Document:

EX-10.11

 Exhibit 10.11 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of May 4, 2017 (the “Effective Date”)
between SILICON VALLEY BANK, a California corporation with a loan production office located at 8020 Towers Crescent Drive, Vienna, Virginia 22182 (“Bank”), and TENABLE NETWORK SECURITY, INC., a Delaware corporation
(“Borrower”), provides the terms on which Bank shall lend to Borrower and Borrower shall repay Bank. The parties agree as follows: 
  

	 	1.	ACCOUNTING AND OTHER TERMS 

 Accounting terms not defined in this Agreement shall
be construed following GAAP. Calculations and determinations must be made following GAAP. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 13. All other terms contained in this Agreement,
unless otherwise indicated, shall have the meaning provided by the Code to the extent such terms are defined therein. 
  

	 	2.	LOAN AND TERMS OF PAYMENT 

 2.1 Promise to
Pay. Borrower hereby unconditionally promises to pay Bank the outstanding principal amount of all Credit Extensions and accrued and unpaid interest thereon as and when due in accordance with this Agreement. 

2.2 Credit Extensions. 

2.2.1 Revolving Advances. 

(a) Availability. Subject to the terms and conditions of this Agreement, Bank shall make Advances to Borrower not exceeding the
Availability Amount. Amounts borrowed under the Revolving Line may be repaid and, prior to the Revolving Line Maturity Date, reborrowed, subject to the applicable terms and conditions precedent herein. 

(b) Termination; Repayment. The Revolving Line terminates on the Revolving Line Maturity Date, when the principal amount of all
Advances, the unpaid interest thereon, and all other Obligations relating to the Revolving Line shall be immediately due and payable. 

2.2.2 Letters of Credit. 

(a) As part of the Revolving Line, Bank shall issue or have issued Letters of Credit denominated in Dollars or a Foreign Currency for
Borrower’s account. The aggregate Dollar Equivalent amount utilized for the issuance of Letters of Credit shall at all times reduce the amount otherwise available for Advances under the Revolving Line. The aggregate Dollar Equivalent of the
face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve) may not exceed Five Million Dollars ($5,000,000). 

(b) If, on the Revolving Line Maturity Date (or the effective date of any termination of this Agreement), there are any outstanding Letters of
Credit, then on such date Borrower shall provide to Bank cash collateral in an amount equal to equal to at least 105% of the aggregate Dollar Equivalent of the face amount of all such Letters of Credit plus all interest, fees, and costs due or
estimated by Bank to become due in connection therewith, to secure all of the Obligations relating to such Letters of Credit. All Letters of Credit shall be in form and substance acceptable to Bank in its sole discretion and shall be subject to the
terms and conditions of Bank’s standard Application and Letter of Credit Agreement (the “Letter of Credit Application”). Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may
reasonably request. Borrower further agrees to be bound by the regulations and interpretations of the issuer of any Letters of Credit guarantied by Bank and opened for Borrower’s account or by Bank’s interpretations of any Letter of Credit
issued by Bank for Borrower’s account, and Borrower understands and agrees that Bank shall not be liable for any error, negligence, or mistake, whether of omission or commission, in following Borrower’s instructions or those contained in
the Letters of Credit or any modifications, amendments, or supplements thereto, except arising solely out of the intentional willful misconduct or bad faith of Bank. 

 (c) The obligation of Borrower to immediately reimburse Bank for drawings made under Letters of
Credit shall be absolute, unconditional, and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement, such Letters of Credit, and the Letter of Credit Application. 

(d) Borrower may request that Bank issue a Letter of Credit payable in a Foreign Currency. If a demand for payment is made under any such
Letter of Credit, Bank shall treat such demand as an Advance to Borrower of the Dollar Equivalent of the amount thereof (plus fees and charges in connection therewith such as wire, cable, SWIFT or similar charges). 

(e) To guard against fluctuations in currency exchange rates, upon the issuance of any Letter of Credit payable in a Foreign Currency, Bank
shall create a reserve (the “Letter of Credit Reserve”) under the Revolving Line in an amount equal to ten percent (10%) of the face amount of such Letter of Credit. The amount of the Letter of Credit Reserve may be adjusted by Bank
from time to time to account for fluctuations in the exchange rate. The availability of funds under the Revolving Line shall be reduced by the amount of such Letter of Credit Reserve for as long as such Letter of Credit remains outstanding. 

2.3 Overadvances. If, at any time, the sum of (a) the outstanding principal amount of any
Advances plus (b) the face amount of any outstanding Letters of Credit (including, without duplication, drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve), exceeds the Revolving Line, Borrower shall immediately pay to
Bank in cash the amount of such excess (such excess, the “Overadvance”). Without limiting Borrower’s obligation to repay Bank any Overadvance, Borrower agrees to pay Bank interest on the outstanding amount of any Overadvance,
on demand, at the Default Rate. 
 2.4 Payment of Interest on the Credit Extensions. 

(a) Interest; Payment. Each Advance shall bear interest on the outstanding principal amount thereof from the date when made, continued
or converted until paid in full at a rate per annum equal to (i) for Prime Rate Advances, the Prime Rate plus the Applicable Margin applicable to Prime Rate Advances, and (ii) for LIBOR Advances, the LIBOR Rate plus the Applicable Margin
applicable to LIBOR Advances. On and after the expiration of any Interest Period applicable to any LIBOR Advance outstanding on the date of occurrence of an Event of Default or acceleration of the Obligations, the amount of such LIBOR Advance shall,
during the continuance of such Event of Default or after acceleration, bear interest at a rate per annum equal to the Prime Rate plus the Applicable Margin applicable to Prime Rate Advance plus, subject to Section 2.4(e), the Default Rate.
Pursuant to the terms hereof, interest on each Advance shall be paid in arrears on each Interest Payment Date. Interest shall also be paid on the date of any prepayment of any Advance pursuant to this Agreement for the portion of any Advance so
prepaid and upon payment (including prepayment) in full thereof. All accrued but unpaid interest on the Advances shall be due and payable on the Revolving Line Maturity Date. 

(b) Prime Rate Advances. Each change in the interest rate of the Prime Rate Advances based on changes in the Prime Rate shall be
effective on the effective date of such change and to the extent of such change. 
 (c) LIBOR Advances. The interest rate applicable
to each LIBOR Advance shall be determined in accordance with Section 3.6(a) hereunder. Subject to Sections 3.5 and 3.6, such rate shall apply during the entire Interest Period applicable to such LIBOR Advance, and interest calculated thereon
shall be payable on the Interest Payment Date applicable to such LIBOR Advance. 
 (d) Computation of Interest. Any interest
hereunder will accrue from day to day and is calculated on the basis of a year of 360 days for the actual number of days elapsed. In computing interest on any Credit Extension, the date of the making of such Credit Extension shall be included and
the date of payment shall be excluded; provided, however, that if any Credit Extension is repaid on the same day on which it is made, such day shall be included in computing interest on such Credit Extension. 

 (e) Default Rate. Upon receipt by Borrower of a notice from Bank following the occurrence
and during the continuance of an Event of Default, Obligations shall bear interest at a rate per annum which is two percentage points (2.0%) above the rate that would otherwise be applicable thereto (the “Default Rate”). Payment or
acceptance of the increased interest provided in this Section 2.4(e) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Bank. 

2.5 Fees. Borrower shall pay to Bank: 

(a) Commitment Fee. A fully earned, non-refundable commitment fee equal to One Hundred Twenty Five Thousand Dollars ($125,000), on the
Effective Date; and 
 (b) Unused Revolving Line Facility Fee. Payable quarterly in arrears on June 1, 2017, on the first day of each
calendar quarter occurring thereafter prior to the Revolving Line Maturity Date, and on the Revolving Line Maturity Date, a fee (the “Unused Revolving Line Facility Fee”) in an amount equal to one-quarter of one percent (0.25%) per
annum of the average unused portion of the Revolving Line, as determined by Bank. The unused portion of the Revolving Line, for purposes of this calculation, shall be calculated on a calendar year basis and shall equal the difference between
(i) the Revolving Line, and (ii) the average for the period of the daily closing balance of the Revolving Line outstanding; and 

(c) Bank Expenses. All Bank Expenses (including reasonable attorneys’ fees and expenses for documentation and negotiation of this
Agreement incurred through and after the Effective Date, when due (or, if no stated due date, upon demand by Bank). 
 (d) Fees Fully
Earned. Unless otherwise provided in this Agreement or in a separate writing by Bank, Borrower shall not be entitled to any credit, rebate, or repayment of any fees earned by Bank pursuant to this Agreement notwithstanding any termination of
this Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder. Bank may deduct amounts owing by Borrower under the clauses of this Section 2.5 pursuant to the terms of Section 2.6(c). Bank
shall provide Borrower written notice of deductions made from the Designated Deposit Account pursuant to the terms of the clauses of this Section 2.5. 

2.6 Payments; Application of Payments; Debit of Accounts. 

(a) All payments to be made by Borrower under any Loan Document shall be made in immediately available funds in Dollars, without setoff or
counterclaim, before 12:00 p.m. Eastern time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Eastern time are considered received at the opening of business on the next Business Day. When a payment is due on a
day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. 

(b) Bank has the exclusive right to determine the order and manner in which all payments with respect to the Obligations may be applied.
Borrower shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such allocation or application
is not specified elsewhere in this Agreement. 
 (c) Bank may debit the Designated Deposit Account for principal and interest payments or
any other amounts Borrower owes Bank when due. These debits shall not constitute a set-off. 
 2.7. Withholding. 

(a) Payments received by Bank from Borrower under this Agreement will be made free and clear of and without deduction for any and all present
or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority (including any interest, additions to tax or penalties applicable thereto). Specifically, however, if at any
time any Governmental Authority, applicable law, regulation or international agreement requires Borrower to make any withholding or deduction from any such payment or other sum payable hereunder to Bank, and such payment or other sum payable is not
an Excluded Tax, Borrower hereby covenants and agrees that the amount due from Borrower with respect to such payment or other sum payable hereunder will be increased to the extent necessary to ensure that, after the making of such required
withholding or deduction, Bank receives a net sum equal to the sum which it would have received had no withholding or deduction been required, and Borrower shall pay the full amount withheld or deducted to the relevant Governmental Authority.

 
Borrower will, upon request, furnish Bank with proof reasonably satisfactory to Bank indicating that Borrower has made such withholding payment; provided, however, that Borrower need not make any
withholding payment if the amount or validity of such withholding payment is contested in good faith by appropriate and timely proceedings and as to which payment in full is bonded or reserved against by Borrower. The agreements and obligations of
Borrower contained in this Section 2.7 shall survive the termination of this Agreement. 
 (b) If Bank is entitled to an exemption from
or reduction of withholding tax with respect to payments made under any Loan Document, it shall deliver to Borrower, at the time or times reasonably requested by Borrower, such properly completed and executed documentation reasonably requested by
Borrower as will permit such payments to be made in accordance with such exemption or reduction without withholding or at a reduced rate of withholding, as applicable. 
  

	 	3.	CONDITIONS OF LOANS 

 3.1 Conditions
Precedent to Initial Credit Extension. Bank’s obligation to make the initial Credit Extension is subject to the condition precedent that Bank shall have received, in form and substance satisfactory to Bank, such documents, and completion of
such other matters, as Bank may reasonably deem necessary or appropriate, including, without limitation: 
 (a) duly executed original
signatures to the Loan Documents; 
 (b) the Operating Documents and long-form good standing certificates of each Credit Party certified by
the Secretary of State (or equivalent agency) of such Credit Party’s jurisdiction of organization or formation and the jurisdiction of Borrower’s chief executive office as of a date no earlier than thirty (30) days prior to the
Effective Date; 
 (c) duly executed original signatures to the completed Borrowing Resolutions for each Credit Party; 

(d) certified copies, dated as of a recent date, of financing statement searches, as Bank may request, accompanied by written evidence
(including any UCC termination statements) that the Liens indicated in any such financing statements either constitute Permitted Liens or have been or, in connection with the initial Credit Extension, will be terminated or released; 

(e) the Perfection Certificate of Borrower with respect to each Credit Party, together with the duly executed original signatures thereto;

 (f) a legal opinion of counsel to the Credit Parties dated as of the Effective Date together with the duly executed original signature
thereto; 
 (g) the duly executed original signatures to the Guaranty, together with the duly executed original signatures to the completed
Borrowing Resolutions for each Guarantor; 
 (h) evidence satisfactory to Bank that the insurance policies required by Section 6.5
hereof are in full force and effect; and 
 (i) payment of the fees and Bank Expenses then due as specified in Section 2.5 hereof. 

3.2 Conditions Precedent to all Credit Extensions. Bank’s obligations to make each Credit Extension, including the initial
Credit Extension, is subject to the following conditions precedent: 

 (a) timely receipt of an executed Notice of Borrowing; 

(b) the representations and warranties in this Agreement shall be true, accurate, and complete in all material respects on the date of the
Notice of Borrowing and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text
thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, and no Default or Event of Default shall have occurred and
be continuing or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in this Agreement remain true, accurate, and complete in all material
respects; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations
and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; and 

(c) In the event that before or after giving effect to such Credit Extension, the aggregate outstanding amount of all Credit Extensions
exceeds Five Million Dollars ($5,000,000), receipt by Bank of evidence of compliance with the financial covenants set forth in Section 6.7 hereof as of the last day of the most recent fiscal quarter for which financial statements have been
delivered pursuant to Section 6.2(a) with the aggregate outstanding amount of all Credit Extensions calculated on a pro forma basis giving effect to such Credit Extension. 

3.3 Covenant to Deliver. Borrower agrees to deliver to Bank each item required to be delivered to
Bank under this Agreement as a condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Bank of any such item shall not constitute a waiver by Bank of Borrower’s obligation to
deliver such item, and the making of any Credit Extension in the absence of a required item shall be in Bank’s sole discretion. 

3.4 Procedures for Borrowing. 

(a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, an Advance
shall be made upon Borrower’s irrevocable written notice delivered to Bank by electronic mail in the form of a Notice of Borrowing executed by an Authorized Signer or without instructions if any Advances is necessary to meet Obligations which
have become due. Such Notice of Borrowing must be received by Bank prior to 12:00 p.m. Eastern time, (i) at least three (3) Business Days prior to the requested Funding Date, in the case of any LIBOR Advance, and (ii) on the requested
Funding Date, in the case of a Prime Rate Advance, specifying: (1) the amount of the Advance; (2) the requested Funding Date; (3) whether the Advance is to be comprised of LIBOR Advances or Prime Rate Advances; and (4) the
duration of the Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such
Interest Period shall be one (1) month. 
 (b) On the Funding Date, Bank shall credit proceeds of an Advance to the Designated Deposit
Account and, subsequently, shall transfer such proceeds by wire transfer to such other account as Borrower may instruct in the Notice of Borrowing. No Advances shall be deemed made to Borrower, and no interest shall accrue on any such Advance, until
the related funds have been deposited in the applicable Designated Deposit Account. 
 3.5 Conversion and Continuation Elections.

 (a) So long as (i) no Event of Default exists; (ii) Borrower shall not have sent any notice of termination of this
Agreement; and (iii) Borrower shall have complied with such customary procedures as Bank has established from time to time for Borrower’s requests for LIBOR Advances, Borrower may, upon irrevocable written notice to Bank: 

 

	 	(1)	elect to convert on any Business Day, Prime Rate Advances into LIBOR Advances; 

	 	(2)	elect to continue on any Interest Payment Date any LIBOR Advances maturing on such Interest Payment Date; or 

  

	 	(3)	elect to convert on any Interest Payment Date any LIBOR Advances maturing on such Interest Payment Date into Prime Rate Advances. 

(b) Borrower shall deliver a Notice of Conversion/Continuation by electronic mail to be received by Bank prior to 12:00 p.m. Eastern time
(i) at least three (3) Business Days in advance of the Conversion Date or Continuation Date, if any Advances are to be converted into or continued as LIBOR Advances; and (ii) on the Conversion Date, if any Advances are to be converted
into Prime Rate Advances, in each case specifying the: 
  

	 	(1)	proposed Conversion Date or Continuation Date; 

  

	 	(2)	aggregate amount of the Advances to be converted or continued; 

  

	 	(3)	nature of the proposed conversion or continuation; and 

  

	 	(4)	if the resulting Advance is to be a LIBOR Advance, the duration of the requested Interest Period. 

(c) If upon the expiration of any Interest Period applicable to any LIBOR Advances, Borrower shall have timely failed to select a new Interest
Period to be applicable to such LIBOR Advances or request to convert a LIBOR Advance into a Prime Rate Advance, Borrower shall be deemed to have elected for any such LIBOR Advances, to convert such LIBOR Advances into Prime Rate Advances. 

(d) Any LIBOR Advances shall, at Bank’s option, convert into Prime Rate Advances in the event that (i) an Event of Default exists,
or (ii) the aggregate principal amount of the Prime Rate Advances which have been previously converted to LIBOR Advances, or the aggregate principal amount of existing LIBOR Advances continued, as the case may be, at the beginning of an
Interest Period shall at any time during such Interest Period exceeds the Availability Amount. Borrower agrees to pay Bank, upon demand by Bank (or Bank may, at its option, debit the Designated Deposit Account or any other account Borrower maintains
with Bank) any amounts required to compensate Bank for any loss (including loss of anticipated profits), cost, or expense incurred by Bank, as a result of the conversion of LIBOR Advances to Prime Rate Advances pursuant to this Section 3.5(d).

 (e) Notwithstanding anything to the contrary contained herein, Bank shall not be required to purchase Dollar deposits in the London
interbank market or other applicable LIBOR market to fund any LIBOR Advances, but the provisions hereof shall be deemed to apply as if Bank had purchased such deposits to fund the LIBOR Advances. 

3.6 Special Provisions Governing LIBOR Advances. Notwithstanding any other provision of this
Agreement to the contrary, the following provisions shall govern with respect to LIBOR Advances as to the matters covered: 
 (a)
Determination of Applicable Interest Rate. As soon as practicable on each Interest Rate Determination Date, Bank shall determine (which determination shall, absent manifest error in calculation, be final, conclusive and binding upon all
parties) the interest rate that shall apply to the LIBOR Advances for which an interest rate is then being determined for the applicable Interest Period and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to
Borrower. 
 (b) Inability to Determine Applicable Interest Rate. In the event that Bank shall have determined (which determination
shall be final and conclusive and binding upon all parties hereto), on any Interest Rate Determination Date with respect to any LIBOR Advance, that by reason of circumstances affecting the London interbank market adequate and fair means do not exist
for ascertaining the interest rate applicable to such LIBOR Advance on the basis provided for in the definition of LIBOR, Bank shall on such date give notice (by facsimile or by telephone confirmed in writing) to Borrower of such determination,
whereupon (i) no Advances may be made as, or converted to, LIBOR Advances until such time as Bank notifies Borrower that the circumstances giving rise to such notice no longer exist, and (ii) any Notice of Borrowing or Notice of
Conversion/Continuation given by Borrower with respect to LIBOR Advances in respect of which such determination was made shall be deemed to be rescinded by Borrower. 

 (c) Compensation for Breakage or Non-Commencement of Interest Periods. If (i) for any
reason, other than a default by Bank or any failure of Bank to fund LIBOR Advances due to impracticability or illegality under Sections 3.7(c) and 3.7(d) of this Agreement, a borrowing or a conversion to or continuation of any LIBOR Advance does not
occur on a date specified in a Notice of Borrowing or a Notice of Conversion/Continuation, as the case may be, or (ii) any complete or partial principal payment or reduction of a LIBOR Advance, or any conversion of any LIBOR Advance, occurs on
a date prior to the last day of an Interest Period applicable to that LIBOR Advance, including due to voluntary or mandatory prepayment or acceleration, then, in each case, Borrower shall compensate Bank, upon written request by Bank, for all losses
and expenses incurred by Bank in an amount equal to the excess, if any, of: 
  

	 	(1)	the amount of interest that would have accrued on the amount (1) not borrowed, converted or continued as provided in clause (i) above, or (2) paid, reduced or converted as provided in clause
(ii) above, for the period from (y) the date of such failure to borrow, convert or continue as provided in clause (i) above, or the date of such payment, reduction or conversion as provided in clause (ii) above, as the case may
be, to (z) in the case of a failure to borrow, convert or continue as provided in clause (i) above, the last day of the Interest Period that would have commenced on the date of such borrowing, conversion or continuing but for such failure,
and in the case of a payment, reduction or conversion prior to the last day of an Interest Period applicable to a LIBOR Advance as provided in clause (ii) above, the last day of such Interest Period, in each case at the applicable rate of
interest or other return for such LIBOR Advance(s) provided for herein (excluding, however, the LIBOR Rate Margin included therein, if any), over 

  

	 	(2)	the interest which would have accrued to Bank on the applicable amount provided in clause (A) above through the purchase of a Eurodollar deposit bearing interest at the rate obtained pursuant to the definition of
LIBOR Rate on the date of such failure to borrow, convert or continue as provided in clause (i) above, or the date of such payment, reduction or conversion as provided in clause (ii) above, as the case may be, for a period equal to the
remaining period of such applicable Interest Period provided in clause (A) above. 

 Bank’s request shall set forth the manner and
method of computing such compensation and such determination as to such compensation shall be conclusive absent manifest error. 
 (d)
Assumptions Concerning Funding of LIBOR Advances. Calculation of all amounts payable to Bank under this Section 3.6 and under Section 3.7 shall be made as though Bank had actually funded each relevant LIBOR Advance through the
purchase of a Eurodollar deposit bearing interest at the rate obtained pursuant to the definition of LIBOR Rate in an amount equal to the amount of such LIBOR Advance and having a maturity comparable to the relevant Interest Period; provided,
however, that Bank may fund each of its LIBOR Advances in any manner it sees fit and the foregoing assumptions shall be utilized only for the purposes of calculating amounts payable under this Section 3.6 and under Section 3.7. 

(e) LIBOR Advances After Default. After the occurrence and during the continuance of an Event of Default, (i) Borrower may not
elect to have an Advance be made or continued as, or converted to, a LIBOR Advance after the expiration of any Interest Period then in effect for such Advance and (ii) subject to the provisions of Section 3.6(c), any Notice of
Conversion/Continuation given by Borrower with respect to a requested conversion/continuation that has not yet occurred shall, at Bank’s option, be deemed to be rescinded by Borrower and be deemed a request to convert or continue Advances
referred to therein as Prime Rate Advances. 

 3.7 Additional Requirements/Provisions Regarding LIBOR Advances. 

(a) Borrower shall pay Bank, upon demand by Bank, from time to time such amounts as Bank may determine to be necessary to compensate it for
any costs incurred by Bank that Bank determines are attributable to its making or maintaining of any amount receivable by Bank hereunder in respect of any LIBOR Advances relating thereto (such increases in costs and reductions in amounts receivable
being herein called “Additional Costs”), in each case resulting from any Regulatory Change which: 
 (i)
changes the basis of taxation of any amounts payable to Bank under this Agreement in respect of any LIBOR Advances (other than changes which affect taxes measured by or imposed on the overall net income of Bank); 

(ii) imposes or modifies any reserve, special deposit or similar requirements relating to any extensions of credit or other
assets of, or any deposits with, or other liabilities of Bank (including any LIBOR Advances or any deposits referred to in the definition of LIBOR); or 

(iii) imposes any other condition affecting this Agreement (or any of such extensions of credit or liabilities). 

Bank will notify Borrower of any event occurring after the Effective Date which will entitle Bank to compensation pursuant to this
Section 3.7(a) as promptly as practicable after it obtains knowledge thereof and determines to request such compensation. Bank will furnish Borrower with a statement setting forth the basis and amount of each request by Bank for compensation
under this Section 3.7(a). Determinations and allocations by Bank for purposes of this Section 3.7(a) of the effect of any Regulatory Change on its costs of maintaining its obligations to make LIBOR Advances, of making or maintaining LIBOR
Advances, or on amounts receivable by it in respect of LIBOR Advances, and of the additional amounts required to compensate Bank in respect of any Additional Costs, shall be conclusive absent manifest error. 

(b) If Bank shall determine that the adoption or implementation of any applicable law, rule, regulation, or treaty regarding capital adequacy,
or any change therein, or any change in the interpretation or administration thereof by any governmental authority, central bank, or comparable agency charged with the interpretation or administration thereof, or compliance by Bank (or its
applicable lending office) with any request or directive regarding capital adequacy (whether or not having the force of law) of any such authority, central bank, or comparable agency, has or would have the effect of reducing the rate of return on
capital of Bank or any person or entity controlling Bank (a “Parent”) as a consequence of its obligations hereunder to a level below that which Bank (or its Parent) could have achieved but for such adoption, change, or compliance
(taking into consideration policies with respect to capital adequacy) by an amount deemed by Bank to be material, then from time to time, within ten (10) days after demand by Bank, Borrower shall pay to Bank such additional amount or amounts as
will compensate Bank for such reduction. A statement of Bank claiming compensation under this Section 3.7(b) and setting forth the additional amount or amounts to be paid to it hereunder shall be conclusive absent manifest error. 

