Document:

EX-4.1

 Exhibit 4.1 

NEW YORK, NEW YORK, 

November 14, 2019                

Decolar.com, Inc. and its affiliates 
 5201 Blue Lagoon Drive
Suite 900 
 MIAMI FL 33126 
 RE:
IRREVOCABLE OFFER No. 001/2019 
 Ref: Amendment to the Lodging Outsourcing Agreement 

Dear Sirs, 
 We address to you on behalf of
Expedia, Inc., a Washington corporation (“Expedia”) in connection with the Lodging Outsourcing Agreement (the “Agreement”), entered by Expedia, Decolar.com, Inc., a Delaware Corporation (“Decolar
Parent”), Travel Reservations S.R.L. (“Decolar”), a Uruguay corporation, and each of the subsidiaries of Decolar set forth on Schedule 1 to Annex A. Pursuant to our previous discussions, and for the sole purpose of
including the revisions agreed by the Parties on Section 4, we hereby present you with an Amended and Restated Lodging Outsourcing Terms and Conditions attached here to as
Annex A. 
 This Offer shall terminate at 5:00 p.m. (New York City time) on November 15,
2019 (the “Expiration Time”) unless accepted prior thereto. 
 This Offer shall be deemed unconditionally and irrevocably
accepted by Decolar if Decolar sends to Expedia a letter accepting this Offer, issued in accordance with Section 15.9 of Annex A on or before the Expiration Time. Should this Offer is accepted, the terms and conditions attached as Annex A
will be valid and binding. 
 Sincerely, 

Expedia, Inc. 
 Name: 

Title: 
  

 
 CERTAIN IDENTIFIED INFORMATION HAS BEEN
EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 

 
 [***] indicates the redacted confidential portions of
this exhibit. 

 Annex A 

TERMS AND CONDITIONS TO THE EXTENT THE OFFER IS ACCEPTED 

TABLE OF CONTENTS 
  

							
	1.	  	 DEFINITIONS
	  	 	1	 
			
	2.	  	 LODGING SUPPLY
	  	 	14	 
			
	3.	  	 ECONOMIC TERMS
	  	 	22	 
			
	4.	  	 CONFIDENTIALITY
	  	 	27	 
			
	5.	  	 DATA; SECURITY
	  	 	29	 
			
	6.	  	 INTELLECTUAL PROPERTY; LICENSE
	  	 	31	 
			
	7.	  	 REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	33	 
			
	8.	  	 COMPLIANCE; PROHIBITED ACTIVITIES; TERMS AND CONDITIONS; ADDITIONAL COVENANTS
	  	 	35	 
			
	9.	  	 INDEMNIFICATION
	  	 	39	 
			
	10.	  	 LIMITATION OF LIABILITY
	  	 	43	 
			
	11.	  	 TERM AND TERMINATION
	  	 	44	 
			
	12.	  	 TAXES
	  	 	46	 
			
	13.	  	 DISPUTE RESOLUTION
	  	 	49	 
			
	14.	  	 RELEASES/PUBLICITY
	  	 	49	 
			
	15.	  	 GENERAL
	  	 	50	 

 Parties: Expedia, Inc., a Washington corporation (“Expedia Parent”),
Travel Reservations S.R.L, a Uruguay corporation (“Decolar”), Decolar.com, Inc., a Delaware Corporation (“Decolar Parent”) and each of the subsidiaries of Decolar Parent set forth on Schedule I
(“Guarantors”). 
 Whereas, Expedia Parent and Decolar have entered into a series of Transaction Agreements pursuant
to which Expedia has agreed to purchase 9,590,623 shares of common stock of Decolar Parent (the “Transaction Shares”); 

Whereas, Decolar currently operates a Travel Solution in which it has access to and markets lodging reservations; 

Whereas, Decolar wishes Expedia via its Affiliates to provide rates and availabilities for Decolar Travel Solutions for properties as
set forth herein via an API or other tools provided by EAN.com LP, a Delaware limited partnership (“Expedia”); 

Whereas, the Parties, are parties to that certain Lodging Outsourcing Agreement, effective as amended and restated as of July 12,
2017 (the “Affiliation Agreement”), which agreement the Parties intend to supersede hereby; and 
 Whereas, Decolar
Parent and Guarantors intend to fully and unconditionally guarantee the performance and payment of Decolar under this Agreement. 

THEREFORE, the Parties hereby agree as follows: 

1.    DEFINITIONS 

1.1    As used in this Agreement, the following terms have the following specified meanings: 

“Accountant” means a certified public accounting firm chosen by the Parties from one of: KPMG, Ernst & Young,
Deloitte and PricewaterhouseCoopers a. 
 “Agreement” means this document, which may also be referred to as the
“Lodging Outsourcing Agreement.” 
 “Affiliate” of a Person (for the purposes of this definition, the
“First Person”) means another Person that either directly or indirectly, through one or more intermediaries, Controls, is Controlled by or is under common Control with, the First Person. The term “Affiliate” with respect
to the Expedia will mean Expedia, Inc., a Delaware corporation, and only those Persons over which Expedia Group, Inc., a Delaware corporation, has Control and will not be interpreted to include any of the following: (a) IAC/InterActiveCorp and
its Affiliates (other than Expedia and its subsidiaries), (b) Liberty Interactive Corporation and its Affiliates (other than Expedia and its subsidiaries), (c) trivago GmbH and its subsidiaries or (d) Decolar Parent and its
Subsidiaries; provided, that in the case of clause (e) such Person shall be considered an Affiliate if such Person becomes and remains a direct or indirect wholly owned Subsidiary of Expedia, Inc. a Delaware corporation. For purposes of this
Agreement, (i) neither Decolar nor its Affiliates will be deemed to be Affiliates of Expedia and its Affiliates and (ii) neither Expedia nor any of its Affiliates will be deemed to be Affiliates of Decolar and its Affiliates. 

“Affiliate-Collect Booking” means an Expedia-Sourced Travel Booking for which the Room Revenue is collected from the End User
by Decolar at the time of the Transaction. 

  
 1 

 “Affiliation Agreement” has the meaning set forth in the Recitals.

 “Agreement” means this Lodging Outsourcing Agreement, including all exhibits and schedules hereto and all amendments,
addenda or restatements as permitted. 
 “Annual Measurement Period” has the meaning set forth in
Section 2.1.4A(b). 
 “Arbitrator” has the meaning set forth in
Section 13.2. 
 “Booking Holdings Group” means (a) Booking Holdings Inc. or any of its
Affiliates as it may be constituted at any point in time, (b) the respective businesses of Booking.com, Priceline.com, Agoda.com, Kayak.com, RentalCars.com (collectively, the “Specified Priceline Operations”), whether or not
such businesses remain a part of the operations of The Priceline Group Inc. and (c) any future business of The Priceline Group Inc. which is similar in size and nature to the Specified Priceline Operations, whether or not such business remains
a part of the operations of Booking Holdings Inc. 
 “Bookings Shortfall” means, for a given quarter, the number of
percentage points by which the Expedia-Sourced Travel Bookings for properties in the Expedia Territory as measured by Gross Booking Value is less than the Minimum Bookings Percentage. 

“Business Day” means any day on which banks in New York, New York and Buenos Aires, Argentina are open for commercial banking
business during normal banking hours, other than Saturday, Sunday or any federal or national holiday in the United States or Argentina. 

“Change of Control” means (a) the sale, lease or transfer, in one or a series of related transactions, of all or
substantially all the assets of Decolar Parent and its Subsidiaries, taken as a whole, to any Strategic Party or (b) the acquisition by any Strategic Party, in a single transaction or in a related series of transactions, by way of merger,
consolidation or other business combination or purchase of beneficial ownership, of more than 50% of the total voting or economic power of the securities of Decolar Parent or any direct or indirect parent of Decolar Parent. 

“Claims” has the meaning set forth in Section 9.1. 

“Compensation” means the amount of compensation designated as a commission or, for a
non-commissionable rate, as a margin or facilitation fee, that Expedia or any of its Affiliates receives or is entitled to retain from amounts received from Decolar or any of its Affiliates, an End User, other
third party or the Travel Supply Provider, in each case, solely and directly in respect of a specific Travel Booking, excluding any and all Indirect Revenues, Service Fees, any Taxes and net of any amounts relating to fraud, cancellations, refunds
or otherwise. 
 “Confidential Customer Personal Data” means any of the following information with respect to any
individual: 
  

	 	(i)	 Contact information, including name, street address, phone number, and email address; 

 

	 	(ii)	 IP address (depending on circumstances); 

 

	 	(iii)	 Demographic information (when linked to an individual); 

 

	 	(iv)	 Date of birth or age; and 

  
 2 

	 	(v)	 Citizenship. 

“Confidential Information” has the meaning set forth in Section 4.1. 

“Consumed” means, in the context of a Transaction, that the accommodation underlying such Transaction has actually been
provided to, and consumed by, the End User by the relevant lodging Travel Supply Provider or other provider and that the Compensation for such Transaction has been retained or otherwise received by Expedia or its Affiliates. 

“Consumed Travel Booking” has the meaning set forth in Section 3.1. 

“Control” means, with regard to any entity, the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such entity. A person who holds the legal or beneficial ownership, directly or indirectly, of fifty percent (50%) or more of the shares (or other ownership interest, if not a corporation) of such entity
through voting rights or through the exercise of rights pursuant to agreement shall be presumed to have control of such entity, in the absence of proof by a preponderance of the evidence to the contrary. 

“Copyright Act” means the United States Copyright Act of 1976. 

“Costs” shall mean any and all costs, fees, contra-revenues or other expenses consistent with Expedia’s accounting
policies and procedures, which, in each case, is in connection with this Agreement. 
 “Costs of Service Percentage” means
[***]% or, if applicable, such percentage as determined from time to time in accordance to Section 3.8. 

“Costs of Service” means any and all direct or indirect Costs arising out of, or related to, the servicing of a Transaction
in connection with, or following the completion, of the booking, including Goodwill Modifications, refunds, chargebacks, relocations, disputes, uncollected payments, penalties, fines, customer support and service and other fees. 

“Credit Amount” has the meaning set forth in Section 3.6.1. 

“Credit Card Fraud Costs” means any and all direct or indirect Costs related to, or arising out of, fraud, including amounts
rebated, repaid, or refunded to any third party, including issuing banks, other credit and other payment card processors, merchants and Travel Supply Providers, in each case in connection with any Transaction. 

“Credit Card Fraud Percentage” means [***]% or, if applicable, such percentage as determined from time to time in accordance
to Section 3.8. 
 “Credit Card Transaction Costs” means any and all direct or indirect Costs
that are charged by payment processing providers or services, including credit and other payment card fees, merchant fees, payment exchange systems fees (including Bitcoin and other electronic and/or future currencies) and any and all interest and
other charges associated with such payments, which are paid in connection with any Transaction. 
 “Credit Card Transaction
Percentage” means [***]% or, if applicable, such percentage as determined from time to time in accordance to Section 3.8. 

  
 3 

 “Customer Personal Data” means any Highly Sensitive Customer Personal Data,
Sensitive Customer Personal Data and Confidential Customer Personal Data. 
 “Decolar” has the meaning set forth in the
preamble to this Agreement. 
 “Decolar API” means Decolar’s XML application protocol interface, or any future method,
conduit or medium of delivery or access, which makes Decolar Travel Products available for booking by customers on any third-party Travel Solution. 

“Decolar Application” has the meaning set forth in Section 2.1.2. 

“Decolar Bookings Percentage” has the meaning set forth in Section 2.1.5. 

“Decolar Brand” means the Trademarks “Decolar.com” and “Despegar.com.” 

“Decolar Channel” has the meaning set forth in Section 8.4.1. 

“Decolar Customer Personal Data” has the meaning set forth in Section 5.1.2(a). 

“Decolar End User Traffic” has the meaning set forth in Section 2.1.4(b). 

“Decolar Indemnified Parties” has the meaning set forth in Section 9.1. 

“Decolar Parent” has the meaning set forth in the Preamble. 

“Decolar Platform” means any and all of the platforms accessed or utilized by Decolar and its Affiliates, or supplied by
Decolar or any of its Affiliates, or to which they provide Travel Products, to a third party, for booking Decolar Travel Products, including Decolar’s desktop and mobile Websites, telesales services and systems, mobile applications and any
other tools or mediums now or hereafter developed, whether or not branded with the Decolar Brand. 
 “Decolar Privacy
Policy” has the meaning set forth in Section 5.1.1. 
 “Decolar Predatory” has the
meaning set forth in Section 8.4.1(a). 
 “Decolar Territory” means all countries in the South
American continent and the countries of Anguilla, Antigua and Barbuda, Aruba, Bahamas, Barbados, Belize, Bermuda, Bonaire, British Virgin Islands, Cayman Islands, Costa Rica, Cuba, Curaçao, Dominica, Dominican Republic, El Salvador, Grenada,
Guadeloupe, Guatemala, Haiti, Honduras, Jamaica, Martinique, Mexico, Montserrat, Nicaragua, Panama, Puerto Rico, Saba, Saint Barthélemy, Saint Kitts and Nevis, Saint Lucia, Saint Martin, Saint Vincent and the Grenadines, Sint Eustatius, Sint
Maarten Trinidad and Tobago, Turks and Caicos Islands and U.S. Virgin Islands. 
 “Decolar Transactional Data” has the
meaning set forth in Section 5.1.3(b). 
 “Decolar Travel Product” means any Travel Product which
is offered, made available or otherwise permitted to be booked by, through or on behalf of Decolar and/or its Affiliates (other than through the Expedia API). 

“Decolar Travel Solution” means a Travel Solution operated by or on behalf of, or otherwise powered (whether through the
provision of Travel Products, technology or otherwise), supported or facilitated by Decolar or any of its Affiliates through the use of any Decolar Platform. 

  
 4 

 “Disclosing Party” has the meaning set forth in
Section 4.1. 
 “Dispute” means any dispute, controversy or disagreement between the Parties
arising out of, or relating to, any provision in this Agreement, including its negotiation, validity, interpretation, existence, breach, termination, construction or application, or the rights or obligations of, or compliance with such rights and
obligations by, any Party, or the relationship between the Parties. 
 “Employer” has the meaning set forth in
Section 15.2. 
 “End User” means a Person that is a consumer of a good or service. 

“End User Traffic” means all End User traffic on any and all Decolar Travel Solutions. 

“Existing Letter of Credit” has the meaning set forth in Section 3.6.1. 

“Expedia” has the meaning set forth in the Recitals. 

“Expedia Parent” has the meaning set forth in the preamble to this Agreement. 

“Expedia Account” has the meaning set forth in Section 3.3.3. 

“Expedia API” means Expedia’s XML application protocol interface, or any future method, conduit or medium of delivery or
access, which makes Expedia’s travel products and services available for booking by customers on any third-party Travel Solution, including through the Decolar Platform or on any Decolar Travel Solution. 

“Expedia Covered Lodging Supply” means Expedia Travel Products (whether such Travel Products are offered on a standalone
basis, in a Package or otherwise) for (i) all properties located in the Expedia Territory and (ii) for all Global Lodging Chain Properties located in the Decolar Territory for which (a) the consumer-facing, all-inclusive room rate and availability at which Decolar is permitted to display and (b) the Marketing Fee Payment allocable to Decolar for a Travel Booking for such Expedia Travel Product is, in each case,
better than or substantially equal to that which Decolar receives (including, and just for comparison proposes, VAT or withholding tax (if any) required to be remitted by Decolar to a taxing authority for a Travel Booking) at such time for Identical
Lodging Supply through a direct relationship with such Global Lodging Chain Properties, which, in the case of the preceding clauses (i) and (ii) are now or may in the future be received, delivered or otherwise made available or offered
through the Expedia API. 
 “Expedia End User Traffic” has the meaning set forth in
Section 2.1.4(b). 
 “Expedia Gross Profit” the GBV received by Decolar (or its Affiliates) in
respect of a specific Travel Booking of a non-Expedia Travel Product in the Expedia Territory (including without limitation Service Fees) less, where applicable: (a) the direct cost of providing the room
accommodation reservation payable to the suppliers of the non-Expedia Travel Product; (b) amounts for Travel Taxes, surcharges and duties; and (c) [***] of GBV for any and all direct or indirect costs
occurred by Decolar. 
 “Expedia Incremental Taxes” means any additional Taxes imposed on or payable by Expedia or any of
its Affiliates arising out of or resulting from the failure by Decolar to, with respect to any Expedia-Sourced Travel Bookings booked after the date of this Agreement, separately state any Service Fees charged by Decolar from the Room Rate. 

  
 5 

 “Expedia Indemnified Parties” has the meaning set forth in
Section 9.2. 
 “Expedia Information” has the meaning set forth in
Section 6.1. 
 “Expedia-Sourced Travel Bookings” means Travel Bookings of Expedia Travel
Products sourced through the Expedia API which are made on or through the Decolar Application or Decolar Platform, including any and all Decolar Travel Solutions. 

“Expedia Specifications” has the meaning set forth in Section 2.1.2. 

“Expedia Territory” means all destinations and locations world-wide other than those within the Decolar Territories. 

“Expedia Transactional Data” has the meaning set forth in Section 5.1.2(a). 

“Expedia Travel Product” means any Travel Product which is offered, made available or otherwise permitted to be booked by,
through or on behalf of Expedia and/or its Affiliates. 
 “Expedia Travel Solution” means a Travel Solution operated by or
on behalf of, or otherwise powered (whether through the provision of Travel Products, technology or otherwise), supported or facilitated by Expedia or its Affiliates through the use of an Expedia Platform. 

“Expedia Travel Solution Taxes” means all Travel Solution Taxes (other than any Expedia Incremental Taxes) that are or may be
imposed or incurred, with respect to any Expedia-Sourced Travel Bookings booked after the date of this Agreement to be paid, remitted or forwarded by or on behalf of Expedia or its Affiliates to any Travel Supply Provider or any Governmental
Authority. For the avoidance of doubt, Transaction Taxes and Expedia Incremental Taxes are not included in Expedia Travel Solution Taxes. 

“Expedia Travel Unclaimed Property Liabilities” has the meaning set forth in Section 12.2.2. 

“Final Determination” has the meaning set forth in Section 12.4. 

“First Refusal and Co-Sale Agreement” means that certain Third Amended and Restated
First Refusal and Co-Sale Agreement entered into as of March 6, 2015, by and among Decolar Parent and the Stockholders (as defined therein). 

“Global Lodging Chain Properties” means those properties with internationally recognized providers of lodging properties
which own, operate or otherwise service 35 or more different lodging properties located both in the Expedia Territory and in the Decolar Territory, with less than or equal to 50% of such lodging properties located in the Decolar Territory. 

“Goodwill Modifications” has the meaning set forth in Section 2.1.7. 

“Governmental Authorities” means any national, state, provincial, municipal or local or similar governments, regulatory or
taxing authorities, governmental departments, agencies, commissions, bureaus, officials, ministers, courts, bodies, boards, tribunals, or dispute settlement panels or other Law, rule or regulation-making organizations or entities (including any
travel industry regulatory or administrative body): (i) having or purporting to have jurisdiction on behalf of any nation, territory, state, or other geographic or political subdivision of any of them; or (ii) exercising, or entitled or
purporting to exercise any administrative, executive, judicial, legislative, policy, regulatory or taxing authority or power over a Party or any Affiliate. 

  
 6 

 “Gross Booking Value” or “GBV” means, for a specified
period, the total amount actually collected, or which should have been collected, or that will be collected when such Travel Booking is Consumed, from an End User (in each case, excluding the impact of any coupons, credits, promotions or other
discounts offered or provided by a party other than Expedia) with respect to a Travel Booking by the End User. 
 “Gross
Profit” means an amount equal to (a) GBV received by Expedia or its Affiliates for a Consumed Travel Booking excluding any and all Indirect Revenues, Service Fees, any Taxes and net of any amounts relating to fraud,
cancellations, refunds or otherwise plus (b) Media Revenue less, (c) where applicable in relation to a Travel Booking, without duplication, Costs associated with any debit memo, replacement room nights, charge backs,
and cancellation fees where applicable less; (d) the cost of providing the room accommodation reservation; less (d) where applicable in relation to a Travel Booking, without duplication, the product of (i) (A)
where Expedia or its Affiliate processes a credit card for a Transaction, the Credit Card Fraud Percentage in respect of Credit Card Fraud Costs; plus (B) where Expedia or its Affiliate processes a credit card for a Transaction,
the Credit Card Transaction Percentage in respect of Credit Card Transaction Costs; plus (C) the Cost of Service Percentage; plus (D) the Insurance Cost Percentage in respect of the Insurance Costs; and plus
(E) for each Property-Collect Booking Transaction, [***]% and (ii) the Gross Booking Value with respect to Expedia-Sourced Travel Bookings. 

“Guarantors” has the meaning set forth in the Preamble. 

“Highly Sensitive Customer Personal Data” means any of the following information with respect to any individual: 

 

	 	(i)	 Financial/payment account numbers, including credit/debit card numbers; 

 

	 	(ii)	 Authentication data, such as passwords or PINs, for financial or medical accounts; 

 

	 	(iii)	 Social security numbers and other national identification numbers; 

 

	 	(iv)	 Driver’s license numbers; 

 

	 	(v)	 Passport numbers; 

  

	 	(vi)	 Email addresses; 

  

	 	(vii)	 Telephone numbers; and 

 

	 	(viii)	 Data related to racial or ethnic origin, political opinions, moral, religious or philosophical views, trade
union affiliations, health and/or sexual preferences. 

 “Identical Lodging Supply” means standalone
lodging supply that is identical with respect to all characteristics, offers and amenities, including property, room type, stay dates, special offers, inclusive packages, credits (such as for food or services) and other metrics used in the lodging
industry. 
 “Indemnified Party” has the meaning set forth in Section 9.3. 

  
 7 

 “Indemnifying Party” has the meaning set forth in
Section 9.3. 
 “Indirect Revenues” means, for a given period, the aggregate amount (without
duplication) of any revenues received by a Party or its Affiliates indirectly related to any Travel Bookings or other transactions through a Travel Solution, including Overrides, marketing funds from Travel Supply Providers or other third parties,
bonus payment processing revenues (such as credit card fees and rebates), and vendor bonuses. 
 “Insurance Costs” means
any and all direct or indirect Costs arising from or relating to procuring and maintaining insurance coverage for, or otherwise self-insuring with respect to, Decolar’s Payment obligations under this Agreement, whether from a third-party
provider or the reasonable equivalent cost with respect to any self-insurance program maintained by Expedia or any of Affiliates; provided, that Insurance Costs shall not be applicable over the exposure of Expedia to Decolar payment obligations
hereunder already covered by the Letter of Credit, the Security Deposit or any other collateral. 
 “Insurance Costs
Percentage” means [***]% or, if applicable, such percentage as determined from time to time in accordance to Section 3.8. 

“Intellectual Property Rights” means all technology, intellectual property or other proprietary rights in any jurisdiction
(including People’s Republic of China) including: (i) rights in, arising out of, or associated with published and unpublished works of authorship, including rights in audiovisual works, collective works, computer programs (whether in
source code or executable form and whether in open source or proprietary form), documentation, compilations, databases, derivative works, literary works, maskworks, and sound recordings, and rights granted under the Copyright Act or any similar Law
of another jurisdiction; (ii) rights in, arising out of, or associated with databases, data compilations and collections and technical data; (iii) rights in, arising out of, or associated with inventions, discoveries, improvements,
business methods, compositions of matter, machines, methods and processes and new uses for any of the preceding items, including rights granted under the Patent Act or any similar Law of another jurisdiction; (iv) rights in, arising out of, or
associated with Trademarks, including without limitation rights granted under the Lanham Act or any similar Law of another jurisdiction and under the common law; (v) rights in, arising out of, or associated with information that is not
generally known or readily ascertainable through proper means, whether tangible or intangible, including algorithms, customer lists, ideas, designs, formulas, know-how, methods, processes, programs,
prototypes, systems and techniques, including rights granted under the Uniform Trade Secrets Act or any similar Law of another jurisdiction; (vi) rights in, arising out of, or associated with a person’s name, voice, signature, photograph,
persona, or likeness, including rights of personality, privacy, and publicity; (vii) rights of attribution and integrity and other moral rights of an author; and (viii) rights in, arising out of, or associated with domain names, social
media handles and other identifiers, web addresses and Websites. 
 “Interest Rate” means a rate per annum equal to the
three (3)-month USD LIBOR (as published by the British Bankers Association, or, if not published therein, in another authoritative source selected by the Parties), on the date such payment was required to be made (or, if unavailable, on the next
preceding date for which such quotation is available) plus 500 basis points. 
 “Investors’ Rights Agreement” means
that certain Fifth Amended and Restated Investors’ Rights Agreement, entered into as of March 6, 2015, by and among Decolar Parent and the Stockholders (as defined therein). 

“Lanham Act” means the Lanham (Trademark) Act, 17 U.S.C. §§ 1051 et seq. 

“Laws” means any law, common law, rule, statute, regulation, by-law, order,
ordinance, protocol, code, guideline, treaty, policy, notice, direction or judicial, arbitral, administrative, tribunal, ministerial or 

  
 8 

 
departmental judgment, award, decree, treaty, directive, or other requirement or guideline published or in force at any time during the Term, which applies to or is otherwise intended to govern
or regulate either or both Parties, property, transaction, activity, event or other matter, including any rule, order, judgment, directive or other requirement or guideline; provided, however, that in respect of any of the foregoing it
is issued by any Governmental Authority. For the avoidance of doubt, Law includes Privacy Law. 
 “Letter of Credit” has
the meaning set forth in Section 3.6.1. 
 “Licensee” has the meaning set forth in
Section 6.2. 
 “Licensor” has the meaning set forth in Section 6.3.

 “Marketing Fee Payments” has the meaning set forth in Section 3.2.1. 

“Marketing Fee Statement” has the meaning set forth in Section 3.4.1. 

“Marketing Fees” has the meaning set forth in Section 3.1. 

“Marks” has the meaning set forth in Section 6.2. 

“Materials” has the meaning set forth in Section 6.2. 

“Media Revenue” means, for a given period, the aggregate amount (without duplication) earned or received by Decolar or any of
its Affiliates or otherwise paid to Decolar or any of its Affiliates by third party advertisers for advertisement or similar placements comparing in the search results or booking path price, product, or service offerings from competitors for Travel
Products on any Decolar Travel Solutions or displayed through the Decolar Platform with respect to or otherwise in connection with any Expedia Travel Products displayed in such search results or booking path. For the avoidance of doubt, Decolar
shall not be prevented from implementing and generating revenue from banner advertising and similar such non-price product or service comparison display style advertising outside of search results. 

“Merchant of Record” means a Person collecting revenues and any other amounts (including amounts in respect of Taxes) from
End Users or other parties on behalf of another Person with respect to any Travel Bookings of (or other transactions through a Travel Solution in respect of) Travel Products offered by such other Person. 

“Minimum Bookings Percentage” has the meaning set forth in Section 2.1.4A. 

“Monthly Minimum Bookings Statement” has the meaning set forth in Section 3.4.2. 

“Notice” has the meaning set forth in Section 15.8. 

“OFAC” has the meaning set forth in Section 7.2. 

“Overrides” means, for a given period, the aggregate amount (without duplication) of any and all remuneration of any kind
paid by a Travel Supply Provider to Expedia or its Affiliates which remuneration is, or was, contingent upon the achievement of one or more performance metrics. 

“Package” has the meaning set forth in Schedule 8.5 

“Party” means any of Decolar, Decolar Parent or Expedia; and “Parties” means Decolar, Decolar Parent,
Guarantors and Expedia, collectively. 

  
 9 

 “Patent Act” means the U.S. Patent Act, 35 U.S.C. §§ 1 et
seq. 
 “Payment Card Industry Data Standard Security Requirements” means those payment card industry data standard
security requirements and integrated cardholder information security program established by the major credit card network entities with respect to the security requirements imposed on services providers supporting debit, credit, prepaid or other
payment cards. 
 “Payment” means any payment due and payable from one Party under this Agreement to the other Party,
including Marketing Fee Payments, Room Revenue Payments, Penalty Payments, etc. 
 “Penalty Payment” has the meaning set
forth in Section 3.5.1. 
 “Performance Test” means the right of Expedia to solely control the
Room Rate, Services Fees and Sort Order of the Test Supply displayed or otherwise made available on the Decolar Travel Solutions for at least 10% of all End User Traffic on any given day during the Test Period by providing a different API
credential. Decolar may increase such percentage at its sole discretion during any Test Period. 
 “Performance Test
Report” has the meaning set forth in Section 2.1.4(b). 
 “Person” means any individual,
sole proprietorship, partnership, firm, entity, unincorporated association, unincorporated syndicate, unincorporated organization, trust, body corporate or Governmental Authority. 

“Privacy Law” means any applicable Law in any jurisdiction relating to the collection, use, storage or disclosure of
information about an identified or identifiable individual or other Person. 
 “Property-Collect Booking” means a booking
for which the Room Revenue is collected from the End User by the property at the time of check-out or at a time otherwise agreed by the property and Expedia or its Corporate Affiliates. 

“Receiving Party” has the meaning set forth in Section 4.1. 

“Refund Fees” has the meaning set forth in Section 3.3.4. 

“Representative” of a Party, means an officer, director, stockholder, employee, agent, advisor or consultant of such Party.

 “Reserved Liability” has the meaning set forth in Section 9.4.6. 

“REST Transition” has the meaning set forth in Section 2.1.2. 

“Restricted Decolar Travel Solution” has the meaning set forth in Section 2.1.8. 

“Restricted Employee” has the meaning set forth in Section 15.2. 

“Room Rate” means, for any given Expedia Travel Product, the rate which is provided to Decolar by Expedia through the Expedia
API for such Expedia Travel Product, including the nightly rate, applicable Taxes and fees and any other pricing related information. 

“Room Revenue” has the meaning set forth in Section 3.3. 

“Room Revenue Payment” has the meaning set forth in Section 3.3.2. 

  
 10 

 “Sanctions Target” an individual, entity or body that is (i) listed on
the EU Consolidated List of Designated Parties, maintained by the European Union; the Consolidated List of Asset Freeze Targets, maintained by HM Treasury (UK); any other list of designated parties maintained by the EU or its Member States; the U.S.
List of Specially Designated Nationals and Blocked Persons or the U.S. Foreign Sanctions Evaders List, maintained by OFAC; the U.S. Entity List or the U.S. Denied Persons List, maintained by the U.S. Commerce Department’s Bureau of Industry and
Security; or any list of parties subject to asset-freezing measures issued by the United Nations; (ii) is 50% or more owned or controlled, directly or indirectly, individually or in the aggregate, by any one or more parties on the foregoing
lists; or (iii) is ordinarily resident, incorporated, or headquartered in any territory that is or becomes subject to comprehensive U.S. economic sanctions, including at the time of this Agreement Cuba, Iran, North Korea, Syria, and the Crimea
region of Ukraine). 
 “Service Fees” means for any Travel Product any services fees or booking fees added to, or otherwise
included in, a Room Rate. 
 “Sort Order” means the sort order in which Travel Products are returned to the Decolar
Application and/or the Decolar Platform and displayed on an applicable Decolar Travel Solution through the Expedia API. 
 “Stock
Repurchase Agreement” means that certain Stock Repurchase Agreement, entered into as of March 3, 2015, by and among Decolar Parent and the Sellers (as defined therein). 

“Stock Subscription Agreement” means that certain Common Stock Subscription Agreement, entered into as of March 3, 2015,
by and among Decolar Parent, Expedia Parent and the Pre-Closing Holders (as defined therein). 

“Strategic Party” means any Person other than a single individual which does not directly or indirectly own or Control any
assets or companies operating (x) in the consumer or corporate travel industry, or (y) as an Internet-enabled provider of travel search or information services (clauses (x) and (y), the “Restricted Field”). 

“Tax Returns” has the meaning set forth in Section 12.1.2. 

“Tax” or, collectively, “Taxes” means any and all federal, national, state, local, provincial and other
taxes, imposts, duties, levies, assessments and other similar governmental charges and fees imposed by any Governmental Authority, including capital gains, occupancy, gross receipts, business, income, profits, sales, use, lodging or accommodation,
value added, goods and services, ad valorem, transfer, franchise, withholding, recapture, stamp duty, excise and property taxes and other taxes of any nature whatsoever (but not, for the avoidance of doubt, any Unclaimed Property Liabilities),
together with all interest, penalties, and additions imposed with respect to such amounts. 
 “Term” has the meaning set
forth in Section 11.1. 
 “Test Period” has the meaning set forth in
Section 2.1.4(a). 
 “Test Supply” means all Expedia Covered Lodging Supply, located in the
Expedia Territory, which is made available for booking on a standalone basis or as a Package when the Expedia Travel Product is displayed separately from the air, car rental or rail travel product. 

“Trademark” means any words, names, symbols, sounds, devices, designs, and other designations, and combinations of the
preceding items, used to indicate a source of origin or form of certification, including without limitation logos, trade names, trade dress, trademarks and service marks, in each case, whether or not registered. 

  
 11 

 “Transaction” means a Travel Booking through the Expedia API. 

“Transaction Agreements” means this Agreement, the Stock Repurchase Agreement, the Stock Subscription Agreement, the
Investors’ Rights Agreement, the Voting Agreement and the First Refusal and Co-Sale Agreement. 

“Transaction Shares” has the meaning set forth in the Recitals. 

“Transaction Statement” has the meaning set forth in Section 3.3.1. 

“Transaction Taxes” means any and all sales, use, excise, gross receipts, value added, goods and services, occupancy,
consumption, accommodation, tourism and any other similar transfer Taxes that are in the nature of transaction Taxes (and that are not in the nature of business activity Taxes imposed on, measured by, or based on gross or net income or gross or net
receipts that are not transaction Taxes (including, but not limited to, the Business and Occupation Taxes imposed by the State of Washington or any locality thereof)), filing and recordation fees and similar Taxes, charges and fees incurred with
respect to any amounts payable or deemed to be payable to Decolar by Expedia or to Expedia by Decolar pursuant to this Agreement. 

“Transition Outside Date” has the meaning set forth in Section 2.1.2. 

“Transition Penalty” has the meaning set forth in Section 2.1.3. 

“Transition Term” has the meaning set forth in Section 11.2.3(c). 

“Travel Booking” means the booking of a Travel Product. 

“Travel Products” means lodging and lodging-like products and services (available now or hereafter fully developed), whether
as a standalone product or a Package, which may be offered for booking by a Party or its Affiliates in its sole discretion from time to time. 

“Travel Solution” means any online (including Websites) or offline portal, medium or other channel for consumer activities
relating to travel or travel-related products, services or other offerings, including shopping, booking, reviewing, searching and redeeming of such travel or travel-related products, offerings and services. 

“Travel Solution Taxes” means all Travel Taxes (or amounts in respect of Travel Taxes, but not any costs or expenses) that
are or may be imposed or incurred with respect to any Travel Bookings by or for End Users through Travel Solutions, to be paid, remitted or forwarded by or on behalf of a Party or its Affiliates to any Travel Supply Provider or any Governmental
Authority. For the avoidance of doubt, Transaction Taxes are not included in Travel Solution Taxes. 
 “Travel Supply
Provider” means a third-party supplier of any lodging pursuant to a contract between such supplier, on the one hand, and a Party and/or its Affiliates, on the other hand. 

“Travel Taxes” means any and all sales, use, occupancy, lodging, tourism related, excise, gross receipts, value added, ad
valorem, goods and services and other similar types of transfer Taxes, duties, fees, public imposts, or charges and Taxes however designated, and other transactional Taxes or fees of any kind 

  
 12 

 
(including any related interest, penalties and additions to Tax) imposed by any Governmental Authority that are imposed on, measured by, or in relation to amounts paid for hotel room, lodging, or
accommodation rentals, car rentals, tours, attractions, theme park admissions, show tickets, ground transportation, other in-destination activities, airfare, or other travel-related services, including
services typically provided by online travel companies and services typically provided in connection with the furnishing of accommodations and/or travel related products. For the avoidance of doubt and notwithstanding anything to the contrary
herein, (i) Transaction Taxes incurred in connection with amounts payable or deemed payable pursuant to this Agreement shall be borne by Decolar and Expedia in accordance with Section 12.1.1 (and shall not be
considered Travel Taxes), and (ii) Taxes imposed on the net income or net worth of Expedia or Decolar, respectively, or franchise or other business activity Taxes imposed by a jurisdiction in lieu of net income Taxes where such jurisdiction
does not impose a Tax on net income (including, the Ohio Commercial Activity Tax, the Washington Business and Occupation Tax, the Nevada Commerce Tax and the Texas Franchise (Margins) Tax), shall be borne by the Person incurring such Taxes (and
shall not be considered Travel Taxes), and Taxes in the nature of business activity Taxes that may be imposed on income with respect to Travel Bookings or Travel Solutions, such as gross receipts Taxes or general excise Taxes, shall not be treated
as Taxes on net income, and therefore shall not be excluded from the definition of Travel Taxes pursuant to this clause (ii), although the Parties neither concede nor agree that any such Taxes apply to Travel Bookings or the Travel Solutions as
a matter of applicable Law. 
 “Unclaimed Property Liabilities” means any and all Losses arising out of or relating to
unclaimed property or escheatment proceedings or claims instituted or otherwise made by or on behalf of any Governmental Authority or other third Person. For the avoidance of doubt, the Parties neither concede nor agree that any amounts associated
with any Travel Bookings or Travel Solution give rise to Unclaimed Property Liabilities as a matter of applicable Law. 
 “Uniform
Trade Secrets Act” means the Uniform Trade Secrets Act, published by the Uniform Law Commission of 1979, as amended in 1985. 

