Document:

Sublease

 Exhibit 10.11 

SUBLEASE 

SUBLEASE (this “Sublease”) made as of July _30_, 2007, by and between ADP PLEASANTON NATIONAL
SERVICE CENTER, INC. (“Sublandlord”), a Delaware corporation having an office at 5800 Windward Parkway, Alpharetta, Georgia 30005 and ELLIE MAE, INC. (“Subtenant”), a California corporation having an
office at 4140 Dublin Boulevard, Suite 300, Dublin, California 94568, Attention: Lisa Bruun, Vice President. 
 W
I T N E S S E T H : 
 WHEREAS, by
that certain build-to-suit lease dated January 27, 1998 by and among NNN Britannia I, LLC, NNN Britannia I 2, LLC, NNN Britannia I 3, LLC, NNN Britannia I 4, LLC, NNN Britannia I 6, LLC, NNN Britannia I 8, LLC, NNN Britannia I 9, LLC, NNN
Britannia I 10, LLC, NNN Britannia I 11, LLC, NNN Britannia I 12, LLC, NNN Britannia I 13, LLC, NNN Britannia I 14, LLC, NNN Britannia I 15, LLC, NNN Britannia I 16, LLC, NNN Britannia I 17, LLC, NNN Britannia I 18, LLC, NNN Britannia I 19, LLC, NNN
Britannia I 20, LLC, NNN Britannia I 21, LLC, NNN Britannia I 22, LLC, NNN Britannia I 23, LLC, NNN Britannia I 24, LLC, NNN Britannia I 25, LLC, NNN Britannia I 26, LLC, NNN Britannia I 27, LLC, NNN Britannia I 28, LLC, NNN Britannia I 29, LLC, NNN
Britannia I 30, LLC, NNN Britannia I 31, LLC, NNN Britannia I 32, LLC, NNN Britannia I 33, LLC, NNN Britannia I 34, LLC, NNN Britannia I 35, LLC, NNN Britannia I 36, LLC, each one a Delaware limited liability company (collectively,
“Overlandlord”, as successor in interest to Britannia Hacienda V Limited Partnership), as landlord, and Sublandlord (as successor in interest to ProBusiness Services, Inc.), as tenant, as amended by that certain First
Amendment to Build-to-Suit Lease dated as of April 5, 1999, and as further amended by that certain Acknowledgement of Lease Commencement dated as of May 6, 1999 (collectively, the “Overlease”) Overlandlord leased to
ProBusiness Services, Inc. (predecessor in interest to Sublandlord), as tenant, the entire building (the “Building”) containing approximately 76,510 square feet known by street address 4155 Hopyard Road, Pleasanton, California,
(“Sublandlord’s Premises”), as more particularly described on Exhibit A attached hereto; and 

WHEREAS, a true and complete copy of the Overlease has been delivered to Subtenant; and 

WHEREAS, Subtenant desires to sublease from Sublandlord for the term, at the rent, and upon and subject to the
terms, covenants, agreements, conditions, limitations, exceptions and reservations herein contained, approximately Forty Two Thousand Two Hundred Eighty Six (42,286) square feet of Sublandlord’s Premises (the “Subleased
Premises”) which Premises is shown as the hatched area of the floor plan attached hereto as Exhibit B. 

NOW, THEREFORE, the parties hereto hereby covenant and agree as follows: 

1.        Subleasing and Use. Sublandlord hereby subleases the
Subleased Premises to Tenant, and Subtenant hereby hires the Subleased Premises from Sublandlord for the term hereafter stated, for the rent hereafter reserved and upon and subject to the terms, covenants, agreements, conditions, limitations,
exceptions and reservations of this Sublease, to be used for general office and administrative purposes, purposes permitted under Section 9.1 of the Overlease, and for no other use or purpose. 

 

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 2.        Term; Preparation of
the Subleased Premises.   (a)   The term of the sublease shall commence on the date (the “Commencement Date”) which is the earlier of (i) the date on which Subtenant, or any person or entity claiming by,
through or under Subtenant, first uses or occupies any portion of the Subleased Premises for business, and (ii) January 1, 2008, and shall end on April 29, 2015 (the “Expiration Date”), unless sooner terminated as
hereinafter provided. Promptly following the Commencement Date, Sublandlord and Subtenant shall execute a written agreement setting forth the Commencement Date and Expiration Date of this Lease. 

(b)       Subject to Overlandlord’s prior written consent, Sublandlord shall
permit Subtenant and its contractors and/or agents to enter upon the Subleased Premises upon the mutual execution and delivery of this Sublease so that Subtenant or its contractors and/or agents may perform Subtenant’s initial improvements,
including, but not limited to design, construction, space planning, architectural and engineering work, and telecom and data cabling (“Subtenant’s Work”) in accordance with Subtenant’s plans (which plans shall be mutually
agreed upon by Sublandlord and Subtenant). The parties hereto further agree that any failure of Subtenant to complete Subtenant’s Work on or before the Commencement Date shall in no way affect the obligations of Subtenant hereunder. 

(c)       If Subtenant or its contractors and/or agents shall be permitted to enter
upon the Subleased Premises prior to the Commencement Date pursuant to the terms of Section 2(b) hereof, such entry shall be deemed to be upon all of the terms, provisions and conditions of this Sublease, except as to the covenant to pay
minimum rent and additional rent. In connection therewith, Subtenant and/or its contractors shall provide to Sublandlord, and shall maintain at all times during the performance of any Subtenant’s Work, insurance policies (including
builder’s risk coverage) which shall contain limits, as required pursuant to Article 7 of this Sublease. Certificates of the same, naming Sublandlord, Overlandlord and Overlandlord’s general partners as additional insureds, shall be
furnished to Sublandlord before Subtenant or its contractors commence to perform Subtenant’s Work. Except as expressly set forth in this Sublease, Sublandlord shall not be liable in any way for any injury, loss or damage that may occur to any
of Subtenant’s or Subtenant’s contractors’ decorations, fixtures, installations, supplies, materials, or equipment prior to the Commencement Date unless due to the gross negligence or willful misconduct of Sublandlord or its agents or
contractors (it being understood and agreed that Sublandlord has no obligation to secure same or take any action with respect thereto). Except as set forth in the preceding sentence, any such entry by Subtenant and/or its contractors is at
Subtenant’s and such contractors’ sole risk. 
 (d)       During
the performance of Subtenant’s Work or after the completion of the Subtenant’s Work (in no event more than once in any thirty (30) day period), Subtenant shall deliver to Sublandlord: 

   (i)       copies of paid receipted invoices from the contractors and
subcontractors who performed the Subtenant’s Work, and from the materialmen and suppliers who supplied the materials and supplies; 
  

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    (ii)       a certificate
from Subtenant’s architect and general contractor or construction manager that (1) all Subtenant’s Work has been completed in accordance with the Subtenant’s plans and revisions thereto theretofore approved by Sublandlord;
(2) there are no violations or liens pending as a result of any of the Subtenant’s Work; and (3) all Subtenant’s Work has been paid for in full; 

   (iii)       lien waivers from each contractor, subcontractor,
materialman and supplier to the extent of the amount paid to such parties; and 

   (iv)       in respect of all Subtenant’s Work, as-built drawings,
and copies of balancing reports, operating manuals, maintenance logs, warranties and guaranties, sign-offs and inspection reports. 

3.        Rent and Additional Rent.   During the term of
this Sublease, Subtenant shall pay to Sublandlord minimum rent as follows: 
  

							
	 Period
	  	Annual	  	Monthly	  	Per Sq. Ft.
				
	 Commencement Date – 11/30/08
	  	$761,148.00	  	$63,429.00	  	$1.50
	 12/1/08 – 11/30/09
	  	$786,519.60	  	$65,543.30	  	$1.55
	 12/1/09 – 11/30/10
	  	$811,891.20	  	$67,657.60	  	$1.60
	 12/1/10 – 11/30/11
	  	$837,262.80	  	$69,771.90	  	$1.65
	 12/1/11 – 11/30/12
	  	$862,634.40	  	$71,886.20	  	$1.70
	 12/1/12 – 11/30/13
	  	$888,006.00	  	$74,000.50	  	$1.75
	 12/1/13 – 11/30/14
	  	$913,377.60            	  	$76,114.80	  	$1.80
	 12/1/14 – 4/29/15
	  		  	*$78,229.10            	  	$1.85            

* - rental rate for the last 5 months of the term 

The minimum rent payable by the Subtenant for this Sublease shall be paid in equal monthly installments, in advance, on
the twenty-fifth day of the calendar month which immediately precedes the month in which the minimum rent is payable to Overlandlord under the Overlease, for each month during and throughout the term of this Sublease. Subtenant shall also pay to
Sublandlord, as additional rent, its pro rata share, based upon the relative size, in square feet that the Subleased Premises bears to the entire Building, which is agreed to be fifty five and 27/100 percent (55.27%) (the “Pro Rata
Share”) of all Operating Expenses (as defined in the Overlease) and real estate taxes for the Building to the extent such expenses and taxes (calculated on an aggregate basis and not separately) exceed a 2008 base year (the “Base
Year”). All expense and tax escalations shall be “grossed up” in accordance with the terms of Article 5 of the Overlease in the Base Year and succeeding years to reflect one hundred (100%) percent occupancy of the Building
with all improvements (including Subtenant’s Work) and assessments completed based upon such occupancy. Subtenant shall pay minimum rent and additional rent without demand and without any offset, deduction or abatement whatsoever to be paid at
Sublandlord’s address first set forth above or at such other place as Sublandlord may from time to time designate. The term “rent” as used in this Sublease shall mean minimum rent and additional rent. In the event of non-payment of
additional rent, Sublandlord shall have all of the rights and remedies herein reserved in the event of non-payment of rent. 
  