Notwithstanding anything to the contrary in this Section 3.7, Borrower shall not be required to compensate Bank pursuant to this
Section 3.7(b) for any amounts incurred more than nine (9) months prior to the date that Bank notifies Borrower of Bank’s intention to claim compensation therefor; provided that if the circumstances giving rise to such claim have a
retroactive effect, then such nine-month period shall be extended to include the period of such retroactive effect. The obligations of Borrower arising pursuant to this Section 3.7(b) shall survive the Revolving Line Maturity Date, the
termination of this Agreement and the repayment of all Obligations. 
 (c) If, at any time, Bank, in its sole and absolute discretion,
determines that (i) the amount of LIBOR Advances for periods equal to the corresponding Interest Periods are not available to Bank in the offshore currency interbank markets, or (ii) LIBOR does not accurately reflect the cost to Bank of
lending the LIBOR Advances, then Bank shall promptly give notice thereof to Borrower. Upon the giving of such notice, Bank’s obligation to make the LIBOR Advances shall terminate; provided, however, LIBOR Advances shall not terminate if Bank
and Borrower agree in writing to a different interest rate applicable to LIBOR Advances. 

 (d) If it shall become unlawful for Bank to continue to fund or maintain any LIBOR Advances, or
to perform its obligations hereunder, upon demand by Bank, Borrower shall prepay the LIBOR Advances in full with accrued interest thereon and all other amounts payable by Borrower hereunder (including, without limitation, any amount payable in
connection with such prepayment pursuant to Section 3.6(c)(ii)). Notwithstanding the foregoing, to the extent a determination by Bank as described above relates to a LIBOR Advance then being requested by Borrower pursuant to a Notice of
Borrowing or a Notice of Conversion/Continuation, Borrower shall have the option, subject to the provisions of Section 3.6(c), to (i) rescind such Notice of Borrowing or Notice of Conversion/Continuation by giving notice (by facsimile or
by telephone confirmed in writing) to Bank of such rescission on the date on which Bank gives notice of its determination as described above, or (ii) modify such Notice of Borrowing or Notice of Conversion/Continuation to obtain a Prime Rate
Advance or to have outstanding Advances converted into or continued as Prime Rate Advances by giving notice (by facsimile or by telephone confirmed in writing) to Bank of such modification on the date on which Bank gives notice of its determination
as described above. 
 (e) If Bank requests compensation under this Section 3.7, or requires Borrower to pay additional amounts to, or
for the account of, Bank, then Bank shall (at the request of Borrower) use reasonable efforts to designate a different lending office for funding or booking its Advances hereunder or to assign its rights and obligations hereunder to another of its
offices, branches or Affiliates, if, in Bank’s judgment, such designation or assignment (a) would eliminate or reduce amounts payable pursuant to this Section 3.6 in the future, and (b) would not subject Bank to any unreimbursed
cost or expense and would not otherwise be disadvantageous to Bank. 
  

	 	4.	CREATION OF SECURITY INTEREST 

 4.1 Grant of
Security Interest. Borrower hereby grants Bank, to secure the payment and performance in full of all of the Obligations, a continuing security interest in, and pledges to Bank, the Collateral, wherever located, whether now owned or
hereafter acquired or arising, and all proceeds and products thereof. Borrower acknowledges that it previously has entered, and/or may in the future enter, into Bank Services Agreements with Bank. Regardless of the terms of any Bank Services
Agreement, Borrower agrees that any amounts Borrower owes Bank thereunder shall be deemed to be Obligations hereunder and that it is the intent of Borrower and Bank to have all such Obligations secured by the first priority perfected security
interest in the Collateral granted herein (subject only to Permitted Liens). 
 If this Agreement is terminated, Bank’s Lien in the
Collateral shall continue until the Obligations (other than inchoate indemnity obligations, any other obligations which, by their terms, are to survive the termination of this Agreement, and any Obligations under Bank Services Agreements that are
cash collateralized in accordance with this Section 4.1 (collectively, the “Remaining Obligations”)) are repaid in full in cash. Upon payment in full in cash of the Obligations (other than Remaining Obligations) and at such
time as Bank’s obligation to make Credit Extensions has terminated, Bank shall, at the sole cost and expense of Borrower, release its Liens in the Collateral and all rights therein shall revert to Borrower. In the event (x) all Obligations
(other than Remaining Obligations), are satisfied in full, and (y) this Agreement is terminated, Bank shall terminate the security interest granted herein upon Borrower providing cash collateral acceptable to Bank in its good faith business
judgment for Bank Services, if any. In the event such Bank Services consist of outstanding Letters of Credit, Borrower shall provide to Bank cash collateral in an amount equal to at least one hundred five percent (105.0%) of the face amount of all
such Letters of Credit plus all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its business judgment), to secure all of the Obligations relating to such Letters of Credit. 

4.2 Priority of Security Interest. Borrower represents, warrants, and covenants that the security
interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens). If Borrower shall acquire a commercial tort claim for monetary damages in excess of
One Hundred Thousand Dollars ($100,000.00), Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the
terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank. 
 4.3
Authorization to File Financing Statements. Borrower hereby authorizes Bank to file financing statements, without notice to Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or
rights hereunder, including a notice that any disposition of the Collateral, by either Borrower or any other Person, shall be deemed to violate the rights of Bank under the Code. 

	 	5.	REPRESENTATIONS AND WARRANTIES 

 Borrower represents and warrants as follows: 

5.1 Due Organization, Authorization; Power and Authority. Each Credit Party is duly existing and in
good standing in its jurisdiction of formation and is qualified and licensed to do business and is in good standing in any jurisdiction in which the conduct of its business or its ownership of property requires that it be qualified except where the
failure to do so could not reasonably be expected to have a material adverse effect on Borrower’s business. In connection with this Agreement, Borrower has delivered to Bank a completed certificate signed by Borrower, entitled “Perfection
Certificate”. Borrower represents and warrants to Bank that (a) each Credit Party’s exact legal name is that indicated on the Perfection Certificate and on the signature page of each Loan Document to which such Credit Party is a
party; (b) the Credit Party is an organization of the type and is organized in the jurisdiction set forth in the Perfection Certificate; (c) the Perfection Certificate accurately sets forth each Credit Party’s organizational
identification number or accurately states that the applicable Credit Party has none; (d) the Perfection Certificate accurately sets forth each Credit Party’s place of business, or, if more than one, its chief executive office as well as
each Credit Party’s mailing address (if different than its chief executive office); (e) no Credit Party (and each of its predecessors) has in the past five (5) years, changed its jurisdiction of formation, organizational structure or type,
or any organizational number assigned by its jurisdiction; and (f) all other information set forth on the Perfection Certificate pertaining to the Credit Parties is accurate and complete (it being understood and agreed that Borrower may from
time to time update certain information in the Perfection Certificate after the Effective Date to the extent not prohibited by one or more specific provisions in this Agreement) in all material respects. If a Credit Party is not now a Registered
Organization but later becomes one, Borrower shall within fifteen (15) days notify Bank of such occurrence and provide Bank with such Credit Party’s organizational identification number. 

The execution, delivery and performance by each Credit Party of the Loan Documents to which it is a party have been duly authorized, and do
not (i) conflict with any of the Credit Party’s organizational documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of Law, (iii) contravene, conflict or violate any material
applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which any Credit Party or any of their property or assets may be bound or affected, (iv) require any action by, filing, registration,
or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained and are in full force and effect or will be obtained on the Effective Date), or (v) conflict
with, contravene, constitute a default or breach under, or result in or permit the termination or acceleration of, any material agreement by which a Credit Party is bound. No Credit Party is in default under any agreement to which it is a party or
by which it is bound in which the default could reasonably be expected to have a material adverse effect on Borrower’s business. 

5.2 Collateral. Each Credit Party has good title to, rights in, and the power to transfer each item
of the Collateral upon which it purports to grant a Lien under the Loan Documents, free and clear of any and all Liens except Permitted Liens. No Credit Party has Collateral Accounts at or with any bank or financial institution other than Bank or
Bank’s Affiliates except for the Collateral Accounts described in the Perfection Certificate delivered to Bank in connection herewith or as such Credit Party has otherwise notified Bank pursuant to Section 6.6(b), in each case for which
the Credit Parties have taken such actions as are necessary to give Bank a perfected security interest therein, pursuant to the term of Section 6.6. The Accounts are bona fide, existing obligations of the Account Debtors. 

The Collateral is not in the possession of any third party bailee (such as a warehouse) except as otherwise provided in the Perfection
Certificate and except for Collateral valued in the aggregate for all locations at less than Four Hundred Fifty Thousand Dollars ($450,000.00) at any time. None of the components of the Collateral shall be maintained at locations other than as
provided in the Perfection Certificate or as permitted pursuant to Section 7.2 or Collateral consisting of computer equipment which by its nature is intended to be maintained at locations other than Borrower’s principal places of business
in the ordinary course of business in an aggregate amount for all such locations not to exceed One Million Dollars ($1,000,000.00). 

 All Inventory is in all material respects of good and marketable quality, free from material
defects. 
 Each Credit Party is the sole owner of the Intellectual Property which it owns or purports to own except for
(a) non-exclusive licenses granted to its customers in the ordinary course of business, (b) over-the-counter software that is commercially available to the public, and (c) material Intellectual Property licensed to a Credit Party and
noted on the Perfection Certificate. Each Patent which a Credit Party owns or purports to own and which is material to Borrower’s business is valid and enforceable, and no part of the Intellectual Property which a Credit Party owns or purports
to own and which is material to Borrower’s business has been judged invalid or unenforceable, in whole or in part. To the best of Borrower’s knowledge, no claim has been made that any part of the Intellectual Property violates the rights
of any third party except to the extent such claim would not reasonably be expected to have a material adverse effect on Borrower’s business. 

Except as noted on the Perfection Certificate, no Credit Party is a party to, nor is it bound by, any Restricted License. 

5.3 Reserved. 

5.4 Litigation. There is no action or proceeding pending or, to the knowledge of any Responsible
Officer, any non-frivolous threat of action or proceeding in writing by or against any Credit Party involving more than, individually or in the aggregate, Five Hundred Thousand Dollars ($500,000.00). 

5.5 Financial Statements; Financial Condition. All consolidated financial statements for Holdings
and any of its Subsidiaries delivered to Bank fairly present in all material respects Holdings’ consolidated financial condition and Holdings’ consolidated results of operations. There has not been any material deterioration in
Holdings’ consolidated financial condition since the date of the most recent financial statements submitted to Bank. 
 5.6
Solvency. The fair salable value of the Credit Parties’ consolidated assets (including goodwill minus disposition costs) exceeds the fair value of the Credit Parties’ liabilities; the Credit Parties are not
left with unreasonably small capital after the transactions in this Agreement; and the Credit Parties are able to pay its debts (including trade debts) as they mature. 

5.7 Regulatory Compliance. No Credit Party is an “investment company” or a company
“controlled” by an “investment company” under the Investment Company Act of 1940, as amended. No Credit Party is engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the
Federal Reserve Board of Governors). Each Credit Party (a) has complied in all material respects with all Requirements of Law, and (b) has not violated any Requirements of Law the violation of which could reasonably be expected to have a
material adverse effect on its business. None of the properties or assets of any Credit Party have been used by any Credit Party or, to the best of Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating, or
transporting any hazardous substance other than legally. Each Credit Party has obtained all material consents, approvals and authorizations of, made all material declarations or filings with, and given all material notices to, all Government
Authorities that are necessary to continue its respective business as currently conducted. 
 5.8
Subsidiaries; Investments. The Credit Parties do not own any stock, partnership, or other ownership interest or other equity securities except for Permitted Investments. 

5.9 Tax Returns and Payments; Pension Contributions. Each Credit Party has timely filed all required
tax returns and reports, and each Credit Party has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by such Credit Party except (a) to the extent such taxes are being contested in good faith
by appropriate proceedings promptly instituted and diligently conducted, so long as such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made therefor, or (b) if such taxes,
assessments, deposits and contributions do not, individually or in the aggregate, exceed Fifty Thousand Dollars ($50,000.00). 

 To the extent any Credit Party defers payment of any contested taxes in excess of One Hundred
Thousand Dollars ($100,000.00), Borrower shall (i) within thirty (30) days notify Bank in writing of the commencement of, and any material development in, the proceedings, and (ii) post bonds or take any other steps required to
prevent the governmental authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a “Permitted Lien.” Borrower is unaware of any claims or adjustments proposed for any of the Credit
Parties’ prior tax years which could result in additional taxes becoming due and payable by any Credit Party. Each Credit Party has paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in
accordance with their terms, and no Credit Party has withdrawn from participation in, and has not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be
expected to result in any material liability of any Credit Party, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 

5.10 Use of Proceeds. Borrower shall use the proceeds of the Credit Extensions solely as working
capital and to fund its general business requirements (including Permitted Acquisitions) and not for personal, family, household or agricultural purposes. 

5.11 Full Disclosure. No written representation, warranty or other statement of any Credit Party in
any certificate or written statement given to Bank, as of the date such representation, warranty, or other statement was made, taken together with all such written certificates and written statements given to Bank, contains any untrue statement of a
material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements not misleading (it being recognized by Bank that the projections and forecasts provided by Borrower in good faith and based
upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results). 

5.12 Definition of “Knowledge.” For purposes of the Loan Documents, whenever a
representation or warranty is made to Borrower’s knowledge or awareness, to the “best of” Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation,
of any Responsible Officer. 
  

	 	6.	AFFIRMATIVE COVENANTS 

 Each Credit Party shall (and, when applicable, shall cause
each of its Subsidiaries (other than any Immaterial Subsidiary) to) do all of the following: 
 6.1 Government Compliance. 

(a) Maintain its and each Credit Party’s legal existence and good standing in their respective jurisdictions of formation and maintain
qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on Borrower’s business or operations. Borrower shall comply, and have each Credit Party comply, in all material
respects, with all material laws, ordinances and regulations to which it is subject. 
 (b) Obtain all material Governmental Approvals
necessary for the performance by each Credit Party of its obligations under the Loan Documents to which it is a party and the grant of a security interest to Bank in all of its property. Borrower shall promptly provide copies of any such obtained
Governmental Approvals to Bank. 
 6.2 Financial Statements, Reports, Certificates. Provide Bank with the following: 

(a) Quarterly Financial Statements. As soon as available, but no later than forty-five (45) days after the last day of each of the
first three (3) fiscal quarters of each year, a company prepared consolidated and consolidating balance sheet and income statement covering Holdings’ and each of its Subsidiary’s operations for such quarter certified by a Responsible
Officer and in a form acceptable to Bank (the “Quarterly Financial Statements”); 

 (b) Compliance Certificate. Together with the financial statements delivered pursuant to
Sections 6.2(a) and (d), a duly completed Compliance Certificate signed by a Responsible Officer, certifying that as of the end of the applicable period, Borrower was in full compliance with all of the terms and conditions of this Agreement, and
setting forth calculations showing compliance with the financial covenants set forth in this Agreement (to the extent required pursuant to Section 6.7) and such other information as Bank may reasonably request; 

(c) Annual Operating Budget and Financial Projections. Within ninety (90) days after the end of each fiscal year of Borrower,
(i) annual operating budgets (including income statements, balance sheets and cash flow statements, by month) for the upcoming fiscal year of Borrower, and (ii) annual financial projections for the following fiscal year (on a quarterly
basis) as approved by Borrower’s board of directors, together with any related business forecasts used in the preparation of such annual financial projections; 

(d) Annual Audited Financial Statements. As soon as available, but no later than one hundred fifty (150) days after the last day
of Borrower’s fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion on the financial statements from a nationally recognized independent certified public
accounting firm reasonably acceptable to Bank; 
 (e) SEC Filings. In the event that Borrower becomes subject to the reporting
requirements under the Exchange Act within five (5) Business Days of filing, copies of all periodic and other reports, proxy statements and other materials filed by any Credit Party with the SEC, any Governmental Authority succeeding to any or
all of the functions of the SEC or with any national securities exchange, or distributed to its shareholders, as the case may be. Documents required to be delivered pursuant to the terms hereof (to the extent any such documents are included in
materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which Borrower posts such documents, or provides a link thereto, on Borrower’s website on the
Internet at Borrower’s website address; provided, however, Borrower shall within five (5) Business Days notify Bank in writing (which may be by electronic mail) of the posting of any such documents; 

(f) Legal Action Notice. A prompt report of any legal action pending or the non-frivolous threat of legal action in writing against
Borrower or any of its Subsidiaries that could reasonably be expected to result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, Five Hundred Thousand Dollars ($500,000.00) or more; and 

(g) Other Financial Information. Other financial information reasonably requested by Bank. 

6.3 Accounts Receivable. Keep all Inventory in good and marketable condition, free from material
defects. Returns and allowances between Borrower and its Account Debtors shall follow Borrower’s customary practices as they exist at the Effective Date. Borrower must promptly notify Bank of all returns, recoveries, disputes and claims
relating to accounts receivable that in a single month, the aggregate amount involve more than Two Hundred Fifty Thousand Dollars ($250,000.00). 

6.4 Taxes; Pensions. Timely file, and require each of its Subsidiaries to timely file, all required
tax returns and reports (other than tax returns and reports of Immaterial Subsidiaries that are immaterial to Holdings and its Subsidiaries taken as a whole) and timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal,
state and local taxes, assessments, deposits and contributions owed by Borrower and each of its Subsidiaries (other than foreign, federal, state and local taxes, assessments, deposits and contributions owed by Immaterial Subsidiaries that are
immaterial to Holdings and its Subsidiaries taken as a whole), except for deferred payment of any taxes contested pursuant to the terms of Section 5.9 hereof, and shall deliver to Bank, on demand, appropriate certificates attesting to such
payments, and pay all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms. 

6.5 Insurance. 
 (a) Keep
its business and the Collateral insured for risks and in amounts standard for companies in Borrower’s industry and location. Insurance policies shall be in a form, with financially sound and reputable insurance companies that are not Affiliates
of Borrower, and in amounts that are reasonably satisfactory to Bank. 

 
All property policies shall have a lender’s loss payable endorsement showing Bank as lender loss payee. All liability policies shall show, or have endorsements showing, Bank as an additional
insured. Bank shall be named as lender loss payee and/or additional insured with respect to any such insurance providing coverage in respect of any Collateral. 

(b) Ensure that proceeds payable under any property policy are, at Bank’s option, payable to Bank on account of the Obligations.
Notwithstanding the foregoing, (a) so long as no Event of Default has occurred and is continuing, Borrower shall have the option of applying the proceeds of any casualty policy up to Two Hundred Fifty Thousand Dollars ($250,000) with respect to
any loss, but not exceeding Five Hundred Thousand Dollars ($500,000) in the aggregate for all losses under all casualty policies in any one year, toward the replacement or repair of destroyed or damaged property; provided that any such replaced or
repaired property (i) shall be of equal or like value as the replaced or repaired Collateral and (ii) shall be deemed Collateral in which Bank has been granted a first priority security interest, and (b) after the occurrence and
during the continuance of an Event of Default, all proceeds payable under such casualty policy shall, at the option of Bank, be payable to Bank on account of the Obligations. 

(c) At Bank’s request, Borrower shall deliver certified copies of insurance policies and evidence of all premium payments. Each provider
of any such insurance required under this Section 6.5 shall agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to Bank, that it will give Bank thirty (30) days prior written notice before
any such policy or policies shall be materially altered or canceled. If Borrower fails to obtain insurance as required under this Section 6.5 or to pay any amount or furnish any required proof of payment to third persons and Bank, Bank may make
all or part of such payment or obtain such insurance policies required in this Section 6.5, and take any action under the policies Bank deems prudent. 

6.6 Operating Accounts. 

(a) At all times after the date that is ninety (90) days after the Effective Date, maintain all of its and all of its Domestic
Subsidiaries’ primary operating accounts and securities accounts in the United States with Bank or Bank’s Affiliates. 
 (b)
Provide Bank five (5) days prior written notice before establishing any Collateral Account at or with any bank or financial institution other than Bank or Bank’s Affiliates. For each Collateral Account that Borrower at any time maintains,
Borrower shall cause the applicable bank or financial institution (other than Bank) at or with which any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral
Account to perfect Bank’s Lien in such Collateral Account in accordance with the terms hereunder which Control Agreement may not be terminated without the prior written consent of Bank. 

(c) Notwithstanding anything to the contrary herein, the provisions of this Section 6.6 shall not apply to deposit accounts exclusively
used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such. 

6.7 Financial Covenants. If as of the last day of any fiscal quarter, the outstanding balance of the
Revolving Line exceeds Five Million Dollars ($5,000,000), the following financial covenants shall be tested for such fiscal quarter: 
 (a)
Minimum Adjusted Quick Ratio. Maintain, as of the last day of such fiscal quarter on a consolidated basis with respect to Holdings and its Subsidiaries, a ratio of Quick Assets to Current Liabilities minus the current portion of Deferred
Revenue of at least 1.25 to 1.00. 
 (b) Minimum EBITDA. Achieve, measured as of the end of such fiscal quarter for the trailing four
quarter period then ended during the following periods (as applicable), EBITDA on a consolidated basis with respect to Holdings and its Subsidiaries of at least the following: 

					
	Fiscal Quarter(s) ending	  	Minimum EBITDA	 
	 March 31, 2017
	  	($	10,000,000	) 
	 June 30, 2017
	  	($	15,000,000	) 
	 September 30, 2017 through March 31, 2018
	  	($	10,000,000	) 
	 June 30, 2018 through December 31, 2018
	  	($	5,000,000	) 
	 March 31, 2019 and each fiscal quarter ending thereafter
	  	$	1	 

 6.8 Protection of Intellectual Property Rights. 

(a) (i) Protect, defend and maintain the validity and enforceability of its Intellectual Property, consistent with sound commercial practices;
(ii) promptly advise Bank in writing of material infringements or any other event that could reasonably be expected to materially and adversely affect the value of its Intellectual Property; and (iii) not allow any Intellectual Property
material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Bank’s written consent. 
 (b)
Provide written notice to Bank within thirty (30) days of entering or becoming bound by any Restricted License (other than over-the-counter software that is commercially available to the public). Borrower shall, and shall cause any applicable
Credit Party to, take such steps as Bank requests to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for (i) any Restricted License to be deemed “Collateral” and for Bank to have a security
interest in it that might otherwise be restricted or prohibited by law or by the terms of any such Restricted License, whether now existing or entered into in the future, and (ii) Bank to have the ability in the event of a liquidation of any
Collateral to dispose of such Collateral in accordance with Bank’s rights and remedies under this Agreement and the other Loan Documents. 

6.9 Litigation Cooperation. From the date hereof and continuing through the termination of this
Agreement, make available to Bank upon reasonable request, without expense to Bank, each Credit Party and its officers, employees and agents and each Credit Party’s books and records, to the extent that Bank may deem them reasonably necessary
to prosecute or defend any third-party suit or proceeding instituted by or against Bank with respect to any Collateral or relating to the Credit Parties. 

6.10 Access to Collateral; Books and Records. Allow Bank, or its agents, at reasonable times, on
three (3) Business Days’ notice (provided no notice is required if an Event of Default has occurred and is continuing), to inspect the Collateral and audit and copy Borrower’s Books. Such inspections or audits shall be conducted no
more often than once every twelve (12) months unless an Event of Default has occurred and is continuing in which case such inspections and audits shall occur as often as Bank shall determine is necessary. The foregoing inspections and audits
shall be at Borrower’s expense, and the charge therefor shall be $1,000.00 per person per day (or such higher amount as shall represent Bank’s then-current standard charge for the same), plus reasonable out-of-pocket expenses. In the event
Borrower and Bank schedule an audit more than ten (10) days in advance, and Borrower cancels or seeks to reschedule the audit with less than ten (10) days written notice to Bank, then (without limiting any of Bank’s rights or
remedies), Borrower shall pay Bank a fee of $1,000.00 plus any out-of-pocket expenses incurred by Bank to compensate Bank for the anticipated costs and expenses of the cancellation or rescheduling. 

6.11 Formation or Acquisition of Subsidiaries. Notwithstanding and without limiting the negative
covenants contained in Sections 7.3 and 7.7 hereof, 
 (a) at the time that any Credit Party forms any direct or indirect wholly-owned
Domestic Subsidiary or acquires any direct or indirect wholly-owned Domestic Subsidiary (in each case, other than any CFC Holdco or Immaterial Subsidiary (subject to the terms of the definition thereof)) after the Effective Date, such Credit Party
shall (a) cause such new Domestic Subsidiary to provide to Bank a joinder to the Loan Agreement to cause such Domestic Subsidiary to become a co-borrower hereunder or a joinder to the Guaranty to become a Guarantor thereunder, together with
such appropriate financing statements and/or Control Agreements, all in form and 

 substance reasonably satisfactory to Bank (including being sufficient to grant Bank a first priority Lien
(subject to Permitted Liens) in and to the assets of such newly formed or acquired Domestic Subsidiary), (b) provide to Bank appropriate certificates and powers and financing statements, pledging all of the direct or beneficial ownership interest in
such new Domestic Subsidiary, in form and substance reasonably satisfactory to Bank; and (c) provide to Bank all other documentation in form and substance reasonably satisfactory to Bank, including one or more opinions of counsel satisfactory
to Bank, which in its opinion is appropriate with respect to the execution and delivery of the applicable documentation referred to above. 

(b) at any time that any Credit Party forms any direct Foreign Subsidiary or acquires any direct Foreign Subsidiary (in each case, other than
any Immaterial Subsidiary (subject to the terms of the definition thereof)) after the Effective Date, the Credit Parties shall, provide to Bank such amendment(s) to the Loan Documents to cause the pledge of 65% of the voting capital stock of such
Foreign Subsidiary owned by the applicable Credit Party as Collateral and deliver to Bank appropriate stock certificates and stock powers (if certificated), and financing statements pledging 65% of the voting capital stock of such Foreign
Subsidiary. 
 (c) Any document, agreement, or instrument executed or issued pursuant to this Section 6.11 shall be a Loan Document.