“USD” means United States dollars, the lawful currency of the United States of America. 

“Voting Agreement” means that certain Third Amended and Restated Voting Agreement entered into as of March 6, 2015, by
and among Decolar Parent and the Stockholders (as defined therein). 
 “Voyager Materials” has the meaning set forth in
Section 6.5.2. 
 “Voyager Tool” has the meaning set forth in
Section 6.5.1. 
 “Website” means any and all mediums, tools, instruments, channels and/or
methods, now or hereafter developed for the access, distribution or sharing of information or electronically conducting commerce over a publicly available network, including a website, application and any and all versions of such sites and/or
applications specifically designed and optimized for mobile device, such as a smartphone, tablet computer or other similar end user device. 

1.2    Interpretation. Unless otherwise expressly provided, for purposes of this Agreement the following
rules of interpretation shall apply: 
 1.2.1    The Parties agree that they have been represented by counsel
during the negotiation and execution of this Agreement and, therefore, waive the application of any Law, regulation, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the Party
drafting such agreement or document. 

  
 13 

 1.2.2    The language used in this Agreement shall be deemed to
be the language chosen by the Parties to express their mutual intent and no rule of strict construction shall be applied against either Party. 

1.2.3    Any reference to any Law shall be deemed also to refer to all rules and regulations promulgated
thereunder, unless the context requires otherwise. 
 1.2.4    Any reference to any agreement, document or
instrument shall mean such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof. 

1.2.5    Whenever the context may require, any pronouns used in this Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. Where a word or phrase is defined, each of its other grammatical forms shall have a corresponding meaning. 

1.2.6    Whenever the words “include”, “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation,” unless the context specifies otherwise. 

1.2.7    Unless otherwise specified, time periods within or following which any payment is to be made or act is to
be done, shall be calculated by excluding the day on which the period commences and including the day on which the period ends and by extending the period to the next Business Day following if the last day of the period is not a Business Day. 

1.2.8    Whenever the words “hereunder,” “hereof,” “hereto” and words of similar
import are used in this Agreement, they shall be deemed references to this Agreement as a whole and not to any particular Section or other provision hereof. 

1.2.9    The word “or” is used in the inclusive sense of “or.” The terms “or,”
“any” and “either” are not exclusive. 
 1.2.10    Whenever a provision of this Agreement
requires an approval or consent and the approval or consent is not delivered within the applicable time limit, then, unless otherwise specified, the Party whose consent or approval is required shall be conclusively deemed to have withheld its
approval or consent. 
 1.2.11    Unless otherwise specified, all references to money amounts are to the lawful
currency of the United States of America. 
 1.2.12    Headings of Sections are inserted for convenience of
reference only and do not affect the construction or interpretation of this Agreement. 
 2.    LODGING SUPPLY

 2.1    Lodging Supply to Decolar. 

2.1.1    Expedia API. Except as otherwise expressly provided herein, at all times, during the Term of this
Agreement, Expedia shall make the then-current version of the Expedia API available to Decolar for use by Decolar and its Affiliates in accordance with the provisions of this Agreement. Expedia shall be responsible for any and all costs associated
with the standard development and operations of the Expedia API in the form delivered to Decolar. 

  
 14 

 2.1.2    Decolar Application. Decolar shall ensure, in
the terms set forth herein, that its application which interfaces with the then-current version of the Expedia API to enable the exchange of data regarding Expedia Travel Products (the “Decolar Application”) is at all times
(a) consistent with the then-current version of the Expedia API and (b) in accordance with the Expedia API specifications, including the then-current protocol, which is currently the REST protocol (the “Expedia
Specifications”). At any time upon reasonable prior notice to Decolar, Expedia will have the right to review the usage by Decolar of, and interface of the Decolar Application with, the then-current version of the Expedia API. Where
Expedia informs Decolar that reasonable modifications or updates (i) will occur or have occurred to the Expedia API and/or Expedia Specifications as generally applicable to all applicable third-party commercial recipients of the EAN.com, LP API
feed or (ii) are otherwise necessary or advisable to the Decolar Application, Decolar shall use its reasonable best efforts to make the necessary modifications to the Decolar Application to integrate such modifications or updates promptly and,
in any event, within two (2) months from the date of Expedia informing Decolar in reasonable detail of the relevant modification or update, unless Decolar’s failure to make the modifications within the required two (2)-month period is
primarily the result of actions of Expedia and/or its Affiliates, in which case such period shall be adjusted accordingly. For any Expedia Travel Products made available or displayed to End Users on Decolar Travel Solutions with a Brazilian country
code top-level domain (being .br or com.br or any variation thereof) (“Brazilian POS”), Decolar shall ensure that any call to the Expedia API via the Decolar Application shall be made solely
in Brazilian Real. If Decolar fails to comply with any of its obligations relating to the Brazilian POS under this Section, Expedia shall be entitled to withhold payment due to Decolar under the Agreement for an amount equal to any losses suffered
by Expedia as a result of Decolar ́s failure to comply with obligations relating to the Brazilian POS under this Section, or deduct and withhold on any payment for such amounts to Decolar in order to comply with its or its Affiliates’
obligations under applicable tax laws. 
 2.1.3    [Reserved] 

2.1.4    Display and Pricing Obligations. 

(a)    Decolar and its Affiliates shall display, or cause to be displayed, and shall make available for booking on the
Decolar Application, the Decolar Platform or the Decolar Travel Solution at all times all Expedia Travel Products. Subject to Section 2.1.4(b), the Sort Order of the Expedia Covered Lodging Supply shall be displayed on all
Decolar Travel Solutions as determined by Decolar in its sole discretion. The Expedia Travel Products (other than those that are a part of a Package) shall be displayed on such Decolar Travel Solutions in a manner that (i) is at least as
prominent as any other supply provider with the same or a similar price or compensation for a similar Travel Product, and (ii) does not otherwise discriminate against or purposefully disadvantage such Expedia Travel Products relative to any
other Travel Products offered or made available on such Decolar Travel Solution or through the Decolar Platform, whether through sort order, merchandizing campaigns or otherwise. 

(b)    Commencing on May 1, 2015, until the expiration of the Term: 

 

	 	(i)	 Decolar shall allow Expedia to run a Performance Test on Decolar Travel Solutions during (A) any one
(1)-month period within every four (4)-month period or (B) such longer period within every four (4)-month period as is necessary to ensure that that the length of such measurement period, when taken together with the

  
 15 

	 	
percentage of control allocated to Expedia in such Performance Test is sufficient for the results of the Performance Test to be statistically significant (such resulting period, the “Test
Period”). Decolar may increase the duration of the Test Period at its sole discretion. During the Test Period the pricing display shall comply at all times with applicable Laws. 

 

	 	(ii)	 Following the expiration of the Test Period, each Party will prepare a report (the “Performance Test
Report”) comparing the relative Performance of (A) the End User Traffic for which Decolar controlled the Room Rate and Sort Order for the Expedia Covered Lodging Supply (“Decolar End User Traffic”) and (B) the End
User Traffic for which Expedia controlled the Room Rate and Sort Order for the Test Supply (the “Expedia End User Traffic”), in each case, during such period. Both Parties shall submit the Performance Test Reports for information
purposes only to the board of directors of Guarantor at the board of directors’ ordinary meeting taking place after the expiration of the Test Period. 

2.1.4A   Exclusivity. Expedia and its Affiliates shall be the preferred provider to Decolar of Travel Products
throughout the world, and Decolar and its Affiliates shall, and shall cause the Decolar Platform and all Decolar Travel Solutions to, book Expedia Travel Products, as set out below. For the purpose of this Agreement, “Minimum Bookings
Percentage” shall mean [***]; and the “Relaxed Bookings Percentage” shall mean from 1 January 2020 to the date of any Election Notice: [***] of the Gross Booking Value from
non-Expedia sourced Travel Product in respect of the Expedia Territory. 

(a)    Expedia Territory: 
  

	 	(i)	 not less than the Minimum Booking Percentage of all Travel Bookings located in the Expedia Territory booked on
or via any Decolar Travel Solution (including, but not limited to, any Decolar Application, Decolar Platform and Decolar API) shall originate from Transactions of Expedia Travel Products. In addition, the Parties shall negotiate in good faith to
agree a list of properties in the Expedia Territory which shall be used for purposes of sourcing, marketing, and undertaking bookings for Relaxed Booking Percentage (the properties on this list shall be deemed the “Non-Exclusive Properties”). Such list shall be agreed by the Parties no later than 1 November 2019. Decolar shall not contact, solicit, negotiate or undertake discussions with any Travel Supply
Providers other than those providing the Non-Exclusive Properties. Every twelve (12) months from the date of agreeing the initial list of Non-Exclusive Properties,
or earlier if Decolar suffers a Force Majeure, the Parties shall negotiate in good faith to revisions to the list and such revised list shall be agreed by the Parties no later than 1 October of the then current year. Up until the Parties reach
an agreement regarding the revision to the list, the initial list of Non-Exclusive Properties shall remain. For the avoidance of doubt, the Non-Exclusive Properties shall comprise a minimum of 90% of the
Relaxed Booking Percentage. 

  
 16 

	 	(ii)	 five (5) Business Days after the end of each month of the Term, Decolar shall provide Expedia with an
accurate monthly report of all Travel Bookings in the preceding month (including details of GBV, Transaction count, room nights and a GBV per lodging supplier identifier). Every three (3) months the Parties shall hold a quarterly business
review to assess the overall relationship and such reports provided herein; 

  

	 	(iii)	 between the date of signing this Amended and Restated Agreement and 1 January 2020, Decolar may start
discussions, negotiate and contract with properties to be considered Non-Exclusive Properties. In addition, Decolar may make such properties available for booking on the Decolar Travel Solution provided that,
during such period, the GBV from bookings of such non-Expedia sourced Travel Products does not exceed 5% of all Travel Bookings in the Expedia Territory on the Decolar Travel Solutions; 

 

	 	(iv)	 if with effect from 1 January 2020 the GBV from Transactions of the Expedia Travel Products located in the
Expedia Territory (as a percentage of all Travel Bookings on a Decolar Travel Solution in the Expedia Territory) exceeds the Relaxed Booking Percentage: 

1.     in any six-month period commencing on 1 January 2020
and each 1 July and 1 January thereafter, Decolar will pay to Expedia [***] of GBV as compensation for every booking of a non-Expedia sourced Travel Product in respect of the Expedia Territory which
are in excess of the Relaxed Booking Percentage. Expedia may in its sole discretion set-off any payments owed to it by Decolar under this Section against Marketing Fees due to Decolar hereunder; and/or 

2.     in any two consecutive calendar quarters, Expedia may elect, at any time thereafter, by sending
written notice thereof to Decolar (“Election Notice”), to become the exclusive provider to Decolar of Travel Products in the Expedia Territory and [***]. For the avoidance of doubt, if Expedia opts not to send an Election Notice
under this Section, it shall not be considered to be waiving its right to do so, nor for another right to arise should GBV from Transactions of the Expedia Travel Products located in the Expedia Territory fall below the Minimum Booking Percentage
for any subsequent calendar quarters; 
  

	 	(v)	 if with effect from 1 January 2020: the GBV from Transactions of the Expedia Travel Products located in
the Expedia Territory (as a percentage of all Travel Bookings on a Decolar Travel Solution in the Expedia Territory), in any one calendar quarter, is [***], Expedia may issue an Election Notice to become the exclusive provider to Decolar of Travel
Products in the Expedia Territory and the Minimum Booking Percentage shall be deemed to be [***] from such date forward. 

  
 17 

	 	(vi)	 Expedia shall have the right to appoint the Accountant to audit all activity in connection with this
Section 2.1.4A(a) (an “Audit”) upon providing at least thirty (30) days prior written notice to Decolar and no more frequently than once per calendar year (and at one additional time per calendar year
if such cost is born by Expedia). The Parties shall select the Accountant for the Audit and shall schedule a mutually convenient time for the Audit; provided that any Audit shall be conducted during normal business hours. The cost of the Audit
shall be shared equally between the Parties. The output report of the Audit shall be shared with both Parties. The Audit shall cover, at a minimum: a full reconciliation at a transactional level of all Travel Bookings in respect of the Expedia
Territory, which are itemized on a booking-by-booking basis (including the following details of the booking: hotel, hotel IDs, dates of stay, GBV, room rate, Expedia
Gross Profit) and the associated supporting data from Decolar financial systems of record, including without limitation evidence of (1) the total GBV in the Expedia Territory from non-Expedia Travel
Bookings and Expedia Travel Bookings; (2) Expedia Gross Profit; (3) bookings of Packages, including the composition and individual component pricing and allocation of revenue and gross profit amongst lodging and non-lodging components and, if applicable, cost of each individual component of such package. The Audit shall encompass Decolar and all of its Affiliates (trading and
non-trading). 

 2.1.5    Minimum Bookings.
Following an Election Notice or such other time as the Minimum Bookings Percentage is [***] and for each quarter during the Term, Decolar and its Affiliates shall, and shall cause the Decolar Platform and all Decolar Travel Solutions to, book
Expedia Travel Products (other than Travel Products in the Decolar Territory) for no less than the Minimum Bookings Percentage (the “Decolar Bookings Percentage”). Decolar or an Affiliate of Decolar will act as the Merchant of
Record on all Expedia-Sourced Travel Bookings with respect to non-refundable and other pay-in-advance bookings of Travel
Products, where applicable, that are supplied by Expedia or its Affiliates pursuant to this Agreement, except for such Expedia-Sourced Travel Bookings for which Expedia and Decolar agree by virtue of using certain booking channels that Expedia or
its Affiliate shall serve as the Merchant of Record, which, to the extent such Expedia-Sourced Travel Bookings are for properties in the Expedia Territory, shall be included in the calculation of the Decolar Bookings Percentage. 

2.1.6    Expedia Service Level Obligations. If at any time during the Term, the Expedia API (a) fails
completely to respond to the Decolar Application for a period in excess of fifteen (15) continuous minutes or (b) fails to respond within ten (10) seconds on 95% of list, availability or reservation requests made by the Decolar
Application in conjunction with completing a Transaction for a period in excess of fifteen (15) continuous minutes, then the Decolar Application may switch to other sources of inventory (a “Performance Switch”) without any
penalty only until such time as immediately following time that the Expedia API is again responsive or timely responsive. Expedia agrees that Decolar will be treated substantially similarly to other similarly situated recipients of lodging supply
through the Expedia API in the same geographic region (including Hotels.com and Expedia’s Affiliates marketing their products in such region) with respect to response times of the Expedia API. In addition Expedia and Decolar will work together
in seeking optimal solutions for customers with respect to Expedia API and Decolar Application performance. 

2.1.7    Expedia Rights. Expedia reserves the right to remove Expedia API access and/or cancel any and all
Expedia-Sourced Travel Bookings, if Decolar or any party which owns or otherwise operates any such Decolar Travel Solutions (a) does not comply, in all material respects, with 

  
 18 

 
rules, regulations or policies for use of the Expedia API as determined by Expedia reasonable discretion from time to time, including modifications to pricing and/or unauthorized modifications to
pricing display for Expedia Travel Products (whether through couponing, discounting, promotions or otherwise); (b) are identified with inactive Expedia API access or Decolar and its Affiliate’s sites with no live content for a period of
seven (7) days; (c) are non-responsive to correspondence within reasonable time, reasonable corrections or requests regarding the Expedia API; (d) does not comply, in all material respects, with
the payment provisions under Section 3 or (e) commit any other acts or omissions that, in Expedia’s reasonable sole discretion, may pose material threats to Expedia’s (i) financial stability,
(ii) information/data security, (iii) agreements, licenses or relationships with its Travel Supply Providers and/or (iv) Expedia’s Intellectual Property Rights, and, in the case of each of the preceding clauses (a), (b), (c)
and (e), does not cure the circumstances described in such clause within a reasonable period of time, which period shall be no less than 10 days after notification by Expedia of the first occurrence thereof; provided, however,
(A) in the event of each successive violation of the preceding clauses (b), (c) and (e), Expedia shall not be obligated to provide any cure period and (B) in the event of more than three successive violations of the preceding
clause (a) within any twelve (12)-month period Expedia shall not be obligated to provide any cure period. In the event that Expedia identifies the volume of queries originating from Decolar’s use of the Expedia API unduly burdens the
Expedia API (or any of the associated systems, network devices or data), and/or creates capacity-related issues or results in material additional costs, Expedia will promptly notify Decolar in writing of any such circumstances, and Decolar shall,
within 15 days, provide Expedia with a remediation plan to reduce such load or issues to be applied no later than 15 days thereafter. If Decolar fails to cooperate in making such necessary changes, Expedia reserves the right to restrict
Decolar’s access to the Expedia API. 
 2.1.8    Customer Care. 

(a)    During the Term, (i) [***]; (ii) Decolar shall provide commercially reasonable cooperation, at
Expedia’s request, to facilitate Expedia’s customer care and support; and (iii) Decolar shall provide first line support to customers of Expedia Travel Solutions in accordance with (x) the best industry standards (including but
not limited to its practices in relation to standard greetings, scripts, response times and escalation procedures) and (y) the terms of this Agreement. 

(b)     Subject to Section 6.5 with respect to the use of the Voyager Tool, Decolar will be
responsible for and shall provide, all support to End Users for customer care and support issues related to Expedia Travel Products and will be solely responsible for any liability to End Users as a result of such customer care and support;
provided that Decolar shall not, at any time, have the ability to engage in any activities with respect to Expedia Travel Products that result in the issuance of any End User “accommodations”, such as cancellations outside of the
cancellation window or goodwill coupons and credits, discounts, refunds, and similar accommodations (“Goodwill Modifications”), without the prior written consent of Expedia. Expedia will provide second line consultative support for
customer care and support issues with respect to the Expedia Travel Products, including Goodwill Modifications, at Decolar’s sole cost and expenses. Without limiting the generality of the foregoing, Decolar will as soon as reasonably practical:
(a) transmit to End Users booking Expedia Travel Products, without substantial revision, deletion or change of any sort, all information transmitted by Expedia or its Affiliates to Decolar for re-delivery
to such End Users (e.g., booking confirmation e-mails and other customer support communications), provided that such information need not contain any of Expedia’s or its Affiliates’ branding,
Marks and Materials; and (b) transmit to Expedia all communications, without substantial revision, deletion or change of any sort, received by Decolar or its Affiliates from such End Users relating to Expedia Travel Products (e.g.,
booking requests and other customer service inquiries), other than Highly Sensitive Customer Personal Data (other than to the extent necessary to facilitate an Expedia-Sourced Travel Booking). The Parties acknowledge and agree that this Agreement is
intended to create a white label service that does not reveal Expedia’s or its Affiliates’ branding, Marks and Materials 

  
 19 

 
to End Users. Decolar will be responsible for any liability to End Users as a result of the customer care and support for Expedia Travel Products booked through the Decolar Platform and/or a
Decolar Travel Solution, including all Goodwill Modifications and costs associated with any debit memo, replacement room nights, charge backs, and cancellation fees. Expedia shall be responsible for all liability to the extent caused by information
created by Expedia or its Affiliates that is transmitted to Decolar by Expedia’s second-line support or by the Voyager Tool. 

2.1.9    Redistribution. 

(a)    Without the prior written consent of Expedia (which consent shall not be unreasonably withheld or withheld solely
because a third party competes with Expedia or its Affiliates or Expedia or its Affiliates intends to compete with Decolar or its Affiliates with respect to a third party), Decolar shall not, and shall not permit its Affiliates and/or any third
party Travel Solution which it may power or otherwise support from time to time to, display any Expedia Travel Products whether through the Decolar Application, Decolar Platform, on any Decolar Travel Solutions or otherwise (a) on Travel
Solutions which are not owned and operated by Decolar and/or its Affiliates or (b) for Decolar Travel Solutions which do not primarily feature the Decolar Brand and are primarily targeted at End Users outside of the Decolar Territory (a
“Restricted Decolar Travel Solution”), provided that, Decolar shall not provide any Travel Solution to any Third Party through (i) “instant book” or “direct booking” functionality on any metasearch site or
other third party medium or channel, including Travel Solutions, through which Travel Products are marketed through side-by-side price comparison or (ii) any global
distribution system or other third-party aggregator or redistributor of supply. In the event Decolar or any of its Affiliates takes any action inconsistent with the preceding clause, Expedia shall be entitled to immediately withdraw the Expedia API
with respect to any such Restricted Decolar Travel Solution and cancel any and all Travel Bookings of Expedia Travel Products processed on or through such Restricted Decolar Travel Solution. Expedia shall have the right to waive any or all of the
restrictions, whether in whole or in part, in the first sentence of this paragraph at any time, in its sole discretion. Notwithstanding the foregoing, Decolar shall not be restricted from advertising any Travel Products on metasearch sites, provided
that the rate at which such Expedia Travel Product is displayed on such metasearch site or other price comparison mechanism shall not be less than the Room Rate and the other terms applicable to Expedia Travel Products pursuant to
Section 2.1.4 will apply to any such display. 
 (b)    In the event that Expedia consents
(or is deemed to consent as set forth in (c) below), Decolar may make the Expedia Travel Products (other than those containing Standard Package Rates that are not a part of a prepackaged Package prior to distribution by Decolar) available for
booking through partners of Decolar who will assist customers in the booking of such Expedia Travel Products in the Decolar Territory (each, a “Decolar Partner”). Schedule 2.1.9 sets forth a list of Decolar
Partners as of the date of this Agreement. Any compensation due to a Decolar Partner will be solely the responsibility of Decolar and Decolar may not pay any such Decolar Partner a commission (whether bounty, revenue share or other payment
structure) greater than the Marketing Fees Decolar receives from Expedia hereunder. Decolar shall ensure that each Decolar Partner is bound by and complies with: (i) obligations that are at least equivalent to those imposed on Decolar under
this Agreement and (ii) the Decolar Partner terms set forth in Exhibit A to this Agreement (the “Decolar Partner Requirements”). Decolar shall be solely responsible for the actions of each Decolar
Partner as if such actions are the actions of Decolar. In the event that Decolar becomes aware of any non-compliance by an Decolar Partner of the provisions set forth in this
Section 2.1.12, or at any time upon Expedia request based on noncompliance by an Decolar Partner of the provisions of this Agreement or the Decolar Partner Requirements, Decolar will immediately disable the distribution of
the Expedia Travel Products to such Decolar Partner. 
 (c)    Solely for purposes of this
Section 2.1.9, in the event that Decolar proposes to add a potential Decolar Partner in writing to Expedia, and Expedia does not take any action to 

  
 20 

 
grant or deny consent within seven (7) days of its receipt of such request, then Expedia shall be deemed to have consented to such proposed Decolar Partner become a Decolar Partner unless
(i) Expedia has affirmatively withheld its consent to such proposed Decolar Partner or any of its Affiliates has previously or (ii) Expedia has previously disabled the distribution of the Expedia Travel Products to such proposed Decolar
Partner other than as a result of (A) the mutual discontinuation of the related business relationship between such proposed Decolar Partner and Expedia or (B) the voluntary discontinuation of the related business relationship by such
proposed Decolar Partner. For the avoidance of doubt, this Section shall not apply to Ctrip.com International Limited or any of its Affiliates, including the respective businesses of ctrip.com, elong.com, qunar.com who shall not be considered an
approved Decolar Partner without the approval of Expedia in its sole discretion. 

2.1.10    Acquisitions. If Decolar or any of its Affiliates acquires Control of any entity
(“Acquired Entity”) by way of merger, corporate reorganization or consolidation, acquisition of all or substantially all of its assets or otherwise during the Term, such Acquired Entity shall be considered an Affiliate under this
Agreement and shall be subject to all terms and conditions herein 180 days from completion of such acquisition (being the “Transition Period”). During the Transition Period, Decolar shall pay Expedia [***] of Expedia Gross Profit as
compensation for every Travel Booking of a property located in the Expedia Territory on or via any of the Acquired Entity’s Travel Solutions. Expedia may in its sole discretion set-off any payments owed
to it by Decolar under this Section against Marketing Fees due to Decolar hereunder. Decolar’s obligations to provide monthly reports and Expedia’s ability to audit under Sections 2.1.4A(a)(ii) and (iv) respectively shall be
considered to apply equally to this Section. For the avoidance of doubt, Decolar shall integrate any Acquired Entity into its systems, processes, networks and corporate group by the end of the Transition Period so that the Expedia Travel Products
are displayed and made available for booking at all times on all of the Acquired Entity’s Travel Solutions. 

2.2    Lodging Supply to Expedia. During the Term, Decolar shall provide Expedia with access through the
Decolar API to all Decolar Travel Products (whether such Travel Products are offered on a standalone basis, in a Package or otherwise, other than Expedia Travel Products which may be available through the Decolar API by virtue of the Expedia API)
for properties located in the Decolar Territory for use in all Expedia Travel Solutions, subject to the same terms and conditions as the Expedia Travel Products (including the gross profit sharing). The Parties shall use commercially reasonable
efforts to create an application (the “Expedia Application”) which interfaces with the Decolar API, which provides access to the aforementioned Decolar Travel Products by the first anniversary of the date hereof. Following the
completion of the Expedia Application, the Parties will use commercially reasonable efforts to enter into an agreement for Decolar to provide Decolar Travel Supply for properties located in the Decolar Territory for use in all Expedia Travel
Solutions. Decolar shall provide to Expedia, during each calendar month during the term, a statement of booking fees in respect of all Transactions included on the Transaction Statement for such period. 

2.3    [***]. 

2.3.1    [***] 

2.3.2    Decolar agrees and acknowledges that it will have no input into or ability to participate in
Expedia’s negotiations with Expedia’s third-party suppliers and that the provision of Expedia Travel Products is subject to the terms of the applicable contracts between Expedia or its Affiliates and the applicable Travel Supply Providers
with respect to such Travel Products. 
 2.3.3    [***] 

2.3.4    [***] 

2.3.5    [***] 

  
 21 

 3.    ECONOMIC TERMS 

3.1    Marketing Fees. 

3.1.1    During the Term, for each Expedia-Sourced Travel Booking of a Travel Product that is Consumed (a
“Consumed Travel Booking”), Expedia will calculate and pay to Decolar the percentage of the Gross Profit set forth on Schedule 3.1 (the “Marketing Fees”) applicable to such Consumed Travel
Booking. Marketing Fees shall be paid only on Consumed Travel Bookings that are made through the Expedia API and originate from the Decolar Application, Decolar Platform or Decolar Travel Solution. No Marketing Fees will be paid by Expedia on
subsequent bookings by the same customer unless such further booking is also made through the Expedia API and originates from the Decolar Application, Decolar Platform or Decolar Travel Solution. 

3.1.2    Provision of CPF Numbers. Decolar shall provide to Expedia, in a manner as prescribed by Expedia
from time to time (any new such manner to be communicated fourteen (14) days in advance and not to be materially more burdensome to Decolar than the previous manner), the Cadastro de Pessoas Físicas (“CPF”) numbers for
all travelers corresponding to each EAC Oracle Reference Number within each Transaction Statement issued for Transactions on Decolar’s Brazilian POS at the time of payment of such Transaction Statement. Decolar shall ensure that all CPF numbers
provided to Expedia pursuant to this paragraph are complete, correct and accurate, in accordance with Expedia’s prescribed manner for such information, and clearly correspondent to the correct EAC Oracle Reference Number. Decolar hereby
indemnifies Expedia against any loss or additional withholding taxes Expedia suffers as a result of Decolar’s failure to comply with any of its obligations under this paragraph. Expedia shall be entitled to recover such losses by withholding
payment due to Decolar under the Agreement, or deducting and withholding on any payment to Decolar, or requesting further payment from Decolar, in order to comply with any obligations of Expedia or the Affiliate of Expedia domiciled in Brazil
(“Expedia’s Brazilian Subsidiary”) under applicable Brazilian tax laws. Expedia undertakes and warrants to provide Decolar in a manner prescribed by Decolar from time to time, for every Transactions on
Decolar’s Brazilian POS (i) “proof of transactions” issued by TravelScape LLC to Decolar.com Ltda. (Decolar’s Affiliate in Brazil) including the payment instruction to Expedia do Brasil. and (ii) a tax certification on a
monthly basis in the form of Schedule 3.1.2 that Expedia do Brasil paid the withholding tax on the Transactions on Decolar’s Brazilian POS that were paid to Expedia do Brasil,. All amounts withheld by Expedia pursuant to this Section 3.1.2
shall be treated as paid to Decolar for all purposes. For the avoidance of doubt, the CPF numbers will be considered Customer Personal Data, and Confidential Information for the purposes of this Agreement. 

3.2    Marketing Fee Payments. 

3.2.1    Payment to Decolar. Expedia shall pay to Decolar the Marketing Fees owed to Decolar with respect to
all Consumed Travel Bookings for which Compensation has been received by Expedia and its Affiliates during a given calendar month (the “Marketing Fee Payment”) within 15 days following the end of such calendar month. 

3.2.2    All Payments made by Expedia to Decolar will be made in United States Dollars or Brazilian Real
(depending on the currency of the Transaction Statement) and sent via wire transfer to the Decolar bank account specified on Schedule 3.2.2 (which Schedule Decolar may revise from time to time by Notice to Expedia). 

  
 22 

 3.3    Room Revenue. Decolar shall collect, on behalf of
Expedia, or any of its Affiliates, including Travelscape LLC, the Gross Booking Value for any Affiliate-Collect Bookings of any Travel Products made by an End User and for which Decolar has acted as the Merchant of Record, excluding any Service Fees
and Taxes, in each case, imposed in excess of the Room Rate (the “Room Revenue”). Decolar shall account for and remit all Room Revenue in accordance with the provisions set out below. 

3.3.1    Transaction Statements. Expedia will deliver a statement to Decolar every [***] days setting forth
the Room Revenue (both in the aggregate and on a Transaction-by-Transaction basis) generated from Transactions with respect to [***] during the immediately preceding
[***]-day period (the “Transaction Statement”). The Parties acknowledge and agree that each (i) Transaction Statement for the Room Revenue generated from Decolar’s Consumed Travel Bookings booked on
Decolar’s Brazilian POS shall be stated in Brazilian Real only; and (ii) Transaction Statement for all other Room Revenue shall be stated in United States Dollars, provided that the Parties agree to discuss in good faith whether it is
practicable to state such amounts in currencies other than United States Dollars. 
 3.3.2    Payment.
Decolar shall pay to (i) Expedia the full Room Revenue amount for Bookings other than those on the Brazilian POS detailed on the Transaction Statement (the “USD Room Revenue Payment”) within [***] days (or [***] days
with respect to Transactions for points of sale located in Argentina, provided that the Parties will discuss in good faith reducing such number of days based on improving economic conditions in Argentina) of the date of the Transaction Statement;
and (ii) Expedia ́s Brazilian Subsidiary the full Room Revenue amount for Brazilian POS Consumed Travel Bookings detailed on the Transaction Statement (the “BRL Room Revenue Payment” and together with the USD Room
Revenue Payment, the “Room Revenue Payment”) within [***] days of the date of the Transaction Statement. Funds shall be paid by Decolar to Expedia or Expedia ́s Brazilian Subsidiary (for Brazilian POS Consumed Travel Bookings)
via electronic funds transfer into the Expedia Account. In the event that any Room Revenue Payment due in respect of a Transaction Statement is not received by Expedia or Expedia ́s Brazilian Subsidiary (for Brazilian POS Consumed Travel
Bookings) in compliance with this provision, during the subsequent [***] Business Day period, Decolar shall take such steps as may be necessary to cure any failure to make such Room Revenue Payment within [***] Business Days. If, at the conclusion
of such [***] Business Day period, any Room Revenue Payment due in respect of a Transaction Statement is not received by Expedia or Expedia ́s Brazilian Subsidiary (for Brazilian POS Consumed Travel Bookings) in compliance with this provision,
in addition to Expedia’s rights under this Agreement and at Law, Expedia shall have the right to: (a) offset any such amounts due from any Payments due Decolar hereunder; (b) [***]; (c) suspend Decolar’s access to Expedia’s
Travel Products immediately and/or (d) to the extent not so offset pursuant to the preceding clause (a) or Section 3.3.5, recoup such amounts due by drawing upon the Letter of Credit at any time, pursuant to Section 3.6.4. In
addition, Expedia may demand from Decolar adequate assurance of due performance if Expedia reasonably believes that there will be a fundamental non-performance of Decolar’s obligations hereunder. If
Expedia has not received such adequate assurance within [***] Business Days from the date of delivery of its request then Expedia may deliver a statement to Decolar for all Transactions [***]. Decolar acknowledges and agrees that Decolar is
responsible for the payment of banking transfer fees in relation to the payment of the Transaction Statement. Expedia acknowledges and agrees that Expedia is responsible for the payment of banking transfer fees in relation to the receipt of payments
related to the Transaction Statement. 
 3.3.3    Notwithstanding the above, the Parties agree that the payment
of Transaction Statements for Consumed Travel Bookings that take place through or on: 
 (i) any Brazilian POS and such Consumed Travel Bookings shall be
paid in Brazilian Real; and 

  
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 (ii) any other Decolar Travel Solution (other than the Brazilian POS), shall be paid in United States
Dollars. 
 In all cases, all payments made by Decolar to Expedia will be sent via wire transfer to the Expedia bank account specified on the Transaction
Statement (which Expedia may revise from time to time by Notice to Decolar) (the “Expedia Account”). 

3.3.4    Expedia Offset Right. Without limiting the rights in Section 3.3.2,
Expedia shall have the right to offset from any Payments due and payable from it or its Affiliates to Decolar any amounts owing to Expedia and/or its Affiliates from Decolar under the terms of this Agreement (including for the avoidance of doubt,
any Payments under Section 2.1.4(A)(a)), provided that Expedia shall promptly provide to Decolar a statement describing the amount of such offset, the statements under which the offset amounts are owed to Expedia and the Payments owed to
Decolar from which such amounts are being offset. Any dispute by Decolar of Expedia’s offsets shall be made in accordance with Section 3.4.3. 

3.4    Other Statements and Audits. 

3.4.1    Monthly Marketing Fee Statements. Following the end of each calendar month during the Term, Expedia
shall, with respect to such completed month, provide a statement (a “Marketing Fee Statement”) to Decolar setting out the Marketing Fee Payment which is due to Decolar for such month for each Transaction describing in reasonable
detail the components of Gross Profit for each such Transaction. Each Marketing Fee Statement shall provide reasonable settlement information with respect to Expedia’s calculation of the Marketing Fee Payment, including the total Gross Profit
in respect of the Consumed Travel Bookings referred to in Section 3.1 for such month. In addition, the Marketing Fee Statement shall set forth any required period-end accounting
adjustments or adjustments for Refund Fees (including cancelled, refunded or charged-backs bookings) with respect to the payments previously made pursuant to Section 3.3. Any modifications required with respect to the
previous month shall be added to, or offset from, as applicable, the next monthly payment made pursuant to Section 3.2. 

3.4.2    Monthly Minimum Bookings Statements. Following the end of each calendar month during the Term,
Decolar shall, with respect to such completed month, provide a statement (a “Monthly Minimum Bookings Statement”) to Expedia setting forth all reasonable backup calculations necessary to arrive at the Decolar Bookings Percentage,
including (a) the total number of (i) Expedia-Sourced Travel Bookings and (ii) Consumed Travel Bookings, in each case, for properties in the Expedia Territory made through the Decolar Application, Decolar Platform or a Decolar Travel
Solution and which were sourced pursuant to this Agreement during such month and (b) the total number of Travel Bookings for properties in the Expedia Territory made through the Decolar Platform and any and all Decolar Travel Solution during
such month. In addition, the Monthly Minimum Bookings Statement will set forth for each Global Lodging Chain Properties located in the Decolar Territory for which the pricing, availability, compensation or other aspect of an Expedia Travel Product
failed to be better than or substantially equal to that which Decolar received for Identical Lodging Supply, reasonable detail necessary to establish why such failure occurred, including with respect to pricing, availability, compensation and other
relevant factors. 
 3.4.3    Payment Disputes. Within thirty (30) days of the last day of each
successive six (6)-month period, the recipient may deliver to the other Party in writing its dispute (a “Dispute Notice”) of such statement, specifying in reasonable detail the nature of its dispute. Any right to dispute a payment
arising from Travel Booking for which the checkout date is prior to said six (6)-month period shall be considered waived by the Parties. During the 30-day period after the delivery of such dispute notice to
the other Party, the Parties shall attempt in good faith to resolve any such dispute and finally 

  
 24 

 
determine the proper amounts to be reflected on such statement. If, at the end of such thirty (30)-day period the Parties have failed to reach agreement
with respect to the matters addressed in the Dispute Notice, then the matter shall be submitted to the Accountant, which shall act as arbitrator. The Accountant shall determine the proper amounts to be reflected on the Monthly Statement or
Transaction Statement, as applicable, for such period in accordance with the terms and conditions of this Agreement. The Accountant shall deliver to each Party, as promptly as practicable and in any event within thirty (30) days after its
appointment, a written report setting forth the resolution of the dispute for such period. Such report shall be final and binding upon the Parties to the fullest extent permitted by applicable Law and may be enforced in any court having
jurisdiction. Each Party shall bear all the fees and costs incurred by it in connection with this arbitration, except that, if the Accountant determines that the aggregate net adjustment to the applicable statement was greater than five percent
(5%), all fees and expenses relating to the foregoing work by the Accountant shall be borne by the Party that does not prevail on the matters resolved by the Accountant. No Payment dispute shall give the Party disputing such Payment the right to
withhold any such Payment that is in dispute hereunder. For the avoidance of doubt, both Parties acknowledge and agree that any right to dispute a payment arising from Travel Booking for which the checkout date is prior to the date which is 6 months
prior to the date of Amended and Restated Agreement is hereby waived and neither Party owes any amounts to the other Party under said Travel Bookings. 

