Parent Borrower agrees to promptly provide the Administrative Agent with certified
organization documents reflecting any of the changes described in the preceding sentence, to the extent applicable. 
 6.13
Organization Documents of Affiliated Investors. The Parent Borrower shall provide
the Administrative Agent with a copy of the organization documents of each Affiliated Investor promptly upon request by the Administrative Agent. 

6.14 Distribution Accounts. (a) The
Parent Borrower shall irrevocably instruct each Affiliated Investor that directly
or indirectly owns an Investment Asset or receives any Fee-Related Earnings, to make any and all Distributions from such Affiliated Investor that are payable to any Loan Party into one or more deposit accounts
or securities accounts, as applicable, that is subject to a Control Agreement and maintained by such Loan Party at JPMorgan Chase Bank, N.A. or an Affiliate thereof or any other depositary bank or securities intermediary, as applicable, reasonably
acceptable to the Administrative Agent (each such deposit account and securities account, a “Distribution Account”). In addition, the
Parent Borrower shall irrevocably instruct each Affiliated Investor that
directly or indirectly receives any Fee-Related Earnings from a Colony Fund to distribute such Fee-Related Earnings to a Loan Party, which Distribution of such Fee-Related Earnings shall be deposited directly into the Distribution Account of such Loan Party in accordance with the foregoing sentence. If, despite such instructions, any Distribution is received by a Loan
Party in contravention of the prior sentences, such Loan Party shall receive such Distribution in trust for the benefit of the Administrative Agent, and the
Parent Borrower shall cause such Loan Party to segregate such Distribution
from all other funds of such Loan Party and shall within two (2) Business Days following receipt thereof cause such Distribution to be deposited into a Distribution Account. Notwithstanding the foregoing, the Merger Loan Parties shall have
until the Merger Party Compliance Date to comply with this Section 6.14(a) (it being understood, for the avoidance of doubt, that no Fee-Related Earnings of any such Merger Loan Party shall contribute to
the Maximum Permitted Outstanding Amount during such period). 

  
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 (b) TheEach Borrower and each Subsidiary Guarantor that directly or indirectly owns and holds
any Investment Asset or directly or indirectly receives any Fee-Related Earnings from a Colony Fund shall promptly (and in any event within two (2) Business Days) deposit any and all payments and other
amounts received by thesuch Borrower or such Subsidiary Guarantor (i) relating to such Investment Asset or received by any Affiliated Investor that, directly or indirectly, owns such Investment Asset (including, without limitation, all
payments of principal, interest, fees, indemnities or premiums in respect of such Investment Asset, and all proceeds from the sale or other disposition of, or from any exercise of any rights or remedies with respect to, such Investment Asset) or
(ii) constituting Fee-Related Earnings into a Distribution Account; provided, that, the Merger Loan Parties shall have until the Merger Party Compliance Date to comply with this
Section 6.14(b) (it being understood, for the avoidance of doubt, that no Fee-Related Earnings of any such Merger Loan Party shall contribute to the Maximum Permitted Outstanding Amount during such
period). 
 (c) Notwithstanding the foregoing, the
Parent Borrower and each other Loan Party shall have the right (i) to access
and make withdrawals from its Distribution Account at any time unless an Event of Default shall have occurred and be continuing and the Administrative Agent shall have blocked access to such Distribution Account and (ii) in the case that an
Event of Default shall have occurred and be continuing and the Administrative Agent shall have blocked access to such Distribution Account, to access and make withdrawals from its Distribution Account as necessary to make the distributions
contemplated by Section 7.6(e) so long as no Event of Default has occurred pursuant to Section 8(a) or 8(f). 
 6.15
Valuation. The Parent Borrower shall determine the Adjusted Net Book Value of each
Investment Asset included in the Maximum Permitted Outstanding Amount on a quarterly basis, consistent with the
Parent Borrower’s valuation policy as of the Closing Date. 

6.16 Post-Closing Obligations. As promptly as practicable, and in any event within the applicable time period set forth in Schedule 6.16 (or by
such later date as the Administrative Agent may agree in its sole discretion), the Parent Borrower and each other Loan Party will deliver or cause to be delivered to the Administrative Agent all documents and take all actions set forth on Schedule 6.16. For the avoidance of doubt, to the extent any
Loan Document requires delivery of any such document or completion of any such action prior to the date specified with respect thereto on Schedule 6.16, such delivery may be made or such action may be taken at any time prior to the time specified on
Schedule 6.16. To the extent any representation and warranty would not be true or any provision of any covenant would otherwise be breached solely due to a failure to comply with any such requirement prior to the date specified on Schedule 6.16, the
respective representation and warranty shall be required to be true and correct (or the respective covenant complied with) with respect to such action only at the time such action is taken (or was required to be taken) in accordance with this
Section 6.16. 

  
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 SECTION 7. NEGATIVE COVENANTS 

Subject to Section 7.18 and Section 10.23, the
Parent Borrower hereby agrees that, until Payment in Full, the Parent Borrower shall not, and shall not permit any of its Subsidiaries to, directly or
indirectly: 
 7.1 Financial Condition Covenants. 

(a) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio of the Parent Borrower at any time to exceed 0.65 to 1.00. 

(b) Minimum Interest Coverage Ratio. Permit the Interest Coverage Ratio for any quarter to be less than 3.00 to 1.00. 

(c) Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge Coverage Ratio for any period of four consecutive
fiscal quarters of the Parent Borrower to be less than 1.50 to 1.00. 

(d) Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth at any time to be less than the sum of (i) $4,550,000,000
and (ii) 50% of the Net Cash Proceeds received by the Parent Borrower
(x) from any offering by the Parent Borrower of its common equity and
(y) from any offering by the REIT Entity of its common equity to the extent such Net Cash Proceeds are contributed to the
Parent Borrower,
excluding any such Net Cash Proceeds that are contributed to the
Parent Borrower within 90 days of receipt of such Net Cash Proceeds and
applied to purchase, redeem or otherwise acquire Capital Stock issued by the Parent Borrower (or any direct or indirect parent thereof). 
 (e) Maximum Permitted Outstanding
Amount. Permit the Total Revolving Extensions of Credit at any time to exceed the Maximum Permitted Outstanding Amount at such time. 
 For the avoidance
of doubt, on and after the Closing Date, calculations made pursuant to this Section 7.1 shall be calculated on a pro forma basis after giving effect to the Transactions; provided, that calculations to be made over an applicable test
period shall be calculated as if the Transactions had occurred on the first day of the applicable test period; provided, further, that calculations to be made as of a given date shall be calculated as if the Transactions had occurred
as of such date. 
 7.2 Indebtedness. Create, issue, incur, assume, become liable in respect of or suffer to exist any Indebtedness, except
(subject to Section 7.18): 
 (a) Indebtedness of any Loan Party pursuant to any Loan Document; 

(b) Indebtedness of (i) the
Parent Borrower to any Subsidiary, (ii) any Subsidiary Guarantor to the
Parent Borrower or any other Subsidiary and (iii) to the extent
constituting an Investment permitted by Section 7.7, any Subsidiary to the Parent Borrower or any other Subsidiary; 
 (c) Guarantee Obligations by the Parent Borrower or any of its Subsidiaries of obligations of any Subsidiary to the
extent constituting an Investment permitted by Section 7.7 (other than pursuant to Section 7.7(c)); provided however, that in the case of a Guarantee Obligation by an Unconsolidated Subsidiary of obligations of any person that is not an
Unconsolidated Subsidiary, such Guarantee Obligation shall be included in the calculation of Consolidated Total Debt hereunder; provided further that, to the extent the primary obligations 

  
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(as defined in the definition of Guarantee Obligations) in respect of such Guarantee Obligations are subordinated to the Obligations or the Guarantor Obligations (as defined in the Guarantee and
Collateral Agreement), as applicable, any such Guarantee Obligations shall be subordinated to the Obligations or the Guarantor Obligations (as defined in the Guarantee and Collateral Agreement), as applicable, on terms no less favorable to the
Administrative Agent and the Lenders than the subordination terms applicable to the primary obligations; 
 (d) Indebtedness outstanding on
the date hereof and listed on Schedule 7.2(d) and any refinancings, refundings, renewals or extensions thereof (without shortening the maturity thereof, or increasing the principal amount thereof, except by an amount up to the unpaid accrued
interest and premium thereon plus other amounts owing or paid related to such existing Indebtedness, and fees and expenses incurred, in connection with such refinancing, refunding, renewal or extension); provided that, to the extent such
Indebtedness listed on Schedule 7.2(d) is subordinated to the Obligations or the Guarantor Obligations (as defined in the Guarantee and Collateral Agreement), as applicable, any such refinancings, refundings, renewals or extensions shall be
subordinated to the Obligations or the Guarantor Obligations (as defined in the Guarantee and Collateral Agreement), as applicable, on terms no less favorable to the Administrative Agent and the Lenders; 

(e) Indebtedness (including, without limitation, Capital Lease Obligations and Indebtedness incurred to finance the acquisition, construction
or development of any fixed or capital assets (except to the extent incurred with respect to any Investment Asset)) secured by Liens permitted by Section 7.3(g) in an aggregate principal amount not to exceed $50,000,000 at any one time
outstanding; 
 (f) Non-Recourse Indebtedness (including any Subscription Line Indebtedness that
constitutes Non-Recourse Indebtedness) of Subsidiaries that are not Loan Parties and any Non-Recourse Pledge; provided that after giving pro forma effect to the
incurrence of such Non-Recourse Indebtedness or Non-Recourse Pledge, as applicable, the
Parent Borrower shall be in compliance with Section 7.1; 

(g) unsecured Indebtedness of the
Parent Borrower or any other Loan Party; provided that (i) such
unsecured Indebtedness shall mature no earlier than the date that is 91 days following the Latest Termination Date (and shall not require any payment of principal prior to such date other than any provision requiring a mandatory prepayment or an
offer to purchase such Indebtedness as a result of a change of control, asset sale, casualty event or de-listing of common stock) and (ii) after giving pro forma effect to the incurrence of such unsecured
Indebtedness, the Parent Borrower shall be in compliance with
Section 7.1(a); 
 (h) unsecured Indebtedness of the
Parent Borrower or any other Loan Party not otherwise permitted hereunder;
provided that (i) at the time such Indebtedness is incurred and during the period such Indebtedness continues to remain outstanding, there are no Revolving Extensions of Credit outstanding (provided that, if there are Revolving
Extensions of Credit outstanding immediately prior to the time such Indebtedness is incurred, such Loans shall be paid in full and any outstanding Letters of Credit shall have been cash collateralized in accordance with the procedures set forth in
Section 8.1, in each case prior to or simultaneously with the incurrence of such Indebtedness), (ii) no Default shall have occurred or be continuing or would result therefrom and (iii) such Indebtedness shall not have a maturity date that
is later than two (2) years after the initial incurrence thereof; 

  
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 (i) Specified GAAP Reportable B Loan Transactions; provided that after giving pro forma
effect to the incurrence of such Specified GAAP Reportable B Loan Transactions, no Default shall have occurred or be continuing or would result therefrom; 

(j) Permitted Warehouse Indebtedness; provided that after giving pro forma effect to the incurrence of such Permitted Warehouse
Indebtedness, no Default shall have occurred or be continuing or would result therefrom; 
 (k) Indebtedness in respect of netting services,
automatic clearinghouse arrangements, overdraft protections, employee credit card programs and other cash management and similar arrangements in the ordinary course of business and any guarantees thereof or the honoring by a bank or other financial
institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided that any such Indebtedness is extinguished within 30 days; 

(l) Indebtedness incurred by the
Parent Borrower or any Subsidiary (including obligations in respect of letters of
credit, bank guarantees, warehouse receipts or similar instruments issued or created in the ordinary course of business) owed to any Person providing workers compensation, health, disability or other employee benefits or property, casualty or
liability insurance; 
 (m) obligations in respect of performance, bid, appeal and surety bonds and performance and completion
guarantees (not for borrowed money) and similar obligations provided by the Parent
Borrower or any Subsidiary in each case in the ordinary course of business or consistent with past practice; 
 (n) additional
Indebtedness of the Parent Borrower or any of its Subsidiaries in an aggregate
principal amount (for the Parent Borrower and all Subsidiaries) not to
exceed $50,000,000 at any one time outstanding; 
 (o) the Convertible Notes and Guarantee Obligations of the Parent Borrower in respect of the Convertible Notes or any Additional Convertible Notes
issued by the REIT Entity; provided that, simultaneously with the effectiveness of such Guarantee Obligations in respect of the Convertible Notes or any Additional Convertible Notes, the REIT Guaranty shall become effective; 

(p) Subscription Line Indebtedness; provided that after giving pro forma effect to the incurrence of such Subscription Line
Indebtedness, no Default shall have occurred or be continuing or would result therefrom; and 
 (q) all obligations in respect of the
Existing NorthStar Swap Agreement. 

  
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 7.3 Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, whether
now owned or hereafter acquired, except (subject to Section 7.18): 
 (a) Liens for Taxes not yet due or the amount or validity of which
are being contested in good faith by appropriate proceedings, provided that adequate reserves with respect thereto are maintained in conformity with GAAP; 

(b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary
course of business that are not overdue for a period of more than 30 days or that are being contested in good faith by appropriate proceedings; 

(c) pledges or deposits in connection with workers’ compensation, unemployment insurance and other social security legislation; 

(d) deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations (other than any
such obligation imposed pursuant to Section 430(k) of the Code or Sections 303(k) or 4068 of ERISA), surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(e) (i) easements, rights-of-way, restrictions and other
similar encumbrances incurred in the ordinary course of business that, in the aggregate, do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the Parent Borrower or any of its Subsidiaries and (ii) other Liens encumbering any
Commercial Real Estate Ownership Investment that do not secure Indebtedness for borrowed money or Indebtedness constituting seller financing; 

(f) Liens in existence on the date hereof listed on Schedule 7.3(f), securing Indebtedness permitted by Section 7.2(d), provided
that no such Lien is spread to cover any additional property after the Closing Date; 
 (g) Liens securing Indebtedness of the Parent Borrower or any Subsidiary incurred pursuant to Section 7.2(e) to finance
the acquisition, construction or development of fixed or capital assets, provided that (i) such Liens shall be created within 270 days of the acquisition of such fixed or capital assets, (ii) such Liens do not at any time encumber
any property other than the property financed by such Indebtedness and (iii) the amount of Indebtedness secured thereby is not increased; 

(h) Liens created pursuant to the Security Documents; 

(i) any interest or title of a lessor under any lease entered into by the
Parent Borrower or any Subsidiary in the ordinary course of its business and
covering only the assets so leased; 
 (j) Liens securing Non-Recourse Indebtedness permitted
under Section 7.2(f); provided that (i) such Liens do not at any time encumber any Collateral or Fee-Related Earnings and (ii) such Liens do not encumber any assets other than assets of
any non-Loan Party that incurred such Non-Recourse Indebtedness (which, for clarity, may include assets of any non-Loan Party
guarantor of such Non-Recourse Indebtedness) or any Loan Party that is limited to a Non-Recourse Pledge; provided that such Liens may be extended to other assets
solely in connection with (x) an increase in the amount of such financing (such as in the form of 

  
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incremental extensions of credit or the consummation of a refinancing) in an amount that is reasonably proportional to the value of the additional collateral or (y) a substitution of
collateral supporting such Non-Recourse Indebtedness with replacement collateral of reasonably equivalent value, in each case as determined by the
Parent Borrower in its commercially reasonable discretion giving due regard to
general market conditions at the time of such increase or refinancing; 
 (k) Liens on cash collateral securing Swap Obligations,
solely to the extent hedging assets included in the calculation of the Maximum Permitted Outstanding Amount (without giving effect to any concentration limits set forth in the definition thereof), and, for the avoidance of doubt, including Liens on
cash collateral securing Swap Obligations in respect of the Existing NorthStar Swap Agreement; 
 (l) Liens deemed to exist pursuant to
Specified GAAP Reportable B Loan Transactions permitted pursuant to Section 7.2(i) solely to the extent encumbering the assets consisting of “A-Notes” related thereto; 

(m) Liens securing Permitted Warehouse Indebtedness of the
Parent Borrower or any Subsidiary incurred pursuant to Section 7.2(j), solely
to the extent encumbering (i) the Commercial Real Estate Debt Investments financed thereby or (ii) Capital Stock of the Permitted Warehouse Borrower pursuant to a Permitted Warehouse Equity Pledge; 

(n) Liens securing judgments for the payment of money not constituting an Event of Default under Section 8(h); 

(o) any Lien existing on any property or asset prior to the acquisition thereof by the
Parent Borrower or any Subsidiary following the Closing Date, provided that
(i) such Lien is not created in contemplation of or in connection with such acquisition, and (ii) such Lien does not apply to any other property or assets of the
Parent Borrower or any Subsidiary; 

(p) Liens (i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code
on the items in the course of collection and (ii) in favor of a banking or other financial institution arising as a matter of law encumbering deposits or other funds maintained with a financial institution (including the right of set off) and
which are within the general parameters customary in the banking industry; provided that such liens, rights or remedies are not security for or otherwise related to Indebtedness; 

(q) Liens arising from precautionary Uniform Commercial Code financing statement or similar filings; 

(r) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto; 

(s) Liens solely on any cash earnest money deposits made by the
Parent Borrower or any Subsidiary in connection with any acquisition permitted
hereunder; 

  
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 (t) Liens not otherwise permitted by this Section so long as the aggregate outstanding principal
amount of the obligations secured thereby (as to the Parent Borrower and all
Subsidiaries) does not exceed $40,000,000 at any one time; 
 (u) to the extent constituting a Lien, obligations restricting
the sale or other transfer of assets pursuant to commercially reasonable “tax protection” (or similar) agreements entered into with limited partners or members of the
Parent Borrower or of any other Subsidiary of the REIT Entity in a so-called “DownREIT Transaction”; and 
 (v) Liens on the assets described in clause
(ii) of the definition of Subscription Line Indebtedness securing Subscription Line Indebtedness of a Colony Fund incurred pursuant to Section 7.2(p); provided that, for the avoidance of doubt, the Liens permitted pursuant to this
clause (v) shall not encumber any Collateral, any Investment Asset or any Capital Stock of a Loan Party or an Affiliated Investor. 
 provided
that, notwithstanding the foregoing, in no event shall any Liens (other than Liens permitted pursuant to clauses (a), (h), (n) and (u) above) encumber any of the Collateral. 

7.4 Fundamental Changes. Enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any
liquidation or dissolution), or Dispose of all or substantially all of its property or business, except that (subject to Section 7.18): 

(a) any Subsidiary of the
Parent Borrower
(other than a Borrower) may be merged or consolidated with or into the
Parent Borrower (provided that the Parent Borrower shall be the continuing or surviving corporation) or with or into any
Subsidiary Guarantor (provided that in the case of any Loan Party merging with a Subsidiary that is not a Loan Party, the surviving entity shall be or become, substantially simultaneously therewith, a Loan Party); 

(b) any non-Loan Party Subsidiary may be merged or consolidated with or into any other non-Loan Party Subsidiary; 
 (c) (i) any Subsidiary of the Parent Borrower
(other than a Borrower) may Dispose of all or substantially all of its
assets to the Parent Borrower or any Loan Party (upon voluntary liquidation
or otherwise), (ii) any non-Loan Party Subsidiary may Dispose of all or substantially all of its assets to another non-Loan Party Subsidiary (upon voluntary liquidation
or otherwise) or (iii) Parent Borrower or any Subsidiary of the
Parent Borrower may Dispose of all or substantially all of its assets
pursuant to a Disposition permitted by Section 7.5; provided that any such Disposition by
thea Borrower must be to another Loan Party; 
 (d) any Investment permitted by Section 7.7 may
be structured as a merger, consolidation or amalgamation; and 
 (e) any Subsidiary that has no material assets may be dissolved or
liquidated. 
 7.5 Disposition of Property. Dispose of any of its property, whether now owned or hereafter acquired, or, in the case of any
Subsidiary of the Parent Borrower, issue or sell any shares of such
Subsidiary’s Capital Stock to any Person, except (subject to Section 7.18): 
 (a) the Disposition of obsolete or worn out
property in the ordinary course of business; 

  
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 (b) the sale of inventory in the ordinary course of business; 

(c) Dispositions permitted by clauses (i) and (ii) of Section 7.4(c); 

(d) the sale or issuance of any Subsidiary’s Capital Stock to the
Parent Borrower or any Subsidiary Guarantor; and 

(e) the Disposition of other property including the sale or issuance of any Subsidiary’s Capital Stock; provided that after giving
pro forma effect to such Dispositions, the Total Revolving Extensions of Credit shall not exceed the Maximum Permitted Outstanding Amount. 