 6.12 Certain Post-Closing Requirements. 

(a) Within sixty (60) days following the Effective Date, Borrower shall use commercially reasonable efforts to provide a landlord’s
consent in favor of Bank for Borrower’s leased premises located in Columbia, Maryland by the respective landlord thereof, together with the duly executed original signatures thereto. 

(b) Within thirty (30) days following the Effective Date (which date may be extended in the sole discretion of Bank), Borrower shall
deliver to Bank stock certificates and stock powers representing 65% of the voting capital stock of Tenable Network Security Ireland Limited, a company organized under the laws of The Republic of Ireland. 

(c) Within fifteen (15) Business Days following the Effective Date (which date may be extended in the sole discretion of Bank), Borrower
shall deliver to Bank evidence satisfactory to Bank that the endorsements required by Section 6.5 hereof are in full force and effect, including appropriate evidence showing lender loss payable and/or additional insured endorsements in favor of
Bank. During the period commencing on the Effective Date and ending on the date that is the earlier of (i) the date on which Borrower delivers to Bank the endorsements required pursuant to the immediately preceding sentence and (ii) the
date that is fifteen (15) Business Days following the Effective Date, Borrower shall not be deemed to be in breach of Section 6.5 hereof for failure to have such endorsements in full force and effect. 

6.13 Further Assurances. Execute any further instruments and take further action as Bank reasonably
requests to perfect or continue Bank’s Lien in the Collateral or to effect the purposes of this Agreement. Deliver to Bank, within five (5) Business Days after the same are sent or received, copies of all correspondence, reports, documents
and other filings with any Governmental Authority regarding compliance with or maintenance of Governmental Approvals or Requirements of Law that could reasonably be expected to have a material effect on any of the Governmental Approvals or otherwise
on the operations of Holdings and its Subsidiaries (other than any Immaterial Subsidiary) taken as a whole. 
  

	 	7.	NEGATIVE COVENANTS 

 Each Credit Party shall not (or permit any Subsidiary (other
than an Immaterial Subsidiary except as expressly set forth below) to) do any of the following without Bank’s prior written consent: 

7.1 Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of
(collectively, “Transfer”), or permit any of its Subsidiaries (including any Immaterial Subsidiaries) to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary course of business;
(b) of worn-out, obsolete or other unneeded Equipment that is, in the reasonable judgment of Borrower, no longer economically practicable to maintain or useful in the ordinary course of business of Borrower; (c) consisting of Permitted
Liens and Permitted Investments; (d) consisting of the sale or issuance of any stock of Borrower not prohibited under Section 7.2 of this Agreement; (e) consisting of the Credit Parties’ use or transfer of money or Cash
Equivalents in a manner that is not prohibited by the terms of this Agreement or the other Loan Documents; (f) of non-exclusive licenses for the use of the property of any Credit Party or its Subsidiaries in the ordinary course of business;
(g) from any Credit Party or any Subsidiary thereof to any other Credit Party; (h) from any Subsidiary of Holdings that is not a Credit Party to any other Subsidiary of Holdings that is not a Credit Party; (i) from any Credit Party to
any Subsidiary of Holdings consisting of Intellectual Property provided that such Subsidiary is either (x) a Credit Party or (y) a Foreign Subsidiary with respect to which a Credit Party has pledged such Foreign Subsidiaries voting capital
stock in accordance with the terms of Section 6.11(b); and (j) not otherwise permitted by this Section 7.1 in an amount not to exceed Two Hundred Thousand Dollars ($200,000) in the aggregate in any fiscal year. 

 7.2 Changes in Business, Control, or Business Locations.
(a) Engage in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolve; or
(c) permit or suffer any Change in Control. 
 The Credit Parties shall not, without at least thirty (30) days prior written
notice to Bank: (1) (a) add any new offices or business locations not already disclosed in the Perfection Certificate, unless the Credit Parties’ assets or property at such new offices or business locations, together with the Credit
Parties’ assets or property at all locations in the possession of third party bailees for which a bailee agreement is not in effect, does not exceed Four Hundred Fifty Thousand Dollars ($450,000.00) in the Credit Parties’ assets or
property in the aggregate for all locations, or (b) deliver any portion of the Collateral valued, individually or in the aggregate with any Collateral in the possession of third party bailees for which a bailee agreement is not in effect, in
excess of Four Hundred Fifty Thousand Dollars ($450,000.00) to a new office or business location not already disclosed in the Perfection Certificate, in each case, other than Collateral consisting of computer equipment which by its nature is
intended to be maintained at locations other than Borrower’s principal places of business in the ordinary course of business in an aggregate amount for all such locations not to exceed One Million Dollars ($1,000,000.00), (2) change its
jurisdiction of organization, (3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization. If any Credit Party intends to
deliver any portion of the Collateral (valued in excess of Four Hundred Fifty Thousand Dollars ($450,000.00) for all locations) to a third party bailee at a location other than as provided in the Perfection Certificate (other than computer equipment
which by its nature is intended to be maintained at locations other than Borrower’s places of business in an aggregate amount for all such locations not to exceed One Million Dollars ($1,000,000.00)), and Bank and such bailee are not
already parties to a bailee agreement governing both the Collateral and the location to which the Credit Parties intend to deliver the Collateral, then such Credit Party will first receive the written consent of Bank, and shall use commercially
reasonable efforts to have such bailee shall execute and deliver a bailee agreement in form and substance satisfactory to Bank. 

7.3 Mergers or Acquisitions. Except for Permitted Acquisitions, merge or consolidate, or permit any
of its Subsidiaries (other than any Immaterial Subsidiary) to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries (other than any Immaterial Subsidiary) to acquire, all or substantially all of the capital stock
or property of another Person (including, without limitation, by the formation of any Subsidiary). A Subsidiary may merge or consolidate into another Subsidiary or into Borrower or another Credit Party. 

7.4 Indebtedness. Create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary (including any Immaterial
Subsidiary) to do so, other than Permitted Indebtedness. 
 7.5 Encumbrance. (a) Create,
incur, allow, or suffer any Lien on any of its property, or assign or convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries (including any Immaterial Subsidiary) to do so, except for Permitted
Liens, (b) permit any Collateral not to be subject to the first priority security interest granted herein, or (c) enter into any agreement, document, instrument or other arrangement (except with or in favor of Bank) with any Person which
directly or indirectly prohibits or has the effect of prohibiting Borrower or any Subsidiary (including any Immaterial Subsidiary) from assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower’s
or such Subsidiary’s Intellectual Property, except as is otherwise permitted in Section 7.1 hereof and the definition of “Permitted Liens” herein. 

 7.6 Maintenance of Collateral Accounts. Maintain any
Collateral Account except pursuant to the terms of Section 6.6 hereof. 
 7.7 Distributions;
Investments. (a) Pay any dividends or make any distribution or other payments with respect to the equity interests of Holdings or redeem, retire or purchase any capital stock of Holdings provided that (i) Holdings may convert any of
its convertible securities into other securities pursuant to the terms of such convertible securities or otherwise in exchange thereof, (ii) Holdings may pay dividends solely in common stock; (iii) Holdings may pay de minimis amounts of
cash in lieu of fractional shares upon conversion of convertible securities or upon any stock split or consolidation; (iv) Holdings may repurchase the stock of former employees or consultants pursuant to stock repurchase agreements so long as
an Event of Default does not exist at the time of such repurchase and would not exist after giving effect to such repurchase, provided that the aggregate amount of all such repurchases does not exceed Two Hundred Fifty Thousand Dollars ($250,000.00)
per fiscal year, and (v) Holdings may make payments to its equity holders, the proceeds of which shall be used solely (A) to pay franchise taxes and other fees to maintain its corporate existence, (B) to pay income taxes of Holdings
to the extent such income taxes are attributable to the income of Holdings and its Subsidiaries, and (C) to pay operating costs and expenses incurred in the ordinary course of business and other corporate overhead costs and expenses (including
administrative, legal, accounting and similar expenses provided by third parties) incurred in the ordinary course of business, provided that the aggregate amount of all such payments pursuant to this clause (v)(C) do not exceed One Hundred Fifty
Thousand Dollars ($150,000.00) per fiscal year; or (b) directly or indirectly make any Investment (including, without limitation, by the formation of any Subsidiary) other than Permitted Investments, or permit any of its Subsidiaries (other
than Immaterial Subsidiaries) to do so. 
 7.8 Transactions with Affiliates. Directly or
indirectly enter into or permit to exist any material transaction with any Affiliate of a Credit Party, except for (a) transactions between Credit Parties not otherwise restricted hereunder, (b) transactions permitted by Sections 7.1, 7.4
or 7.7 hereof, and (c) transactions that are in the ordinary course of such Credit Party’s business, upon fair and reasonable terms that are no less favorable to such Credit Party than would be obtained in an arm’s length transaction
with a non-affiliated Person. 
 7.9 Subordinated Debt. (a) Make or permit any payment on any
Subordinated Debt, except under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would
increase the amount thereof, provide for earlier or greater principal, interest, or other payments thereon, or adversely affect the subordination thereof to Obligations owed to Bank. 

7.10 Compliance. Become an “investment company” or a company controlled by an “investment company”,
under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System), or use the
proceeds of any Credit Extension for that purpose; fail to (a) meet the minimum funding requirements of ERISA, (b) prevent a Reportable Event or non-exempt Prohibited Transaction, as defined in ERISA, from occurring, or (c) comply
with the Federal Fair Labor Standards Act, the failure of any of the conditions described in clauses (a) through (c) which could reasonably be expected to have a material adverse effect on Borrower’s business; or violate any other law or
regulation, if the violation could reasonably be expected to have a material adverse effect on Borrower’s business, or permit any of its Subsidiaries to do so; withdraw or permit any Subsidiary to withdraw from participation in, permit partial
or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation plan which could reasonably be expected to result in any material liability of Borrower, including
any material liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 
  

	 	8.	EVENTS OF DEFAULT 

 Any one of the following shall constitute an event of default
(an “Event of Default”) under this Agreement: 
 8.1 Payment Default. Borrower
fails to (a) make any payment of principal on any Credit Extension when due, or (b) make any payment of interest or pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three
(3) Business Day cure period shall not apply to payments due on the Revolving Line Maturity Date). During the cure period, the failure to make or pay any payment specified under clause (b) hereunder is not an Event of Default (but no
Credit Extension will be made during the cure period); 

 8.2 Covenant Default. 

(a) Any Credit Party fails or neglects to perform any obligation in Sections 6.2, 6.6, 6.7, 6.10, 6.12, 6.13 or violates any covenant in
Section 7; or 
 (b) Any Credit Party fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or
agreement contained in this Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the
default within fifteen (15) Business Days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the fifteen (15) Business Days or cannot after diligent attempts by the applicable Credit
Party be cured within such fifteen (15) Business Days period, and such default is likely to be cured within a reasonable time, then such Credit Party shall have an additional period (which shall not in any case exceed forty-five (45) days)
to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Cure periods provided under this
section shall not apply to financial covenants or any other covenants set forth in clause (a) above; 

8.3 Collateral Issues. Bank shall not have or shall cease to have a valid and perfected Lien in any
Collateral purported to be covered by the Loan Documents with the priority required by the relevant Loan Document, in each case for any reason other than the failure of Bank to take any action within its control. 

8.4 Attachment; Levy; Restraint on Business. 

(a) (i) The service of process seeking to attach, by trustee or similar process, any funds of a Credit Party or of any entity under the
control of a Credit Party (including a Subsidiary) in excess of $250,000, or (ii) a notice of lien or levy is filed against any Credit Party’s assets by any Governmental Authority in an amount greater than $250,000, and the same under
subclauses (i) and (ii) hereof are not, within fifteen (15) days after the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any
fifteen (15) day cure period; or 
 (b) (i) any material portion of any Credit Party’s assets is attached, seized, levied on, or
comes into possession of a trustee or receiver, or (ii) any court order enjoins, restrains, or prevents Borrower from conducting all or any material part of its business; 

8.5 Insolvency. (a) Any Credit Party is unable to pay its debts (including trade debts) as they
become due or any Credit Party fails to be solvent as described under Section 5.6 hereof; (b) any Credit Party begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against any Credit Party and is not dismissed or
stayed within thirty (30) days (but no Credit Extensions shall be made while any of the conditions described in clause (a) exist and/or until any Insolvency Proceeding is dismissed); 

8.6 Other Agreements. There is, under any agreement to which any Credit Party is a party with a
third party or parties, (a) any default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount individually or in the aggregate in excess of Two Hundred Fifty
Thousand Dollars ($250,000.00); or (b) any breach or default by any Credit Party, the result of which could have a material adverse effect on any Credit Party’s business; 

8.7 Judgments; Penalties. One or more fines, penalties or final judgments, orders or decrees for the
payment of money in an amount, individually or in the aggregate, of at least Two Hundred Fifty Thousand Dollars ($250,000.00) (not covered by independent third-party insurance as to which liability has been accepted by such insurance carrier) shall
be rendered against any Credit Party by any Governmental Authority, and the same are not, within forty five (45) days after the entry, assessment or issuance thereof, discharged, satisfied, or paid, or after execution thereof, stayed or bonded
pending appeal, or such judgments are not discharged prior to the expiration of any such stay (provided that no Credit Extensions will be made prior to the satisfaction, payment, discharge, stay, or bonding of such fine, penalty, judgment, order or
decree); 

 8.8 Misrepresentations. Any Credit Party or any Person
acting for any Credit Party makes any representation, warranty, or other statement now or later in this Agreement, any Loan Document or in any writing delivered to Bank or to induce Bank to enter this Agreement or any Loan Document, and such
representation, warranty, or other statement is incorrect in any material respect when made; 
 8.9
Subordinated Debt. The Obligations shall for any reason not be senior (in lien and rights to payment) to any Subordinated Debt or shall not have the lien or payment priority contemplated by the applicable subordination or intercreditor
agreement; 
 8.10 Guaranty. (a) Any Guaranty terminates or ceases for any reason to be in
full force and effect; (b) any Guarantor does not perform any obligation or covenant under any Guaranty; (c) the liquidation, winding up, or termination of existence of any Guarantor; or (d) a material impairment in the perfection or
priority of Bank’s Lien in the collateral provided by Guarantor or in the value of such collateral; or 

8.11 Governmental Approvals. Any material Governmental Approval shall have been (a) revoked,
rescinded, suspended, modified in an adverse manner or not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental Authority that designates a hearing with respect to any applications for renewal of any
of such Governmental Approval or that could reasonably be expected to result in the Governmental Authority taking any of the actions described in clause (a) above, and such decision or such revocation, rescission, suspension, modification or
non-renewal would (i) cause, or could reasonably be expected to cause, a material adverse effect on Borrower’s business, or (ii) adversely affect the legal qualifications of Borrower or any other Credit Party to hold such material
Governmental Approval in any applicable jurisdiction and such revocation, rescission, suspension, modification or non-renewal could reasonably be expected to affect the status of or legal qualifications of Borrower or any other Credit Party to hold
any material Governmental Approval in any other jurisdiction. 
  

	 	9.	BANK’S RIGHTS AND REMEDIES 

 9.1 Rights
and Remedies. Upon the occurrence and during the continuance of an Event of Default, Bank may, without notice or demand, do any or all of the following: 

(a) declare all Obligations immediately due and payable (but if an Event of Default described in Section 8.5 occurs all Obligations are
immediately due and payable without any action by Bank); 
 (b) stop advancing money or extending credit for Borrower’s benefit under
this Agreement or under any other agreement between Borrower and Bank; 
 (c) demand that Borrower (i) deposit cash with Bank in an
amount equal to at least 105% of the aggregate face amount of all Letters of Credit remaining undrawn (plus all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its good faith business judgment)), to
secure all of the Obligations relating to such Letters of Credit, as collateral security for the repayment of any future drawings under such Letters of Credit, and Borrower shall forthwith deposit and pay such amounts, and (ii) pay in advance
all letter of credit fees scheduled to be paid or payable over the remaining term of any Letters of Credit; 
 (d) terminate any FX
Contracts; 
 (e) verify the amount of, demand payment of and performance under, and collect any Accounts and General Intangibles, settle or
adjust disputes and claims directly with Account Debtors for amounts on terms and in any order that Bank considers advisable, and notify any Person owing Borrower money of Bank’s security interest in such funds; 

 (f) make any payments and do any acts it considers necessary or reasonable to protect the
Collateral and/or its security interest in the Collateral. Borrower shall assemble the Collateral if Bank requests and make it available as Bank designates. Bank may enter premises where the Collateral is located, take and maintain possession of any
part of the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Borrower grants Bank a license to enter and occupy any of its premises, without
charge, to exercise any of Bank’s rights or remedies; 
 (g) apply to the Obligations any (i) balances and deposits of any Credit
Party it holds, or (ii) any amount held by Bank owing to or for the credit or the account of any Credit Party; 
 (h) ship, reclaim,
recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. Bank is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, each Credit Party’s labels, Patents,
Copyrights, mask works, rights of use of any name, trade secrets, trade names, Trademarks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any
Collateral and, in connection with Bank’s exercise of its rights under this Section, each Credit Party’s rights under all licenses and all franchise agreements inure to Bank’s benefit; 

(i) place a “hold” on any account maintained with Bank and/or deliver a notice of exclusive control, any entitlement order, or other
directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral; 
 (j) demand and
receive possession of Borrower’s Books; and 
 (k) exercise all rights and remedies available to Bank under the Loan Documents or at
law or equity, including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof). 

9.2 Power of Attorney. Borrower hereby irrevocably appoints Bank as its lawful attorney-in-fact,
exercisable upon the occurrence and during the continuance of an Event of Default, to: (a) endorse Borrower’s name on any checks or other forms of payment or security; (b) sign Borrower’s name on any invoice or bill of lading for
any Account or drafts against Account Debtors; (c) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts and on terms Bank determines reasonable; (d) make, settle, and adjust all claims under
Borrower’s insurance policies; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge
the same; and (f) transfer the Collateral into the name of Bank or a third party as the Code permits. Borrower hereby appoints Bank as its lawful attorney-in-fact to sign Borrower’s name on any documents necessary to perfect or continue
the perfection of Bank’s security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations have been satisfied in full and Bank is under no further obligation to make Credit Extensions hereunder.
Bank’s foregoing appointment as Borrower’s attorney in fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations have been fully repaid and performed (other than Remaining Obligations)
and Bank’s obligation to provide Credit Extensions terminates. 
 9.3 Protective Payments. If
Borrower fails to obtain the insurance called for by Section 6.5 or fails to pay any premium thereon or fails to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document or which may be required to
preserve the Collateral, Bank may obtain such insurance or make such payment, and all amounts so paid by Bank are Bank Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured by
the Collateral. Bank will make reasonable efforts to provide Borrower with notice of Bank obtaining such insurance at the time it is obtained or within a reasonable time thereafter. No payments by Bank are deemed an agreement to make similar
payments in the future or Bank’s waiver of any Event of Default. 
 9.4 Application of Payments
and Proceeds Upon Default. If an Event of Default has occurred and is continuing, Bank shall have the right to apply in any order any funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of
any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations. Bank shall pay any surplus to Borrower by credit to the Designated Deposit Account or to other Persons legally entitled thereto; Borrower shall
remain liable to Bank for any deficiency. 

 
If Bank, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of
either reducing the Obligations by the principal amount of the purchase price or deferring the reduction of the Obligations until the actual receipt by Bank of cash therefor. 

9.5 Bank’s Liability for Collateral. So long as Bank complies with reasonable banking practices
regarding the safekeeping of the Collateral in the possession or under the control of Bank, Bank shall not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral; (c) any
diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk of loss, damage or destruction of the Collateral. 

9.6 No Waiver; Remedies Cumulative. Bank’s failure, at any time or times, to require strict
performance by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Bank thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder shall be
effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Bank’s rights and remedies under this Agreement and the other Loan Documents are cumulative. Bank
has all rights and remedies provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election and shall not preclude Bank from exercising any other remedy under this Agreement or other remedy available at
law or in equity, and Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence. 

9.7 Demand Waiver. Borrower waives demand, notice of default or dishonor, notice of payment and
nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Bank on which Borrower is liable. 

 

	 	10.	NOTICES 

 All notices, consents, requests, approvals, demands, or other
communication by any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three (3) Business Days after
deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail or facsimile transmission; (c) one (1) Business Day after
deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address, facsimile number, or email address
indicated below. Bank or Borrower may change its mailing or electronic mail address or facsimile number by giving the other party written notice thereof in accordance with the terms of this Section 10. 

			
	 If to Borrower:
	  	 Tenable Network Security, Inc.

		  	 7021 Columbia Gateway Drive, Suite 500

		  	 Columbia, Maryland 21046

		  	 Attn: General Counsel

		  	 Email: legal@tenable.com

		
	 If to Bank:
	  	 Silicon Valley Bank

		  	 1000 Wilson Blvd, Suite 2110

		  	 Arlington, Virginia 22209

		  	 Attn: Mr. Will Deevy

		  	 Fax: (617) 969-5965

		  	 Email: wdeevy@svb.com

		
	 with a copy to:
	  	 Riemer & Braunstein LLP Three Center Plaza

		  	 Boston, Massachusetts 02108

		  	 Attn: Charles W. Stavros, Esquire

		  	 Fax: (617) 880-3456

		  	 Email: cstavros@riemerlaw.com

  

	 	11.	CHOICE OF LAW, VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE 

 Except as
otherwise expressly provided in any of the Loan Documents, New York law governs the Loan Documents without regard to principles of conflicts of law. Borrower and Bank each submit to the exclusive jurisdiction of the State and Federal courts in New
York, New York; provided, however, that nothing in this Agreement shall be deemed to operate to preclude Bank from bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security for the
Obligations, or to enforce a judgment or other court order in favor of Bank. Borrower expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any such court, and Borrower hereby waives any objection that it
may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by such court. Borrower hereby waives personal service of the
summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made by registered or certified mail addressed to Borrower at the address set forth in, or
subsequently provided by Borrower in accordance with, Section 10 of this Agreement and that service so made shall be deemed completed upon the earlier to occur of Borrower’s actual receipt thereof or three (3) days after deposit in
the U.S. mails, proper postage prepaid. 
 TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND BANK EACH WAIVE THEIR RIGHT TO
A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR
BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 
 This Section 11 shall survive
the termination of this Agreement. 
  

	 	12.	GENERAL PROVISIONS 

 12.1 Termination Prior
to Revolving Line Maturity Date; Survival. All covenants, representations and warranties made in this Agreement continue in full force until this Agreement has terminated pursuant to its terms and all Obligations have been satisfied (other than
Remaining Obligations). So long as Borrower has satisfied the Obligations (other than Remaining Obligations), this Agreement may be terminated prior to the Revolving Line Maturity Date by Borrower, effective three (3) Business Days after
written notice of termination is given to Bank or such shorter period as Bank shall agree). Those obligations that are expressly specified in this Agreement as surviving this Agreement’s termination shall continue to survive notwithstanding
this Agreement’s termination. 

 12.2 Successors and Assigns. This Agreement binds and
is for the benefit of the successors and permitted assigns of each party. Borrower may not assign this Agreement or any rights or obligations under it without Bank’s prior written consent (which may be granted or withheld in Bank’s
discretion). Bank has the right, with the prior consent of Borrower (not to be unreasonably withheld or delayed) so long as there is no continuing Event of Default, to sell, transfer, assign, negotiate, or grant participation in all or any part of,
or any interest in, Bank’s obligations, rights, and benefits under this Agreement and the other Loan Documents. Bank shall maintain a register of the names and addresses of each Person and the commitments of, and principal amounts (and stated
interest) of the loans owing to, such Person pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and Borrower shall treat each Person whose name is
recorded in the Register pursuant to the terms hereof as Bank hereunder for all purposes of this Agreement. The Register shall be available for inspection by Borrower and any lender, at any reasonable time and from time to time upon reasonable prior
notice. 
 12.3 Indemnification. Borrower agrees to indemnify, defend and hold Bank and its
directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Bank (each, an “Indemnified Person”) harmless against: (i) all obligations, demands, claims, and liabilities (collectively,
“Claims”) claimed or asserted by any other party in connection with the transactions contemplated by the Loan Documents; and (ii) all losses or expenses (including Bank Expenses) in any way suffered, incurred, or paid by such
Indemnified Person as a result of, following from, consequential to, or arising from the Loan Documents (including reasonable attorneys’ fees and expenses), except for Claims and/or losses directly caused by such Indemnified Person’s gross
negligence or willful misconduct or result from a claim brought by Holdings or any of its Subsidiaries against an Indemnified Person for breach in bad faith of such person’s obligations hereunder or under any other Loan Document. 

This Section 12.3 shall survive until all statutes of limitation with respect to the Claims, losses, and expenses for which indemnity is
given shall have run. 
 12.4 Time of Essence. Time is of the essence for the performance of all Obligations in this
Agreement. 
 12.5 Severability of Provisions. Each provision of this Agreement is severable from
every other provision in determining the enforceability of any provision. 
 12.6 Correction of Loan
Documents. Bank may correct patent errors and fill in any blanks in the Loan Documents consistent with the agreement of the parties so long as Bank provides Borrower with written notice of such correction and allows Borrower at least ten
(10) days to object to such correction. In the event of such objection, such correction shall not be made except by an amendment signed by both Bank and Borrower. 