3.5    Failure to Achieve Minimum Bookings. In any quarter during the Term in which Decolar Bookings
Percentage is below the Minimum Bookings Percentage, Decolar shall be obligated to pay to Expedia an amount equal to the Compensation with respect to any booking by Decolar that resulted in the Minimum Bookings Percentage not being met (the
“Quarterly Penalty Payment”) on the terms set forth in this Section 3.5 at the time the Marketing Fee for the following quarter is due hereunder. 

3.5.1    The Quarterly Penalty Payment pursuant to this Section 3.5 shall be a non-exclusive remedy and shall be available in addition to any other rights and remedies available to the Parties under law or this Agreement. 

3.5.2    In the event that a Quarterly Penalty Payment is owed to Expedia, Expedia may at its election, if such
payment is not made at the time the Marketing Fee is due hereunder, (i) offset any such Penalty Payment against any Marketing Fee otherwise payable to Decolar, (ii) draw upon Decolar’s Letter of Credit and (iii) in its sole
discretion, cause Expedia to be the Merchant of Record for all Expedia Sourced Travel Bookings. 

3.6    Letter of Credit. 

3.6.1    Letter of Credit. As security for Decolar’s Payment obligations in connection with this
Agreement, Decolar will provide sufficient collateral to adequately cover its Payment obligations under this Agreement, which as at the date of this Amendment and Restatement Agreement shall be an irrevocable standby letter of credit acceptable to
Expedia and in an amount acceptable to Expedia (which for the avoidance of doubt, shall be an amount sufficient to cover any credit limit notified to Decolar by Expedia from time to time in particular as required to support the Marketing Fee payment
tiers) (the “Credit Amount”) to be issued or confirmed by [***] (or another bank of international standing reasonably acceptable to Expedia) and delivered to Expedia (the “Letter of Credit”). The Parties shall agree
any replacement to such Letter of Credit during the Term. In the event of any replacement Expedia shall promptly return the previous Letter of Credit to Decolar. For the avoidance of doubt, Decolar shall ensure that each Letter of Credit shall be
confirmed by [***] (or such other bank agreed to and accepted by Expedia), acting as confirming bank, before a Letter of Credit is delivered to Expedia. 

3.6.2    Letter of Credit Terms. The Letter of Credit shall (i) remain in effect for one year and
shall be replaced by Decolar with successive letters of credit with either the same terms 

  
 25 

 
(provided that such terms remain acceptable to Expedia’s advising bank) or otherwise in a form acceptable to Expedia (an example of what will be acceptable is attached at Attachment 1)
at least [***]days prior to the expiration date of the then existing letter of credit; (ii) be irrevocable from the date of delivery until its expiration date; and (iii) must have an expiration date which after application of
subsection (i) above is no earlier than co-terminus with the expiration date of this Agreement. Upon termination of this Agreement, and provided all payments of invoices due to Expedia have been paid and
disputed payments have been resolved, the Letter of Credit, will be returned to Decolar. 
 3.6.3    Credit
Amount. Not more than four (4) times per calendar year and prior to the renewal period for the Letter of Credit, Expedia shall review the Credit Amount and determine, in consultation with Decolar, whether it should be increased or decreased
based on Expedia Travel Product bookings. If Expedia, acting reasonably, decides to change the Credit Amount, Decolar shall provide the replacement Letter of Credit in the changed amount within thirty (30) days of such change. 

3.6.4    Letter of Credit Draws. Expedia may draw upon the Letter of Credit at any time (i) in order
to satisfy any payment obligations of Decolar set forth in this Agreement not met within the timeframe set forth therein or, (ii) in the event the Letter of Credit is not renewed at least thirty [***] prior to the stated expiration date
thereof. The proceeds of any drawing on the Letter of Credit pursuant to clause (ii) above not applied to amounts then owing to Expedia hereunder shall be held by Expedia as security for any future payment obligations of Decolar to Expedia
under this Agreement. Expedia shall not be required to hold any such cash proceeds described in the preceding sentence in any separate account, but may comingle such proceeds with other funds of Expedia, provided that Expedia shall account for the
disposition of all such proceeds at the request of Decolar. 
 3.7    [Reserved]. 

3.8    [***]. At the end of each calendar year, the Parties shall review the [***] in order to reasonably
reflect reasonably expected [***] based on the actual [***] incurred in the preceding year period. The Parties shall discuss the results of such reviews in good faith including whether the amounts set out herein shall be modified. . 

3.9    Decolar Financial Information. 

3.9.1    Whether or not the Investment Rights Agreement remains in effect, Decolar agrees to provide to Expedia the
information required under Section 3.1 (a), (b), (c) and (e) of the Investor Rights Agreement for all periods ending on or prior to December 31, 2015. In addition, for each month ending on or
prior to December 31, 2015, Decolar will use commercially reasonable efforts to deliver to Expedia the financial information set forth in Section 3.9.2(a), (b) and (c). 

3.9.2    For all periods commencing on and following January 1, 2016, until the expiration of the Term,
Decolar agrees to provide the following information regarding Decolar and its Affiliates to Expedia on a monthly basis, which information Expedia will only share with those of its officers, employees and representatives as are reasonably necessary
for the purposes of determining the Credit Amount or creditworthiness of Decolar: 
 (a)    an unaudited income
statement, statement of cash flows for each month and an unaudited balance sheet as of the end of such month; 

(b)    updated cash flow forecasts for the thirteen (13)-week period following the end of each month; and 

  
 26 

 (c)    updated high-level cash flow forecasts for six (6)-month period
following the end of each month, including projected drawn and undrawn amounts of any banking facilities and details of any bank or shareholder covenants with respect to any cash flows or funding. 

3.9.3    Decolar agrees to reasonably cooperate with Expedia and with Expedia’s insurance providers to
deliver, as soon as reasonably practicable, financial information regarding Decolar and its Affiliates as reasonably requested by such insurance providers. 

4.    CONFIDENTIALITY 

4.1    Definition of Confidential Information. As used herein, “Confidential Information”
means all information of a Party (“Disclosing Party”) that is disclosed to the other Party (“Receiving Party”) and identified as confidential or proprietary or that, due to the nature of the information (such as
conversion ratios or pricing information) or the circumstances surrounding disclosure, ought to be understood to be confidential or proprietary in connection with the transactions contemplated by this Agreement; provided, however, that
if such information is disclosed orally or visually, it must be identified as confidential at the time of disclosure and reduced to writing and provided to the Receiving Party within thirty (30) days of disclosure in order to be considered
“Confidential Information” for the purposes of this Agreement. The Confidential Information of (a) Decolar shall include the terms and conditions of this Agreement (but not the existence of the same) and all non-public information regarding the Decolar Travel Products and (b) Expedia shall include the terms and conditions of this Agreement (but not the existence of the same) and all
non-public information regarding the Expedia Travel Products. 

4.2    Confidentiality. The Receiving Party shall not (i) use any Confidential Information of the
Disclosing Party for any purpose other than to exercise its rights or to perform its obligations under this Agreement, or (ii) disclose, publish, or disseminate Confidential Information of the Disclosing Party to anyone other than the Receiving
Party’s personnel (including employees, contractors and consultants) who have a need to know the Confidential Information for the purposes set forth in this Agreement and who are bound by a written agreement that prohibits unauthorized
disclosure or use of Confidential Information that is at least as protective of the Confidential Information as the Receiving Party’s obligations hereunder. Notwithstanding the foregoing, the Receiving Party shall have the right to share the
existence and nature of this Agreement with such Party’s Affiliates and such Party’s and its Affiliates’ attorneys, accountants, bankers, financing sources, consultants or other professional advisors in connection with a financing,
merger, acquisition, corporate reorganization, consolidation, or sale of all or substantially all of its assets, or as required by Law in accordance with Section 4.4 of this Agreement. 

4.3    Protection. Each Party agrees to protect the confidentiality of the Confidential Information of the
other Party in the same manner that it protects the confidentiality of its own proprietary and confidential information of like kind, but in no event shall either Party exercise less than reasonable care in protecting such Confidential Information.
Notwithstanding the foregoing, the non-use and non-disclosure restrictions set forth in this Section 4.3 shall not apply to any information
that: (i) is or becomes generally known to the public without the Receiving Party’s breach of any obligation owed to the Disclosing Party; (ii) was independently developed by the Receiving Party without use of the Confidential
Information and without the Receiving Party’s breach of any obligation owed to the Disclosing Party; or (iii) is received from a third party who obtained such Confidential Information without any third party’s breach of any obligation
that was known by the Receiving Party to be owed to the Disclosing Party at the time of such receipt. 

4.4    Compelled Disclosure. The Receiving Party may disclose Confidential Information of the Disclosing
Party to the extent (and only that specific portion of such Confidential Information) required by Law (including any rule, regulation or policy statement of any national securities 

  
 27 

 
exchange, market or automated quotation system on which the Receiving Party’s securities are listed or quoted), Governmental Authority, subpoena, document request, other legal process or
judicial or administrative proceeding; provided, however, that the Receiving Party shall make reasonable efforts to provide the Disclosing Party with prior written notice of such compelled disclosure and reasonable assistance (at
Disclosing Party’s cost) if the Disclosing Party wishes to obtain protective treatment of the Confidential Information. 

4.5    Confidentiality of Marketing Fee Statements. The Parties acknowledge that the Marketing Fee
Statements (and any daily version of such statement or similar information as well as the individual information contained therein) provided to Decolar pursuant to Section 3.4.1 or otherwise and any fee related information
provided by Expedia to Decolar via the Expedia API (together the “Fee Information”) shall be considered Confidential Information for the purposes of this Agreement and, in addition to the other provisions of this
Section 4, shall be treated by Decolar in accordance with the following: 

4.5.1    Decolar shall identify a group of named personnel (“Relevant Personnel”) to receive any
or all of the Fee Information who need to know such information for the purpose of (i) assessing the accuracy and completeness of such Marketing Fee Statements for Decolar’s financial accounting purposes; (ii) general business
planning and marketing purposes, and/or (iii) determining the Sort Order of the Expedia Covered Lodging Supply on the Decolar Travel Solutions (subject to Section 2.1.4(b)). The Relevant Personnel shall: (a) have
no commercial dealings (directly or indirectly) with hotel suppliers in respect of any negotiation of specific commercial terms of the supply relationship between Decolar and any current or possible future hotel supplier; (b) be clearly
identified; and (c) be the sole recipients of the Fee Information. 
 4.5.2    Decolar personnel who
(i) work exclusively in any of the below functional business units within Decolar and (ii) satisfy the requirement under Section 4.5.1(a) shall automatically be deemed to fulfil the requirement under
Section 4.5.1(b): 
  

	 	(a)	 Accounting/Accounts Payable/ Oracle team: reviews Fee Information received from Expedia and assures payments
(or disputes) and other administrative functions are in accordance with applicable contract terms; 

  

	 	(b)	 Legal: ensures compliance with contract terms and other applicable compliance requirements;

  

	 	(c)	 Information Technology: executes website/application coding, API maintenance, AB testing on the technology
implementation side, sorting algorithm build-out; 

  

	 	(d)	 Planning: assesses business performance and undertakes forecasting; and 

 

	 	(e)	 Marketing: evaluates Decolar marketing spend across marketing channels (variable and other) and assesses return
on investments made by Decolar. 

 4.5.3    The Relevant Personnel may share the following
information contained in the Fee Information with other personnel of Decolar in accordance with Sections 4.1 to 4.4: partner identifiers; itinerary and booking identifiers including book and stay dates and itinerary
number; lodging property identifiers including property name, market and country; and Gross Booking Value at a Travel Booking level. 

  
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 4.5.4    The Relevant Personnel shall be prohibited from sharing
the following information contained in the Fee Information with other personnel of Decolar: Service Fee, COS percentage, COS amount, Gross Profit percentage, Gross Profit amount and Marketing Fee, except if: (a) such information is aggregated
in a manner which ensures that the information referred to above in this Section 4.5.4 is not disclosed to any personnel of Decolar (other than the Relevant Personnel), either precisely or approximately, at an individual
property level and cannot be reversed engineered in any way, and in any event with at least 5 properties being included in any aggregated data set; and (b) the recipients need to know the information for the purposes set forth in this
Agreement. Decolar shall provide Expedia with details of any aggregation rules applied under this Section 4.5.4 upon request. 

4.5.5    Upon request and at least annually, Decolar shall certify to Expedia its compliance with this
Section 4.5, in a format agreed between the Parties. Such certification shall list all Relevant Personnel for the period since the last certification was delivered (and for the first certification, all Relevant Personnel)
and set out the aggregation rules applied under Section 4.5.4 over the reporting period. 

5.    DATA; SECURITY 

5.1    Data. 

5.1.1    Decolar Privacy Policy. Decolar shall maintain a privacy policy that shall govern the collection,
treatment use and disclosure of Customer Personal Data from End Users of the Decolar Platform and any Decolar Travel Solution (the “Decolar Privacy Policy”). Decolar shall adhere to the Decolar Privacy Policy in connection with all
collection, treatment, use, disclosure and retention of any Customer Personal Data, and shall ensure that it permits Decolar to share Customer Personal Data with Expedia and its Affiliates for the purpose of fulfilling its obligations hereunder with
respect to procuring travel reservations or providing other services or functions on behalf of End Users or for Expedia on behalf of End Users. Decolar shall ensure that it and its Affiliates have complied and at all times are in compliance with all
applicable Laws, as well as any of its own applicable privacy policies, with respect to any Customer Personal Data, including in connection with providing any historical Customer Personal Data in its possession to Expedia pursuant to the terms of
this Agreement. Decolar shall take all reasonable steps to ensure that all End Users have agreed or consented to or are otherwise subject to appropriate data privacy policies which permit the transfer and retention of the Customer Personal Data of
such End Users by Decolar to Expedia. Decolar further agrees that in case of Customer Personal Data that is collected, used, treated and/or retained in multiple jurisdictions, Decolar and its Affiliates shall apply to all such Customer Personal Data
the strictest privacy Laws set forth in any of those jurisdictions and without limiting the foregoing, each Party and its Affiliates shall comply with Schedule 5 with respect to the collection, use, treatment and processing of Customer Personal Data
that is governed by the GDPR (as defined in Schedule 5), if any. 
 5.1.2    Customer Personal Data. 

(a)    Expedia acknowledges that, as between Expedia and Decolar, Decolar is the sole and exclusive owner of all Customer
Personal Data relating to any End User originated via any Decolar Travel Solution (such Customer Personal Data, the “Decolar Customer Personal Data”). [***] Expedia, its Affiliates and sublicensees shall not use the Decolar Customer
Personal Data for purposes of soliciting customers or performing marketing campaigns and shall abide by the confidentiality provisions set forth herein. Notwithstanding anything in this Agreement (including this
Section 5.1.2(a)) to the contrary, to the extent required to comply with tax reporting requirements, Expedia shall have access to and shall be entitled to use any Decolar Customer Personal Data collected or received by
Decolar or any of its Affiliates in connection with any and all Travel Products made available through the Expedia API. 

  
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 (b)    Decolar acknowledges that, as between Decolar and Expedia,
Expedia is the sole and exclusive owner of all Customer Personal Data relating to any End User originated via an Expedia Travel Solution (the “Expedia Customer Personal Data”). During the Term of this Agreement, Expedia hereby
grants Decolar a worldwide, nonexclusive, royalty-free, sub-licensable right and license to use any Expedia Customer Personal Data imported to, integrated with or collected by Decolar via the Decolar
Application, Decolar Platform or any Decolar Travel Solution, and to use the know-how and analytical results resulting therefrom in connection with the operation of the Decolar Travel Solution and the
enhancement, improvement, and provision of the Decolar technology and derivatives thereof, without restriction. Decolar, its Affiliates and sublicensees shall not use the Expedia Customer Personal Data for purposes of soliciting customers or
performing marketing campaigns, and shall abide by the confidentiality obligations set forth herein. 

5.1.3    Transactional and Other Data. 

(a)    Subject to Section 5.1.2(a), Decolar acknowledges that, as between Expedia and Decolar,
Expedia is the sole and exclusive owner of all data collected or received by Expedia in connection with the operation of the Expedia Platform and any and all Expedia Travel Solutions and Expedia’s exercising of its rights and performance of its
obligations hereunder, including any and all purchase and transactional data resulting from End User transactions on or through the Expedia Platform or an Expedia Travel Solution and notwithstanding the fact that any Decolar Customer Personal Data
may be included in such transactional data (such as the name of an End User) (collectively, “Expedia Transactional Data”). For the avoidance of doubt, Expedia may retain and use any and all usage data and all analytics based on the
Expedia Transactional Data. 
 (b)    Subject to Section 5.1.2(b), Expedia acknowledges that,
as between Decolar and Expedia, Decolar is the sole and exclusive owner of all data collected or received by Decolar in connection with the operation of the Decolar Travel Solution and Decolar’s exercising of its rights and performance of its
obligations hereunder, including any and all purchase and transactional data resulting from End User transactions on or through the Decolar Travel Solution and notwithstanding the fact that any Expedia Customer Personal Data may be included in such
transactional data (such as the name of an End User) (collectively, “Decolar Transactional Data”). For the avoidance of doubt, Decolar may retain and use any and all usage data and all analytics based on the Decolar Transactional
Data. Notwithstanding anything in this Agreement (including this Section 5.1.3(b)) to the contrary, to the extent required to comply with tax reporting requirements, Expedia shall have access to and shall be entitled to use
any Decolar Transactional Data collected or received by Decolar or any of its Affiliates in connection with any and all Travel Products made available through the Expedia API. 

5.2    Security. 

5.2.1    [***] (the “Payment Card Implementation”). Following the Payment Card Implementation,
Decolar shall use commercially reasonable efforts to continue to abide by such requirements throughout the Term. If the Payment Card Implementation shall not have occurred on or prior to July 1, 2016, then Decolar shall pay to Expedia
(i) from July 1, 2016 through September 1, 2016: $[***] and (ii) after September 1, 2016: $[***], for each week or portion thereof that the Payment Card Implementation has not occurred. 

5.2.2    Decolar shall adopt and implement industry standard, and shall use reasonable best efforts to adopt and
implement best-in-class, security policies, procedures and requirements, including those relating to the prevention and detection of fraud or other inappropriate use or
access of systems and networks. 

  
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 5.2.3    Penetration Testing. 

(a)    During the Term, Expedia, its Affiliates or a third-party auditor appointed by Expedia or any of its Affiliates may
carry out penetration testing of any environment that is part of Decolar’s information technology systems, including associated data, interfaces, databases, middleware, operating systems, network and storage infrastructure, peripherals, as well
as third party software (whether packaged or not), and hardware required to operate the foregoing to identify and analyze any potential security vulnerabilities, flaw or operational weaknesses and review Decolar’s information security, data
protection, disaster recovery, business continuity and confidentiality policies, procedures and safeguards, provided that it coordinates the conduct of such testing with Decolar and uses reasonable efforts to minimize the disruption to Decolar as a
result of such testing. Expedia shall be permitted to conduct four (4) penetration tests in any rolling twelve (12)-month period. 

(b)    In carrying out the penetration testing, Expedia may use a third party contractor to perform the tests provided
that such third party contractor has entered into a non-disclosure agreement with Expedia regarding the conduct and results of the penetration test. 

(c)    Decolar will cooperate with Expedia in planning and performing penetration testing, as well as in the prompt
remediation of any vulnerabilities detected as a result of penetration testing. 
 (d)    All costs of any penetration
testing carried out pursuant to this Section 5.2.3 shall be borne and paid solely and in their entirety by Expedia. 

6.    INTELLECTUAL PROPERTY; LICENSE 

6.1    Display of Expedia Information. 

6.1.1    During the Term, in connection with all Expedia Travel Products made available for booking or otherwise
displayed or listed on any Decolar Platform or Decolar Travel Solutions, Decolar shall display the appropriate trademark or copyright for third parties (including Travel Supply Providers), information about or content describing the Expedia Travel
Products, its material terms and conditions, seller of travel designations, the cancellation policies, rules, disclosures, regulations, rates, prices, Taxes, Tax recovery charges, services fees and other charges and fees for all offered Expedia
Travel Products, as provided by Expedia, without addition to, revision, deletion or change of any sort whatsoever (“Expedia Information”). 

6.1.2    Decolar shall regularly refresh the Expedia Information on the Decolar Travel Solution and, in any event,
shall update the Expedia Information promptly (including withdrawing any out of date Expedia Information) and within 5 Business Days of a specific request from Expedia to do so. Decolar will be liable for any claims brought by any third parties as a
result of Decolar’s failure to update the Expedia Information within 5 Business Days of a receipt of such a request. 

6.1.3    Decolar shall display the GBV in the currency which is provided in the Expedia API. Decolar may only
convert the GBV into any alternative currency if that currency has not been made available in the Expedia API, and in which case, Decolar must ensure that any conversion into an alternative currency is calculated in accordance with the currency
conversion rate published by Bloomberg (or another credible conversion rate with our consent) at the time the Expedia Information is displayed on a Decolar Travel Solution. Decolar will be liable for any claims brought as a result of any currency
conversion that breaches this Section 6.1.3. 

  
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 6.2    License to Trademarks and Materials. Subject to the
terms of, and for the duration of this Agreement, each Party (the “Licensor”) hereby grants the other Party (the “Licensee”) a non-exclusive,
non-transferable (except as provided in Section 15.11), royalty-free, worldwide license to use, distribute, reproduce, perform and display such of the Licensor’s and its
Affiliates’ Trademarks and all images, text and other copyrighted materials (collectively, “Materials”) Licensor furnishes to Licensee for use under this Agreement. 

6.3    Use of Trademarks and Materials. During the Term, each Party will (a) submit to the other Party
all proposed uses (other than materials disseminated solely on an internal basis) of the other Party’s Trademarks or Materials, and (b) not publish or otherwise engage in any use of the other Party’s Trademarks or Materials without
the other Party’s prior written consent. Each Party will comply with the other Party’s requirements regarding the format and placement of its Trademarks, including as set forth in any Trademark use guidelines provided in writing by the
other Party. Neither Party will take any action to register or otherwise challenge or interfere with the other Party’s interests in its Trademarks. Unless specifically provided for herein, neither Party will adopt or otherwise use any Trademark
that is similar to, or likely to be confused with, any of the other Party’s Trademarks. All goodwill from each Party’s use of the other Party’s Trademarks will inure to the benefit of the other Party. 

6.4    License of Expedia Specifications. Subject to the terms of, and for the duration of this Agreement,
Expedia hereby grants Decolar and its Affiliates a revocable, nonexclusive, non-transferable (except as provided in Section 15.11),
non-sublicensable, royalty-free, worldwide license to: (a) use the Expedia Specifications solely for the purpose of developing the Decolar Application in accordance with the terms of this Agreement; and
(b) use, distribute, reproduce, perform and display the Expedia Specifications as incorporated into the Decolar Application solely for use in connection with Decolar’s performance under this Agreement. 

6.5    Voyager Tool. 

6.5.1    Expedia hereby grants to Decolar and its Affiliates a revocable,
non-exclusive, non-transferable (except as provided in Section 15.11), royalty-free, worldwide license to use the voyager tool developed by
Expedia (“Voyager Tool”) solely for the purpose of providing customer care and support pursuant to Section 2.1.7 of this Agreement related to Expedia Travel Products and booking of Expedia Travel Products
for End Users. Decolar may not use the Voyager Tool other than as specified in, and subject to, this Section 6.5 without the prior written consent of Expedia. Decolar has no right (and shall not permit any third party) to
copy, adapt, reverse engineer, decompile, disassemble, modify, adapt or make error corrections to the Voyager Tool in whole or in part except to the extent that any reduction of the Voyager Tool to human readable form (whether by reverse
engineering, decompilation or disassembly) is necessary for the purposes of integrating the operation of the Voyager Tool with the operation of other software or systems used by Decolar in furtherance of the business arrangement described herein.

 6.5.2    Decolar hereby acknowledges that the Voyager Tool as well as all accompanying materials including
training and other supporting documents (together the “Voyager Materials”) are the proprietary and confidential property of Expedia and Decolar shall not, without Expedia’s consent, disclose the Voyager Tool or the Voyager
Materials as well as the existence and use of it by Decolar in any manner whatsoever, in whole or in part, and shall not be used other than as contemplated by this Agreement. Further, Decolar and its Affiliates will share the Voyager Tool or the
Voyager Materials only with those persons within its company (and its advisors) who need to know the Voyager Tool or the Voyager Materials for the purpose of assisting in the performance of this Agreement and who are informed of, and agree to be
bound by the terms hereof as if a party to, this Agreement. In addition, access to the Voyager Tool and Voyager Materials shall be limited to those users in receipt of access credentials provided 

  
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by Expedia, which shall be strictly for use by the recipient only. Sharing of access credentials is strictly prohibited. Without prejudice to any other rights or remedies available to Expedia or
its Affiliates, if Decolar is in material breach of this Section 6.6, Expedia will notify Decolar of such breach and allow Decolar ten days to remedy such breach. In the event that Decolar does not remedy such breach within
ten days, Expedia may restrict access to the Voyager Tool and the Voyager Materials with immediate effect. Expedia shall have the right, in its sole discretion, to modify the access levels and permissions with respect to the actions Decolar and its
Affiliates are permitted to take in connection with their use of the Voyager Tool. 
 6.6    Reservation of
Rights. Each Party reserves all rights not expressly granted herein. As between the Parties: (a) Decolar is the owner of and reserves all right, title and interest in and to any Decolar Platform (other than Expedia’s Trademarks and
Expedia’s Materials therein), the Decolar Travel Solutions, the Decolar API, the Decolar Application, Decolar’s Trademarks and all of Decolar’s Materials; and (b) Expedia is the owner of and reserves all right, title and interest
in and to the Expedia Specifications, the Expedia API, Expedia Travel Solution, Expedia’s Trademarks and all Expedia’s Materials. 

7.    REPRESENTATIONS, WARRANTIES AND COVENANTS 

7.1    Mutual Representations and Warranties. Each Party represents, warrants and covenants to the other
Party that: 
 7.1.1    it has all necessary corporate or similar power, authority and capacity to enter into
this Agreement and to carry out its obligations under this Agreement; 
 7.1.2    the execution and delivery of
this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate or similar action; 

7.1.3    this Agreement constitutes a valid and binding obligation enforceable against it in accordance with its
terms (assuming due execution of this Agreement by the other Party), subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar Laws of general applicability relating to or affecting creditors’ rights and to
general equity principles; 
 7.1.4    the execution and delivery of this Agreement does not violate any Laws of
any jurisdiction or the terms or conditions of any other contracts to which it is a party or by which it is otherwise bound; and 

7.1.5    no approval, order, consent of or filing with any Governmental Authority is required on the part of such
Party in connection with its execution and delivery of this Agreement or the performance of its obligations under this Agreement. 

7.2    Sanctions Regimes. 

7.2.1    Each of Decolar, Decolar Parent and Guarantors represents and warrants that it is not and will not provide
the Expedia Travel Products, or any information related thereto, to any entity incorporated in or resident in a country subject to economic or trade sanctions by the U.S. State Department or U.S. Treasury Department’s Office of Foreign Assets
Control (“OFAC”) the United Nations Security Council, the European Union and her Majesty’s Treasury or are listed as a Sanctions Target , except as permitted by law, license or exemption. 

7.2.2    Decolar further agrees that it shall take responsibility for screening individuals and entities with
which it intends to engage or otherwise deal in connection with this Agreement 

  
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to ensure before dealing with them that such individuals and entities are not Sanctions Targets and to ascertain whether such individuals and entities are listed on OFAC’s Sectoral Sanctions
Identifications List (“SSI List”) and establish and operate a process to do so. Upon Expedia’s request, within 30 days, Decolar shall provide information and documents regarding its screening processes and tool, its program for
compliance with Sanctions & Trade Controls, and the results of its screening activities to Expedia or Expedia’s designated representative for review. 

7.2.3    Any material breach of this Section 7.2 arising from a Travel Booking shall be
deemed a material breach of this Agreement, and Expedia may immediately terminate this Agreement unless such breach has been cured within ten (10) days of notice of its occurrence; provided that any notice of violation from OFAC
reflecting the misuse of Expedia Travel Products, or other final judgment indicating a breach of this Section 7.2, shall be considered a material breach of this representation unless the result of a voluntary
self-disclosure notice by Decolar, Decolar Parent or the Guarantors as soon as practicable following becoming aware of any OFAC violation. 

7.3    Compliance with Laws. Each Party represents and warrants that it shall comply in all material
respects with all Laws, including Privacy Laws, applicable to the performance of such Party’s obligations pursuant to this Agreement. 

7.4    EXPEDIA DISCLAIMER. THE EXPEDIA SPECIFICATIONS, TRAVEL PRODUCTS AND THE EXPEDIA API ARE PROVIDED BY
EXPEDIA AND ITS AFFILIATES “AS IS” AND WHERE AVAILABLE, AND NEITHER EXPEDIA NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATIONS OR WARRANTIES WITH REGARD TO THE SAME. EXPEDIA AND ITS AFFILIATES EXPRESSLY DISCLAIM ALL IMPLIED WARRANTIES,
OBLIGATIONS AND LIABILITIES ARISING BY LAW OR OTHERWISE, WITH RESPECT TO THE EXPEDIA SPECIFICATIONS, THE EXPEDIA API AND THE EXPEDIA TRAVEL PRODUCTS, INCLUDING WITHOUT LIMITATION ANY: (a) IMPLIED WARRANTY OF MERCHANTABILITY, SATISFACTORY
QUALITY OR FITNESS FOR A PARTICULAR PURPOSE; (b) IMPLIED WARRANTY ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE; OR (c) IMPLIED WARRANTY OF NON-INFRINGEMENT. Neither Expedia
nor any of its Affiliates will have any liability to Decolar or any of its Affiliates or any End User relating to: (a) any failure of the systems of Expedia or its Affiliates or any third party that results in the failure or inability to
process a Transaction; (b) the quality of the Expedia Travel Products provided by Travel Supply Providers to Customers; or (c) Decolar’s failure to meet its payment obligations. 

7.5    DECOLAR DISCLAIMER. THE DECOLAR TRAVEL PRODUCTS AND THE DECOLAR API ARE PROVIDED BY DECOLAR AND ITS
AFFILIATES “AS IS” AND WHERE AVAILABLE, AND NEITHER DECOLAR NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATIONS OR WARRANTIES WITH REGARD TO THE SAME. DECOLAR AND ITS AFFILIATES EXPRESSLY DISCLAIM ALL IMPLIED WARRANTIES, OBLIGATIONS AND
LIABILITIES ARISING BY LAW OR OTHERWISE, WITH RESPECT TO THE DECOLAR SPECIFICATIONS, THE DECOLAR API AND THE DECOLAR TRAVEL PRODUCTS, INCLUDING WITHOUT LIMITATION ANY: (a) IMPLIED WARRANTY OF MERCHANTABILITY, SATISFACTORY QUALITY OR FITNESS FOR
A PARTICULAR PURPOSE; (b) IMPLIED WARRANTY ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE; OR (c) IMPLIED WARRANTY OF NON-INFRINGEMENT. Neither Decolar nor any of its
Affiliates will have any liability to Expedia or any of its Affiliates or any End User relating to: (a) any failure of the systems of Decolar or its Affiliates or any third party that results in the failure or inability to process a
Transaction; (b) the quality of the Decolar Travel Products provided by Travel Supply Providers to Customers; or (c) Expedia’s failure to meet its payment obligations. 

  
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 8.    COMPLIANCE; PROHIBITED ACTIVITIES; TERMS AND CONDITIONS;
ADDITIONAL COVENANTS 
 8.1    Licenses and Consents. Other than to the extent Expedia Travel Products
are made available to book in single transactions unrelated to the booking of any other travel product or service, Decolar undertakes and warrants to Expedia that Decolar, and not Expedia or its Affiliates, shall be solely responsible for obtaining
and maintaining all licenses, consents and other permissions (each, if any and whether regulatory or otherwise) and all financial security arrangements necessary for the performance of its obligations under this Agreement in respect of bookings of
Expedia Travel Products in combination with other travel products and services provided and/or arranged by Decolar or any third party, including as part of a Package. Decolar shall be solely responsible for its own costs of complying with this
Section 8.1. 
 8.2    Expedia Licenses and Consents. Other than to the extent
Decolar Travel Products are made available to book in single transactions unrelated to the booking of any other travel product or service, Expedia undertakes and warrants to Decolar that Expedia, and not Decolar or its Affiliates, shall be solely
responsible for obtaining and maintaining all licenses, consents and other permissions (each, if any and whether regulatory or otherwise) and all financial security arrangements necessary for the performance of its obligations under this Agreement
in respect of bookings of Decolar Travel Products in combination with other travel products and services provided and/or arranged by Expedia or any third party, including as part of a Package. Expedia shall be solely responsible for its own costs of
complying with this Section 8.2. 
 8.3    Prohibited Activities. Decolar
covenants that during the Term of this Agreement, it will not: (a) send unsolicited bulk e-mail or engage in other unethical or illegal marketing activities; (b) place material on any site linked to
any site of Expedia that is inappropriate for general and family viewing (e.g., sexually explicit materials, materials advocating violence or hatred, or any material the display of which may be unlawful in any state); or (c) mislead or
misrepresent to consumers as to the origin, affiliation or nature of its Websites, products or services. Decolar will allow and will take reasonable steps to prevent any direct or indirect extraction, repurposing and/or aggregation of the Travel
Product data made available to Decolar under this Agreement (e.g., inclusion of Travel Product data in consolidated third party search results) without the prior written consent of Expedia. Decolar will not, without written consent from
Expedia, use, publish or display any data, materials or other content from any Website owned or operated by Expedia or its Affiliates which is not received through the Expedia API. 

8.4    Restrictions. 

8.4.1    Decolar Restrictions. From and after the date of this Agreement, the following restrictions shall
apply to Decolar. 
 (a)    Predatory Advertising. Decolar will not use and will prohibit the use of Decolar
Predatory advertising methods in connection with the operation or promotion of the Decolar Platform, any Decolar Travel Solution(s) and the Decolar Application. “Decolar Predatory” advertising means any method that creates or
overlays links or banners on Websites, mobile devices, social media or any other channel through which the Decolar Application allows access to the Expedia Travel Product (each a “Decolar Channel”), spawns browser windows, or any
method invented to generate traffic from a Decolar Channel without that Decolar Channel owner’s knowledge, permission, and participation (e.g., keyword parsing browser plugins such as TopText and +Surf, banner replacement technology such
as Gator, browser spawning technology that is not Website dependent). 
 (b)    Restrictions on Online Use and
Keyword Advertising. Decolar represents and warrants to Expedia that except for the limited, personal right to use Expedia’s Trademarks 

  
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as set forth in this Agreement, or according to applicable Law, Decolar shall not register, display or use in any context or manner (directly or indirectly), any Expedia Trademark (including,
without limitation, any misspelling, variant, translation, transliteration or script substantially similar or confusingly similar thereto), in any manner whatsoever (including without limitation, in any search engine marketing or optimization, in
any domain name, social media handle, any other online/offline marketing, promotional activities or advertising, press releases, etc.) without first obtaining prior written approval from Expedia. Without limiting the foregoing, Decolar shall not
engage in any paid marketing or promotional activities that have as their purpose to intentionally and knowingly divert customers or traffic specifically from Expedia or its Affiliates, and Decolar will not bid on any names that are present in URLs
or Trademarks owned or used by Expedia or its Affiliates or any Expedia Travel Supply Provider, in each case in respect of the following brand names (and any other Expedia or affiliated brand names notified to you from time to time):
“Expedia”, “Expedia.co”, “Expedia.com”, “hotels.com”, “hoteles.com”, “hotel.com”, “hotels.co”, “hotel.co”, “venere”, “venere.com”,
“hotwire”, “hotwire.com”, “egencia”, “trivago”, “carrentals.com”, “travelnow.com”, “condosavers.com”, “orlando.com” and “vacationspot.com” (and any misspelling
or substantially similar or confusingly similar version thereof) for placement in any cost per click search engine or other search engine, search marketing platform, social media platform, or mobile applications’ digital distribution platform
in which listing order or display is determined by payment to the search engine or other third party. Further, Decolar will not use any Trademarks or names that are present in URLs owned by Expedia or its Affiliates, in each case in respect of the
following brand names: “Expedia”, “Expedia.co”, “Expedia.com”, “hotels.com”, “hoteles.com” “hotel.com”, “hotels.co”, “hotel.co”, “venere”,
“venere.com”, “hotwire”, “hotwire.com”, “egencia”, “trivago”, “carrentals.com”, “travelnow.com”, “condosavers.com”, “orlando.com” and
“vacationspot.com” “airasia”, “travelocity”, “orbitz”, “cheaptickets”, “ebookers”, “wotif”, “homeaway.com” “VRBO”, “VacationRentals.com”,
“Homelidays”, “Ownersdirect”, “Abritel HomeAway”, “FeWo-direkt”, “Toprural”, “bookabach”, “Stayz”, “travelmob” and “Alugue Temporada” (and any misspelling or
substantially similar or confusingly similar version thereof), in keyword meta tags on any pages of the Decolar Website(s) or any other Websites or channels owned and/or operated by Decolar. If Expedia or its Affiliates receive a request from its or
their suppliers requesting that Decolar cease bidding on a supplier Trademark or name or names present in a URL owned by such supplier, then Decolar will, at the request of Expedia, either (i) cease bidding upon such name or names or
(ii) cease sourcing supplier’s inventory from Expedia and notify Expedia in writing of the same (it being agreed that such cessation shall in no way affect Decolar’s obligations and restrictions under this Agreement). 