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 4.        Incorporation of
Overlease.    This Sublease is subject to and is accepted by Subtenant subject to all of the terms, covenants, conditions, agreements, limitations, exceptions and reservations contained in the Overlease and the matters to
which the Overlease is subject and subordinate. Except as otherwise provided in this Sublease, all of the terms, covenants, conditions and agreements of the Overlease including, among other things, definitions and constructions therein contained and
any schedule or exhibits thereto are hereby incorporated in and made part of this Sublease with the same force and effect as though set forth at length herein. For the purposes of this Sublease, references in the Overlease shall have the following
meaning: 
  

	 	   (a)	 “premises”, “demised premises”, “Premises” or words of similar import shall be deemed to refer to the Subleased
Premises leased hereunder; 

  

	 	   (b)	 “Landlord” and “Tenant” shall be deemed to refer to Sublandlord and Subtenant hereunder, respectively;

  

	 	   (c)	 “rent” or “minimum rental” shall be deemed to refer to the rent hereunder; 

 

	 	   (d)	 “term”, “Term”, “term of this lease” or words of similar import shall be deemed to refer to the term of this Sublease
as set forth in paragraph 2 above; and 

  

	 	   (e)	 “this Lease” or “this lease” shall be deemed to refer to this Sublease. 

In all provisions requiring the approval or consent of Sublandlord, Subtenant first shall be required to obtain the
approval or consent of Overlandlord and then to obtain like approval or consent of Sublandlord. Sublandlord shall forward to Overlandlord such request as Subtenant may submit for approval or consent or both from Overlandlord. Whenever
Sublandlord’s consent is required pursuant to this Sublease, it is agreed that Sublandlord may withhold or delay its consent if Overlandlord shall have delayed or refused to give any consent which may be required of it. 

The time limits provided in the various provisions of the Overlease for the giving of notice, making demands, performance
of any act, conditions or covenant, or the exercise of any right, remedy or option, are amended for the purposes of this Sublease, by lengthening or shortening the same in each instance by five (5) days, as appropriate, so that notices may be
given, demands made, any act, condition or covenant performed, or any right, remedy or option hereunder exercised, by Sublandlord or Subtenant, as the case may be, within the time limit relating thereto contained in the Overlease. 

5.        Provisions of Overlease Not Incorporated in this
Sublease.   (a)   The following provisions of the Overlease shall not be incorporated herein by reference: the first sentence of Section 1.1(a); Sections 1.3 and 1.4; Sections 2.1 through 2.5; the first two sentences
of Section 2.6; Section 2.7; Section 3.1; Sections 4.2 and 4.3; Section 5.1; Section 6.1; Section 8.1; Section 10.1(b); Sections 13.1(a), 13.1(c) and the second paragraph of 13.1(d); Section 14.1(i); the
second sentence of Section 15.1; the first sentence of Section 16.1; Section 17.1; Section 17.15; Sections 17.16; Exhibits A through D; the First Amendment to Build-to-Suit Lease; the Acknowledgement of Lease Commencement.

  

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 (b)       References to
“Landlord” in Sections 7.1 through 7.3 of the Lease shall be deleted and replaced with “Overlandlord” for purposes herein. 

(c)       Reference to “Landlord” in Section 7.4 of the Lease shall
deleted and replaced with “Overlandlord and Sublandlord” for purposes herein. 

6.        Sublandlord’s and Overlandlord’s
Obligations.     Notwithstanding anything contained in this Sublease to the contrary, Subtenant agrees, understands and acknowledges that Sublandlord shall have no obligation or responsibility whatsoever (a) with
respect to any covenant, agreement, representation or warranty made by Overlandlord in the Overlease, or (b) to provide or perform any service, repair (including any repairs following a fire or other casualty, or a taking by condemnation or
agreement in lieu thereof), alteration or other similar obligation which is the obligation of Overlandlord to provide or perform pursuant to the Overlease provided, however, that where Subtenant shall notify the Sublandlord that
Overlandlord is not supplying services or making repairs or alterations to the Subleased Premises required under the Overlease, Sublandlord will request Overlandlord to perform such services. Sublandlord shall in no event be liable to Subtenant and
Subtenant’s obligations under this Sublease shall neither be impaired, reduced, nor the performance thereof excused because of any failure or delay on Overlandlord’s part in providing any such services, in making any repairs or alterations
or in performing or observing any obligation of Overlandlord pursuant to the Overlease. If, after receipt of written request from Subtenant, Sublandlord fails or refuses to take action for the enforcement of Sublandlord’s rights against
Overlandlord with respect to the Subleased Premises (“Action”), Subtenant will have the right to take such Action in Subtenant’s own name, and at its own cost and expense, and for that purpose and only to such extent, all of
the rights of Sublandlord as tenant under the Overlease are hereby conferred upon and assigned to Subtenant (but only to the extent that such rights apply to the Subleased Premises, reserving to Sublandlord a non-exclusive right to enforce the
rights given Sublandlord under the Overlease), and Subtenant will be subrogated to such rights to the extent that the same will apply to the Subleased Premises, provided that Subtenant shall and does hereby agree to indemnify, defend and hold
Sublandlord harmless from and against all liabilities, losses, claims, demands, penalties or damages which Sublandlord may incur or suffer by reason of such action (including, but not limited to, reasonable attorneys’ fees), except liabilities,
losses, claims, demands, penalties or damages which arise as a result of Sublandlord’s gross negligence or Sublandlord’s default under this Sublease. If any Action against Overlandlord in Subtenant’s name is barred by reason of lack
of privity, nonassignability or otherwise, Subtenant may take such Action in Sublandlord’s name; provided that (i) Subtenant has obtained the prior written consent of Sublandlord, which consent shall not be unreasonably withheld or delayed
and (ii) Subtenant provides Sublandlord with the benefit of the indemnification and defense provision contained in the preceding sentence. Sublandlord agrees to cooperate with Subtenant in such action and shall execute any and all documents
reasonably required in furtherance of such action all without cost or liability to Sublandlord. Notwithstanding anything to the contrary contained herein, Sublandlord shall have no obligation to cure any defaults of Overlandlord. 

7.        Subtenant’s Covenants.   Subtenant
covenants and agrees: 
    (a)       to indemnify, defend, and
hold Sublandlord and Overlandlord harmless from and against any and all liabilities, losses, damages, suits, penalties, claims and demands of every kind or nature (including, without limitation, reasonable attorneys’ fees) arising from
(i)
  

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the use, occupancy or management of the Subleased Premises by Subtenant, its employee, officers, agents or contractors, (ii) the conduct of any business in or about the Subleased Premises by
Subtenant, its employee, officers, agents or contractors, (iii) any work or thing whatsoever done or any condition created by or any other act or omission of Subtenant, its officers, employees, agents, contractors, visitors or licensees in or
about the Subleased Premises, or (iv) from a failure of Subtenant to observe the provisions of this Sublease, except to the extent such liabilities, losses, damages, suits, penalties, claims and demands arise from (x) Sublandlord’s
gross negligence or willful misconduct or (y) a breach of any of Sublandlord’s obligations under this Sublease; 

   (b)       to provide its own insurance for the insurance required under
the terms of the Overlease naming Sublandlord, Overlandlord and any other person required by the Overlease as additional insureds as applicable to the Subleased Premises; and 

   (c)       to perform and observe all of the terms, covenants,
conditions, agreements, limitations, exceptions and reservations contained in the Overlease on the tenant’s part to be performed or observed thereunder with respect to the Subleased Premises (except as provided in paragraph 5 hereof) and
not cause Sublandlord to become liable for any damages, claims or penalties, or to become in default of any of its obligations under the Overlease. 

The provisions of this paragraph 7 shall survive the expiration or sooner termination of this Sublease. 

8.        Compliance.   (a)   Sublandlord
represents and warrants as of the date hereof that: (i) Sublandlord is in compliance with Sublandlord’s obligations under the Overlease, (ii) to Sublandlord’s knowledge, Overlandlord is not in default of Overlandlord’s
obligations under the Overlease. Subtenant shall construct Subtenant’s Work in the Subleased Premises in compliance with all applicable laws, statutes, rules, regulations, ordinances and requirements of all governmental authorities, including
all environmental laws, building codes and zoning ordinances, requirements of building officials administering such codes, and laws related to “architectural barriers” affecting the disabled, including the Americans with Disabilities Act
of 1990 (42 U.S.C. §12101 et seq.) and regulations and guidelines promulgated thereunder, as all of the same may be amended and supplemented from time to time. 

(b)       Subtenant, at its expense, shall comply (with respect to the Subleased
Premises) with all legal requirements and insurance requirements set forth herein relating to Subtenant’s use or manner of use of the Subleased Premises which shall, with respect to the Subleased Premises or the use and occupation thereof,
impose any violation, order or duty on Sublandlord or Subtenant, provided same arise from (i) Subtenant’s use or manner of use of the Subleased Premises, (ii) any cause or condition created by Subtenant in the Subleased Premises,
(iii) the conduct of Subtenant’s business at the Subleased Premises, or (iv) any alteration performed by Subtenant in the Subleased Premises. 