12.7 Amendments in Writing; Waiver; Integration. No purported amendment or modification of any Loan
Document, or waiver, discharge or termination of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the extent, expressly set forth in a writing signed by the party against which enforcement or admission
is sought. Without limiting the generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate as, or evidence, an amendment, supplement or waiver or have
any other effect on any Loan Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether similar or dissimilar, or give rise to, or
evidence, any obligation or commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. 

12.8 Counterparts. This Agreement may be executed in any number of counterparts and by different
parties on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. 

12.9 Confidentiality. In handling any confidential information, Bank shall exercise the same degree
of care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or Affiliates (such Subsidiaries and Affiliates, together with Bank, collectively, “Bank
Entities”); (b) to prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, Bank shall use its best efforts to obtain any prospective transferee’s or purchaser’s agreement to the terms of
this provision); (c) as required by law, regulation, subpoena, or other order; provided Bank shall make reasonable efforts to notify Borrower of any such required disclosure; (d) to Bank’s regulators or as otherwise required in connection
with Bank’s examination or audit; (e) as Bank considers appropriate in exercising remedies under the Loan Documents; and (f) to third-party service providers of Bank so long as such service providers have executed a confidentiality
agreement with Bank with terms no less restrictive than those contained herein. 

 
Confidential information does not include information that is either: (i) in the public domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain
(other than as a result of its disclosure by Bank in violation of this Agreement) after disclosure to Bank; or (ii) disclosed to Bank by a third party, if Bank does not know that the third party is prohibited from disclosing the information.

 Bank Entities may use anonymous forms of confidential information for aggregate datasets, for analyses or reporting, and for any other
uses not expressly prohibited in writing by Borrower. The provisions of the immediately preceding sentence shall survive termination of this Agreement. 

12.10 Right of Set Off. Borrower hereby grants to Bank, a lien, security interest and right of set off as security for
all Obligations to Bank, whether now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any entity under the control of Bank
(including a Bank subsidiary) or in transit to any of them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the same or any part thereof and apply the same to any
liability or obligation of Borrower even though unmatured and regardless of the adequacy of any other collateral securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL
WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 

12.11 Electronic Execution of Documents. The words “execution,” “signed,” “signature” and
words of like import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or
the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. 

12.12 Captions. The headings used in this Agreement are for convenience only and shall not affect the interpretation of
this Agreement. 
 12.13 Construction of Agreement. The parties mutually acknowledge that they and their attorneys have
participated in the preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist. 

12.14 Relationship. The relationship of the parties to this Agreement is determined solely by the provisions of this
Agreement. The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract. 

12.15 Third Parties. Nothing in this Agreement, whether express or implied, is intended to: (a) confer any benefits,
rights or remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or discharge the obligation or liability of any person not an express
party to this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement. 
  

	 	13.	DEFINITIONS 

 As used in the Loan Documents, the word “shall” is
mandatory, the word “may” is permissive, the word “or” is not exclusive, the words “includes” and “including” are not limiting, the singular includes the plural, and numbers denoting amounts that are set off
in brackets are negative. As used in this Agreement, the following capitalized terms have the following meanings: 

 “Account” is any “account” as defined in the Code with such additions
to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to Borrower. 

“Account Debtor” is any “account debtor” as defined in the Code with such additions to such term as may hereafter
be made. 
 “Advance” or “Advances” means a revolving credit loan (or revolving credit loans) under the
Revolving Line. 
 “Affiliate” is, with respect to any Person, each other Person that owns or controls directly or
indirectly the Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited liability company,
that Person’s managers and members. 
 “Agreement” is defined in the preamble hereof. 

“Applicable Margin” means (a) in respect of LIBOR Advances, two percent (2.00%), and (b) in respect of Prime Rate
Advances, one percent (1.00%). 
 “Authorized Signer” is any individual listed in Borrower’s Borrowing Resolution who
is authorized to execute the Loan Documents, including any Notice of Borrowing or Advance request, on behalf of Borrower. 

“Availability Amount” is (a) the Revolving Line, minus (b) the aggregate Dollar Equivalent amount of all
outstanding Letters of Credit (including, without duplication, drawn but unreimbursed Letters of Credit) plus an amount equal to the Letter of Credit Reserve, minus (c) the outstanding principal balance of any Advances. 

“Bank” is defined in the preamble hereof. 

“Bank Entities” is defined in Section 12.9. 

“Bank Expenses” are all audit fees and expenses, costs, and expenses (including reasonable attorneys’ fees and expenses)
for preparing, amending, negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with respect to Borrower or
any Guarantor pursuant to the Loan Documents. 
 “Bank Services” are any products, credit services, and/or financial
accommodations previously, now, or hereafter provided to Borrower or any of its Subsidiaries by Bank or any Bank Affiliate, including, without limitation, any letters of credit, cash management services (including, without limitation, merchant
services, direct deposit of payroll, business credit cards, and check cashing services), interest rate swap arrangements, and foreign exchange services as any such products or services may be identified in Bank’s various agreements related
thereto (each, a “Bank Services Agreement”). 
 “Bank Services Agreement” is defined in the definition of
Bank Services. 
 “Borrower” is defined in the preamble hereof. 

“Borrower’s Books” are all any Credit Party’s books and records including ledgers, federal and state tax returns,
records regarding any Credit Party’s assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information. 

“Borrowing Resolutions” are, with respect to any Person, those resolutions adopted by such Person’s board of directors
(and, if required under the terms of such Person’s Operating Documents, stockholders) and delivered by such Person to Bank approving the Loan Documents to which such Person is a party and the transactions contemplated thereby, together with a
certificate executed by its secretary on behalf of such Person certifying (a) such Person has the authority to execute, deliver, and perform its obligations under each of the Loan Documents to which it is a party, (b) that set forth as a
part of or attached as an exhibit to such certificate is a true, correct, and complete copy of the resolutions then in full force and effect authorizing and ratifying the execution, delivery, and performance by such Person of the Loan Documents to
which it is a party, (c) the name(s) of the Person(s) authorized to execute the Loan Documents, including any Notice of Borrowing or other Advance request, on behalf of such Person, together with a sample of the true signature(s) of such
Person(s), and (d) that Bank may conclusively rely on such certificate unless and until such Person shall have delivered to Bank a further certificate canceling or amending such prior certificate. 

 “Business Day” is any day that is not a Saturday, Sunday or other day on which
banking institutions in the State of California are authorized or required by law or other governmental action to close, except that if any determination of a “Business Day” shall relate to a LIBOR Advance, the term “Business
Day” shall also mean a day on which dealings are carried on in the London interbank market, and if any determination of a “Business Day” shall relate to an FX Contract, the term “Business Day” shall mean a day on which
dealings are carried on the country of settlement of the Foreign Currency. 
 “Cash Equivalents” means (a) marketable
direct obligations issued or unconditionally guaranteed by the United States or any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one
(1) year after its creation and having the highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; (c) Bank’s certificates of deposit issued maturing no more than one (1) year
after issue; and (d) money market funds at least ninety-five percent (95%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this definition. 

“CFC” means a “controlled foreign corporation” within the meaning of Section 957(a) of the Code. 

“CFC Holdco” means a Domestic Subsidiary that has no material assets other than equity interests (including, for this
purpose, any debt or other instrument treated as equity for U.S. federal income tax purposes) of one or more Foreign Subsidiaries that are CFCs. 

“Change in Control” ” means (a) any transaction or series of related transactions which result in any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) that are not stockholders of Holdings on the Effective Date (or their Affiliates) to become, or obtain rights (whether by means or
warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of forty percent (40%) or more of the ordinary voting power for the election of
directors of Holdings (determined on a fully diluted basis) other than by the sale of Holdings’ equity securities in a public offering or to venture capital or private equity investors so long as Holdings identifies to Bank the venture capital
or private equity investors at least seven (7) Business Days prior to the closing of the transaction and provides to Bank a description of the material terms of the transaction; or (b) at any time, Holdings shall cease to own and control,
of record and beneficially, directly or indirectly, 100% of each class of outstanding capital stock of Borrower and each Guarantor (other than Holdings) free and clear of all Liens (except Liens created by this Agreement). 

“Claims” is defined in Section 12.3. 

“Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of New York;
provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles of the Code, the definition of such term contained in Article shall govern; provided
further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Bank’s Lien on any Collateral is governed by the Uniform Commercial Code in effect
in a jurisdiction other than the State of New York, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such
attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

 “Collateral” is any and all properties, rights and assets of Borrower described
on Exhibit A. 
 “Collateral Account” is any Deposit Account, Securities Account, or Commodity Account of any Credit
Party, other than (a) any account that does not have a balance in excess of $10,000 individually and $25,000 in the aggregate at any time, (b) withholding tax and fiduciary accounts, (c) any account used exclusively for payroll taxes
and other employee wage and benefit payments and (d) any account the balance of which is swept at the end of each Business Day into a Collateral Account subject to the Bank’s control. 

“Commodity Account” is any “commodity account” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Compliance Certificate” is that certain certificate in the form attached hereto as Exhibit D.

 “Contingent Obligation” is, for any Person, any direct or indirect liability, contingent or not, of that Person for
(a) any indebtedness, lease, dividend, letter of credit or other obligation of another, in each case, directly or indirectly guaranteed, endorsed, co-made, discounted or sold with recourse by that Person, or for which that Person is directly or
indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity swap agreement, interest rate cap or collar agreement, or other
agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does not include endorsements in the ordinary course of business. The
amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good
faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support arrangement. 

“Continuation Date” means any date on which Borrower continues a LIBOR Advance into another Interest Period. 

“Control Agreement” is any control agreement entered into among the depository institution at which Borrower maintains a
Deposit Account or the securities intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Bank pursuant to which Bank obtains control (within the meaning of the Code) over such
Deposit Account, Securities Account, or Commodity Account. 
 “Conversion Date” means any date on which Borrower converts a
Prime Rate Advance to a LIBOR Advance or a LIBOR Advance to a Prime Rate Advance. 
 “Copyrights” are any and all copyright
rights, copyright applications, copyright registrations and like protections in each work of authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

“Credit Extension” is any Advance, Letter of Credit or any other extension of credit by Bank for Borrower’s benefit
under this Agreement. 
 “Credit Party” means Borrower and each Guarantor. 

“Current Liabilities” are the outstanding principal balance of all Obligations (including, without limitation, all Advances,
plus, the aggregate Dollar Equivalent amount of all outstanding Letters of Credit (including, without duplication, drawn but unreimbursed Letters of Credit)) , plus, without duplication, the aggregate amount of Borrower’s Total Liabilities that
mature within one (1) year. 
 “Default” means any event which with notice or passage of time or both, would
constitute an Event of Default. 
 “Default Rate” is defined in Section 2.4(e). 

 “Deferred Revenue” is all amounts received or invoiced in advance of performance
under contracts and not yet recognized as revenue. 
 “Deposit Account” is any “deposit account” as defined in
the Code with such additions to such term as may hereafter be made. 
 “Designated Deposit Account” is the multicurrency
account denominated in Dollars, account number 3300938303, maintained by Borrower with Bank. 
 “Dollars,”
“dollars” or use of the sign “$” means only lawful money of the United States and not any other currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily
converted into lawful money of the United States. 
 “Dollar Equivalent” is, at any time, (a) with respect to any
amount denominated in Dollars, such amount, and (b) with respect to any amount denominated in a Foreign Currency, the equivalent amount therefor in Dollars as determined by Bank at such time on the basis of the then-prevailing rate of exchange
in San Francisco, California, for sales of the Foreign Currency for transfer to the country issuing such Foreign Currency. 

“Domestic Subsidiary” means any Subsidiary that is a created or organized under the laws of the United States, any State
thereof or the District of Columbia. 
 “EBITDA” shall mean (a) Net Income, plus (b) Interest Expense, plus
(c) to the extent deducted in the calculation of Net Income, depreciation expense and amortization expense, plus (d) income tax expense, plus (e) stock option and other equity-based compensation expenses, plus (f) the change in
Deferred Revenue from the prior measurement period. 
 “Effective Date” is defined in the preamble hereof. 

“Equipment” is all “equipment” as defined in the Code with such additions to such term as may hereafter be made,
and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

“ERISA” is the Employee Retirement Income Security Act of 1974, and its regulations. “Event of Default” is
defined in Section 8. 
 “Exchange Act” is the Securities Exchange Act of 1934, as amended. 

“Excluded Assets” means (a) assets located outside the United States or assets that require action under the law of any
non-U.S. jurisdiction to create or perfect a security interest in such assets under such non-U.S. jurisdiction; (b) any property to the extent that such grant of a security interest is prohibited by any Requirement of Law of a Governmental
Authority or constitutes a breach or default under or results in the termination of or requires any consent not obtained under, any contract, license, agreement, instrument or other document evidencing or giving rise to such property, except
(i) to the extent that the terms in such contract, license, instrument or other document providing for such prohibition, breach, default or termination, or requiring such consent are not permitted under the terms and conditions of this
Agreement or (ii) to the extent that such Requirement of Law or the term in such contract, license, agreement, instrument or other document providing for such prohibition, breach, default or termination or requiring such consent is ineffective
under Section 9-406, 9-407, 9-408 or 9-409 of the Code (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law (including the United States Bankruptcy Code) or principles of equity; provided,
however, that such security interest shall attach immediately at such time as such Requirement of Law is not effective or applicable, or such prohibition, breach, default or termination is no longer applicable or is waived, and to the extent
severable, shall attach immediately to any portion of the Collateral that does not result in such consequences; (c) voting equity interests in excess of 65% of the voting equity interests of any CFC or CFC Holdco or any of the equity interests
of a Subsidiary of a CFC or CFC Holdco; and (d) any Collateral with respect to which Bank has determined, in consultation with Borrower, that the costs of obtaining a security interest in such Collateral are excessive in relation to the
benefits provided by such security interest; provided, however, that any proceeds, substitutions or replacements of any Excluded Assets shall not be Excluded Assets (unless such proceeds, substitutions or replacements are otherwise, in
and of themselves, Excluded Assets); and provided further, that “Excluded Assets” shall not include capital stock representing 65% of the voting capital stock of (i) Tenable Network Security Ireland Limited, a company
organized under the laws of The Republic of Ireland or (ii) any other direct Foreign Subsidiary (in each case, other than any Immaterial Subsidiary (subject to the terms of the definition thereof)) formed or acquired after the Effective Date of
any Credit Party. 

 “Excluded Taxes” means any of the following taxes imposed on or with respect to
Bank or required to be withheld or deducted from a payment to Bank, (a) taxes imposed on or measured by net income (however denominated), franchise taxes, and branch profits taxes, in each case, (i) imposed as a result of Bank being
organized under the laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing such tax (or any political subdivision thereof) or (ii) taxes imposed as a result of a present or former
connection between Bank and the jurisdiction imposing such tax (other than connections arising from Bank having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security
interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any loan or Loan Document), (b) U.S. federal withholding taxes imposed on amounts payable to or for the account of Bank
with respect to an applicable interest in a loan or commitment pursuant to a law in effect on the date on which (i) Bank acquires such interest in the loan or commitment or (ii) Bank changes its lending office, except in each case to the
extent that, pursuant to Section 2.7(a), amounts with respect to such taxes were payable either to Bank’s assignor immediately before Bank became a party hereto or to Bank immediately before it changed its lending office, (c) taxes
attributable to Bank’s failure to comply with Section 2.7(b) and (d) any U.S. federal withholding taxes imposed under FATCA. 

“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 and any agreement entered into pursuant to Section 1471(b)(1) of the Code. 

“Foreign Currency” means lawful money of a country other than the United States. 

“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary. 

“Funding Date” is any date on which a Credit Extension is made to or for the account of Borrower which shall be a Business
Day. 
 “FX Contract” is any foreign exchange contract by and between Borrower and Bank under which Borrower commits to
purchase from or sell to Bank a specific amount of Foreign Currency on a specified date. 
 “GAAP” is generally accepted
accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such
other statements by such other Person as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination. 

“General Intangibles” is all “general intangibles” as defined in the Code in effect on the date hereof with such
additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and other tax refunds, security and other deposits, payment intangibles, contract rights, options to purchase or sell real or
personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property damage, and business interruption insurance), payments of
insurance and rights to payment of any kind. 

 “Governmental Approval” is any consent, authorization, approval, order, license,
franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority. 

“Governmental Authority” is any nation or government, any state or other political subdivision thereof, any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any
self-regulatory organization. 
 “Guarantor” is any Person providing a Guaranty in favor of Bank, including, without
limitation, Holdings. “Guaranty” is any guarantee of all or any part of the Obligations, as the same may from time to time be amended, restated, modified or otherwise supplemented. 

“Holdings” is Tenable Holdings, Inc., a Delaware corporation. 

“Immaterial Subsidiary” means any Subsidiary of any Credit Party that did not either (A) contribute more than the
greater of (x) $2,000,000 in EBITDA or (y) 10.0% of the consolidated EBITDA of Holdings and its Subsidiaries for the most recently ended fiscal quarter, or (B) have assets of 10.0% or more of the total assets of Holdings and its Subsidiaries as
of the last day of the most recently ended fiscal quarter (in each case excluding intra-group items, investments in Subsidiaries and off-balance sheet joint ventures); provided, if at any time and from time to time after the Effective Date,
all Immaterial Subsidiaries in the aggregate (A) contribute more than the greater of (x) $5,000,000 in EBITDA or (y) 10.0% or more of the consolidated EBITDA of Holdings and its Subsidiaries for the most recently ended fiscal quarter or
(B) have assets of 10.0% or more of the total assets of Holdings and its Subsidiaries as of the last day of the most recently ended fiscal quarter (in each case excluding intra-group items, investments in Subsidiaries and off-balance sheet
joint ventures), then Borrower shall, not later than thirty days after the date by which financial statements for such period are required to be delivered pursuant to this Agreement (or such longer period as Bank may agree in its reasonable
discretion), (i) designate in writing to Bank that one or more of such Subsidiaries is no longer an Immaterial Subsidiary for purposes of this Agreement to the extent required such that the foregoing condition ceases to be true and (ii) comply
with the provisions of Section 6.11 applicable to such Subsidiaries; and provided, further, that no Subsidiary that owns (or is the licensee of (other than a non-exclusive license for the use of the property of any Credit Party or its
Subsidiaries in the ordinary course of business)) any Intellectual Property that is material to the business of Holdings and its Subsidiaries shall constitute an “Immaterial Subsidiary”. 

“Indebtedness” is (a) indebtedness for borrowed money or the deferred price of property or services, such as
reimbursement and other obligations for surety bonds and letters of credit, but excluding (x) any “earn-out” or other contingent payments with respect to any acquisition that are not stated as a liability on the balance sheet of the
acquiring Person in accordance with GAAP and (y) accounts payable incurred in the ordinary course of business that are not overdue by more than ninety days, (b) obligations evidenced by notes, bonds, debentures or similar instruments,
(c) capital lease obligations, and (d) Contingent Obligations; provided that, any contingent loans or other liabilities to the Maryland Department of Commerce (or related party) provided pursuant to the Maryland Economic Development
Assistance Fund shall not be included as “Indebtedness” for purpose of this Agreement provided that such contingent loans or other liabilities (i) shall not require any cash payments by any Credit Party of principal, interest or any
other amounts solely with respect to the repayment of such loans during the term of this Agreement and (ii) the principal amount of contingent loans or other liabilities shall not exceed $2,500,000 during the term of this Agreement.. 

“Indemnified Person” is defined in Section 12.3. 

“Insolvency Proceeding” is any proceeding by or against any Person under the United States Bankruptcy Code, or any other
bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 

 “Intellectual Property” means, with respect to any Person, all of such
Person’s right, title, and interest in and to the following: 
 (a) its Copyrights, Trademarks and Patents; 

(b) any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how, operating
manuals; 
 (c) any and all source code; 

(d) any and all design rights which may be available to such Person; 

(e) any and all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not the
obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and 

(f) all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents. 

“Interest Expense” means for any fiscal period, interest expense (whether cash or non-cash) determined in accordance with
GAAP for the relevant period ending on such date, including, in any event, interest expense with respect to any Credit Extension and other Indebtedness of Borrower and its Subsidiaries, including, without limitation or duplication, all commissions,
discounts, or related amortization and other fees and charges with respect to letters of credit and bankers’ acceptance financing and the net costs associated with interest rate swap, cap, and similar arrangements, and the interest portion of
any deferred payment obligation (including leases of all types). 
 “Interest Payment Date” means, with respect to any
LIBOR Advance, the last day of each Interest Period applicable to such LIBOR Advance and, with respect to Prime Rate Advances, the first day of each month (or, if that day of the month does not fall on a Business Day, then on the first Business Day
following such date), and each date a Prime Rate Advance is converted into a LIBOR Advance to the extent of the amount converted to a LIBOR Advance. 

“Interest Period” means, as to any LIBOR Advance, the period commencing on the date of such LIBOR Advance, or on the
conversion/continuation date on which the LIBOR Advance is converted into or continued as a LIBOR Advance, and ending on the date that is one, two, three, or six months thereafter, in each case as Borrower may elect in the applicable Notice of
Borrowing or Notice of Conversion/Continuation; provided, however, that (a) no Interest Period with respect to any LIBOR Advance shall end later than the Revolving Line Maturity Date, (b) the last day of an Interest Period shall be
determined in accordance with the practices of the LIBOR interbank market as from time to time in effect, (c) if any Interest Period would otherwise end on a day that is not a Business Day, that Interest Period shall be extended to the
following Business Day unless, in the case of a LIBOR Advance, the result of such extension would be to carry such Interest Period into another calendar month, in which event such Interest Period shall end on the preceding Business Day, (d) any
Interest Period pertaining to a LIBOR Advance that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last
Business Day of the calendar month at the end of such Interest Period, and (e) interest shall accrue from and include the first Business Day of an Interest Period but exclude the last Business Day of such Interest Period. 

“Interest Rate Determination Date” means each date for calculating LIBOR for purposes of determining the interest rate in
respect of an Interest Period. The Interest Rate Determination Date shall be the second Business Day prior to the first day of the related Interest Period for a LIBOR Advance. 

“Inventory” is all “inventory” as defined in the Code in effect on the date hereof with such additions to such term
as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out of
Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above. 

 “Investment” is any beneficial ownership interest in any Person (including
stock, partnership interest or other securities), and any loan, advance or capital contribution to any Person. 
 “Letter of
Credit” means a standby letter of credit issued by Bank or another institution based upon an application, guarantee, indemnity or similar agreement on the part of Bank as set forth in Section 2.2.2. 

“Letter of Credit Application” is defined in Section 2.2.2(b). 

“Letter of Credit Reserve” is defined in Section 2.2.2(e). 

“LIBOR” means, for any Interest Rate Determination Date with respect to an Interest Period for any Advance to be made,
continued as or converted into a LIBOR Advance, the greater of (i) zero percent (0.00%) or (ii) the rate of interest per annum determined by Bank to be the per annum rate of interest at which deposits in Dollars are offered to Bank in the
London interbank market (rounded upward, if necessary, to the nearest 0.0001%) in which Bank customarily participates at 11:00 a.m. (local time in such interbank market) two (2) Business Days prior to the first day of such Interest Period for a
period approximately equal to such Interest Period and in an amount approximately equal to the amount of such Advance. 
 “LIBOR
Advance” means an Advance that bears interest based at the LIBOR Rate. 
 “LIBOR Rate” means, for each Interest
Period in respect of LIBOR Advances comprising part of the same Advances, an interest rate per annum (rounded upward, if necessary, to the nearest 0.0001%) equal to LIBOR for such Interest Period divided by one (1) minus
the Reserve Requirement for such Interest Period. 
 “Lien” is a claim, mortgage, deed of trust, levy, charge, pledge,
security interest or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property. 

“Liquidity” is, at any time, the sum of (a) the aggregate amount of unrestricted cash and Cash Equivalents either
(i) held at such time by the Credit Parties in Deposit Accounts or Securities Accounts maintained with Bank or its Affiliates or (ii) subject to a Control Agreement in favor of Bank plus (b) the Availability Amount. 

“Loan Documents” are, collectively, this Agreement and any schedules, exhibits, certificates, notices, and any other
documents related to this Agreement, the Perfection Certificate, the Guaranty, any Bank Services Agreement, any subordination agreement, any note, or notes or guaranties executed by any Credit Party, and any other present or future agreement by any
Credit Party with or for the benefit of Bank, in each case, in connection with this Agreement or Bank Services, all as amended, restated, or otherwise modified. 

“Net Income” means, as calculated on a consolidated basis for Holdings and its Subsidiaries for any period as at any date of
determination, the net profit (or loss), after provision for taxes, of Holdings and its Subsidiaries for such period taken as a single accounting period. 

“Notice of Borrowing” means a notice given by Borrower to Bank in accordance with Section 3.4(a), substantially in the
form of Exhibit B, with appropriate insertions. 
 “Notice of Conversion/Continuation” means a notice given by
Borrower to Bank in accordance with Section 3.5, substantially in the form of Exhibit C, with appropriate insertions. 