(c)    Third Parties. Decolar’s rights hereunder are subject in all respects to the terms of any agreement or
other arrangement between Expedia or its applicable Affiliates, on the one hand, and any third-party supplier (e.g., travel supply provider, technology provider, or service provider), and Decolar shall comply with the terms of such agreement
to the extent Expedia communicates to Decolar in advance such terms or restrictions contained in such agreement or the general principles underlying such terms or restrictions with reasonable specificity for purposes of allowing Decolar to comply
therewith. The Parties will cooperate to enable Expedia to communicate the restrictions set forth in such agreements or the general principles underlying such terms and restrictions to Decolar and to enable the Parties to address any issues of non-compliance by Decolar with such agreements. To the extent Decolar or any of its Affiliates or representatives breach any term or restriction of any agreement or arrangement to which the first sentence of this
Section 8.4.1 applies, Expedia and its Affiliates shall have the right to immediately suspend that feature or other aspect of the services to which such breach relates until such time as the breach is cured or is otherwise
addressed to the reasonable satisfaction of Expedia, upon which (to the extent permitted by the applicable contract) Expedia shall promptly restore the feature or other aspect of the service. 

(d)    Booking Holdings Group. Notwithstanding anything to the contrary in this Agreement, prior to the Initial
Offering (as defined in the Investors’ Rights Agreement) and 

  
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until the date that is the third (3rd) anniversary of the closing of the Initial Offering (as defined in the Investors’ Rights
Agreement), no Restricted Party (as defined in the Investors’ Rights Agreement) shall (by amendment, merger, consolidation or otherwise), without first obtaining the approval of Expedia Parent, enter into any commercial arrangement, Contract
(as defined in the Investors’ Rights Agreement), financing arrangement, business combination, partnership, joint venture or any other strategic transaction or arrangement whatsoever with the Booking Holdings Group, or directly or indirectly
receive the benefit of, or access to, any Contract, transaction or arrangement that any third party may have with the Booking Holdings Group which has the effect of circumventing the restrictions set forth in this
Section 8.4.1(d). None of Decolar Parent, any Subsidiary or controlled Affiliate thereof shall take any actions, or fail to take any action, which would reasonably be expected to conflict with or frustrate the purpose and
intent of this Section 8.4.1(d). This obligations under this Section 8.4.1(d) shall not survive the termination of this Agreement. 

(e)    Customers. Decolar shall not misrepresent who Decolar is acting for when contacting customers including (as
an example only) leading customers to believe that it is directly connected to any Travel Supply Provider. Decolar shall not make or allow Travel Bookings other than in response to a specific request by a customer. Decolar also acknowledges that any
Travel Booking is between the customer and the Travel Supply Provider, and may not be cancelled or otherwise amended without the consent of the serviced customer. In addition, Decolar acknowledges that Travel Bookings of more than 8 rooms (unless
otherwise stated) with the same Travel Supply Provider for the same stay dates (a “Group Booking”) may not be made by Decolar, or customers via the Expedia API. In the event a customer requires a Group Booking, Decolar will notify
Expedia and follow its relevant process. Any Group Booking made in breach of this clause may be cancelled by Expedia and any applicable cancellation fees will be applied. 

8.4.2    Expedia Restrictions. From and after the date of this Agreement, the following restrictions shall
apply to Expedia. 
 (a)    Restrictions on Online Use and Keyword Advertising. Expedia represents and warrants
to Decolar that except for the limited, personal right to use Decolar’s Trademarks as set forth in this Agreement, or according to applicable Law, Expedia shall not register, display or use in any context or manner (directly or indirectly), the
Decolar Trademarks (including, without limitation, any misspelling, variant, translation, transliteration or script substantial similar or confusingly similar thereto), in any manner whatsoever (including without limitation, in any search engine
marketing or optimization, in any domain name, social media handle, any other online/offline marketing, promotional activities or advertising, press releases, etc.) without first obtaining prior written approval from Decolar. Without limiting the
foregoing, Expedia shall not engage in any paid marketing or promotional activities that have as their purpose to intentionally and knowingly divert customers or traffic specifically from Decolar or its Affiliates, and Expedia will not bid on any
names that are present in URLs or Trademarks owned or used by Decolar or its Affiliates or any Decolar Travel Supply Provider, in each case in respect of the following brand names (and any other Decolar or its Affiliates’ brand names notified
to you from time to time): “Despegar”, “Despegar.com”; “Decolar”, “Decolar.com”, “Viajes Falabella”, “Viajes Falabella.com” and all related domain extensions (including, without limitation,
any misspelling or substantially similar or confusingly similar version thereof), for placement in any cost per click search engine or other search engine, search marketing platform, social media platform, or mobile applications’ digital
distribution platform in which listing order or display is determined by payment to the search engine or other third party. Further, Expedia will not use any Trademarks or names that are present in URLs owned by Decolar or its Affiliates, in each
case in respect of the following brand names (and any other Decolar or its Affiliates’ brand names notified to you from time to time): “Despegar”, “Despegar.com”; “Decolar”, “Decolar.com”, “Viajes
Falabella”, “Viajes Falabella.com” and all related domain extensions (including, without limitation, any misspelling or substantially similar or confusingly similar version thereof)., in keyword meta tags on any pages of the Expedia
Website(s) or any other Websites or channels owned and/or 

  
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operated by Expedia. If Decolar or its Affiliates receive a request from its or their suppliers requesting that Expedia cease bidding on a supplier Trademark or name or names present in a URL
owned by such supplier, then Expedia will, at the request of Decolar, either (i) cease bidding upon such name or names or (ii) cease sourcing supplier’s inventory from Expedia and notify Decolar of such in writing. 

8.5    Packages and Room Rates. The provisions of Schedule 8.5 shall apply to Packages and use of Room
Rates. 
 8.6    Expedia Terms and Conditions. In connection with the making available of and booking of
the Expedia Travel Products by End Users via the Expedia API on or to a Decolar Travel Solution or through the Decolar Application or Decolar Platform, Decolar undertakes that the following terms and conditions will be reflected in the terms and
conditions or privacy policy (as applicable) under which Decolar will make available the Expedia Travel Products to the End Users via any Decolar Travel Solution or through the Decolar Application or Decolar Platform. 

(a)    Cancellation Policy. The End User agrees that the accommodation booking made is subject to the cancellation
policy set out in the booking page. 
 (b)    Contracting Party. Save as set out below, the End User
acknowledges and agrees that: (1) Travelscape, LLC or Vacationspot, SL (or any other Affiliate as we designate) shall be treated by any Tax authority in any pertinent jurisdiction as is the supplier to the End User in respect of an
Affiliate-Collect Booking or Expedia-Sourced Travel Booking and the accommodation component of a Package for VAT (Value Added Tax) purposes as applied by Directive 2006/112/EC (where applicable); and (2) the applicable Travel Supply Provider is
the supplier to the End User in respect of a Property-Collect Booking. With respect to (1) only and with respect to End Users located in Brazil and travelling within Brazil, Travelscape, LLC acts as a facilitator of the booking of the Expedia
Travel Product, and the Travel Supply Provider is the supplier to the End User. 
 (c)    Personal Data. The End
User agrees that Decolar may transfer personal data belonging to the customer and other persons on behalf of whom the customer is making a booking of Expedia Travel Products to Expedia and/or its Affiliates for the purposes of facilitating the
booking and providing after sales support (if any) of those Expedia Travel Products. These companies may be based outside of the country in which the End User resides and/or the country in which the information is collected and may not have the
equivalent data protection standards to those where the information is originally located. 
 (d)    Decolar will
ensure that End Users will be informed about the applicable terms and conditions for exemptions of Travel Taxes, in countries that provide an exemption of such taxes for foreign tourists. Furthermore, Decolar will ensure the customer is informed
that additional Travel Taxes may be charged separately by the Travel Supplier at the time of check-out if the End User does not satisfy all conditions for the provision of said exemption. 

8.7    Decolar Terms and Conditions. In connection with the making available of and booking of the Decolar
Travel Products by End Users via the Decolar API and Expedia Application, Expedia undertakes that the cancellation policy terms and conditions will substantially be reflected in the terms and conditions and privacy policy (as applicable) under which
Expedia will make available the Decolar Travel Products to the End Users via any Expedia Platform. Expedia will be solely liable for any variation between the cancellation policies provided to Expedia by Decolar and those that are offered by Expedia
to the End Users or displayed on the Expedia Platform. 

  
 38 

 8.8    Insurance. Decolar agrees to obtain as soon as
reasonably practicable following the date of this Agreement, and in any event to obtain no later than ninety (90) days, to the extent it is commercially reasonable to do so, customary casualty insurance coverage in effect in respect of its
operations in an amount that is consistent with best industry practice. Such insurance shall include cyber liability coverage, at limit not less than US $500,000 in aggregate. Once obtained, Decolar shall maintain such insurance coverage during the
Term, and to the extent permitted by Law, Decolar shall (i) name Expedia as an additional insured on any liability insurance policies on which it pays premiums, and deliver to Expedia certificates of insurance that verify compliance with the
preceding clause, or (ii) provide other evidence of insurance acceptable to Expedia in its sole discretion that indicates that Expedia will be covered by their insurance in the event of a claim relating to this Agreement. 

8.9    Expedia Actions. Expedia Parent agrees to take all necessary actions to cause Expedia to perform its
obligations under this Agreement. To the extent that Expedia is the beneficiary of any obligation under this Agreement, it shall be an express third-party beneficiary hereof and shall have the right to enforce the obligations owed to it hereunder.

 9.    INDEMNIFICATION 

9.1    Indemnification by Expedia. Expedia Parent shall indemnify, defend and hold harmless Decolar, its
Affiliates and its and their respective directors, officers, employees, agents, subcontractors and assigns (collectively, the “Decolar Indemnified Parties”) from and against any and all claims, suits, actions, demands, and
proceedings of any kind threatened, asserted or filed by any third Person (collectively “Claims”) against any Decolar Indemnified Party and any damages, losses, expenses, liabilities or costs of any kind (including reasonable legal
fees, witness fees and court costs) incurred in connection with such Claims, arising out of or relating to: 

9.1.1    any infringement or misappropriation, or alleged infringement or misappropriation, of any Intellectual
Property Right of a third Person arising from Decolar’s or Expedia’s use, sale, display, performance, distribution, or other exploitation of the Expedia Travel Products or Expedia Trademarks, including the rights and licenses granted under
Section 6 hereof; 
 9.1.2    any breach by Expedia of its representations and
warranties under Section 7.1 or 7.3; 
 9.1.3    any contracts or arrangements
between any third Person and Expedia and any of its Affiliates, including any breach or alleged breach of the terms or conditions of such contracts and/or arrangements; 

9.1.4    any display or use of the Decolar Travel Products that is not in accordance with the terms of this
Agreement or in compliance with Laws; 
 9.1.5    any gross negligence, willful misconduct, or other acts or
omissions of Expedia or its Affiliates; and 
 9.1.6    any liabilities of Expedia for Taxes and Unclaimed
Property Liabilities, including any liabilities for Taxes and Unclaimed Property Liabilities for which Expedia is responsible pursuant to the terms of this Agreement, but excluding any liabilities for Taxes and Unclaimed Property Liabilities for
which Decolar is responsible pursuant to this Agreement. 
 9.2    Indemnification by Decolar. Decolar
Parent shall indemnify, defend and hold harmless Expedia, its Affiliates and its and their respective directors, officers, employees, agents, 

  
 39 

 
subcontractors and assigns (collectively, the “Expedia Indemnified Parties”) from and against any and all Claims against any Expedia Indemnified Party and any damages, losses,
expenses, liabilities or costs of any kind (including reasonable legal fees, witness fees and court costs) incurred in connection with such Claims, arising out of or relating to Expedia: 

9.2.1    any infringement or misappropriation, or alleged infringement or misappropriation, of any Intellectual
Property Right of a third Person arising from Expedia’s use, sale, display, performance, distribution, or other exploitation of the Decolar Travel Products and Decolar Trademarks, including the rights and licenses granted under
Section 6 hereof; 
 9.2.2    any breach by Decolar of its representations and
warranties under Section 7.1, 7.2 or 7.3; 
 9.2.3    any breach by
Decolar, its Affiliates or any third party to which Decolar is allowed to redistribute Expedia Travel Products, of the terms of its third party or Expedia’s Travel Supply Providers’ supplier contracts; 

9.2.4    any display or use of the Expedia Information or the Expedia Travel Products that is not in accordance
with the terms of this Agreement or in compliance with Laws; 
 9.2.5    any gross negligence, willful
misconduct, or other acts or omissions of Decolar or its Affiliates; 
 9.2.6    any liabilities of Decolar for
Taxes and Unclaimed Property Liabilities, including any liabilities for Taxes and Unclaimed Property Liabilities for which Decolar is responsible pursuant to the terms of this Agreement, but excluding any liabilities for Taxes and Unclaimed Property
Liabilities for which Expedia is responsible pursuant to this Agreement; and 
 9.2.7    any breach by Decolar
or its Affiliates, or any third party to which Decolar is allowed to redistribute Expedia Travel Products, of the terms set forth in Section 8. 

9.3    Process. If either Party seeks indemnification (the “Indemnified Party”) from the
other Party (the “Indemnifying Party”) pursuant to Section 9.1 or Section 9.2, as applicable, the Indemnified Party shall: (a) give prompt written notice to the Indemnifying
Party of the Claim; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under this Section 9 except to the extent that it has been materially prejudiced by
such failure; and (b) grant to the Indemnifying Party sole control of the defense or settlement of such Claim; provided, however, that (x) Expedia Parent shall control any Claims relating to Expedia Travel Solution Taxes, any
additional Taxes imposed on or payable by Expedia or any of its Affiliates arising out of failure by Decolar, with respect to any Expedia-Sourced Travel Bookings booked after the date of this Agreement, to display Taxes as provided by Expedia in
accordance with Section 6.1,Expedia Incremental Taxes and Expedia Travel Unclaimed Property Liabilities and shall keep Decolar reasonably informed about material developments with respect to such Claims as reasonably requested by Decolar and
(y) except with respect to Claims relating to Taxes described in clause (x) above, the Indemnifying Party shall not settle any Claim without the Indemnified Party’s prior written approval (not to be unreasonably withheld) where such
settlement would involve an admission of wrongdoing by or result in continuing liability for the Claim on the Indemnified Party. The Indemnified Party shall, at the Indemnifying Party’s expense, reasonably cooperate with the Indemnifying Party
in the provision of any information or assistance reasonably requested by the Indemnifying Party. The Indemnifying Party shall keep the Indemnified Party advised of the status of any such Claim and of its defense or settlement negotiation efforts,
and shall afford the Indemnified Party a reasonable opportunity to review and comment on significant actions planned to be taken by the 

  
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Indemnifying Party on behalf of the Indemnified Party. The Indemnified Party shall have the right to select its own counsel to participate at its own expense in any such defense without waiving
the indemnification provided by the Indemnifying Party; provided, however, that the Indemnifying Party retains sole control of the defense and, solely with respect to the payment of monetary amounts and not with respect to any
admission of liability or other requirement, the settlement of such Claim to the extent covered by the indemnification provided herein. 

9.4    Travel Solution Taxes. 

9.4.1    For any Expedia-Sourced Travel Bookings booked after the date of this Agreement, the Parties agree and
acknowledge that (i) all Expedia Travel Solution Taxes shall be borne by Decolar in the same proportion as the Marketing Fee (not taking into account any reduction pursuant to Section 9.4.2, any right of set-off or otherwise) bears to Gross Profit and (ii) all Expedia Incremental Taxes that are Travel Solution Taxes will be borne solely by Decolar. Notwithstanding anything to the contrary in this Agreement,
including other subsections of this Section 9, (a) neither Party shall be required to indemnify, defend or hold harmless the other Party or its Affiliates or its and their respective directors, officers, employees,
agents, subcontractors and assigns for Travel Taxes (including Expedia Travel Solution Taxes) or Losses related to Travel Taxes except pursuant to Section 9.1.6, Section 9.2.4, Section 9.2.6
and this Section 9.4, and (b) the indemnity obligations of the Parties with respect to Travel Taxes are subject to this Section 9.4.1. 

9.4.2    Payments. 

(a)    Decolar’s share of any and all Expedia Travel Solution Taxes, and any and all Expedia Incremental Taxes that
are Travel Solution Taxes, in each case, no matter when incurred, assessed or otherwise paid, will be taken into account in determining, and will reduce, the Marketing Fees paid to Decolar pursuant to Section 3.2;
provided that, for the avoidance of doubt, Decolar will not also have to pay any such Expedia Travel Solution Taxes or Expedia Incremental Taxes that are Travel Solution Taxes (to the extent taken into account to reduce the Marketing Fees
paid to Decolar) directly to a taxing authority. 
 (b)    Each Party will be responsible for Travel Taxes (not
including Expedia Travel Solution Taxes and Expedia Incremental Taxes) with respect to its own bookings and shall indemnify the other Party for such non-Expedia Travel Solution/Incremental Travel Taxes. 

9.4.3    Except as set forth in this Section 9.4.3, each of the Parties is responsible
for defending Claims against it or its Affiliates for Travel Taxes that are not Expedia Travel Solution Taxes or Expedia Incremental Taxes. Each Party is also responsible for defending Claims filed against it before the date of this Agreement. If,
after the date of this Agreement, a Claim is filed against Decolar (i) that includes Expedia Travel Solution Taxes and other Travel Taxes (including with respect to bookings of Decolar made after the Term), Decolar is responsible for defending
that Claim to the extent it relates to such other Travel Taxes, and Expedia is responsible for defending that Claim to the extent it relates to Expedia Travel Solution Taxes, or (ii) that includes Expedia Incremental Taxes and other Travel
Taxes (including with respect to bookings of Decolar made after the Term), Decolar is responsible for defending that Claim to the extent it relates to such other Travel Taxes and Expedia is responsible for defending that Claim to the extent it
relates to Expedia Incremental Taxes, or (iii) solely with respect to bookings of Decolar other than Transactions (and not relating to any Expedia Travel Solution Taxes or Expedia Incremental Taxes), Decolar is responsible for defending that
Claim. For the avoidance of doubt and notwithstanding anything herein to the contrary, Expedia shall have the sole right to control the conduct of any Claim (or portion thereof) in respect of or relating to Expedia Travel Solution Taxes or Expedia
Incremental Taxes and any Claim filed against Expedia or any of its Affiliates. Subject to the cost-sharing 

  
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provisions set forth in Section 9.4.4, the Party responsible for defending the Claim will bear the cost and expenses of defending that Claim. The Parties will cooperate
with each other to provide all transaction, data, contracts with third-party suppliers and other information with respect to relevant bookings. 

9.4.4    Each Party shall provide prompt notice and a copy of any communications received from a Governmental
Authority to the other Party with respect to any audit or inquiry by a Governmental Authority, or other contest with respect to any Expedia Travel Solution Tax, any additional Taxes imposed on or payable by Expedia or any of its Affiliates arising
out of failure by Decolar, with respect to any Expedia-Sourced Travel Bookings booked after the date of this Agreement, to display Taxes as provided by Expedia in accordance with Section 6.1or Expedia Incremental Tax. Decolar will not
correspond with any Governmental Authority in relation to any Expedia Travel Solution Tax, any additional Taxes imposed on or payable by Expedia or any of its Affiliates arising out of failure by Decolar, with respect to any Expedia-Sourced Travel
Bookings booked after the date of this Agreement, to display Taxes as provided by Expedia in accordance with Section 6.1, or Expedia Incremental Tax without first consulting with Expedia, including allowing Expedia to review and comment on such
correspondence and to make any amendments that Expedia reasonably requires, to the extent permitted by applicable law. Expedia will provide you with such information as Decolar reasonably requires for the purposes of such correspondence.
Notwithstanding anything to the contrary contained herein, (i) if, pursuant to Section 9.4.3, Expedia is responsible for defending and controlling a Claim that includes only Expedia Travel Solution Taxes, then Decolar
will be financially responsible for the costs and expenses incurred by Expedia in connection with such Claim in the same proportion as the Marketing Fee paid to Decolar for the periods to which such Expedia Travel Solution Taxes relate (not taking
into account any reduction pursuant to Section 9.4.2, any right of set-off or otherwise) bears to Gross Profit for the periods to which such Expedia Travel Solution Taxes relate and
(ii) if, pursuant to Section 9.4.3, Expedia is responsible for defending and controlling a Claim that includes both Transactions and bookings other than Transactions, then each Party will be financially responsible for
the percentage of the costs and expenses incurred by Expedia equal to the quotient of (x) the number of such Party’s bookings other than Transactions for the period at issue in such contest, (y) divided by the total number of
Transactions and bookings other than Transactions at issue in such contest for the same period. In addition, Decolar shall also pay a portion of the costs and expenses incurred by Expedia related to defending the portion of any such Claim that
relates to Transactions. The amount of such additional costs and expenses to be paid by Decolar will be an amount equal to (x) the quotient of (i) the total number of Transactions for the period at issue in such contest, divided by
(ii) the total number of Transactions and bookings other than Transactions at issue in such contest for the same period, (y) multiplied by the percentage obtained by dividing the Marketing Fee paid to Decolar with respect to the same
period by the Gross Profit with respect to such period, (z) multiplied by the costs and expenses incurred by Expedia. Notwithstanding any of the foregoing or anything else herein to the contrary, Decolar shall be financially responsible for any
and all costs and expenses incurred by Expedia relating to the defense and conduct of any Claim (or portion thereof) that relates to Expedia Incremental Taxes (and the application of the foregoing provisions of this
Section 9.4.4 shall be appropriately modified to give effect to this sentence). Any reimbursement of legal fees to be paid by one Party to the other Party pursuant to this Section 9.4.4 shall be
paid within thirty (30) days of receiving a copy of the invoices provided to the controlling party for such fees and confirmation from the controlling party that it is required to pay such fees. 

9.4.5    The Parties acknowledge and agree that Expedia shall determine, in its discretion, the amount of, and any
requirements to withhold, collect or remit, any Expedia Travel Solution Taxes and any Expedia Incremental Taxes and shall take all actions it deems necessary or appropriate in connection therewith. Subject to the preceding sentence, Decolar (or its
relevant Affiliate) shall collect any and all Expedia Travel Solution Taxes and Expedia Incremental Taxes (in its capacity as Merchant of Record), prepare and timely file all Tax Returns required to be filed by Decolar or its relevant Affiliate to
any Expedia Travel Solution Taxes or Expedia Incremental Taxes and timely remit the Taxes shown as due 

  
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on such Tax Returns. If Decolar is required by Law to file any such Tax Returns, subject to the first sentence of this Section 9.4.5, the Parties shall cooperate in good
faith and in a commercially reasonable manner to determine the appropriate course of action. The Parties shall cooperate with each other to the extent reasonably requested and legally permitted to minimize any Expedia Travel Solution Taxes or
Expedia Incremental Taxes. 
 9.4.6    Notwithstanding anything herein to the contrary, Decolar shall not be
entitled to control the defense or settlement of any Claim relating to Expedia Travel Solution Taxes, Expedia Incremental Taxes or Expedia Travel Unclaimed Property Liabilities, or, unless required by applicable Law, participate in the defense of
such Claim. With respect to any liability or potential liability for Expedia Travel Solution Taxes, Expedia Incremental Taxes or Expedia Travel Unclaimed Property Liabilities (and, in each case, any Losses relating thereto) for which Expedia has
established a reserve pursuant to FASB Accounting Standards Codification 450, or any successor thereto, as amended or revised from time to time, in accordance with the Accounting Policies and Procedures (a “Reserved Liability”),
Decolar shall not be entitled to dispute, except pursuant to the audit rights provided under Section 3.4 of this Agreement, the amount of its share of such Expedia Travel Solution Taxes, Expedia Incremental Taxes or Expedia
Travel Unclaimed Property Liabilities determined by Expedia pursuant to this Section 9.4.6 or Section 12.2 relating to such Reserved Liability. As soon as commercially practicable after the end of
each fiscal quarter, Expedia shall inform Decolar of the aggregate amount of any Reserved Liabilities, as well as the aggregate amount of any Reserved Liabilities that have been released. Notwithstanding anything to the contrary in this Agreement,
none of Expedia, its Affiliates or its Representatives shall be required to disclose any information relating to the foregoing to Decolar, its Affiliates, its Representatives or any other third party if such disclosure would, on advice of
Expedia’s counsel: (x) jeopardize any attorney-client or other privilege; or (y) contravene any applicable Law, fiduciary duty or binding agreement. Upon Expedia’s reasonable request in connection with any audit of Expedia’s
financial statements, Decolar will confirm in writing its liability for its share of any Expedia Travel Solution Taxes, Expedia Incremental Taxes and Expedia Travel Unclaimed Property Liabilities (and in each case, any Losses relating thereto)
determined by Expedia pursuant to this Section 9.4.6 or Section 12.2 relating to any such Reserved Liability. Decolar’s liability for its share of any Expedia Travel Solution Taxes, Expedia
Incremental Taxes and Expedia Travel Unclaimed Property Liabilities (and, in each case, any Losses relating thereto) shall survive the termination of this Agreement. Without limiting Expedia’s rights pursuant to this
Section 9 or Section 12, with respect to any Reserved Liability, Decolar will pay its share of such Expedia Travel Solution Taxes, Expedia Incremental Taxes and Expedia Travel Unclaimed Property
Liabilities (and, in each case, any Losses relating thereto) within ten (10) days of written notice of a Final Determination with respect to such Reserved Liability, regardless of whether such Final Determination occurs before or after
termination of this Agreement; provided, however, that Decolar shall not be required to pay any amount pursuant to this Section 9.4.6 until such time as Expedia is actually required to pay such Taxes to the
relevant Governmental Authority. Nothing in this Section 9.4.6 shall be interpreted as limiting Expedia’s rights under this Agreement to reduce, or offset any amounts against, the Marketing Fee Payable to Decolar. For
the avoidance of doubt, this Agreement, including this Section 9.4.6, except as otherwise provided in Section 9.4.3, allows Decolar to control the defense or settlement of any Claim relating to
bookings of Decolar that are not Transactions, whether made prior to, during or after the Term. 
 10.    LIMITATION
OF LIABILITY 
 10.1    Disclaimer of Consequential Damages. IN NO EVENT WILL ANY PARTY OR ITS
AFFILIATES BE LIABLE TO THE OTHER PARTY OR ITS AFFILIATES FOR ANY SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES OF ANY NATURE, INCLUDING FOR ANY LOST REVENUE OR LOST PROFITS OR ANY COST OF PROCUREMENT OF SUBSTITUTE
GOODS OR SERVICES, ARISING OUT OF OR RELATED TO THIS AGREEMENT, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND 

  
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REGARDLESS OF WHETHER SUCH LIABILITY ARISES IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR ANY OTHER THEORY OF LIABILITY; PROVIDED, HOWEVER, THAT THE LIMITATIONS OF
LIABILITY SET FORTH IN THIS SECTION 10 SHALL NOT APPLY TO ANY LIABILITY OF A PARTY ARISING FROM (a) SUCH PARTY’S FRAUD, INTENTIONAL MISREPRESENTATION, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, (b) AN AWARD OF
DAMAGES AGAINST AN INDEMNIFIED PARTY IN CONNECTION WITH A THIRD-PARTY CLAIM OR (c) ANY AMOUNT OF DAMAGES SPECIFICALLY PROVIDED FOR IN THIS AGREEMENT. THE TOTAL AGGREGATE LIABILITY OF EXPEDIA FOR ALL CLAIMS ARISING IN CONTRACT, EQUITY OR
OTHERWISE (INCLUDING, WITHOUT LIMITATION, BREACH OF WARRANTY, NEGLIGENCE AND STRICT LIABILITY IN TORT) ARISING OUT OF OR RELATED TO THIS AGREEMENT WILL NOT EXCEED THE GREATER OF: (A) THE TOTAL MARKETING FEES PAID OR PAYABLE BY EXPEDIA TO
DECOLAR UNDER THIS AGREEMENT IN THE MOST RECENT TWELVE (12) MONTH PERIOD PRECEDING THE EVENTS GIVING RISE TO SUCH LIABILITY; AND (B) ONE-HUNDRED THOUSAND DOLLARS ($100,000). 

11.    TERM AND TERMINATION 

11.1    Term. The initial term of this Agreement will commence on the date of this Agreement and will
continue until terminated in accordance with its terms (the “Term”). 

11.2    Termination. 

11.2.1    Mutual Termination. This Agreement may be terminated at any time by the mutual written consent of
Expedia and Decolar. 
 11.2.2    Termination by Decolar. This agreement may be terminated by Decolar by
providing written notice of such termination to Expedia in the following circumstances: 
 (a)    Transaction
Shares. On or after the first date on which Expedia or any of its Affiliates ceases, collectively, to hold all of the Transaction Shares, unless the disposition of such Transaction Shares was (i) approved by a majority of the Decolar board
of directors that were not designated by Expedia, (ii) involuntary or (iii) the result of an action taken by Decolar or any of its Affiliates (e.g., a stock buyback, reverse stock split, merger, share exchange or other transaction
resulting in the change in form of the Transaction Shares). 
 (b)    Obligations under Other Transaction
Agreements. If Expedia or any of its Affiliates materially breaches its obligation under Section 3.14 of the Investors’ Rights Agreement, which such breach is not cured within 60 days’ written notice. 

(c)    Seventh Anniversary. On or after March 6, 2022, being the seventh anniversary of this Agreement prior
to any amendment and restatement if concurrently with such termination Decolar pays, or causes to be paid to Expedia by wire transfer of immediately available funds, an amount equal to $125 million. 

(d)    Minimum Service Level. The Expedia API is at all times
non-responsive to the Decolar Application for a period of three consecutive months. 

(e)    Material Breach. If Expedia materially breaches or defaults in the performance of, or fails to
perform in a material manner, any of the following obligations, and such default is not remedied within thirty (30) days of the receipt of written notice from Decolar: 
  

	 	(i)	 the obligation to make any payment when due hereunder. 

  
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 11.2.3    Termination by Expedia. This agreement may be
terminated by Expedia by providing written notice of such termination (specifying the date on which such termination is to occur) to Decolar in the following circumstances: 

(a)    Obligations under Other Transaction Agreements. If Decolar or any of its Affiliates materially breaches its
obligations under any other Transaction Agreement (it being agreed that any breach of Section 3.7(b) of the Investors’ Rights Agreement shall be deemed to be material). 

(b)    Minimum Bookings. If there occurs a Bookings Shortfall of more than 10% by Decolar in three
(3) consecutive months or in any three (3) months within a six (6)-month period. 
 (c)    Change of
Control of Decolar. If a Change of Control occurs, provided that for the purposes of this Section 11.2.3(c), the date specified in the written notice of termination shall occur no sooner than three
(3) months after the date that such Change of Control occurs, and after such termination, Expedia shall consider reasonable extensions of such date up to an aggregate of six (6) months from the date of the termination notice to provide
additional time for the integration of a new lodging supplier (any such period which this Agreement continues pursuant to this Section 11.2.3(c), the “Transition Term”); provided, further,
that if Expedia terminates this Agreement pursuant to this Section 11.2.3(c), then during the Transition Term and any time thereafter, (i) Decolar shall not disclose, make available or otherwise provide any Expedia
Customer Personal Data, or any analytics derived therefrom, to any Strategic Party, any direct or indirect Affiliate of a Strategic Party, or their respective directors, employees, managers or representatives; and (ii) any Strategic Party that
acquires Decolar will have no right to modify, amend or otherwise revise any of the terms of this Agreement. 

(d)    Marketing Fees. If the Marketing Fees payable by Expedia are less than $5 million over a six (6)-month
period. 
 (e)    Material Breach. If Decolar materially defaults in the performance of, or fails to
perform in a material manner, any of the following obligations, and such default is not remedied within thirty (30) days of the receipt of written notice from Decolar: 
  

	 	(i)	 the obligation to make any payment when due hereunder; 

 

	 	(ii)	 the obligation that Decolar’s representation set forth in Section 7.2 (Sanctions
Regimes) be true and correct; and 

  

	 	(iii)	 the obligations under Section 6.1, Section 8.1,
Section 8.3, Section 8.4(d), Section 8.6 and Section 8.8. 

11.3    Effect of Termination; Survival. 

11.3.1    Upon the expiration of the Term, the obligations of the Parties hereunder shall terminate and there shall
be no liability on the part of any Party with respect thereto, except (a) any provision which expressly or by its nature survives termination of this Agreement shall survive such termination of this Agreement, and (b) no termination of
this Agreement shall relieve any Party of any liability for damages from a material breach prior to such termination. 

  
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 11.3.2    If this Agreement is terminated by Expedia pursuant to
Sections 11.2.3 (a), (b), (d) or (e), then Expedia may, in its sole and absolute discretion, by providing notice thereof in connection with such termination, in lieu of seeking its available remedies at
Law or equity, require Decolar to pay, or caused to be paid, to Expedia by wire transfer of immediately available funds, an amount equal to $125 million. Decolar agrees that the agreements in this Section 11.3 are an
integral part of this Agreement, and that, without these agreements, Expedia would not enter into this Agreement. Accordingly, if Decolar fails promptly to pay the amount due under this Section 11.3.2 and, in order to
obtain such payment, Expedia commences a suit that results in a judgment against Decolar for such amounts, Decolar shall pay interest on such amounts from the date the payment of such amounts was due to the date of actual payment at the Interest
Rate in effect on the date such payment was due, together with the reasonable expenses of Expedia in connection with such suit. 

12.    TAXES 

12.1    Transaction Taxes on Payments Between the Parties. Notwithstanding any provision in this Agreement to
the contrary: 
 12.1.1    Transaction Tax Responsibility. Decolar shall be responsible for, and shall
pay when due (as Decolar shall determine in its reasonable discretion are required to be paid under applicable Law), any Transaction Taxes incurred with respect to any amounts payable or deemed payable to Decolar pursuant to this Agreement and all
related Losses. Notwithstanding anything to the contrary herein and for the avoidance of doubt, all sums payable or deemed to be payable by Expedia to Decolar pursuant to this Agreement shall be deemed to be inclusive of any Transaction Taxes.
Subject to Section 12.1.3, (i) Expedia shall be responsible for, and shall pay when due (as Expedia shall determine in its reasonable discretion are required to be paid under applicable Law), any Transaction Taxes
incurred with respect to any amounts payable or deemed payable to Expedia pursuant to this Agreement and all related Losses and (ii) for the avoidance of doubt, all sums payable or deemed to be payable by Decolar to Expedia pursuant to this
Agreement shall be deemed to be inclusive of any Transaction Taxes. 
 12.1.2    Transaction Tax Returns.
Each Party shall prepare and timely file, at such Party’s own expense, all required U.S. federal, state, local and non-U.S. returns, estimates, information statements and reports (“Tax
Returns”) related to any Transaction Taxes and, subject to Section 12.1.1, shall timely pay the Transaction Taxes shown as due on such Tax Returns, which filings and payments shall be determined under Law by such
Party in its reasonable discretion. The Parties shall cooperate with each other in a commercially reasonable manner to the extent reasonably requested and legally permitted (i) to minimize any Transaction Taxes and (ii) with regard to the
preparation and filing of any Tax Return related to Transaction Taxes. Each Party shall be responsible for any penalties or additions arising from such Party’s (i) failure to file or to timely file a Tax Return related to Transaction Taxes
and (ii) failure to pay or to timely pay to a Governmental Authority any Transactions Taxes. 

12.1.3    If and to the extent that Expedia (and/or its Affiliates) is deemed to make a supply to Decolar for
Transaction Tax purposes and Transaction Tax is or becomes chargeable in respect of such supply, the consideration for such supply shall be deemed to be exclusive of such Transaction Taxes. In addition to any other consideration for such supply,
Decolar shall pay to Expedia (and/or Expedia’s Affiliate) a sum equal to the amount of any Transaction Taxes chargeable. 

12.1.4    The Parties anticipate, and shall use all reasonable efforts to secure, that the Marketing Fees payment
to Decolar are not subject to Transaction Taxes in any jurisdiction. Decolar shall charge any Transaction Taxes on any supplies it makes to Expedia only if and to the extent that a tax authority in the relevant jurisdiction subjects such supplies to
Transaction Taxes. 

  
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 12.1.5    Except as otherwise required by applicable Law,
Decolar shall not issue any invoices which expressly or implicitly state that Decolar is making a supply of Expedia’s Travel Products, whether on a standalone basis or as part of a Package, to the customer. 

12.1.6    Neither Decolar nor any of its Affiliates shall account to any Tax authority for Travel Tax on the basis
that it (or any of its Affiliates) are the supplier to the End User of the accommodation underlying the Bookings. 

12.2    Taxes and Unclaimed Property Liabilities on Transactions by or for End Users of Decolar. 

12.2.1    Expedia Travel Solution Taxes. The Parties agree and acknowledge that all responsibility for
Expedia Travel Solution Taxes and Expedia Incremental Taxes that are Travel Taxes are addressed by the provisions of Section 9.4. 

12.2.2    Expedia Unclaimed Property Liabilities. The Parties agree and acknowledge that with respect to
Unclaimed Property Liabilities, if any, relating to or associated with Transactions or Expedia-Sourced Travel Bookings (“Expedia Travel Unclaimed Property Liabilities”), Decolar shall be responsible for such Expedia Travel Unclaimed
Property Liabilities, if any, in the same proportion as the Marketing Fee (not taking into account any reduction pursuant to Section 9.4.2, any right of set-off or otherwise) bears to
Gross Profit. Expedia shall be responsible, at its own expense, for the preparation and filing of any returns, forms or similar documents and filings in connection with Expedia Travel Unclaimed Property Liabilities, if any. 