9.        Sublandlord’s Covenants. Provided that Subtenant is
not in default hereunder, Sublandlord covenants and agrees that it shall not do or suffer or permit anything to be done or suffered which would cause the Overlease to be canceled, terminated, modified or amended. 

10.      Default of Overlandlord.   If Overlandlord shall default
in the performance or observance of any of its agreements, covenants, or obligations under the Overlease (including 

 

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any obligation for the payment of money) Sublandlord shall have no liability therefor to Subtenant and shall be excused from performance of the corresponding obligations which may be owed by
Sublandlord to Subtenant under this Sublease. However, Subtenant, pursuant and subject to the provisions of this Sublease, may enforce Sublandlord’s rights against Overlandlord in respect of any such default. Except as provided in paragraph
18 hereof, any condition resulting from a default by Overlandlord shall not constitute an eviction, actual or constructive of Subtenant under this Sublease. Except as provided in paragraph 18 hereof, no such default shall excuse Subtenant
from the performance or observance of any of its obligations to be performed or observed under this Sublease or entitle Subtenant to terminate this Sublease or to receive any reduction in or abatement of the rent, additional rent or other charges
required to be paid pursuant to this Sublease. 
 11.      Condition of the
Subleased Premises. Subtenant represents that it has made a thorough examination and inspection of the Subleased Premises and is familiar with the condition of every part thereof. Subtenant acknowledges that it has entered into this Sublease
without any representation or warranty by Sublandlord or Overlandlord, their agents, representatives, employees, servants or any other person as to the condition of the Subleased Premises. Subtenant accepts the Subleased Premises “as-is”
and in the condition existing on the date of execution of this Sublease. Sublandlord shall not be required to perform any work, furnish any materials or make any repairs within the Subleased Premises in preparation for Subtenant’s taking of
possession of the Subleased Premises or to prepare the Subleased Premises for Subtenant’s use or occupancy. Upon the expiration or earlier termination of the Sublease, Subtenant shall have no restoration obligations relating to Subtenant’s
initial improvements to the Subleased Premises (but only to the extent such improvements are approved by Overlandlord and Sublandlord), subject to reasonable wear and tear and damage from casualty and condemnation; provided, however,
that if Subtenant performs any improvements in the Subleased Premises (other than Subtenant’s initial improvements) which are approved by Overlandlord (“Subsequent Improvements”), then Subtenant shall bear any and all costs of
compliance with Overlandlord’s removal or damage reimbursement surrender requirements relating to the Subsequent Improvements. 

12.      Limitation of Sublandlord’s Liability: 

   (a)       The obligations of Sublandlord under this Sublease do not
constitute personal obligations of the individual directors, officers or shareholders of Sublandlord, and Subtenant shall not seek recourse against the individual directors, officers or shareholders of Sublandlord or any of their personal assets for
satisfaction of any liability in respect of this Sublease. Such exculpation of liability shall be absolute and without any exception whatsoever. 

   (b)       All property of every nature and description at any time
located in or upon the Subleased Premises shall be at the risk of Subtenant only and Sublandlord shall have absolutely no liability for any damage to said property or to Subtenant or any other person except as results wholly from the gross
negligence of Sublandlord and as otherwise expressly provided in this Sublease. 

   (c)       The term “Sublandlord” as used in this Sublease
means only the owner for the time being of the Sublandlord’s leasehold estate for the Subleased Premises. If Sublandlord transfers or assigns its interest in the Overlease, whether by operation of law or otherwise, then

  

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the Sublandlord whose interest is thus assigned or transferred shall be and is hereby entirely freed and relieved of all covenants, obligations and liability of Sublandlord hereunder from and
after the effective date of such assignment or transfer, and Subtenant shall look solely to the successor Sublandlord after such effective date. 

13.      Notices.    All notices, demands, consents,
approvals, requests or other communications which Sublandlord, Subtenant or Overlandlord may desire or may be required to give hereunder shall be in writing and shall be given by registered or certified mail, return receipt requested, postage
prepaid, nationally recognized overnight courier service or by personal delivery as follows: 
  

			
	 to Subtenant at:	  	Ellie Mae, Inc.
		  	4140 Dublin Boulevard, Suite 300
		  	Dublin, California 94568
		  	Attention: Lisa Brunn, Vice President
		
	 to Sublandlord at:	  	ADP Pleasanton National Service Center, Inc.
		  	5800 Windward Parkway
		  	Alpharetta, GA 30005
		  	Attention: Division President
		
	 with a copy to:	  	Automatic Data Processing, Inc.
		  	One ADP Boulevard, MS 325
		  	Roseland, New Jersey 07068
		  	Attention: General Counsel
		
	 to Overlandlord at:	  	Triple Net Properties Realty, Inc.
		  	1551 North Tustin Avenue, Suite 200
		  	Santa Ana, CA 92705
		  	Attention: Louis Rogers, President
		
	 with a copy to:	  	Triple Net Properties Realty, Inc.
		  	4511 Willow Road, Suite 3
		  	Pleasanton, CA 94588
		  	Attention: Lesley Moore

 Sublandlord,
Subtenant or Overlandlord may change their respective address or copy address for notices hereunder by a notice given pursuant to this paragraph 13. A notice which is given personally shall be deemed given when delivered. Any such notice,
request or other communication shall be considered given or delivered, as the case may be, on the date of delivery or the date that delivery is refused as evidenced by the records of the courier or delivery service or the United States Postal
Service, as applicable. Rejection or other refusal to accept or inability to deliver because of changed address of which no notice was given shall be deemed to be receipt of the notice, request or other communication. 

14.      Broker.   Subtenant represents that it did not deal with
any real estate broker or other person in relation to this Sublease, except for CM Realty and Cushman & Wakefield. Subtenant agrees to indemnify, defend, and hold Sublandlord harmless from and against any and all liabilities, claims, suits,
demands, judgments, costs, interest and expenses (including 
  

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attorneys’ fees) to which Sublandlord may be subject to suffer by reason of any claim made by any person, firm or corporation for any commission, expense or other compensation as a result of
the execution and delivery of this Sublease based upon the acts or actions of Subtenant, its officers, employees, agents, servants or representatives. Sublandlord agrees to pay a broker’s commission to CM Realty and Cushman & Wakefield
pursuant to a separate agreement. The provisions of this paragraph 14 shall survive the termination of this Sublease. 

15.      Termination of Overlease.  In the event of and upon
termination or cancellation of the Overlease pursuant to the terms and provisions thereof, this Sublease shall automatically cease and terminate and be of no further force or effect, except as specifically herein provided. 

16.      No Rights in Third Parties.  This Sublease is neither
intended to create nor shall it create any rights in any third parties as against Sublandlord or Subtenant not otherwise heretofore in existence. 

17.      Overlandlord’s Consent; Conditions to Sublease.  This
Sublease is conditioned upon the receipt by Sublandlord of (i) Overlandlord’s consent within thirty (30) business days after the mutual execution and delivery of this Sublease, and (ii) Subtenant’s most recent audited
financial statements prior to the mutual execution and delivery of this Sublease, which statements shall be subject to the reasonable approval of Sublandlord. 

18.      Termination by Subtenant.    Notwithstanding any
other provision of this Sublease or the Overlease, if a default by Sublandlord under this Sublease or the Overlease prevents Subtenant from operating its business in the Subleased Premises for a period of five (5) consecutive business days,
then, provided that (i) Subtenant is not in default under the terms of this Sublease and (ii) Subtenant delivers notice (“Default Notice”) of such default to both Sublandlord and Overlandlord, then Subtenant’s sole
right and remedy shall be to terminate this Sublease, by notifying Sublandlord thereof on or before the date which is twenty (20) days after Sublandlord and Overlandlord have received the Default Notice, TIME BEING OF THE ESSENCE, in
which event and provided the breach has not been cured on or before the date which is twenty (20) days after the date that Sublandlord and Overlandlord received the Default Notice, then, as of the date which is twenty one (21) days after
the date that Sublandlord and Overlandlord received the Default Notice, this Sublease and Sublandlord’s and Subtenant’s obligations and liabilities with respect to the Subleased Premises shall terminate and be of no further force or effect
and neither party shall have any further rights, remedies, obligations or liabilities hereunder, except that Subtenant, subject to the terms of paragraph 19 hereof, shall be entitled to (i) the return of the Security Deposit, (ii) a
pro-rated amount of rent, if any, for the remainder of any month in which this Sublease is terminated, and (iii) except as provided in this Sublease, exercise all other rights and remedies available to Subtenant at law and in equity. If
Subtenant does not so terminate this Sublease in the manner and in the time period set forth in this paragraph 18, TIME BEING OF THE ESSENCE, or if the respective default has been cured on or before the date which is twenty (20) days
after the date that Sublandlord and Overlandlord received the Default Notice, (i) Subtenant’s right to so terminate shall be null and void and of no further force or effect, (ii) this Sublease shall continue in full as if this
subsection (c) were not a part hereof, and (iii) Subtenant’s minimum rent shall be abated with respect to the days in which Subtenant was prevented from operating its business in the Subleased Premises. 

 

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 19.      Security
Deposit.    Concurrently with Subtenant’s execution of this Sublease, Subtenant has deposited with Sublandlord the sum of Sixty Three Thousand Four Hundred Twenty Nine Dollars ($63,429.00), as security for
performance by Subtenant of Subtenant’s covenants and obligations under this Sublease. Sublandlord shall hold the security in accordance with the provisions of Article 16 the Overlease. 