7.6 Restricted Payments. Declare or pay any dividend (other than dividends payable solely in common stock, partnership interests or membership
interests of the Person making such dividend) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any Capital Stock of any
Group Member, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of any Group Member (collectively, “Restricted
Payments”), except that (subject to Section 7.18): 
 (a) any Subsidiary may make Restricted Payments to the Parent Borrower, any Subsidiary Guarantor and each other owner of Capital Stock of such
Subsidiary, which Restricted Payments shall either be paid ratably to the owners entitled thereto or otherwise in accordance with any preferences or priorities among the owners applicable thereto; 

(b) the Parent Borrower and any Subsidiary may repurchase Capital Stock in the Parent Borrower or any such Subsidiary deemed to occur upon exercise of stock options or warrants if such Capital Stock represents a portion of the exercise price of such options or warrants; 

(c) the Parent Borrower and any Subsidiary may make Restricted Payments to acquire the Capital Stock held by any other shareholder, member or partner in a Subsidiary that is not wholly-owned directly or indirectly by the Parent Borrower to the extent constituting an Investment permitted by
Section 7.7; 
 (d) so long as no Default or Event of Default shall have occurred and be continuing, the Parent Borrower may purchase (and make distributions to permit the REIT Entity to
purchase) its common stock, partnership interests or membership interests, as applicable, or options with respect thereto from present or former officers or employees of any Group Member upon the death, disability or termination of employment of
such officer or employee, provided, that the aggregate amount of payments under this clause (d) after the date hereof (net of any proceeds received by the
Parent Borrower after the date hereof in connection with resales of any
such Capital Stock or Capital Stock options so purchased) shall not exceed $20,000,000; 

  
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 (e) (i) so long as no Event of Default under Section 8(a) or (f) shall have
occurred and be continuing or would result therefrom, the Parent Borrower shall be
permitted to declare and pay dividends and distributions on its Capital Stock or make distributions with respect thereto in an amount not to exceed the greater of (x) such amount as is necessary for the REIT Entity to maintain its status as a
REIT under the Code and (y) such amount as is necessary for the REIT Entity to avoid income tax and, so long as no Default shall have occurred and be continuing or shall result therefrom, excise tax under the Code and (ii) the Parent Borrower shall be permitted to declare and pay an additional amount of dividends
and distributions on its Capital Stock or make distributions with respect thereto so long as (x) no Default or Event of Default shall have occurred and be continuing or would result therefrom and (y) after giving pro forma effect to any
such dividend or distribution, the Parent Borrower shall be in compliance
with Section 7.1; 
 (f) the
Parent Borrower may make Restricted Payments constituting purchases or redemptions
by the Parent Borrower of shares of its Capital Stock (and the Parent Borrower may make such cash distributions as may be required to enable the REIT
Entity to purchase or redeem shares of Capital Stock), but only to the extent that immediately after giving effect to each such Restricted Payment (i) no Default or Event of Default is then continuing or shall occur and (ii) the Parent Borrower shall be in compliance with the financial covenants set forth in
Section 7.1 on a pro forma basis; 
 (g) the
Parent Borrower and each Subsidiary thereof, in addition to distributions
permitted by Section 7.6(f), may purchase, redeem or otherwise acquire Capital Stock issued by it with the proceeds received from the issuance of new shares of its common stock or other Capital Stock within ninety (90) days (or by such
later date as the Administrative Agent may agree in its sole discretion) of such issuance; 
 (h) the Parent Borrower, or any other Subsidiary of the REIT Entity in a so-called “DownREIT transaction”, may redeem for cash limited partnership interests or membership interests in the
Parent Borrower or such Subsidiary, respectively, pursuant to customary
redemption rights granted to the applicable limited partner or member, but only to the extent that, in the good faith determination of the REIT Entity, issuing shares of the REIT Entity in redemption of such partnership or membership interests
reasonably could be considered to impair its ability to maintain its status as a REIT; 
 (i) to the extent constituting a Restricted
Payment, payments by the Parent Borrower to the REIT Entity to the extent required
to fund administrative and operating expenses of the REIT Entity, including, without limitation, to fund liabilities under the Convertible Notes and other liabilities of the REIT Entity that would not result in a default under Section 8(l), to
the extent attributable to any activity of or with respect to the REIT Entity that is not otherwise prohibited by this Agreement; and 

(j) the Parent Borrower and its Subsidiaries may make the Polaris Special Dividend (as such term is defined in the Merger Agreement in effect on the Closing Date). 

provided that, notwithstanding the foregoing, in no event shall the
Parent Borrower make any Restricted Payments during the Suspension Period other
than Restricted Payments permitted pursuant to clause (e)(i) and (j) above; provided further that, notwithstanding the foregoing, in no event shall the
Parent Borrower 

  
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make any Restricted Payments during the period from and after the Initial Revolving Termination Date upon the exercise by the
Parent Borrower of any Extension Option (other than Restricted Payments permitted
pursuant to clauses (b), (c), (d) and (e) above; provided that the amount of any dividend and distribution permitted pursuant to clause (e)(ii) above shall not exceed the amount of the most recent ordinary dividend that was distributed
with respect to the Capital Stock of the Parent Borrower pursuant to such
clause (e)(ii) prior to the Initial Revolving Termination Date). 
 7.7 Investments. Make any advance, loan, extension of credit (by
way of guaranty or otherwise) or capital contribution to, or purchase any Capital Stock, bonds, notes, debentures or other debt securities of, or any assets constituting a business unit of, or make any other investment in, any Person (all of the
foregoing, “Investments”), except (subject to Section 7.18): 
 (a) extensions of trade credit in the ordinary course
of business; 
 (b) investments in Cash Equivalents; 

(c) Guarantee Obligations permitted by Section 7.2; 

(d) loans and advances to employees of any Group Member (i) in the ordinary course of business (including for travel, entertainment and
relocation expenses) in an aggregate amount for all Group Members not to exceed $1,000,000 at any one time outstanding and (ii) in connection with such employee’s purchase of Capital Stock of a Group Member in an aggregate amount for all
Group Members not to exceed $10,000,000 at any one time outstanding; provided that no cash is actually advanced pursuant to this clause (d)(ii) unless immediately repaid; 

(e) intercompany Investments by any Group Member in theany Borrower or any Person that, prior to such investment, is a Subsidiary Guarantor;

 (f) in addition to Investments otherwise permitted by this Section, Investments by the Parent Borrower or any of its Subsidiaries that do not constitute Restricted
Investments, so long as no Default shall have occurred and be continuing at the time of entering into an agreement to make such Investment or shall result therefrom; and 

(g) any Investment if and to the extent that
the Parent Borrower determines in good faith that the making such Investment is
reasonably necessary to permit it (or the REIT Entity) to satisfy the requirements applicable to REITs under the Code, so long as no Default pursuant to Section 8(a) or (f) shall have occurred and be continuing at the time of entering into
such agreement to make such Investment or shall result therefrom. 
 7.8 Optional Payments and Modifications of Certain Debt
Instruments. (a) Make or offer to make (other than an offer conditioned upon the Payment in Full or upon the requisite consent of the Lenders) any optional or voluntary payment, prepayment, repurchase or redemption of or otherwise optionally or
voluntarily defease or segregate funds with respect to Indebtedness in an aggregate principal amount in excess of $25,000,000 during the term of the
Revolving Facility (other than, subject to Section 7.18, (A) the
refinancing thereof with any Indebtedness permitted to be incurred under Section 7.2 (provided such Indebtedness does not shorten the maturity date thereof), (B) the conversion or exchange of any such Indebtedness to Capital Stock
of the Parent Borrower (other than Disqualified Capital Stock), including
any issuance of such Capital Stock in respect of which the proceeds are applied to the payment of such Indebtedness, (C) repayments, redemptions, purchases, defeasances and other payments in respect

  
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of any such Indebtedness of any non-Loan Party; provided that payments referred to in this clause (C) shall only be permitted so long as
after giving effect thereto, the Parent Borrower is in pro forma compliance with
Section 7.1(a) and (D) prepayments of Indebtedness in the nature of revolving loan facilities, including Permitted Warehouse Facilities and Subscription Line Indebtedness); (b) amend, modify, waive or otherwise change, or consent or agree
to any amendment, modification, waiver or other change to, any of the terms of Material Indebtedness (other than, subject to Section 7.18, any such amendment, modification, waiver or other change that either (A) (i) would extend the
maturity or reduce the amount of any payment of principal thereof or reduce the rate or extend any date for payment of interest thereon and (ii) does not involve the payment of a consent fee, or (B) taken as a whole, is not materially
adverse to the Parent Borrower and its Subsidiaries, taken as whole, or the
Lenders ); or (c) amend, modify, waive or otherwise change, or consent or agree to any amendment, modification, waiver or other change to, any of the terms of any preferred stock of the Parent Borrower (other than, subject to Section 7.18, any such amendment,
modification, waiver or other change that either (A) (i) would extend the scheduled redemption date or reduce the amount of any scheduled redemption payment or reduce the rate or extend any date for payment of dividends thereon and
(ii) does not involve the payment of a consent fee or (B) taken as a whole, is not materially adverse to the
Parent Borrower and its Subsidiaries, taken as a whole, or the Lenders);
provided, that, subject to Section 7.18, such actions described in clauses (a), (b) and (c) may be taken if and to the extent that
the Parent Borrower determines in good faith that such action is reasonably
necessary to permit it (or the REIT Entity) to satisfy the requirements applicable to REITs under the Code, so long as no Default pursuant to Section 8(a) or (f) shall have occurred and be continuing at the time of entering into such
agreement to make such Investment or shall result therefrom. Notwithstanding the foregoing, this Section 7.8 shall not apply to (i) intercompany Indebtedness, (ii) Indebtedness incurred pursuant to Section 7.2(h) or
(iii) obligations of any Pledged Affiliate or Group Member whose Capital Stock is owned directly or indirectly by a Pledged Affiliate. 

7.9 Transactions with Affiliates. Enter into any transaction, including any purchase, sale, lease or exchange of property, the rendering of any
service or the payment of any management, advisory or similar fees, with any Affiliate (other than
theany Borrower or any Subsidiary Guarantor) unless such transaction is (a) subject to Section 7.18, otherwise permitted under this Agreement, (b) in the ordinary course of business of the relevant Group
Member, and (c) upon fair and reasonable terms no less favorable to the relevant Group Member than it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate; provided that the requirements of
this Section 7.9 shall not apply to (A) transactions subject to the restrictions set forth in Section 7.6 or 7.7 that, subject to Section 7.18, are permitted pursuant to Sections 7.6 or 7.7, as applicable or (B) payments by
the Parent Borrower to the REIT Entity to the extent required to fund
administrative and operating expenses of the REIT Entity, including, without limitation, amounts payable under the Convertible Notes or Additional Convertible Notes issued by the REIT Entity. 

7.10 Accounting Changes. Make any change in accounting policies or reporting practices, except in accordance with GAAP or required by any
governmental or regulatory authority; provided that the Parent Borrower
shall notify the Administrative Agent of any such change made in accordance with GAAP or required by any governmental or regulatory authority. 

7.11 Swap Agreements. Enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Parent Borrower or any Subsidiary has actual exposure (other than those in respect of
Capital Stock) and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing
liability or investment of the Parent Borrower or any Subsidiary.

  
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 7.12 Changes in Fiscal Periods. Permit the fiscal year of the Parent Borrower to end on a day other than December 31 or change the Parent Borrower’s method of determining fiscal quarters. 

7.13 Negative Pledge Clauses. Enter into or suffer to exist or become effective any agreement that prohibits or limits the ability of any Loan
Party to create, incur, assume or suffer to exist any Lien upon any of its property or revenues of the type intended to constitute Collateral, whether now owned or hereafter acquired, to secure its obligations under the Loan Documents to which it is
a party other than (a) this Agreement and the other Loan Documents, (b) any agreements governing any purchase money Liens or Capital Lease Obligations or other secured Indebtedness otherwise permitted hereby (in each case, which
prohibition or limitation shall only be effective against the assets financed thereby which in any event shall not include Collateral), (c) provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted
under Section 7.7 and applicable solely to such joint venture and its equity and (d) change of control or similar limitations applicable to the upstream ownership of any Investment Asset; provided, in the case of clauses
(c) and (d) above, that no Liens securing Indebtedness are permitted to exist on such assets. 
 7.14 Use of
Proceeds.    Request any Loan or Letter of Credit, and
theno Borrower shall not use, and each Borrower shall procure that its Affiliates and its or their respective directors,
officers, employees and agents shall not use, the proceeds of any Loan or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in
violation of any Anti-Corruption Laws or (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities, businesses
or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the United States or in a European Union member state. 

7.15 Nature of Business. Enter into any line of business, either directly or through any Subsidiary, substantially different from those lines
of business conducted by the Parent Borrower and its Subsidiaries on the date
hereof or any business substantially related or incidental thereto. 
 7.16 Margin Stock. Use the proceeds of any Loan, whether
directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the Board) or to extend credit to others for the purpose of purchasing or carrying margin stock or
to refund indebtedness originally incurred for such purpose. 
 7.17 Amendment, Waiver and Terminations of Certain Agreements. Directly or
indirectly, consent to, approve, authorize or otherwise suffer or permit any amendment, change, cancellation, termination or waiver in any respect of the terms of any organizational document of any Loan Party, Subsidiary thereof or any Affiliated
Investor (other than a waiver by the Parent Borrower of the ownership limitations
in and pursuant to its organizational documents), in each case other than amendments and modifications that, taken as a whole, are not materially adverse to the Administrative Agent or the Lenders. 

7.18 Suspension Period Provisions. For the avoidance of doubt, actions requiring no Default or no Event of Default to exist in order to be
permitted under this Section 7 will be restricted during a Suspension Period (other than any Restricted Payment made pursuant to Section 7.6(e)(i), so long as no Event of Default under Section 8(a) or (f) shall have occurred and
be continuing or would result therefrom), as will actions requiring pro forma compliance with any covenant set forth in Section 7.1 in order to be permitted under this Section 7 (to the extent such test is not met); provided, that
notwithstanding any existing Default or Event of Default that may otherwise exist while a Suspension 

  
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Period is in effect, (a) the incurrence of Indebtedness under Sections 7.2(f), (g), (h), (i), (j) and (p) shall be permitted so long as the Net Cash Proceeds of such Indebtedness are
applied in accordance with Section 2.6(f) and (b) Dispositions under Section 7.5(e) shall be permitted so long as the Net Cash Proceeds of such Dispositions are applied in accordance with Section 2.6(f). 

SECTION 8. EVENTS OF DEFAULT 
 If
any of the following events shall occur and be continuing: 
 (a)
theany Borrower shall fail to pay (x) any principal of any Loan or Reimbursement Obligation when due in accordance with the terms hereof; (y) any interest on any Loan or Reimbursement Obligation or any fees
payable hereunder or under any other Loan Document within three days after any such interest or fees becomes due or (z) any other amount payable hereunder or under any other Loan Document within five days after such other amount becomes due, in
each case, in accordance with the terms hereof; or 
 (b) any representation or warranty made or deemed made by any Loan Party herein
or in any other Loan Document or that is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Loan Document shall prove to have been
inaccurate in any material respect on or as of the date made or deemed made; or 
 (c) any Loan Party shall default in the observance or
performance of any agreement contained in Section 6.2(d), Section 6.4(a)(i) (with respect to
thea Borrower only), Section 6.7(a), Section 6.9, Section 6.14 or Section 7 of this Agreement; or 

(d) any Loan Party shall default in the observance or performance of any other agreement contained in this Agreement or any other Loan Document
(other than as provided in paragraphs (a) through (c) of this Section), and such default shall continue unremedied for a period of 30 days after the earlier of (i) the date that
theany Borrower gains knowledge of such default and (ii) notice to the Parent Borrower from the Administrative Agent or the Required Lenders; or 
 (e) any Loan Party shall
(i) default in making any payment of any principal of any Indebtedness (including any Guarantee Obligation, but excluding the Loans and any Non-Recourse Indebtedness) on the scheduled or original due date
with respect thereto; or (ii) default in making any payment of any interest on any such Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created; or (iii) default in
the observance or performance of any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect
of which default or other event or condition is to cause, or to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required, such Indebtedness
to become due prior to its stated maturity or (in the case of any such Indebtedness constituting a Guarantee Obligation) to become payable by a Loan Party; provided, that a default, event or condition described in clause (i), (ii) or
(iii) of this paragraph (e) shall not at any time constitute an Event of Default unless, at such time, one or more defaults, events or conditions of the type described in clauses (i), (ii) and (iii) of this paragraph (e) shall
have occurred and be continuing with respect to Indebtedness the aggregate outstanding principal 

  
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amount of which is $50,000,000 or more; provided further, that this clause (iii) shall not apply to any Indebtedness that becomes due as a result of customary non-default mandatory prepayments resulting from asset sales, casualty or condemnation events, the incurrence of Indebtedness, equity issuances or excess cash flow or any similar concept; or 

(f) (i) any Loan Party shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction,
domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization,
arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or
other similar official for it or for all or any substantial part of its assets; or (ii) there shall be commenced against any Loan Party any case, proceeding or other action of a nature referred to in clause (i) above that (A) results
in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed or undischarged for a period of 60 days; or (iii) there shall be commenced against any Loan Party any case, proceeding or other action
seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed
or bonded pending appeal within 60 days from the entry thereof; or (iv) any Loan Party shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or
(iii) above; or (v) any Loan Party shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or (vi) or any Loan Party shall make a general assignment for the benefit of
its creditors; or 
 (g) (i) an ERISA Event or a Foreign Plan Event shall have occurred; (ii) a trustee shall be appointed by a
United States district court to administer any Pension Plan; (iii) the PBGC shall institute proceedings to terminate any Pension Plan; (iv) any Group Member or any of their respective ERISA Affiliates shall have been notified by the
sponsor of a Multiemployer Plan that it has incurred or will be assessed Withdrawal Liability to such Multiemployer Plan and such entity does not have reasonable grounds for contesting such Withdrawal Liability or is not contesting such Withdrawal
Liability in a timely and appropriate manner; or (v) any other event or condition shall occur or exist with respect to a Plan, a Foreign Benefit Arrangement, or a Foreign Plan; and in each case in clauses (i) through (v) above, such event
or condition, together with all other such events or conditions, if any, could reasonably be expected to result in a Material Adverse Effect; or 

(h) one or more judgments or decrees shall be entered against any Loan Party involving in the aggregate a liability (not paid or fully covered
by insurance as to which the relevant insurance company has not denied coverage) of $50,000,000 or more, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within 45 days from the entry
thereof; or 
 (i) any of the Loan Documents shall cease, for any reason, to be in full force and effect, or any Loan Party or any Affiliate
of any Loan Party shall so assert, or any Lien created by any of the Security Documents shall cease to be enforceable and of the same effect and priority purported to be created thereby; or 

  
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 (j) the guarantee contained in Section 2 of the Guarantee and Collateral Agreement shall
cease, for any reason, to be in full force and effect or any Loan Party or any Affiliate of any Loan Party shall so assert; or 

(k) (i) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”) but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such
plan) shall become, or obtain rights (whether by means or warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and
13(d)-5 under the Exchange Act except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire, whether such right is
exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of more than 35% of the outstanding common stock of the REIT Entity, (ii) the board of directors of the REIT
Entity shall cease to consist of a majority of Continuing Directors
or, (iii) the Parent Borrower shall cease to own, directly or indirectly, 100% of the Capital Stock and other equity interests of each
Subsidiary Borrower, in each case, free and clear of all Liens (other than Liens in favor of the Administrative Agent for the benefit of the Secured Parties) or (iv) the REIT Entity shall
cease to be the sole managing member of the Parent Borrower or the REIT
Entity shall cease to own, directly, (1) at least a majority of the total voting power of the then outstanding voting Capital Stock of the
Parent Borrower or (2) Capital Stock of the Parent Borrower representing at least a majority of the total economic interests of the
Capital Stock of the Parent Borrower, in each case free and clear of all
Liens (other than Liens in favor of the Administrative Agent for the benefit of the Secured Parties); or 
 (l) the REIT Entity shall
(i) conduct, transact or otherwise engage in, or commit to conduct, transact or otherwise engage in, any business or operations other than those incidental to its ownership of the Capital Stock of the Parent Borrower and the Specified REITs (provided that any such business or operations
incidental to its ownership of the Capital Stock of the Specified REITs shall be limited to such business or operations in existence on the Closing Date) and the intercompany arrangements described in clause (iii) below, (ii) incur, create,
assume or suffer to exist any Indebtedness or other liabilities or financial obligations, except (w) nonconsensual obligations imposed by operation of law, (x) obligations with respect to its Capital Stock and the intercompany arrangements
described in clause (iii) below, (y) the Convertible Notes or Additional Convertible Notes and (z) the Existing Limited Guarantees and Guarantee Obligations in respect of Additional Convertible Notes; provided that, prior to or
simultaneously with the effectiveness of such Guarantee Obligations in respect of Additional Convertible Notes, the REIT Guaranty shall become effective, or (iii) own, lease, manage or otherwise operate any properties or assets (including cash
(other than cash received in connection with dividends made by the Parent
Borrower in accordance with Section 7.6 pending application in the manner contemplated by said Section) and cash equivalents) other than the ownership of shares of Capital Stock of the Parent Borrower and the Specified REITs and, to the extent constituting assets,
intercompany arrangements in favor of the REIT Entity in relation to providing funding for obligations of the REIT Entity, as well as other contractual intercompany arrangements of immaterial value; or 

  
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 (m) the REIT Entity shall (i) default in making any payment of any principal of the
Convertible Notes or Additional Convertible Notes on the scheduled or original due date with respect thereto; or (ii) default in making any payment of any interest on the Convertible Notes or Additional Convertible Notes beyond the period of
grace, if any, provided in the Convertible Notes Indenture or the indenture governing the Additional Convertible Notes, respectively; or (iii) default in the observance or performance of any other agreement or condition relating to the
Convertible Notes or Additional Convertible Notes or contained in the Convertible Notes Indenture or the indenture governing the Additional Convertible Notes, respectively, or any instrument or agreement evidencing, securing or relating thereto, or
any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or beneficiary of the Convertible Notes or Additional Convertible Notes (or a trustee or agent on behalf of
such holder or beneficiary) to cause, with the giving of notice if required, the Convertible Notes or Additional Convertible Notes to become due prior to their stated maturity; provided that this clause (iii) shall not apply if the
Convertible Notes or Additional Convertible Notes become due as a result of mandatory prepayments resulting from asset sales, casualty events, the incurrence of Indebtedness not permitted by the Convertible Notes Indenture or the indenture governing
the Additional Convertible Notes, respectively, or excess cash flow or any similar concept; 
 then, and in any such event, (A) if such event is an
Event of Default specified in clause (i) or (ii) of paragraph (f) above with respect to
theany Borrower, automatically the Revolving Commitments shall immediately terminate and the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including
all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) shall immediately become due and payable, and (B) if such event is any other
Event of Default, either or both of the following actions may be taken: (i) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the
Parent Borrower declare the Revolving Commitments to be terminated
forthwith, whereupon the Revolving Commitments shall immediately terminate; and (ii) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice
to the Parent Borrower, declare the Loans (with accrued interest thereon)
and all other amounts owing under this Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required
thereunder) to be due and payable forthwith, whereupon the same shall immediately become due and payable. With respect to all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration
pursuant to this paragraph, the
BorrowerBorrowers with Letters of Credit then
outstanding, shall at such time deposit in a cash collateral account opened by the Administrative Agent an amount equal to the aggregate then undrawn and unexpired amount of such Letters of
Credit. Amounts held in such cash collateral account shall be applied by the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been
fully drawn upon, if any, shall be applied to repay other obligations of the
BorrowerBorrowers hereunder and under the other Loan Documents. After all such Letters of Credit shall have expired or been fully drawn upon, all Reimbursement Obligations shall have been satisfied and all other obligations of the
BorrowerBorrowers hereunder and under the other Loan Documents shall have 

  
 106 

 
been paid in full, the balance, if any, in such cash collateral account shall be returned to the
applicable Borrower (or such other Person as may be lawfully entitled thereto).
Except as expressly provided above in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived by the BorrowerBorrowers. 