12.2.3    Expedia Incremental Taxes. The Parties agree and acknowledge that Decolar shall be responsible
for any and all Expedia Incremental Taxes. 
 12.2.4    Withholding. Expedia and Decolar shall be
entitled to deduct and withhold from any payment required to be made pursuant to this Agreement any Taxes that are required to be deducted or withheld with respect to such payment under any applicable Law (a “Withholding Tax”). Each Party
shall deliver to the other Party, prior to receipt of any payment hereunder, duly completed and signed copies of any necessary Tax forms, including Internal Revenue Service Forms W-9, W-8BEN-E or W-8ECI or other appropriate version of Form W-8, as applicable, or any similar
information satisfactory to the other Party to establish that the payment is not subject to any Withholding Tax, including backup withholding, or is entitled to an exemption from, or reduction of, such withholding, as applicable. Thereafter, the
Parties shall (a) promptly notify each other of any change in circumstances of which they become aware that would cause any withholding to apply or would modify or render invalid any claimed exemption or reduction of withholding, and
(b) take any commercially reasonable action that may be necessary to avoid any requirement to make any deduction or withholding. All amounts deducted and withheld pursuant to this Section 12.2.3 shall be treated as paid to the Party
receiving payment for purposes of Section 3. To the extent that any amounts paid pursuant to this Agreement are not reduced by such deductions or withholdings, the Party receiving payment shall indemnify the other Party and its Affiliates for
any amounts imposed by any Governmental Authority, together with any costs and expenses related thereto (including any related Losses), except in the case of penalties, interest, additions to Tax and related costs to the extent that such failure to
withhold is the result of gross negligence or willful misconduct of such other Party. Notwithstanding any of the foregoing, (x) to the extent that any payments to Expedia hereunder are made by any Person other than Decolar or a U.S. Affiliate
of Decolar (including, for the avoidance of doubt, any non-U.S. Affiliate of Decolar) or out of any jurisdiction other than the United States or Uruguay, and any Withholding Tax is required to be deducted or
withheld with respect to such payment, such Person shall pay such additional amounts to Expedia as may be necessary such that Expedia receives, after all deduction or withholding for any applicable Withholding Taxes (including any

  
 47 

 
Withholding Taxes deducted or withheld with respect to any payment of additional amounts required to be paid pursuant to this sentence), such amount as Expedia would have received had no
Withholding Tax been required to be so deducted or withheld and (y) to the extent that any payments to Decolar hereunder are made by any Person other than Expedia or a U.S. Affiliate of Expedia (including, for the avoidance of doubt, any non-U.S. Affiliate of Expedia) or out of any jurisdiction other than United States, and any Withholding Tax is required to be deducted or withheld with respect to such payment, such Person shall pay such additional
amounts to Decolar as may be necessary such that Decolar receives, after all deduction or withholding for any applicable Withholding Taxes (including any Withholding Taxes deducted or withheld with respect to any payment of additional amounts
required to be paid pursuant to this sentence), such amount as Decolar would have received had no Withholding Tax been required to be so deducted or withheld. 

12.3    Right of Set-Off. Notwithstanding any provision in this
Agreement to the contrary, Expedia shall have the right to reduce any amount payable to Decolar pursuant to this Agreement by (i) any Transaction Taxes required to be paid by Decolar hereunder, (ii) Decolar’s share of any Expedia
Travel Solution Taxes, any Expedia Incremental Taxes (to the extent such Taxes were not already taken into account to reduce Decolar’s Marketing Fee) and Expedia Travel Unclaimed Property Liabilities and Decolar shall have the right to reduce
any amount payable to Expedia pursuant to this Agreement by any Transaction Taxes required to be paid by Expedia hereunder. 

12.4    Survival. The provisions of this Section 12 and
Section 9 shall survive with respect to any particular Tax or Claim for Unclaimed Property Liabilities until the later of (i) the expiration of the statute of limitations applicable to such Tax or Claim or (ii) a
Final Determination with respect to such Tax or Claim. For purposes of this Agreement, a “Final Determination” means (a) a decision, judgment, decree or other order by any court of competent jurisdiction, which has become final
and is either no longer subject to appeal or for which a determination not to appeal has been made, (b) a closing agreement made under Section 7121 of the Code or any comparable provision of state, local or foreign Tax law, (c) a
final disposition by any Governmental Authority of a claim for refund, or (d) any other written agreement which results in an adjustment becoming final and prohibits such Governmental Authority from seeking any further legal or administrative
remedies with respect to an adjustment. 
 12.5    Cooperation. The Parties agree to cooperate with each
other in a commercially reasonable manner with regard to Taxes. 
 12.6    Refunds. 

12.6.1    Transaction Taxes. Decolar shall be entitled to all refunds of any Transaction Taxes that Decolar
has paid to any Governmental Authority, including any interest paid with respect thereto and Expedia shall be entitled to all other refunds of Transaction Taxes. Expedia will consider in good faith taking such actions as Decolar reasonably requests
(at Decolar’s expense) to obtain any refund of Transaction Taxes to which Expedia is entitled under the Laws of the relevant taxing jurisdiction. 

12.6.2    Expedia Travel Solution Taxes. The Parties acknowledge and agree that Expedia shall determine, in
its discretion, all actions that it deems necessary or appropriate in connection with any refunds of Expedia Travel Solution Taxes or Expedia Incremental Taxes. 

12.7    Reimbursement. If either Party receives a refund of Expedia Travel Solution Taxes, Expedia
Incremental Taxes or Transaction Taxes (including any interest related thereto), such Party shall reimburse the other Party for such other Party’s share of such refund of Transaction Taxes, Expedia Travel Solution Taxes or Expedia Incremental
Taxes paid by such other Party (such share to take into account Section 9.4, 12.1 or 12.2 as the case may be, and any other reimbursements made by one Party to the other Party) within sixty (60) Business
Days of receipt of such refund. 

  
 48 

 13.    DISPUTE RESOLUTION 

13.1    Dispute Resolution Process. In the case of any Disputes under this Agreement, the Parties shall first
attempt in good faith to resolve all Disputes by informal discussions before initiating any legal action. Representatives of each Party shall meet to discuss the resolution of the Dispute. If they are unable to do so within thirty (30) days of
notice from one Party to the other Party regarding the Dispute and requesting a meeting, the Dispute shall be escalated to the senior divisional management of each Party, and if unresolved at the end of ten (10) Business Days thereafter, the
Parties shall submit the Dispute to binding arbitration in accordance with the terms and conditions of Section 13.2. 

13.2    Arbitration. Without prejudice to Section 15.4, any Dispute arising out of
or relating to this Agreement, or the breach thereof, which cannot otherwise be resolved as provided above shall be resolved by binding arbitration conducted in accordance with the commercial arbitration rules of the American Arbitration Association
(the “Arbitrator”) (or, solely to the extent the Arbitrator is no longer operating at the time of such Dispute, any other major international arbitration institution agreed by the Parties) and judgment upon the award rendered by the
arbitral tribunal may be entered in any court of competent jurisdiction. The arbitration shall be conducted by a single arbitrator appointed in accordance with such rules; provided, however, that if either Party requests the
arbitration to be conducted by a panel of three arbitrators, one will be appointed by each Party and the third will be appointed in accordance with such rules. The place of arbitration shall be New York, New York, United States of America, unless
the Parties shall have agreed to another location within fifteen (15) calendar days from the first referral of the dispute to the Arbitrator. The decision or award made by the arbitrator or arbitrators shall be written, final and binding, and
the Parties waive any right to appeal the arbitral award, to the extent a right to appeal may be lawfully waived. The costs of any arbitration, including administrative fees and fees of the arbitrator or arbitrators, shall be shared equally by the
Parties, unless otherwise specified by the arbitrator or arbitrators. If the Party initiating the arbitration is determined in the arbitral award to have lost the Dispute, such Party shall pay the other Party’s attorneys’ and expert fees.
Otherwise, each Party shall bear the cost of its own attorneys’ and expert fees. Each Party retains the right to seek judicial assistance: (a) to compel arbitration; and (b) to enforce any decision of the arbitrator, including the
final award. The arbitration proceedings contemplated by this Section 13.2 shall be as confidential and private as permitted by law. To that end, the Parties shall not disclose the existence, content or results of any
proceedings conducted in accordance with this Section 13.2, and deem that all materials submitted in connection with such proceedings are for the purpose of settlement and compromise; provided, however, that
this confidentiality provision shall not prevent a petition to vacate or enforce an arbitral award, and shall not bar disclosures required by law (including any rule, regulation or policy statement of any national securities exchange, market or
automated quotation system on which the Receiving Party’s securities are listed or quoted). 

14.    RELEASES/PUBLICITY 

Neither Party shall issue or make, or permit to be issued or made, any publicity, advertising, press release, public statement or announcement
or public communication of any kind, in whatever form, regarding this Agreement, or any aspect or terms thereof, or the relationship between the Parties without the Parties’ joint prior written approval except as may be required by applicable
Law or any rule, regulatory or policy of a national securities exchange, in which case commercially reasonable efforts to consult with the other Party shall be made prior to any such release or public statement. 

  
 49 

 15.    GENERAL 

15.1    Compliance with Anti-Corruption Laws. In connection this Agreement, the parties hereto agree to
(i) comply with the provisions of the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act, and any amendments thereto, as well as any other applicable anti-corruption laws adopted by countries where services are being
performed, and (ii) not knowingly allow a third party to make any improper payments or to perform any act in violation of such laws. Each party represents and warrants to the other that it has not been found by a court in any jurisdiction to
have violated any such laws. 
 15.2    Non-Disparagement. During
the Term and for a period of 2 (two) years following the expiration or earlier termination of the Term, each of the Parties, and any of their attorneys, agents, employees, representatives, assigns, contractors, successors in interest, related
parties, or parties acting at their direction, agree that they shall not disparage or otherwise negatively comment on any of the other Party’s reputation, business operations, products, services or relationship with one another. This provision
shall not preclude the Parties from making truthful statements when requested to do so in the normal course of business. 

15.3    Non-Solicitation. Each of the Parties agrees that, during
the Term and for a period of one (1) year thereafter, neither Expedia nor Decolar (Expedia, on the one hand, and Decolar, on the other hand, each an “Employer” with respect to its Restricted Employee) shall, on behalf of itself
or any other person, entity or organization, directly, or through its officers, directors, employees, agents or others, cause any other person to: (i) solicit or otherwise induce or influence any Restricted Employee to discontinue his or her
employment or other relationship with his or her Employer or to enter into an employment or service arrangement of any kind with any person or entity other than his or her Employer, (ii) initiate contact with any Restricted Employee for the
purpose of employing, soliciting for employment, or otherwise seeking to employ or retain such person, or (iii) assist or facilitate any person or business other than the applicable Employer in the hiring or recruitment of any Restricted
Employee; provided, however, that the foregoing restriction is not being intended to prohibit any person from providing reference to a third party with respect to a Restricted Employee. “Restricted Employee”
means any person who is an employee of Employer with whom the other Party has first come into contact in the course of their dealings under this Agreement. The foregoing restriction shall not apply to (i) the distribution of a job posting or
other advertisement for a job in the ordinary course of business and the hiring of an employee that responds to such job posting or other advertising, (ii) the solicitation or hiring of an employee that has been terminated or has otherwise
terminated or ceased his or her employment with that Employer prior to the solicitation or hiring or (iii) the employment of an employee who contacts an Employer on his or her own initiative. 

15.4    Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of the
State of New York applicable to agreements made and to be performed entirely within such State, without regard to the conflict of Laws principles of such State. 

15.5    Right to Specific Performance. The Parties hereby expressly recognize and acknowledge that
immediate, extensive and irreparable damage would result, no adequate remedy at law would exist and damages would be difficult to determine in the event that any provision of this Agreement is not performed in accordance with its specific terms or
is otherwise breached. Each Party further acknowledges that a breach or violation of this Agreement cannot be sufficiently remedied by money damages alone and, accordingly, each Party shall be entitled, without the need to post a bond or other
security, in addition to damages and any other remedies provided at law or in equity, to specific performance, injunctive and other equitable relief in order to enforce or prevent any violation. Each Party agrees not to oppose the granting of such
equitable relief, and to waive, and to cause its representatives to waive, any requirement for the securing or posting of any bond in connection with such remedy. 

  
 50 

 15.6    Records. In accordance with standard records
retention business practices and policies in the industry, and in accordance with applicable generally accepted accounting standards, each Party shall keep all usual and proper records related to the performance of such Party’s obligations
under this Agreement. 
 15.7    Affiliation Agreement; Entire Agreement. This Agreement supersedes and
replaces the Affiliation Agreement, and all existing rights, obligations and payments thereunder, shall be governed by this Agreement as if this Agreement had been in effect at the time such rights, obligations and payments arose. This Agreement
(including all Schedules thereto) constitutes the entire agreement between the Parties, and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, as to the subject matter hereof. 

15.8    Schedules. The schedules to this Agreement listed below are an integral part of this Agreement: 

 

			
	Schedule	  	Description
	 2.1.4(a)
	  	 Minimum Bookings Phase-In

	 2.1.8
	  	 Existing Decolar Partners

	 3.1
	  	 Marketing Fees

	 3.2.3
	  	 Decolar Account

	 3.3.3
	  	 Expedia Account

 15.9    Notices. Any notice, consent or approval required or permitted to be
given in connection with this Agreement (in this Section 15.8 referred to as a “Notice”) shall be in writing and shall be sufficiently given if delivered (whether in person, by courier service or other
personal method of delivery), or if transmitted by facsimile or through e-mail: 
  

	 	(a)	 in the case of a Notice to Decolar at: 

Travel Reservations S.R.L 

Ruta 8, Km. 17,500, Oficina 300, Local 318, Montevideo, Uruguay 

c/o Despegar.com.ar S.A. 
 Av.
Jujuy 2013, C1247ABI CABA 
 Buenos Aires, Argentina 

Attention: Mariano Jorge Scagliarini 

Email: mariano.scagliarini@despegar.com / contratos@despegar.com 

With a copy (which shall not constitute notice) to: 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
New York 10017 
 Attention: Juan Francisco Mendez 

Email: jmendez@stblaw.com 
  

	 	(b)	 in the case of a Notice to Expedia at: 

1111 Expedia Group Way W. 

Seattle 
 WA 98119Tel: (425) 679-3644 
 Fax: (425) 679-7251 

Attention: General Counsel 

Email: bdzielak@Expedia.com 

  
 51 

 Any Notice delivered or transmitted to a Party as provided above shall be deemed to have
been given and received on the day it is delivered or transmitted; provided, however, that it is delivered or transmitted on a Business Day prior to 5:00 p.m. local time in the place of delivery or receipt. If the Notice is delivered
or transmitted after 5:00 p.m. local time or if the day is not a Business Day, then the Notice shall be deemed to have been given and received on the next Business Day. Any Party may, from time to time, change its address by giving Notice to the
other Party in accordance with the provisions of this Section 15.8. 

15.10    Relationship of Parties. The Parties are independent contractors and nothing in this Agreement will
be deemed to create a partnership, joint venture, franchise or any agency relationship between any of the Parties. This Agreement is solely for the benefit of, and will be solely enforceable by, the Parties. This Agreement is not intended to confer
any right or benefit on any third party. Except as set forth in Section 8.9, no action may be commenced or prosecuted against a Party by any third party claiming as a third-party beneficiary of this Agreement or any of the
transactions contemplated by this Agreement. 
 15.11    Waiver. Unless explicitly set forth in this
Agreement, no waiver of any term, condition or obligation of this Agreement will be valid unless made in writing and signed by the Party to which such performance is due. No failure or delay by any Party at any time to enforce one or more of the
terms, conditions or obligations of this Agreement will (a) constitute waiver of such term, condition or obligation, (b) preclude such Party from requiring performance by the other Party at any later time, or (c) be deemed to be a
waiver of any other subsequent term, condition or obligation, whether of like or different nature. 

15.12    Assignment. This Agreement may not be assigned either directly or indirectly by operation of law or
otherwise, by either Party without the prior written consent of the other Party; except, that either Party may assign this Agreement without consent to (a) an Affiliate or (b) in connection with a merger, reorganization, acquisition, sale
of all or substantially all assets, or other Change of Control, in each case, provided the assignee agrees in writing to assume and be bound by this Agreement. Subject to the foregoing, this Agreement inures to the benefit of and is binding upon the
Parties and their respective successors and permitted assigns, and, following such succession or assignment, all references to a “Party” in this Agreement shall be deemed to include such successors and permitted assigns. 

15.13    Amendment. Except as otherwise expressly stated herein, this Agreement may be amended only in
writing signed by Decolar and Expedia. 
 15.14    Expenses. Except as otherwise provided in this
Agreement, each Party shall pay all costs and expenses (including the fees and disbursements of legal counsel and other advisers) it incurs in connection with the negotiation, preparation and execution of this Agreement and the transactions
contemplated by this Agreement. 
 15.15    Further Assurances. The Parties shall, with reasonable
diligence, do all things and provide all such reasonable assurances as may be reasonably required to consummate the transactions contemplated by this Agreement, and each Party shall provide such further documents or instruments reasonably required
by any other Party as may be reasonably necessary or desirable to effect the purpose of this Agreement and carry out its provisions. 

  
 52 

 15.16    Conflicts. In the event of any conflict or
ambiguity between any term of this Agreement and any other Transaction Agreement, the terms of this Agreement will prevail. 

15.17    Force Majeure 

15.17.1    Neither Party shall be liable to the other for any failure or delay in the performance of its
obligations under this Agreement (save in respect of any obligation to pay any monies due) to the extent that such failure or delay arises due to reasons beyond such Party’s reasonable control (“Force Majeure Event”) which that
Party is unable to reasonably avoid or provide against, provided always that the affected Party promptly notifies the other (where possible, in advance or within the 48 hours from the event) of the cause and likely duration of the failure or delay
and takes all reasonable steps, including (without limitation) implementation of its business continuity and disaster recovery plan to overcome the failure or delay as soon as possible. 

15.17.2    If either Party fails to perform or is delayed in performing its obligations due to a Force Majeure
Event for 90 days or more, then the other Party shall be entitled to terminate this Agreement forthwith upon written notice. 

15.18    Guarantee. 

15.18.1    Each of Decolar Parent and each Guarantor irrevocably, absolutely and unconditionally jointly and
severally guarantees to Expedia each and every obligation and liability of Decolar hereunder, and the full and timely payment and performance of Decolar’s obligations hereunder, in each case during the Term (the “Decolar Guaranteed
Obligations”). This is a guarantee of payment and performance, and not merely of collection, and each of Decolar Parent and each Guarantor acknowledges and agrees that this guarantee is full and unconditional, and no release or
extinguishment of Decolar’s obligations or liabilities under this Agreement, whether by decree in any bankruptcy proceeding or otherwise, shall affect the continuing validity and enforceability of this guarantee. Each of Decolar Parent and each
Guarantor hereby waives for the benefit of Expedia, (a) any right to require Expedia, as a condition of payment or performance by each of Decolar Parent and each Guarantor under this Section 15.16, to proceed against
Decolar or pursue any other remedies whatsoever, (b) to the fullest extent permitted by Law, any defenses or benefits that may be derived from or afforded by Law that limit the liability of or exonerate guarantors or sureties, (c) any and
all promptness, diligence, notice of the creation, renewal, extension or accrual of any of the Decolar Guaranteed Obligations and notice of or proof of reliance by Expedia upon this guarantee or acceptance of this guarantee and (d) any claim,
right (including right of set-off), deduction or defense of any kind that Decolar may have or may assert under this Agreement. Each of Decolar Parent and each Guarantor understands that Expedia is relying on
this guarantee in entering into this Agreement. 
 15.18.2    Without limiting the generality of the foregoing,
each of Decolar Parent and each Guarantor authorizes Decolar in its sole and absolute discretion, without any notice to or consent of each of Decolar Parent and each Guarantor and without in any way discharging, terminating, releasing, affecting or
impairing the obligations of each of Decolar Parent and each Guarantor hereunder, to (a) amend, modify, extend or accelerate the time or manner of payment for or performance of the Decolar Guaranteed Obligations or otherwise amend or modify any
other terms of provisions of this Agreement in accordance with its terms, (b) release, discharge, compromise or make any settlement with Expedia in respect of the Decolar Guaranteed Obligations or (c) exercise any right or power conferred
in this Agreement, or fail or omit to enforce any such right or power, or waive any covenant or condition therein provided or any default thereunder. 

  
 53 

 15.18.3    Each of Decolar Parent and each Guarantor represents
and warrants to Expedia that (a) it has full corporate power and authority to enter into this Agreement and to perform its obligations hereunder, (b) the execution and delivery by each of Decolar Parent and each Guarantor of this Agreement
has been duly authorized by all necessary corporate action and no other proceedings are necessary to authorize the execution and delivery of this Agreement, and (c) this Agreement has been duly and validly executed and delivered by each of
Decolar Parent and each Guarantor and, assuming due authorization and delivery by the other Parties, is a valid and binding agreement, enforceable against each of Decolar Parent and each Guarantor in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar Laws of general applicability relating to or affecting creditors’ rights and to general equitable principles. 

  
 54 

 SCHEDULE 1 

Argentina: 
 Despegar.com.ar S.A. 

CUIT: 30-70130711-5 

Brazil 
 Decolar.com Ltda. 

CNPJ: 03.563.689/0002-31 

Chile: 
 Despegar.com Chile SpA. 

RUT: 96.907.830-9 

Colombia: 
 Despegar Colombia S.A.S. 

NIT: 900.610.518-5 

Costa Rica: 
 Viajes Despegar.com O.N.L.I.N.E. S.A.

 Cédula jurídica 3-101-675495 

Ecuador 
 DespegarEcuador S.A. 

RUC: 1792690994001 
 United States 

Despegar.com USA, Inc. 
 EIN: 65-1011884 
 Mexico: 

Despegar.com México, S.A. de C.V. 
 RFC: DCM 000 125
IY6 
 Panama 
 Despegar.com Panamá S.A.

 RUC: 155651485-2-2017 

Peru: 
 Despegar.com Perú S.A.C. 

RUC: 20544547756 
 Uruguay: 

Travel Reservations S.R.L. 
 RUT: 216232590019 

Holidays S.A. 
 RUT: 217265520018 

 SCHEDULE 2.1.9 

TO BE INSERTED 
 [***] 

 Schedule 3.1 

Gross Profit Share 

[***] 

 Schedule 3.1.2 

TAX CERTIFICATION 

[Include EAN.com, LP letterhead] 
 Travel
Reservations S.R.L 
 c/o Despegar.com 
 Ruta 8, Km. 17.500,
Edificio 300, Local 318 
 Montevideo, Uruguay 
 Decolar.com
Ltda, 
 Alameda Grajau 219, Alphaville Industrial 
 Barueri,
Estado de São Paulo, Brazil 
 Re: Amended and Restated Lodging Outsourcing Agreement 

Ladies and Gentlemen: 
 Reference is made to
that certain Ameded and Restated Lodging Outsourcing Agreement, dated as of .......... (the “Agreement”), by and among Expedia, Inc., a Washington corporation (“Expedia Parent”), Travel Reservations S.R.L,
a Uruguay corporation (“Decolar”), Decolar.com, Inc., a Delaware Corporation (“Decolar Parent”) and each of the subsidiaries of Decolar Parent set forth therein,. Capitalized terms used but not otherwise defined in
herein shall have the meanings set forth in the Agreement 
 EAN.com, LP, on behalf of Expedia Parent, hereby certifies that Withholding
Income Tax due on remittances from Expedia do Brasil Agencia de Viagens e Turismo Ltda. to Travelscape LLC related to the invoices included in Appendix A, issued by Travelscape LLC to Decolar.com Ltda. during the period ..............
(specify quarter), were performed by EAN, fulfilling with Brasilian legislation. 
 Very truly yours, 

 

			
	EAN.com, LP
		
	By:	 	  

		 	Name:
		 	Title:
	
	Appendix A

 List of Invoices 

Schedule 3.2.2 

Decolar Account 

 Schedule 5.1 

GDPR 
  

	1.	 Definitions 

For the purposes of this Schedule, the following terms will have the following meanings: 

 

	 	a)	 Applicable Data Protection Law(s) means all data protection and privacy laws that apply to Customer
Personal Data Processed under this Agreement (including, where applicable, EU Data Protection Laws); 

  

	 	b)	 Current Audit Report means a current version of the PCI DSS attestation of compliance and the SSAE 16
Audit Report, or its industry standard successor, for the Data Processor’s data centre providers; 

  

	 	c)	 Data Controller means an entity that determines the purposes and means of Processing personal data;

  

	 	d)	 Data Processor means an entity that Processes personal data on behalf of a Data Controller;

  

	 	e)	 EEA Data means any Customer Personal Data Processed by or on behalf of Expedia under the Agreement that
relates to travelers or other individuals who are located in the European Economic Area; 

  

	 	f)	 EU Data Protection Laws means EU Directive 2002/58/EC and EU Regulation 2016/679 (each as amended,
replaced or superseded) (the “GDPR”) and any applicable national legislation made under or in connection with the GDPR; 

  

	 	g)	 Process or Processing means any operation or set of operations that is performed upon Personal
Data, whether or not by automatic means, including, without limitation, collection, recording, organization, structuring, storage, access, adaptation, alteration, retrieval, consultation, use, disclosure, dissemination, making available, alignment,
combination, restriction, blocking, deletion, erasure, or destruction; and 

  

	 	h)	 Security Incident means a breach of security leading to the accidental or unlawful destruction, loss,
alteration, unauthorized disclosure of, or access to, Customer Personal Data transmitted, stored or otherwise Processed. 

  

	2.	 Relationship of the parties 

 

	2.1	 Both Parties agree to comply with Applicable Data Protection Laws in respect of the Processing of Customer
Data. 

  

	2.2	 For any Customer Personal Data Decolar shall be the Data Controller and Expedia shall be the Data Processor.

	3.	 The Data Processor’s responsibilities 

 

	3.1	 The Data Processor will: 

3.1.1 process Customer Personal Data only on the Data Controller’s written instruction and in accordance with this Agreement or to
optimize the booking experience for Data Controller and End Users (unless the Data Processor is otherwise required to do so in order to comply with applicable law, in which case the Data Processor shall inform the Data Controller of such legal
requirement save where prohibited to do so by applicable law), and the Data Controller confirm that its documented instructions are for the Data Processor to process the Customer Personal Data as necessary for the purposes of the Agreement. The Data
Processor shall inform the Data Controller if, in its opinion, an instruction infringes EU Data Protection Laws (when applicable); 
 3.1.2
upon termination or expiry of the Agreement or upon the Data Controller’s request, delete or return Customer Personal Data save that, in the event that the Data Processor is unable to destroy the Customer Personal Data (due to backup or legal
reasons), the Data Processor shall continue to extend indefinitely the protections of these requirements and immediately terminate any further Processing of the Customer Personal Data without the Data Controller’s express prior written consent,
except where and to the extent required by applicable law. The Data Processor obligations under these requirements to protect the security of Customer Personal Data shall survive termination of the Agreement; 

3.1.3 ensure appropriate operational and technical measures are in place to safeguard the Customer Personal Data against Security Incidents;

 3.1.4 notify the Data Controller without undue delay if the Data Processor becomes aware of any actual Security Incidents and shall
provide the Data Controller with reasonable information and cooperation so it can fulfil any data breach reporting obligations it may have under (and in accordance with the timescales required by) applicable Data Protection Laws; 

3.1.5 establish policies and procedures to provide all reasonable and prompt assistance to the Data Controller in responding to any and all
requests, complaints, or other communications received from any individual who is or may be the subject of any Customer Personal Data Processed by the Data Processor; 

3.1.6 ensure that any person (including the Data Processor’s staff, agents and subcontractors) who are authorized to Process the Customer
Personal is subject to a strict duty of confidentiality (whether a contractual or statutory duty) and shall not permit any person to Process the Customer Personal Data who is not under such a duty of confidentiality; and 

3.1.7 with regard to EEA Data, assist the Data Controller at its cost to conduct data protection impact assessments to the extent such
assessments are required by the GDPR, and if necessary, consult with relevant supervisory authorities pursuant to Articles 35-36 of the GDPR. 

3.1.8 The Data Processor shall not use Customer Personal Data to initiate contact with individuals who are the subject of the Customer Personal
Data for any purpose other than in connection with the provision of the contracted services. 
  

	3.2	 If the Data Processor considers any request by the Data Controller for support or assistance under paragraph
3.1 to be excessive or unduly onerous, then it reserve the right to charge the Data Controller for such support to a reasonable level to be agreed by the Parties. 

	4.	 Sub-processors 

 

	4.1	 when acting as Data Processor, a list of subcontractors who Process Decolar’s Customer Personal Data is
listed at Expedia’s sub-processor website
(https://support.ean.com/hc/en-us/articles/360000986389-EAN-Data-Services-Vendor-List, as updated from time to time). This sub-processor list shall contain a mechanism for Decolar to subscribe to notifications of any new sub-processors or changes to the
sub-processor list. To receive updates or changes to this list, Decolar will subscribe using the mechanism provided. Expedia shall only appoint third party vendors or service providers as sub-processors of the Customer Personal Data where it: 

 4.1.1 enters into written
contracts with such sub-processors which provide for data protection terms that are no less protective than the terms set out in this Schedule; and 

4.1.2 remain fully liable to Decolar for any breaches of the Agreement that are caused by the acts, errors and omissions of its sub-processors. 
  

	4.2	 Where Decolar has reasonable data protection grounds to believe that a
sub-processor appointed by Expedia will render Expedia unable to fulfil its data protection obligations under this Schedule, it may, within 7 days of receipt of notice of their appointment, object to
Expedia’s appointment of such sub-processor, in which case Expedia will not allow that sub-processor to further access the Customer Personal Data until Decolar has
agreed to the appointment or replacement of the subcontractor or until Decolar withdraws its objection. 

  

	5.	 Cross-border data transfers 

 

	5.1	 The Data Processor shall not (and shall not permit any sub-processor
to): 

 5.1.1 transfer Customer Personal Data outside the territory of origination unless it takes any required compliance
measures to enable such transfer legally; and 
 5.1.2 with regard to EEA Data, transfer such EEA Data to any territory outside of the
European Economic Area (“EEA”) unless the Data Processor takes such measures to ensure that such transfer of EEA Data is consistent with the requirements of Chapter V of the GDPR. For the avoidance of doubt, such measures may
include us (or sub-processor, as applicable): 
 i.    ensuring that the Data
Processor Processes the EEA Data in a country that has been deemed adequate by the European Commission pursuant to Article 45 of the GDPR; 

ii.    Processing the EEA Data pursuant to Standard Contractual Clauses (or “model clauses”) approved by a
decision of the European Commission; 
 iii.    Processing the EEA Data in compliance with Binding Corporate Rules that
have been duly authorized by EEA data protection authorities that are competent for the EEA Data; and 
 iv.    with
respect to transferring the EEA data to the United States, Processing such data pursuant to the EU-U.S. and/or Swiss-U.S. Privacy Shield Frameworks, as applicable. 

 

	6.	 Data security 

 

	6.1	 Both parties shall: 

6.1.1 maintain appropriate technical and organizational measures to protect the Customer Personal Data they each process against a Security
Incident; and 

 6.1.2 in the event of a confirmed Security Incident, promptly notify the other party if the
Security Incident affects Customer Personal Data that is also processed by the other Party under this Agreement, providing full details of the same. In such event, both Parties shall cooperate reasonably and in good faith to remedy or mitigate the
effects of the Security Incident, and the reasonable costs of such cooperation shall be borne by the Party that suffered the Security Incident. 
  

	6.2	 Upon the Data Controller’s written request and no more than once a year, the Data Processor will
provide the Data Controller its then Current Audit Report or meet with the Data Controller’s security team to discuss security questions that it may have; and/or complete a questionnaire provided by the Data Controller or a third party on its
behalf regarding its compliance with this Schedule, provided that the Data Processor shall not be required to disclose information that is reasonably considered confidential to its business. 

 Schedule 8.5 

Package and Fenced Rates. 
  

	1.	 Definitions 

“Approved Transport Component” means one of the following travel services, separately provided by Decolar or Decolar third-party supplier:
(i) air travel, (ii) rail travel which constitutes a substantial portion of the Package, (iii) car rental which constitutes a substantial portion of the Package or for at least the full duration of the stay period of the Travel
Booking, (iv) an overnight cruise; or (v) bus where the length of the bus trip is 3 hours or more; and is equal or more in value to 25% of the Travel Booking. 

“Closed User Group” means (i) any group of End Users that are members of and logged into a Decolar Approved Website (either on a session
by session basis [***]), or (ii) Decolar internal call center agents who are logged into a Decolar Travel Platform. 
 “Cross Sell Package
Rate” a rate (including Taxes) for an Expedia Travel Product which can be displayed to End Users solely in accordance with paragraph 2.2 of this Schedule 8.5 and which must not be modified by Decolar. 

“Decolar Approved Website” any Website owned and operated by Decolar and/or its Affiliates. 

“Mobile Rates” a promotional rate (including Taxes) for an Expedia Travel Product which can be displayed to End Users solely in accordance
with paragraph 2.4 of this Schedule 8.5 and which must not be modified by Decolar. 
 “Fenced Rates” a promotional rate (including Taxes)
for an Expedia Travel Product which can be displayed to End Users solely in accordance with paragraph 2.3 of this Schedule 8.5 and which must not be modified by Decolar. 

“Package” means a booking made available to End Users consisting of a Travel Booking together with an Approved Transport Component; or (as
applicable) a Travel Booking together with another Travel Booking in each case accordance with this Agreement. 
 “Standard Package Rate” a
rate (including Taxes) for an Expedia Travel Product solely for use as part of a Package, in accordance with the restrictions in this Agreement and which must not be modified by Decolar. 

 

	2.	 Room Rates 

Expedia shall make available to Decolar the following Room Rates in accordance with Section 2.3.5 of the Agreement and the provisions below: 

2.1    Standard Package Rates 

Decolar shall: (a) not display nor make available Standard Package Rates to End Users for booking except as part of Packages (b) not
display separate pricing of Standard Package Rates to customers at any time during the booking or confirmation processes (c) ensure that the final booking price for Standard Package Rates is equal to the Room Rate provided to Decolar by Expedia
(provided that Decolar remains responsible for the final price of the Package); (d) ensure the Standard Package 

 
Rate can only applied in relation to the same trip to which the Approved Transport Component within the Package relates (including having no more rooms booked than the number of people to which
the Approved Transport Component relates); and (e) retain proof of the inclusion of the Approved Transport Component within the Package for at least 30 days after the Transaction is made. 

2.2    Cross Sell Package Rates 

(a)    Cross Sell Package Rate with an Approved Transport Component. 

Decolar may only display or make Cross Sell Package Rates available to End Users who have booked an Approved Transport Component via the
Decolar Travel Solution (“Transport Eligible End Customers”); as a separate transaction to the Approved Transport Component (which is clearly communicated to the Transport Eligible End User); and provided that: (i) the
property to which the Cross Sell Package Rate relates is [***] (ii) the Cross Sell Package Rate can only be booked in relation to the same trip to which the Approved Transport Component relates and so must be within the same travel window;
(iii) Decolar retains proof of the inclusion of the Approved Transport Component within the Package for at least 30 days after the Transaction is made; and (iv) Decolar retains reports of attachment rates of Cross Sell Package Rates with
each Approved Transport Component. For the avoidance of doubt, [***] Decolar shall not display the rate for a Cross Sell Package Rate in any open and public marketing or promotional materials (whether written, oral or otherwise) whatsoever including
in the cross sell email to End Users without Expedia’s prior written consent. 
 (b)    Cross Sell Package Rate with
an hotel Booking. 
 Decolar may only display or make Cross Sell Package Rates available to End Users who have made a Travel Booking via the
Decolar Travel Solution (“Hotel Eligible End Customers”); as a separate transaction to the Travel Booking (which is clearly communicated to the Hotel Eligible End User); and provided that: (i) [***]; (ii) [***];
(iii) Decolar retains proof of the inclusion of the Travel Booking for at least 30 days after the Transaction is made; and (iv) Decolar retains reports of attachment rates of Cross Sell Package Rates with each Travel Booking. Decolar
shall: use a unique and separate profile for all Transactions of Cross Sell Package Rates; audit and manage Transactions under this Section and have the ability to restrict, upon Expedia’s request any property or chain from Transactions under
this Section. Expedia may provide notice at any time that Fenced Rates shall be used by Decolar for Transactions under this Section (being Packages created by a Travel Booking combined with a Travel Booking) rather than Cross Sell Package Rates and
Decolar shall make all corresponding changes to the Decolar Travel Solutions to effect this change. Once this occurs, the provisions of Schedule 8.5, paragraph 4 shall apply. For the avoidance of doubt, [***] Decolar shall not display the
rate for a Cross Sell Package Rate in any open and public marketing or promotional materials (whether written, oral or otherwise) whatsoever including in the cross sell email to End Users without Expedia’s prior written consent 

 2.3    Fenced Rates 

Decolar may only display Fenced Rates to End Users who have elected to participate in a Closed User Group. For the avoidance of doubt, [***]
Decolar shall not display the rate for a Fenced Rate in any open and public marketing or promotional materials (whether written, oral or otherwise) whatsoever without Expedia’s prior written consent. Without prejudice to any other rights or
remedies available to Expedia or its Affiliates, if Decolar is in material breach of this Section, Expedia will notify Decolar of such breach and allow Decolar five (5) Business Days to remedy such breach. If Decolar does not remedy such breach
within five (5) Business Days, Expedia may restrict or completely withdraw access to Fenced Rates with immediate effect and, if any Travel Supply Provider terminates its agreement with Expedia as a result of such breach, Expedia may permanently
restrict or completely withdraw access to such Fenced Rates. 
 2.4    Mobile Rates 

Decolar may not display or make available such Mobile Rates to End Users except only through Decolar Travel Solution application for mobile
devices or a mobile-device optimised version of the Decolar Travel Solution. 
  