20.      Assignment.  Subtenant shall have the right to assign and
further sublet all or any part of the Subleased Premises, subject to the consents of Sublandlord and Overlandlord, which consents shall not be unreasonably withheld. Notwithstanding the foregoing, upon prior written notice to Sublandlord and
Overlandlord of the applicable transaction and subject to the requirements of Article 11 of the Overlease, the consent of Overlandlord and Sublandlord shall not be required for (i) an initial public offering of the common stock of Subtenant, or
for any stock transfer or conversion in connection with any such initial public offering, (ii) any merger, consolidation or other reorganization (except in connection with a dissolution), or any sale of substantially all the assets of Subtenant
or (iii) any sale or transfer of the stock of Subtenant, other than as prohibited under Article 11 of the Overlease. Subject to Article 11 of the Overlease, any sublease profits, net of subleases marketing costs, tenant improvements, and
commissions, shall be shared 50/50 between Sublandlord and Subtenant. 

21.      Holdover.      (a)  
    In the event this Sublease is not renewed or extended or a new sublease is not entered into between the parties, and if Subtenant shall then hold over after the expiration of the term of this Sublease, and if Overlandlord or
Sublandlord shall then not proceed to remove Subtenant from the Subleased Premises in the manner permitted by law (or shall not have given written notice to Subtenant that Subtenant must vacate the Subleased Premises) irrespective of whether or not
Sublandlord accepts rent from Subtenant for a period beyond the Expiration Date, the parties hereby agree that Subtenant’s occupancy of the Subleased Premises after the expiration of the term shall be under a month-to-month tenancy commencing
on the first day after the expiration of the term, which tenancy shall be upon all of the terms set forth in this Sublease except Subtenant shall pay on the first day of each month of the holdover period as fixed rent, an amount equal to two
(2) times one-twelfth of the fixed rent and additional rent payable by Subtenant during the last year of the term of this Sublease (i.e., the year immediately prior to the holdover period). Further, Overlandlord and Sublandlord shall not
be required to perform any work, furnish any materials or make any repairs within the Subleased Premises during the holdover period. It is further stipulated and agreed that if Overlandlord or Sublandlord shall, at any time after the expiration of
the original term or after the expiration of any term created thereafter, proceed to remove Subtenant from the Subleased Premises as a holdover, the fixed rent for the use and occupancy of the Subleased Premises during any holdover period shall be
calculated in the same manner as set forth above. In addition to the foregoing, Sublandlord shall be entitled to recover from Subtenant all costs, expenses, losses and damages arising from such holdover, including all attorneys’ fees and
disbursements and court costs incurred or paid by Sublandlord (including, without limitation, any costs or claims over and above the holdover rent which may be incurred by Sublandlord). 

  (b)      Notwithstanding anything to the contrary contained in this Sublease,
the acceptance of any rent paid by Subtenant pursuant to Section 21(a) above shall not preclude Sublandlord from commencing and prosecuting a holdover or summary eviction proceeding. 

 

 10 

   (c)      All damages to
Sublandlord by reason of holding over by Subtenant may be the subject of a separate action and need not be asserted by Sublandlord in any summary proceedings against Subtenant. Subtenant acknowledges that possession of the Subleased Premises must be
surrendered to Sublandlord at the expiration or sooner termination of the term of this Sublease. Subtenant agrees to indemnify, defend and save Sublandlord and Overlandlord harmless against all liabilities, costs, suits, demands, charges, and
expenses of any kind or nature, including attorneys’ fees and disbursements, resulting from a delay by Subtenant in so surrendering the subleased Premises, including, without limitation, any claims made by any succeeding tenant founded on such
delay. 
 22.      Subtenant Improvement
Allowance.        (a)      Sublandlord shall contribute the total amount of $1,268,580.00 (i.e., $30.00 per square foot of the Subleased Premises) (“Subtenant
Improvement Allowance”) for all costs incurred by Subtenant relating to Subtenant’s Work (including fees associated with design, construction, space planning, architectural and engineering work, signage, permits, telecom and data
cabling, security systems, furniture, HVAC, and UPS (“Improvements”), provided that, as of the date on which Sublandlord is required to make payment thereof, (i) this Sublease is in full force and effect, and (ii) no
default by Subtenant of this Sublease has occurred and has continued after receipt of any required notice and beyond any applicable cure period. The Improvements shall be made by Subtenant pursuant to the terms and provisions of Article 2
hereof and Article 7 of the Overlease. The Subtenant Improvement Allowance shall not be used to pay for any of Sublandlord’s work or work performed outside of the Subleased Premises. 

(b)      Sublandlord shall make payments to Subtenant reimbursing Subtenant for costs
Subtenant incurs in connection with the Improvements within twenty (20) days after Sublandlord’s receipt of (i) Subtenant’s written request for payment, (ii) copies of invoices related to the Improvements marked
“paid” and (iii) copies of unconditional waivers and releases of lien in a form in compliance with the applicable statutes from all contractors, subcontractors, and material suppliers covering all work and materials which are the
subject of such payment; provided, however, that no such waivers and releases shall be required for any architects or engineers (the documents described in (i), (ii) and (iii) are collectively referred to as “Payment
Documents”). Subtenant shall be entitled to submit requests for payment during Subtenant’s Work, but in no event more than once in any thirty (30) day period. 

(c)      Subtenant shall not be entitled to receive any portion of the Subtenant
Improvement Allowance not actually disbursed by Sublandlord in accordance with the terms herein; provided, however, that Subtenant may apply any portion of any undisbursed portion of the Subtenant Improvement Allowance as a credit against rent under
this Sublease. Subtenant shall pay, at Subtenant’s own cost and expense, any costs of Subtenant’s Work which exceed the Subtenant Improvement Allowance. 

(d)      Except as otherwise expressly set forth in this Sublease, Sublandlord shall have
no obligation of any kind with respect to any work to be performed in the Subleased Premises or in the Building and Subtenant accepts the Subleased Premises in their current “as-is” condition. 

23.      Option to
Expand.    (a)      If any or all of the remaining 34,224 square feet of floor space in the Building (the “Expansion Space”) becomes available and is not going to be used by
Sublandlord for its own purposes, Sublandlord shall be required to notify Subtenant in 
  

 11 

 
writing (“Sublandlord’s Notice”) of Sublandlord’s intention to sublease the Expansion Space. Sublandlord’s Notice shall specify the size and location of the
Expansion Space. Provided that Subtenant is not then in default under this Sublease and subject to the first refusal, renewal, and expansion rights of Robert Half International, Inc., Subtenant shall have seven business (7) days after
Subtenant’s receipt of Sublandlord’s Notice to provide Sublandlord with written notice of Subtenant’s desire to sublet such space (the “Expansion Space Notice”) under the same terms and conditions as this Sublease,
except that the rent shall be at the then prevailing fair market value. If Subtenant fails to deliver the Expansion Space Notice as herein provided, then Subtenant’s Option to Expand shall become null and void. Should Subtenant exercise its
Option to Expand as set forth herein, the expiration date of such amendment shall be co-terminus with the Expiration Date hereof. The “prevailing fair market value” shall mean the fair market rental rate under direct leases and subleases
(taking into consideration size, location, condition, amenities and market concessions) for comparable office space in the vicinity of the Building. 

(b)      Within ten (10) business days after receiving the Expansion Space Notice,
Sublandlord shall notify Subtenant of Sublandlord’s determination of prevailing fair market value for the Expansion Space. If Subtenant does not agree with Sublandlord’s determination of prevailing fair market value, Subtenant shall give
notice to Sublandlord of disagreement (the “Rejection Notice”) within fifteen (15) business days after receipt of that determination from Sublandlord, and Sublandlord and Subtenant shall commence negotiations to agree upon the
prevailing fair market value. If Sublandlord and Subtenant are unable to reach agreement within fifteen (15) business days after Sublandlord’s receipt of Rejection Notice, Subtenant shall provide written notice to Sublandlord (the
“Arbitration Notice”) within five (5) business days after expiration of said 15 business day period, either (i) rescinding the Expansion Space Notice, in which event Subtenant shall have no further option to expand the
Subleased Premises, or (ii) advising Sublandlord of Subtenant’s desire to proceed to a final determination of prevailing fair market value, in which event the prevailing fair market value shall be determined in accordance with paragraph
23(c) below. 
 (c)      Within ten (10) business days after
Sublandlord’s receipt of the Arbitration Notice, Sublandlord and Subtenant shall each simultaneously submit to the other in a sealed envelope its good faith estimate of the prevailing fair market value. If the higher of such estimates is not
more than one hundred five percent (105%) of the lower, then the prevailing fair market value shall be the average of the two. Otherwise, the dispute shall be resolved by arbitration as follows: Within ten (10) business days after the
exchange of estimates, the parties shall select as an arbitrator an independent MAI appraiser with at least ten (10) years of experience in appraising office space in the metropolitan area in which the Building is located (the
“Arbitrator”). The Arbitrator shall select either Sublandlord’s proposed “prevailing fair market value” or Subtenant’s proposed “prevailing fair market value”. Such determination shall be limited solely
to the issue of whether Sublandlord’s proposed “prevailing fair market value” or Subtenant’s “prevailing fair market value” is closest to the Arbitrator’s determination of the correct amount under submission, and
the Arbitrator shall have no power to propose a middle ground or to modify either of the two proposals. The Arbitrator shall notify Sublandlord and Subtenant of its decision, which shall be final and binding. If the Arbitrator believes that expert
advice would materially assist him, the Arbitrator may retain one or more qualified persons to provide expert advice. The fees of the Arbitrator and the expenses of the Arbitration proceeding, including the fees of any expert witnesses retained by
the Arbitrator, shall be paid by the party whose estimate is not selected. Each party shall pay the fees of its respective counsel and the fees of any witness called by that party. 