SECTION 9. THE AGENTS 
 9.1
Appointment. Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other Loan Documents, and each such Lender irrevocably authorizes the Administrative Agent, in such
capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement
and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities,
except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or
otherwise exist against the Administrative Agent. 
 9.2 Delegation of Duties. The Administrative Agent may execute any of its duties under
this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to
such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys in-fact selected by it with reasonable care. 

9.3 Exculpatory Provisions. Neither any Agent nor any of their respective officers, directors, employees, agents, advisors, attorneys-in-fact or affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement
or any other Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful
misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any
certificate, report, statement or other document referred to or provided for in, or received by the Agents under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability
or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder. The Agents shall not be under any obligation to any Lender to ascertain or to
inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party. 

9.4 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any
instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy or email message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the
proper Person or Persons and upon advice and statements of legal counsel (including counsel to
theany Borrower), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes unless a written
notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to take any action under this

  
 107 

 
Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all Lenders) as it deems appropriate
or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully
protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by this Agreement, all Lenders), and such request and any action taken or
failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans. 
 9.5 Notice of Default. The
Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless the Administrative Agent has received notice from a Lender or the Parent Borrower referring to this Agreement, describing such Default or Event of Default
and stating that such notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such action
with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all Lenders); provided that unless and until the Administrative Agent shall have received such
directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders.

 9.6 Non-Reliance on Agents and Other Lenders. Each Lender expressly acknowledges that
neither the Agents nor any of their respective officers, directors, employees, agents, advisors, attorneys-in-fact or affiliates have made any representations or
warranties to it and that no act by any Agent hereafter taken, including any review of the affairs of a Loan Party or any affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by any Agent to any Lender. Each Lender
represents to the Agents that it has, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business,
operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will,
independently and without reliance upon any 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 analysis, appraisals and decisions in taking or not taking
action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and
their affiliates. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with
any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of the
Administrative Agent or any of its officers, directors, employees, agents, advisors, attorneys-in-fact or affiliates. 

9.7 Indemnification. The Lenders agree to indemnify each Agent and its officers, directors, partners, employees, affiliates, agents, advisors
and controlling persons (each, an “Agent Indemnitee”) (to the extent not reimbursed by the BorrowerBorrowers and without limiting the obligation of the BorrowerBorrowers to do so), ratably according to their respective Aggregate Exposure Percentages in effect on the date on which indemnification is sought under this Section (or, if indemnification is sought after the date upon
which the Revolving Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Aggregate Exposure Percentages immediately prior to such date), from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether 

  
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before or after the payment of the Loans) be imposed on, incurred by or asserted against such Agent Indemnitee in any way relating to or arising out of, the Revolving Commitments, this Agreement,
any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent Indemnitee under or in connection with any of the
foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and
nonappealable decision of a court of competent jurisdiction to have resulted from such Agent Indemnitee’s gross negligence or willful misconduct. The agreements in this Section shall survive the termination of this Agreement and the payment of
the Loans and all other amounts payable hereunder. 
 9.8 Agent in Its Individual Capacity. Each Agent and its affiliates may make loans to,
accept deposits from and generally engage in any kind of business with any Loan Party as though such Agent were not an Agent. With respect to its Loans made or renewed by it and with respect to any Letter of Credit issued or participated in by it,
each Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders” shall include each
Agent in its individual capacity. 
 9.9 Successor Administrative Agent. The Administrative Agent may resign as Administrative Agent upon 30
days’ notice to the Lenders and the Parent Borrower. The Required Lenders may
by written notice to the Administrative Agent and the Parent Borrower
remove the Administrative Agent if it has become a Defaulting Lender. If the Administrative Agent shall resign or be removed as Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from
among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default under Section 8(a) or Section 8(f) with respect to
theany Borrower shall have occurred and be continuing) be subject to approval by the
Parent Borrower (which approval shall not be unreasonably withheld or
delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and approval, and the
former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any holders
of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is 30 days following a retiring Administrative Agent’s notice of resignation or notice of removal of a removed Administrative Agent, as
applicable, the retiring Administrative Agent’s resignation or the removed Administrative Agent’s removal shall nevertheless thereupon become effective, and the Required Lenders shall assume and perform all of the duties of the
Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent with the consent of the
Parent Borrower as provided for above. After any retiring Administrative
Agent’s resignation as Administrative Agent, the provisions of this Section 9 and of Section 10.5 shall continue to inure to its benefit. 

9.10 Arrangers and Syndication Agent. Neither the Arrangers nor the Syndication Agent shall have any duties or responsibilities hereunder in
their respective capacities as such. 
 SECTION 10. MISCELLANEOUS 

10.1 Amendments and Waivers. Except as specifically provided in any Loan Document, neither this Agreement, any other Loan Document, nor any
terms hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of this Section 10.1. The Required Lenders and each Loan Party party to the relevant Loan Document may, or, with the written consent of
the Required Lenders, the Administrative Agent and each Loan Party party to the relevant Loan 

  
 109 

 
Document may, from time to time, (a) enter into written amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this
Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (b) waive, on such terms and conditions as the Required Lenders or the Administrative Agent, as the case
may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment,
supplement or modification shall (i) forgive the principal amount or extend the final scheduled date of maturity of any Loan of any Lender (except as provided in Section 2.20), reduce the stated rate of any interest or fee payable
hereunder to any Lender (except (x) in connection with the waiver of applicability of any post-default increase in interest rates (which waiver shall be effective with the consent of the Required Lenders) and (y) that any amendment or
modification of defined terms used in the financial covenants in this Agreement shall not constitute a reduction in the rate of interest or fees for purposes of this clause (i)) or extend the scheduled date of any payment thereof, or increase the
amount or extend the expiration date of any Lender’s Revolving Commitment (except as provided in Section 2.20), in each case without the written consent of such Lender; (ii) eliminate or reduce the voting rights of any Lender under
this Section 10.1 without the written consent of such Lender; (iii) reduce any percentage specified in the definition of Required Lenders or Supermajority Lenders or consent to the assignment or transfer by theany
Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, in each case without the written consent of all Lenders;
provided that, for the avoidance of doubt, the designation of a Subsidiary Borrower in accordance with Section 2.21(a)(i)
shall not be deemed to be an assignment or transfer of rights and obligations; (iv) except as otherwise permitted by the Loan Documents on the date hereof, release all or substantially all of
the Collateral or release all or substantially all of the Subsidiary Guarantors from their obligations under the Guarantee and Collateral Agreement, in each case, without the written consent of all Lenders; (v) amend, modify or waive any
provision of Section 2.12(a) or (b) without the written consent of all Lenders; provided that amendments permitting the extension of the Revolving Termination Date with respect to any or all Revolving Commitments which provide for
compensation solely to extending Lenders, by increasing the Applicable Margin applicable thereto or otherwise, shall not be considered an amendment, modification or waiver of Section 2.12; (vi) amend, modify or waive any provision of
Section 9 or any other provision of any Loan Document that affects the rights or duties of the Administrative Agent without the written consent of the Administrative Agent; (vii) amend, modify or waive any provision affecting the Maximum
Permitted Outstanding Amount or the component definitions thereof which has the effect of increasing the Maximum Permitted Outstanding Amount (but excluding any technical amendments to the definition of Maximum Permitted Outstanding Amount or any
component definition thereof) without the written consent of the Supermajority Lenders; (viii) amend, modify or waive any provision of Section 3 without the written consent of each Issuing Lender or (ix) amend Section 6.3 of the Guarantee and Collateral Agreement without the consent of each Lender directly affected thereby. Any such waiver and any such amendment, supplement or modification shall apply equally to each
of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Administrative Agent and all future holders of the Loans. In the case of any waiver, the Loan Parties, the Lenders and the Administrative Agent shall be restored to their
former position and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of
Default, or impair any right consequent thereon. 
 Notwithstanding the foregoing, this Agreement may be amended (or amended and
restated) with the written consent of the Required Lenders, the Administrative Agent and the
BorrowerBorrowers (a) to add one or more additional credit facilities to this Agreement on such terms as provided for in any such amendment, including, without limitation, for purposes of effecting an extension of the
Revolving Termination Date in respect of the Revolving Commitments, held by each Lender agreeing to such extension, and to permit the extensions of credit from time to time outstanding 

  
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thereunder and the accrued interest and fees in respect thereof to share in the benefits of this Agreement and the other Loan Documents with the Revolving Extensions of Credit and the accrued
interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders and the Supermajority Lenders. 

Furthermore, notwithstanding the foregoing, the Administrative Agent, with the consent of the BorrowerBorrowers, may amend, modify or supplement any Loan Document without the consent of any Lender or the Required Lenders
(a) in order to correct, amend or cure any ambiguity, inconsistency or
defect or correct any typographical error or other manifest error in any Loan Document (b) to add or effect changes to
administrative or ministerial provisions contained herein reasonably believed to be required as a result of the addition of Subsidiary Borrowers pursuant to Section 2.21 and (c) pursuant to Section 2.11. 
 10.2 Notices. All notices, requests and demands to or upon the respective parties hereto to
be effective shall be in writing (including by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three Business Days after being deposited in the mail, postage prepaid, or,
in the case of telecopy notice, when received, addressed as follows in the case of
theany Borrower and the Administrative Agent, and as set forth in an administrative questionnaire delivered to the Administrative Agent in the case of the Lenders, or to such other address as may be hereafter notified
by the respective parties hereto: 
  

					
		 	Any Borrower:	  	 Colony Capital Operating Company, LLC

515 S. Flower Street, 44th Floor

Los Angeles, CA 90071

		 		  	Attention: Director – Legal Department
		 		  	Telecopy: 310-282-8820
		 		  	 Telephone: 310-282-8820

 
 with a copy to:

 
 712 Fifth Avenue

35th
 Floor
 New York, NY 10019

		 		  	 590 Madison Avenue

34th Floor

New York, NY 10022

Attention: Mr. Ron Sanders
 Telecopy: 212.593.5433

Telephone: 212.230.3300

			
		 	Administrative Agent:	  	 500 Stanton Christiana Road,
 Ops 2, Floor
03
 Newark, DE, 19713-2107

		 		  	Attention: Joseph Burke
		 		  	Telecopy: 302-634-4733
		 		  	Telephone: 302-634-1697

  
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		 		 	with a copy to:
			
		 		 	 383 Madison Ave, Floor 23
 New York, NY
10179

		 		 	Attention: Michael E. Kusner
		 		 	Telecopy: 212-270-5222
		 		 	Telephone: 212-270-5650

 provided that any notice, request or demand to or upon the Administrative Agent or the Lenders shall not be effective
until received. 
 Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications
pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Section 2 unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative
Agent or theany Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such
procedures may be limited to particular notices or communications. 
 10.3 No Waiver; Cumulative Remedies. No failure to exercise and
no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any
right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by law. 
 10.4 Survival of Representations and Warranties. All representations and
warranties made hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans and other
extensions of credit hereunder. 
 10.5 Payment of Expenses and Taxes. The
Borrower agreesBorrowers agree, on a joint and
several basis, (a) to pay or reimburse the Administrative Agent and each Arranger for all its reasonable and documented
out-of-pocket costs and expenses incurred in connection with the development, preparation and execution of, and any amendment, supplement or modification to, this
Agreement and the other Loan Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including the reasonable and documented out-of-pocket fees and disbursements of one primary counsel to the Administrative Agent and the Arrangers and, if reasonably necessary, one local counsel per necessary
jurisdiction, and filing and recording fees and expenses, with statements with respect to the foregoing to be submitted to the
Parent Borrower prior to the Closing Date (in the case of amounts to be
paid on the Closing Date) and from time to time thereafter on a quarterly basis or such other periodic basis as the Administrative Agent shall deem appropriate, but in any event no earlier than ten (10) Business Days after receipt by the Parent Borrower of a reasonably detailed invoice therefor, (b) to pay or
reimburse each Lender, each Issuing Lender and the Administrative Agent for all its reasonable and documented out-of-pocket costs and expenses incurred in connection
with the enforcement or preservation of any rights under this Agreement, the other Loan Documents and any such other documents, including the reasonable and documented
out-of-pocket fees and disbursements of any counsel to any Lender and of 

  
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counsel to the Administrative Agent (but in such case limited to, the reasonable and documented out-of-pocket fees
and disbursements of one primary counsel to the Administrative Agent, one primary counsel to the Lenders (as selected by the Required Lenders other than the Administrative Agent) and, to the extent reasonably necessary, one local counsel in each
applicable jurisdiction, and, in the case of a conflict of interest, one additional primary counsel and one additional local counsel in each applicable jurisdiction for such Persons affected by such conflict), and (c) to pay, indemnify, and
hold each Lender, each Issuing Lender, each Arranger and the Administrative Agent, their respective affiliates, and their respective officers, directors, employees, agents, advisors and controlling persons (each, an “Indemnitee”)
harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement,
performance and administration of this Agreement and the other Loan Documents and any such other documents, including any claim, litigation, investigation or proceeding (a “Proceeding”) regardless of whether any Indemnitee is a
party thereto and whether or not the same are brought by
theany Borrower, its equity holders, affiliates or creditors or any other Person, including any of the foregoing relating to the use of proceeds of the Loans or the violation of, noncompliance with or liability under,
any Environmental Law applicable to the operations of any Group Member or any of the Properties and the reasonable and documented out-of-pocket fees and expenses of one
primary legal counsel and, if reasonably necessary, one single local counsel in each relevant jurisdiction for all Indemnitees taken as a whole (and solely in the case of a conflict in interest, one additional primary counsel and one additional
counsel in each relevant jurisdiction to each group of affected Indemnitees similarly situated taken as a whole) in connection with claims, actions or proceedings by any Indemnitee against any Loan Party under any Loan Document (all the foregoing in
this clause (c), collectively, the “Indemnified Liabilities”), provided, that
theno Borrower shall have
noany obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified Liabilities are (x) found by a final and nonappealable decision of a court of competent
jurisdiction to have resulted from the gross negligence, bad faith or willful misconduct of, or material breach of any Loan Document by, such Indemnitee, or (y) related to any dispute solely among the Indemnitees other than any dispute
involving an Indemnitee in its capacity or in fulfilling its role as the Administrative Agent or Arranger or any similar role under this Agreement unless such dispute is related to any claims arising out of or in connection with any act or omission
of theany Borrower or any of its Affiliates and provided, further, that this Section 10.5(c) shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim and shall not duplicate any amounts paid under Section 2.13 or Section 2.15. Without limiting the foregoing, and to the extent permitted by applicable law, the Borrower agreesBorrowers agree not to assert and to cause
itstheir respective Subsidiaries not to assert, and hereby
waiveswaive and
agreesagree to cause
itstheir respective Subsidiaries to waive, all rights for contribution or any other rights of recovery with respect to all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or
nature, under or related to Environmental Laws, that any of them might have by statute or otherwise against any Indemnitee. No Indemnitee shall be liable for any damages arising from the use by others of information or other materials obtained
through electronic, telecommunications or other information transmission systems, except to the extent any such damages are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence,
bad faith or willful misconduct of such Indemnitee. None of the parties hereto shall assert, and each hereby waives, any claim for any indirect, special, exemplary, punitive or consequential damages in connection with this Agreement or the other
Loan Documents or the transactions contemplated hereby or thereby (except that nothing contained in this sentence shall limit the Borrower’sBorrowers
’ indemnity obligations under this Section 10.5). All amounts
due under this Section 10.5 shall be payable not later than 10 Business Days after receipt of a reasonably detailed invoice therefor. Statements payable by the
BorrowerBorrowers pursuant to this Section 10.5 shall be submitted to Director – Legal Department (Telephone No. 310-282-8820)
(Telecopy No. 310-282-8808), at the address of the
Parent Borrower set forth in Section 10.2, or to such other Person or
address as may be hereafter designated by the Parent Borrower in a written
notice to the Administrative Agent. The 

  
 113 

 
agreements in this Section 10.5 shall survive the termination of this Agreement and the repayment of the Loans and all other amounts payable hereunder. Notwithstanding the foregoing, the BorrowerBorrowers shall not be liable under this Agreement for any settlement made by any Indemnitee without itsthe prior written consent
of the Parent Borrower (which consent shall not be unreasonably withheld or
delayed). If any settlement is consummated with the Parent Borrower’s
written consent or if there is a final judgment for the plaintiff in any such Proceeding, the Borrower agreesBorrowers agree to indemnify and hold harmless each Indemnitee from and against any and
all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with the provisions hereof. The BorrowerBorrowers further
agreesagree that
itthey will not, without the prior written consent of the Indemnitee, settle or compromise or consent to the entry of any judgment in any pending or threatened Proceeding in respect of which indemnification may be
sought hereunder (whether or not any Indemnitee is an actual or potential party to such Proceeding) unless such settlement, compromise or consent includes (a) an unconditional release of each Indemnitee from all liability and obligations
arising therefrom in form and substance satisfactory to such Indemnitee and (b) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnitee. 

10.6 Successors and Assigns; Participations and Assignments. (a) The provisions of this Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns permitted hereby (including any affiliate of any Issuing Lender that issues any Letter of Credit), except that (i) the BorrowerBorrowers may not assign or otherwise transfer any of
itstheir rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by
theany Borrower without such consent shall be null and void); provided that, for the avoidance of doubt, the designation of a Subsidiary Borrower in accordance with Section 2.21(a)(i) shall not be
deemed to be an assignment or transfer of rights and obligations and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this
Section. 
 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more
assignees (each, an “Assignee”), other than a natural person,
theany Borrower or any Subsidiary or Affiliate of
theany Borrower, all or a portion of its rights and obligations under this Agreement (including all or a portion of its Revolving Commitments and the Loans at the time owing to it) with the prior written consent of:

 (A) the
Parent Borrower (such consent not to be unreasonably withheld or delayed),
provided that no consent of the Parent Borrower shall be required
for an assignment to a Lender, an affiliate of a Lender, an Approved Fund (as defined below) or, if an Event of Default under Section 8(a) or (f) has occurred and is continuing, any other Person; and provided, further, that
the Parent Borrower shall be deemed to have consented to any such
assignment unless the Parent Borrower shall object thereto by written
notice to the Administrative Agent within five Business Days after having received notice thereof; and 

(B) the Administrative Agent (such consent not to be unreasonably withheld or delayed). 