	3.	 [***] 

  

	4.	 Breach 

Without prejudice to any other rights or remedies available to Expedia or its Affiliates, if Decolar is in material breach of this Schedule 8.5, Expedia
will notify Decolar of such breach and allow Decolar five (5) Business Days to remedy such breach. If Decolar does not remedy such breach within five (5) Business Days, Expedia may restrict or completely withdraw access to access to any
Room Rates, comprising an individual hotel, group or chain of hotels as well as any Room Rates with immediate effect and, if any Travel Supply Provider terminates its agreement with Expedia as a result of such breach, Expedia may permanently
restrict access to any Room Rates. In addition, Expedia may from time to time require internal Decolar collaboration to demonstrate its ongoing compliance with this Schedule 8.5. Decolar shall upon written request from Expedia, send copies of
booking confirmations, booking details and give access to such other information, systems and/or documentation as is reasonably necessary to demonstrate Decolar’s compliance. Failure by Decolar to do so shall be deemed a breach of this
Schedule 8.5. Furthermore, if Expedia receives a complaint or request from a Travel Supply Provider, Expedia may restrict or completely withdraw access to access to any Room Rates, comprising an individual hotel, group or chain of hotels as
well as a Room Rate under Schedule 8.5 with immediate effect.Exhibit

EXHIBIT 10.1

Published CUSIP number (Deal): 73651GAR4 
Published CUSIP number (Term Loans): 73651GAS2

CREDIT AGREEMENT
DATED AS OF APRIL 9, 2020
AMONG

PORTLAND GENERAL ELECTRIC COMPANY, 
THE BORROWER;

THE LENDERS;

U.S. BANK NATIONAL ASSOCIATION, 
AS ADMINISTRATIVE AGENT;

COBANK, ACB 
AS SYNDICATION AGENT;

U.S. BANK, NATIONAL ASSOCIATION AND COBANK, ACB 
AS CO-LEAD ARRANGERS AND JOINT BOOKRUNNERS

TABLE OF CONTENTS
Page
		
	ARTICLE I
	DEFINITIONS    1

		
	ARTICLE II
	THE CREDITS    13

		
	ARTICLE III
	YIELD PROTECTION; TAXES    18

		
	ARTICLE IV
	CONDITIONS PRECEDENT    23

		
	ARTICLE V
	REPRESENTATIONS AND WARRANTIES    24

		
	ARTICLE VI
	COVENANTS    28

		
	ARTICLE VII
	DEFAULTS    34

		
	ARTICLE VIII
	ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES    36

		
	ARTICLE IX
	GENERAL PROVISIONS    37

		
	ARTICLE X
	THE AGENT    42

		
	ARTICLE XI
	SETOFF; RATABLE PAYMENTS    47

		
	ARTICLE XII
	BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS    47

		
	ARTICLE XIII
	NOTICES    52

		
	ARTICLE XIV
	COUNTERPARTS    53

		
	ARTICLE XV
	CHOICE OF LAW; CONSENT TO JURISDICTION    53

SCHEDULES
SCHEDULE 2    COMMITMENTS
SCHEDULE 3    INDEBTEDNESS EXCEPTIONS
SCHEDULE 5.2    LITIGATION
SCHEDULE 5.9    SUBSIDIARIES
SCHEDULE 5.16    ANTI-TERRORISM; ANTI-MONEY LAUNDERING
SCHEDULE 13.1    NOTICE ADDRESSES

EXHIBITS
EXHIBIT A    FORM OF ASSIGNMENT AGREEMENT
EXHIBIT B    FORM OF OPINION OF BORROWER’S COUNSEL
EXHIBIT C    FORM OF COMPLIANCE CERTIFICATE
EXHIBIT D    FORM OF NOTE
EXHIBIT E    FORM OF BORROWING NOTICE
EXHIBIT F     FORM OF CHANGE NOTICE
 

i

This CREDIT AGREEMENT, dated as of April 9, 2020, is among Portland General Electric Company (the “Borrower”), the Lenders party hereto and U.S. Bank National Association, as administrative agent for the Lenders.
The parties hereto agree as follows:

1

ARTICLE I 
 
DEFINITIONS
As used in this Agreement:
“Additional Credit Facility” means any new credit facility entered into, or term loans issued by, the Borrower (in each case whether issued or entered into under an existing document or credit facility or otherwise) prior to the date that is sixty (60) days following the Effective Date; provided, however, that none of the following shall constitute an “Additional Credit Facility” hereunder: (a) the Borrower's Mortgage and Deed of Trust, dated July 1, 1945; (b) any borrowing under, or extension or renewal of, an existing credit facility or agreement, in each case, to the extent such borrowing, extension, or renewal relates solely to commitments and facilities existing on the Effective Date; (c) any credit facility or agreement primarily secured by the real property and related assets located in Portland, Oregon, at (i) One World Trade Center, 121 SW Salmon Street, (ii) Two Word Trade Center, 25 SW Salmon Street, or (iii) Three World Trade Center, 26 SW Salmon Street; or (d) credit arrangements either (x) maturing after the Scheduled Termination Date or (y) in respect of letters of credit and commercial paper to support daily and power operations, in each case, in the ordinary course of Borrower's business.
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution. 
“Affected Lender” is defined in Section 2.13.
“Affiliate” of any Person means any other Person directly or indirectly controlling, controlled by or under common control with such Person.
“Agent” means U.S. Bank National Association, in its capacity as administrative agent for and contractual representative of the Lenders pursuant to Article X, and not in its individual capacity as a Lender, and any successor Agent appointed pursuant to Article X.
“Aggregate Commitment” means the aggregate of the Commitments of all the Lenders, as changed from time to time pursuant to the terms hereof. The Aggregate Commitment as of the date of this Agreement is ONE HUNDRED FIFTY MILLION DOLLARS ($150,000,000).
“Aggregate Outstanding Credit Exposure” means, at any time, the aggregate of the Outstanding Credit Exposure of all the Lenders.
“Agreement” means this Credit Agreement, as amended or otherwise modified from time to time.
“Agreement Accounting Principles” means United States generally accepted accounting principles as in effect from time to time, applied in a manner consistent with that used in preparing the financial statements referred to in Section 5.11; provided, that notwithstanding any other provision herein, the definitions set forth in this Agreement and any financial calculations required by the Loan Documents shall be computed to exclude assets and liabilities associated with leases 

2

classified as Operating Leases as defined pursuant to Financial Accounting Standards Board Accounting Standards Codification 842 (Leases).
“Alternative Margin” is defined in the definition of “Applicable Margin”.
“Anti-Terrorism Laws” is defined in Section 5.16.
“Applicable Margin” means for any day a percentage rate per annum of 1.25%; provided, that:
(a)    in the event that either (i) the Moody’s Rating is Baa2 or below or the S&P Rating is BBB- or below, or (ii) the Moody’s Rating is Baa1 and the S&P Rating is BBB, the Applicable Margin shall, as of the date of occurrence of the events in either clauses (i) or (ii), be increased to 1.50% per annum; and
(b)    in the event that the Borrower enters into any Additional Credit Facility and the spread or margin above LIBOR (or the applicable relevant definition thereof as used in the documentation evidencing such Additional Credit Facility) (the “Alternative Margin”) for such Additional Credit Facility is greater than the Applicable Margin otherwise in effect hereunder, the Applicable Margin shall be increased, effective as of the effective date of such Additional Credit Facility, to be the same as the Alternative Margin.
“Approved Fund” means any Fund 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.
“Arrangers” means U.S. Bank National Association and CoBank, ACB, in their capacities as joint lead arranger and joint bookrunner.
“Article” means an article of this Agreement unless another document is specifically referenced.
“Assignee Group” means two or more assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment advisor.
“Assignment Agreement” means an Assignment Agreement in the form of Exhibit A.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.
“Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom,  Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). 

3

“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation. 
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 
“Benefit Plan” of any Person, means, at any time, any employee benefit plan (including a Multiemployer Benefit Plan), the funding requirements of which (under Section 302 of ERISA or Section 412 of the Code) are, or at any time within six years immediately preceding the time in question were, in whole or in part, the responsibility of such Person.
“Borrower” is defined in the preamble.
“Borrowing Notice” is defined in Section 2.2(b).
“Business Day” means (i) with respect to any borrowing, payment or rate selection of Term Loans, a day that is also a London Banking Day and (ii) for all other purposes, a day (other than a Saturday or Sunday) on which banks generally are open in California for the conduct of substantially all of their commercial lending activities and interbank wire transfers can be made on the Fedwire system.
“Capitalized Lease” of a Person means any lease of Property by such Person as lessee which would be capitalized on a balance sheet of such Person prepared in accordance with Agreement Accounting Principles.
“Capitalized Lease Obligations” of a Person means the amount of the obligations of such Person under Capitalized Leases which would be shown as a liability on a balance sheet of such Person prepared in accordance with Agreement Accounting Principles (including the proviso set forth in the definition thereof).
“Change in Law” means the occurrence, after the Effective Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.
“Change Notice” is defined in Section 2.2(d).
“Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time.

4

“Commitment” means, for each Lender, the Term Loan Commitment of such Lender.
“Consolidated Indebtedness” means at any time all Indebtedness of the Borrower and its Subsidiaries calculated on a consolidated basis as of such time.
“Debt” means any liability that constitutes “debt” or “Debt” under Section 101(11) of the United States Bankruptcy Code or under the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any analogous applicable law, rule or regulation, Governmental Approval, order, writ, injunction or decree of any court or Governmental Authority.
“Default” means an event described in Article VII.
“Defaulting Lender” means, subject to Section 2.14(b), any Lender that, as determined by the Agent, (a) has failed to perform any of its funding obligations hereunder, including in respect of its Loans, within three Business Days of the date required to be funded by it hereunder, unless such Lender notifies the Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, (b) has notified the Borrower or the Agent that it does not intend to comply with its funding obligations or has made a public statement to that effect with respect to its funding obligations hereunder or under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after written request by the Agent, to confirm in writing to the Agent that it will comply with its funding obligations (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any bankruptcy or similar debtor relief law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for it, (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment, or (iv) become subject to a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.
“Disclosure Documents” means (i) the Borrower’s Annual Report on Form 10-K for the year ended December 31, 2019; (ii) the Borrower's Quarterly Report on Form 10-Q for the quarter ended September 30, 2019; and (iii) the Borrower’s reports on Form 8-K since the date of the Annual Report referred to in clause (i) and prior to the date hereof, in each case filed with the SEC.
“Dollar” and “$” mean lawful money of the United States.
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, 

5

(b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 
“Effective Date” is defined in Section 4.1.
“Environmental Laws” means any and all federal, state, local and foreign statutes, laws, judicial decisions, regulations, ordinances, rules, judgments, orders, injunctions, permits, grants, franchises, licenses, agreements and other governmental restrictions relating to (i) the protection of the environment, (ii) the effect of the environment on human health, (iii) emissions, discharges or releases of pollutants, contaminants, hazardous substances or wastes into surface water, ground water or land, or (iv) the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, hazardous substances or wastes or the clean up or other remediation thereof.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued thereunder.
“ERISA Affiliate” means, with respect to any Person, any other Person, including a Subsidiary or other Affiliate of such first Person, that is a member of any group of organizations within the meaning of Code Sections 414(b), (c), (m) or (o) of which such first Person is a member.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 
“Eurodollar Rate” means for the relevant Interest Period the sum of (a) the quotient of (i) LIBOR for the relevant Interest Period, divided by (ii) one minus the Reserve Requirement (expressed as a decimal) applicable to such Interest Period, plus (b) the Applicable Margin.
“Excluded Taxes” means, in the case of each Lender or applicable Lending Installation and the Agent, (A) taxes imposed on its overall net income, and franchise taxes or gross revenue taxes in the nature of net income taxes, including without limitation the Washington Business and Occupation Tax, the Ohio Commercial Activity Tax and other similar taxes, by either (i) any jurisdiction under the laws of which such Lender or the Agent is incorporated or organized or (ii) the jurisdiction in which the Agent’s or such Lender’s principal executive office or such Lender’s applicable Lending Installation is located; (B) any U.S. federal withholding taxes imposed under FATCA; (iii) any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction.

6

“Exhibit” refers to an exhibit to this Agreement, unless another document is specifically referenced.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any applicable intergovernmental agreements.
“Federal Funds Effective Rate” means, for any day, an interest rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published for such day (or, if such day is not a Business Day, for the immediately preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations at approximately 11:00 a.m. (New York time) on such day on such transactions received by the Agent from three Federal funds brokers of recognized standing selected by the Agent in its sole discretion.
“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities.
“Governmental Approval” means any authorization, consent, approval, license or exception of, registration or filing with, or report or notice to, any governmental unit.
“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).
“Granting Lender” is defined in Section 12.6.
“Guaranty” of a Person means any agreement, undertaking or arrangement (including, without limitation, any comfort letter, operating agreement, take or pay contract, application for a letter of credit or the obligations of any such Person as general partner of a partnership with respect to the liabilities of the partnership) by which such Person (i) assumes, guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the obligation or liability of any other Person, (ii) agrees to maintain the net worth or working capital or other financial condition of any other Person, or (iii) otherwise assures any creditor of such other Person against loss.
“Indebtedness” of a Person means such Person’s (i) obligations for borrowed money, (ii) obligations representing the deferred purchase price of Property or services (other than accounts payable arising in the ordinary course of such Person’s business payable on terms customary in the trade), (iii) obligations, whether or not assumed, secured by Liens or payable out of the proceeds 

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or production from Property now or hereafter owned or acquired by such Person, (iv) obligations which are evidenced by notes, bankers’ acceptances, or other instruments, (v) obligations of such Person to purchase accounts, securities or other Property arising out of or in connection with the sale of the same or substantially similar accounts, securities or Property, (vi) Capitalized Lease Obligations, (vii) any other obligation for borrowed money or other financial accommodation which in accordance with Agreement Accounting Principles would be shown as a liability on the consolidated balance sheet of such Person, (viii) net liabilities under interest rate swap, exchange or cap agreements, obligations or other liabilities with respect to accounts or notes, (ix) sale and leaseback transactions which do not create a liability on the consolidated balance sheet of such Person, (x) other transactions which are the functional equivalent, or take the place, of borrowing but which do not constitute a liability on the consolidated balance sheet of such Person and (xi) Guaranties of Indebtedness; provided that there shall be excluded from this definition (1) (except for the purposes of Section 7.5) Interest Deferral Obligations up to an amount outstanding at any one time equal to 15% of the amount described in clause (a) of the definition of “Total Capitalization,” excluding in the calculation thereof for the purposes of this proviso, however, preferred and preference stock and (2) the agreements listed on Schedule 3 and similar agreements entered into for the operation and maintenance of power plants or the purchase of power or transmission services (provided, for the avoidance of doubt, that this Agreement shall not be deemed to be such an agreement as a result of it being available to support collateral requirements under the Borrower’s energy purchase and sale agreements).
“Interest Deferral Obligations” means obligations and guaranties related thereto, which obligations and guaranties are junior and subordinated in all respects to all amounts owing under the Loan Documents, that contain provisions allowing the obligor to extend the interest payment period from time to time and defer any interest payments (however denominated) due during such extended interest payment period.
“Interest Period” means for each Term Loan, a period of one, two, three or six months commencing on a Business Day selected by the Borrower pursuant to this Agreement.  Such Interest Period shall end on the day which corresponds numerically to such date one, two, three or six months thereafter, provided that if there is no such numerically corresponding day in such next, second, third or sixth succeeding month, such Interest Period shall end on the last Business Day of such next, second, third or sixth succeeding month.  If an Interest Period would otherwise end on a day which is not a Business Day, such Interest Period shall end on the next succeeding Business Day, provided that if said next succeeding Business Day falls in a new calendar month, such Interest Period shall end on the immediately preceding Business Day.  Notwithstanding any other provision of this Agreement the Borrower may not select any Interest Period that would extend beyond the Scheduled Termination Date.
“Lender Funding Obligation” is defined in Section 12.6(a).
“Lenders” means the financial institutions from time to time parties hereto as lenders, together with their respective successors and assigns.

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“Lending Installation” means, with respect to a Lender or the Agent, the office, branch, subsidiary or affiliate of such Lender or the Agent listed on Schedule 13.1 or otherwise selected by such Lender or the Agent pursuant to Section 2.11.
“LIBOR” means, for the relevant Interest Period, the greater of (a) zero  and (b) the applicable interest settlement rate for deposits in Dollars administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) appearing on the applicable Reuters Screen (or on any successor or substitute page) as of 11:00 a.m. (London time) two Business Days before the first day of such Interest Period, and having a maturity equal to such Interest Period; provided that, if the applicable Reuters Screen (or any successor or substitute page) is not available to the Administrative Agent for any reason, LIBOR for the relevant Interest Period shall instead be the applicable interest settlement rate for deposits in Dollars administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) as reported by any other generally recognized financial information service selected by the Administrative Agent as of 11:00 a.m. (London time) two Business Days before the first day of such Interest Period, and having a maturity equal to such Interest Period.
“Lien” means any lien (statutory or other), mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional sale, Capitalized Lease or other title retention agreement).
“Loan” means, with respect to a Lender, any Term Loan made by such Lender pursuant to Article II.
“Loan Documents” means this Agreement and each Note.
“London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market.
“Margin Stock” means margin stock as defined in Regulation U.
“Material Adverse Effect” means a material adverse effect on (i) the business or financial condition of the Borrower and its Subsidiaries taken as a whole, (ii) the ability of the Borrower to perform its obligations under the Loan Documents, or (iii) the validity or enforceability of any of the Loan Documents against the Borrower or the material rights or remedies of the Agent or the Lenders thereunder, it being understood that if the Moody’s Rating and/or the S&P Rating is downgraded to Baa3 or below or BBB- or below, respectively, such downgrade in and of itself shall not constitute a Material Adverse Effect (but shall only constitute a Material Adverse Effect if such downgrade results in a material adverse effect of the type described in clause (i) or (ii) above).
“Material Indebtedness” is defined in Section 7.5.
“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.

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“Moody’s Rating” means at any time, the rating issued by Moody's Investors Service, Inc. and then in effect with respect to the Borrower's senior unsecured long-term debt securities without third-party credit enhancement.
“Mortgage” is defined in Section 6.10(v).
“Multiemployer Benefit Plan” means any Benefit Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA.
“Note” is defined in Section 2.7.
“Obligations” means all unpaid principal of and accrued and unpaid interest with respect to any Loan and all expenses, reimbursements, indemnities and other obligations of the Borrower to the Lenders or to any Lender, the Agent or any indemnified party arising under the Loan Documents.
“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control.
“Other Agents” is defined in Section 10.14.
“Other Taxes” is defined in Section 3.5(ii).
“Outstanding Credit Exposure” means, as to any Lender at any time, the sum of the aggregate principal amount of its Loans outstanding at such time.
“Participant Register” has the meaning specified in Section 12.2(c).
“Participants” is defined in Section 12.2(a).
“PATRIOT Act” means the USA Patriot Act of 2001, 31 U.S.C. Section 5318.
“Payment Date” means the last Business Day of each March, June, September and December.
“PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto.
“Person” means any natural person, corporation, firm, joint venture, partnership, limited liability company, association, enterprise, trust or other entity or organization, or any government or political subdivision or any agency, department or instrumentality thereof.
“Pro Rata Share” means, with respect to any Lender at any time, (a) the percentage of the aggregate Commitments that is represented by such Lender’s Commitment and (b) with respect to such Lender’s portion of  the outstanding Loans at any time, the percentage of the outstanding principal amount of such Loans held by such Lender at such time.  The Pro Rata Share of a Lender shall be subject to adjustment as provided in Section 2.14.
“Property” of a Person means any and all property, whether real, personal, tangible, intangible, or mixed, of such Person, or other assets owned or leased by such Person.

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“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as amended from time to time. 
“Purchaser” means any Person that meets the requirements to be an assignee under Sections 12.3(a)(iii) and (v) (subject to such consents, if any, as may be required under Section 12.3(a)(iii)).
“Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System.
“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks for the purpose of purchasing or carrying margin stock applicable to member banks of the Federal Reserve System.
“Required Lenders” means Lenders in the aggregate having more than 50% of the sum of (a) any unfunded Aggregate Commitment and (b) the Aggregate Outstanding Credit Exposure; provided, however, that if any Lender shall be a Defaulting Lender at such time then there shall be excluded from the determination of Required Lenders any unfunded Commitment and any Outstanding Credit Exposure of such Lender at such time.
“Reserve Requirement” means, with respect to an Interest Period, the maximum aggregate reserve requirement (including all basic, supplemental, marginal and other reserves) which is imposed under Regulation D on Eurocurrency liabilities.
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. 
“S&P Rating” means, at any time, the rating issued by Standard & Poor's Financial Services LLC, a subsidiary of The McGraw Hill Companies, Inc. and then in effect with respect to the Borrower's senior unsecured long-term debt securities without third-party credit enhancement.
“SEC” means the Securities and Exchange Commission.
“Sanctioned Country” means a country subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx, or as otherwise published from time to time.
“Sanctioned Person” means (a) a Person named on the list of “Specially Designated Nationals and Blocked Persons” maintained by OFAC available at http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or as otherwise published from time to time, (b) a Person named on the lists maintained by the United Nations Security Council available at http://www.un.org/sc/committees/list_compend.shtml, or as otherwise published from time to time, (c) a Person named on the lists maintained by the European Union available at http://eeas.europa.eu/cfsp/sanctions/consol-list_en.htm, or as otherwise published from time to time, (d) a Person named 

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on the lists maintained by Her Majesty’s Treasury available at http://www.hm-treasury.gov.uk/fin_sanctions_index.htm, or as otherwise published from time to time, or (e) (i) an agency of the government of a Sanctioned Country, (ii) an organization controlled by a Sanctioned Country, or (iii) a person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by OFAC.
“Schedule” refers to a specific schedule to this Agreement, unless another document is specifically referenced.
“Scheduled Termination Date” means April 8, 2021.
“Section” means a numbered section of this Agreement, unless another document is specifically referenced.
“Significant Subsidiary” means a “significant subsidiary” (as defined in Regulation S-X of the SEC as in effect on the date of this Agreement) of the Borrower.
“SPV” is defined in Section 12.6.
“Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any partnership, limited liability company, association, joint venture or similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled.  Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of the Borrower.
“Substantial Portion” means, with respect to the Property of the Borrower and its Subsidiaries, Property which (i) represents more than 25% of the consolidated assets of the Borrower and its Subsidiaries as would be shown in the consolidated financial statements of the Borrower and its Subsidiaries as at the beginning of the twelve-month period ending with the month in which such determination is made, or (ii) is responsible for more than 25% of the consolidated net sales or of the consolidated net income of the Borrower and its Subsidiaries as reflected in the financial statements referred to in clause (i) above.
“Tax-Free Debt” means Debt of the Borrower to a state, territory or possession of the United States or any political subdivision thereof issued in a transaction in which such state, territory, possession or political subdivision issued obligations the interest on which is excludable from gross income pursuant to the provisions of Section 103 of the Code (or similar provisions), as in effect at the time of issuance of such obligations, and debt to a bank issuing a letter of credit with respect to the principal of or interest on such obligations.
“Taxes” means any and all present or future taxes, duties, levies, imposts, charges or withholdings imposed by or payable to any governmental or regulatory authority or agency, and any and all liabilities with respect to the foregoing, but excluding Excluded Taxes and Other Taxes.

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“Term Loan” is defined in Section 2.1(a).
“Term Loan Commitment” means, as to each Term Loan Lender, its obligation to make a portion of the Term Loan to the Borrower pursuant to Section 2.1(a), in the principal amount set forth opposite such Term Loan Lender’s name on Schedule 2, as such amounts may be adjusted from time to time in accordance with this Agreement.  The aggregate principal amount of the Term Loan Commitments of all the Term Loan Lenders in effect on the Effective Date is ONE HUNDRED FIFTY MILLION DOLLARS ($150,000,000).
“Term Loan Lender” means each Lender holding a Term Loan Commitment.
“Term Loan Note” is defined in Section 2.7(ii).
“Total Capitalization” means, at any time, the sum of the following for the Borrower and its Subsidiaries, determined on a consolidated basis in accordance with Agreement Accounting Principles (without duplication and excluding minority interests in Subsidiaries):
(c)    the amount of capital stock, including preferred and preference stock (less cost of treasury shares), plus any amounts deducted from stockholders’ equity as unearned compensation on the Borrower’s balance sheet, plus (or minus in the case of a deficit) capital surplus and earned surplus, but including current sinking fund obligations; plus
(d)    the aggregate outstanding principal amount of Interest Deferral Obligations excluded by the proviso in the definition of “Indebtedness”; plus
(e)    the aggregate outstanding principal amount of all Consolidated Indebtedness.
“Transferee” is defined in Section 12.4.
“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.
“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution. 
“Unmatured Default” means an event which but for the lapse of time or the giving of notice, or both, would constitute a Default.
“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,  any powers of the applicable Resolution Authority  under the Bail-In 

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Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution  or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.
The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms.

ARTICLE II     
 
THE CREDITS
2.1.    The Term Loans.
(a)    Description of Term Loans.  Subject to the terms and conditions herein set forth and in reliance upon the representations and warranties herein set forth, each Term Loan Lender severally agrees to make its portion of a term loan (the “Term Loan”) to the Borrower in accordance with Section 2.2 in one advance on the Effective Date in a principal amount equal to such Lender’s Term Loan Commitment.  Notwithstanding the foregoing, if the Term Loan Commitments are not drawn by 3:00 p.m. (New York time) on the Effective Date, the undrawn amount shall automatically be cancelled.  Amounts repaid on the Term Loan may not be reborrowed.  
(b)    Repayment of Term Loans.  The Term Loans shall be due and paid in full, together with accrued interest thereon, and any other amounts then due and owing, on the Scheduled Termination Date (except as (x) accelerated sooner pursuant to Section 8.1 or (y) otherwise provided in Section 3.3).
2.2.    Procedure for Term Loans.
(a)    Term Loans.  The Lenders shall make each Term Loan ratably according to their Pro Rata Share.  
(b)    Method of Selecting Interest Periods for Term Loans.  The Borrower shall give the Agent irrevocable notice in substantially the form of Exhibit E hereto (a “Borrowing Notice”) no later than 11:30 a.m. (New York time) two (2) Business Days prior to the Effective Date.  The Borrowing Notice shall provide the Lenders with customary funding indemnification on terms consistent with Section 3.4 and shall otherwise specify:
(i)    the aggregate amount of the Term Loans, and
(ii)    the Interest Period applicable thereto.
(c)    Method of Borrowing.  Not later than 1:00 p.m. (New York time) on the Effective Date, each Lender shall make available its Loans in funds immediately available to the Agent at its address specified pursuant to Article XIII.  The Agent will make the funds so received from such Lenders available to the Borrower on the day received and in the form received, at the Borrower’s account specified by the Borrower to the Agent.
(d)    Change of Interest Periods.  The Eurodollar Rate for a Term Loan will automatically be reset at the end of the applicable Interest Period for an identical Interest Period, unless (i) such Term Loan is or was repaid in accordance with Section 2.3 or (ii) the Borrower shall have given the Agent a Change Notice (as defined below) requesting that, at the end of such Interest Period, a new Interest Period be applicable for such Term Loan.  The Borrower shall give the Agent irrevocable notice in substantially the form of Exhibit F hereto (a “Change Notice”) of the request for a new Interest Period of a Term Loan not later than 11:30 a.m. (New York time) at least two (2) Business Days prior to the date of the requested change, specifying:
(i)    the requested date, which shall be a Business Day, of such change, and
(ii)    the duration of the new Interest Period applicable thereto.
The purpose of this Section 2.2(d) is to allow the Borrower to change the Interest Period on an outstanding Term Loan.  In no event shall these changes be construed as an advance of a new Loan.
2.3.    Optional Principal Payments.  The Borrower may from time to time prepay the Loans, subject to the payment of any funding indemnification amounts required under Section 3.4, but without penalty or premium, all outstanding Term Loans or, in a minimum aggregate amount of $5,000,000 or any higher integral multiple of $1,000,000, any portion of the outstanding Term Loans upon prior notice to the Agent not later than 1:00 p.m. (New York time) two (2) Business Days prior to the date of payment (which shall be a Business Day).  
2.4.    Interest Rate, etc.  Each Term Loan shall bear interest on the outstanding principal amount thereof at the Eurodollar Rate for the Interest Period specified by the Borrower in accordance with Section 2.2(b) (or any automatic reset pursuant to Section 2.2(d)) from and including the first day of the Interest Period applicable thereto to (but not including) (a) the last day of such Interest Period, or (b) the date of prepayment with respect to any principal amount prepaid pursuant to Section 2.3.
2.5.    Interest; Rates Applicable After Default.  During the continuance of a Default or Unmatured Default, the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that each Term Loan shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum, provided that, during the continuance of a Default under Section 7.6 or 7.7, the interest rate set forth in this Section 2.5 shall be applicable to all Term Loans without any election or action on the part of the Agent or any Lender.
2.6.    Method of Payment.  Except as otherwise provided herein, all payments of the Obligations shall be made, without setoff, deduction, or counterclaim, in immediately available funds to the Agent at the Agent’s address specified pursuant to Article XIII, or at any other Lending Installation of the Agent specified in writing by 1:00 p.m. (New York time) on the Business Day prior to the date when due by the Agent to the Borrower.  Each payment delivered to the Agent for the account of any Lender shall be delivered promptly by the Agent to such Lender in the same type of funds that the Agent received at its address specified pursuant to Article XIII or at any Lending Installation specified in a notice received by the Agent from such Lender.
2.7.    Evidence of Indebtedness; Recordkeeping.
(i)    Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.
(ii)    Upon the request of any Lender, the Loans made by such Lender also may be evidenced by a promissory note in favor of such Lender, substantially in the form of Exhibit D (collectively, the “Notes” and each a “Note”).  In such event, the Borrower shall prepare, execute and deliver to such Lender a Note payable to such Lender.
(iii)    The Agent shall also maintain accounts in which it will record (a) the amount of each Loan made hereunder and the Interest Period with respect thereto, (b) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (c) the amount of any sum received by the Agent hereunder from the Borrower and each Lender’s share thereof.
(iv)    The entries set forth in the accounts maintained pursuant to paragraphs (i) and (iii) above, in the absence of manifest error, shall be prima facie evidence of the existence and amounts of the Obligations therein recorded and outstanding hereunder; provided that the failure of the Agent or any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Obligations in accordance with their terms.
2.8.    Telephonic Notices.  The Borrower hereby authorizes the Lenders and the Agent to make the Terms Loans, change the Interest Period, and to transfer funds based on telephonic notices made by any person or persons the Agent or any Lender in good faith believes to be acting on behalf of the Borrower, it being understood that the foregoing authorization is specifically intended to allow Borrowing Notices and Change Notices to be given telephonically.  The Borrower agrees to deliver promptly to the Agent a written confirmation (signed by an authorized representative of the Borrower) of each telephonic notice, if such confirmation is requested by the Agent or any Lender.  If the written confirmation differs in any material respect from the action taken by the Agent and the Lenders, the records of the Agent and the Lenders shall govern absent manifest error.
2.9.    Interest Payment Dates; Interest and Fee Basis.  Interest accrued on each Term Loan shall be payable on the last day of its applicable Interest Period, on any date on which such Term Loan is prepaid, whether by acceleration or otherwise, and at maturity.  Interest accrued on each Term Loan having an Interest Period longer than three months shall also be payable on the last day of each three month interval during such Interest Period.  All interest shall be calculated for actual days elapsed on the basis of a 365-day year or, when appropriate, a 366-day year.  Interest shall be payable for the day a Term Loan is made but not for the day of any payment on the amount paid if payment is received prior to noon (New York time) at the place of payment.  If any payment of principal of or interest on a Term Loan shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest in connection with such payment.
2.10.    Notification of Loans, Interest Rates and Prepayments.  Promptly after receipt thereof, the Agent will notify each Lender of the contents of each Borrowing Notice, Change Notice and repayment notice received by it hereunder; provided, however, that the failure of the Agent to provide such notice to the Lenders shall not affect the validity or binding nature of such notice delivered to the Agent by the Borrower.  The Agent will notify each Lender of the interest rate applicable to each Term Loan promptly upon determination of such interest rate.
2.11.    Lending Installations.  Each Lender may book its Loans at any U.S. Lending Installation selected by such Lender and may change its Lending Installation from time to time.  All terms of this Agreement shall apply to any such Lending Installation.  Each Lender may, by written notice to the Agent and the Borrower in accordance with Article XIII, designate replacement or additional U.S. Lending Installations through which Loans will be made by it and for whose account Loan payments are to be made.
2.12.    Non-Receipt of Funds by the Agent.  Unless the Borrower or a Lender, as the case may be, notifies the Agent prior to the date on which it is scheduled to make payment to the Agent of (i) in the case of a Lender, the proceeds of a Loan or (ii) in the case of the Borrower, a payment of principal or interest to the Agent for the account of the Lenders, that it does not intend to make such payment, the Agent may assume that such payment has been made.  The Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption.  If such Lender or the Borrower, as the case may be, has not in fact made such payment to the Agent, the recipient of such payment shall, on demand by the Agent, repay to the Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Agent until the date the Agent recovers such amount at a rate per annum equal to (x) in the case of payment by a Lender, the Federal Funds Effective Rate for such day for the first three (3) days and, thereafter, the interest rate applicable to the relevant Loan or (y) in the case of payment by the Borrower, the interest rate applicable to the relevant Loan.
2.13.    Replacement of Lender.  If (a) the Borrower is required pursuant to Section 3.1, 3.2 or 3.5 to make any additional payment to any Lender or if any Lender’s obligation to make Term Loans is suspended pursuant to Section 3.3 or (b) any Lender becomes a Defaulting Lender (any Lender so affected as described in subclauses (a) or (b) an “Affected Lender”), the Borrower may (but only, in the case of clause (a), if such amounts continue to be charged or such suspension is still effective) elect to replace such Affected Lender as a Lender party to this Agreement, provided that no Default or Unmatured Default shall have occurred and be continuing at the time of such replacement, and provided further that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Borrower and the Agent shall agree, as of such date, to purchase for cash the Loans due to the Affected Lender pursuant to an Assignment Agreement substantially in the form of Exhibit A and to become a Lender for all purposes under this Agreement and to assume all obligations of the Affected Lender to be terminated as of such date and to comply with the requirements of Section 12.3 applicable to assignments, and (ii) the Borrower shall pay to such Affected Lender in same day funds on the day of such replacement (A) all interest and other amounts then accrued but unpaid to such Affected Lender by the Borrower hereunder to and including the date of termination, including, without limitation, any payments due to such Affected Lender under Sections 3.1, 3.2 and 3.5, and (B) an amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement under Section 3.4 had the Loans of such Affected Lender been prepaid on such date rather than sold to the replacement Lender.
2.14.    Defaulting Lenders.
(a)    Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:
(i)    Waivers and Amendments.  That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 8.2.
(ii)    Reallocation of Payments.  Any payment of principal, interest, or other amounts received by the Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 8.1 or otherwise, and including any amounts made available to the Agent by that Defaulting Lender pursuant to Section 11.1), shall be applied at such time or times as may be determined by the Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to the Agent hereunder; second, as the Borrower may request (so long as no Unmatured Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent; third, if so determined by the Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund 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 that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Unmatured Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to that 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 that 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 4.2 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 that Defaulting Lender.  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 pursuant to this Section 2.14(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.
(b)    Defaulting Lender Cure.  If the Borrower and the Agent agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Agent may determine to be necessary to cause the Loans to be held on a pro rata basis by the Lenders in accordance with their Pro Rata Shares, whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