 

 12 

24.      Signage.        Subtenant
shall be entitled to Subtenant’s pro rata share of line entries on the Building directory. Subject to the consent of Overlandlord, Sublandlord, the Hacienda Owners Association, and the City of Pleasanton, Subtenant may install suite and
Building parapet signage above the entrance to the Subleased Premises and monument signage. 

25.      Miscellaneous. 

(a)       Non-Disturbance.  Sublandlord shall use reasonable efforts
to obtain and deliver to Subtenant, in a mutually acceptable form, a Subordination, Non-Disturbance and Attornment Agreement executed by Overlandlord. Sublandlord shall submit to Overlandlord the request for Subordination, Non-Disturbance and
Attornment Agreement within ten (10) days after the mutual execution and delivery of this Sublease. 

(b)       Parking.   Subtenant shall be entitled to the
non-exclusive use of 3.52 parking spaces on the property per 1000 square feet of the Subleased Premises throughout the term of this Sublease. 

(c)       Security Card System.  Subject to the consent of
Overlandlord, Subtenant shall be permitted, at Subtenant’s own cost and expense, to install a proximity card reader system in the Subleased Premises. 

(d)       Access and Services; Emergency
Generator.  (i)  Subtenant shall have access to the Subleased Premises 24 hours per day, 365 days per year. 

  (ii)  Subtenant shall be entitled to, without additional charge, janitorial services, water, gas,
electricity and HVAC to the Subleased Premises, between the hours of 6:00 AM – 6:00PM, Monday through Friday (“Normal Business Hours”) throughout the year, except on Christmas, Thanksgiving, New Years’ Day, Memorial Day,
Independence Day and Labor Day. Subtenant, upon reasonable prior notice to Sublandlord, shall be entitled, at Subtenant’s own cost and expense, to receive HVAC required by Subtenant outside of Normal Business Hours at the rate of $75.00 per
hour. Such overtime HVAC costs shall be paid by Subtenant to Sublandlord as additional rent hereunder within ten (10) days after Sublandlord’s demand therefore. 

  (iii)     Subtenant shall be responsible, at Subtenant’s sole cost and
expense, for contracting directly for the installation of fiber optic services of T1 capacity or greater to serve the Subleased Premises. 

  (iv)     Subtenant shall have access to and be permitted to use the existing
back-up generator which serves the Building. Subject to the prior written consent of Overlandlord, Sublandlord and the local authorities, Subtenant, at Subtenant’s sole cost and expense, may install a generator to serve the Subleased Premises.

  

 13 

 (e)       Limitation of
Damages.  In no event will Sublandlord or Subtenant have any liability or responsibility whatever to the other party (or any third party) for any consequential, punitive or indirect damages (including lost profits), whether proximately
or remotely related to a default by the other hereunder. 

(f)       Entire Agreement, Modifications, Successors.  This Sublease
contains the entire agreement between Sublandlord and Subtenant and may not be changed, modified, discharged or terminated in whole or in part except by an agreement in writing signed by both Sublandlord and Tenant. Subject to the provisions hereof
this Sublease shall bind and inure to the benefit of Sublandlord and Subtenant and their respective successors, representatives and permitted assigns. 

(g)       Severability.  The invalidity in whole or in part of any
provisions of this Sublease shall not affect the validity of any other part hereof. To the extent permitted by applicable law, Sublandlord and Subtenant hereby waive any provision of law which prohibits or rendered unenforceable any provisions of
this Sublease in any respect. 
 (h)       Captions.  The
captions and paragraph headings contained in this Sublease are for convenience and reference only and in no way define, limit or describe the scope or intent of this Sublease or in any way affect this Sublease. 

IN WITNESS WHEREOF, Sublandlord and Subtenant have executed this Sublease as of the date first above written.

  

					
	SUBLANDLORD:
	
	ADP PLEASANTON NATIONAL SERVICE CENTER, INC.
		
	 By:
	 	 /s/ James B. Benson

		 	 Name:
	 	  James B. Benson

		 	 Title:
	 	  President

	
	SUBTENANT:
	
	ELLIE MAE, INC.
		
	 By:
	 	 /s/ Sig Anderman

		 	 Name:
	 	  Sig Anderman

		 	 Title:  Chief Executive Officer

 

 14SAVVIS Master Services Agreement

 Exhibit 10.12 

SAVVIS MASTER SERVICES AGREEMENT 

[NO DIGITAL CONTENT SERVICES MAY BE ORDERED UNDER THIS AGREEMENT] 

THIS MATTER SERVICES AGREEMENT (this “Agreement” or “MSA”) is by and between SAVVIS Communications Corporation
(“SAVVIS”) and Elite Mae Inc. (“Customer”) and is entered into as of this 15 day of Dec, 2006 (“Effective Date”). The undersigned parties have read and agree to the terms set forth in this Agreement, including any
applicable Service Schedules attached hereto or as may be added hereto in the future. Capitalized terms on this signature page and in this Agreement are defined where they appear or in the “Definitions” section. 

 

									
	 SAVVIS COMMUNICATIONS CORPORATION
	 		 	 CUSTOMER: ELLIE Mae, Inc

					
	 By:
	 	 /s/ JAMES MORI
	 		 	 By:
	 	 /s/ Limin Hu

	 Name:
	 	 JAMES MORI
	 		 	 Name:
	 	 Limin Hu

	 Title:
	 	 EVP, General Manager of the Americas
	 		 	 Title:
	 	 EVP & CTO

	 Date:
	 	 12/28/09
	 		 	 Date:
	 	 12/15/2006

SERVICES ORDERED UNDER THIS AGREEMENT 

As of the Effective Date, SAVVIS will provide, and Customer will purchase, under the terms of this Agreement, the Services checked below and
described in the applicable Service Schedules and SAVVIS Service Guides. This Agreement may be updated by the parties in the future to include additional Services, and this Agreement will govern all such subsequently added Services. 

 

											
		 	 Digital Content Services

(Cannot be ordered under this MSA)
	 	  ̈
	 	 Financial Market Services
	  	  ̈
	 	 Hosting/Colocation Services

	  ̈
	 	 Network Services
	 	  ̈
	 	 Professional Services
	  	  ̈
	 	 Security Services

  

 
 NOTICES 

All legal notices required to be given hereunder shall be in writing and shall be deemed given if sent to the addresses specified below: (a) by
either registered or certified United States mail, return requested postage prepaid three days after such mailing; or (b) national overnight courier service and addressed to the persons set forth, herein, the next business day. All other notices,
including notices of non-payment, may also be sent via facsimile or email, and will be deemed given on the day delivery is electronically confirmed. For any required AUP notice, notice under the Section 4 will be given via email to
DCO@elliemae.com. 
 TO SAVVIS: 
  

					
	 General notices:
	 	 With a copy to:
	 	 For all disconnection, upgrades or termination notices:

	 SAVVIS Communications Corporation

12851 Worldgate Drive
 Hemdon,
Virginia, USA 20170
 Attn: Legal Department
	 	 SAVVIS Communications Corporation

1 SAVVIS Parkway
 Town & Country,
MO, USA 63017
 Attn: Vice President of Billing
	 	 SAVVIS Communications Corporation

12851 Worldgate Drive
 Herndon,
Virginia, USA 20170
 Attn: Client Solutions

 

					
	 To Customer:
	 		  	 With copy to:

	 Name:
	 	 Ellie Mae, Inc.
	  	 Ellie Mae, Inc.

	 Address:
	 	 4140 Dublin Blvd. #300
	  	 4140 Dublin Blvd. #300

	 City/State/Zip:
	 	 Dublin,CA 94568
	  	 Dublin, CA 94568

	 Fax No.:
	 	 925-227-9030
	  	
	 Email:
	 	 jim.li@elliemae.com
	  	 Legal Department

	 Attn:
	 	 Jim Li
	  	

  

					
		 	Page 1 of 7	 	

 SAVVIS MASTER SERVICE AGREEMENT 

1.        Services.    This MSA forms part of the “Agreement” between
SAVVIS and Customer, which includes this MSA plus any Service Schedules, and SAVVIS Service Guides (“SSGs”), Service Orders, and any other documents that are expressly incorporated herein. SAVVIS and/or its affiliates and/or subcontractor
will provide that Services in accordance with this Agreement. Unless otherwise set forth in the Agreement, the appointment of an Affiliate of SAVVIS and/or subcontractor of SAVVIS to perform the Service(s) shall not relieve SAVVIS of its obligations
under the Agreement. The description, Service term, charges, and other terms applicable to the Service are set forth in the applicable Service Schedule, SSG and/or Service Orders. The Services may also be subject to a service level agreement
(“SLA”) as attached to be applicable Service Schedule. SAVVIS may accept or reject any Service Order and will not be bound by any such Service Order until it is accepted by SAVVIS. SAVVIS will not be bound by any Customer issued purchase
order forms. Customer may order additional Services by executing the applicable Service Order, and, if necessary, a Service Schedule. Any requests for non-standard services beyond those described in the applicable Service Schedule, SSG or Service
Order will be provided on an individual case basis and at an additional cost to Customer. All rates and description for such additional services will be agreed to in writing by both parties. SAVVIS will not change the SLAs or rates it charges for
Customer’s existing Service during its initial term as specified in the accepted Service Order. SAVVIS may change SLAs or rates during a Service’s renewal term by notifying Customer at least sixty (60) days prior to the effective date of
such SLA or rate change. 
 2.        Term.    The term of the
Agreement will commence on the Effective Date and will continue until the expiration of the last Service term, unless earlier terminated accordance with this Agreement (“Term”). 