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

(A) except in the case of an assignment to a Lender, an affiliate of a Lender or an Approved Fund or an assignment of the
entire remaining amount of the assigning Lender’s Revolving Commitments or Loans, the amount of the Revolving Commitments or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption
with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the
Parent Borrower and the Administrative Agent otherwise consent, provided
that (1) no such consent of the Parent Borrower shall be required if
an Event of Default under Section 8(a) or (f) has occurred and is continuing and (2) such amounts shall be aggregated in respect of each Lender and its affiliates or Approved Funds, if any; 

(B) (1) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and
Assumption, together with a processing and recordation fee of $3,500 and (2) the assigning Lender shall have paid in full any amounts owing by it to the Administrative Agent; and 

(C) the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire
in which the Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and itsBorrowers and their respective Affiliates and their related parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws,
including Federal and state securities laws. 
 For the purposes of this Section 10.6, “Approved
Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by
(a) a Lender, (b) an affiliate of a Lender or (c) an entity or an affiliate of an entity that administers or manages a Lender. 

(iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) below, from and after the effective date
specified in each Assignment and Assumption the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the
assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.13, 2.14, 2.15 and 9.5). Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this Section 10.6 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of
this Section. 
 (iv) The Administrative Agent, acting for this purpose as an agent of the BorrowerBorrowers, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register (maintained in accordance with Treasury Regulations Sections
5f.103-1(c) and 1.871-14(c)(1)(i)) for the recordation of the names and addresses of the Lenders, and the Revolving Commitments of, and principal amount (and stated
interest) of the Loans and L/C Obligations owing to, each Lender pursuant to 

  
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the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the BorrowerBorrowers, the Administrative Agent, the Issuing Lenders and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The Register shall be available for inspection by the
BorrowerBorrowers and any Lender, at any reasonable time and from time to time upon reasonable prior notice; provided that the information contained in the Register which is shared with each Lender (other than the
Administrative Agent and its affiliates) shall be limited to the entries with respect to such Lender including the Revolving Commitments of, or principal amount of and stated interest on the Loans owing to such Lender. 

(v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an Assignee, the
Assignee’s completed administrative questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment
required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless
it has been recorded in the Register as provided in this paragraph. 
 (c) Any Lender may, without the consent of theany
Borrower, the Administrative Agent or any Issuing Lender, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including
all or a portion of its Revolving Commitments and the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations, and (iii) the
BorrowerBorrowers, the Administrative Agent, the Issuing Lenders and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.
Any agreement pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement;
provided that such agreement may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that (i) requires the consent of each Lender directly affected thereby pursuant to
the proviso to the second sentence of Section 10.1 and (ii) directly and adversely affects such Participant. Each Lender that sells a participation agrees, at the
Parent Borrower’s request and expense, to use reasonable efforts to
cooperate with the Parent Borrower to effectuate the provisions of Sections
2.16 and 2.17 with respect to any Participant. The Borrower agrees Borrowers agree that each Participant shall be entitled to the benefits of Sections
2.13, 2.14 and 2.15 (subject to the requirements and limitations therein, including the requirements under Section 2.14(f) (it being understood that the documentation required under Section 2.14(f) shall be delivered to the participating
Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (i) agrees to be subject to the provisions of
Sections 2.13 and 2.14, 2.15, 2.16 and 2.17 as if it were an assignee under paragraph (b) of this Section and (ii) shall not be entitled to receive any greater payment under 

  
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Sections 2.13 or 2.14, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment
results from an adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or direction (whether or not having the force of law) from any central bank or other
Governmental Authority made subsequent to the date hereof that occurs after the Participant acquired the applicable participation. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.7(b) as
though it were a Lender, provided such Participant shall be subject to Section 10.7(a) as though it were a Lender. Each
Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of
the BorrowerBorrowers, maintain a register (maintained in accordance with Treasury Regulations Sections
5f.103-1(c) and 1.871-14(c)(1)(i)) on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a
Participant’s interest in any Revolving Commitments, Loans, Letters of Credit or its other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Revolving Commitment, Loan, Letter of
Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury
Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each
Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as
Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central bank having jurisdiction over such Lender, and this Section shall not apply to any such pledge or assignment of a
security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or Assignee for such Lender as a party hereto. The BorrowerBorrowers, upon receipt of written notice from the relevant Lender,
agreesagree to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in this paragraph (d). 

10.7 Adjustments; Set-off. (a) Except to the extent that this Agreement or a court order expressly
provides for payments to be allocated to a particular Lender or to the Lenders under a particular facility, if any Lender (a “Benefitted Lender”) shall receive any payment of all or part of the Obligations owing to it (other than in
connection with an assignment made pursuant to Section 10.6), or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the
nature referred to in Section 8(f), or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of the Obligations owing to such other Lender, such Benefitted Lender shall
purchase for cash from the other Lenders a participating interest in such portion of the Obligations owing to each such other Lender, or shall provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause such
Benefitted Lender to share the excess payment or benefits of such collateral ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such
Benefitted Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. 

  
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 (b) In addition to any rights and remedies of the Lenders provided by law, if an Event of Default
shall have occurred and be continuing, each Lender shall have the right, without notice to the
BorrowerBorrowers, any such notice being expressly waived by the
BorrowerBorrowers to the extent permitted by applicable law, to apply to the payment of any Obligations of theany Borrower, irrespective of whether or not such Lender shall have made any demand
under this Agreement and although such Obligations may be unmatured, by setoff or otherwise, any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any
currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender, any affiliate thereof or any of their respective branches or agencies to or for the credit or the account of
the applicable Borrower; provided that if any Defaulting Lender
shall exercise any such right of setoff, (i) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of this Agreement and, pending such payment, shall be
segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Lenders and the Lenders and (ii) the Defaulting Lender shall provide promptly to the Administrative
Agent a statement describing in reasonable detail the obligations owing to such Defaulting Lender as to which it exercised such right of set-off; provided further, that to the extent prohibited
by applicable law as described in the definition of “Excluded Swap Obligation,” no amounts received from, or set off with respect to, any Subsidiary Guarantor shall be applied to any Excluded Swap Obligations of such Subsidiary Guarantor.
Each Lender agrees promptly to notify the Parent Borrower and the
Administrative Agent after any such application made by such Lender, provided that the failure to give such notice shall not affect the validity of such application. 

10.8 Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and
all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by email or facsimile transmission shall be effective as delivery of a manually executed
counterpart hereof. A set of the copies of this Agreement signed by all the parties shall be lodged with the Parent Borrower and the Administrative Agent. 
 10.9 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. 
 10.10
Integration. This Agreement and the other Loan Documents represent the entire agreement of the
BorrowerBorrowers, the Administrative Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender
relative to the subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents. 

  
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 10.11 Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 10.12 Submission
To Jurisdiction; Waivers. TheEach Borrower hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in
any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive jurisdiction of the courts of the State of New
York in the Borough of Manhattan, the courts of the United States for the Southern District of New York, and appellate courts from any thereof; provided, that nothing contained herein or in any other Loan Document will prevent any Lender
or the Administrative Agent from bringing any action to enforce any award or judgment or exercise any right under the Security Documents or against any Collateral or any other property of any Loan Party in any other forum in which jurisdiction can
be established; 
 (b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or
hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to
thesuch Borrower at its address set forth in Section 10.2 or at such other address of which the Administrative Agent shall have been notified pursuant thereto; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law; and 

(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred
to in this Section any indirect, special, exemplary, punitive or consequential damages. 
 10.13 Acknowledgements. TheEach Borrower
 hereby acknowledges and agrees that (a) no fiduciary, advisory or agency relationship between the Loan Parties and the Credit Parties is intended to be or has been created in respect of any of the transactions contemplated by this Agreement or
the other Loan Documents, irrespective of whether the Credit Parties have advised or are advising the Loan Parties on other matters, and the relationship between the Credit Parties, on the one hand, and the Loan Parties, on the other hand, in
connection herewith and therewith is solely that of creditor and debtor, (b) the Credit Parties, on the one hand, and the Loan Parties, on the other hand, have an arm’s length business relationship that does not directly or indirectly give
rise to, nor do the Loan Parties rely on, any fiduciary duty to the Loan Parties or their affiliates on the part of the Credit Parties, (c) the Loan Parties are capable of evaluating and understanding, and the Loan Parties understand and
accept, the terms, risks and conditions of the transactions contemplated by this Agreement and the other Loan Documents, (d) the Loan Parties have been advised that the Credit Parties are engaged in a broad range of transactions that may
involve interests that differ from the Loan Parties’ interests and that the Credit Parties have no obligation to disclose such interests and transactions to the Loan Parties, (e) the Loan Parties have

  
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consulted their own legal, accounting, regulatory and tax advisors to the extent the Loan Parties have deemed appropriate in the negotiation, execution and delivery of this Agreement and the
other Loan Documents, (f) each Credit Party has been, is, and will be acting solely as a principal and, except as otherwise expressly agreed in writing by it and the relevant parties, has not been, is not, and will not be acting as an advisor,
agent or fiduciary for the Loan Parties, any of their affiliates or any other Person, (g) none of the Credit Parties has any obligation to the Loan Parties or their affiliates with respect to the transactions contemplated by this Agreement or
the other Loan Documents except those obligations expressly set forth herein or therein or in any other express writing executed and delivered by such Credit Party and the Loan Parties or any such affiliate and (h) no joint venture is created
hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Credit Parties or among the Loan Parties and the Credit Parties. 

10.14 Releases of Guarantees and Liens. (a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, the
Administrative Agent is hereby irrevocably authorized by each Lender (including in its capacities as a potential secured counterparty to a Secured Swap Agreement) (without requirement of notice to or consent of any Lender except as expressly
required by Section 10.1) to take any action reasonably requested by the
Parent Borrower having the effect of releasing any Collateral or guarantee
obligations (i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has been consented to in accordance with Section 10.1 or (ii) under the circumstances described in
paragraphs (b) or (c) below. 
 (b) Upon Payment in Full, the Collateral shall be automatically released from the Liens created
by the Security Documents, and the Security Documents and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent and each Loan Party under the Security Documents shall automatically terminate, all
without delivery of any instrument or performance of any act by any Person. 
 (c) If any of the Collateral shall be sold, transferred or
otherwise disposed of in a transaction permitted hereunder, then the Administrative Agent, at the request and sole expense of such Loan Party, shall execute and deliver to such Loan Party all releases or other documents reasonably necessary or
desirable for the release of the Liens created by the Guarantee and Collateral Agreement on such Collateral; provided that no Default shall have occurred or be continuing or would result therefrom. At the request and sole expense of the Parent Borrower, any Subsidiary Guarantor, Subsidiary Borrower or the REIT Entity shall be released from its obligations under
the Loan Documents, as applicable, in the event that (i) in the case of a Subsidiary Guarantor or Subsidiary Borrower, all the Capital Stock of such Subsidiary Guarantor
or Subsidiary Borrower shall be sold, transferred or otherwise disposed of
in a transaction permitted hereunder or if such Subsidiary Guarantor shall cease to be a Wholly-Owned Subsidiary of the Parent
Borrower as a result of a transaction permitted hereunder or becomes an Excluded Subsidiary pursuant to the terms of this
Agreement;
provided that in the case of any such transaction involving a Subsidiary Borrower, (A) the Parent Borrower shall have
delivered a Termination Letter with respect to such Subsidiary Borrower in accordance with Section 2.21(a)(ii), (B) the Obligations of such Subsidiary Borrower shall have been repaid in full, (C) any L/C Obligations in respect of Letters
of Credit issued for the account of such Subsidiary Borrower shall have been cash collateralized and (D) all other amounts owed by such Subsidiary Borrower under this Agreement and the other Loan Documents shall have been repaid in full, in
each case, not later than upon the effectiveness of such release or (ii) in the case of the REIT Entity, upon the request of the
Parent Borrower to the extent the REIT Guaranty is not required

  
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to be effective pursuant to this Agreement or any other Loan Document; provided that, in each case, no Default shall have occurred and be continuing or would result therefrom;
provided further that the Parent Borrower shall have delivered to
the Administrative Agent, at least five days (or such shorter period as may be permitted by the Administrative Agent in its sole discretion) prior to the date of the proposed release, a written request for release identifying the relevant Subsidiary
Guarantor, Subsidiary Borrower or the REIT Entity (as applicable) and the
associated transaction giving rise to the release request in reasonable detail, together with a certification by the
Parent Borrower stating that such transaction is in compliance with this
Agreement and the other Loan Documents. 
 (d) Notwithstanding the foregoing, if an Excluded Subsidiary or Other Merger Party Excluded
Subsidiary is at any time determined to have been incorrectly designated or joined as a Subsidiary Guarantor (each, a “Specified Subsidiary”) then such Specified Subsidiary’s obligations under the Loan Documents shall be
automatically released in all respects with retroactive effect to the time such Specified Subsidiary was first joined as a Subsidiary Guarantor (until such time, if any, as such Specified Subsidiary ceases to be an Excluded Subsidiary or Other
Merger Party Excluded Subsidiary) upon receipt by the Administrative Agent of a certificate of a Responsible Officer of the
Parent Borrower in form and substance satisfactory to the Administrative Agent
regarding the basis for designating such subsidiary as a Specified Subsidiary; provided that, after giving pro forma effect to such release of such Specified Subsidiary’s guarantee (and any repayment of Revolving Loans or pledge of
additional Collateral that occurs contemporaneously therewith), the Parent
Borrower shall be in compliance with Section 7.1(e). 
 (e) The Administrative Agent shall, at the request and sole expense of
the Parent Borrower in connection with the release of any Collateral in accordance
with this Section 10.14, promptly (i) deliver to the Parent
Borrower any such Collateral in the Administrative Agent’s possession and (ii) execute and deliver to the
Parent Borrower such documents as the Parent Borrower shall reasonably request to evidence such release. The Administrative
Agent shall, at the request and sole expense of the Parent Borrower
following the release of a Subsidiary Guarantor or the REIT Entity from its obligations under the Loan Documents, as applicable, in accordance with this Section 10.14, execute and deliver to the Parent Borrower such documents as the Parent Borrower shall reasonably request to evidence such release. 

10.15 Confidentiality. Each of the Administrative Agent and each Lender agrees to keep confidential all Information (as defined below);
provided that nothing herein shall prevent the Administrative Agent or any Lender from disclosing any such Information (a) to the Administrative Agent, any other Lender or any affiliate thereof, or to any other party to this Agreement
(b) subject to an agreement to comply with the provisions of this Section, to any actual or prospective Transferee or any direct or indirect counterparty to any Swap Agreement (or any professional advisor to such counterparty), (c) to its
employees, directors, agents, attorneys, accountants and other professional advisors or those of any of its affiliates, who, in each case, are informed of the confidential nature of such information and are or have been advised by the applicable
Credit Party of their obligation to keep information of this type confidential, (d) upon the request or demand of any Governmental Authority having jurisdiction over such Credit Party or its affiliates, (e) in response to any order of any
court or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, with prompt advanced notice to
the Parent Borrower of such disclosure, to the extent practicable and permitted by
law, (f) if requested or required to do so in connection with any litigation or similar proceeding, with prompt 

  
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advanced notice to the
Parent Borrower of such disclosure, to the extent practicable and permitted by law, (g) that has been publicly disclosed (other than by reason of disclosure by the applicable Credit Party,
its affiliates or any representatives in breach of this Section 10.15), (h) to the National Association of Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about
a Lender’s investment portfolio in connection with ratings issued with respect to such Lender, (i) in connection with the exercise of any remedy hereunder or under any other Loan Document, or (j) if agreed by the Parent Borrower in its sole discretion, to any other Person.
“Information” means all information received from the
Parent Borrower relating to the Parent Borrower or its business, other than any such information that is available to
the Administrative Agent, any Issuing Lender or any Lender on a non-confidential basis prior to disclosure by the
Parent Borrower. In addition, the Administrative Agent, the Arrangers and
the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry (including league table providers) and service providers to the Administrative
Agent, the Arrangers and the Lenders in connection with the administration of this Agreement, the other Loan Documents, the Loans and the Revolving Commitments. 

Each Lender acknowledges that information furnished to it pursuant to this Agreement or the other Loan Documents may include material non-public information concerning the Borrower and
itsBorrowers and their respective Affiliates and their related
parties or their respective securities, and confirms that it has developed compliance procedures regarding the use of material non-public information and that it will handle such material non-public information in accordance with those procedures and applicable law, including Federal and state securities laws. 

All information, including requests for waivers and amendments, furnished by
theany Borrower or the Administrative Agent pursuant to, or in the course of administering, this Agreement or the other Loan Documents will be syndicate-level information, which may contain material non-public information about the Borrower and
itsBorrowers and their respective Affiliates and their related
parties or their respective securities. Accordingly, each Lender represents to the
BorrowerBorrowers and the Administrative Agent that it has identified in its administrative questionnaire a credit contact who may receive information that may contain material non-public
information in accordance with its compliance procedures and applicable law, including Federal and state securities laws. 
 10.16
WAIVERS OF JURY TRIAL. THE
BORROWERBORROWERS, THE
ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

10.17 USA Patriot Act. Each Lender hereby notifies theeach Borrower that pursuant to the requirements of the USA Patriot Act (Title III of
Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record information that identifies theeach
 Borrower, which information includes the name and address of theeach Borrower and other information that will allow such Lender to identify theeach Borrower
 in accordance with the Patriot Act. 
 10.18 Investment Asset Reviews. The Administrative Agent, individually or at the request of
the Required Lenders, may engage in its reasonable discretion, on behalf of the Lenders, an independent consultant (each, an “Independent Valuation Provider”) to complete a review and verification of the accuracy and reliability of
the Parent Borrower’s calculation and reporting of the Adjusted Net Book
Value of any Investment Asset included in the calculation of the Maximum Permitted Outstanding Amount (each, an “Investment Asset Review”) at any time, each such Investment Asset Review to be shared with the Lenders and the Parent Borrower. The
Parent Borrower agrees to pay the Administrative

  
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Agent, not later than 10 Business Days after receipt of a reasonably detailed invoice therefor, the documented
out-of-pocket cost of each such Investment Asset Review reasonably incurred by the Administrative Agent; provided that (i) the Parent Borrower shall not be required to reimburse such costs with respect to more than
one Investment Asset Review per fiscal year with respect to each such Investment Asset and (ii) the Parent Borrower shall not be required to reimburse more than $500,000 of such costs per fiscal year; provided further that the limitations on reimbursement contained in the foregoing proviso shall not
apply if an Event of Default has occurred and is continuing. 
 10.19 Secured Swap Agreements. Except as otherwise expressly set forth
herein or in any Security Document, no Swap Bank that obtains the benefits of Section 10.14, any Guarantee Obligation or any Collateral by virtue of the provisions hereof or any Security Document shall have any right to notice of any action or
to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only
to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Section 10.19 to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements
have been made with respect to, Obligations arising under Secured Swap Agreements unless the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request
from the applicable Swap Bank. 
 10.20 Acknowledgement and Consent to Bail-In of EEA Financial
Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising
under any Loan Document may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may
be payable to it by any 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; or 
 (iii) the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 

10.21 Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan,
together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be
contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be
limited to 

  
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the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall
be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds
Effective Rate to the date of repayment, shall have been received by such Lender. 
 10.22 Effect of Amendment and Restatement; Reallocation.
(a) Upon the Closing Date, this Agreement shall amend, and restate as amended, the Existing Credit Agreement (including any contingent amendments thereto), but shall not constitute a novation thereof or in any way impair or otherwise affect the
rights or obligations of the parties thereunder (including with respect to Loans and representations and warranties made thereunder) except as such rights or obligations are amended or modified hereby. The Existing Credit Agreement as amended and
restated hereby shall be deemed to be a continuing agreement among the parties, and all documents, instruments and agreements delivered pursuant to or in connection with the Existing Credit Agreement not amended and restated in connection with the
entry of the parties into this Agreement shall remain in full force and effect, each in accordance with its terms, as of the date of delivery or such other date as contemplated by such document, instrument or agreement to the same extent as if the
modifications to the Existing Credit Agreement contained herein were set forth in an amendment to the Existing Credit Agreement in a customary form, unless such document, instrument or agreement has otherwise been terminated or has expired in
accordance with or pursuant to the terms of this Agreement, the Existing Credit Agreement or such document, instrument or agreement or as otherwise agreed by the required parties hereto or thereto. 

(b) Upon the Closing Date, the
Parent Borrower shall (A) prepay the outstanding Revolving Loans (if any) in
full, (B) simultaneously borrow new Revolving Loans hereunder in an amount equal to such prepayment (in the case of Eurodollar Loans, with Eurodollar Base Rates equal to the outstanding Eurodollar Base Rate and with Interest Period(s) ending on
the date(s) of any then outstanding Interest Period(s)), as applicable (as modified hereby); provided that with respect to subclauses (A) and (B), (x) the prepayment to, and borrowing from, any Lender that was a party to the Existing
Credit Agreement as a “Lender” thereunder immediately prior to giving effect to this Agreement (an “Existing Lender”) shall be effected by book entry to the extent that any portion of the amount prepaid to such Lender will
be subsequently borrowed from such Lender and (y) the Existing Lenders and each Person that is a signatory hereto as a Lender but that was not a party to the Existing Credit Agreement immediately prior to giving effect to this Agreement (each,
an “Additional Lender”) shall make and receive payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect thereto, the Revolving Loans are held ratably by such Existing Lenders and
Additional Lenders in accordance with the respective Revolving Commitments of such Lenders as set forth in Schedule 1.1A hereto and (C) pay to the Lenders the amounts, if any, payable under Section 2.15 as a result of any such prepayment.
Concurrently therewith, the Lenders shall be deemed to have adjusted their participation interests in any outstanding Letters of Credit so that such interests are held ratably in accordance with their Revolving Commitments as set forth in Schedule
1.1A hereto. The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to this
clause (b). 