“Obligations” are any Credit Party’s obligations to pay when due any debts, principal, interest, fees, Bank Expenses,
and other amounts any Credit Party owes Bank now or later, whether under this Agreement, the other Loan Documents, or otherwise, including, without limitation, all obligations relating to letters of credit (including reimbursement obligations for
drawn and undrawn letters of credit), cash management services, and foreign exchange contracts, if any, and including interest accruing after Insolvency Proceedings begin and debts, liabilities, or obligations of any Credit Party assigned to Bank,
and to perform any Credit Party’s duties under the Loan Documents. 

 “Operating Documents” are, for any Person, such Person’s formation
documents, as certified by the Secretary of State (or equivalent agency) of such Person’s jurisdiction of organization on a date that is no earlier than thirty (30) days prior to the Effective Date, and, (a) if such Person is a
corporation, its bylaws in current form, (b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar
agreement), each of the foregoing with all current amendments or modifications thereto. 
 “Overadvance” is defined in
Section 2.3. 
 “Parent” is defined in Section 3.7(b). 

“Patents” means all patents, patent applications and like protections including without limitation improvements, divisions,
continuations, renewals, reissues, extensions and continuations-in-part of the same. 
 “Perfection Certificate” is defined
in Section 5.1. 
 “Permitted Acquisition” means a purchase or other acquisition by any Credit Party or any Subsidiary
thereof of the capital stock in a Person that, upon the consummation thereof, will be a Subsidiary (including as a result of a merger or consolidation) or all or substantially all of the assets of, or assets constituting one or more business units
of, any Person; provided that, with respect to each such purchase or other acquisition: 
 (a) the newly-created or acquired
Subsidiary (or assets acquired in connection with such asset sale) shall be (x) in the same or a related line of business as that conducted by Borrower on the Closing Date, or (y) in a business that is ancillary to and in furtherance of
the line of business as that conducted by Borrower on the date hereof; 
 (b) all transactions related to such purchase or acquisition shall
be consummated in all material respects in accordance with all Requirements of Law; 
 (c) no Credit Party shall, as a result of or in
connection with any such purchase or acquisition, assume or incur any direct or contingent liabilities (whether relating to environmental, tax, litigation or other matters) that, as of the date of such purchase or acquisition, could reasonably be
expected to result in the existence or incurrence of a material adverse effect on Borrower’s business; 
 (d) Borrower shall give Bank
at least ten (10) Business Days’ prior written notice of any such purchase or acquisition; 
 (e) Borrower shall provide to Bank
as soon as available but in any event not later than five (5) Business Days after the execution thereof, a copy of any executed purchase agreement or similar agreement with respect to any such purchase or acquisition; 

(f) any such newly-created or acquired wholly-owned Domestic Subsidiary, or the Credit Party that is the acquirer of assets in connection with
an asset acquisition, shall comply with the requirements of Section 6.11; 
 (g) Liquidity shall equal or exceed $20,000,000 as of the
date the definitive agreements relating to any such acquisition or other purchase are executed (after giving effect, on a pro forma basis, to the consummation of such acquisition or other purchase); 

(h) (x) immediately before and immediately after giving effect to any such purchase or other acquisition, no Default or Event of Default shall
have occurred and be continuing and (y) immediately after giving effect to such purchase or other acquisition, Holdings and its Subsidiaries shall be in compliance with each of the applicable financial covenants set forth in Section 6.7
(to the extent the financial covenants are currently required to be tested thereunder) based upon financial statements delivered most recently delivered to Bank pursuant to Section 6.2(a) or (d), which give effect, on a pro forma basis, to
such acquisition or other purchase; 

 (i) no Indebtedness is assumed or incurred in connection with any such purchase or acquisition
other than Permitted Indebtedness; 
 (j) such purchase or acquisition shall not constitute an Unfriendly Acquisition; 

(k) each such Permitted Acquisition of a Person shall be of a Person organized under the laws of the United States and engaged in business
activities primarily conducted within the United States; and 
 (l) Borrower shall have delivered to Bank, at least five Business Days prior
to the date on which any such purchase or other acquisition is to be consummated (or such later date as is agreed by Bank in its sole discretion), a certificate of a Responsible Officer, in form and substance reasonably satisfactory to Bank,
certifying that all of the requirements set forth in this definition have been satisfied or will be satisfied on or prior to the consummation of such purchase or other acquisition. 

“Permitted Indebtedness” is: 

(a) all Indebtedness to Bank under this Agreement and the other Loan Documents; 

(b) Indebtedness existing on the Effective Date and shown on the Perfection Certificate; 

(c) Subordinated Debt; 

(d) unsecured Indebtedness to trade creditors incurred in the ordinary course of business; 

(e) Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of business; 

(f) Indebtedness secured by Liens permitted under clauses (a) and (c) of the definition of “Permitted Liens” hereunder; 

(g) Indebtedness in connection with the issuance of surety bonds, performance bonds, cash collateralized letters of credit and similar
obligations incurred in the ordinary course of business; 
 (h) Indebtedness incurred pursuant to Bank Services Agreements or FX Contracts
with Bank or any Bank Affiliate; 
 (i) Indebtedness with respect to capital leases and purchase money Indebtedness in an aggregate
outstanding amount not to exceed at any time (i) with respect to such Indebtedness incurred by the Credit Parties pursuant to an equipment financing facility with EPlus, Three Million Dollars ($3,000,000) and (ii) with respect to all other
such Indebtedness, Two Hundred Thousand Dollars ($200,000); 
 (j) Indebtedness of Holdings or any of its Subsidiaries owing to Holdings or
any of its Subsidiaries, including any guaranties by Holdings or any of its Subsidiaries of Indebtedness of Holdings or any of its Subsidiaries, in each case, to the extent permitted as an Investment hereunder pursuant to clause (h) of the
definition of “Permitted Investments”; 
 (k) other Indebtedness not otherwise permitted by Section 7.4 not exceeding Two
Hundred Fifty Thousand Dollars ($250,000.00) in the aggregate outstanding at any time; and 
 (l) extensions, refinancings, modifications,
amendments and restatements of any items of Permitted Indebtedness (a) through (g) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon Borrower or its
Subsidiary, as the case may be. 

 “Permitted Investments” are: 

(a) Investments (including, without limitation, Subsidiaries) existing on the Effective Date and shown on the Perfection Certificate; 

(b) Investments consisting of Cash Equivalents; 

(c) Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary
course of Borrower; 
 (d) Investments consisting of deposit accounts in which Bank has a perfected security interest; 

(e) Investments accepted in connection with Transfers permitted by Section 7.1; 

(f) Investments consisting of the creation of a Subsidiary for the purpose of consummating a merger transaction permitted by Section 7.3
of this Agreement, which is otherwise a Permitted Investment; 
 (g) Permitted Acquisitions; 

(h) (i) Investments by any Credit Party or any Subsidiary thereof in any Credit Party and (ii) Investments by any Credit Party in
Subsidiaries of Holdings that are not Credit Parties or by Subsidiaries that are not Credit Parties in other Subsidiaries that are not Credit Parties in an amount (for this clause (ii)) not to exceed One Hundred Thousand Dollars ($100,000.00) in the
aggregate in any fiscal year; 
 (i) Investments consisting of Transfers permitted pursuant to Section 7.1 of this Agreement; 

(j) Investments consisting of accounts receivable arising and trade credit granted in the ordinary course of business; 

(k) Investments consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary
course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Holdings or its Subsidiaries pursuant to employee stock purchase plans or agreements approved by Borrower’s Board of
Directors; 
 (l) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or
suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; 

(m) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not
Affiliates, in the ordinary course of business; provided that this paragraph (k) shall not apply to Investments of Holdings in any Subsidiary; and 

(n) other Investments not otherwise permitted by Section 7.7 not exceeding Two Hundred Fifty Thousand Dollars ($250,000.00) in the
aggregate outstanding at any time. 
 “Permitted Liens” are: 

(a) Liens existing on the Effective Date and shown on the Perfection Certificate or arising under this Agreement and the other Loan Documents;

 (b) Liens for taxes, fees, assessments or other government charges or levies, either (i) not
due and payable or (ii) being contested in good faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien has been filed or recorded under the Internal Revenue Code of 1986, as
amended, and the Treasury Regulations adopted thereunder; 
 (c) Liens (i) securing Indebtedness permitted pursuant to clause
(i) of the definition of “Permitted Indebtedness” hereunder, and (ii) existing on Equipment when acquired, if the Lien is confined to the property and improvements and the proceeds of the Equipment; 

(d) Liens of carriers, warehousemen, suppliers, or other Persons that are possessory in nature arising in the ordinary course of business so
long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed Two Hundred Thousand Dollars ($200,000.00) and which are not delinquent or remain payable without penalty or which are being contested in good
faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto; 

(e) Liens to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like obligations
incurred in the ordinary course of business (other than Liens imposed by ERISA); 
 (f) Liens incurred in the extension, renewal or
refinancing of the Indebtedness secured by Liens described in (a) through (c), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness
may not increase; 
 (g) leases or subleases of real property granted in the ordinary course of Borrower’s business (or, if referring
to another Person, in the ordinary course of such Person’s business), and leases, subleases, non-exclusive licenses or sublicenses of personal property (other than Intellectual Property) granted in the
ordinary course of Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), if the leases, subleases, licenses and sublicenses do not prohibit granting Bank a security interest
therein; 
 (h) non-exclusive license of Intellectual Property granted to third parties in the ordinary course of business;

 (i) deposits to secure the performance of bids, trade contracts (other than Indebtedness) and leases, statutory obligations, surety
bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 
 (j) Liens arising from
attachments or judgments, orders, or decrees in circumstances not constituting an Event of Default under Sections 8.4 and 8.7; and 
 (k)
Liens in favor of other financial institutions arising in connection with any Credit Party’s deposit and/or securities accounts held at such institutions, provided that Bank has a perfected security interest in the amounts held in such deposit
and/or securities accounts to the extent required by this Agreement. 
 “Person” is any individual, sole proprietorship,
partnership, limited liability company, joint venture, company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 

“Prime Rate” is the rate of interest per annum from time to time published in the money rates section of The Wall Street
Journal or any successor publication thereto as the “prime rate” then in effect; provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Agreement and provided
further that if such rate of interest, as set forth from time to time in the money rates section of The Wall Street Journal, becomes unavailable for any reason as determined by Bank, the “Prime Rate” shall mean the rate of interest per
annum announced by Bank as its prime rate in effect at its principal office in the State of California (such Bank announced Prime Rate not being intended to be the lowest rate of interest charged by Bank in connection with extensions of credit to
debtors). 

 “Prime Rate Advance” means an Advance that bears interest based at the Prime
Rate. 
 “Quarterly Financial Statements” is defined in Section 6.2(a). 

“Quick Assets” is, on any date, the sum of (i) the Credit Parties’ consolidated, unrestricted cash and Cash
Equivalents, plus (ii) net billed accounts receivable. 
 “Registered Organization” is any “registered
organization” as defined in the Code with such additions to such term as may hereafter be made. 
 “Regulatory Change”
means, with respect to Bank, any change on or after the date of this Agreement in United States federal, state, or foreign laws or regulations, including Regulation D, or the adoption or making on or after such date of any interpretations,
directives, or requests applying to a class of lenders including Bank, of or under any United States federal or state, or any foreign laws or regulations (whether or not having the force of law) by any court or governmental or monetary authority
charged with the interpretation or administration thereof. 
 “Requirement of Law” is as to any Person, the organizational
or governing documents of such Person, and any law (statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its
property or to which such Person or any of its property is subject. 
 “Reserve Requirement” means, for any Interest
Period, the average maximum rate at which reserves (including any marginal, supplemental, or emergency reserves) are required to be maintained during such Interest Period under Regulation D against “Eurocurrency liabilities” (as such term
is used in Regulation D) by member banks of the Federal Reserve System. Without limiting the effect of the foregoing, the Reserve Requirement shall reflect any other reserves required to be maintained by Bank by reason of any Regulatory Change
against (a) any category of liabilities which includes deposits by reference to which the LIBOR Rate is to be determined as provided in the definition of LIBOR or (b) any category of extensions of credit or other assets which include
Advances. 
 “Responsible Officer” is any of the Chief Executive Officer, President, Chief Financial Officer and Controller
of Borrower. 
 “Restricted License” is any material license or other agreement with respect to which a Credit Party is the
licensee (a) that prohibits or otherwise restricts such Credit Party from granting a security interest in such Credit Party’s interest in such license or agreement or any other property, or (b) for which a default under or termination
of could interfere with Bank’s right to sell any Collateral. 
 “Revolving Line” is an aggregate principal amount
equal to Twenty Five Million Dollars ($25,000,000). 
 “Revolving Line Maturity Date” is May 4, 2020. 

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

 “Securities Account” is any “securities account” as defined in the Code with such additions to such term as
may hereafter be made. 
 “Subordinated Debt” is Indebtedness incurred by any Credit Party subordinated to all of such
Credit Party’s now or hereafter Indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and the other creditor), on terms reasonably
acceptable to Bank. 
 “Subsidiary” is, as to any Person, a corporation, partnership, limited liability company or other
entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of
directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. 

 
Unless the context otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower or Guarantor. 

“Total Liabilities” is on any day, obligations that should, under GAAP, be classified as liabilities on Holdings’
consolidated balance sheet, including all Indebtedness. 
 “Trademarks” means any trademark and servicemark rights, whether
registered or not, applications to register and registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

“Transfer” is defined in Section 7.1. 

“Unfriendly Acquisition” means any acquisition that has not, at the time of the first public announcement of an offer
relating thereto, been approved and recommended by the board of directors (or other legally recognized governing body) of the Person to be acquired. 

“Unused Revolving Line Facility Fee” is defined in Section 2.5(b). 

[Signature page follows.] 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
Effective Date. 
 BORROWER: 
 TENABLE NETWORK SECURITY,
INC. 
  

			
	 By
	 	 /s/ Stephen Vintz

	 Name:
	 	Steve Vintz
	 Title:
	 	Chief Financial Officer

 BANK: 

SILICON VALLEY BANK 
  

			
	 By
	 	 /s/ Will Deevy

	 Name:
	 	 Will Deevy

	 Title:
	 	 Vice President

 [Signature page to Loan and Security Agreement] 

  

 EXHIBIT A – COLLATERAL DESCRIPTION 

The Collateral consists of all of Borrower’s right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license
agreements, franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, fixtures,
letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired, wherever located; and

 all Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any of the above and all
substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, the Collateral does not include (a) any Excluded Assets and (b) any Intellectual Property; provided,
however, the Collateral shall include all Accounts and all proceeds of Intellectual Property. If a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest in the underlying Intellectual Property is necessary to
have a security interest in such Accounts and such property that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of the Effective Date, include the Intellectual Property to the extent necessary to
permit perfection of Bank’s security interest in such Accounts and such other property of Borrower that are proceeds of the Intellectual Property. 

  
 A - 1 

 EXHIBIT B 

FORM OF NOTICE OF BORROWING 

TENABLE NETWORK SECURITY, INC. 

Date:                      

 

	To:	Silicon Valley Bank 

 3003 Tasman Drive 

Santa Clara, CA 95054 
 Attention:
CFD Operations 
 Email: CFDOperations@svb.com 
  

	RE:	Loan and Security Agreement dated as of May    , 2017 (as amended, modified, supplemented or restated from time to time, the “Loan Agreement”), by and between Tenable
Network Security, Inc. (“Borrower”), and Silicon Valley Bank (the “Bank”) 

 Ladies and Gentlemen: 

The undersigned refers to the Loan Agreement, the terms defined therein and used herein as so defined, and hereby gives you notice irrevocably,
pursuant to Section 3.4(a) of the Loan Agreement, of the borrowing of an Advance. 
 1. The Funding Date, which shall be a Business
Day, of the requested borrowing is                     .1 

2. The aggregate amount of the requested Advance is
$                     . 
 3. The
requested Advance shall consist of $                     of Prime Rate Advances and
$                     of LIBOR Advances. 

4. The duration of the Interest Period for the LIBOR Advances included in the requested Advance shall be
                     months. 

5. The undersigned hereby certifies that the following statements are true on the date hereof, and will be true on the date of the proposed
Advance before and after giving effect thereto, and to the application of the proceeds therefrom, as applicable: 
 (a) all
representations and warranties of Borrower contained in the Loan Agreement are true, accurate and complete in all material respects as of the date hereof; provided, however, that such materiality qualifier shall not be applicable to any
representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in
all material respects as of such date; 
 (b) no Event of Default has occurred and is continuing, or would result from such
proposed Advance; and 
 (c) the requested Advance will not cause the aggregate principal amount of the outstanding Advances
to exceed, as of the designated Funding Date, the Availability Amount. 
  

 

	1	Advance requests for LIBOR Advances must be submitted by 12:00 pm Eastern time at least three (3) Business Days prior to 

Funding Date. Advance requests for Prime Rate Advances must be submitted by 12:00 pm Eastern time on the Funding Date. 

  
 B - 1 

 6. In the event that before or after giving effect to the requested Credit Extension, the
aggregate outstanding amount of all Credit Extensions exceeds Five Million Dollars ($5,000,000), attached hereto is evidence of compliance with the financial covenants set forth in Section 6.7 hereof on a pro forma basis giving effect to such
Credit Extension. 
  

							
	 BORROWER
	 		 	    TENABLE NETWORK SECURITY, INC.

		 		 		 	

							
		 		 	 By:
	 	  

		 		 	 Name:
	 	  

		 		 	 Title:
	 	  

 For internal Bank use only 
  

							
	LIBOR Pricing Date	 	LIBOR	 	LIBOR Variance	 	Maturity Date
		 		 	                          %	 	

  
 B - 2 

 EXHIBIT C 

FORM OF NOTICE OF CONVERSION/CONTINUATION 

TENABLE NETWORK SECURITY, INC. 

Date:                     

 

	To:	Silicon Valley Bank 

 3003 Tasman Drive 

Santa Clara, CA 95054 
 Attention:
CFD Operations 
 Email: CFDOperations@svb.com 
  

	RE:	Loan and Security Agreement dated as of May     , 2017 (as amended, modified, supplemented or restated from time to time, the “Loan Agreement”), by and between Tenable Network
Security, Inc. (“Borrower”), and Silicon Valley Bank (the “Bank”) 

 Ladies and Gentlemen: 

The undersigned refers to the Loan Agreement, the terms defined therein being used herein as therein defined, and hereby gives you notice
irrevocably, pursuant to Section 3.5 of the Loan Agreement, of the [conversion] [continuation] of the Advances specified herein, that: 

1. The date of the [conversion] [continuation] is
                                 ,
20         . 
 2. The aggregate amount of the proposed Advances to be [converted] is
$                     or [continued] is
$                    . 
 3. The
Advances are to be [converted into] [continued as] [LIBOR] [Prime Rate] Advances. 
 4. The duration of the Interest Period for the LIBOR
Advances included in the [conversion] [continuation] shall be          months. 
 The
undersigned, on behalf of Borrower, hereby certifies that the following statements are true on the date hereof, and will be true on the date of the proposed [conversion] [continuation], before and after giving effect thereto and to the application
of the proceeds therefrom: 
 (a) all representations and warranties of Borrower stated in the Loan Agreement are true,
accurate and complete in all material respects as of the date hereof; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text
thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; 

(b) no Event of Default has occurred and is continuing, or would result from such proposed [conversion] [continuation]; and

 (c) the requested [conversion] [continuation] will not cause the aggregate principal amount of the outstanding Advances to
exceed, as of the designated Funding Date, (i) the Revolving Line minus (ii) the aggregate outstanding principal amount of any Advances. 
  

			
	 BORROWER
	 	 TENABLE NETWORK SECURITY, INC.

  
 C - 1 

 
			
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 For internal Bank use only 
  

							
	LIBOR Pricing Date	 	LIBOR	 	LIBOR Variance	 	Maturity Date
		 		 	        %	 	

  
 C - 2 

 EXHIBIT D 

COMPLIANCE CERTIFICATE 
  

					
	 TO:
	  	 SILICON VALLEY BANK
	  	
Date:                
        

	FROM:	  	 TENABLE NETWORK SECURITY, INC.
	  	

 The undersigned authorized officer of Tenable Network Security, Inc. (“Borrower”) certifies that
under the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”): 
 (1) Borrower is
in complete compliance for the period ending with all required covenants except as noted below; (2) there are no Events of Default; (3) all representations and warranties in the Agreement are true and correct in all material respects on
this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that
those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; (4) Borrower, and each other Credit Party, has timely filed all required tax returns and
reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.9 of the Agreement; and (5) no
Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank. 

Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP
consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance
with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 

Please indicate compliance status by circling Yes/No under “Complies” column. 

 

					
	 Reporting Covenants
	  	 Required
	  	 Complies

	 Quarterly financial statements with
 Compliance
Certificate
	  	Quarterly within 45 days	  	Yes No
			
	Annual financial statement (CPA Audited) + CC	  	FYE within 150 days	  	Yes No
			
	10-Q, 10-K and 8-K	  	Within 5 Business Days after filing with SEC	  	Yes No
			
	Financial Projections	  	FYE within 90 days	  	Yes No
	
	The following Intellectual Property was registered (or a registration application submitted) after the Effective Date (if no registrations, state “None”)

  

							
	 Financial Covenants
	  	 Required
	  	 Actual
	  	 Complies

	Maintain on a Quarterly Basis when the aggregate outstanding amount of all Credit Extensions exceed $5,000,000:	  		  		  	
				
	Minimum Adjusted Quick Ratio	  	1.25:1.00	  	        :1.0	  	Yes No
				
	Minimum EBITDA	  	           *	  	$            	  	Yes No

  

	*See	Section 6.7(b) 

  
 D - 1 

 The following financial covenant analyses and information set forth in Schedule 1 attached hereto are true and
accurate as of the date of this Certificate. 
 Other Matters 
  

			
	Have there been any amendments of or other changes to the capitalization table of Holdings and to the Operating
Documents of Holdings or any of its Subsidiaries? If yes, provide copies of any such amendments or changes
with this
Compliance Certificate.	  	Yes        No

 The following are the exceptions with respect to
the certification above: (If no exceptions exist, state “No exceptions to note.”) 
  

  
  

 
  
  

					
	TENABLE NETWORK SECURITY, INC.	  	BANK USE ONLY

							
				
	By:	 	  
	 	 Received by:
	 	  

				
	 Name:
	 	  
	 		 	AUTHORIZED SIGNER
				
	Title:	 	  
	 	Date:	 	  

				
		 		 	Verified:	 	  

		 		 		 	AUTHORIZED SIGNER
		 		 	Date:	 	  

			
		 		 	Compliance Status:     Yes      No

  
 D - 2 

 Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 

In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 

I. Adjusted Quick Ratio (Section 6.7(a)) 

Required: 1.25:1.00 
 Actual:

  

							
	 A.
	  	 Quick Assets
	  	$		 
			
	 B.
	  	 Current Liabilities
	  	$		 
			
	 C.
	  	 Current portion of all amounts received or invoiced in advance

of performance under contracts and not yet recognized as revenue
	  	$		 
			
	 D.
	  	 Line B minus line C
	  	$		 
			
	 E.
	  	 Adjusted Quick Ratio (line A divided by line D)
	  			

 Is line E equal to or greater than 1.25:1:00? 

 

			
	                                No, not in compliance	  	            Yes, in compliance

  
 D - 3 

  

					
	 II. EBITDA (trailing four quarters) (Section 6.7(b))
	  			
		
	 A. Net Income 
	  	$		 
		
	 B. To the extent included in the determination of Net Income
	  			
		
	 1.  The provision for income taxes
	  	$		 
		
	 2.  Depreciation expense
	  	$		 
		
	 3.  Amortization expense
	  	$		 
		
	 4.  Net Interest Expense
	  	$		 
		
	 5.  Stock compensation expense
	  	$		 
		
	 6.  All non-cash income
	  	$		 
		
	 7.  The sum of lines 1 through 5 minus line 6
	  	$		 
		
	 C. Change in Deferred Revenue from the prior period 
	  	$		 
		
	 D. 1st quarter EBITDA (Line A plus line
B.7 plus line C)
	  	$		 
		
	 E.  Net Income
	  	$		 
		
	 F.  To the extent included in the determination of Net Income
	  			
		
	 1.  The provision for income taxes
	  	$		 
		
	 2.  Depreciation expense
	  	$		 
		
	 3.  Amortization expense
	  	$		 
		
	 4.  Net Interest Expense
	  	$		 
		
	 5.  Stock compensation expense
	  	$		 
		
	 6.  All non-cash income
	  	$		 
		
	 7.  The sum of lines 1 through 5 minus line 6
	  	$		 
		
	 G. Change in Deferred Revenue from the prior period 
	  	$		 
		
	 H. 2nd quarter EBITDA (Line E plus line F.7 plus line G) 
	  	$		 
		
	 I.   Net Income
	  	$		 
		
	 J.   To the extent included in the determination of Net Income
	  			

  
 D - 1 

					
	 1.  The provision for income taxes
	 	 	$	 
		
	 2.  Depreciation expense
	 	 	$	 
		
	 3.  Amortization expense
	 	 	$	 
		
	 4.  Net Interest Expense
	 	 	$	 
		
	 5.  Stock compensation expense
	 	 	$	 
		
	 6.  All non-cash income
	 	 	$	 
		
	 7.  The sum of lines 1 through 5 minus line 6
	 	 	$	 
		
	 K. Change in Deferred Revenue from the prior period
	 	 	$	 
		
	 L.  3rd quarter EBITDA (Line I plus line J.7 plus line K)
	 	 	$	 
		
	 M.   Net Income
	 	 	$	 
		
	 N. To the extent included in the determination of Net Income
	 			
		
	 1.  The provision for income taxes
	 	 	$	 
		
	 2.  Depreciation expense
	 	 	$	 
		
	 3.  Amortization expense
	 	 	$	 
		
	 4.  Net Interest Expense
	 	 	$	 
		
	 5.  Stock compensation expense
	 	 	$	 
		
	 6.  All non-cash income
	 	 	$	 
		
	 7.  The sum of lines 1 through 5 minus line 6
	 	 	$	 
		
	 O. Change in Deferred Revenue from the prior period
	 	 	$	 
		
	 P.  4th quarter EBITDA (Line M
plus line N.7 plus line O)
	 	 	$	 
		
	 Q. Trailing four quarters EBITDA (line D plus line H plus line L plus line P)
	 	 	$	 

 Is line Q equal to or greater than
$                 ? 
  