3.        Payment.    All payments are due in full within thirty (30) days after
date of the invoice (“Due Date”). In addition to the Service charges and fees. Customer shall also be responsible for all Taxes assessed in connection with the Services, except to the extent Customer is exempt from such Taxes, and Customer
can produce for SAVVIS a tax exemption certificate in form acceptable to SAVVIS and any applicable third party charges (e.g., installation, local access charges, utilities, etc.), including any increase thereto. Notwithstanding the foregoing, to
dispute a charge on an invoice, Customer must identity the specific charge in dispute and provide a written explanation of the basis for the dispute within thirty (30) days of the date of invoice. Customer may withhold payment of a charge subject to
good faith dispute provided (i) Customer submits the billing dispute within thirty (30) days of the date of Invoice (ii) Customer pays the undisputed portion of all charges, and (iii) Customer cooperates reasonably with SAVVIS efforts to investigate
and resolve the dispute. If SAVVIS determines that a disputed charge is in error, SAVVIS shall issued credit or reverse the amount incorrectly billed. If SAVVIS reasonably determines that a disputed charge was billed correctly, payment shall be due
from the Customer five (5) days after written notice of such determination. Any undisputed amount not received by the Due Date will be considered past due and SAVVIS may assess interest at the lesser of 1 1⁄2% per month or the highest rate
permitted by applicable law. Billing for each Service shall commence on the “Billing Commencement Date,” as defined in the applicable Service Schedule. If SAVVIS is unable to deliver the Services due to any delay or other reason, caused by
the Customer, its End Users or agents, and SAVVIS and Customer do not mutually agree in writing on a revised date for delivery of the Services, SAVVIS may commence billing when SAVVIS would have been ready to deliver such Services, as determined by
SAVVIS in its reasonable discretion, but for such delay. SAVVIS may, at any time during the Term, require a deposit or other acceptable form of security if SAVVIS reasonably deems itself insecure with respect to Customer’s ability to pay.

 4.        Acceptable Use. 

(A)        The use of SAVVIS’ network and the Security by Customer and its End Users will comply with
the AUP, which is incorporated herein by reference. For the avoidance of doubt, Customer shall be responsible for any breach of the AUP by itself and/or its End Users. Subject to Subsection E below, SAVVIS may make reasonable changes to the AUP at
any time and such change will be effective upon posting to SAVVIS’ website and written notice to Customer. 

(B)        In addition to any other remedies available at law or in equity, SAVVIS may immediately and with
or without notice suspend or block access to the Service(s) in violation of the AUP and/or this Section 4, and/or Customer’s access to the internet Data Center(s), and/or terminate the Agreement, if in SAVVIS’ reasonable discretion,
Customers or its End Users cause an AUP violation that is unlawful or is likely to cause imminent and material interference with or material risk of harm, loss or damage to SAVVIS or its customers, including any harm to SAVVIS’ or network or
business. In the event SAVVIS terminates all or a portion of the Service(s) pursuant to this Section 4, then Customer shall pay the amounts set forth in Section 5 for any terminated Service(s). 

(C)        In all other cases that SAVVIS reasonably determines do not fall under subsection B above, in
addition to any other remedies available at law or in equity, SAVVIS may upon notice and with reasonable opportunity to cure of not more than three (3) business days unless prohibited by law or regulation, suspend or block access to the Service(s)
in violation of the AUP, restrict Customer’s access to the Internet Data Center(s) and/or terminate the Agreement, if there is a breach of the AUP. Notwithstanding anything to the contrary, no opportunity to cure will be given for illegal
activity; fraudulent activity; incidences where the breach is not curable; or incidences where there is a material breach of the AUP which occurs more than twice in a twelve (12) month period. In the event SAVVIS terminates all or portion of the

Service(s) pursuant to this Section 4, then Customer shall pay the amounts set forth in Section 5 for any terminated Service(s). 
  

 Page 2 of 7 

 SAVVIS MASTER SERVICES AGREEMENT 

 

 (D)          In the event that SAVVIS suspends a
Service(s) under this Section 4, SAVVIS will attempt to suspend the Services in the least restrictive manner as SAVVIS deems reasonably to be appropriate under the circumstance. 

(E)        If SAVVIS modifies its AUP, except as required by law or regulation, or industry standard
(“AUP Change”), and the Service is materially and adversely affected by the AUP Change. Customer may, within fifteen (15) business days of the date SAVVIS notifies Customer in writing of the AUP Change (“Customer AUP Change Notice
Period”), send written notice to SAVVIS indicating the Service affected and including details sufficient to demonstrate the adverse material effect on Customer (“Customer AUP Change Notice”). SAVVIS will, within fifteen (15) business
days of receipt of the Customer AUP Change Notice, review the notice and notify Customer in writing whether SAVVIS agrees or disagrees with Customer’s assertion. If SAVVIS agrees that the AUP Change materially and adversely affects the Service,
SAVVIS may agree to waive the applicability of the AUP Change to Customer, provided that any such waiver shall be not be made by SAVVIS until the parties execute amendment to the Agreement setting forth the terms of the waiver. If SAVVIS does not
agree to the waiver, Customer may thereafter accept such AUP Change or, no later than two (2) business days from the date SAVVIS’ written response, terminate the Services directly affected by the AUP Change by written notice to SAVVIS, and
Customer shall be liable for: (a) Service usage charges accrued but unpaid as of the termination date: (b) any third party provider charges and any actual out-of-pocket expenses incurred by SAVVIS (e.g, cancellation charges or term software license
fees) that cannot be reasonably mitigated by SAVVIS; and (c) an early termination charge equal to twenty-five percent (25%) of the then-current MRCs for terminated Services multiplied by the number of months remaining in the Service Term.
Termination shall be effective thirty (30) days from the date of Customer’s notice of termination. If SAVVIS does not receive a Customer AUP Change Notice within the AUP Change Notice Period, or if SAVVIS does not receive a notice of
termination within the applicable time period, the AUP Change shall be deemed accepted by Customer. 

(F)        Customer shall not be relieved of its payment obligations hereunder during any period of Service
suspension related to Section 4. Any notice required under this Section 4 will be given via email to DCO@ellemae.com. 

5.          Termination and Transition of Services. Customer may terminate this Agreement
upon thirty (30) days notice in the event of a material breach of this Agreement by SAVVIS, if such breach is not cured within that period, and Customer will receive as a refund any prorated prepaid fees for Services not rendered by SAVVIS as a
result of termination. Customer may terminate this Agreement without early termination charges upon notice if SAVVIS becomes or is declared insolvent or bankrupt or is subject to any voluntary or involuntary petition related to its liquidation,
insolvency or for the appointment of a receiver or similar officer for it; provided that, if such petition is involuntary it is not withdrawn or dismissed. SAVVIS may suspended Service or terminate this Agreement (a) upon notice if Customer becomes
or is declared insolvent or bankrupt or is subject to any voluntary or involuntary petition related to its liquidation, insolvency or for the appointment of a receiver or similar officer for it; provided that, if such position is involuntary, it is
not withdrawn or dismissed; (b) subject to Section 3 regarding payment disputes, upon five (5) business days notice in the event of any payment default, if such default is not cured within that period; (c) upon written notice in the event of any AUP
violation, subject to the cure periods of Section 4, if any; or (d) upon thirty (30) days notice in the event of any other material breach of this Agreement by Customer, if such breach is not cured within that period (unless a different notice
period expressly set forth in the Agreement applies). If Customer terminated an ordered Service prior to the delivery of such Service, Customer will be liable for any applicable pre- delivery cancellation fee as set forth in the Service Schedule.
If, after the delivery of Service but prior to the conclusion of the applicable Service term, the Service or this Agreement is terminated either by SAVVIS for cause or by the Customer for any reason other than cause, then Customer shall be liable
for: (a) an early termination charge equal to fifty percent (50%) of the then-current monthly recurring charges (“MRCs”) for Services multiplied by the number of months remaining in the Service term; (b) Service usage charges accrued but
unpaid as of the termination date; and (c) any actual third party provider charges and any out-of-pocket expenses incurred by SAVVIS (e.g, cancellation charges or annual software license fees) that cannot be reasonably mitigated by SAVVIS. Unless
otherwise provide herein, termination or suspension of a Service Schedule shall not affect the rights and obligations of the parties under any other Service Schedule not terminated. 

            Unless SAVVIS terminates the Agreement for Customer’s material breach
as set forth in this Section 5, or SAVVIS otherwise exercises its right of termination under the Agreement for which SAVVIS using commercially reasonable efforts cannot provide Services during the Transition Period, Customer will have the right to
continue using some or all of the Services provided on the date of termination, pursuant to the terms of the Agreement, then in effect for a period not to exceed ninety (90) days (the “Transition Period”) to enable Customer to procure
substitute services, provided that, Customer continues to pay SAVVIS any applicable Service fees. During this Transition Period, Customer will provide SAVVIS at least 30 days prior written notice of any Services it opts to terminate. After the
completion of such Transition Period, each party shall return to the other within ten (10) days, the other party’s Confidential Information. 