  
 124 

 10.23 Suspension of Restrictive Provisions. 

(a) Notwithstanding anything contained herein to the contrary, the
Parent Borrower and each of its Subsidiaries shall not be required to comply with
the terms of the Restrictive Provisions during the Suspension Period and the period prior to the Parent Borrower delivering the Suspension Notice but following the occurrence of the Default or Event of Default giving rise to the Suspension Notice, in each case if and as applicable. For the avoidance of doubt, the
Suspension Period shall not apply to any inaccuracy, breach or occurrence existing prior to December 2, 2016 of which a Responsible Officer of the
Parent Borrower or its Subsidiaries had knowledge. 

(b) Notice of Suspension Period. Prior to the date that is sixty days from the Closing Date, the Parent Borrower may elect to initiate the Suspension Period by providing prior written
notice of such election to the Administrative Agent in a form reasonably acceptable to the Administrative Agent, which notice shall specify the date (on or after delivery of such notice) on which the Suspension Period is to begin (such notice, the
“Suspension Notice”); provided, that such an election shall only be made by the Parent Borrower once; provided, further, that for such Suspension Notice to be effective, the
Parent Borrower shall have notified the Administrative Agent of any Default
or Event of Default giving rise to the Suspension Notice no later than one Business Day following a Responsible Officer of the
Parent Borrower (such Responsible Officer being limited to the chief financial officer or treasurer in the case of a breach of a Restrictive Provision described in clause (a) of the
definition thereof) becoming aware of such occurrence. 
 (c) Termination of Suspension Period. The Parent Borrower may elect to terminate the Suspension Period by providing written notice
to the Administrative Agent in a form reasonably acceptable to the Administrative agent, which notice shall specify the date on which the Suspension Period is to end, which in no event will be later than 60 days after the Closing Date (such notice,
the “Suspension Termination Notice”). Unless terminated earlier by the Parent Borrower, any Suspension Period in effect shall automatically cease (and for the avoidance of doubt the right to elect a Suspension Period shall cease) on the date that is the 60th day after the Closing Date.

 (d) Reversion of Restrictive Provisions. Upon the expiration or termination of the Suspension Period, each of the
Restrictive Provisions shall be calculated and tested and the Parent Borrower and
each Subsidiary shall be required to comply with each Restrictive Provision. 
 [Remainder of page intentionally left blank.]

  
 125 

 Exhibit B 

EXHIBIT J TO THE CREDIT AGREEMENT 

[See attached] 

 EXHIBIT J 

FORM OF 
 SUBSIDIARY
BORROWER JOINDER AGREEMENT 
 SUBSIDIARY BORROWER JOINDER AGREEMENT, dated as of
                 ,         , (this “Subsidiary Borrower Joinder Agreement”) made by each Subsidiary signatory
hereto (each, a “Subsidiary Borrower”), in favor of JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”) for the several banks and other financial institutions (the
“Lenders”) from time to time parties to the Second Amended and Restated Credit Agreement dated as of January 10, 2017 (as amended by the First Amendment, dated as of [    ], 2017, and as further amended,
modified and supplemented, or otherwise modified, renewed or replaced from time to time, the “Credit Agreement”), among Colony Capital Operating Company, LLC (the “Parent Borrower”), any other Subsidiary Borrowers
from time to time parties thereto (together with the Parent Borrower, the “Borrowers”), the Lenders party thereto, the Documentation Agent and Syndication Agent named therein and the Administrative Agent. Unless otherwise defined
herein, capitalized terms are used herein as defined in the Credit Agreement. 
 W I T N E S S E T H: 

WHEREAS, the parties to this Subsidiary Borrower Joinder Agreement wish to add one or more Subsidiary Borrowers to the Credit Agreement in the
manner hereinafter set forth; and 
 WHEREAS, this Subsidiary Borrower Joinder Agreement is entered into pursuant to Section 2.21(a)(i)
of the Credit Agreement; 
 NOW, THEREFORE, in consideration of the premises, the parties hereto hereby agree as follows: 

1. Each of the undersigned Domestic Subsidiaries that are Wholly-Owned Subsidiaries of the Parent Borrower (each, a “New
Borrower”), hereby acknowledges that it has received and reviewed a copy of the Credit Agreement, and acknowledges and agrees to: 
  

	 	a.	join the Credit Agreement as a Subsidiary Borrower, as indicated with its signature below; 

  

	 	b.	be bound by all covenants, agreements and acknowledgments attributable to a Subsidiary Borrower in the Credit Agreement; and 

  

	 	c.	perform all obligations and duties required of it by the Credit Agreement. 

 2. [[Each] New Borrower, by executing and delivering this Subsidiary Borrower Joinder Agreement,
hereby becomes a party to the Guarantee and Collateral Agreement as a Grantor thereunder as provided in Section 8.14(b) therein with the same force and effect as if originally named therein as a Grantor and, without limiting the generality of
the foregoing, hereby expressly assumes all obligations and liabilities of a Grantor thereunder. The information set forth in Annex II hereto is hereby added to the information set forth in the Schedules to the Guarantee and Collateral Agreement.
[Each] New Borrower hereby represents and warrants that each of the representations and warranties contained in Section 4 of the Guarantee and Collateral Agreement is true and correct on and as of the date hereof (after giving effect to this
Subsidiary Borrower Joinder Agreement).]2 
 [[Each] New Borrower, by executing and
delivering this Subsidiary Borrower Joinder Agreement, hereby acknowledges and consents to the Guarantee and Collateral Agreement and agrees that it will be subject to the rights and obligations applicable to the Borrowers on the terms contained
therein. Further, [each] New Borrower agrees with respect to each Loan Document to which it is a party: 
  

	 	a.	all of its obligations, liabilities and indebtedness under each such Loan Document shall remain in full force and effect on a continuous basis after giving effect to this Subsidiary Borrower Joinder Agreement and its
guarantee, if any, of the obligations, liabilities and indebtedness of the other Loan Parties under the Credit Agreement shall extend to and cover any Loans made pursuant to the Credit Agreement and interest thereon and fees and expenses and other
obligations in respect thereof and in respect of commitments related thereto after giving effect to this Subsidiary Borrower Joinder Agreement; and 

  

	 	b.	all of the Liens and security interests created and arising under such Loan Document remain in full force and effect on a continuous basis, and the perfected status and priority of each such Lien and security interest
continues in full force and effect on a continuous basis, unimpaired, uninterrupted and undischarged, after giving effect to this Subsidiary Borrower Joinder Agreement, as collateral security for its obligations, liabilities and indebtedness under
the Credit Agreement and under its guarantees, if any, in the Loan Documents, including, without limitation, the obligations under the Guarantee and Collateral Agreement.]3 

3. On and as of the date hereof, each of the undersigned hereby confirm, reaffirm and restate that, after giving effect to this Subsidiary
Borrower Joinder Agreement, (i) each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents are true and correct in all material respects on and as of the date hereof as if made on and as of such date
(except that any representations and warranties which expressly relate to an earlier date shall be true and correct in all material respects as of such earlier date) and (ii) no Default or Event of Default shall have occurred or be continuing
on the date hereof. 
  

	2 	To be included with respect to any Subsidiary Borrower that is not currently a party to the Guarantee and Collateral Agreement. 

	3 	To be included with respect to any Subsidiary Borrower that is currently a party to the Guarantee and Collateral Agreement. 

 4. The legal name, primary business address, taxpayer identification number and jurisdiction of
incorporation of each of the undersigned Subsidiaries of the Parent Borrower is set forth in Annex I to this Subsidiary Borrower Joinder Agreement. 

5. The Parent Borrower hereby agrees and acknowledges that its guarantees contained in Section 2 of the Guarantee and Collateral Agreement
shall remain in full force and effect after giving effect to this Subsidiary Borrower Joinder Agreement. 
 6. THIS SUBSIDIARY BORROWER
JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

 IN WITNESS WHEREOF, each of the undersigned has caused this Subsidiary Borrower Joinder Agreement
to be duly executed and delivered by its proper and duly authorized officer as of the date set forth below. 
  

					
	Dated:                          ,         	 		 	 [NAME OF SUBSIDIARY],
 as a Subsidiary
Borrower

			
		 		 	By:
                                         
               
		 		 	       Name:
		 		 	       Title:
			
		 		 	 [NAME OF SUBSIDIARY],
 as a Subsidiary
Borrower

			
		 		 	By:
                                         
               
		 		 	       Name:
		 		 	       Title:

  

	
	ACKNOWLEDGED AND AGREED TO:
	
	 COLONY CAPITAL OPERATING COMPANY, LLC,

as Parent Borrower

	
	By:
                                         
               
	       Name:
	       Title:
	
	 JPMORGAN CHASE BANK, N.A.,
 as Administrative
Agent

	
	By:
                                         
               
	       Name:
	       Title:

 ANNEX I 

[Insert legal name, primary business address, taxpayer identification number and jurisdiction of incorporation of each Subsidiary Borrower]

 ANNEX II  

Supplement to Schedule 1 of the Guarantee and Collateral Agreement 

Supplement to Schedule 2 of the Guarantee and Collateral Agreement 

Supplement to Schedule 4 of the Guarantee and Collateral Agreement 

Supplement to Schedule 5 of the Guarantee and Collateral Agreement 

 Exhibit C 

AMENDED GUARANTEE AND COLLATERAL AGREEMENT 

[See attached] 

CONFORMED VERSION 
 EXECUTION
VERSIONANNEX C 

 
  

AMENDED AND RESTATED GUARANTEE AND COLLATERAL AGREEMENT4 

made by 
 COLONY CAPITAL OPERATING
COMPANY, LLC 
 and certain of its Subsidiaries 

in favor of 
 JPMORGAN CHASE BANK,
N.A., 
 as Administrative Agent 

Dated as of March 31, 2016 
  

 
  

 

	4 	Conformed version reflecting the First Amendment dated as of January 12, 2018. 

 TABLE OF CONTENTS 
  

							
	 SECTION 1.
	 	DEFINED TERMS	  	 	1	 
	 1.1
	 	Definitions	  	 	1	 
	 1.2
	 	Other Definitional Provisions	  	 	7	 
			
	 SECTION 2.
	 	GUARANTEE	  	 	7	 
	 2.1
	 	Guarantee	  	 	7	 
	 2.2
	 	Right of Contribution	  	 	8	 
	 2.3
	 	No Subrogation	  	 	8	 
	 2.4
	 	Amendments, etc. with respect to the Borrower Obligations	  	 	8	 
	 2.5
	 	Guarantee Absolute and Unconditional	  	 	79	 
	 2.6
	 	Reinstatement	  	 	9	 
	 2.7
	 	Payments	  	 	9	 
	 2.8
	 	Keepwell	  	 	9	 
			
	 SECTION 3.
	 	GRANT OF SECURITY INTEREST	  	 	10	 
	 3.1
	 	Grant of Security	  	 	10	 
	 3.2
	 	Procedures	  	 	11	 
			
	 SECTION 4.
	 	REPRESENTATIONS AND WARRANTIES	  	 	13	 
	 4.1
	 	Title; No Other Liens	  	 	13	 
	 4.2
	 	Subsidiaries	  	 	13	 
	 4.3
	 	Jurisdiction of Organization; Chief Executive Office	  	 	14	 
	 4.4
	 	Pledged Stock	  	 	14	 
	 4.5
	 	Distribution Accounts	  	 	1214	 
	 4.6
	 	No Default	  	 	1214	 
			
	 SECTION 5.
	 	COVENANTS	  	 	14	 
	 5.1
	 	Delivery of Instruments, Certificated Securities and Chattel Paper	  	 	14	 
	 5.2
	 	Payment of Obligations	  	 	14	 
	 5.3
	 	Maintenance of Perfected Security Interest; Further Documentation	  	 	15	 
	 5.4
	 	Changes in Name, etc.	  	 	1315	 
	 5.5
	 	Notices	  	 	1315	 
	 5.6
	 	Securities	  	 	15	 
			
	 SECTION 6.
	 	REMEDIAL PROVISIONS	  	 	16	 
	 6.1
	 	Pledged Stock	  	 	16	 
	 6.2
	 	Proceeds to be Turned Over To Administrative Agent	  	 	17	 
	 6.3
	 	Application of Proceeds	  	 	17	 
	 6.4
	 	Code and Other Remedies	  	 	17	 
	 6.5
	 	Registration Rights 16[Reserved.]	  	 	18	 
	 6.6
	 	Certain Limitations on Remedies	  	 	1618	 
	 6.7
	 	Subordination	  	 	19	 
	 6.8
	 	Deficiency	  	 	19	 

							
			
	 SECTION 7.
	 	THE ADMINISTRATIVE AGENT	  	 	1719	 
	 7.1
	 	Administrative Agent’s Appointment as Attorney-in-Fact, etc.	  	 	1719	 
	 7.2
	 	Duty of Administrative Agent	  	 	21	 
	 7.3
	 	Execution of Financing Statements	  	 	21	 
	 7.4
	 	Authority of Administrative Agent	  	 	21	 
			
	 SECTION 8.
	 	 MISCELLANEOUS
	  	 	1921	 
	 8.1
	 	Amendments in Writing	  	 	1921	 
	 8.2
	 	Notices	  	 	1921	 
	 8.3
	 	No Waiver by Course of Conduct; Cumulative Remedies	  	 	22	 
	 8.4
	 	Enforcement Expenses; Indemnification	  	 	22	 
	 8.5
	 	Successors and Assigns	  	 	22	 
	 8.6
	 	Set-Off	  	 	2022	 
	 8.7
	 	Counterparts	  	 	23	 
	 8.8
	 	Severability	  	 	23	 
	 8.9
	 	Section Headings	  	 	23	 
	 8.10
	 	Integration	  	 	23	 
	 8.11
	 	GOVERNING LAW	  	 	23	 
	 8.12
	 	Submission To Jurisdiction; Waivers	  	 	23	 
	 8.13
	 	Acknowledgements	  	 	24	 
	 8.14
	 	Additional Grantors	  	 	24	 
	 8.15
	 	Releases	  	 	24	 
	 8.16
	 	WAIVER OF JURY TRIAL	  	 	25	 
	
8.17
	 	Acknowledgement and Confirmation	  	 	26	 

 SCHEDULES 

			
	Schedule F-1	  	Enforcement Right Limitations
	Schedule 1	  	Notice Addresses
	Schedule 2	  	Pledged Stock
	Schedule 3	  	[Reserved]
	Schedule 4	  	Jurisdictions of Organization and Chief Executive Offices
	Schedule 5	  	Distribution Accounts

 ANNEXES 

			
	Annex 1	  	Assumption Agreement
	Annex 2	  	Acknowledgment and Consent

 AMENDED AND RESTATED GUARANTEE AND COLLATERAL AGREEMENT 

AMENDED AND RESTATED GUARANTEE AND COLLATERAL AGREEMENT, dated as of March 31, 2016, and as amended by the First Amendment, made by each of the signatories hereto (together
with any other entity that may become a party hereto as provided herein, the “Grantors”), in favor of JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) for the banks
and other financial institutions or entities (the “Lenders”) from time to time parties to the Amended and Restated Credit Agreement, dated as of March 31, 2016 (as amended, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among Colony Capital Operating Company, LLC (the “Parent Borrower”), the Subsidiary Borrowers from time to time party
thereto, the Lenders and the Administrative Agent. 
 W I T
N E S S E T H: 
 WHEREAS, pursuant to the Credit Agreement, the Lenders have
severally agreed to make extensions of credit to the
BorrowerBorrowers upon the terms and subject to the conditions set forth therein; 
 WHEREAS, the Borrower is a memberBorrowers are members of an affiliated group of companies that includes each other Grantor;

 WHEREAS, the proceeds of the extensions of credit under the Credit Agreement will be used in part to enable the BorrowerBorrowers to make valuable transfers to one or more of the other Grantors in connection with the operation of their respective businesses; 

WHEREAS, the BorrowerBorrowers and the other Grantors are engaged in related businesses, and each Grantor
will derive substantial direct and indirect benefit from the making of the extensions of credit under the Credit Agreement; and 

WHEREAS, it is a condition precedent to the obligation of the Lenders to make their respective extensions of credit to the BorrowerBorrowers under the Credit Agreement that the Grantors shall have executed and delivered this Agreement to the Administrative Agent for the ratable benefit of the Secured Parties; 

NOW, THEREFORE, in consideration of the premises and to induce the Administrative Agent and the Lenders to enter into the Credit Agreement and
to induce the Lenders to make their respective extensions of credit to the
BorrowerBorrowers thereunder, each Grantor hereby agrees with the Administrative Agent, for the ratable benefit of the Secured Parties, as follows: 

SECTION 1. DEFINED TERMS 
 1.1
Definitions. (a) Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement, and the following terms are used herein as defined in the New York UCC:
Certificated Security, Clearing Corporation, Chattel Paper, Financial Assets, General Intangibles, Instruments, Investment Property, Securities Intermediary, Security Entitlements, Supporting Obligations and Uncertificated Security. 

  
 1 

 (b) The following terms shall have the following meanings: 

“Agreement”: this Amended and Restated Guarantee and Collateral Agreement, as amended by the First Amendment and as the same may be further amended, supplemented or otherwise modified from time to time. 

“Borrower Obligations”: the collective reference to the unpaid principal of and interest on the Loans and Reimbursement
Obligations and all other obligations and liabilities of
theeach Borrower (including, without limitation, interest accruing at the then applicable rate provided in the Credit Agreement after the maturity of the Loans and Reimbursement Obligations and interest accruing at the
then applicable rate provided in the Credit Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to thesuch Borrower,
 whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) to the Administrative Agent or any Lender (or, in the case of any Secured Swap Agreement, any Affiliate of any Lender), whether direct or indirect,
absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, the Credit Agreement, this Agreement, the other Loan Documents, any Letter of Credit, any Secured Swap
Agreement or any other document made, delivered or given in connection with any of the foregoing, in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without
limitation, all fees and disbursements of counsel to the Administrative Agent or to the Lenders that are required to be paid by thesuch Borrower pursuant to the terms of any of the foregoing agreements);
provided, that for purposes of determining any Guarantor Obligations of any Guarantor under this Agreement, the definition of “Borrower Obligations” shall not create any guarantee by any Guarantor of any Excluded Swap Obligations of
such Guarantor. “Borrower Obligations” shall collectively refer to the Borrower Obligations of all of the Borrowers,
except when the context suggests it is referring only to the Borrower Obligations of an individual Borrower. 

“Certificated Security”: as defined in Section 8-102(a)(4) of the UCC. 

“Collateral”: as defined in Section 3. 

“Collateral Account”: any collateral account established by the Administrative Agent as provided in Section 6.2 and any
other account established and maintained by the Administrative Agent in the name of any Grantor to which Collateral may be credited. 

“Collateral Reporting Date”: as defined in Section 3.2(a). 

“Commodity Exchange Act”: the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute. 
 “Enforcement Action”: as defined in Section 6.6(b). 

“Excluded Collateral”: as defined in the last paragraph of Section 3.1. 

  
 2 

 “FDIC Investment Prohibited Foreclosure”: with respect to any FDIC Investment,
any sale or transfer of a Grantor’s direct or indirect interest in an FDIC Private Owner that (after taking into account all other pledges or transfers with respect to the underlying assets): 

(a) would cause less than 50.1% of the Capital Stock of an FDIC Private Owner to be owned, directly or indirectly, by the Parent Borrower or an Affiliate thereof; 

(b) would cause 25% or more of the equity interests of an FDIC Private Owner to be owned, directly or indirectly, by any one
Person (including affiliates thereof) other than the Parent Borrower or an
Affiliate thereof; or 
 (c) would otherwise cause a “change in control” (or like term) under the
documentation governing such FDIC Investment pursuant to terms and conditions notified by the Grantors to the Administrative Agent in writing from time to time prior to such sale or transfer; 

provided, however, that in order to constitute an FDIC Investment Prohibited Foreclosure, the applicable Grantor shall have dislosed to the
Administrative Agent in writing promptly following knowledge thereof any limitations on Enforcement Actions in respect of the applicable FDIC Investment, which notice shall be reasonably in advance of such sale or transfer. As of the date hereof,
the applicable limitations on foreclosure with respect to the FDIC Investments included in the Collateral are set forth on Schedule F-1. 

“FDIC Private Owner”: with respect to any FDIC Investment, an Affiliated Investor that directly or indirectly owns an
interest in such FDIC Investment. 
 “Guarantor Obligations”: with respect to any Guarantor, all obligations and
liabilities of such Guarantor which may arise under or in connection with this Agreement (including, without limitation, Section 2) or any other Loan Document or any Secured Swap Agreement to which such Guarantor is a party, in each case
whether on account of guarantee obligations, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Administrative Agent or to the Lenders that are
required to be paid by such Guarantor pursuant to the terms of this Agreement or any other Loan Document). 
 “Guarantors”:
the collective reference to each Grantor other
thanBorrower (solely with respect to the Borrower Obligations of each other Borrower) and each other Grantor. 