ARTICLE III     
 
YIELD PROTECTION; TAXES
3.1.    Yield Protection.  If, on or after the date of this Agreement, any Change in Law:
(i)    subjects the Agent, any Lender or any applicable Lending Installation to any Taxes, or changes the basis of taxation of payments (other than in each case with respect to Excluded Taxes) to any Lender in respect of its Loans or
(ii)    imposes or increases or deems applicable any reserve, assessment, insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender or any applicable Lending Installation (other than reserves and assessments taken into account in determining the interest rate applicable to Term Loans), or
(iii)    imposes any other condition the result of which is to increase the cost to any Lender or any applicable Lending Installation of making, funding or maintaining its Term Loans or reduces any amount receivable by any Lender or any applicable Lending Installation in connection with its Term Loans, or requires any Lender or any applicable Lending Installation to make any payment calculated by reference to the amount of Term Loans or interest received by it, by an amount deemed material by such Lender,
and the result of any of the foregoing is to increase the cost to the Agent, such Lender or applicable Lending Installation, as the case may be, of continuing the Interest Period then applicable to its Loans through the end of such period or making or maintaining its Loans or Commitment or to reduce the return received by such Lender or applicable Lending Installation in connection with such Loans or Commitment, then, within fifteen (15) days of demand by such Lender, the Borrower shall pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduction in amount received.
3.2.    Changes in Capital Adequacy Regulations.  If a Lender determines that the amount of capital or liquidity required or expected to be maintained by such Lender, any Lending Installation of such Lender or any corporation controlling such Lender is increased as a result of a Change in Law, then, within fifteen (15) days of demand by such Lender, the Borrower shall pay such Lender the amount necessary to compensate for any shortfall in the rate of return on the portion of such increased capital or liquidity which such Lender determines is attributable to this Agreement, its Outstanding Credit Exposure or its Commitment to make Loans (after taking into account such Lender’s policies as to capital adequacy).
3.3.    Availability of Loans.
(a)    If (x) any Lender determines that maintenance of its Term Loans at a suitable Lending Installation would violate any applicable law, rule, regulation, or directive, whether or not having the force of law, or if (y) the Required Lenders determine that (i) deposits of a type and maturity appropriate to match fund Term Loans are not available or (ii) the interest rate applicable to Term Loans does not accurately reflect the cost of making or maintaining Term Loans, then the Agent shall suspend the availability of Term Loans and require any affected Term Loans to be repaid, subject to Section 3.3(b) and the payment of any funding indemnification amounts required by Section 3.4.
(b)    Notwithstanding the foregoing, if the determination described in Section 3.3(a)(y) (the “Unavailability Determination”) has been made, the Agent and the Borrower shall negotiate in good faith to determine an alternative interest rate for the Term Loans; provided, that (i) until such agreement is reached, the availability of Term Loans shall be suspended as provided in Section 3.3(a) and (ii) if the Agent and the Borrower have not agreed to an alternative interest rate within three Business Days, the Borrower shall be required to repay the affected Term Loans as set forth in Section 3.3(a).  The alternative interest rate agreed to pursuant to this Section 3.3(b) shall apply retroactively to the affected Term Loans commencing on the day on which the Unavailability Determination was made.  In the event an interest payment is required pursuant to Section 2.9 after the Unavailability Determination has been made but prior to an alternative interest rate being established, such interest payment shall be deferred until the earlier of (i) the date on which an alternative interest rate is established for the Term Loans and (ii) the date on which the Borrower is required to repay the affected Term Loans.
3.4.    Funding Indemnification.  If:
(i)    any payment of a Term Loan occurs on a date that is not the last day of the applicable Interest Period, whether because of acceleration, prepayment or otherwise;
(ii)    a Term Loan is not made on the date specified by the Borrower for any reason other than default by the Lenders;
(iii)    a Term Loan is converted other than on the last day of the Interest Period applicable thereto; 
(iv)    the Borrower fails to borrow, convert, continue or prepay a Term Loan on the date specified in any notice delivered pursuant hereto; or 
(v)    a Term Loan is assigned other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.13, 
the Borrower shall indemnify each Lender for such Lender’s costs, expenses and Interest Differential (as determined by such Lender) incurred as a result of such prepayment. The term “Interest Differential” means the greater of zero and the financial loss incurred by the Lender resulting from prepayment, calculated as the difference between the amount of interest such Lender would have earned (from like investments as of the first day of the Interest Period) had prepayment not occurred and the interest such Lender will actually earn (from like investments as of the date of prepayment) as a result of the redeployment of funds from the prepayment. Because of the short-term duration of any Interest Period, the Borrower agrees that the Interest Differential shall not be discounted to its present value.
The Borrower hereby acknowledges that the Borrower shall be required to pay Interest Differential with respect to any portion of the principal balance accelerated or paid before the end of the Interest Period for such Term Loan, whether voluntarily, involuntarily, or otherwise, including without limitation any principal payment required upon maturity when the Borrower has elected an Interest Period that extends beyond the scheduled maturity date of such Term Loan and any principal payment required following default, demand for payment, acceleration, collection proceedings, foreclosure, sale or other disposition of collateral, bankruptcy or other insolvency proceedings, eminent domain, condemnation, application of insurance proceeds, or otherwise. Such Interest Differential shall at all times be an Obligation as well as an undertaking by the Borrower to the Lenders whether arising out of a voluntary or mandatory prepayment.
3.5.    Taxes.
(i)    All payments by the Borrower to or for the account of any Lender or the Agent hereunder shall be made free and clear of and without deduction for any and all Taxes, except to the extent such Lender is entitled to an exemption from or reduction of withholding tax with respect to payments under this Agreement but fails to properly and timely complete and execute documentation as provided in Section 3.5(iv) or Section 3.5(vi), as the case may be.  Subject to each Lender’s and the Agent’s compliance with Section 3.5(iv) and Section 3.5(vi), if the Borrower or the Agent shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder to any Lender or the Agent, (a) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 3.5) such Lender or the Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (b) the Borrower or the Agent, as applicable, shall make such deductions, (c) the Borrower or the Agent, as applicable, shall pay the full amount deducted to the relevant authority in accordance with applicable law and (d) the Borrower shall furnish to the Agent the original copy of a receipt evidencing payment thereof within thirty (30) days after such payment is made.
(ii)    In addition, the Borrower hereby agrees to pay any present or future stamp or documentary taxes and any other excise (but excluding Excluded Taxes) or property taxes, charges or similar levies which arise from any payment made hereunder or from the execution or delivery of, or otherwise with respect to, this Agreement (“Other Taxes”).
(iii)    Except as otherwise provided herein, the Borrower hereby agrees to indemnify the Agent and each Lender for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed on amounts payable under this Section 3.5) paid by the Agent or such Lender and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto; provided that the Borrower shall not be required to indemnify the Agent or any Lender for interest, penalties or associated expenses described in the foregoing if such liability is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the party seeking indemnification.  Payments due under this indemnification shall be made within thirty (30) days of the date the Agent or such Lender makes demand therefor pursuant to Section 3.6.
(iv)    Each Lender that is not incorporated under the laws of the United States of America or a state thereof (each a “Non-U.S. Lender”) agrees that it will, not less than ten (10) Business Days after the date of this Agreement (or, if later, ten (10) Business Days after such Lender shall become a Lender pursuant to Section 12.3), deliver to each of the Borrower and the Agent two duly completed copies of United States Internal Revenue Service Form W-8BEN, W-8BEN-E, W-8ECI or W-8IMY and related documentation, certifying in either case that such Lender (or beneficial owners, as applicable) is entitled to receive payments under this Agreement without deduction or withholding of any United States federal income taxes and is entitled to an exemption from United States backup withholding tax.  Each Non-U.S. Lender further undertakes to deliver to each of the Borrower and the Agent (x) renewals or additional copies of such form (or any successor form) on or before the date that such form expires or becomes obsolete, and (y) after the occurrence of any event requiring a change in the most recent forms so delivered by it, such additional forms or amendments thereto as may be reasonably requested by the Borrower or the Agent.  All forms or amendments described in the preceding sentence shall certify that such Lender is entitled to receive payments under this Agreement without deduction or withholding of any United States federal income taxes, unless an event (including without limitation any change in treaty, law or regulation) has occurred prior to the date on which any such delivery would otherwise be required which renders all such forms inapplicable or which would prevent such Lender from duly completing and delivering any such form or amendment with respect to it and such Lender advises the Borrower and the Agent that it is not capable of receiving payments without any deduction or withholding of United States federal income tax.
(v)    For any period during which a Non-U.S. Lender has failed to provide the Borrower with an appropriate form pursuant to clause (iv), above (unless such failure is due to a change in treaty, law or regulation, or any change in the interpretation or administration thereof by any Governmental Authority, occurring subsequent to the date on which a form originally was required to be provided), such Non-U.S. Lender shall not be entitled to indemnification under this Section 3.5 with respect to Taxes imposed by the United States; provided that, should a Non-U.S. Lender which is otherwise exempt from or subject to a reduced rate of withholding tax become subject to Taxes because of its failure to deliver a form required under clause (iv), above, the Borrower shall take such steps as such Non-U.S. Lender shall reasonably request to assist such Non-U.S. Lender to recover such Taxes.
(vi)    Any Lender that is entitled to an exemption from or reduction of withholding tax, including backup withholding, with respect to payments under this Agreement pursuant to the law of any relevant jurisdiction or any treaty shall deliver to the Borrower (with a copy to the Agent), at the time or times prescribed by applicable law, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate.  In the event such Lender has failed timely to provide the Borrower (with a copy to the Agent) with such properly completed and executed documentation, such Lender shall not be entitled to indemnification under this Section 3.5 with respect to Taxes withheld to the extent such Taxes would have been reduced or exempt from withholding had such properly completed and executed documentation been timely provided to the Borrower (with a copy to the Agent).
(vii)    If the U.S. Internal Revenue Service or any other Governmental Authority of the United States or any other country or any political subdivision thereof asserts a claim that the Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because the appropriate form was not delivered or properly completed, because such Lender failed to notify the Agent of a change in circumstances which rendered its exemption from withholding ineffective, or for any other reason), such Lender shall indemnify the Agent fully for all amounts paid, directly or indirectly, by the Agent as tax, withholding therefor, or otherwise, including penalties and interest, and including taxes imposed by any jurisdiction on amounts payable to the Agent under this subsection, together with all costs and expenses related thereto (including attorneys fees and time charges of attorneys for the Agent, which attorneys may be employees of the Agent); provided that no Lender shall be required to indemnify the Agent for any of the foregoing to the extent the failure of the Agent to withhold tax from amounts paid to or for the account of any Lender is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Agent.  In addition, each Lender shall severally indemnify the Agent for any taxes attributable to such Lender’s failure to comply with the provisions of Section 12.2(c) relating to the maintenance of a Participant Register that are payable or paid by the 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.  The obligations of the Lenders under this Section 3.5(vii) shall survive the payment of the Obligations and termination of this Agreement.
(viii)    If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Agent as may be necessary for the Borrower and the 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 paragraph (viii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.  
3.6.    Lender Statements; Survival of Indemnity.  To the extent reasonably possible, each Lender shall designate an alternate Lending Installation with respect to its Term Loans to reduce any liability of the Borrower to such Lender under Sections 3.1, 3.2 and 3.5 or to avoid the unavailability of Term Loans under Section 3.3, so long as such designation is not, in the judgment of such Lender, disadvantageous to such Lender.  Each Lender shall notify the Borrower of any amounts due under Section 3.1, 3.2, 3.4 or 3.5 as soon as reasonably practicable and, thereafter, deliver a written statement of such Lender to the Borrower (with a copy to the Agent) as to the amount due, if any, under such Section(s).  Such written statement shall set forth in reasonable detail the calculations upon which such Lender determined such amount and shall be final, conclusive and binding on the Borrower in the absence of manifest error.  Determination of amounts payable under such Sections in connection with a Term Loan shall be calculated as though each Lender funded its Term Loan through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining the Eurodollar Rate applicable to such Term Loan, whether in fact that is the case or not.  Unless otherwise provided herein, the amount specified in the written statement of any Lender shall be payable on demand after receipt by the Borrower of such written statement.  The obligations of the Borrower under Sections 3.1, 3.2, 3.4 and 3.5 shall survive payment of the Obligations and termination of this Agreement.

ARTICLE IV     
 
CONDITIONS PRECEDENT
4.1.    Effectiveness.  This Agreement shall become effective on the date (the “Effective Date”) on or before April 9, 2020, that all of the following conditions have been satisfied: 
(a)    the Borrower shall have paid, to the extent invoiced, all legal fees of counsel to the Agent required to be reimbursed or paid by the Borrower pursuant to Section 9.6(i); 
(b)    the Agent shall have received each of the following:
(i)    Copies of the articles or certificate of incorporation of the Borrower, together with all amendments, and a certificate of existence, certified by the appropriate governmental officer in its jurisdiction of incorporation.
(ii)    Copies, certified by the Secretary or Assistant Secretary (or such other officer deemed acceptable by the Agent) of the Borrower, of its bylaws and of its Board of Directors’ resolutions authorizing the execution of the Loan Documents by the Borrower.
(iii)    An incumbency certificate, executed by the Secretary or Assistant Secretary (or such other officer deemed acceptable by the Agent) of the Borrower, which shall identify by name and title and bear the signatures of the officers of the Borrower authorized to sign the Loan Documents, upon which certificate the Agent and the Lenders shall be entitled to rely until informed of any change in writing by the Borrower.
(iv)    A certificate, signed by the chief financial officer or the controller of the Borrower, stating, as of the Effective Date, that (A) no Default or Unmatured Default has occurred and is continuing, (B) the Borrower is in compliance with Section 6.11 and setting forth in reasonable detail the calculation of the ratio set forth therein, determined as of December 31, 2019, and (C) the representations and warranties contained in Article V are true and correct.
(v)    A written opinion of counsel to the Borrower, substantially in the form of Exhibit B.
(vi)    Evidence, in form and substance satisfactory to the Agent, that the Borrower has obtained all governmental approvals, if any, necessary for it to enter into the Loan Documents, and a certification by the Borrower that any such evidence is a true and correct copy of any such approvals.
(vii)    A Note (or Notes, as applicable) executed by the Borrower in favor of each Lender that has requested a Note pursuant to Section 2.7.
(viii)    Such other documents as any Lender or its counsel may have reasonably requested;
(c)    upon the reasonable request of any Lender made at least 10 days before the Effective Date, the Borrower shall have provided to such Lender the documentation and other information so requested in connection with applicable “know your customer” and anti-money-laundering Laws, including the PATRIOT Act, in each case at least five days before the Effective Date; and
(d)    at least five days before the Effective Date, if the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, the Borrower shall have delivered to each Lender requesting the same a Beneficial Ownership Certification in relation to the Borrower.
Without limiting the generality of the provisions of Section 10.4, for purposes of determining compliance with the conditions specified in this Section 4.1, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Agent shall have received notice from such Lender prior to the proposed Effective Date specifying its objection thereto.
4.2.    Each Loan.  The Lenders shall not be required to make any Loan unless on the Effective Date:
(i)    No Default or Unmatured Default exists or will result after giving effect to such Loan.
(ii)    The representations and warranties contained in Article V (other than Section 5.10) are true and correct in all material respects (or, with respect to any representation or warranty qualified by materiality or Material Adverse Effect, in all respects) as of the date of such Loan except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects (or, with respect to any representation or warranty qualified by materiality or Material Adverse Effect, in all respects) on and as of such earlier date.
Each request for a Loan shall constitute a representation and warranty by the Borrower that the conditions contained in Sections 4.2(i) and (ii) have been satisfied.

ARTICLE V     
 
REPRESENTATIONS AND WARRANTIES
The Borrower represents and warrants to the Lenders as follows:
5.1.    Corporate Existence.  Each of the Borrower and its Significant Subsidiaries: (a) is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation; (b) has all requisite corporate power, and has all material governmental licenses, authorizations, consents and approvals necessary to own its Property and carry on its business as now being conducted; and (c) is qualified to do business in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary and where failure so to qualify would have a Material Adverse Effect.
5.2.    Litigation and Contingent Obligations.  To the Borrower’s knowledge, there are not, in any court or before any arbitrator of any kind or before or by any governmental body, any actions, suits or proceedings pending or threatened in writing (a) against or affecting (except as disclosed in the Disclosure Documents or on Schedule 5.2) the Borrower or any Significant Subsidiary or any of their respective businesses or properties except actions, suits or proceedings that could reasonably be expected to have, singly or in the aggregate, a Material Adverse Effect or seeks to prevent, enjoin or delay the making of any Loan or (b) affecting in an adverse manner the binding nature, validity or enforceability of any Loan Document as an obligation of the Borrower.
5.3.    No Breach.  None of the execution and delivery of this Agreement, any other Loan Document, the consummation of the transactions herein or therein contemplated or compliance with the terms and provisions hereof or thereof will (a) contravene the terms of the Articles of Incorporation or Bylaws of the Borrower, (b) conflict with or result in a breach of, or require any consent under, any applicable law, rule or regulation, or any order, writ, injunction or decree of any Governmental Authority, or any agreement or instrument to which the Borrower or any of its Significant Subsidiaries is a party or by which it is bound or to which it is subject, or (c) constitute a default under any agreement or instrument to which the Borrower or any of its Significant Subsidiaries is a party or by which it is bound or to which it is subject, or result in the creation or imposition of any Lien upon any of the revenues or assets of the Borrower or any of its Significant Subsidiaries pursuant to the terms of any such agreement or instrument.
5.4.    Corporate Action.  The Borrower has all necessary corporate power and authority to execute, deliver and perform its obligations under this Agreement and the other Loan Documents; the execution, delivery and performance by the Borrower of this Agreement and the other Loan Documents have been duly authorized by all necessary corporate action on its part; and this Agreement has been duly and validly executed and delivered by the Borrower and constitutes its legal, valid and binding obligation, enforceable against the Borrower in accordance with its terms, except as may be limited by applicable bankruptcy laws or similar laws or equitable principles of general applicability affecting creditors’ rights.
5.5.    Approvals.  The Borrower has obtained all Governmental Approvals from, and has made or will timely make all filings and registrations with any federal, state or local governmental or regulatory authority or agency that has authority over the Borrower or any of its Significant Subsidiaries, that are necessary for the execution, delivery or performance by the Borrower of this Agreement and each other Loan Document or for the validity or enforceability hereof or thereof, and such Governmental Approvals, filings and registrations are and shall continue to be in full force and effect (it being understood that the Borrower may be required to make customary filings with the SEC and other governmental or regulatory authorities or agencies disclosing the existence and/or material terms of this Agreement, but failure to make any such filing shall not affect the validity or enforceability hereof or of any other Loan Document).
5.6.    Use of Loans.  Neither the Borrower nor any of its Significant Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, as defined in Regulation U, and no part of the proceeds of any Loan hereunder will be used to buy or carry any Margin Stock.  No part of the proceeds of any Loan hereunder will be used to acquire stock of any corporation the board of directors of which has publicly stated its opposition to such acquisition or fails to endorse such acquisition.
5.7.    ERISA.  Except as disclosed in the Disclosure Documents, the Borrower and its Significant Subsidiaries and, to the knowledge of the Borrower, the other ERISA Affiliates have fulfilled their respective obligations under the minimum funding standards of ERISA and the Code with respect to each Benefit Plan of the Borrower or any ERISA Affiliate; the Benefit Plans of  the Borrower and its Significant Subsidiaries and, to the knowledge of the Borrower, of the other ERISA Affiliates are in compliance in all material respects with the presently applicable provisions of ERISA and the Code or any non-compliance is not reasonably expected to result in a Material Adverse Effect; and the Borrower and its Significant Subsidiaries and, to the knowledge of the Borrower, the other ERISA Affiliates have not incurred any liability to the PBGC (other than liability for premium payments which are paid when due) or to such Benefit Plan which, individually or in the aggregate, exceeds $10,000,000.  Without limiting the generality of the foregoing, except as disclosed in the Disclosure Documents, the Borrower has not received notice with respect to any of the foregoing events with respect to any ERISA Affiliate or such Benefit Plan.
5.8.    Taxes.  United States Federal income tax returns of the Borrower and its Significant Subsidiaries have been examined and closed through the period ended December 31, 2010.  The Borrower and its Significant Subsidiaries have filed all United States Federal and state income tax returns which are required to be filed by them and have paid all taxes due pursuant to such returns or pursuant to any assessment received by the Borrower or any of its Significant Subsidiaries, except such taxes, if any, as are being contested in good faith and by proper proceedings or the non-payment of which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.  The charges, accruals and reserves on the books of the Borrower and its Significant Subsidiaries in respect of taxes and other governmental charges are, in the opinion of the Borrower, adequate.
5.9.    Subsidiaries.  Schedule 5.9 contains an accurate list of all Subsidiaries of the Borrower as of the date of this Agreement, setting forth their respective jurisdictions of organization, the percentage of their respective capital stock or other ownership interests owned by the Borrower or other Subsidiaries and identifying which Subsidiaries are Significant Subsidiaries.  All of the issued and outstanding shares of capital stock or other ownership interests of such Subsidiaries have been (to the extent such concepts are relevant with respect to such ownership interests) duly authorized and issued and are fully paid and nonassessable.
5.10.    No Material Adverse Change.  Except as disclosed in the Disclosure Documents, since December 31, 2019, there has been no change in the business or financial condition of the Borrower and its Significant Subsidiaries from that reflected in the Borrower’s Annual Report on Form 10-K for the year ended December 31, 2019 which would reasonably be expected to have a Material Adverse Effect.
5.11.    Financial Statements.  The Borrower has furnished the Disclosure Documents to the Lenders prior to the date hereof.  The financial statements contained in the Disclosure Documents and all financial statements furnished pursuant to Section 6.9(i) or (ii) fairly present in all material respects, in accordance with Agreement Accounting Principles, the consolidated financial position of the Borrower and its Subsidiaries as at their respective dates and the consolidated results of operations, retained earnings and, as applicable, changes in financial position or cash flows of the Borrower and its Subsidiaries for the respective periods to which such statements relate.
5.12.    No Material Misstatements.  None of the following contained, contains or will contain as of the date thereof any material misstatement of fact or omitted, omits or will omit as of the date thereof to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were, are or will be made, not misleading:
(i)    the Disclosure Documents (excluding any exhibits referred to in any such Disclosure Documents); or
(ii)    any report delivered to the Agent or any Lender pursuant to Section 6.9(i) or (ii) (excluding exhibits referred to in any such report).
To the best knowledge of the Borrower, no other written information delivered to the Agent or any Lender pursuant to Section 6.9 contained, contains or will contain as of the date thereof any material misstatement of fact. As of the Effective Date, the information included in any Beneficial Ownership Certification is true and correct in all respects.
5.13.    Properties.  As of the date of this Agreement, the Borrower has good right or title to all of its Properties to the extent reflected in the Disclosure Documents, except for minor restrictions, reservations and defects which do not in any substantial way interfere with the Borrower’s ability to conduct its business as now conducted and except for such assets as have been disposed of since December 31, 2019 in transactions of the types described in Sections 6.13(a), (b) and (c), and all such Properties are free and clear of any Liens, except as permitted by Section 6.10.
5.14.    Environmental Matters.  Except as described in the Disclosure Documents, to the best of Borrower’s knowledge, no event has occurred and no condition exists related to Environmental Laws which would reasonably be expected to have a Material Adverse Effect.  Except as otherwise described in the Disclosure Documents, neither the Borrower nor any Subsidiary has received any notice from a federal or state governmental agency to the effect that its operations are not in material compliance with any of the requirements of applicable Environmental Laws or are the subject of any federal or state investigation evaluating whether any remedial action is needed to respond to a release of any toxic or hazardous waste or substance into the environment, which noncompliance or remedial action would reasonably be expected to have a Material Adverse Effect.
5.15.    Investment Company Act.  Neither the Borrower nor any Subsidiary is an “investment company” or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended.
5.16.    Anti-Terrorism; Anti-Money Laundering.  Except as set forth on Schedule 5.16, neither the Borrower nor any of its Subsidiaries or, to their knowledge, any of their respective directors, officers, employees and agents (i) is an “enemy” or an “ally of the enemy” within the meaning of Section 2 of the Trading with the Enemy Act of the United States (50 U.S.C. App. §§ 1 et seq.), (ii) is in violation of (A) the Trading with the Enemy Act, (B) any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V) or any enabling legislation or executive order relating thereto or (C) the PATRIOT Act (collectively, the “Anti-Terrorism Laws”) or (iii) is a Sanctioned Person.  No part of the proceeds of any Loan hereunder will be unlawfully used directly or indirectly to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country, or in any other manner that will result in any violation by any Person (including any Lender, any Arranger or the Agent) of any Anti-Terrorism Laws.

ARTICLE VI     
 
COVENANTS
So long as any Lender has any Commitment hereunder or any Obligations are outstanding, the Borrower shall, unless the Required Lenders otherwise consent in writing:
6.1.    Preservation of Existence and Business.  Preserve and maintain, and cause each Significant Subsidiary to preserve and maintain, its corporate existence and all of its material rights, privileges, licenses and franchises, except as permitted by Section 6.12, and carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted.
6.2.    Preservation of Property.  Maintain, and cause each Significant Subsidiary to maintain, all of its Property used or useful in its business in good working order and condition, ordinary wear and tear excepted (it being understood that this covenant relates only to the good working order and condition of such Property and shall not be construed as a covenant of the Borrower not to dispose of any such Property by sale, lease, transfer or otherwise or to discontinue operation thereof if the Borrower reasonably determines that such discontinuation is necessary).
6.3.    Payment of Taxes.  Pay, and cause each Significant Subsidiary to pay, promptly when due all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits, or upon any of its Property, before the same shall become in default; provided that neither the Borrower nor any Significant Subsidiary shall be required to pay any such tax, assessment, charge or levy (i) in an amount in excess of the amount shown on any related tax return (the Borrower having a reasonable basis for the position reflected therein) or (ii) that is being contested in good faith by appropriate proceedings and with respect to which the Borrower has set aside on its books, in accordance with Agreement Accounting Principles, adequate reserves, or (iii) so long as such tax, assessment, charge or levy, if sustained, would not have a Material Adverse Effect.
6.4.    Compliance with Applicable Laws and Contracts.  Comply, and cause each Significant Subsidiary to comply, with the requirements of all applicable laws, rules or regulations, Governmental Approvals, and orders, writs, injunctions or decrees of any court or Governmental Authority, including, without limitation, Environmental Laws, if failure to comply with such requirements would have a Material Adverse Effect or an adverse effect on the binding nature, validity or enforceability of any Loan Document as an obligation of the Borrower.
6.5.    Preservation of Loan Document Enforceability.  Take all reasonable actions (including obtaining and maintaining in full force and effect consents and Governmental Approvals), and cause each Significant Subsidiary to take all reasonable actions, that are required so that its obligations under the Loan Documents will at all times be legal, valid and binding and enforceable  against it in accordance with their respective terms.
6.6.    Insurance.  Maintain, and cause each Significant Subsidiary to maintain, with responsible insurance companies, or through the Borrower’s program of self-insurance, insurance coverage against at least such risks and in at least such amounts as is customarily maintained by similar businesses, or as may be required by any applicable law, rule or regulation, any Governmental Approval, or any order, writ, injunction or decree of any court or Governmental Authority.
6.7.    Use of Proceeds.  Use, directly or indirectly, the proceeds of the Loans to finance capital expenditures and for general corporate purposes of the Borrower (in compliance with all applicable legal and regulatory requirements), including, without limitation, to refinance existing Indebtedness of the Borrower.
6.8.    Visits, Inspections and Discussions.  Permit, and cause each Significant Subsidiary to permit, representatives of the Agent or of any Lender with a Commitment or outstanding Loans of at least $5,000,000 (provided, however, that Lenders with a Commitment or Loans of less than $5,000,000 shall be permitted to exercise rights under this Section 6.8 if such right is exercised jointly with the Agent or a Lender with a Commitment or Loans of at least $5,000,000), and subject in all cases to such Lender being bound by the confidentiality provisions of Section 9.11, during normal business hours and upon reasonable prior written notice to the Borrower:
(i)    if no Default or Unmatured Default shall exist and be continuing, to visit the principal office of the Borrower, to discuss its business and affairs with its officers and independent certified accountants (provided that the Borrower shall be permitted to attend any such discussions with such accountants), and to visit its material Property, all to the extent reasonably requested by the Agent or such Lender; provided that such visits and discussions shall in no event occur more frequently than once during any calendar year; provided, further that the Borrower reserves the right to restrict access to any of its generating facilities in accordance with reasonably adopted procedures relating to safety and security, and to the extent reasonably requested to maintain normal operations of the Borrower; and provided, further, that, Sections 9.6 and 10.8 hereof notwithstanding, the costs and expenses incurred by any Lender or the Agent or their agents or representatives in connection with any such visits or discussions shall be solely for the account of such Lender or the Agent, as applicable; and
(ii)    if a Default or Unmatured Default shall exist and be continuing, to visit and inspect its Property, to examine, copy and make extracts from its books and records, and to discuss its business and affairs with its officers and independent certified accountants, all to the extent reasonably requested by such Lender or the Agent, as often as may be reasonably requested; provided that the Borrower reserves the right to restrict access to any of its generating facilities in accordance with reasonably adopted procedures relating to safety and security, and to the extent reasonably requested to maintain normal operations of the Borrower.
6.9.    Information to Be Furnished.  Furnish to the Agent and each Lender:
(i)    Form 10-Q; Quarterly Financial Statements.  Promptly after filing and in any event within sixty (60) days after the close of each of the first three quarterly accounting periods in each fiscal year of the Borrower, a copy of the Quarterly Report on Form 10-Q (or any successor form) for the Borrower for such quarter.
(ii)    Form 10-K; Year-End Financial Statements; Accountants’ Certificates.  Promptly after filing and in any event within ninety (90) days after the end of each fiscal year of the Borrower, the Annual Report on Form 10-K (or any successor form) for the Borrower for such year.
(iii)    Compliance Certificate as to Calculations.  At the time that financial statements are furnished pursuant to Section 6.9(i) or (ii), a compliance certificate of the Chief Financial Officer, the Treasurer, an Assistant Treasurer or any other financial officer of the Borrower substantially in the form of Exhibit C.
(iv)    Requested Information.  From time to time, such other information regarding the business, affairs, insurance or financial condition of the Borrower or any of its Subsidiaries (including, without limitation, any Benefit Plan and any reports of other information required to be filed under ERISA) as any Lender or the Agent may reasonably request, including information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” requirements under the PATRIOT Act or other applicable anti-money laundering Laws.
(v)    Beneficial Ownership. At or promptly after any time at which the Borrower or any Subsidiary becomes subject to the Beneficial Ownership Regulation if not subject thereto as of the Effective Date, a completed Beneficial Ownership Certification in form and substance acceptable to the Administrative Agent.
(vi)    Notice of Defaults, Material Adverse Changes and Other Matters.  Promptly upon (and in any event within three (3) Business Days after) becoming aware thereof, notice of:
(a)    any Default or Unmatured Default, 
(b)    any circumstance that has resulted in a Material Adverse Effect or an adverse effect on the binding nature, validity or enforceability of any Loan Document as an obligation of the Borrower, 
(c)    any change in the information provided in any Beneficial Ownership Certification that would result in a change to the list of beneficial owners identified in parts (c) or (d) of such certification; and
(d)    the entry into any Additional Credit Facility (including notice of any Alternative Margin thereunder).
The Borrower may furnish information, documents and other materials that it is obligated to furnish to the Agent and the Lenders pursuant to the Loan Documents, including all items described above in this Section 6.9 and all other notices, requests, financial statements, financial and other reports, certificates and other information materials, but excluding any communication that (i) relates to a request for a new Loan or a change of an Interest Period of an existing Loan, (ii) relates to the payment of any amount due under this Agreement prior to the scheduled date therefor, (iii) provides notice of any Default or Unmatured Default or (iv) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement or any Loan hereunder (any non-excluded communication described above, a “Communication”), electronically (including by posting such documents, or providing a link thereto, on the Borrower’s Internet website).  Notwithstanding the foregoing, the Borrower agrees that, to the extent requested by the Agent or any Lender, it will continue to provide “hard copies” of Communications to the Agent or such Lender.
The Borrower further agrees that the Agent may make Communications available to the Lenders by posting such Communications on DebtX or a substantially similar secure electronic delivery system (the “Platform”).
THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”.  THE AGENT DOES NOT WARRANT THE ACCURACY OR COMPLETENESS OF ANY COMMUNICATION OR THE ADEQUACY OF THE PLATFORM AND EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN ANY COMMUNICATION.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENT IN CONNECTION WITH ANY COMMUNICATION OR THE PLATFORM.  IN NO EVENT SHALL THE AGENT HAVE ANY LIABILITY TO THE BORROWER, ANY LENDER OR ANY OTHER PERSON FOR DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE BORROWER’S OR THE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT SUCH DAMAGES ARE FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED FROM SUCH PERSON’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.  WITHOUT LIMITING THE FOREGOING, UNDER NO CIRCUMSTANCES SHALL THE AGENT BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THE USE OF THE PLATFORM OR THE BORROWER’S OR THE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET.
Each Lender agrees that notice to it (as provided in the next sentence) specifying that a Communication has been posted to the Platform shall constitute effective delivery of such Communication to such Lender for purposes of the Loan Documents.  Each Lender agrees (i) to notify the Agent from time to time of the e-mail address to which the foregoing notice may be sent and (ii) that such notice may be sent to such e-mail address.  For the avoidance of doubt, the failure of the Agent to provide notice to the Lenders as explicitly required by this Agreement shall not affect the validity or binding nature of a related notice delivered to the Agent by the Borrower; provided, that the Borrower shall remain obligated to provide notice directly to the Agent and/or Lenders when and as required by this Agreement.
6.10.    Liens.  Not, and not permit any Significant Subsidiary to, suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, except this Section 6.10 shall not apply to:
(i)    Liens for taxes, assessments or charges imposed on the Borrower or any Subsidiary or any of their property by any Governmental Authority not yet due or which are being contested in good faith by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower or any of its Subsidiaries, as the case may be, in accordance with Agreement Accounting Principles;
(ii)    (A) Liens imposed by law, such as carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens incurred in the ordinary course of business and (1) securing obligations that are not yet due, or (2) for which Borrower has set aside adequate reserves on its books, or (3) that are being contested in good faith by appropriate proceedings; or (B) Liens arising out of judgments or awards which secure payment of legal obligations that would not constitute a Default under Section 7.9;
(iii)    pledges or deposits in connection with worker’s compensation, unemployment insurance and other social security laws, or to secure the performance of bids, tenders contracts (other than for borrowed money), leases, statutory obligations, surety or appeal bonds, or indemnity, performance or other similar bonds, in the ordinary course of business;
(iv)    easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business and encumbrances consisting of zoning restrictions, easements, licenses, restrictions on the use of property or minor imperfections in title thereto which, in the aggregate, are not material in amount, and which do not in any case materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of the Borrower or any of its Subsidiaries;
(v)    the Lien of the Indenture of Mortgage and Deed of Trust dated July 1, 1945, as supplemented and in effect from time to time, from the Borrower to Wells Fargo Bank, National Association (the “Mortgage”);
(vi)    Permitted Encumbrances (as defined in Section 1.11 of the Mortgage);
(vii)    Liens securing the payment of Tax-Free Debt, provided that each such Lien shall extend only to the property, and proceeds thereof, being financed by the Tax-Free Debt secured thereby;
(viii)    Liens on or over the whole or any part of the assets of the Borrower as security for any indebtedness owing by the Borrower to any Subsidiary whose primary function is that of acting as a financing Subsidiary of the Borrower and consisting of one or more loans made to the Borrower by such Subsidiary and repayable on the same date as a loan or other indebtedness incurred by such Subsidiary; provided that the aggregate principal amount of the indebtedness secured by all such Liens shall not exceed the aggregate principal amount of all such indebtedness incurred by such Subsidiary; and provided further that the aggregate principal amount of the indebtedness secured by all such Liens shall not exceed $100,000,000;
(ix)    Liens over all or any part of the assets of the Borrower or any Subsidiary constituting a specific construction project or generating plant as security for any indebtedness incurred for the purpose of financing all or such part, as the case may be, of such construction project or generating plant, and Liens and charges arising from or relating to such construction project or generating plant;
(x)    the right reserved to, or vested in, any municipality or public authority by the terms of any right, power, franchise, grant, license or permit, or by any provision of law, to purchase or recapture or designate a purchaser of any property;
(xi)    Liens on property or assets of any Subsidiary in favor of the Borrower;
(xii)    Liens with respect to which cash in the amount of such Liens has been deposited with the Agent or any Lender;
(xiii)    Liens on or over specific assets hereafter acquired which are created or assumed contemporaneously with, or within 120 days after, such acquisition, for the sole purpose of financing or refinancing the acquisition of such assets (including without limitation Liens to secure obligations to make deferred payments, earn-out payments or royalty payments where such obligations are incurred in connection with the acquisition of such assets);
(xiv)    Liens on conservation investment assets as security for obligations incurred in financing or refinancing bondable conservation investments in accordance with Oregon Revised Statutes Section 757.400-450;
(xv)    Liens on cash collateral deposited by the Borrower with counterparties in the ordinary course of the Borrower’s purchase and sale of electric energy, coal, oil and natural gas; 
(xvi)    Liens relating to a conservation easement on approximately 61 acres of the real property owned by the Borrower known as the Harborton property and located on the west bank of the Lower Willamette River, in connection with the natural resource damage assessment restoration project known as the Harborton Natural Resource Damage Assessment Restoration Project; and
(xvii)    Liens, in addition to those listed in clauses (i) through (xvi) above, incurred in the ordinary course of the Borrower’s business on collateral with a market value that in the aggregate does not exceed $50,000,000.
6.11.    Indebtedness to Capitalization Ratio.  Not permit the aggregate outstanding principal amount of all Consolidated Indebtedness to exceed 65% of Total Capitalization as of the end of any fiscal quarter.
6.12.    Merger or Consolidation.  Not merge with or into or consolidate with or into any other corporation or entity, unless (i) immediately after giving effect thereto, no event shall occur and be continuing that would constitute a Default or Unmatured Default, (ii) the surviving or resulting person, as the case may be, if not the Borrower, assumes by operation of law or agrees in writing to pay and perform all of the obligations of the Borrower hereunder, (iii) the surviving or resulting person, as the case may be, qualifies or is qualified to do business in the State of Oregon, and (iv) the consolidated net worth (as determined in accordance with Agreement Accounting Principles) of the surviving or resulting Person, as the case may be, would be at least equal to the consolidated net worth of the Borrower immediately prior to such merger or consolidation.
6.13.    Disposition of Assets.  Not sell, lease, assign, transfer or otherwise dispose of any Property or any interest therein, except that this Section 6.13 shall not apply to (a) any disposition of any Property or any interest therein in the ordinary course of business, (b) any disposition of obsolete or retired Property not used or useful in its business, (c) any disposition of any Property or any interest therein (i) for cash or cash equivalent or (ii) in exchange for utility plant, equipment or other utility assets, other than notes or other obligations, in each case equal to the fair market value (as determined in good faith by the Board of Directors of the Borrower) of such Property or interest therein, and provided that such disposition does not constitute a disposition of all or substantially all of the Property of the Borrower and (d) any disposition of any Property or any interest therein in exchange for notes or other obligations substantially equal to the fair market value (as determined in good faith by the Board of Directors of the Borrower) of such asset or interest therein, provided that the aggregate amount of notes or other obligations received after the date hereof from any one obligor in one transaction or a series of transactions shall not exceed 15% of the net asset value of the Borrower.