			
	             No, not in compliance	  	              Yes, in compliance

  
 D - 2EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

RECEIVABLES FINANCING AGREEMENT 

Dated as of June 29, 2018 

by and among 
 SYNEOS HEALTH
RECEIVABLES LLC, 
 as Borrower, 

THE PERSONS FROM TIME TO TIME PARTY HERETO, 

as Lenders, 
 PNC BANK, NATIONAL
ASSOCIATION, 
 as Administrative Agent, 

INC RESEARCH, LLC, 
 as initial
Servicer, 
 and 
 PNC CAPITAL
MARKETS LLC, 
 as Structuring Agent 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	 	 DEFINITIONS
	  	 	1	 
			
	 SECTION 1.01.
	 	 Certain Defined Terms
	  	 	1	 
			
	 SECTION 1.02.
	 	 Other Interpretative Matters
	  	 	31	 
			
	 ARTICLE II
	 	 TERMS OF THE LOANS
	  	 	32	 
			
	 SECTION 2.01.
	 	 Loan Facility
	  	 	32	 
			
	 SECTION 2.02.
	 	 Making Loans; Repayment of Loans
	  	 	32	 
			
	 SECTION 2.03.
	 	 Interest and Fees
	  	 	33	 
			
	 SECTION 2.04.
	 	 Records of Loans
	  	 	34	 
			
	 SECTION 2.05.
	 	 Selection of Interest Rates and Tranche Periods
	  	 	34	 
			
	 SECTION 2.06.
	 	 Defaulting Lenders
	  	 	34	 
			
	 ARTICLE III
	 	 [Reserved]
	  	 	35	 
			
	 ARTICLE IV
	 	 SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS
	  	 	35	 
			
	 SECTION 4.01.
	 	 Settlement Procedures
	  	 	35	 
			
	 SECTION 4.02.
	 	 Payments and Computations, Etc
	  	 	38	 
			
	 ARTICLE V
	 	 INCREASED COSTS; FUNDING LOSSES; TAXES; ILLEGALITY AND SECURITY INTEREST
	  	 	38	 
			
	 SECTION 5.01.
	 	 Increased Costs
	  	 	38	 
			
	 SECTION 5.02.
	 	 Funding Losses
	  	 	39	 
			
	 SECTION 5.03.
	 	 Taxes
	  	 	40	 
			
	 SECTION 5.04.
	 	 Inability to Determine Adjusted LIBOR or LMIR; Change in Legality
	  	 	44	 
			
	 SECTION 5.05.
	 	 Security Interest
	  	 	45	 
			
	 SECTION 5.06.
	 	 Successor Adjusted LIBOR or LMIR
	  	 	45	 
			
	 ARTICLE VI
	 	 CONDITIONS to Effectiveness and CREDIT EXTENSIONS
	  	 	47	 
			
	 SECTION 6.01.
	 	 Conditions Precedent to Effectiveness and the Initial Credit Extension
	  	 	47	 
			
	 SECTION 6.02.
	 	 Conditions Precedent to All Credit Extensions
	  	 	48	 
			
	 SECTION 6.03.
	 	 Conditions Precedent to All Releases
	  	 	49	 
			
	 ARTICLE VII
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	49	 
			
	 SECTION 7.01.
	 	 Representations and Warranties of the Borrower
	  	 	49	 
			
	 SECTION 7.02.
	 	 Representations and Warranties of the Servicer
	  	 	54	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE VIII
	 	 COVENANTS
	  	 	58	 
			
	 SECTION 8.01.
	 	 Covenants of the Borrower
	  	 	58	 
			
	 SECTION 8.02.
	 	 Covenants of the Servicer
	  	 	66	 
			
	 SECTION 8.03.
	 	 Separate Existence of the Borrower
	  	 	73	 
			
	 ARTICLE IX
	 	 ADMINISTRATION AND COLLECTION OF RECEIVABLES
	  	 	77	 
			
	 SECTION 9.01.
	 	 Appointment of the Servicer
	  	 	77	 
			
	 SECTION 9.02.
	 	 Duties of the Servicer
	  	 	78	 
			
	 SECTION 9.03.
	 	 Collection Account Arrangements
	  	 	78	 
			
	 SECTION 9.04.
	 	 Enforcement Rights
	  	 	79	 
			
	 SECTION 9.05.
	 	 Responsibilities of the Borrower
	  	 	80	 
			
	 SECTION 9.06.
	 	 Servicing Fee
	  	 	81	 
			
	 ARTICLE X
	 	 EVENTS OF DEFAULT
	  	 	81	 
	 SECTION 10.01.
	 	 Events of Default
	  	 	81	 
			
	 ARTICLE XI
	 	 THE ADMINISTRATIVE AGENT
	  	 	85	 
			
	 SECTION 11.01.
	 	 Authorization and Action
	  	 	85	 
			
	 SECTION 11.02.
	 	 Administrative Agent’s Reliance, Etc
	  	 	85	 
			
	 SECTION 11.03.
	 	 Administrative Agent and Affiliates
	  	 	86	 
			
	 SECTION 11.04.
	 	 Indemnification of Administrative Agent
	  	 	86	 
			
	 SECTION 11.05.
	 	 Delegation of Duties
	  	 	86	 
			
	 SECTION 11.06.
	 	 Action or Inaction by Administrative Agent
	  	 	86	 
			
	 SECTION 11.07.
	 	 Notice of Events of Default; Action by Administrative Agent
	  	 	87	 
			
	 SECTION 11.08.
	 	 Non-Reliance on Administrative Agent and Other
Parties
	  	 	87	 
			
	 SECTION 11.09.
	 	 Successor Administrative Agent
	  	 	87	 
			
	 SECTION 11.10.
	 	 Structuring Agent
	  	 	88	 
			
	 ARTICLE XII
	 	 [RESERVED]
	  	 	88	 
			
	 ARTICLE XIII
	 	 INDEMNIFICATION
	  	 	88	 
			
	 SECTION 13.01.
	 	 Indemnities by the Borrower
	  	 	88	 
			
	 SECTION 13.02.
	 	 Indemnification by the Servicer
	  	 	91	 

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE XIV
	 	 MISCELLANEOUS
	  	 	93	 
			
	 SECTION 14.01.
	 	 Amendments, Etc
	  	 	93	 
			
	 SECTION 14.02.
	 	 Notices, Etc
	  	 	94	 
			
	 SECTION 14.03.
	 	 Assignability; Addition of Lenders
	  	 	94	 
			
	 SECTION 14.04.
	 	 Costs and Expenses
	  	 	97	 
			
	 SECTION 14.05.
	 	 No Proceedings
	  	 	97	 
			
	 SECTION 14.06.
	 	 Confidentiality
	  	 	97	 
			
	 SECTION 14.07.
	 	 GOVERNING LAW
	  	 	99	 
			
	 SECTION 14.08.
	 	 Execution in Counterparts
	  	 	99	 
			
	 SECTION 14.09.
	 	 Integration; Binding Effect; Survival of Termination
	  	 	99	 
			
	 SECTION 14.10.
	 	 CONSENT TO JURISDICTION
	  	 	99	 
			
	 SECTION 14.11.
	 	 WAIVER OF JURY TRIAL
	  	 	100	 
			
	 SECTION 14.12.
	 	 Ratable Payments
	  	 	100	 
			
	 SECTION 14.13.
	 	 Limitation of Liability
	  	 	100	 
			
	 SECTION 14.14.
	 	 Intent of the Parties
	  	 	101	 
			
	 SECTION 14.15.
	 	 USA Patriot Act
	  	 	101	 
			
	 SECTION 14.16.
	 	 Right of Setoff
	  	 	101	 
			
	 SECTION 14.17.
	 	 Severability
	  	 	101	 
			
	 SECTION 14.18.
	 	 Mutual Negotiations
	  	 	102	 
			
	 SECTION 14.19.
	 	 Captions and Cross References
	  	 	102	 

  
 -iii- 

 TABLE OF CONTENTS 

(continued) 
  

					
	 EXHIBITS

			
	 EXHIBIT A
	 	–	    	 Form of Loan Request

	 EXHIBIT B
	 	–	    	 Form of Reduction Notice

	 EXHIBIT C
	 	–	    	 Form of Assignment and Acceptance Agreement

	 EXHIBIT D
	 	–	    	 [Reserved]

	 EXHIBIT E
	 	–	    	 [Reserved]

	 EXHIBIT F
	 	–	    	 Credit and Collection Policy

	 EXHIBIT G
	 	–	    	 Form of Information Package

	 EXHIBIT H
	 	–	    	 Form of Compliance Certificate

	 EXHIBIT I
	 	–	    	 Closing Memorandum

	 EXHIBIT J
	 	–	    	 Form of Interim Report

	
	 SCHEDULES

			
	 SCHEDULE I
	 	–	    	 Commitments

	 SCHEDULE II
	 	–	    	 Lock-Boxes, Collection Accounts and Collection Account Banks

	 SCHEDULE III
	 	–	    	 Notice Addresses

  
 -iv- 

 This RECEIVABLES FINANCING AGREEMENT (as amended, restated, supplemented or otherwise modified
from time to time, this “Agreement”) is entered into as of June 29, 2018 by and among the following parties: 

(i)    SYNEOS HEALTH RECEIVABLES LLC, a Delaware limited liability company, as Borrower (together with its
successors and assigns, the “Borrower”); 
 (ii)    the Persons from time to time party
hereto as Lenders; 
 (iii)    PNC BANK, NATIONAL ASSOCIATION (“PNC”), as Administrative
Agent; 
 (iv)    INC RESEARCH, LLC, a Delaware limited liability company, in its individual capacity
(“INC Research”) and as initial Servicer (in such capacity, together with its successors and assigns in such capacity, the “Servicer”); and 

(v)    PNC CAPITAL MARKETS LLC, a Pennsylvania limited liability company, as Structuring Agent. 

PRELIMINARY STATEMENTS 
 The
Borrower has acquired, and will acquire from time to time, Receivables from the Originator(s) pursuant to the Purchase and Sale Agreement. The Borrower has requested that the Lenders make Loans from time to time to the Borrower, on the terms, and
subject to the conditions set forth herein, secured by, among other things, the Receivables. 
 In consideration of the mutual agreements,
provisions and covenants contained herein, the sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

 SECTION 1.01. Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings (such
meanings to be equally applicable to both the singular and plural forms of the terms defined): 
 “Account Control
Agreement” means each agreement, in form and substance satisfactory to the Administrative Agent, among the Borrower, the Servicer (if applicable), the Administrative Agent and a Collection Account Bank, governing the terms of the related
Collection Accounts that (i) provides the Administrative Agent with control within the meaning of the UCC over the deposit accounts subject to such agreement and (ii) by its terms, may not be terminated or canceled by the related
Collection Account Bank without the written consent of the Administrative Agent or upon no less than thirty (30) days prior written notice to the Administrative Agent, as the same may be amended, restated, supplemented or otherwise modified
from time to time. 

 “Adjusted LIBOR” means with respect to any Tranche Period, the interest rate per
annum determined by the Administrative Agent by dividing (the resulting quotient rounded upwards, if necessary, to the nearest 1/100th of 1% per annum) (i) the rate of interest determined by the Administrative Agent in accordance with its usual
procedures (which determination shall be conclusive absent manifest error) to be the rate per annum for deposits in Dollars as reported by Bloomberg Finance L.P. and shown on US0001M Screen as the composite offered rate for London interbank deposits
for such Tranche Period (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the
Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at or about 11:00 a.m. (London time) on the Business Day which is two (2) Business Days
prior to the first day of such Tranche Period for an amount comparable to the Portion of Capital to be funded at Adjusted LIBOR during such Tranche Period, by (ii) a number equal to 1.00 minus the Euro-Rate Reserve Percentage; provided,
however, that with respect to the initial Tranche Period for a Loan that is not advanced on a Monthly Settlement Date, Adjusted LIBOR shall be the interest rate per annum equal to LMIR for each day during such initial Tranche Period from the
date that such Loan is made pursuant to Section 2.01 until the next occurring Monthly Settlement Date. The calculation of Adjusted LIBOR may also be expressed by the following formula: 

 

					
		  		  	 Composite of London interbank offered rates shown on

Bloomberg Finance L.P. Screen US0001M or appropriate successor

	Adjusted LIBOR	  	=	  	                                     
                                         
          
			
		  		  	1.00 - Euro-Rate Reserve Percentage

 Adjusted LIBOR shall be adjusted on the effective date of any change in the Euro-Rate Reserve Percentage as of
such effective date. The Administrative Agent shall give prompt notice to the Borrower of Adjusted LIBOR as determined or adjusted in accordance herewith (which determination shall be conclusive absent manifest error). Notwithstanding the foregoing,
if Adjusted LIBOR as determined herein would be less than zero (0.00), such rate shall be deemed to be zero percent (0.00%) for purposes of this Agreement. 

“Administrative Agent” means PNC, in its capacity as contractual representative for the Credit Parties, and any successor
thereto in such capacity appointed pursuant to Article XI or Section 14.03(f). 
 “Advent”
means Advent International Corporation and its Affiliates. 
 “Adverse Claim” means any ownership interest or claim,
mortgage, deed of trust, pledge, lien, security interest, hypothecation, charge or other encumbrance or security arrangement of any nature whatsoever, whether voluntarily or involuntarily given, including, but not limited to, any conditional sale or
title retention arrangement, and any assignment, deposit arrangement or lease intended as, or having the effect of, security and any filed financing statement or other notice of any of the foregoing (whether or not a lien or other encumbrance is
created or exists at the time of the filing); it being understood that any of the foregoing in favor of, or assigned to, the Administrative Agent (for the benefit of the Secured Parties) shall not constitute an Adverse Claim. 

  
 2 

 “Advisors” has the meaning set forth in
Section 14.06(c). 
 “Affected Person” means each Credit Party and each of their respective
Affiliates. 
 “Affiliate” means, as to any Person: (a) any other Person that, directly or indirectly, is in control
of, is controlled by or is under common control with such Person or (b) who is a director or officer: (i) of such Person or (ii) of any Person described in clause (a). For purposes of this definition, control of a Person shall
mean the power, direct or indirect: (x) to vote 35% or more of the securities having ordinary voting power for the election of directors or managers of such Person or (y) to direct or cause the direction of the management and policies of
such Person, in either case whether by ownership of securities, contract, proxy or otherwise. 
 “Aggregate Capital” means,
at any time of determination, the aggregate outstanding Capital of all Lenders at such time. 
 “Aggregate Interest” means,
at any time of determination, the aggregate accrued and unpaid Interest on the Loans of all Lenders at such time. 

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

“Anti-Terrorism Laws” means any Applicable Law relating to terrorism financing, trade sanctions programs and embargoes,
import/export licensing, money laundering or bribery, and any regulation, order, or directive promulgated, issued or enforced pursuant to such Applicable Laws, all as amended, supplemented or replaced from time to time. 

“Applicable Law” means, with respect to any Person, (x) all provisions of law, statute, treaty, constitution, ordinance,
rule, regulation, ordinance, requirement, restriction, permit, executive order, certificate, decision, directive or order of any Governmental Authority applicable to such Person or any of its property and (y) all judgments, injunctions, orders,
writs, decrees and awards of all courts and arbitrators in proceedings or actions in which such Person is a party or by which any of its property is bound. For the avoidance of doubt, FATCA shall constitute an “Applicable Law” for all
purposes of this Agreement. 
 “Assignment and Acceptance Agreement” means an assignment and acceptance agreement entered
into by a Lender, an Eligible Assignee and the Administrative Agent, and, if required, the Borrower, pursuant to which such Eligible Assignee may become a party to this Agreement, in substantially the form of Exhibit C hereto. 

“Attorney Costs” means and includes all reasonable fees, costs, expenses and disbursements of any law firm or other external
counsel and all disbursements of internal counsel. 
 “Bankruptcy Code” means the United States Bankruptcy Reform Act of
1978 (11 U.S.C. § 101, et seq.), as amended from time to time. 

  
 3 

 “Base Rate” means, for any day and any Lender, a fluctuating interest rate per
annum as shall be in effect from time to time, which rate shall be at all times equal to the higher of: 

(a)    the rate of interest in effect for such day as publicly announced from time to time by such Lender
or its Affiliate as its “reference rate” or “prime rate”, as applicable. Such “reference rate” or “prime rate” is set by the applicable Lender or its Affiliate based upon various factors, including such
Person’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above or below such announced rate, and is not necessarily the lowest rate
charged to any customer; and 
 (b)    0.50% per annum above the latest Federal Funds Rate. 

“Borrower” has the meaning specified in the preamble to this Agreement. 

“Borrower Indemnified Amounts” has the meaning set forth in Section 13.01(a). 

“Borrower Indemnified Party” has the meaning set forth in Section 13.01(a). 

“Borrower Material Adverse Effect” means a material adverse effect on any of the following: 

(a)    the assets, operations, business or financial condition of the Borrower; 

(b)    the ability of the Borrower to perform its obligations under this Agreement or any other Transaction Document to
which it is a party; 
 (c)    the validity or enforceability of this Agreement or any other Transaction Document to
which the Borrower is a party, or the validity, enforceability, value or collectability of any material portion of the Pool Receivables; 

(d)    the status, perfection, enforceability or priority of the Administrative Agent’s security interest in the
Collateral; or 
 (e)    the rights and remedies of any Credit Party under the Transaction Documents or associated with
its respective interest in the Collateral. 
 “Borrower Obligations” means all present and future indebtedness,
reimbursement obligations, and other liabilities and obligations (howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, or due or to become due) of the Borrower to any Credit Party, Borrower Indemnified Party
and/or any Affected Person, arising under or in connection with this Agreement or any other Transaction Document or the transactions contemplated hereby or thereby, and shall include, without limitation, all Capital and Interest on the Loans, all
Fees and all other amounts due or to become due under the Transaction Documents (whether in respect of fees, costs, expenses, indemnifications or otherwise), including, without limitation, interest, fees and other obligations that accrue after the
commencement of any Insolvency Proceeding with respect to the Borrower (in each case whether or not allowed as a claim in such proceeding). 

  
 4 

 “Borrower’s Net Worth” means, at any time of determination, an amount equal
to (i) the aggregate Outstanding Balance of all Pool Receivables at such time, minus (ii) the sum of (A) the Aggregate Capital at such time, plus (B) the Aggregate Interest at such time, plus (C) the
aggregate accrued and unpaid Fees at such time, plus (D) the aggregate outstanding principal balance owing under each Intercompany Loan Agreement at such time, plus (E) the aggregate accrued and unpaid interest owing under
each Intercompany Loan Agreement at such time, plus (F) without duplication, the aggregate accrued and unpaid other Borrower Obligations at such time. 

“Borrowing Base” means, at any time of determination, the amount equal to the lesser of (a) the Facility Limit and
(b) the amount equal to (i) the Net Receivables Pool Balance at such time, minus (ii) the Total Reserves at such time. 

“Borrowing Base Deficit” means, at any time of determination, the amount, if any, by which (a) the Aggregate Capital at
such time, exceeds (b) the sum of (i) the Borrowing Base at such time plus (ii) the aggregate amount of Collections (if any) then being held by, and under the exclusive control of, the Administrative Agent, solely to the extent
such Collections (x) have been applied to reduce the Outstanding Balance of the related Receivables for purposes of calculating the Borrowing Base in clause (i) above and (y) have not been applied in reduction of the Aggregate Capital
or otherwise in accordance with the priorities for payment specified in Section 4.01(a). 
 “Breakage
Fee” means (i) for any Interest Period for which Interest is computed by reference to Adjusted LIBOR and a reduction of Capital is made for any reason on any day other than the last day of the related Tranche Period or (ii) to the
extent that the Borrower shall for any reason, fail to borrow on the date specified by the Borrower in connection with any request for funding pursuant to Article II of this Agreement, the amount, if any, by which (A) the additional
Interest (calculated without taking into account any Breakage Fee or any shortened duration of such Interest Period pursuant to the definition thereof) which would have accrued during such Interest Period on the reductions of Capital relating to
such Interest Period had such reductions not been made (or, in the case of clause (ii) above, the amounts so failed to be borrowed or accepted in connection with any such request for funding by the Borrower), exceeds (B) the income,
if any, received by the applicable Lender from the investment of the proceeds of such reductions of Capital (or such amounts failed to be borrowed by the Borrower). A certificate as to the amount of any Breakage Fee (including the computation of
such amount) shall be submitted by the affected Lender to the Borrower and shall be conclusive and binding for all purposes, absent manifest error. 

“Business Day” means any day (other than a Saturday or Sunday) on which: (a) banks are not authorized or required to
close in Pittsburgh, Pennsylvania, or New York City, New York and (b) if this definition of “Business Day” is utilized in connection with Adjusted LIBOR or LMIR, dealings are carried out in the London interbank market. 

“Capital” means, with respect to any Lender, the aggregate amounts paid to, or on behalf of, the Borrower in connection with
all Loans made by such Lender pursuant to Article II, as reduced from time to time by Collections distributed and applied on account of such Capital pursuant to Section 4.01; provided, that if such Capital
shall have been reduced by any 

  
 5 

 
distribution and thereafter all or a portion of such distribution is rescinded or must otherwise be returned for any reason, such Capital shall be increased by the amount of such rescinded or
returned distribution as though it had not been made. 
 “Capital Stock” means, with respect to any Person, any and all
common shares, preferred shares, interests, participations, rights in or other equivalents (however designated) of such Person’s capital stock, partnership interests, limited liability company interests, membership interests or other equivalent
interests and any rights (other than debt securities convertible into or exchangeable for capital stock), warrants or options exchangeable for or convertible into such capital stock or other equity interests. 

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

(a)    INC Research ceases to own, directly, 100% of the issued and outstanding Capital Stock of the
Borrower free and clear of all Adverse Claims; 
 (b)    Parent ceases to own, directly or indirectly,
100% of the issued and outstanding Capital Stock of any Originator or the Servicer; 
 (c)    any Adverse
Claim should exist with respect to any Intercompany Loan Agreement or any Intercompany Loan; 

(d)    the acquisition by any Person or group (within the meaning of Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act), including any group acting for the purpose of acquiring, holding or disposing of Securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act, but
excluding any employee benefit plan and/or Person acting as the trustee, agent or other fiduciary or administrator therefor), other than one or more Permitted Holders, of Capital Stock representing more than the greater of (x) 35% of the total
voting power of all of the outstanding voting Capital Stock of Parent and (y) the percentage of the total voting power of all of the outstanding voting Capital Stock of Parent owned, directly or indirectly, beneficially by the Permitted
Holders; or 
 (e)    the occurrence of a “change of control” (or similar event, however
defined) under the Credit Agreement (or any refinancing thereof). 
 “Change in Law” means the occurrence, after the
Closing 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, (w) the final rule titled Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Regulatory Capital; Impact of Modifications to Generally Accepted Accounting Principles; Consolidation of Asset-Backed
Commercial Paper Programs; and Other Related Issues, adopted by the United States bank regulatory agencies on December 15, 2009, (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 

  
 6 

 
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
the agreements reached by the Basel Committee on Banking Supervision in “Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems” (as amended, supplemented or otherwise modified or replaced from time to time),
shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 
 “Closing
Date” means June 29, 2018. 
 “Code” means the Internal Revenue Code of 1986, as amended, reformed or
otherwise modified from time to time. 
 “Collateral” has the meaning set forth in
Section 5.05(a). 
 “Collection Account” means each account listed on
Schedule II to this Agreement (as such schedule may be modified from time to time in connection with the closing or opening of any Collection Account in accordance with the terms hereof) (in each case, in the name of the
Borrower) and maintained at a bank or other financial institution acting as a Collection Account Bank pursuant to an Account Control Agreement for the purpose of receiving Collections. 

“Collection Account Bank” means any of the banks or other financial institutions holding one or more Collection Accounts.