“Issuers”: the collective reference to each issuer of any Securities. 

“Luxembourg Issuer” shall mean any Person organized under the laws of Luxembourg that has issued Securities that constitute
Collateral. 

  
 3 

 “Membership Interest”: all of the issued and outstanding Capital Stock
(including, for the avoidance of doubt, the entire membership interest) at any time owned directly by any Grantor in any limited liability company (each such limited liability company, a “Pledged LLC”), and all of such
Grantor’s right, title and interest in each Pledged LLC, including, without limitation: 
 (a) all the capital thereof and its interest
in all profits, losses and other distributions to which such Grantor shall at any time be entitled in respect of such Membership Interests; 

(b) all other payments due or to become due to such Grantor in respect of such Membership Interests, whether under any limited liability
company agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise; 
 (c) all of its claims,
rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under any limited liability company agreement or at law or otherwise in respect of such Membership Interests; 

(d) all present and future claims, if any, of such Grantor against any Pledged LLC for moneys loaned or advanced, for services rendered or
otherwise; 
 (e) all of such Grantor’s rights under any limited liability company agreement or at law to exercise and enforce every
right, power, remedy, authority, option and privilege of such Grantor relating to the Membership Interests, including any power to terminate, cancel or modify any limited liability company agreement, to execute any instruments and to take any and
all other action on behalf of and in the name of such Grantor in respect of any Membership Interests and any Pledged LLC to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or
receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce or collect any of the foregoing, to enforce or execute any checks or other instruments or orders, to file any claims and
to take any action in connection with any of the foregoing; and 
 (f) all other property hereafter delivered in substitution for or in
addition to any of the foregoing, all certificates and instruments representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any time and from time to time received, receivable or
otherwise distributed in respect of or in exchange for any or all thereof. 
 “New York UCC”: the Uniform Commercial Code
as from time to time in effect in the State of New York. 
 “Obligations”: (i) in the case of theeach Borrower,
 theits Borrower Obligations, and (ii) in the case of each Guarantor (including, for the avoidance of doubt, each Borrower in its capacity as a Guarantor),
its Guarantor Obligations. 
 “Other Prohibited Foreclosure”: with respect to any Investment Asset acquired after
the Closing Date and included in the Collateral, any Enforcement Action with respect to a Grantor’s direct or indirect interest in any applicable Other Restricted Investment Asset Owner that (after taking into account all other pledges or
transfers with respect to the underlying assets) would cause a “change in control” (or like term) or other similar default or termination event under documentation governing such Other Restricted Investment Asset Owner (or any of its

  
 4 

 
property); provided, however, that in order to constitute an Other Prohibited Foreclosure, the applicable Grantor shall have disclosed to the Administrative Agent in writing
promptly following knowledge thereof any limitations on Enforcement Actions in respect of the applicable Investment Asset, which notice shall be reasonably in advance of any Enforcement Action in respect of the applicable Investment Asset. 

“Other Restricted Asset”: any Investment Asset with respect to which an Enforcement Action would constitute an “Other
Prohibited Foreclosure” pursuant to documentation governing such Investment Asset or any applicable Other Restricted Investment Asset Owner. 

“Other Restricted Investment Asset Owner”: with respect to any applicable Investment Asset, an Affiliated Investor that
directly or indirectly owns an interest in such Investment Asset. 
 “Partnership Interest”: all of the issued and
outstanding Capital Stock (including, for the avoidance of doubt, the entire partnership interest, whether general and/or limited partnership interests) at any time owned directly by any Grantor in any partnership (each such partnership, a
“Pledged Partnership”), and all of such Grantor’s right, title and interest in each Pledged Partnership, including, without limitation: 

(a) all the capital thereof and its interest in all profits, losses and other distributions to which such Grantor shall at any time be entitled
in respect of such Partnership Interests; 
 (b) all other payments due or to become due to such Grantor in respect of such Partnership
Interests, whether under any partnership agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise; 

(c) all of its claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under any partnership
agreement or at law or otherwise in respect of such Partnership Interests; 
 (d) all present and future claims, if any, of such Grantor
against any Pledged Partnership for moneys loaned or advanced, for services rendered or otherwise; 
 (e) all of such Grantor’s rights
under any partnership agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of such Grantor relating to the Partnership Interests, including any power to terminate, cancel or modify any partnership
agreement, to execute any instruments and to take any and all other action on behalf of and in the name of such Grantor in respect of any Partnership Interests and any Pledged Partnership to make determinations, to exercise any election (including,
but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce or collect any of the foregoing, to enforce or execute
any checks or other instruments or orders, to file any claims and to take any action in connection with any of the foregoing; and 

  
 5 

 (f) all other property hereafter delivered in substitution for or in addition to any of the
foregoing, all certificates and instruments representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any time and from time to time received, receivable or otherwise distributed in
respect of or in exchange for any or all thereof. 
 “Permitted Liens”: Liens on the Collateral permitted pursuant to
Section 7.3 of the Credit Agreement. 
 “Pledge”: the security interest in the Collateral arising under this
Agreement. 
 “Pledged Accounts”: collectively, all Collateral Accounts, all Distribution Accounts and all L/C Cash
Collateral Accounts. 
 “Pledged LLC”: as set forth in the definition of “Membership Interest”. 

“Pledged Partnership”: as set forth in the definition of “Partnership Interest”. 

“Pledged Stock”: the shares of Capital Stock listed on Schedule 2, together with any other shares, stock certificates,
options, interests or rights of any nature whatsoever in respect of the Capital Stock of any Person that may be issued or granted to, or held by, any Grantor while this Agreement is in effect, in each case, whether such Capital Stock is a General
Intangible, Security (as defined in the New York UCC) or other Investment Property. 
 “Proceeds”: all “proceeds”
as such term is defined in Section 9-102(a)(64) of the New York UCC and, in any event, shall include, without limitation, all dividends or other income from the Securities, collections thereon or
distributions or payments with respect thereto. 
 “Qualified Keepwell Provider”: in respect of any Swap Obligation, each
Loan Party that, at the time the relevant guarantee (or grant of the relevant security interest, as applicable) becomes effective with respect to such Swap Obligation, has total assets exceeding $10,000,000 or otherwise constitutes an “eligible
contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” with respect to such Swap Obligation at such time by
entering into a keepwell or guarantee pursuant to Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

“Securities”: (i) collectively, all Stock, all Partnership Interests and all Membership Interests and (ii) whether or
not constituting “Securities” as so defined, all Pledged Stock. 
 “Securities Act”: the Securities Act of 1933,
as amended. 
 “Stock”: all of the issued and outstanding shares of Capital Stock at any time owned by any Grantor in any
corporation. 
 “Uncertificated Securities”: as defined in
Section 8-102(a)(18) of the UCC. 

  
 6 

 1.2 Other Definitional Provisions. (a) The words “hereof,” “herein”,
“hereto” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and Schedule references are to this
Agreement unless otherwise specified. 
 (b) The meanings given to terms defined herein shall be equally applicable to both the singular and
plural forms of such terms. 
 (c) Where the context requires, terms relating to the Collateral or any part thereof, when used in relation to
a Grantor, shall refer to such Grantor’s Collateral or the relevant part thereof. 
 SECTION 2. GUARANTEE 

2.1 Guarantee. (a) Each of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees to the Administrative
Agent, for the ratable benefit of the Secured Parties and their respective successors, indorsees, transferees and assigns, the prompt and complete payment and performance by
theeach Borrower when due (whether at the stated maturity, by acceleration or otherwise) of theits Borrower Obligations (other than, with respect to any Guarantor, any Excluded Swap
Obligations of such Guarantor). 
 (b) Anything herein or in any other Loan Document to the contrary notwithstanding, the maximum
liability of each Guarantor hereunder and under the other Loan Documents with respect to the Guarantor Obligations of such
Guarantor shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable federal and state laws relating to the insolvency of debtors (after giving effect to the
right of contribution established in Section 2.2). 
 (c) Each Guarantor agrees that the Borrower Obligations, whether in respect of the Borrowers collectively or any individual Borrower, may at
any time and from time to time exceed the amount of the liability of such Guarantor hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Administrative Agent or any Lender hereunder.

 (d) The guarantee contained in this Section 2 shall remain in full force and effect until all the Borrower Obligations shall
have been satisfied by Payment In Full and the obligations of each Guarantor under the guarantee contained in this Section 2 (other than contingent indemnification obligations that have not yet been asserted) shall have been satisfied by
payment in full, notwithstanding that from time to time during the term of the Credit Agreement the Borrowers, or any
individual Borrower,
may be free from any Borrower Obligations. 
 (e) No payment made by
theany Borrower, any of the Guarantors, any other guarantor or any other Person or received or collected by the Administrative Agent or any Lender from
the Borrower, any of the
Borrowers or the Guarantors, any other guarantor or any other Person by
virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Borrower Obligations (other than Payment in Full of the
Borrower Obligations) shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such 

  
 7 

 
payment (other than any payment made by such Guarantor in respect of the Borrower Obligations or any payment received or collected from such Guarantor in respect of the Borrower Obligations),
remain liable for the Borrower Obligations up to the maximum liability of such Guarantor hereunder until Payment in Full of the Borrower Obligations, no Letter of Credit shall be outstanding and the Commitments are terminated. 

2.2 Right of Contribution. Each Subsidiary Guarantor hereby agrees that to the extent that a Subsidiary Guarantor shall have paid more than its
proportionate share of any payment made hereunder, such Subsidiary Guarantor shall be entitled to seek and receive contribution from and against any other Subsidiary Guarantor hereunder which has not paid its proportionate share of such payment.
Each Subsidiary Guarantor’s right of contribution shall be subject to the terms and conditions of Section 2.3. The provisions of this Section 2.2 shall in no respect limit the obligations and liabilities of any Subsidiary Guarantor to
the Administrative Agent and the Lenders, and each Subsidiary Guarantor shall remain liable to the Administrative Agent and the Lenders for the full amount guaranteed by such Subsidiary Guarantor hereunder. 

2.3 No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or
application of funds of any Guarantor by the Administrative Agent or any Lender, no Guarantor shall be entitled to be subrogated to any of the rights of the Administrative Agent or any Lender against theany
Borrower or any other Guarantor or any collateral security or guarantee or right of offset held by the Administrative Agent or any Lender for the payment of the Borrower Obligations, nor shall any Guarantor seek or be entitled to seek any
contribution or reimbursement from
theany Borrower or any other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the Administrative Agent and the Lenders by theeach Borrower
 on account of the Borrower Obligations are paid in full, no Letter of Credit shall be outstanding and the Commitments are terminated. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the
Borrower Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Administrative Agent and the Lenders, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such
Guarantor, be turned over to the Administrative Agent in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Administrative Agent, if required), to be applied against the Borrower Obligations, whether matured or
unmatured, in such order as the Administrative Agent may determine. 
 2.4 Amendments, etc. with respect to the Borrower Obligations.
Each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the Borrower Obligations made by
the Administrative Agent or any Lender may be rescinded by the Administrative Agent or such Lender and any of the Borrower Obligations continued, and the Borrower Obligations, or the liability of any other Person upon or for any part thereof, or any
collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Administrative
Agent or any Lender, and the Credit Agreement and the other Loan Documents and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Administrative Agent
(or the Required Lenders or all Lenders, as the case may be) may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by the Administrative Agent or any Lender for the payment of the Borrower
Obligations may be sold, exchanged, waived, surrendered or released. Neither the Administrative Agent nor any Lender shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Borrower
Obligations or for the guarantee contained in this Section 2 or any property subject thereto. 

  
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 2.5 Guarantee Absolute and Unconditional. Each Guarantor waives any and all notice of the
creation, renewal, extension or accrual of any of the Borrower Obligations and notice of or proof of reliance by the Administrative Agent or any Lender upon the guarantee contained in this Section 2 or acceptance of the guarantee contained in
this Section 2; the Borrower Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Section 2; and
all dealings between theany Borrower and any of the Guarantors, on the one hand, and the Administrative Agent and the Lenders, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the
guarantee contained in this Section 2. Each Guarantor waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon
theany Borrower or any of the Guarantors with respect to the Borrower Obligations. Each Guarantor understands and agrees that the guarantee contained in this Section 2 shall be construed as a continuing, absolute
and unconditional guarantee of payment without regard to (a) the validity or enforceability of the Credit Agreement or any other Loan Document, any of the Borrower Obligations or any other collateral security therefor or guarantee or right of
offset with respect thereto at any time or from time to time held by the Administrative Agent or any Lender, (b) any defense, set-off or counterclaim (other than a defense of payment or performance) which
may at any time be available to or be asserted by
theany Borrower or any other Person against the Administrative Agent or any Lender, or (c) any other circumstance whatsoever (with or without notice to or knowledge of thesuch Borrower
 or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of theany Borrower for the Borrower Obligations, or of such Guarantor under the guarantee
contained in this Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Administrative Agent or any Lender may, but shall be under
no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against theany Borrower, any other Guarantor or any other Person or against any collateral security
or guarantee for the Borrower Obligations or any right of offset with respect thereto, and any failure by the Administrative Agent or any Lender to make any such demand, to pursue such other rights or remedies or to collect any payments from theany
Borrower, any other Guarantor or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of
theany Borrower, any other Guarantor or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or
affect the rights and remedies, whether express, implied or available as a matter of law, of the Administrative Agent or any Lender against any Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of
any legal proceedings. 
 2.6 Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be
reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Borrower Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or any Lender upon the insolvency, bankruptcy,
dissolution, liquidation or reorganization of theany
Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, theany
Borrower or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made. 
 2.7
Payments. Each Guarantor hereby guarantees that payments hereunder will be paid to the Administrative Agent without set-off or counterclaim in Dollars at the Funding Office. 

2.8 Keepwell. Each Qualified Keepwell Provider hereby jointly and severally absolutely, unconditionally, and irrevocably undertakes to provide
such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this guarantee in respect of any Swap Obligation (provided, however, that each Qualified Keepwell Provider shall only be
liable under this Section 2.8 for the maximum amount of such liability that can be hereby incurred without 

  
 9 

 
rendering its obligations under this Section 2.8, or otherwise under this guarantee, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any
greater amount). The obligations of each Qualified Keepwell Provider under this Section 2.8 shall remain in full force and effect until a discharge of Guarantor Obligations.    Each Qualified Keepwell Provider intends that
this Section 2.8 constitute, and this Section 2.8 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan Party for all purposes of section 1a(18)(A)(v)(II) of the Commodity
Exchange Act. 
 SECTION 3. GRANT OF SECURITY INTEREST 

3.1 Grant of Security. Each Grantor hereby assigns and transfers to the Administrative Agent, and hereby grants to the Administrative Agent,
for the ratable benefit of the Secured Parties, a security interest in, all of the following property now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right,
title or interest (collectively, the “Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of such Grantor’s
Obligations: 
 (a) all Securities and all options and warrants to purchase Securities (and all certificates, Certificated Securities,
Chattel Paper or Instruments evidencing such Securities); 
 (b) all Pledged Accounts; including any and all assets of whatever type or kind
deposited in any such Pledged Account, whether now owned or hereafter acquired, existing or arising (including, without limitation, all Financial Assets, Investment Property, monies, checks, drafts, Instruments or interests therein of any type or
nature deposited or required by the Credit Agreement or any other Loan Document to be deposited in such Pledged Account, and all investments and all certificates and other instruments (including depository receipts, if any) from time to time
representing or evidencing the same, and all dividends, interest, distributions, cash and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing); 

(c) all books and records pertaining to the Collateral; and 

(d) to the extent not otherwise included, all Proceeds, Supporting Obligations and products of any and all of the foregoing, all Security
Entitlements owned by such Grantor in any and all of the foregoing, and all collateral security and guarantees given by any Person with respect to any of the foregoing; 

provided, however, that notwithstanding any of the other provisions set forth in this Section 3, this Agreement shall not
constitute a grant of a security interest in any property to the extent that such grant of a security interest (i) is of more than 66% of the total voting stock of any Excluded Foreign Subsidiary, (ii) is of a general partner interest held
by a Grantor in a Colony Fund, (iii) is prohibited by any Requirements of Law of a Governmental Authority, requires a consent not obtained of any Governmental Authority pursuant to such Requirement of Law or (iv) in the case of any
Collateral constituting a Security of any Pledged Affiliate, is prohibited by, or constitutes a breach or default under or
results in the termination of or requires any consent not obtained under, any contract, license, agreement, instrument or other document evidencing or giving rise to such property or any material agreement of any such Pledged  

  
 10 

 
AffiliateIssuer
 (or any Investment Asset Issuer or Affiliated Investor in which such Pledged AffiliateIssuer owns a direct or indirect equity interest) prohibiting a grant of such security
interest in such Security, including, without limitation, any applicable shareholder or similar agreement (other than any of the foregoing issued by a Grantor) or any agreements relating to Indebtedness permitted pursuant to the Credit Agreement
that are either applicable to such Pledged
AffiliateIssuer, any Investment Asset held directly or indirectly
by such Pledged AffiliateIssuer or to any Investment Asset Issuer or any Affiliated Investor in which such Pledged AffiliateIssuer owns a direct or indirect equity interest, in each case with respect to clauses
(iii) and (iv) of this paragraph, except to the extent that such Requirement of Law or the term in such contract, license, agreement, instrument or other document or shareholder or similar agreement providing for such prohibition, breach,
default or termination or requirement of such consent is ineffective under applicable law (the property excluded from Collateral pursuant to this paragraph, the “Excluded Collateral”). Notwithstanding anything to the contrary set
forth in this Agreement, the representations, warranties and covenants set forth herein applicable to Collateral shall not apply to Excluded Collateral. 

3.2 Procedures. (a) To the extent that any Grantor at any time or from time to time owns, acquires or obtains any right, title or interest
in any Collateral, such Collateral shall automatically (and without the taking of any action by such Grantor) be pledged pursuant to Section 3.1 of this Agreement and, in addition thereto, such Grantor shall, not later than 60 days (or such
later date as the Administrative Agent may agree in its sole discretion) after the end of the fiscal year in which the Grantor acquired or otherwise obtained any such right, title or interest, take the following actions as set forth below with
respect to any such new property constituting Collateral described below (provided that, to the extent that the actions set forth below have not been taken with respect any such new property constituting Collateral with an aggregate value in excess
of 5.0% of the Total Asset Value at any time, the Parent Borrower shall cause such
actions to be taken within 60 days after the end of the fiscal quarter during which such limit was exceeded to the extent necessary to eliminate such excess) (the earlier date on which such actions are required to be taken with respect to any such
Collateral, the “Collateral Reporting Date” with respect to such Collateral): 
 (i) with respect to
a Certificated Security or a Partnership Interest or Membership Interest represented by a certificate that is a Security for purposes of the New York UCC (in each case other than any such Certificated Security, Partnership Interest or Membership
Interest credited on the books of a Clearing Corporation or Securities Intermediary), such Grantor shall physically deliver such Certificated Security to the Administrative Agent, endorsed to the Administrative Agent or endorsed in blank; 

(ii) with respect to (A) an Uncertificated Security or (B) a Membership Interest or Partnership Interest which is not
represented by a certificate or is not a Security for purposes of the UCC (in each case other than an Uncertificated Security, Membership Interest or Partnership Interest credited on the books of a Clearing Corporation or Securities Intermediary),
such Grantor shall cause the issuer thereof to duly authorize, execute, and deliver to the Administrative Agent, an acknowledgment and consent in favor of the Administrative Agent and the other Secured Parties substantially in the form of Annex 2
hereto (appropriately completed to the reasonable satisfaction of the Administrative Agent and with such modifications, if any, as shall be reasonably satisfactory to the Administrative Agent) pursuant to which such issuer agrees to be bound by the
terms of this Agreement in so much as they apply to such issuer (or to any 

  
 11 

 
Uncertificated Security, Partnership Interests or Membership Interests issued by such issuer to such Grantor); provided, however, that the obligations set forth in this paragraph
shall be limited to each such Uncertificated Security, Membership Interest or Partnership Interest issued by a Subsidiary of the Grantor that directly or indirectly owns any Investment Asset or receives any
Fee-Related Earnings that are included in the calculation of the Maximum Permitted Outstanding Amount (and, to the extent that any issuer of such Uncertificated Security, Membership Interest or Partnership
Interest did not have to comply with the obligations set forth in this paragraph on the Collateral Reporting Date in reliance on this proviso but thereafter becomes a Subsidiary that directly or indirectly owns any Investment Asset or receives any Fee-Related Earnings that are included in the calculation of the Maximum Permitted Outstanding Amount, the applicable Grantor shall cause such issuer to comply with the obligations set forth in this paragraph within
60 days after the end of the fiscal quarter during which such issuer became a Subsidiary that directly or indirectly owns any Investment Asset or receives any Fee-Related Earnings that are included in the
calculation of the Maximum Permitted Outstanding Amount); 
 (iii) with respect to any Collateral consisting of a
Certificated Security, Uncertificated Security, Partnership Interest or Membership Interest credited on the books of a Clearing Corporation or Securities Intermediary (including a Federal Reserve Bank, Participants Trust Company or The Depository
Trust Company), such Grantor shall notify the Administrative Agent thereof and shall take (x) all actions required (i) to comply with the applicable rules of such Clearing Corporation or Securities Intermediary and (ii) to perfect the
security interest of the Administrative Agent under applicable law (including, in any event, under Sections 9-314(a), (b) and (c), 9-106 and 8-106(d) of the New York UCC) and (y) such other actions as the Administrative Agent deems necessary or desirable to effect the foregoing; 