ARTICLE VII     
 
DEFAULTS
The occurrence of any one or more of the following events shall constitute a Default:
7.1.    Any representation or warranty made or deemed made by the Borrower or any of its Subsidiaries to the Lenders or the Agent under or in connection with this Agreement, any Loan, or any certificate or information delivered in connection with this Agreement or any other Loan Document shall be materially false on the date as of which made.
7.2.    Nonpayment of principal of any Loan when due, or nonpayment of interest upon any Loan or other Obligation under any of the Loan Documents within five (5) days after the same becomes due.
7.3.    The breach by the Borrower of any of the terms or provisions of Sections 6.1 (with respect to the Borrower), 6.7, 6.9(v)(a), 6.10, 6.11, 6.12, or 6.13.
7.4.    The breach by the Borrower (other than a breach which constitutes a Default under another Section of this Article VII) of any of the terms or provisions of this Agreement which is not remedied within thirty (30) days after written notice from the Agent or any Lender.
7.5.    (a) To the extent not waived, or if applicable, cured, (i) the failure of the Borrower or any Subsidiary to pay when due any Indebtedness aggregating in excess of $10,000,000 (“Material Indebtedness”); (ii) the default by the Borrower or any Significant Subsidiary in the performance (beyond the applicable grace period with respect thereto, if any) of any term, provision or condition contained in any agreement under which any such Material Indebtedness was created or is governed, or any other event shall occur or condition exist, the effect of which default or event is to cause, or to permit the holder or holders of such Material Indebtedness to cause, such Material Indebtedness to become due prior to its stated maturity; or (iii) any Material Indebtedness of the Borrower or any Significant Subsidiary shall be declared to be due and payable or required to be prepaid or repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof; or (b) the Borrower or any of its Significant Subsidiaries shall not pay, or shall admit in writing its inability to pay, its debts generally as they become due.
7.6.    The Borrower or any Significant Subsidiary shall (i) have an order for relief entered with respect to it under the Federal bankruptcy laws as now or hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any Substantial Portion of its Property, (iv) institute any proceeding seeking an order for relief under the Federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other pleading denying the material allegations of any such proceeding filed against it, (v) take any corporate or partnership action to authorize or effect any of the foregoing actions set forth in this Section 7.6 or (vi) fail to contest in good faith any appointment or proceeding described in Section 7.7.
7.7.    Without the application, approval or consent of the Borrower or the applicable Significant Subsidiary, a receiver, trustee, examiner, liquidator or similar official shall be appointed for the Borrower or such Significant Subsidiary or any Substantial Portion of its Property, or a proceeding described in Section 7.6(iv) shall be instituted against the Borrower or such Significant Subsidiary and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of thirty (30) consecutive days.
7.8.    Any court, government or governmental agency shall condemn, seize or otherwise appropriate, or take custody or control of, all or any portion of Property of the Borrower and its Significant Subsidiaries which, when taken together with all other Property of the Borrower and its Significant Subsidiaries so condemned, seized, appropriated, or taken custody or control of, during the twelve-month period ending with the month in which any such action occurs, constitutes a Substantial Portion.
7.9.    The Borrower or any Significant Subsidiary shall fail within sixty (60) days to pay, bond or otherwise discharge in accordance with its terms one or more (i) judgments or orders for the payment of money in excess of $10,000,000 (or the equivalent thereof in currencies other than Dollars) in the aggregate, or (ii) nonmonetary judgments or orders which, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect, which judgment(s), in any such case, is/are not stayed on appeal or otherwise being appropriately contested in good faith.
7.10.    Except as disclosed in the Disclosure Documents, the Borrower or any ERISA Affiliate incurs any liability to the PBGC (other than liability for premium payments which are paid when due) or a Benefit Plan pursuant to Title IV of ERISA or the Borrower or any ERISA Affiliate incurs any withdrawal liability pursuant to Title IV of ERISA with respect to a Benefit Plan or Multiemployer Benefit Plan (determined as of the date of notice of such withdrawal liability) in excess of $10,000,000.    

ARTICLE VIII     
 
ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES
8.1.    Acceleration.  If any Default described in Section 7.6 or 7.7 occurs with respect to the Borrower, the Commitments of each Lender hereunder shall automatically terminate and the Obligations shall immediately become due and payable, in each case without further act of the Agent or any Lender and without any election or action on the part of the Agent or any Lender.  If any other Default occurs, the Required Lenders (or the Agent with the consent of the Required Lenders) may (i) terminate or suspend the Aggregate Commitments or (ii) declare the Obligations to be due and payable, or both of the foregoing, whereupon such Aggregate Commitments shall be immediately terminated or suspended and/or the Obligations shall become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which the Borrower hereby expressly waives.
8.2.    Amendments.  Subject to the provisions of this Article VIII, the Required Lenders (or the Agent with the consent in writing of the Required Lenders) and the Borrower may enter into agreements supplemental hereto for the purpose of adding or modifying any provisions to the Loan Documents or changing in any manner the rights of the Lenders or the Borrower hereunder or waiving any Default hereunder or other provisions hereof; provided that no such supplemental agreement shall, without the consent of all of the Lenders affected thereby:
(i)    Extend the final maturity of any Loan to a date after the Scheduled Termination Date, or forgive all or any portion of the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon.
(ii)    Reduce the percentage specified in the definition of Required Lenders.
(iii)    Increase the amount of the Commitment of any Lender hereunder or permit the Borrower to assign its rights under this Agreement.
(iv)    Amend this Section 8.2.
(v)    Amend Section 11.2.
No amendment of any provision of this Agreement relating to the Agent shall be effective without the written consent of the Agent.  The Agent may waive payment of any fee required under Section 12.3(a)(iv) without obtaining the consent of any other party to this Agreement.
Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender.
8.3.    Preservation of Rights.  No delay or omission of the Lenders or the Agent to exercise any right under the Loan Documents shall impair such right or be construed to be a waiver of any Default or an acquiescence therein, and the making of a Loan notwithstanding the existence of a Default or the inability of the Borrower to satisfy the conditions precedent to such Loan shall not constitute any waiver or acquiescence.  Any single or partial exercise of any such right shall not preclude other or further exercise thereof or the exercise of any other right, and no waiver, amendment or other variation of the terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by the Lenders required pursuant to Section 8.2, and then only to the extent in such writing specifically set forth.  All remedies contained in the Loan Documents or by law afforded shall be cumulative and all shall be available to the Agent and the Lenders until the Obligations have been paid in full.

ARTICLE IX     
 
GENERAL PROVISIONS
9.1.    Survival of Representations.  All representations and warranties of the Borrower contained in this Agreement shall survive the making of the Loans herein contemplated.
9.2.    Governmental Regulation.  Anything contained in this Agreement to the contrary notwithstanding, no Lender shall be obligated to extend credit to the Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation.
9.3.    Headings.  Section headings in the Loan Documents are for convenience of reference only, and shall not govern the interpretation of any of the provisions of the Loan Documents.
9.4.    Entire Agreement.  The Loan Documents embody the entire agreement and understanding among the Borrower, the Agent and the Lenders and supersede all prior agreements and understandings among the Borrower, the Agent and the Lenders relating to the subject matter thereof.
9.5.    Several Obligations; Benefits of this Agreement.  The respective obligations of the Lenders hereunder are several and not joint and no Lender shall be the partner or agent of any other (except to the extent to which the Agent is authorized to act as such).  The failure of any Lender to perform any of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder.  This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and assigns; provided that the parties hereto expressly agree that each Arranger shall enjoy the benefits of the provisions of Sections 9.6, 9.10 and 10.11 to the extent specifically set forth therein and shall have the right to enforce such provisions on its own behalf and in its own name to the same extent as if it were a party to this Agreement. 
9.6.    Expenses; Indemnification.
(i)    The Borrower shall reimburse the Agent for the reasonable costs and out of pocket expenses of a single external counsel paid or incurred by the Agent in connection with the preparation, negotiation, execution, delivery, review, amendment, modification and administration of the Loan Documents.  The Borrower also agrees to reimburse the Agent, the Arrangers and the Lenders for all reasonable costs, internal charges and out of pocket expenses (including the attorneys’ fees of external counsel) paid or incurred by the Agent, any Arranger or any Lender in connection with the collection and enforcement of the Loan Documents.
(ii)    The Borrower hereby further agrees to indemnify the Agent,  each Arranger, each Lender, their respective affiliates, and each of their directors, officers, advisors, trustees and employees against all losses, claims, damages, penalties, judgments, liabilities and reasonable expenses (including, without limitation, all reasonable expenses of litigation or preparation therefor whether or not the Agent, any Arranger, any Lender or any affiliate is a party thereto and whether or not such investigation, litigation or proceeding is brought by the Borrower, the Borrower’s equity holders or creditors or any other party) which any of them may pay or incur arising out of or relating to this Agreement, the other Loan Documents, the transactions contemplated hereby or the application of the proceeds of any Loan hereunder except to the extent that they are determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the party seeking indemnification.  The obligations of the Borrower under this Section 9.6 shall survive the termination of this Agreement.
9.7.    Numbers of Documents.  All statements, notices, closing documents, and requests hereunder shall be furnished to the Agent with sufficient counterparts so that the Agent may furnish one to each of the Lenders.
9.8.    Accounting.  Except as provided to the contrary herein, all accounting terms used herein shall be interpreted and all accounting determinations hereunder shall be made in accordance with Agreement Accounting Principles.  If at any time any change in the Agreement Accounting Principles would affect the computation of the financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in the Agreement Accounting Principles (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with the Agreement Accounting Principles prior to such change therein and (ii) the Borrower shall provide to the Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in the Agreement Accounting Principles.
9.9.    Severability of Provisions.  Any provision in any Loan Document that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable.  Without limiting the foregoing provisions of this Section 9.9, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by bankruptcy or other similar debtor relief laws, as determined in good faith by the Agent, then such provisions shall be deemed to be in effect only to the extent not so limited.
9.10.    Nonliability of Lenders.  The relationship between the Borrower on the one hand and the Lenders, the Arrangers, the Agent on the other hand shall be solely that of borrower and lender.  None of the Agent, any Arranger or any Lender shall have any fiduciary responsibilities to the Borrower.  None of the Agent, any Arranger or any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection with any phase of the Borrower’s business or operations.  The Borrower agrees that none of the Agent, any Arranger or any Lender shall have liability to the Borrower for losses suffered by the Borrower in connection with, arising out of, or in any way related to, the transactions contemplated and the relationship established by the Loan Documents, or any act, omission or event occurring in connection therewith, except to the extent determined in a final non-appealable judgment by a court of competent jurisdiction.  Neither the Agent, the Arranger or any Lender nor the Borrower shall have any liability with respect to, and the Borrower (with respect to the Agent, the Arranger and each Lender) and the Agent, each Arranger and each Lender (with respect to the Borrower) hereby waives, releases and agrees not to sue for any special, indirect or consequential damages suffered by any such party in connection with, arising out of, or in any way related to the Loan Documents or the transactions contemplated thereby; provided, that this sentence shall in no way diminish the Borrower’s indemnification obligations under Section 9.6.
9.11.    Confidentiality.  The Agent, each Arranger and each Lender agrees to hold any confidential information which it may receive from the Borrower pursuant to this Agreement in confidence, except for disclosure (i) to its Affiliates and to other Lenders and their respective Affiliates, (ii) to legal counsel, accountants, and other professional advisors to such Lender or to a Transferee, (iii) to regulatory officials, (iv) to any Person as requested pursuant to or as required by law, regulation, or legal process, (v) to any Person in connection with any legal proceeding to which such Agent, Arranger or Lender is a party, (vi) to such Lender’s direct or indirect contractual counterparties in swap agreements or to legal counsel, accountants and other professional advisors to such counterparties, (vii) permitted by Section 12.4, (viii)  to rating agencies if required by such agencies in connection with a rating relating to the Term Loans hereunder, and (ix) to the extent required in connection with the exercise of any remedy or any enforcement of this Agreement by such Lender or the Agent; provided that, in the case of clauses (i), (ii), (vi) and (vii), the recipient of such information shall be advised that the information is confidential and shall agree to be bound by the confidentiality obligations of this Section 9.11; and provided further, that in the case of clauses (i) and (ii), the recipient needs to know such information in connection with such Lender’s, such Arranger’s, the Agent’s, or applicable Transferee’s, as applicable, exercise of rights and performance of obligations under this Agreement.
Any Person required to maintain the confidentiality of confidential information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such confidential information as such Person would accord to its own confidential information.
Each of the Agent and the Lenders acknowledges that (a) the confidential information may include material non-public information concerning the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable law, including United States federal and state securities laws.
9.12.    Nonreliance.  Each Lender hereby represents that it is not relying on or looking to any Margin Stock for the repayment of any Loan provided for herein.
9.13.    No Advisory or Fiduciary Relationship.  In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Agent and the Arrangers are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Agent, the Arrangers and the Lenders, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Agent, each Arranger and each Lender each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B) neither the Agent, any Arranger nor any Lender has any obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Agent, the Arrangers, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and neither the Agent, any Arranger nor any Lender has any obligation to disclose any of such interests to the Borrower or its Affiliates.  To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against the Agent, any Arranger and any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.
9.14.    USA PATRIOT ACT NOTIFICATION.  The following notification is provided to the Borrower pursuant to Section 326 of the PATRIOT Act:
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT.  To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person or entity that opens an account, including any deposit account, treasury management account, loan, other extension of credit, or other financial services product.  What this means for the Borrower: When the Borrower opens an account, if the Borrower is an individual, the Agent and the Lenders will ask for the Borrower’s name, residential address, tax identification number, date of birth, and other information that will allow the Agent and the Lenders to identify the Borrower, and, if the Borrower is not an individual, the Agent and the Lenders will ask for the Borrower’s name, tax identification number, business address, and other information that will allow the Agent and the Lenders to identify the Borrower.  The Agent and the Lenders may also ask, if the Borrower is an individual, to see the Borrower’s driver’s license or other identifying documents, and, if the Borrower is not an individual, to see the Borrower’s legal organizational documents or other identifying documents.
9.15.    Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and
(b)    the effects of any Bail-in Action on any such liability, including, if applicable:
(i)    a reduction in full or in part or cancellation of any such liability;
(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected  Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)    the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

ARTICLE X     
 
THE AGENT
10.1.    Appointment; Nature of Relationship.  U.S. Bank National Association, is hereby appointed by each of the Lenders as its contractual representative (herein referred to as the “Agent”) hereunder and under each other Loan Document, and each of the Lenders irrevocably authorizes the Agent to act as the contractual representative of such Lender with the rights and duties expressly set forth herein and in the other Loan Documents.  The Agent agrees to act as such contractual representative upon the express conditions contained in this Article X.  Notwithstanding the use of the defined term “Agent,” it is expressly understood and agreed that the Agent shall not have any fiduciary responsibilities to any Lender by reason of this Agreement or any other Loan Document and that the Agent is merely acting as the contractual representative of the Lenders with only those duties as are expressly set forth in this Agreement and the other Loan Documents.  In its capacity as the Lenders’ contractual representative, the Agent (i) does not hereby assume any fiduciary duties to any of the Lenders, (ii) is a “representative” of the Lenders within the meaning of Section 9 102(a)(72) of the Uniform Commercial Code and (iii) is acting as an independent contractor, the rights and duties of which are limited to those expressly set forth in this Agreement and the other Loan Documents.  Each of the Lenders hereby agrees to assert no claim against the Agent on any agency theory or any other theory of liability for breach of fiduciary duty, all of which claims each Lender hereby waives.
10.2.    Powers.  The Agent shall have and may exercise such powers under the Loan Documents as are specifically delegated to the Agent by the terms of each thereof, together with such powers as are reasonably incidental thereto.  The Agent shall have no implied duties to the Lenders, or any obligation to the Lenders to take any action thereunder except any action specifically provided by the Loan Documents to be taken by the Agent.
10.3.    General Immunity.  Neither the Agent nor any of its directors, officers, agents or employees, in each case acting in its capacity as Agent and not as Lender, shall be liable to the Borrower, the Lenders or any Lender for any action taken or omitted to be taken by it or them hereunder or under any other Loan Document or in connection herewith or therewith except for its or their breach of the Agent’s obligations hereunder or thereunder or to the extent such action or inaction is determined in a final non-appealable judgment by a court of competent jurisdiction to have arisen from the gross negligence or willful misconduct of such Person.
10.4.    Responsibility for Loans, Recitals, etc.  Neither the Agent nor any of its directors, officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into, or verify (a) any statement, warranty or representation made in connection with any Loan Document or any borrowing hereunder; (b) the performance or observance of any of the covenants or agreements of any obligor under any Loan Document, including, without limitation, any agreement by an obligor to furnish information directly to each Lender; (c) the satisfaction of any condition specified in Article IV, except receipt of items required to be delivered solely to the Agent; (d) the existence or possible existence of any Default or Unmatured Default; or (e) the validity, enforceability, effectiveness, sufficiency or genuineness of any Loan Document or any other instrument or writing furnished in connection therewith.  The Agent shall have no duty to disclose to the Lenders information that is not required to be furnished by the Borrower to the Agent at such time, but is voluntarily furnished by the Borrower to the Agent (either in its capacity as Agent or in its individual capacity).
10.5.    Action on Instructions of Lenders.  The Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder and under any other Loan Document in accordance with written instructions signed by the Required Lenders (or, when expressly required hereunder, all of the Lenders), and such instructions and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders.  The Lenders hereby acknowledge that the Agent shall be under no duty to take any discretionary action permitted to be taken by it pursuant to the provisions of this Agreement or any other Loan Document unless it shall be requested in writing to do so by the Required Lenders.  The Agent shall be fully justified in failing or refusing to take any action hereunder and under any other Loan Document unless it shall first be indemnified to its satisfaction by the Lenders pro rata against any and all liability, cost and expense that it may incur by reason of taking or continuing to take any such action.
10.6.    Employment of Agents and Counsel.  The Agent may execute any of its duties as Agent hereunder and under any other Loan Document by or through employees, agents, and attorneys in fact and shall not be answerable to the Lenders, except as to money or securities received by it or its authorized agents, for the default or misconduct of any such agents or attorneys in fact selected by it with reasonable care.  The Agent shall be entitled to advice of counsel concerning the contractual arrangement between the Agent and the Lenders and all matters pertaining to the Agent’s duties hereunder and under any other Loan Document.
10.7.    Reliance on Documents; Counsel.  The Agent shall be entitled to rely upon any notice, consent, certificate, affidavit, letter, telegram, statement, paper or document believed by it to be genuine and correct and to have been signed or sent by the proper person or persons, and, in respect to legal matters, upon the opinion of counsel selected by the Agent, which counsel may be employees of the Agent.
10.8.    Agent’s Reimbursement and Indemnification.  To the extent that the Borrower has not otherwise indemnified the Agent pursuant to Section 9.6(ii), each Lender severally agrees to reimburse and indemnify the Agent ratably in proportion to the sum of their respective unfunded Commitments plus Outstanding Credit Exposure (i) for any amounts not reimbursed by the Borrower for which the Agent is entitled to reimbursement by the Borrower under the Loan Documents, (ii) for any other expenses incurred by the Agent on behalf of the Lenders, in connection with the preparation, execution, delivery, administration and enforcement of the Loan Documents (including, without limitation, for any expenses incurred by the Agent in connection with any dispute between the Agent and any Lender or between two or more of the Lenders) and (iii) for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against the Agent in any way relating to or arising out of the Loan Documents or any other document delivered in connection therewith or the transactions contemplated thereby (including, without limitation, for any such amounts incurred by or asserted against the Agent in connection with any dispute between the Agent and any Lender or between two or more of the Lenders), or the enforcement of any of the terms of the Loan Documents or of any such other documents, provided that (i) no Lender shall be liable for any of the foregoing to the extent any of the foregoing is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Agent and (ii) any indemnification required pursuant to Section 3.5(vii) shall, notwithstanding the provisions of this Section 10.8, be paid by the relevant Lender in accordance with the provisions thereof.  The obligations of the Lenders under this Section 10.8 shall survive payment of the Obligations and termination of this Agreement.
10.9.    Notice of Default.  The Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Unmatured Default hereunder unless the Agent has received written notice from a Lender or the Borrower referring to this Agreement describing such Default or Unmatured Default and stating that such notice is a “notice of default”.  In the event that the Agent receives such a notice, the Agent shall give prompt notice thereof to the Lenders and, in the case of a “notice of default” received from a Lender, to the Borrower.
10.10.    Rights as a Lender.  Notwithstanding anything to the contrary in this Article X, in the event the Agent is a Lender, the Agent shall have the same rights, powers, and obligations hereunder and under any other Loan Document with respect to its Commitment and its Loans as any Lender and may exercise such rights and powers, and shall comply with such obligations, as though it were not the Agent, and the term “Lender” or “Lenders” shall, at any time when the Agent is a Lender, unless the context otherwise indicates, include the Agent in its individual capacity.  The Agent and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of trust, debt, equity or other transaction, in addition to those contemplated by this Agreement or any other Loan Document, with the Borrower or any of its Subsidiaries in which the Borrower or such Subsidiary is not restricted hereby from engaging with any other Person.  The Agent in its individual capacity is not obligated to remain a Lender.
10.11.    Lender Credit Decision.  Each Lender acknowledges that it has, independently and without reliance upon the Agent, any Arranger or any other Lender and based on the financial statements prepared by the Borrower and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and the other Loan Documents.  Each Lender also acknowledges that it will, independently and without reliance upon the Agent, any Arranger or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement and the other Loan Documents.
10.12.    Successor Agent.  The Agent may resign at any time by giving written notice thereof to the Lenders and the Borrower, such resignation to be effective upon the appointment of a successor Agent or, if no successor Agent has been appointed, forty five (45) days after the retiring Agent gives notice of its intention to resign.  The Agent may be removed at any time with or without cause by written notice received by the Agent from the Required Lenders, such removal to be effective on the date specified by the Required Lenders.  Upon any such resignation or removal, the Required Lenders shall have the right to appoint with the Borrower’s written consent, not to be unreasonably withheld or delayed, on behalf of the Borrower and the Lenders, a successor Agent.  If no successor Agent shall have been so appointed by the Required Lenders within thirty (30) days after the resigning Agent’s giving notice of its intention to resign, then the resigning Agent may appoint with the Borrower’s written consent, not to be unreasonably withheld or delayed, on behalf of the Borrower and the Lenders, a successor Agent.  Notwithstanding the previous sentence, the Agent may at any time without the consent of any Lender and with the consent of the Borrower, not to be unreasonably withheld or delayed, appoint any of its Affiliates which is a commercial bank as a successor Agent hereunder.  If the Agent has resigned or been removed and no successor Agent has been appointed, the Lenders may perform all the duties of the Agent hereunder and the Borrower shall make all payments in respect of the Obligations to the applicable Lender and for all other purposes shall deal directly with the Lenders.  No successor Agent shall be deemed to be appointed hereunder until such successor Agent has accepted the appointment.  Any such successor Agent shall be a commercial bank having capital and retained earnings of at least $100,000,000.  Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the resigning or removed Agent.  Upon the effectiveness of the resignation or removal of the Agent, the resigning or removed Agent shall be discharged from its duties and obligations hereunder and under the Loan Documents.  After the effectiveness of the resignation or removal of an Agent, the provisions of this Article X shall continue in effect for the benefit of such Agent in respect of any actions taken or omitted to be taken by it while it was acting as the Agent hereunder and under the other Loan Documents.  
10.13.    Delegation to Affiliates.  The Borrower and the Lenders agree that the Agent may delegate any of its duties under this Agreement to any of its Affiliates.  Any such Affiliate (and such Affiliate’s directors, officers, agents and employees) which performs duties in connection with this Agreement shall be entitled to the same benefits of the indemnification, waiver and other protective provisions to which the Agent is entitled under Article IX and Article X.
10.14.    Other Agents.  The Lenders identified on the signature pages of this Agreement or otherwise herein, or in any amendment hereof or other document related hereto, as being the or a “Syndication Agent” (collectively, the “Other Agents”), shall have no rights, powers, obligations, liabilities, responsibilities or duties under this Agreement other than those applicable to all Lenders as such.  Without limiting the foregoing, the Other Agents and the Arrangers shall not have or be deemed to have any fiduciary relationship with any Lender.  Each Lender acknowledges that it has not relied, and will not rely, on the Other Agents or the Arrangers in deciding to enter into this Agreement or in taking or refraining from taking any action hereunder or pursuant hereto.
10.15.    Certain ERISA Matters. 
Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower, that at least one of the following is and will be true: 
(A)    such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more (1) “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (2) “plan” as defined in and subject to Section 4975 of the Code or (3) Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan” with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments or this Agreement; 
(B)    the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement; 
(C)    (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement; or 
(D)    such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.
In addition, unless either (i) clause (A) above is true with respect to a Lender or (ii) a Lender has provided another representation, warranty and covenant in accordance with clause (D) above, such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

ARTICLE XI     
 
SETOFF; RATABLE PAYMENTS
11.1.    Setoff.  In addition to, and without limitation of, any rights of the Lenders under applicable law, if a Default occurs, any and all deposits (including all account balances, whether provisional or final and whether or not collected or available) and any other Indebtedness at any time owing by any Lender or any Affiliate of any Lender to or for the credit or account of the Borrower may be offset and applied toward the payment of the Obligations owing to such Lender, whether or not the Obligations, or any part thereof, shall then be due, provided each Lender agrees, solely for the benefit of the other Lenders and not for the benefit of the Borrower, that it shall not exercise any right provided for in this Section 11.1 without the prior consent of the Required Lenders; provided, further, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Agent for further application in accordance with the provisions of Section 2.14 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.
11.2.    Ratable Payments.  If any Lender, whether by setoff or otherwise, has payment made to it upon its Outstanding Credit Exposure (other than payments received pursuant to Section 3.1, 3.2, 3.4 or 3.5) in a greater proportion than that received by any other Lender, such Lender agrees, promptly upon demand, to purchase a portion of the Aggregate Outstanding Credit Exposure held by the other Lenders so that after such purchase each Lender will hold its Pro Rata Share of the Aggregate Outstanding Credit Exposure.  If any Lender, whether in connection with setoff or amounts which might be subject to setoff or otherwise, receives collateral or other protection for its Obligations or such amounts which may be subject to setoff, such Lender agrees, promptly upon demand, to take such action necessary such that all Lenders share in the benefits of such collateral ratably in proportion to their respective Pro Rata Shares.  In case any such payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be made.

ARTICLE XII     
 
BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS
12.1.    Successors and Assigns.  The terms and provisions of the Loan Documents shall be binding upon and inure to the benefit of the Borrower and the Lenders and their respective successors and assigns, except that (i) the Borrower shall not have the right to assign its rights or obligations under the Loan Documents and (ii) any assignment by any Lender must be made in compliance with Section 12.3.  The parties to this Agreement acknowledge that clause (ii) of this Section 12.1 relates only to absolute assignments and does not prohibit assignments creating security interests, including, without limitation, any pledge or assignment by any Lender of all or any portion of its rights under this Agreement to a Federal Reserve Bank; provided that no such pledge or assignment creating a security interest shall release the transferor Lender from its obligations hereunder unless and until the parties thereto have complied with the provisions of Section 12.3.  The Agent may treat the Person which made any Loan or which holds any Note as the owner thereof for all purposes hereof unless and until such Person complies with Section 12.3; provided that the Agent may in its discretion (but shall not be required to) follow instructions from the Person which made any Loan to direct payments relating to such Loan to another Person.  Any assignee of the rights to any Loan agrees by acceptance of such assignment to be bound by all the terms and provisions of the Loan Documents.  Any request, authority or consent of any Person, who at the time of making such request or giving such authority or consent is the owner of the rights to any Loan, shall be conclusive and binding on any subsequent holder or assignee of the rights to such Loan.
12.2.    Participations.
(a)    Permitted Participants; Effect.  Any Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other entities (“Participants”) participating interests in any Outstanding Credit Exposure of such Lender, any Commitment of such Lender or any other interest of such Lender under the Loan Documents.  In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under the Loan Documents shall remain unchanged, such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, such Lender shall remain the owner of its Outstanding Credit Exposure for all purposes under the Loan Documents, all amounts payable by the Borrower under this Agreement shall be determined as if such Lender had not sold such participating interests, and the Borrower and the Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under the Loan Documents.
(b)    Voting Rights.  Each Lender shall retain the sole right to approve, without the consent of any Participant, any amendment, modification or waiver of any provision of the Loan Documents other than any amendment, modification or waiver with respect to any Loan or Commitment in which such Participant has an interest which forgives principal or interest or reduces the interest rate payable with respect to any such Loan or Commitment, extends the Scheduled Termination Date, postpones any date fixed for any regularly scheduled payment of principal of, or interest on, any such Loan or Commitment.
(c)    Participant Register.  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan  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 Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register.
12.3.    Assignments.
(a)    Assignments by Lenders.  Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement and the other Loan Documents (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions:
(i)    Minimum Amounts.
(A)    in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the related Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and
(B)    in any case not described in subsection (a)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment Agreement with respect to such assignment is delivered to the Agent or, if “Trade Date” is specified in the Assignment Agreement, as of the Trade Date, shall not be less than $5,000,000 unless each of the Agent and, so long as no Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single assignee (or to an assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has been met.
(ii)    Proportionate Amounts.  Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s Loans and Commitments, and rights and obligations with respect thereto, assigned.
(iii)    Required Consents.  No consent shall be required for any assignment except to the extent required by subsection (a)(i)(B) of this Section and, in addition:
(A)    the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) a Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Agent within five (5) Business Days after having received notice thereof; and
(B)    the consent of the Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of any Commitment if such assignment is to a Person that is not a Lender with a Loan, an Affiliate of such Lender or an Approved Fund with respect to such Lender.
(iv)    Assignment and Assumption.  The parties to each assignment shall execute and deliver to the Agent an Assignment Agreement, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment.  The assignee, if it shall not be a Lender, shall deliver to the Agent an administrative questionnaire in a form acceptable to the Agent.
(v)    No Assignment to Certain Persons.  No such assignment shall be made to (A) the Borrower or any of the Borrower’s Affiliates or Subsidiaries, (B) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B), or (C) a natural person.
(vi)    Certain Additional Payments.  In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans.  Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.
Subject to acceptance and recording thereof by the Agent pursuant to subsection (b) of this Section, from and after the effective date specified in each Assignment Agreement, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment Agreement, 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 Agreement, be released from its obligations under this Agreement (and, in the case of an Assignment Agreement 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 Article III and Section 9.6 with respect to facts and circumstances occurring prior to the effective date of such assignment).  Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 12.2 (other than a purported assignment to a natural Person or the Borrower or any of the Borrower’s Subsidiaries or Affiliates, which shall be null and void).
(b)    Register.  The Agent, acting solely for this purpose as an agent of the Borrower (and such agency being solely for tax purposes), shall maintain at the Agent’s office a copy of each Assignment Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive, and the Borrower, the Agent and the Lenders may 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.  In addition, the Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any Lender as a Defaulting Lender.  The Register shall be available for inspection by the Borrower and any Lender at any reasonable time and from time to time upon reasonable prior notice.
12.4.    Dissemination of Information.  The Borrower authorizes each Lender to disclose to any Participant or Purchaser or any other Person acquiring an interest in the Loan Documents by operation of law (each a “Transferee”) and any prospective Transferee any and all information in such Lender’s possession concerning the creditworthiness of the Borrower and its Subsidiaries, including without limitation any information contained in any Annual Report on Form 10-K or any Quarterly Report on Form 10-Q; provided that each Transferee and prospective Transferee agrees to be bound by Section 9.11 of this Agreement.
12.5.    Tax Treatment.  If any interest in any Loan Document is transferred to any Transferee which is organized under the laws of any jurisdiction other than the United States or any State thereof, the transferor Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, to comply with the provisions of Section 3.5(iv) and Section 3.5(vi), as applicable.
12.6.    Designation of SPVs.
(a)    Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle (an “SPV”, identified as such in writing from time to time by such Granting Lender to the Agent and the Borrower) the option to fund all or any part of any Term Loan or fee or expense reimbursement or other obligation (each, a “Lender Funding Obligation”) that such Granting Lender would otherwise be obligated to fund pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPV to fund any Lender Funding Obligation, (ii) if an SPV elects not to exercise such option or otherwise fails to fund all or any part of any such Lender Funding Obligation, the Granting Lender shall be obligated to fund such Lender Funding Obligation pursuant to the terms hereof, (iii) no SPV shall exercise any voting rights pursuant to Section 8.2 (such voting rights to be exercised instead by such Granting Lender) and (iv) with respect to notices, payments and other matters hereunder, the Borrower, the Agent and the Lenders shall not be obligated to deal with an SPV, but may limit their communications and other dealings relevant to such SPV to the applicable Granting Lender.  The funding of any Lender Funding Obligation by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent that, and as if, such Lender Funding Obligation were funded by such Granting Lender.
(b)    As to any Lender Funding Obligations or portion thereof made by it, each SPV shall have all the rights that its applicable Granting Lender making such Lender Funding Obligations or portion thereof would have had under this Agreement; provided that each SPV shall have granted to its Granting Lender an irrevocable power of attorney to deliver and receive all communications and notices under this Agreement (and any related documents) and to exercise on such SPV’s behalf, all of such SPV’s voting rights under this Agreement.  No additional Note shall be required to evidence the Lender Funding Obligations or portion thereof made by an SPV; and the related Granting Lender shall be deemed to hold its Note as agent for such SPV to the extent of the Lender Funding Obligations or portion thereof funded by such SPV.  In addition, any payments for the account of any SPV shall be paid to its Granting Lender as agent for such SPV.
(c)    Each party hereto hereby agrees that no SPV shall be liable for any indemnity or payment under this Agreement for which a Lender would otherwise be liable for so long as, and to the extent, the Granting Lender provides such indemnity or makes such payment.  In furtherance of the foregoing, each party hereto hereby agrees (which agreements shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPV, it will not institute against, or join any other person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof.
(d)    In addition, notwithstanding anything to the contrary contained in this Agreement, any SPV may (i) at any time and without paying any processing fee therefor, assign or participate all or a portion of its interest in any Lender Funding Obligations to the Granting Lender or to any financial institutions providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Lender Funding Obligations and (ii) disclose on a confidential basis any non-public information relating to its Lender Funding Obligations to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancements to such SPV.  This Section 12.6 may not be amended without the written consent of any Granting Lender affected thereby.

ARTICLE XIII     
 
NOTICES
13.1.    Notices.
(a)    Except as otherwise permitted by Section 2.8 with respect to borrowing notices, all notices, requests and other communications to any party hereunder shall be in writing (including electronic transmission, facsimile transmission or similar writing) and shall be given to such party at its address or facsimile number set forth on Schedule 13.1 or at such other address or facsimile number as such party may hereafter specify for the purpose by notice to the Agent and the Borrower in accordance with the provisions of this Section 13.1.  Each such notice, request or other communication shall be effective (i) if given by facsimile transmission, when transmitted to the facsimile number specified in this Section and confirmation of receipt is received, (ii) if given by mail, 72 hours after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid, (iii) if given by any other means, when delivered at the address specified in this Section or (iv) if given by electronic transmission, as provided in Section 13.1(b); provided that notices to the Agent under Article II shall not be effective until received.
(b)    Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and internet or intranet websites) pursuant to procedures approved by the Agent or as otherwise determined by the Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Agent that it is incapable of receiving notices under such Article by electronic communication.  The Agent or the Borrower may, in its respective discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it or as it otherwise determines, provided that such determination or approval may be limited to particular notices or communications.  Unless the Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not given during the normal business hours of the recipient, such notice or communication shall be deemed to have been given at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.
13.2.    Change of Address.  The Borrower, the Agent and any Lender may each change the address for service of notice upon it by a notice in writing to the other parties hereto.

ARTICLE XIV     
 
COUNTERPARTS
This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Agreement by signing any such counterpart.  Delivery of an executed counterpart of a signature page of this Agreement and any other Loan Document or Assignment Agreement by facsimile or electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement or such Loan Document or Assignment Agreement.

ARTICLE XV     
 
CHOICE OF LAW; CONSENT TO JURISDICTION
15.1.    CHOICE OF LAW.  THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.
15.2.    CONSENT TO JURISDICTION.  THE BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM.  NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION.  ANY JUDICIAL PROCEEDING BY THE BORROWER AGAINST THE AGENT OR ANY LENDER OR ANY AFFILIATE OF THE AGENT OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

14

IN WITNESS WHEREOF, the Borrower, the Lenders and the Agent have executed this Agreement as of the date first above written.
PORTLAND GENERAL ELECTRIC COMPANY
	
		
	By:
	/s/ James F. Lobdell

	Name:
	James F. Lobdell

	Title:
	Senior Vice President Finance, CFO, and Treasurer

Signature Page to 
Portland General 2020 Term Loan

U.S. BANK NATIONAL ASSOCIATION,  
as Agent and as a Lender
	
		
	By:
	/s/ John M. Eyerman

	Name:
	John M. Eyerman

	Title:
	Senior Vice President

Signature Page to 
Portland General 2020 Term Loan

COBANK, ACB, as a Lender 
	
		
	By:
	/s/ Josh Batchelder

	Name:
	Josh Batchelder

	Title:
	Managing Director

Signature Page to 
Portland General 2020 Term Loan

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