 “Collections” means, with respect to any Pool Receivable: (a) all funds that are received by any Originator, the
Borrower, the Servicer or any other Person on their behalf in payment of any amounts owed in respect of such Pool Receivable (including purchase price, service charges, finance charges, interest, fees and all other charges), or applied to amounts
owed in respect of such Pool Receivable (including insurance payments, proceeds of drawings under supporting letters of credit and net proceeds of the sale or other disposition of repossessed goods or other collateral or property of the related
Obligor or any other Person directly or indirectly liable for the payment of such Pool Receivable and available to be applied thereon), (b) all Deemed Collections, (c) all proceeds of all Related Security with respect to such Pool Receivable
and (d) all other proceeds of such Pool Receivable. 
 “Commencement Date” means the date, if any, identified as the
“Commencement Date” in a writing delivered by the Borrower to the Administrative Agent; provided, however, that the “Commencement Date” shall be deemed to be the date of the initial Credit Extension if not
previously identified as a date on or prior to the date of the initial Credit Extension. 
 “Commitment” means, with
respect to any Lender, the maximum aggregate amount of Capital which such Person is obligated to lend or pay hereunder on account of all Loans, on a combined basis, as set forth on Schedule I or in such other agreement pursuant to which it
became a Lender, as such amount may be modified in connection with any subsequent assignment pursuant to Section 14.03 or in connection with a reduction in the Facility Limit pursuant to
Section 2.02(e). If the context so requires, “Commitment” also refers to a Lender’s obligation to make Loans hereunder in accordance with this Agreement. 

  
 7 

 “Concentration Percentage” means (i) for any Group A Obligor, 25.0%, (ii)
for any Group B Obligor, 15.0%, (iii) for any Group C Obligor, 10.0% and (iv) for any Group D Obligor, 5.0%. 
 “Concentration
Reserve Percentage” means, at any time of determination, the largest of: (a) the sum of the four (4) largest Obligor Percentages of the Group D Obligors, (b) the sum of the two (2) largest Obligor Percentages of the
Group C Obligors and (c) the largest Obligor Percentage of the Group B Obligors. 
 “Contract” means, with respect to
any Receivable, any and all contracts, instruments, agreements, leases, invoices, notes or other writings pursuant to which such Receivable arises or that evidence such Receivable or under which an Obligor becomes or is obligated to make payment in
respect of such Receivable. 
 “Covered Entity” means (a) each of Borrower, the Servicer, each Originator, the Parent
and each of the Parent’s Subsidiaries and (b) each Person that, directly or indirectly, is in control of a Person described in clause (a) above. For purposes of this definition, control of a Person shall mean the direct or indirect
(x) ownership of, or power to vote, 35% or more of the issued and outstanding equity interests having ordinary voting power for the election of directors of such Person or other Persons performing similar functions for such Person, or
(y) power to direct or cause the direction of the management and policies of such Person whether by ownership of equity interests, contract or otherwise. 

“Credit Agreement” means that certain Credit Agreement, dated as of August 1, 2017, as amended, by and among Syneos
Health, Inc. f/k/a INC Research Holdings, Inc., as the administrative borrower, the other borrowers party thereto, the financial institutions party thereto as lenders, Credit Suisse AG, Cayman Islands Branch, as administrative agent, the other
financial institutions party thereto, as joint lead arrangers and joint bookrunners. 
 “Credit and Collection Policy”
means, as the context may require, those receivables credit and collection policies and practices of the Originators in effect on the Closing Date and described in Exhibit F, as modified in compliance with this Agreement. 

“Credit Extension” means the making of any Loan. 

“Credit Party” means each Lender and the Administrative Agent. 

“Days’ Sales Outstanding” means, for any Fiscal Month, an amount computed as of the last day of such Fiscal Month equal
to: (a) the average of the Outstanding Balance of all Pool Receivables (other than Unbilled Receivables) as of the last day of each of the three most recent Fiscal Months ended on the last day of such Fiscal Month, divided by
(b) (i) the aggregate initial Outstanding Balance of all Pool Receivables (other than Unbilled Receivables) generated by the Originators during the three most recent Fiscal Months ended on the last day of such Fiscal Month, divided
by (ii) 90. 
 “Debt” means, as to any Person at any time of determination, any and all indebtedness, obligations or
liabilities (whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person for or in respect of: (i) 

  
 8 

 
borrowed money, (ii) amounts raised under or liabilities in respect of any bonds, debentures, notes, note purchase, acceptance or credit facility, or other similar instruments or facilities,
(iii) reimbursement obligations (contingent or otherwise) under any letter of credit, (iv) any other transaction (including production payments (excluding royalties), installment purchase agreements, forward sale or purchase agreements,
capitalized leases and conditional sales agreements) having the commercial effect of a borrowing of money entered into by such Person to finance its operations or capital requirements (but not including accounts payable incurred in the ordinary
course of such Person’s business payable on terms customary in the trade), (v) all net obligations of such Person in respect of interest rate or currency hedges or (vi) any Guaranty of any such Debt. 

“Deemed Collections” has the meaning set forth in Section 4.01(d). 

“Default Ratio” means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1%
rounded upward) computed as of the last day of each Fiscal Month by dividing: (a) the aggregate Outstanding Balance of all Pool Receivables that became Defaulted Receivables during such Fiscal Month, by (b) the aggregate
initial Outstanding Balance of all Pool Receivables (other than Unbilled Receivables) generated by the Originators during the month that is six (6) Fiscal Months before such Fiscal Month. 

“Defaulted Receivable” means a Receivable, without duplication: 

(a)    as to which any payment, or part thereof, remains unpaid for 151 days or more after the original due
date for such Receivable; 
 (b)    as to which an Insolvency Proceeding shall have occurred with respect
to the Obligor thereof or any other Person obligated thereon or owning any Related Security with respect thereto; 

(c)    that has been written off the applicable Originator’s or the Borrower’s books as
uncollectible; or 
 (d)    that, consistent with the Credit and Collection Policy, should be written off
the applicable Originator’s or the Borrower’s books as uncollectible; 
 provided, however, that in each case above
such amount shall be calculated without giving effect to any netting of credits that have not been matched to a particular Receivable for the purposes of aged trial balance reporting. 

“Defaulting Lender” means any Lender that (a) has failed, within two (2) Business Days of the date required to be
funded or paid, to (i) fund any portion of its Loans or (ii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative
Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has
notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement
indicates that such position is based on such 

  
 9 

 
Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a Loan under this Agreement cannot be
satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three (3) Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an
authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to
this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of an Insolvency Proceeding. 

“Delinquency Ratio” means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1%
rounded upward) computed as of the last day of each Fiscal Month by dividing: (a) the aggregate Outstanding Balance of all Pool Receivables that were Delinquent Receivables on such day, by (b) the aggregate Outstanding
Balance of all Pool Receivables on such day. 
 “Delinquent Receivable” means a Receivable as to which any payment, or part
thereof, remains unpaid for 91 days or more from the original due date for such payment; provided, however, that such amount shall be calculated without giving effect to any netting of credits that have not been matched to a particular
Receivable for the purposes of aged trial balance reporting. 
 “Dilution Horizon Ratio” means, for any Fiscal Month, the
ratio (expressed as a percentage and rounded to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward) computed as of the last day of such Fiscal Month by dividing: (a) the sum of (i) the aggregate initial Outstanding
Balance of all Pool Receivables (other than Unbilled Receivables) generated by the Originators during such Fiscal Month, plus (ii) the aggregate initial Outstanding Balance of all Pool Receivables (other than Unbilled Receivables)
generated by the Originators during the preceding Fiscal Month, by (b) the Net Receivables Pool Balance as of the last day of such Fiscal Month. Within thirty (30) days of the completion and the receipt by the Administrative Agent
of the results of any annual audit or field exam of the Receivables and the servicing and origination practices of the Servicer and the Originators, the numerator of the Dilution Horizon Ratio may be adjusted, after consultation with the Borrower,
by the Administrative Agent upon not less than five (5) Business Days notice to the Borrower to reflect such number of Fiscal Months as the Administrative Agent reasonably believes best reflects the business practices of the Servicer and the
Originators and the actual amount of dilution and Deemed Collections that occur with respect to Pool Receivables based on the weighted average dilution lag calculation completed as part of such audit or field exam. 

“Dilution Ratio” means, for any Fiscal Month, the ratio (expressed as a percentage and rounded to the nearest 1/100th of 1%,
with 5/1000th of 1% rounded upward), computed as of the last day of each Fiscal Month by dividing: (i) the aggregate amount of Deemed Collections during such Fiscal Month (other than any Deemed Collections with respect to any Receivables
that were both (x) generated by an Originator during such Fiscal Month and (y) written off the applicable Originator’s or the Borrower’s books as uncollectible during such Fiscal Month), by (ii) the aggregate initial
Outstanding Balance of all Pool Receivables (other than Unbilled Receivables) generated by the Originators during the Fiscal Month that is one (1) month prior to such Fiscal Month. 

  
 10 

 “Dilution Reserve Percentage” means, at any time of determination, the product
(expressed as a percentage and rounded to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward) of (a) the Dilution Horizon Ratio, multiplied by (b) the sum of (i) the Stress Factor times the average of the
Dilution Ratios for the twelve (12) most recent Fiscal Months, plus (ii) the Dilution Volatility Component. 

“Dilution Volatility Component” means, for any Fiscal Month, the product (expressed as a percentage and rounded to the
nearest 1/100th of 1%, with 5/1000th of 1% rounded upward) of: 
 (a)    the positive difference, if any,
between: (i) the highest Dilution Ratio for any Fiscal Month during the twelve (12) most recent Fiscal Months and (ii) the arithmetic average of the Dilution Ratios for such twelve (12) Fiscal Months; multiplied by

 (b)    the quotient of (i) the highest Dilution Ratio for any Fiscal Month during the twelve
(12) most recent Fiscal Months, divided by (ii) the arithmetic average of the Dilution Ratios for such twelve (12) Fiscal Months. 

“Dollars” and “$” each mean the lawful currency of the United States of America. 

“Eligible Assignee” means (i) any Lender or any of its Affiliates, (ii) any Person managed by a Lender or any of
its Affiliates and (iii) any other financial or other institution. 
 “Eligible Foreign Obligor” means an Obligor with
respect to any Receivable that is organized in or that has a head office (domicile), registered office, and chief executive office located in an OECD Country (other than the United States). 

“Eligible Receivable” means, at any time of determination, a Pool Receivable: 

(a)    the Obligor of which is: (i) either a U.S. Obligor or an Eligible Foreign Obligor;
(ii) not a Governmental Authority; (iii) not a Sanctioned Person; (iv) not subject to any Insolvency Proceeding; (v) not an Affiliate of the Borrower, the Servicer, the Parent, the Performance Guarantor or any Originator;
(vi) not the Obligor with respect to Delinquent Receivables with an aggregate Outstanding Balance exceeding 50% of the aggregate Outstanding Balance of all such Obligor’s Pool Receivables; (vii) not a natural person and
(viii) not a material supplier to any Originator or an Affiliate of a material supplier; 

(b)    for which an Insolvency Proceeding shall not have occurred with respect to the Obligor thereof or
any other Person obligated thereon or owning any Related Security with respect thereto; 
 (c)    that is
denominated and payable only in Dollars in the United States of America, and the Obligor with respect to which has been instructed to remit Collections in respect thereof directly to a Lock-Box or Collection
Account in the United States of America; 

  
 11 

 (d)    that does not have a due date which is 120 days or
more after the original invoice date of such Receivable; 
 (e)    that (i) arises under a Contract
for the sale of goods or services in the ordinary course of the applicable Originator’s business and (ii) does not constitute a loan or other similar financial accommodation being provided by the applicable Originator; 

(f)    that arises under a duly authorized Contract that (i) is in full force and effect, (ii) is
a legal, valid and binding obligation of the related Obligor, enforceable against such Obligor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws
affecting the enforcement of creditors’ rights generally and by general principles of equity regardless of whether enforceability is considered in a proceeding in equity or at law and (iii) the payments thereunder are free and clear of, or
increased to account for, any applicable withholding Taxes; 
 (g)    that has been transferred by an
Originator to the Borrower pursuant to the Purchase and Sale Agreement with respect to which transfer all conditions precedent under the Purchase and Sale Agreement have been met; 

(h)    that, together with the Contract related thereto, conforms in all material respects with all
Applicable Laws (including any applicable laws relating to usury, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy); 

(i)    with respect to which all consents, licenses, approvals or authorizations of, or registrations or
declarations with or notices to, any Governmental Authority or other Person required to be obtained, effected or given by an Originator in connection with the creation of such Receivable, the execution, delivery and performance by such Originator of
the related Contract or the assignment thereof under the Purchase and Sale Agreement have been duly obtained, effected or given and are in full force and effect; 

(j)    that is not subject to any existing dispute, right of rescission,
set-off, counterclaim, any other defense against the applicable Originator (or any assignee of such Originator) or Adverse Claim (other than a Permitted Adverse Claim), and the Obligor of which holds no right
as against the applicable Originator to cause such Originator to repurchase the goods or merchandise, the sale of which shall have given rise to such Receivable; provided that only the portion of such Pool Receivable subject to such dispute,
right of rescission, set-off, counterclaim, defense or Adverse Claim (other than a Permitted Adverse Claim) shall be ineligible; 

(k)    that satisfies all applicable requirements of the Credit and Collection Policy in all material
respects; 

  
 12 

 (l)    that, together with the Contract related thereto, has
not been modified, waived or restructured since its creation, except as permitted pursuant to Section 9.02 of this Agreement; 

(m)    in which the Borrower owns good and marketable title, free and clear of any Adverse Claims (other
than Permitted Adverse Claims), and that is freely assignable (including without any consent of the related Obligor or any Governmental Authority), and the payments thereon are free and clear of any, or increased to account for any applicable,
withholding Taxes; 
 (n)    for which the Administrative Agent (on behalf of the Secured Parties) shall
have a valid and enforceable first priority perfected security interest therein and in the Related Security and Collections with respect thereto, in each case free and clear of any Adverse Claim (other than a Permitted Adverse Claim); 

(o)    that (x) constitutes an “account” or “general intangible” (as defined in
the UCC), (y) is not evidenced by instruments or chattel paper and (z) does not constitute, or arise from the sale of, as-extracted collateral (as defined in the UCC); 

(p)    that is neither a Defaulted Receivable nor a Delinquent Receivable; 

(q)    for which no Originator, the Borrower, the Parent, the Performance Guarantor or the Servicer has
established any offset or netting arrangements (including customer deposits and advance payments (including payments relating to unearned revenues)) with the related Obligor in connection with the ordinary course of payment of such Receivable;
provided that only the portion of such Pool Receivable in an amount equal to such customer deposits or advance payments shall be ineligible; 

(r)    that represents amounts earned and payable by the Obligor that are not subject to the performance of
additional services by the Originator thereof or by the Borrower and the related goods or merchandise shall have been shipped and/or services performed, other than, in the case of an Eligible Unbilled Receivable, the billing or invoicing of such
Receivable; provided, that if such Receivable is subject to the performance of additional services, only the portion of such Receivable attributable to such additional services shall be ineligible; 

(s)    which (i) does not arise from a sale of accounts made as part of a sale of a business or
constitute an assignment for the purpose of collection only, (ii) is not a transfer of a single account made in whole or partial satisfaction of a preexisting indebtedness or an assignment of a right to payment under a contract to an assignee
that is also obligated to perform under the contract and (iii) is not a transfer of an interest in or an assignment of a claim under a policy of insurance; 

(t)    which does not relate to the sale of any consigned goods or finished goods which have incorporated
any consigned goods into such finished goods; 
 (u)    for which the related Originator has recognized
the related revenue on its financial books and records in accordance with GAAP; 

  
 13 

 (v)    for which the related invoice does not include any
Excluded Receivable; 
 (w)    for which neither the related Originator nor any Affiliate thereof is
holding any deposits received by or on behalf of the related Obligor; provided that only the portion of such Pool Receivable in an amount equal to such deposits shall be ineligible; and 

(x)    that, if such Receivable is an Unbilled Receivable, is an Eligible Unbilled Receivable. 

“Eligible Unbilled Receivable” means, at any time, any Unbilled Receivable that satisfies each of the following: (a) the
related Originator has recognized the related revenue on its financial books and records under GAAP and (b) if the Outstanding Balance of such Unbilled Receivable were included in the definition of Modified Days’ Sales Outstanding,
Modified Days’ Sales Outstanding would not exceed the Maximum Term; provided, however, for purposes of exclusion of any Unbilled Receivable pursuant to this clause (b), Unbilled Receivables shall be excluded in order based
on the Outstanding Balance (with the smallest amount excluded first). For purposes of this definition of “Eligible Unbilled Receivable”, “Maximum Term” means 105 days. 

“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 corporation, trade or business which
together with the Person is a member of a controlled group of corporations or a controlled group of trades or businesses and would be deemed a “single employer” within the meaning of Sections 414(b), (c), (m) of the Code or
Section 4001(b) of ERISA. 
 “Euro-Rate Reserve Percentage” means, the maximum effective percentage in effect on such
day as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including without limitation, supplemental, marginal, and emergency reserve requirements) with respect to
eurocurrency funding (currently referred to as “Eurocurrency Liabilities”). 
 “Event of Default” has the meaning
specified in Section 10.01. For the avoidance of doubt, any Event of Default that occurs shall be deemed to be continuing at all times thereafter unless and until waived in accordance with
Section 14.01. 
 “Excess Concentration” means the sum of the following amounts, without
duplication: 
 (a)    the sum of the amounts calculated for each of the Obligors equal to the excess (if
any) of (i) the aggregate Outstanding Balance of the Eligible Receivables of such Obligor, over (ii) the product of (x) such Obligor’s Concentration Percentage, multiplied by (y) the aggregate
Outstanding Balance of all Eligible Receivables then in the Receivables Pool; plus 
 (b)    the
excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables that are Eligible Unbilled Receivables, over (ii) the product of (x) (A) so 

  
 14 

 
long as a Ratings Event has not occurred and is continuing, 50.0% or (B) if a Ratings Event has occurred and is continuing, 25.0%, multiplied by (y) the aggregate Outstanding
Balance of all Receivables then in the Receivables Pool; plus 
 (c)    the excess (if any) of
(i) the aggregate Outstanding Balance of all Eligible Receivables, the Obligors of which are Eligible Foreign Obligors, over (ii) the product of (x) 10.0%, multiplied by (y) the aggregate Outstanding Balance
of all Receivables then in the Receivables Pool; plus 
 (d)    the excess (if any) of
(i) the aggregate Outstanding Balance of all Eligible Receivables that have a due date which is more than 90 days but less than 121 days after the original invoice date of such Receivable, over (ii) the product of
(x) 10.0%, multiplied by (y) the aggregate Outstanding Balance of all Receivables then in the Receivables Pool. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended or otherwise modified from time to time. 

“Excluded Receivable” means any Receivable (without giving effect to the proviso to the definition thereto) the Obligor of
which is Pfizer Inc. or any Subsidiary thereof. 
 “Excluded Taxes” means any of the following Taxes imposed on or with
respect to an Affected Person or required to be withheld or deducted from a payment to an Affected Person: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case,
(i) imposed as a result of such Affected Person being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in the Loans
or Commitment pursuant to a law in effect on the date on which (i) such Lender makes a Loan or its Commitment or (ii) such Lender changes its lending office, except in each case to the extent that amounts with respect to such Taxes were
payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office and (c) any U.S. federal withholding Taxes imposed pursuant to FATCA. 

“Facility Limit” means $250,000,000 as reduced from time to time pursuant to Section 2.02(e).
References to the unused portion of the Facility Limit shall mean, at any time of determination, an amount equal to (x) the Facility Limit at such time, minus (y) the Aggregate Capital at such time. 

“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, any applicable
intergovernmental agreement entered into between the United States and any other Governmental Authority in connection with the implementation of the foregoing and any fiscal or regulatory legislation, rules or official practices adopted pursuant to
any such intergovernmental agreement. 

  
 15 

 “Federal Funds Rate” means, for any day, the per annum rate set forth in the
weekly statistical release designated as H.15(519), or any successor publication, published by the Federal Reserve Board (including any such successor, “H.15(519)”) for such day opposite the caption “Federal Funds (Effective).”
If on any relevant day such rate is not yet published in H. 15(519), the rate for such day will be the rate set forth in the daily statistical release designated as the Composite 3:30 p.m. Quotations for U.S. Government Securities, or any successor
publication, published by the Federal Reserve Bank of New York (including any such successor, the “Composite 3:30 p.m. Quotations”) for such day under the caption “Federal Funds Effective Rate.” If on any relevant day the
appropriate rate is not yet published in either H.15(519) or the Composite 3:30 p.m. Quotations, the rate for such day will be the arithmetic mean as determined by the Administrative Agent of the rates for the last transaction in overnight Federal
funds arranged before 9:00 a.m. (New York City time) on that day by each of three leading brokers of Federal funds transactions in New York City selected by the Administrative Agent. 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System, or any entity succeeding to any of its
principal functions. 
 “Fee Letter” has the meaning specified in Section 2.03(a). 

“Fees” has the meaning specified in Section 2.03(a). 

“Final Maturity Date” means the date that (i) is one hundred eighty (180) days following the Termination Date or
(ii) such earlier date on which the Aggregate Capital becomes due and payable pursuant to Section 10.01. 

“Final Payout Date” means the date on or after the Termination Date when (i) the Aggregate Capital and Aggregate
Interest have been paid in full, (ii) all Borrower Obligations shall have been paid in full, (iii) all other amounts owing to the Credit Parties and any other Borrower Indemnified Party or Affected Person hereunder and under the other
Transaction Documents have been paid in full and (iv) all accrued Servicing Fees have been paid in full. 
 “Financial
Officer” of any Person means, the chief executive officer, the chief financial officer, the senior vice president of finance, the chief accounting officer, the principal accounting officer, the controller, the treasurer or the assistant
treasurer of such Person. 
 “Fiscal Month” means each calendar month. 

“GAAP” means generally accepted accounting principles in the United States of America, consistently applied. 

“Governmental Authority” means the government of the United States of America 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). 

  
 16 

 “Group A Obligor” means any Obligor (or its parent or majority owner, as
applicable, if such Obligor is not rated) with a short-term rating of at least: (a) “A-1” by S&P, or if such Obligor does not have a short-term rating from S&P, a rating of “A+” or
better by S&P on such Obligor’s, its parent’s, or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities, or (b) “P-1” by
Moody’s, or if such Obligor does not have a short-term rating from Moody’s, “Al” or better by Moody’s on such Obligor’s, its parent’s or its majority owner’s (as applicable) long-term senior unsecured and
uncredit-enhanced debt securities; provided, that if an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) receives a split rating from S&P and Moody’s, then such Obligor (or its parent or majority
owner, as applicable) shall be deemed to have only the higher of the two ratings for purposes of determining whether such rating satisfies clauses (a) or (b) above; provided, further, that if the Subject Obligor
Delinquency Trigger shall have occurred and be continuing and the Administrative Agent shall elect, in its sole discretion, by providing notice thereof to the Borrower, the Subject Obligor shall be deemed to be a Group B Obligor if it otherwise
satisfies the definition of “Group A Obligor”. Notwithstanding the foregoing, any Obligor that is a Subsidiary of an Obligor that satisfies the definition of “Group A Obligor” shall be deemed to be a Group A Obligor and shall be
aggregated with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve Percentage”, the “Concentration Reserve” and clause (a) of the definition of “Excess
Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group A Obligor”, “Group B Obligor”, or “Group C Obligor”, in which case such Obligor shall be separately treated
as a Group A Obligor, a Group B Obligor or a Group C Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Subsidiaries that are Obligors. 

“Group B Obligor” means an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) that is not
a Group A Obligor, with a short-term rating of at least: (a) “A-2” by S&P, or if such Obligor does not have a short-term rating from S&P, a rating of “BBB+” to “A” by
S&P on such Obligor’s, its parent’s or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities, or (b) “P-2” by Moody’s,
or if such Obligor does not have a short-term rating from Moody’s, “Baal” to “A2” by Moody’s on such Obligor’s, its parent’s or its majority owner’s (as applicable) long-term senior unsecured and
uncredit-enhanced debt securities; provided, that if an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) receives a split rating from S&P and Moody’s, then such Obligor (or its parent or majority
owner, as applicable) shall be deemed to have only the higher of the two ratings for purposes of determining whether such rating satisfies clauses (a) or (b) above; provided, further, that if the Subject Obligor
Delinquency Trigger shall have occurred and be continuing and the Administrative Agent shall elect, in its sole discretion, by providing notice thereof to the Borrower, the Subject Obligor shall be deemed to be a Group C Obligor if it otherwise
satisfies the definition of “Group B Obligor”. Notwithstanding the foregoing, any Obligor that is a Subsidiary of an Obligor that satisfies the definition of “Group B Obligor” shall be deemed to be a Group B Obligor and shall be
aggregated with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve Percentage”, the “Concentration Reserve” and clause (a) of the definition of “Excess
Concentration” for such 

  
 17 

 
Obligors, unless such deemed Obligor separately satisfies the definition of “Group A Obligor”, “Group B Obligor”, or “Group C Obligor”, in which case such Obligor
shall be separately treated as a Group A Obligor, a Group B Obligor or a Group C Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Subsidiaries that are Obligors. 