(iv) with respect to a Partnership Interest or a Membership Interest (other than a Partnership Interest or Membership Interest
credited on the books of a Clearing Corporation or Securities Intermediary), (1) if such Partnership Interest or Membership Interest is represented by a certificate and is a Security for purposes of the New York UCC, the procedure set forth in
Section 3.2(a)(i) hereof; and (2) if such Partnership Interest or Membership Interest is not represented by a certificate or is not a Security for purposes of the New York UCC, the procedure set forth in Section 3.2(a)(ii) hereof;

 (v) with respect to any Security of any Pledged Affiliate, provide the Administrative Agent with a copy of the
organization documents of such Pledged Affiliate; provided, however, that the obligations set forth in this paragraph shall not apply with respect to any Pledged Affiliate that does not, directly or indirectly, own any material assets;
provided further that, if at any time organization documents of a Pledged Affiliate have not been delivered in reliance on the foregoing proviso and such Pledged Affiliate thereafter owns, directly or indirectly, any material assets,
the applicable Grantor shall provide the Administrative Agent with a copy of the organization documents of such Pledged Affiliate within 60 days after the end of the fiscal quarter during which such Pledged Affiliate first owned, directly or
indirectly, any material assets; 

  
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 (vi) with respect to each Distribution Account of such Grantor, notify the
Administrative Agent of the opening thereof (to the extent such Distribution Account is opened after the Closing Date) and deliver to the Administrative Agent a Control Agreement duly executed by each of the parties thereto; and 

(vii) with respect to all Collateral of such Grantor whereby or with respect to which the Administrative Agent may obtain
“control” thereof within the meaning of Section 8-106 of the New York UCC (or under any provision of the New York UCC as same may be amended or supplemented from time to time, or under the laws
of any relevant State other than the State of New York), such Grantor shall take all actions as may be reasonably requested from time to time by the Administrative Agent so that “control” of such Collateral is obtained and at all times
held by the Administrative Agent. 
 (b) In addition to the actions required to be taken pursuant to Section 3.2(a) hereof, each Grantor
shall take the following additional actions with respect to the Collateral: 
 (i) each Grantor shall from time to time cause
appropriate financing statements (on appropriate forms) under the Uniform Commercial Code as in effect in the various relevant States, covering all Collateral hereunder (with the form of such financing statements to be satisfactory to the
Administrative Agent), to be filed in the relevant filing offices so that at all times the Administrative Agent’s security interest in all Investment Property constituting Collateral and other Collateral which can be perfected by the filing of
such financing statements (in each case to the maximum extent perfection by filing may be obtained under the laws of the relevant States, including, without limitation, Section 9-312(a) of the New York
UCC) is so perfected; and 
 (ii) each Grantor shall cause the Pledge to be accepted by each Luxembourg Issuer, and by its
signature to this Agreement, each Luxembourg Issuer existing on the date of this Agreement hereby acknowledges and expressly accepts the Pledge. 

SECTION 4. REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective
extensions of credit to the
BorrowerBorrowers thereunder, each Grantor hereby represents and warrants to the Administrative Agent and each Lender that: 

4.1 Title; No Other Liens. Except for the security interest granted to the Administrative Agent for the ratable benefit of the Secured Parties
pursuant to this Agreement and the other Liens permitted to exist on the Collateral under the Credit Agreement, such Grantor owns each item of the Collateral free and clear of any and all Liens. No effective financing statement or other similar
public filing with respect to all or any part of the Collateral is on file or of record in any relevant public office, except such as have been filed in favor of the Administrative Agent pursuant to this Agreement or as are permitted by the Credit
Agreement and those filed in connection with the Existing Credit Agreement. 
 4.2 Subsidiaries. As of the Closing Date, Schedule 2 sets
forth the name and jurisdiction of incorporation of each Subsidiary and, as to each such Subsidiary, the percentage of each class of Capital Stock owned by any Grantor. 

  
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 4.3 Jurisdiction of Organization; Chief Executive Office. On the date hereof, such Grantor’s
jurisdiction of organization, and the location of such Grantor’s chief executive office or sole place of business or principal residence, as the case may be, are specified on Schedule 4. 

4.4 Pledged Stock. (a) The shares or other interests of Pledged Stock pledged by such Grantor hereunder constitute all the issued and
outstanding shares or other interests of all classes of the Capital Stock of each Issuer owned by such Grantor, other than shares constituting Excluded Collateral. 

(b) All the shares of the Pledged Stock of any Subsidiary have been duly and validly issued and, to the extent applicable, are fully paid and
nonassessable. 
 (c) Such Grantor is the record and beneficial owner of, and has good and marketable title to, the Securities pledged by it
hereunder, free of any and all Liens other than Liens permitted pursuant to the Credit Agreement. 
 (d) As of the date hereof, all of the
Partnership Interests and Membership Interests owned by such Grantor are uncertificated. 
 4.5 Distribution Accounts. As of the Closing
Date, such Grantor has neither opened nor maintains any Distribution Account other than those set forth in Schedule 5 hereto. 
 4.6 No
Default. Except as could not reasonably be expected to result in a Material Adverse Effect, (a) such Grantor is not in default in the payment of any portion of any mandatory capital contribution, if any, required to be made under any
partnership agreement or limited liability company agreement to which such Grantor is a party, and such Grantor is not in violation of any other material provisions of any partnership agreement or limited liability company agreement to which such
Grantor is a party, or otherwise in default or violation thereunder and (b) no Partnership Interest or Membership Interest is subject to any defense, offset or counterclaim, nor have any of the foregoing been asserted or alleged against such
Grantor by any Person with respect thereto. 
 SECTION 5. COVENANTS 

Each Grantor covenants and agrees with the Administrative Agent and the Lenders that, from and after the date of this Agreement until Payment
in Full: 
 5.1 Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of
the Collateral in excess of $100,000 shall be or become evidenced by any Instrument, Certificated Security or Chattel Paper payable to or in the name of any Grantor, such Instrument, Certificated Security or Chattel Paper shall be delivered to the
Administrative Agent by not later than the next following Collateral Reporting Date, duly indorsed in a manner reasonably satisfactory to the Administrative Agent, to be held as Collateral pursuant to this Agreement. 

5.2 Payment of Obligations. Such Grantor will pay and discharge or otherwise satisfy at or before maturity or before they become delinquent, as
the case may be, all Taxes imposed upon the Collateral or in respect of income or profits therefrom, as well as all claims of any kind (including, without limitation, claims for labor, materials and supplies) against or with respect to the
Collateral, except to the extent not required to be paid or discharged pursuant to Section 4.10 of the Credit Agreement. 

  
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 5.3 Maintenance of Perfected Security Interest; Further Documentation. (a) Such Grantor
shall maintain the security interest created by this Agreement as a perfected security interest having at least the priority described in Section 4.19 of the Credit Agreement and shall defend such security interest against the claims and
demands of all Persons whomsoever, subject to Permitted Liens and the rights of such Grantor under the Loan Documents to dispose of the Collateral. 

(b) Such Grantor will furnish to the Administrative Agent and the Lenders from time to time statements and schedules further identifying and
describing the assets and property of such Grantor and such other reports in connection therewith as the Administrative Agent may reasonably request, all in reasonable detail. 

(c) At any time and from time to time, upon the written request of the Administrative Agent, and at the sole expense of such Grantor, such
Grantor will promptly and duly execute and deliver, and have recorded, such further instruments and documents and take such further actions as the Administrative Agent may reasonably request for the purpose of obtaining or preserving the full
benefits of this Agreement and of the rights and powers herein granted, including, without limitation, (i) filing any financing or continuation statements under the Uniform Commercial Code (or other similar laws) in effect in any jurisdiction
with respect to the security interests created hereby and (ii) in the case of Securities, Pledged Accounts and any other relevant Collateral, taking any actions consistent with the requirements of Section 3.2 and reasonably necessary to
enable the Administrative Agent to obtain “control” (within the meaning of the applicable Uniform Commercial Code) with respect thereto. 

5.4 Changes in Name, etc. In the event that a Grantor (i) changes its jurisdiction of organization or the location of its chief executive
office or sole place of business or principal residence from that referred to in Section 4.3 or (ii) changes its name, such Grantor shall promptly (but in any event within ten (10) days) provide written notice to the Administrative
Agent and deliver to the Administrative Agent all additional financing statements and other documents reasonably requested by the Administrative Agent to maintain the validity, perfection and priority of the security interests provided for herein.

 5.5 Notices. Such Grantor will advise the Administrative Agent and the Lenders promptly, in reasonable detail, of any Lien (other than
security interests created hereby or Liens permitted under the Credit Agreement) on any of the Collateral which would adversely affect the ability of the Administrative Agent to exercise any of its remedies hereunder. 

5.6 Securities. (a) If such Grantor shall become entitled to receive or shall receive any certificate (including, without limitation, any
certificate representing a dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option or rights in respect of the Capital Stock of any
Issuer of Pledged Stock, whether in addition to, in substitution of, as a conversion of, or in exchange for, any shares of the Pledged Stock, or otherwise in respect thereof, such Grantor shall accept the same as the agent of the Administrative
Agent and the Lenders, hold the same in trust for the Administrative Agent and the Lenders and deliver the same to the Administrative Agent by not later than the applicable Collateral Reporting Date in the exact form received, duly indorsed by such
Grantor to the Administrative Agent, if required, together with an undated stock power covering such certificate duly executed in blank by such Grantor and with, if the Administrative Agent so requests, signature guaranteed, to be held by the
Administrative Agent, subject to the terms hereof, as additional collateral security for the Obligations. 

  
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 (b) Without the prior written consent of the Administrative Agent, unless permitted pursuant to
the Credit Agreement, such Grantor will not (i) sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Securities or Proceeds thereof or (ii) create, incur or permit to exist any Lien or option
in favor of, or any claim of any Person with respect to, any of the Securities or Proceeds thereof, or any interest therein. 
 (c) In the
case of each Grantor which is an Issuer, such Issuer agrees that (i) it will be bound by the terms of this Agreement relating to the Securities issued by it and will comply with such terms insofar as such terms are applicable to it and
(ii) the terms of Sections 6.1(c) and 6.5 shall apply to it, mutatis mutandis, with respect to all actions that may be required of it pursuant to Section 6.1(c) or 6.5 with respect to the Securities issued by it. 

(d) Such Grantor will not approve any action by any Pledged Partnership or Pledged LLC to convert such uncertificated interests into
certificated interests. 
 SECTION 6. REMEDIAL PROVISIONS 

6.1 Pledged Stock. (a) Unless an Event of Default shall have occurred and be continuing and the Administrative Agent shall have given
notice to the relevant Grantor of the Administrative Agent’s intent to exercise its corresponding rights pursuant to Section 6.1(b), each Grantor shall be permitted to receive all cash dividends paid in respect of the Pledged Stock, in
each case paid in the normal course of business of the relevant Issuer and consistent with past practice, to the extent permitted in the Credit Agreement, and to exercise all voting and corporate or other organizational rights with respect to the
Securities; provided, however, that no vote shall be cast or corporate or other organizational right exercised or other action taken which, in the Administrative Agent’s reasonable judgment, would impair the Collateral or which
would be inconsistent with or result in any violation of any provision of the Credit Agreement, this Agreement or any other Loan Document. 

(b) If an Event of Default shall occur and be continuing and the Administrative Agent shall give notice of its intent to exercise such rights
to the relevant Grantor or Grantors, (i) the Administrative Agent shall have the right to receive any and all cash dividends, payments or other Proceeds paid in respect of the Securities and make application thereof to the Obligations in such
order as the Administrative Agent may determine, and (ii) any or all of the Securities shall be registered in the name of the Administrative Agent or its nominee, and the Administrative Agent or its nominee may thereafter exercise (x) all
voting, corporate and other rights pertaining to such Securities at any meeting of shareholders of the relevant Issuer or Issuers or otherwise and (y) any and all rights of conversion, exchange and subscription and any other rights, privileges
or options pertaining to such Securities as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Securities upon the merger, consolidation, reorganization, recapitalization
or other fundamental change in the corporate or other organizational structure of any Issuer, or upon the exercise by any Grantor or the Administrative Agent of any right, privilege or option pertaining to such Securities, and in connection
therewith, the right to deposit and deliver any and all of the Securities with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Administrative Agent may determine), all without
liability except to account for property actually received by it, but the Administrative Agent shall have no duty to any Grantor to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so
doing. 

  
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 (c) Each Grantor hereby authorizes and instructs each Issuer of any Securities pledged by such
Grantor hereunder to (i) comply with any instruction received by it from the Administrative Agent in writing that (x) states that an Event of Default has occurred and is continuing and (y) is otherwise in accordance with the terms of
this Agreement, without any other or further instructions from such Grantor, and each Grantor agrees that each Issuer shall be fully protected in so complying, and (ii) unless otherwise expressly permitted hereby, pay any dividends or other
payments with respect to the Securities directly to the Administrative Agent. 
 6.2 Proceeds to be Turned Over To Administrative Agent. If
an Event of Default shall occur and be continuing, all Proceeds received by any Grantor consisting of cash, checks and other near-cash items shall be held by such Grantor in trust for the Administrative Agent and the Lenders, segregated from other
funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned over to the Administrative Agent in the exact form received by such Grantor (duly indorsed by such Grantor to the Administrative Agent, if required). All Proceeds
received by the Administrative Agent hereunder shall be held by the Administrative Agent in a Collateral Account maintained under its sole dominion and control. All Proceeds while held by the Administrative Agent in a Collateral Account (or by such
Grantor in trust for the Administrative Agent and the Lenders) shall continue to be held as collateral security for all the Obligations and shall not constitute payment thereof until applied as provided in Section 6.3. 

6.3 Application of Proceeds. At such intervals as may be agreed upon by the
Parent Borrower and the Administrative Agent, or, if an Event of Default shall
have occurred and be continuing, at any time at the Administrative Agent’s election, the Administrative Agent may apply all or any part of Proceeds constituting Collateral, whether or not held in any Collateral Account, and any proceeds of the
guarantee set forth in Section 2, in payment of the Obligations in the following order: 
 First, to pay
incurred and unpaid fees and expenses of the Administrative Agent under the Loan Documents; 
 Second, to the
Administrative Agent, for application by it towards payment of amounts then due and owing and remaining unpaid in respect of the Obligations, pro rata among the Secured Parties according to the amounts of the Obligations then due and owing
and remaining unpaid to the Secured Parties; 
 Third, to the Administrative Agent, for application by it towards
prepayment of the Obligations, pro rata among the Secured Parties according to the amounts of the Obligations then held by the Secured Parties; and 

Fourth, any balance remaining after the Payment in Full of the Obligations, no Letters of Credit shall be outstanding
and the Commitments shall have terminated shall be paid over to the Parent
Borrower or to whomsoever may be lawfully entitled to receive the same. 
 Notwithstanding the foregoing, no amounts
received from any Guarantor shall be applied to any Excluded Swap Obligations of such Guarantor. 
 6.4 Code and Other Remedies. Subject to
the limitations set forth in Section 6.6, if an Event of Default shall occur and be continuing, the Administrative Agent, on behalf of the Lenders, may exercise, in addition to all other rights and remedies granted to them in this Agreement and
in any other instrument or agreement securing, evidencing or relating to the Obligations, all rights and remedies of a 

  
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secured party under the New York UCC or any other applicable law. Without limiting the generality of the foregoing, the Administrative Agent, without demand of performance or other demand,
presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), may
in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or
any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Administrative Agent or any Lender or elsewhere upon such terms and
conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. The Administrative Agent or any Lender shall have the right upon any such public sale or
sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Grantor, which right or equity is hereby waived and
released. Each Grantor further agrees, at the Administrative Agent’s request, to assemble the Collateral and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably select, whether at such
Grantor’s premises or elsewhere. The Administrative Agent shall apply the net proceeds of any action taken by it pursuant to this Section 6.4, after deducting all reasonable costs and expenses of every kind incurred in connection therewith
or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Administrative Agent and the Lenders hereunder, including, without limitation, reasonable attorneys’ fees and
disbursements, to the payment in whole or in part of the Obligations, in such order as the Administrative Agent may elect, and only after such application and after the payment by the Administrative Agent of any other amount required by any
provision of law, including, without limitation, Section 9-615(a)(3) of the New York UCC, need the Administrative Agent account for the surplus, if any, to any Grantor. To the extent permitted by
applicable law, each Grantor waives all claims, damages and demands it may acquire against the Administrative Agent or any Lender arising out of the exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition of
Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such sale or other disposition. 

6.5 [Reserved.] 
 6.6 Certain
Limitations on Remedies. (a) Notwithstanding any of the other provisions set forth in this Agreement to the contrary (including, without limitation, this Section 6), the Administrative Agent hereby agrees, on behalf of itself and the other
Secured Parties, that except as permitted pursuant to clause (b) below, it shall not, directly or indirectly, consummate or otherwise take any Enforcement Action (as defined below) that would reasonably be expected to result in an FDIC
Investment Prohibited Foreclosure or Other Prohibited Foreclosure; provided that the Parent Borrower shall maintain the ownership structure of it and its Affiliates in a manner that does not restrict the Administrative Agent from commencing Enforcement Actions with respect to any Collateral other than
FDIC Investments and Other Restricted Assets (it being understood that, (x) no such restriction shall be deemed to exist if the Administrative Agent can take Enforcement Actions with respect to a Lower Tier Issuer that is a direct or indirect
owner of such Collateral but not an Upper Tier Issuer and (y) to the extent necessary to ensure compliance with this proviso, the
Parent Borrower shall ensure that all Collateral other than FDIC
Investments and Other Restricted Assets shall be held, directly or indirectly, by Pledged Affiliates with respect to which Enforcement Actions would not constitute an FDIC Investment Prohibited Foreclosure or an Other Prohibited Foreclosure).

  
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 (b) The parties hereto acknowledge and agree that the foreclosure, transfer or other similar exercise of remedies
(an “Enforcement Action”) by the Administrative Agent with respect to certain Pledged Stock, may, in the case of an Enforcement Action with respect to the Pledged Stock of an Issuer (an “Upper Tier Issuer”) that
owns Pledged Stock of any other Issuer of Pledged Stock (each, a “Lower Tier Issuer”), result in an FDIC Prohibited Foreclosure or Other Prohibited Foreclosure in circumstances where an Investment Asset that could be the subject of
an FDIC Prohibited Foreclosure or Other Prohibited Foreclosure is directly or indirectly owned by a Lower Tier Issuer. In such case, in order to permit the commencement of an Enforcement Action with respect to the Pledged Stock of any Upper Tier
Issuer, each Grantor hereby agrees that, upon the occurrence and continuation of an Event of Default, following the written request of the Administrative Agent, it shall take such actions as may be reasonably requested by Administrative Agent to
transfer its Pledged Stock in an FDIC Private Owner or Other Restricted Investment Asset Owner to an Affiliate of such Grantor in a manner that enables the Administrative Agent to commence an Enforcement Action with respect to the Pledged Stock of
any Upper Tier Issuer without indirectly causing an FDIC Investment Prohibited Foreclosure or Other Prohibited Foreclosure. In the event that the applicable Grantor does not comply with any written transfer request of the Administrative Agent
pursuant to this Section 6.6(b) within 10 days after receipt of such request, the Administrative Agent shall be released from the obligations specified in Section 6.6(a) above in connection with any Enforcement Action with respect to the
Pledged Stock of an Upper Tier Issuer relating to such a transfer request. 
 6.7 Subordination. Each Grantor hereby agrees that, upon the
occurrence and during the continuance of an Event of Default, unless otherwise agreed by the Administrative Agent, all Indebtedness owing by it to any Subsidiary of
theany Borrower shall be fully subordinated to the indefeasible payment in full in cash of such Grantor’s Obligations. 

6.8 Deficiency. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are
insufficient to pay its Obligations and the fees and disbursements of any attorneys employed by the Administrative Agent or any Lender to collect such deficiency. 