6.        Disclaimer of Warranties. EXCEPT FOR THE WARRANTY IMMEDIATELY BELOW, THE SERVICES AND RELATED
EQUIPMENT, SOFTWARE AND/OR OTHER MATERIALS PROVIDED BY SAVVIS AND USED IN CONNECTION WITH THE SERVICE, IF ANY, ARE PROVIDED WITHOUT ANY WARRANTIES OR REPRESENTATIONS OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, WARRANTIES OF
TITLE, NONINFRINGEMENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. SAVVIS MAKES NO WARRANTIES OR REPRESENTATIONS CONCERNING THE COMPATIBILITY OF SOFTWARE OR EQUIPMENT OR ANY RESULTS TO BE ACHIEVED THEREFROM. THESE DISCLAIMERS SHALL NOT
LIMIT CUSTOMER’S ABILITY TO SEEK ANY AVAILABLE REMEDIES PROVIDED FOR IN ANY APPLICABLE SLA. 
  

					
		 	Page 3 of 7	 	

 SAVVIS MASTER SERVICES AGREEMENT 

 

 Each party represents and warrants it has the full power, capacity and authority to enter into
this Agreement. 
 7.        Limitation on Liability. WITHOUT LIMITING ANY INDEMNIFICATION
OBLIGATIONS HEREUNDER NEITHER PARTY, NOR ITS AFFILIATES CONTRACTORS, SUPPLIERS OR AGENTS, SHALL BE LIABLE FOR ANY INDIRECT, ANY LOST OR IMPUTED PROFITS OR REVENUES, LOST DATA, DAMAGES TO SOFTWARE OR FIRMWARE, OR COST OF PROCURING AND TRANSITIONING
TO SUBSTITUTE SERVICES, REGARDLESS OF THE LEGAL THEORY UNDER WHICH SUCH LIABILITY IS ASSERTED, AND REGARDLESS OF WHETHER A PARTY HAD BEEN ADVISED OF THE POSSIBILITY OF SUCH LIABILITY, EXCEPT FOR SAVVIS INTELLECTUAL PROPERTY INDEMNIFICATION
OBLIGATION SET FORTH IN SECTION 8, THE TOTAL AGGREGATE LIABILITY AND OBLIGATIONS OF SAVVIS, ITS AFFILIATES, CONTRACTORS, SUPPLIERS OR AGENTS ARISING FROM OR RELATED TO THIS AGREEMENT SHALL BE LIMITED TO THE TOTAL NET PAYMENTS PAID BY CUSTOMER TO
SAVVIS FOR THE AFFECTED SERVICE WHICH GIVES RISE TO SUCH LIABILITY IN THE TWELVE (12) MONTH PERIOD IMMEDIATELY PRECEDING THE DATE IN WHICH THE CLAIM ARISES. EXCEPT FOR CUSTOMER’S INDEMNIFICATION OBLIGATIONS; A BREACH BY CUSTOMER AND/OR END
USERS OF SECTION 4 AND/OR THE AUP: AND CUSTOMER’S PAYMENT OBLIGATIONS; AND LOSSES AND DAMAGES CAUSED BY THE ACTS OR OMISSIONS OF CUSTOMER, ITS CONTRACTORS AND/OR END USERS FOR DAMAGE TO THE SAVVIS DATA CENTER, THE BUILDING OR PREMISES, AND/OR
THE NETWORK, INCLUDING ANY EQUIPMENT, FIXTURES AND SOFTWARE, THE TOTAL AGGREGATE LIABILITY AND OBLIGATIONS OF CUSTOMER ARISING FROM OR RELATED TO THIS AGREEMENT SHALL BE LIMITED TO THE TOTAL NET PAYMENTS PAID BY CUSTOMER FOR THE APPLICABLE SERVICE
WHICH GIVES RISE TO SUCH LIABILITY IN THE TWELVE MONTH PERIOD IMMEDIATELY PRECEDING THE DATE IN WHICH THE CLAIM ARISES. 

8.        Indemnification. Subject to Section 7, above, Customer shall indemnify, defend and hold
SAVVIS and its Affiliates harmless from any and all third party claims losses, damages, costs and expenses, including, without limitation, reasonable attorneys’ fees and court costs, or liabilities (“Damages”) arising from or related
to Customer’s and/or its End Users use, sale or modification of the Service, including, without limitation, any violation of Section 4 (Acceptable Use), excepted and to extent the Damages result from SAVVIS’ negligent acts or omissions.

 For Colocation Services Only (Space and Power): Subject to Section 7 above, SAVVIS shall indemnify, defend and hold Customer and its
Affiliates harmless from any and all third party claims, losses, damages, costs and expenses, including, without limitation, reasonable attorneys’ fees and court costs, or liabilities arising from or related to allegations that any SAVVIS owned
or licensed technology provided to Customer pursuant to a Service Order and used in conjunction with the Service(s) infringes a US patent, copyright, or trademark (“Infringement Claim”). If the SAVVIS owned or licensed technology has
become (or in SAVVIS’ reasonable judgment is likely to become) the subject of an Infringement Claim: SAVVIS shall, at its option and expense, (a) procure for Customer the right to make continued use thereof, or (b) replace or modify the SAVVIS
owned or licensed technology with substantially similar technology, or (c) if (a) and (b) above are not commercially reasonable, then SAVVIS may terminate the Agreement and/or Customer’s use of the Services or a part thereof, including the
SAVVIS owned or licensed technology, without further liability; provided that SAVVIS shall provide Customer with a refund for any Services prepaid by Customer which Service was not provide by SAVVIS as a result of a termination under this Section 8.
SAVVIS shall have no liability if the alleged infringement is based on (1) combination with non-SAVVIS products or services, provided that the SAVVIS owned or licensed technology would not have caused the claim if used without such combination, (2)
use for a purpose or in a manner for which the SAVVIS owned or licensed technology were not designed, (3) use of any older version of the SAVVIS owned or licensed technology when use of a newer SAVVIS revision would have avoided the infringement
(provided the Customer was made aware of the availability of and provided the newer version of the SAVVIS owned or licensed technology at no additional fee to Customer), (4) any modification not made with SAVVIS’ written approval, (5) any
modifications made by SAVVIS pursuant to Customers’ specific instructions, but only if the claim is caused by such instructions, or (6) any intellectual property right owned or licensed by Customer. 

For All Others Services Except Co-location Services and Digital Content Services: Subject to Section 7 above, SAVVIS shall defend and settle any
third party claim against Customer alleging that any SAVVIS owned technology provided to Customer pursuant to a Service Order and used in conjunction with the Services(s) infringes a US patent, copyright, or trademark – (“Infringement
Claim”) and will indemnify Customer in the amount of any final judgment or settlement of such Infringement Claim. If the SAVVIS owned technology has become (or in SAVVIS’ reasonable judgment is likely to become) the subject of an
Infringement Claim: SAVVIS shall, at its option and expense, (a) procure for Customer the right to make continued use thereof, or (b) replace or modify the SAVVIS owned technology with substantially similar technology, or (c) if (a) and (b) above
are not commercially reasonable, then SAVVIS may terminate the Agreement and/or Customer’s use of the Services or a part thereof, including the SAVVIS owned technology, without further liability; provided that SAVVIS shall provide Customer with
a refund for any Services prepaid by Customer which Service was not provided by SAVVIS as a result of a termination under this Section 8. SAVVIS shall have no liability if the alleged infringement is based on (1) combination with non-SAVVIS products
or services, provided that the SAVVIS owned or licensed technology would not have caused the claim if used without such combination, (2) use for a purpose or in a manner for which the SAVVIS owned technology were not designed, (3) use of any older
version of the SAVVIS owned technology when use of a newer SAVVIS revision would have avoided the infringement (provided the Customer was made aware of the availability of and provided the newer version of

  

					
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the SAVVIS owned technology at no additional fee to Customer), (4) any modification not made with SAVVIS’ written approval, (5) any modifications made by SAVVIS pursuant to Customer’s
specific instructions, but only if the claim is caused by such instructions, or (6) any intellectual property right owned or licensed by Customer. 

Each party’s obligation to indemnify is contingent upon (i) the indemnified party promptly notifying indemnifying party of any such suit,
claim, action or proceeding, (ii) the indemnifying party’s right to control the defense and all negotiations for its settlement or compromise, provided however, that indemnifying party may not settle any claim without the indemnified
party’s consent if such settlement imposes any liability or obligation on the indemnified party, and (iii) the reasonable cooperation of the indemnified party in the conduct of such defense and negotiations. To the extent the indemnified party
fails to fulfill its obligations under this paragraph, the indemnifying party shall be excused of its obligation to indemnify to the extent such failure prejudices the indemnification obligation. 

9.        Confidentiality. Neither party shall, without the prior written consent of the other
party, disclose (except as expressly permitted by, or required to achieve the purposes of, this Agreement) the Confidential Information of the other party. Each party shall take all reasonable precautions to protect Confidential Information directly
disclosed to it by the other party, using at least the same standard of care as it uses to maintain the confidentiality of its own Confidential Information, but in no event less than reasonable care. Notwithstanding the foregoing, a party may
disclose Confidential Information to the extent required: (i) to any consultants, contractors, and counsels who have a need to know in connection with this Agreement and have executed a reasonably protective non-disclosure agreement with the
disclosing party, or (ii) by operation of law, or by a court or governmental agency, or if necessary in any proceeding to establish rights or obligations under this Agreement; provided, the disclosing party shall, unless legally prohibited, provide
the non-disclosing party with reasonable prior written notice sufficient to permit the non-disclosing party an opportunity to contest such disclosure. If a party commits, or threatens to commit, a breach of this Section, the other party shall have
the right to seek injunctive relief from a court of competent jurisdiction. 
 10.      Publicity.
Neither party shall issue any press release or public announcement incorporating, or use, in advertising or publicity or in any other way the name, trademarks, or other proprietary identifying symbol of the other party or its Affiliates, without the
prior written consent of the other party. Notwithstanding the foregoing, with the prior approval of Customer which approval shall not be unreasonably withheld, delayed, or conditioned, SAVVIS may publicly refer to Customer as a customer of SAVVIS as
part of its marketing activities (e.g., sample client list). Any other public reference to Customer by SAVVIS shall require the express written consent of Customer. 