SECTION 7. THE ADMINISTRATIVE AGENT 

7.1 Administrative Agent’s Appointment as
Attorney-in-Fact, etc. (a) Each Grantor hereby irrevocably constitutes and appoints the Administrative Agent and any officer or agent thereof, with full power of
substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or
in its own name, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this
Agreement, and, without limiting the generality of the foregoing, each Grantor hereby gives the Administrative Agent the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, upon the ocurrence and during the
continuance of an Event of Default, to do any or all of the following: 
 (i) in the name of such Grantor or its own name, or
otherwise, take possession of and indorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due with respect to any Collateral and file any claim or take any other action or proceeding in any court of
law or equity or otherwise deemed appropriate by the Administrative Agent for the purpose of collecting any and all such moneys due with respect to any Collateral whenever payable; 

  
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 (ii) pay or discharge taxes and Liens levied or placed on or threatened against
the Collateral, effect any repairs or any insurance called for by the terms of this Agreement and pay all or any part of the premiums therefor and the costs thereof; 

(iii) execute, in connection with any sale provided for in Section 6.4 or 6.5, any indorsements, assignments or other
instruments of conveyance or transfer with respect to the Collateral; and 
 (iv) (1) direct any party liable for any
payment under any of the Collateral to make payment of any and all moneys due or to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; (2) ask or demand for, collect, and receive payment of
and receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral; (3) sign and indorse any invoices, freight or express bills, bills of lading, storage or warehouse
receipts, drafts against debtors, assignments, verifications, notices and other documents in connection with any of the Collateral; (4) commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent
jurisdiction to collect the Collateral or any portion thereof and to enforce any other right in respect of any Collateral; (5) defend any suit, action or proceeding brought against such Grantor with respect to any Collateral; (6) settle,
compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases as the Administrative Agent may deem appropriate; and (7) generally, sell, transfer, pledge and make any agreement with
respect to or otherwise deal with any of the Collateral as fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes, and do, at the Administrative Agent’s option and such Grantor’s expense,
at any time, or from time to time, all acts and things which the Administrative Agent deems necessary to protect, preserve or realize upon the Collateral and the Administrative Agent’s and the Lenders’ security interests therein and to
effect the intent of this Agreement, all as fully and effectively as such Grantor might do. 
 Anything in this Section 7.1(a) to the
contrary notwithstanding, the Administrative Agent agrees that it will not exercise any rights under the power of attorney provided for in this Section 7.1(a) unless an Event of Default shall have occurred and be continuing. 

(b) If any Grantor fails to perform or comply with any of its agreements contained herein, the Administrative Agent, at its option, but without
any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement. 
 (c) The documented out-of-pocket expenses of the Administrative Agent incurred in connection with actions undertaken as provided in this Section 7.1, together with interest thereon at a
rate per annum equal to the highest rate per annum at which interest would then be payable on any category of past due ABR Loans under the Credit Agreement, from the date of payment by the Administrative Agent to the date reimbursed by the relevant
Grantor, shall be payable by such Grantor to the Administrative Agent on demand. 
 (d) Each Grantor hereby ratifies all that said attorneys
shall lawfully do or cause to be done by virtue hereof. All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the security interests created hereby
are released. 

  
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 7.2 Duty of Administrative Agent. The Administrative Agent’s sole duty with respect to the
custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the New York UCC or otherwise, shall be to deal with it in the same manner as the Administrative
Agent deals with similar property for its own account. Neither the Administrative Agent, any Lender nor any of their respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the
Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any
part thereof. The powers conferred on the Administrative Agent and the Lenders hereunder are solely to protect the Administrative Agent’s and the Lenders’ interests in the Collateral and shall not impose any duty upon the Administrative
Agent or any Lender to exercise any such powers. The Administrative Agent and the Lenders shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers,
directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. 

7.3 Execution of Financing Statements. Pursuant to any applicable law, each Grantor authorizes the Administrative Agent to file or record
financing statements and other filing or recording documents or instruments with respect to the Collateral without the signature of such Grantor in such form and in such offices as the Administrative Agent determines appropriate to perfect the
security interests of the Administrative Agent under this Agreement. Each Grantor authorizes the Administrative Agent to file or record financing statements describing the Collateral as set forth in Section 3. Each Grantor hereby ratifies and
authorizes the filing by the Administrative Agent of any financing statement with respect to the Collateral made prior to the date hereof. 

7.4 Authority of Administrative Agent. Each Grantor acknowledges that the rights and responsibilities of the Administrative Agent under this
Agreement with respect to any action taken by the Administrative Agent or the exercise or non-exercise by the Administrative Agent of any option, voting right, request, judgment or other right or remedy
provided for herein or resulting or arising out of this Agreement shall, as between the Administrative Agent and the Lenders, be governed by the Credit Agreement and by such other agreements with respect thereto as may exist from time to time among
them, but, as between the Administrative Agent and the Grantors, the Administrative Agent shall be conclusively presumed to be acting as agent for the Lenders with full and valid authority so to act or refrain from acting, and no Grantor shall be
under any obligation, or entitlement, to make any inquiry respecting such authority. 
 SECTION 8. MISCELLANEOUS 

8.1 Amendments in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except
in accordance with Section 10.1 of the Credit Agreement. 
 8.2 Notices. All notices, requests and demands to or upon the Administrative
Agent or any Grantor hereunder shall be effected in the manner provided for in Section 10.2 of the Credit Agreement; provided that any such notice, request or demand to or upon any Guarantor shall be addressed to such Guarantor at its
notice address set forth on Schedule 1. 

  
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 8.3 No Waiver by Course of Conduct; Cumulative Remedies. Neither the Administrative Agent nor any
Lender shall by any act (except by a written instrument pursuant to Section 8.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No
failure to exercise, nor any delay in exercising, on the part of the Administrative Agent or any Lender, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege
hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Administrative Agent or any Lender of any right or remedy hereunder on any one occasion shall not be construed as
a bar to any right or remedy which the Administrative Agent or such Lender would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any
other rights or remedies provided by law. 
 8.4 Enforcement Expenses; Indemnification. (a) Each Guarantor agrees to pay or reimburse
each Lender and the Administrative Agent for all its reasonable and documented out-of-pocket costs and expenses incurred in collecting against such Guarantor under the
guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this Agreement and the other Loan Documents to which such Guarantor is a party, including, without limitation, the fees and disbursements of counsel
(including the allocated fees and expenses of in-house counsel) to each Lender and of counsel to the Administrative Agent. 

(b) Each Guarantor agrees to pay, and to save the Administrative Agent and the Lenders harmless from, any and all liabilities with respect to,
or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by this
Agreement. 
 (c) Each Guarantor agrees to pay, and to save the Administrative Agent and the Lenders harmless from, any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement to the
extent the BorrowerBorrowers would be required to do so pursuant to Section 10.5 of the Credit Agreement. 
 (d) The
agreements in this Section 8.4 shall survive repayment of the Obligations and all other amounts payable under the Credit Agreement and the other Loan Documents. 

8.5 Successors and Assigns. This Agreement shall be binding upon the successors and assigns of each Grantor and shall inure to the benefit of
the Administrative Agent and the Lenders and their successors and assigns; provided that no Grantor may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Administrative Agent.

 8.6 Set-Off. In addition to any rights and remedies of the Lenders provided by law, subject to any
applicable limitations set forth in Section 10.7 of the Credit Agreement, each Lender shall have the right, without notice to any Grantor, any such notice being expressly waived by each Grantor to the extent permitted by applicable law, upon
any Obligations becoming due and payable by any Grantor (whether at the stated maturity, by acceleration or otherwise), to apply to the payment of such Obligations, by setoff or otherwise, any and all deposits (general or special, time or demand,
provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or 

  
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 indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender, any affiliate
thereof or any of their respective branches or agencies to or for the credit or the account of such Grantor; provided that to the extent prohibited by applicable law as described in the definition of “Excluded Swap Obligation” in the
Credit Agreement, no amounts received from, or set off with respect to, any Guarantor shall be applied to any Excluded Swap Obligations of such Guarantor. Each Lender agrees promptly to notify the relevant Grantor and the Administrative Agent after
any such application made by such Lender, provided that the failure to give such notice shall not affect the validity of such application. 

8.7 Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and
all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by email or facsimile transmission shall be effective as delivery of a manually executed
counterpart hereof. 
 8.8 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. 
 8.9 Section Headings. The Section headings used in this Agreement are for
convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 

8.10 Integration. This Agreement and the other Loan Documents represent the agreement of the Grantors, the Administrative Agent and the Lenders
with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to subject matter hereof and thereof not expressly set forth or referred
to herein or in the other Loan Documents. 
 8.11 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 8.12 Submission To
Jurisdiction; Waivers. Each Grantor hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal action or
proceeding relating to this Agreement, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York located in the Bourough of Manhattan, the courts of the United
States of America for the Southern District of New York, and appellate courts from any thereof; provided, that nothing contained herein or in any other Loan Document will prevent any Lender or the Administrative Agent from bringing any action
to enforce any award or judgment or exercise any right under the Security Documents or against any Collateral or any other property of any Grantor in any other forum in which jurisdiction can be established; 

  
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 (b) consents that any such action or proceeding may be brought in such courts and waives any
objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to such Grantor at its address referred to in Section 8.2 or at such other address of which the Administrative Agent shall have been notified pursuant thereto; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and 
 (e) waives, to the maximum extent not prohibited by law, any right it may have to claim or
recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages. 
 8.13
Acknowledgements. Each Grantor hereby acknowledges that: 
 (a) it has been advised by counsel in the negotiation, execution and delivery of
this Agreement and the other Loan Documents to which it is a party; 
 (b) neither the Administrative Agent nor any Lender has any fiduciary
relationship with or duty to any Grantor arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Grantors, on the one hand, and the Administrative Agent and Lenders, on the other hand,
in connection herewith or therewith is solely that of debtor and creditor; and 
 (c) no joint venture is created hereby or by the other Loan
Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Grantors and the Lenders. 

8.14 Additional Grantors. 
 (a) Subsidiary Guarantors. Each Subsidiary of the Parent Borrower that is required to become a party to this Agreement pursuant to
Section 6.10 of the Credit Agreement shall become a Grantor for all purposes of this Agreement upon execution and delivery by such Subsidiary of an Assumption Agreement in the form of Annex 1 hereto. 

(b) Subsidiary Borrowers. Each Subsidiary Borrower that is required to become a party to this
Agreement pursuant to Section 2.21(a) of the Credit Agreement shall become a Grantor for all purposes of this Agreement upon execution and delivery by such Subsidiary Borrower of a Subsidiary Borrower Joinder Agreement in the form of Exhibit J
to the Credit Agreement. 
 8.15 Releases. (a) Upon Payment in Full of the
Obligations, the Collateral shall be automatically released from the Liens created hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent and each Grantor hereunder
shall automatically terminate, all without delivery of any instrument or performance of any act by any Person. 

  
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 (b) If any of the Collateral shall be sold, transferred or otherwise disposed of in a transaction
permitted by the Credit Agreement, then the Administrative Agent, at the request and sole expense of such Grantor, shall execute and deliver to such Grantor all releases or other documents reasonably necessary or desirable for the release of the
Liens created hereby on such Collateral; provided that no Default shall have occurred or be continuing or would result therefrom. At the request and sole expense of the
Parent Borrower, any Subsidiary Guarantor or Subsidiary Borrower shall be released from its obligations hereunder in the event
that all the Capital Stock of such Subsidiary Guarantor or Subsidiary Borrower shall be sold, transferred or otherwise disposed of in a transaction permitted by the Credit Agreement or if such Subsidiary Guarantor shall cease to be a Wholly-Owned Subsidiary as a result of a transaction
permitted by the Credit Agreement or becomes an Excluded Subsidiary pursuant to the terms of the Credit Agreement; provided that, in each case, no Default shall have occurred and be continuing or would result therefrom; provided
further that the Parent Borrower shall have delivered to the
Administrative Agent, at least five days (or such shorter period as may be permitted by the Administrative Agent in its sole discretion) prior to the date of the proposed release, a written request for release identifying the relevant Subsidiary
Guarantor and the associated transaction giving rise to the release request in reasonable detail, together with a certification by the
Parent Borrower stating that such transaction is in compliance with the
Credit Agreement and the other Loan
Documents.; provided further that in the case
of any release involving a Subsidiary Borrower, (A) the Parent Borrower shall have delivered a Termination Letter with respect to such Subsidiary Borrower in accordance with Section 2.21(a)(ii) of the Credit Agreement, (B) the
Obligations of such Subsidiary Borrower shall have been repaid in full, (C) any L/C Obligations in respect of Letters of Credit issued for the account of such Subsidiary Borrower shall have been cash collateralized in full and (D) all
other amounts owed by such Subsidiary Borrower under this Agreement and the other Loan Documents shall have been repaid in full, in each case, not later than upon the effectiveness of such
release. 
 (c) The Administrative Agent shall, at the request and sole expense
of the Parent Borrower in connection with the release of any Collateral in
accordance with this Section 8.15, promptly (i) deliver to the Parent Borrower any such Collateral in the Administrative Agent’s possession and (ii) execute and deliver to the
Parent Borrower such documents as the Parent Borrower shall reasonably request to evidence such release. The Administrative
Agent shall, at the request and sole expense of the Parent Borrower
following the release of a Subsidiary Guarantor from its obligations under the Loan Documents, as applicable, in accordance with this Section 8.15, execute and deliver to the
Parent Borrower such documents as the Parent Borrower shall reasonably request to evidence such release. 

8.16 WAIVER OF JURY TRIAL. EACH GRANTOR AND THE ADMINISTRATIVE AGENT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN
ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

  
 25 

 8.17 Acknowledgement and Confirmation. Each Grantor party hereto that was a “Grantor”
under and as defined in the Guarantee and Collateral Agreement, dated as of August 6, 2013 (as amended, supplemented or otherwise modified prior to the date hereof, the “Existing Guarantee and Collateral Agreement” and such
Grantors, the “Existing Grantors”), among the Parent Borrower and
each other Grantor (as defined therein) party thereto, hereby acknowledges and consents to the Credit Agreement, and agrees with respect to each Loan Document to which it is a party: 

(a) all of its obligations, liabilities and indebtedness under such Loan Document shall remain in full force and effect on a continuous basis
after giving effect to the Credit Agreement and its guarantee, if any, of the obligations, liabilities and indebtedness of the other Loan Parties under the Existing Credit Agreement shall extend to and cover the obligations, liabilities and
indebtedness of the other Loan Parties under the Credit Agreement, including, without limitation, the Loans and any other extensions of credit provided pursuant to the Credit Agreement and interest thereon and fees and expenses and other obligations
in respect thereof and in respect of commitments related thereto; and 
 (b) all of the Liens and security interests created and arising
under such Loan Document remain in full force and effect on a continuous basis, and the perfected status and priority of each such Lien and security interest continues in full force and effect on a continuous basis, unimpaired, uninterrupted and
undischarged, after giving effect to the Credit Agreement, as collateral security for its obligations, liabilities and indebtedness under the Credit Agreement and under its guarantees, if any, in the Loan Documents, including, without limitation,
the obligations under the Credit Agreement. 

  
 26 

 IN WITNESS WHEREOF, each of the undersigned has caused this Amended and Restated Guarantee and
Collateral Agreement to be duly executed and delivered as of the date first above written. 
  

	
	[NAME OF GRANTOR]
	
	By:                                     
                                   
	      Title:

  
 27 

 Schedule F-1 

ENFORCEMENT RIGHT LIMITATIONS 

  
 28 

 Schedule 1 

NOTICE ADDRESSES OF GUARANTORS 

  
 29 

 Schedule 2 

DESCRIPTION OF PLEDGED STOCK 
  

							
	 Issuer
	 	 Class of Stock
	 	 Stock Certificate No.
	  	 No. of Shares

  
 30 

 Schedule 4 

LOCATION OF JURISDICTION OF ORGANIZATION 

AND CHIEF EXECUTIVE OFFICE 
  

					
	 Grantor
	  	Jurisdiction
of Organization	  	Location of Chief Executive Officer

  
 31 

 Schedule 5 

DISTRIBUTION ACCOUNTS 

  
 32 

 Annex 1 to 

Amended and Restated Guarantee and Collateral Agreement 

ASSUMPTION AGREEMENT, dated as of
                    , 20        , made by
                     (the “Additional Grantor”), in favor of JPMorgan Chase Bank, N.A., as administrative agent (in such capacity,
the “Administrative Agent”) for the banks and other financial institutions or entities (the “Lenders”) parties to the Credit Agreement referred to below. All capitalized terms not defined herein shall have the
meaning ascribed to them in such Credit Agreement. 
 W I T N E S S E T
H : 
 WHEREAS, Colony Capital Operating Company, LLC (the
“Parent Borrower”), the Subsidiary Borrowers from time to time party thereto, the Lenders and the
Administrative Agent have entered into the Amended and Restated Credit Agreement, dated as of March 31, 2016 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”); 

WHEREAS, in connection with the Credit Agreement, the
Parent Borrower and certain of its Affiliates (other than the Additional Grantor)
have entered into the Amended and Restated Guarantee and Collateral Agreement, dated as of March 31, 2016 (as amended, supplemented or otherwise modified from time to time, the “Guarantee and Collateral Agreement”) in favor of
the Administrative Agent for the ratable benefit of the Secured Parties; 
 WHEREAS, the Credit Agreement requires the Additional
Grantor to become a party to the Guarantee and Collateral Agreement; and 
 WHEREAS, the Additional Grantor has agreed to execute and
deliver this Assumption Agreement in order to become a party to the Guarantee and Collateral Agreement; 
 NOW, THEREFORE, IT IS AGREED:

 1. Guarantee and Collateral Agreement. By executing and delivering this Assumption Agreement, the Additional Grantor, as provided in
Section 8.14(a) of the Guarantee and Collateral Agreement, hereby becomes a
party to the Guarantee and Collateral Agreement as a Grantor thereunder with the same force and effect as if originally named therein as a Grantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and
liabilities of a Grantor thereunder. The information set forth in Annex 1-A hereto is hereby added to the information set forth in the Schedules to the Guarantee and Collateral Agreement. The Additional
Grantor hereby represents and warrants that each of the representations and warranties contained in Section 4 of the Guarantee and Collateral Agreement is true and correct on and as the date hereof (after giving effect to this Assumption
Agreement) as if made on and as of such date. 

  
 33 

 2. Governing Law. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

  
 34 

 IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed and
delivered as of the date first above written. 
  

	
	[ADDITIONAL GRANTOR]
	
	By:                                     
                               
	      Name:
	      Title:

  
 35 

 Annex 1-A to 

Assumption Agreement 

Supplement to Schedule 1 

Supplement to Schedule 2 

Supplement to Schedule 4 

Supplement to Schedule 5 

  
 36 

 Annex 2 

ACKNOWLEDGEMENT AND CONSENT*** 

The undersigned hereby acknowledges receipt of a copy of the Amended and Restated Guarantee and Collateral Agreement dated as of
March 31, 2016 (as amended, supplemented or otherwise modified from time to time, the “Agreement”), made by the Grantors parties thereto for the benefit of JPMorgan Chase Bank, N.A., as Administrative Agent. The undersigned
agrees for the benefit of the Administrative Agent and the Lenders as follows: 
 1. The undersigned will be bound by the terms of the
Agreement and will comply with such terms insofar as such terms are applicable to the undersigned. 
 2. The undersigned will notify the
Administrative Agent promptly in writing of the occurrence of any of the events described in Section 5.6(a) of the Agreement. 
 3. The
terms of Sections 6.1(c) and 6.5 of the Agreement shall apply to it, mutatis mutandis, with respect to all actions that may be required of it pursuant to Section 6.1(c) or 6.5 of the Agreement. 

 

	
	[NAME OF ISSUER]
	
	By:                                     
                                       
	      Name:
	      Title:
	
	Address for Notices:
	  

	  

	  

	Fax:

  

	***	This consent is necessary only with respect to any Issuer which is not also a Grantor. This consent may be modified or eliminated with respect to any Issuer that is not controlled by a Grantor. If a consent is required,
its execution and delivery should be included among the conditions to the initial borrowing specified in the Credit Agreement. 

  
 37 

 Exhibit D 

FORM OF 

GUARANTEE AND COLLATERAL ACKNOWLEDGEMENT 

January 12, 2018 
 Reference
is made to the Second Amended and Restated Credit Agreement dated as of January 10, 2017 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”) among Colony Capital Operating Company, LLC
(the “Parent Borrower”), the Lenders and other parties thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”). Capitalized terms used but not defined herein are used with the
meanings assigned to them in the Credit Agreement. 
 Each of the parties hereto hereby acknowledges and consents to the First Amendment,
dated as of the date hereof, among the Parent Borrower, the Lenders party thereto and the Administrative Agent (the “First Amendment”) and agrees with respect to each Loan Document to which it is a party: 

(a) all of its obligations, liabilities and indebtedness under such Loan Document shall remain in full force and effect on a
continuous basis after giving effect to the First Amendment and its guarantee, if any, of the obligations, liabilities and indebtedness of the other Loan Parties under the Credit Agreement shall extend to and cover the Total Revolving Commitments as
of the First Amendment Effective Date and any Loans or other Revolving Extensions of Credit made pursuant thereto (including in respect of Colony Capital Investment Holdco, LLC and each other Subsidiary Borrower) and interest thereon and fees and
expenses and other obligations in respect thereof and in respect of commitments related thereto; and 
 (b) all of the Liens
and security interests created and arising under such Loan Document remain in full force and effect on a continuous basis, and the perfected status and priority of each such Lien and security interest continues in full force and effect on a
continuous basis, unimpaired, uninterrupted and undischarged, after giving effect to the First Amendment, as collateral security for its obligations, liabilities and indebtedness under the Credit Agreement and under its guarantees and other
obligations, if any, in the Loan Documents, including, without limitation, the obligations under the First Amendment. 
 [Remainder of page
intentionally left blank] 

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

			
	[                                    
    ]
		
	By:	 	                                      
                                  
		 	Name:
		 	Title:

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