11.      Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of New York, without regard to its principles for resolving conflicts of law. The parties agree that any actions arising under this Agreement shall be brought exclusively in the United States District Court for the Southern District of New
York. Each party agrees to submit itself to the jurisdiction and venue of such courts for purposes of any such action. The parties expressly waive their right to have their claims or defenses heard by a jury. 

12.      Assignment. Either party may assign this Agreement, in whole or in part, without the other
party’s prior written consent: (i) to the surviving entity in the event of a merger or consolidation; (ii) to the purchaser of all or substantially all of the party’s assets; or (iii) to an Affiliate; provided, however, that any assignee
of Customer must have the same level of financial standing and creditworthiness as Customer as determined by SAVVIS in its reasonable discretion. Each party shall provide the other party with prompt written notice of any such permitted assignment as
soon as the news of such assignment is made publicly available. Any other assignment shall require the prior written consent of the other party, which consent shall not be unreasonably withheld. Subject to the foregoing, this Agreement shall be
binding upon and inure to the benefit of the parties and their respective permitted successors and assigns. 

13.      Force Majeure. Except for the obligation to make payments for Service(s) rendered by SAVVIS, subject
to the dispute procedures outlined in Section 3, neither party will be liable for any failure or delay in its performance under this Agreement due to a Force Majeure Event. If a Force Majeure Event suspends the provision of Service hereunder for a
period of thirty (30) days, either party may terminate the affected Service in accordance with this Agreement by providing thirty (30) days written notice to the other party without any liability other than payment by Customer for service fees for
services provided up to the effective date of termination. 
 14.      Monitoring. SAVVIS will not
monitor Customer Data or use of the Service unless such examination is required in order to respond to an alleged AUP violation or pursuant to any legal process or statutory requirement. The parties acknowledge that SAVVIS exercises no control
whatsoever over, and has no responsibility for, any content or data transmitted or maintained using the Services, nor for the information or material accessible upon, or actions taken on, the Internet or SAVVIS’ network, and SAVVIS expressly
disclaims any liability arising therefrom. 
 15.      Insurance. Each party shall carry and maintain
during the Term, at its own cost and expense, commercial general liability insurance in an amount not less than $1 million per occurrence with a $2 million aggregate covering claims for bodily injury, death, personal injury or property damage. The
liability insurance limits required herein may be obtained through any 
  

					
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combination of primary and excess or umbrella liability insurance. Customer will deliver to SAVVIS certificate(s) of insurance which evidence such minimum levels of insurance upon the
effectiveness of this Agreement and upon renewal of such insurance during the Term, and provide not less than thirty (30) days prior written notice of cancellation to any herein required policy. Upon request by Customer, SAVVIS will deliver to
Customer certificate(s) of insurance which evidence such minimum levels of insurance. In the event that a party will have personnel and/or equipment at the other party’s facility, such Party shall cause its liability insurance provider(s) to
name the other party as an additional insured as its interest may appear with respect to the Agreement. 

16.      Maintenance. Customer acknowledges that the Services may be subject to routine maintenance or repair
and Customer agrees to cooperate with SAVVIS in a timely manner and reasonably provide such access and assistance as necessary to affect such maintenance or repair. Routine maintenance times may be set forth in the applicable Service Level
Agreement. 
 17.      Waiver. Except as otherwise set forth in this Agreement, including any
applicable Service Level Agreement, neither party’s failure to insist upon strict performance of any provision of this Agreement shall be construed as a waiver of any of its rights hereunder. Neither the course of conduct between parties nor
trade practice shall act to modify any provision of this Agreement. 
 18.      Miscellaneous. All
provisions in this Agreement, which by their nature are intended to survive expiration or termination, shall so survive. If any term of this Agreement is held unenforceable, the unenforceable term shall be construed as nearly as possible to reflect
the original intent of the parties, and the remaining terms shall remain in effect. This Agreement may only be executed by an authorized officer of SAVVIS. SAVVIS reserves the right to reject any handwritten or typed modification to this Agreement
(including any Service Schedule or Service Order) which is not mutually agreed to in writing. This Agreement is intended solely for SAVVIS (including its Affiliates providing Service hereunder) and Customer and does not provide any third party
(including End Users) with any remedy, liability, claim, cause of action or other right or privilege. In the event of conflict among terms, the order of priority shall be as follows: the Service Schedule, then this MSA, then the SSG, and then the
Service Order with the latest date. Except for AUP modifications or as otherwise set forth herein, all amendments to this Agreement shall be in writing and signed by the parties’ authorized representatives. This Agreement, together with (a) all
applicable Service Schedules and SSGs, and (b) any accepted Service Orders, constitutes the entire agreement of the parties with respect to the Services or rights and obligations relating to the Services and supersedes any other prior or
simultaneous agreement or understandings, whether oral or written, related to the subject matter hereof. SAVVIS may act in reliance upon any instruction or signature reasonably believed by SAVVIS to be genuine. Customer agrees that any employee of
Customer who gives any written notice, Service Order or other instruction in connection with this Agreement has the authority to do so. Each party will comply with all laws applicable to such party. 

19.      Gramm-Leach-Billey Financial Services Act. SAVVIS hereby acknowledges that Customer and/or its End
Users may be subject to the privacy regulations under Title V of the Gramm-Leach-Billey Financial Services Act, 15 U.S.C. § 6801 et seq. SAVVIS agrees that it shall not disclose or use any Customer’s Confidential Information except to the
extent necessary to carry out its obligations under this Agreement. The parties agree that SAVVIS is not a data collector or processor nor is SAVVIS retaining personal information or personal identifiable information according to any applicable
acts, laws, statutes or regulations. 
 20.      Security Breach. In the event of any actual or
suspected security breach SAVVIS either suffers or learns of that either compromises or could compromise Customer or its customer’s Confidential Information (e.g., physical trespass on a secure facility, computing systems intrusion/hacking,
loss/theft of equipment, loss/theft of printed materials, etc.) (collectively, a “Security Breach”), SAVVIS will immediately notify Customer of such Security Breach and will immediately coordinate with Customer to investigate and remedy
the Security Breach, as reasonably directed by Customer. Except as may be required by applicable law, SAVVIS agrees that it will not inform any third party of any such Security Breach without Customer’s prior written consent; however, if such
disclosure is required by applicable law, SAVVIS will use commercially reasonable efforts to obtain Customer’s approval, which will not be unreasonably withheld, regarding the content of such disclosure so as to minimize any potential adverse
impact upon Customer and its clients and customers. 
 21.      Definitions. 

“Affiliate(s)” means any entity that controls, is controlled by or is under common control with a party. 

“AUP” means SAVVIS’ Acceptable Use Policy located on its website at http://www.savvis.net/customer/aup.html. 

“Confidential Information” means any non-public information of the parties hereto relating to its business activities, financial affairs,
technology, marketing or sales plans that is disclosed to, and received by, the other party pursuant to this Agreement. Confidential Information includes, but is not limited to, the terms and pricing of this Agreement. Confidential Information shall
not include information which: (i) is or becomes public knowledge through no breach of this Agreement by the receiving party, (ii) is received by recipient from a third party not under a duty of confidence, (iii) is already known or is independently
developed by the receiving party without use of the Confidential Information, or (iv) is disclosed by a party without an obligation of confidentiality. 
  

					
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 “Customer Data” means the data and applications that are owned by the Customer or its
customers and reside on the Customer’s systems or equipment. 
 “End Users” means Customer’s members, end-users,
customers or any other third parties who utilize or access the Services or the SAVVIS network via the Services provided hereunder. 

“Force Majeure Event” means an unforeseeable event beyond a party’s reasonable control, including but not limited to, acts of war,
acts of God; earthquake; flood; embargo; riot; sabotage; labor shortage or dispute; changes in government codes, ordinances, laws, rules, regulations or restrictions; failure of the internet; terrorist acts; failure of data, products or services
controlled by any third party, including the providers of communications or network services; utility power failure; material shortages or unavailability or other delay in delivery not resulting from the responsible party’s failure to timely
place orders therefor, or lack of or delay in transportation. 
 “SAVVIS Service Guide” (or “SSG”) means the detailed
product-specific Service guide as defined in the Service Schedule. 
 “Service” means the service provided by SAVVIS and/or its
Affiliates and subcontractors as set forth on the Service Order. 
 “Service Order” means a service order request submitted on a
form issued by SAVVIS and signed by Customer. 
 “Service Schedule” means those service descriptions providing the terms
pursuant to which SAVVIS shall provide and Customer shall purchase the Services described therein. 
 “Taxes” means any
applicable foreign, federal, state, or local taxes and charges assessed in connection with the Service, including without limitation, all governmental excise, use, sales, value-added and occupational taxes and other fees, or other similar surcharges
and levies, but excluding any taxes based on SAVVIS’ net income. 
  

					
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