“Group C Obligor” means an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) that is not
a Group A Obligor or a Group B Obligor, with a short-term rating of at least: (a) “A-3” by S&P, or if such Obligor does not have a short-term rating from S&P, a rating of “BBB-” to “BBB” by S&P on such Obligor’s, its parent’s or it’s majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities, or
(b) “P-3” by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, “Baa3” to “Baa2” by Moody’s on such Obligor’s, its parent’s or
its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities; provided, that if an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) receives a split rating
from S&P and Moody’s, then such Obligor (or its parent or majority owner, as applicable) shall be deemed to have only the higher of the two ratings for purposes of determining whether such rating satisfies clauses (a) or
(b) above; provided, further, that if the Subject Obligor Delinquency Trigger shall have occurred and be continuing and the Administrative Agent shall elect, in its sole discretion, by providing notice thereof to the Borrower,
the Subject Obligor shall be deemed to be a Group D Obligor if it otherwise satisfies the definition of “Group C Obligor”. Notwithstanding the foregoing, any Obligor that is a Subsidiary of an Obligor that satisfies the definition of
“Group C Obligor” shall be deemed to be a Group C Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve Percentage”, the “Concentration
Reserve” and clause (a) of the definition of “Excess Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group A Obligor”, “Group B Obligor”, or
“Group C Obligor”, in which case such Obligor shall be separately treated as a Group A Obligor, a Group B Obligor or a Group C Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Subsidiaries
that are Obligors. 
 “Group D Obligor” means any Obligor that is not a Group A Obligor, Group B Obligor or Group C
Obligor; provided, that any Obligor (or its parent or majority owner, as applicable, if such Obligor is unrated) that is not rated by both Moody’s and S&P shall be a Group D Obligor. 

“Guaranty” means, with respect to any Person, any obligation of such Person guarantying or in effect guarantying any Debt,
liability or obligation of any other Person in any manner, whether directly or indirectly, including any such liability arising by virtue of partnership agreements, including any agreement to indemnify or hold harmless any other Person, any
performance bond or other suretyship arrangement and any other form of assurance against loss, except endorsement of negotiable or other instruments for deposit or collection in the ordinary course of business. 

“INC Research” has the meaning specified in the preamble to this Agreement. 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on
account of any obligation of the Borrower or any of its Affiliates under any Transaction Document and (b) to the extent not otherwise described in clause (a) above, Other Taxes. 

  
 18 

 “Independent Director” has the meaning set forth in
Section 8.03(c). 
 “Information Package” means a report, in substantially the form of Exhibit
G. 
 “Insolvency Proceeding” means (a) any case, action or proceeding before any court or other Governmental
Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors or (b) any general assignment for the benefit of creditors of a
Person, composition, marshaling of assets for creditors of a Person, or other, similar arrangement in respect of its creditors generally or any substantial portion of its creditors, in each of clauses (a) and (b) undertaken
under U.S. Federal, state or foreign law, including the Bankruptcy Code. 
 “Intercompany Loan” has the meaning set forth
in the Purchase and Sale Agreement. 
 “Intercompany Loan Agreement” has the meaning set forth in the Purchase and Sale
Agreement. 
 “Intended Tax Treatment” has the meaning set forth in Section 14.14. 

“Interest” means, for each Loan for each day during any Interest Period (or portion thereof), the amount of interest accrued
on the Capital of such Loan during such Interest Period (or portion thereof) in accordance with Section 2.03(b). 

“Interest Period” means, with respect to each Loan, (a) before the Termination Date: (i) initially, the period
commencing on the date such Loan is made pursuant to Section 2.01 (or in the case of any fees payable hereunder, commencing on the Closing Date) and ending on (but not including) the next Monthly Settlement Date and
(ii) thereafter, each period commencing on such Monthly Settlement Date and ending on (but not including) the next Monthly Settlement Date and (b) on and after the Termination Date, such period (including a period of one day) as shall be
selected from time to time by the Administrative Agent (with the consent or at the direction of the Majority Lenders) or, in the absence of any such selection, each period of 30 days from the last day of the preceding Interest Period. 

“Interest Rate” means, for any day in any Interest Period for any Loan (or any portion of Capital thereof): 

(a)    subject to Sections 5.04 and 5.06 and so long as no Event of Default has occurred and
is continuing on such day, LMIR or solely to the extent determined pursuant to Section 2.05, Adjusted LIBOR; provided, however, that the Interest Rate applicable to any LIBOR Loan that is not advanced
on a Monthly Settlement Date shall be LMIR for each day during the initial Interest Period applicable to such Loan from the date such Loan is made pursuant to Section 2.01 until the next occurring Monthly Settlement Date;
or 

  
 19 

 (b)    for any day while an Event of Default has occurred and
is continuing, an interest rate per annum equal to the sum of 2.50% per annum plus the greater of (i) the interest rate per annum determined for such Loan and such day pursuant to clause (a) above, and (ii) the Base Rate in
effect on such day; 
 provided, however, that no provision of this Agreement shall require the payment or permit the collection of Interest
in excess of the maximum permitted by Applicable Law; provided, further, however, that Interest for any Loan shall not be considered paid by any distribution to the extent that at any time all or a portion of such distribution
is rescinded or must otherwise be returned for any reason. 
 “Interim Report” means a report, in substantially the form of
Exhibit J. 
 “Investment Company Act” means the Investment Company Act of 1940, as amended or otherwise modified
from time to time. 
 “Investors” means (a) the Sponsors and (b) the Management Investors. 

“LCR Security” means any commercial paper or security (other than equity securities issued to Parent or any Originator that
is a consolidated subsidiary of Parent under GAAP) within the meaning of Paragraph __.32(e)(viii) of the final rules titled Liquidity Coverage Ratio: Liquidity Risk Measurement Standards, 79 Fed. Reg. 197, 61440 et seq. (October 10, 2014).

 “Lenders” means each Person that is a party to this Agreement in the capacity of a “Lender”. 

“Liberty Lane” means Liberty Lane IH LLC and its Affiliates. 

“LIBOR Loan” means any Loan accruing Interest at Adjusted LIBOR. 

“LIBOR Termination Date” has the meaning set forth in Section 5.06(a). 

“Linked Account” means any controlled disbursement account, controlled balance account or other deposit account maintained by
a Collection Account Bank for the Parent, the Performance Guarantor, the Servicer, any Originator or any Affiliate thereof and linked to any Collection Account by a zero balance account connection or other automated funding mechanism or controlled
balance arrangement. 
 “LMIR” means for any day during any Interest Period, the interest rate per annum determined by the
Administrative Agent (which determination shall be conclusive absent manifest error) by dividing (i) the one-month Eurodollar rate for Dollar deposits as reported by Bloomberg Finance L.P. and shown on
US0001M Screen or any other service or page that may replace such page from time to time for the purpose of displaying offered rates of leading banks for London interbank deposits in Dollars, as of 11:00 a.m. (London time) on such day, or if such
day is not a Business Day, then the immediately preceding Business Day (or if not so reported, then as determined by the Administrative Agent from another recognized source for interbank quotation), in each case, changing when and as such rate
changes, by (ii) a number equal to 1.00 

  
 20 

 
minus the Euro-Rate Reserve Percentage on such day. The calculation of LMIR may also be expressed by the following formula: 

 

							
		  		  	One-month Eurodollar rate for Dollars shown on Bloomberg US0001M Screen or appropriate successor	  	
	LMIR	  	=	  	  
	  	
				
		  		  	1.00 - Euro-Rate Reserve Percentage	  	

 LMIR shall be adjusted on the effective date of any change in the Euro-Rate Reserve Percentage as of such
effective date. Notwithstanding the foregoing, if LMIR as determined herein would be less than zero percent (0.00%), such rate shall be deemed to be zero percent (0.00%) for purposes of this Agreement. 

“Loan” means any loan made by a Lender pursuant to Section 2.02. 

“Loan Request” means a letter in substantially the form of Exhibit A hereto executed and delivered by the Borrower to
the Administrative Agent and the Lenders pursuant to Section 2.02(a). 

“Lock-Box” means each locked postal box with respect to which a Collection Account
Bank has executed an Account Control Agreement pursuant to which it has been granted exclusive access for the purpose of retrieving and processing payments made on the Receivables and which is listed on Schedule II (as such schedule may be
modified from time to time in connection with the addition or removal of any Lock-Box in accordance with the terms hereof). 

“Loss Horizon Ratio” means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1%
rounded upward) computed as of the last day of each Fiscal Month by dividing: 
 (a)    the sum of
(x) the aggregate initial Outstanding Balance of all Pool Receivables (other than Unbilled Receivables) generated by the Originators during the seven (7) most recent Fiscal Months plus (y) 50% of the aggregate initial Outstanding
Balance of all Pool Receivables (other than Unbilled Receivables) generated by the Originators during the eighth most recent Fiscal Month; by 

(b)    the Net Receivables Pool Balance as of such date. 

“Loss Reserve Percentage” means, at any time of determination, the product (expressed as a percentage and rounded to the
nearest 1/100th of 1%, with 5/1000th of 1% rounded upward) of (a) the Stress Factor, multiplied by (b) the highest average of the Default Ratios for any three (3) consecutive Fiscal Months during the twelve
(12) most recent Fiscal Months, multiplied by (c) the Loss Horizon Ratio. 
 “Management Investors”
means the officers, directors, managers, employees and members of management of Parent, any Parent Company and/or any subsidiary of Parent. 

  
 21 

 “Majority Lenders” means Lenders representing more than 50% of the aggregate
Commitments of all Lenders (or, if the Commitments have been terminated, Lenders representing more than 50% of the aggregate outstanding Capital held by all the Lenders). 

“Material Adverse Effect” means relative to any Person (provided that if no particular Person is specified,
“Material Adverse Effect” shall be deemed to be relative to the Performance Guarantor, the Servicer and the Originators, in the aggregate) with respect to any event or circumstance, a material adverse effect on any of the following: 

(a)    the assets, operations, business or financial condition of such Person or, if no Person is
specified, of the Servicer, the Performance Guarantor and the Originators taken as a whole; 
 (b)    the
ability of such Person, or if no Person is specified, of the Servicer, the Performance Guarantor and any Originators, taken as a whole, to perform its or their obligations under this Agreement or any other Transaction Document to which it is or they
are a party; 
 (c)    the validity or enforceability of this Agreement or any other Transaction
Document, or the validity, enforceability, value or collectability of any material portion of the Pool Receivables; 

(d)    the status, perfection, enforceability or priority of the Administrative Agent’s security
interest in the Collateral; or 
 (e)    the rights and remedies of any Credit Party under the
Transaction Documents or associated with its respective interest in the Collateral. 
 “Minimum Dilution Reserve
Percentage” means, at any time of determination, the product (expressed as a percentage and rounded to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward) of (a) the average of the Dilution Ratios for the twelve
(12) most recent Fiscal Months, multiplied by (b) the Dilution Horizon Ratio. 
 “Minimum Funding
Threshold” means, on any day, an amount equal to the lesser of (a) the product of (i) 85.00% times (ii) the Facility Limit at such time and (b) the Borrowing Base at such time. 

“Modified Days’ Sales Outstanding” means, for any Fiscal Month, an amount computed as of the last day of such Fiscal
Month equal to: (a) the average of the Outstanding Balance of all Pool Receivables as of the last day of each of the three most recent Fiscal Months ended on the last day of such Fiscal Month, divided by (b) (i) the aggregate
initial Outstanding Balance of all Pool Receivables originated by the Originators during the three most recent Fiscal Months ended on the last day of such Fiscal Month, divided by (ii) 90. 

“Monthly Settlement Date” means the 28th day of each calendar month (or
if such day is not a Business Day, the next occurring Business Day). 

  
 22 

 “Moody’s” means Moody’s Investors Service, Inc. and any successor
thereto that is a nationally recognized statistical rating organization. 
 “Multiemployer Plan” means a multiemployer plan
as defined in Section 4001(a)(3) of ERISA to which the Borrower, the Servicer, any Originator, the Parent, the Performance Guarantor or any of their respective ERISA Affiliates is making or accruing an obligation to make contributions, or has
within any of the preceding five plan years made or accrued an obligation to make contributions. 
 “Net Receivables Pool
Balance” means, at any time of determination: (a) the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool, minus (b) the Excess Concentration. 

“Obligor” means, with respect to any Receivable, the Person obligated to make payments pursuant to the Contract relating to
such Receivable. 
 “Obligor Percentage” means, at any time of determination, for each Obligor, a fraction, expressed as a
percentage, (a) the numerator of which is the aggregate Outstanding Balance of the Eligible Receivables of such Obligor less the amount (if any) then included in the calculation of the Excess Concentration with respect to such Obligor and
(b) the denominator of which is the aggregate Outstanding Balance of all Eligible Receivables at such time. 
 “OECD
Country” means a country which is a member of the Organization for Economic Cooperation and Development. 
 “OFAC”
means the U.S. Department of Treasury’s Office of Foreign Assets Control. 
 “Originator” and
“Originators” have the meaning set forth in the Purchase and Sale Agreement, as the same may be modified from time to time by adding new Originators or removing Originators, in each case with the prior written consent of the
Administrative Agent. 
 “Other Connection Taxes” means, with respect to any Affected Person, Taxes imposed as a result of
a present or former connection between such Affected Person and the jurisdiction imposing such Tax (other than connections arising from such Affected Person having executed, delivered, become a party to, performed its obligations under, received
payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in any Loan or Transaction Document). 

“Other Taxes” means any and all present or future stamp or documentary Taxes or any other excise or property Taxes, charges
or similar levies or fees arising from any payment made hereunder or from the execution, delivery, filing, recording or enforcement of, or otherwise in respect of, this Agreement, the other Transaction Documents and the other documents or agreements
to be delivered hereunder or thereunder except any such Taxes that are Other Connection Taxes imposed with respect to an assignment. 

“Outstanding Balance” means, at any time of determination, with respect to any Receivable, the then outstanding principal
balance thereof. 

  
 23 

 “Parent” means Syneos Health, Inc., a Delaware corporation. 

“Parent Company” means any Person of which Parent is a direct or indirect Wholly-Owned Subsidiary. 

“Parent Group” has the meaning set forth in Section 8.03(c). 

“Participant” has the meaning set forth in Section 14.03(d). 

“Participant Register” has the meaning set forth in Section 14.03(e). 

“PATRIOT Act” has the meaning set forth in Section 14.15. 

“PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto. 

“Pension Plan” means a pension plan as defined in Section 3(2) of ERISA that is subject to Title IV of ERISA or
Section 412 of the Code and with respect to which any Originator, the Borrower, the Servicer, the Parent, the Performance Guarantor or any of their respective ERISA Affiliates may have any liability, contingent or otherwise. 

“Percentage” means, at any time of determination, with respect to any Lender, a fraction (expressed as a percentage), (a) the
numerator of which is (i) prior to the termination of all Commitments hereunder, its Commitment at such time or (ii) if all Commitments hereunder have been terminated, the aggregate outstanding Capital of all Loans being funded by the
Lenders at such time and (b) the denominator of which is (i) prior to the termination of all Commitments hereunder, the aggregate Commitments of all Lenders at such time or (ii) if all Commitments hereunder have been terminated, the
Aggregate Capital at such time. 
 “Performance Guarantor” means Parent. 

“Performance Guaranty” means the Performance Guaranty, dated as of the Closing Date, by the Performance Guarantor in favor of
the Administrative Agent for the benefit of the Secured Parties, as such agreement may be amended, restated, supplemented or otherwise modified from time to time. 

“Permitted Adverse Claims” means (a) liens created or arising in favor of the Administrative Agent for the benefit of
the Credit Parties pursuant to the Transaction Documents; (b) any inchoate liens for current taxes, assessments, levies, fees and other government and similar charges not yet due and payable or the amount or validity of which is being contested
in good faith by appropriate proceedings and with respect to which adequate reserves have been established in accordance with GAAP, but only so long as foreclosure with respect to such lien is not imminent and the use and value of the property to
which the liens attach are not impaired during the pendency of such proceedings; (c) liens arising out of any judgment or award against any Originator with respect to which (i) an appeal or proceeding for review is being taken in good
faith and with respect to which there shall have been secured a bond pending such appeal or proceeding for review and (ii) such judgment or award does not constitute an Event of Default; and (d) mechanics’, workers’,
materialmen’s or other like liens arising in the ordinary course of an Originator’s business with respect to obligations which are not due and payable. 

  
 24 

 “Permitted Holders” means (a) the Investors and (b) any Person with
which one or more Investors form a “group” (within the meaning of Section 14(d) of the Exchange Act) so long as, in the case of this clause (b), the relevant Investors beneficially own more than 50% of the relevant voting stock
beneficially owned by the group. 
 “Person” means an individual, partnership, corporation (including a business trust),
joint stock company, trust, unincorporated association, joint venture, limited liability company or other entity, or any Governmental Authority. 

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

“Pool Receivable” means a Receivable in the Receivables Pool. 

“Portion of Capital” means, with respect to any Lender and its related Capital, the portion of such Capital being funded or
maintained by such Lender by reference to a particular interest rate basis. 
 “Purchase and Sale Agreement” means the
Purchase and Sale Agreement, dated as of the Closing Date, among the Servicer, the Originators and the Borrower, as such agreement may be amended, supplemented or otherwise modified from time to time. 

“Purchase and Sale Termination Event” has the meaning set forth in the Purchase and Sale Agreement. 

“Ratings Event” means, at any time of determination, one or more of the following events has occurred and is continuing:
(i) both of (x) Parent’s Long Term Corporate Rating by S&P is below BB- and (y) Parent’s Long Term Corporate Family Rating by Moody’s is below Ba3, (ii) both of
(x) Parent’s Long Term Corporate Rating by S&P is below BB- and (y) Parent does not have a Long Term Corporate Family Rating by Moody’s, (iii) both of (x) Parent does not have
a Long Term Corporate Rating by S&P and (y) Parent’s Long Term Corporate Family Rating by Moody’s is below Ba3 or (iv) both of (x) Parent does not have a Long Term Corporate Rating by S&P and (y) Parent does not
have a Long Term Corporate Family Rating by Moody’s. 
 “Receivable” means any right to payment of a monetary
obligation, whether or not earned by performance, owed to any Originator or the Borrower (as assignee of an Originator), whether constituting an account, chattel paper, payment intangible, instrument or general intangible, in each instance arising
in connection with the sale of goods that have been or are to be sold or for services rendered or to be rendered, and includes, without limitation, the obligation to pay any service charges, finance charges, interest, fees and other charges with
respect thereto; provided that Excluded Receivables shall not constitute Receivables. Any such right to payment arising from any one transaction, including, without limitation, any such right to payment represented by an individual invoice or
agreement, shall constitute a Receivable separate from a Receivable consisting of any such right to payment arising from any other transaction. 

  
 25 

 “Receivables Pool” means, at any time of determination, all of the then
outstanding Receivables transferred (or purported to be transferred) to the Borrower pursuant to the Purchase and Sale Agreement prior to the Termination Date. 

“Register” has the meaning set forth in Section 14.03(b). 

“Related Rights” has the meaning set forth in Section 1.1 of the Purchase and Sale Agreement. 

“Related Security” means, with respect to any Receivable: 

(a)    all of the Borrower’s and each Originator’s interest in any goods (including Returned
Goods), and documentation of title evidencing the shipment or storage of any goods (including Returned Goods), the sale of which gave rise to such Receivable; 

(b)    all instruments and chattel paper that may evidence such Receivable; 

(c)    all other security interests or liens and property subject thereto from time to time purporting to
secure payment of such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all UCC financing statements or similar filings relating thereto; 

(d)    all of the Borrower’s and each Originator’s rights, interests and claims under the related
Contracts and all guaranties, indemnities, insurance and other agreements (including the related Contract) or arrangements of whatever character from time to time supporting or securing payment of such Receivable or otherwise relating to such
Receivable, whether pursuant to the Contract related to such Receivable or otherwise; 
 (e)    all books
and records of the Borrower and each Originator to the extent related to any of the foregoing, and all rights, remedies, powers, privileges, title and interest (but not obligations) in and to each Lock-Box and
all Collection Accounts, into which any Collections or other proceeds with respect to such Receivables may be deposited, and any related investment property acquired with any such Collections or other proceeds (as such term is defined in the
applicable UCC); 
 (f)    all of the Borrower’s rights, interests and claims under the Purchase and
Sale Agreement and the other Transaction Documents; and 
 (g)    all Collections and other proceeds (as
defined in the UCC) of any of the foregoing. 
 “Release” has the meaning set forth in
Section 4.01(a). 
 “Reportable Compliance Event” means that any Covered Entity becomes a
Sanctioned Person, or is charged by indictment, criminal complaint or similar charging instrument, arraigned, or custodially detained in connection with any Anti-Terrorism Law or any predicate 

  
 26 

 
crime to any Anti-Terrorism Law, or has knowledge of facts or circumstances to the effect that it is reasonably likely that any aspect of its operations is in actual or probable violation of any
Anti-Terrorism Law. 
 “Reportable Event” means any reportable event as defined in Section 4043(c) of ERISA or the
regulations issued thereunder with respect to a Pension Plan. 
 “Representatives” has the meaning set forth in
Section 14.06(c). 
 “Required Capital Amount” means, as of any date of determination, an amount
equal to the product of (i) the Loss Reserve Percentage at such time times (ii) the Net Receivables Pool Balance at such time. 

“Restricted Payments” has the meaning set forth in Section 8.01(r). 

“Returned Goods” means all right, title and interest in and to returned, repossessed or foreclosed goods and/or merchandise
the sale of which gave rise to a Receivable; provided that such goods shall no longer constitute Returned Goods after a Deemed Collection has been deposited in a Collection Account with respect to the full Outstanding Balance of the related
Receivables. 
 “S&P” means Standard & Poor’s Rating Services, a Standard & Poor’s
Financial Services LLC business, and any successor thereto that is a nationally recognized statistical rating organization. 

“Sanctioned Country” means a country subject to a sanctions program maintained under any Anti-Terrorism Law, including any
such country 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” (i) A person named on the list of “Specially Designated Nationals” or “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, (ii) (A) an agency of the government of a Sanctioned Country, (B) an organization controlled by a Sanctioned Country or (C) a person resident in a Sanctioned Country, to the extent subject to a sanctions program
administered by OFAC, or (iii) any individual person, group, regime, entity or thing listed or otherwise recognized as a specially designated, prohibited, sanctioned or debarred person, group, regime, entity or thing, or subject to any
limitations or prohibitions (including but not limited to the blocking of property or rejection of transactions), under any Anti-Terrorism Law. 

“Scheduled Termination Date” means June 29, 2021. 

“SEC” means the U.S. Securities and Exchange Commission or any governmental agencies substituted therefor. 

“Secured Parties” means each Credit Party, each Borrower Indemnified Party and each Affected Person. 

  
 27 

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

 “Servicer’s Account” means the deposit account with an account number ending in XXXX maintained by the Servicer or
its Affiliate at Bank of America, N.A. 
 “Servicer Indemnified Amounts” has the meaning set forth in
Section 13.02(a). 
 “Servicer Indemnified Party” has the meaning set forth in
Section 13.02(a). 
 “Servicing Fee” means the fee referred to in
Section 9.06(a) of this Agreement. 
 “Servicing Fee Rate” means the rate referred to in
Section 9.06(a) of this Agreement. 
 “Settlement Date” means with respect to any Portion of
Capital for any Interest Period or any Interest or Fees, (i) prior to the Termination Date and so long as no Event of Default has occurred and is continuing, the Monthly Settlement Date and (ii) on and after the Termination Date or if an
Event of Default has occurred and is continuing, each day selected from time to time by the Administrative Agent (with the consent or at the direction of the Majority Lenders) (it being understood that the Administrative Agent (with the consent or
at the direction of the Majority Lenders) may select such Settlement Date to occur as frequently as daily), or, in the absence of such selection, the Monthly Settlement Date. 

“Settlement Item” means (i) each check or other payment order drawn on or payable against any Linked Account, which any
Collection Account Bank takes for deposit or value, cashes or exchanges for a cashier’s check or official check in the ordinary course of business, and which is presented for settlement against any Collection Account, (ii) each check or
other payment order drawn on or payable against any Collection Account, which any Collection Account Bank takes for deposit or value, assures payment pursuant to a banker’s acceptance, cashes or exchanges for a cashier’s check or official
check in the ordinary course of business, (iii) each ACH credit entry initiated by any Collection Account Bank, as originating depository financial institution, on behalf of Borrower, as originator and (iv) any other payment order drawn on
or payable against any Collection Account. 
 “Settlement Item Amounts” means the face amount of each Settlement Item. 

“Solvent” means, with respect to any Person and as of any particular date, (i) the present fair market value (or present
fair saleable value) of the assets of such Person is not less than the total amount required to pay the probable liabilities of such Person on its total existing debts and liabilities (including contingent liabilities) as they become absolute and
matured, (ii) such Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business, (iii) such Person is not incurring
debts or liabilities beyond its ability to pay such debts and liabilities as they mature and (iv) such Person is not engaged in any business or transaction, and is not about to engage in any business or transaction, for which its property would
constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged. 

  
 28 

 “Sponsors” means, collectively, Advent, THL and Liberty Lane, their respective
controlled Affiliates and funds managed or advised by any of them or any of their respective controlled Affiliates (in each case, other than any portfolio company). 

“Stress Factor” means, at any time of determination, (i) if a Ratings Event has occurred and is continuing, 2.50 and
(ii) otherwise, 2.00. 
 “Structuring Agent” means PNC Capital Markets LLC, a Pennsylvania limited liability company.

 “Sub-Servicer” has the meaning set forth in
Section 9.01(d). 
 “Subject Obligor” means Takeda Pharmaceutical Company Ltd. 

“Subject Obligor Delinquency Trigger” shall have occurred as of any date of determination if 30% or more of the aggregate
Outstanding Balance of all Pool Receivables, the Obligor of which is the Subject Obligor or any Affiliate thereof, constitute Delinquent Receivables as of such date. 

“Subsidiary” means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares
of stock of each class or other interests having ordinary voting power (other than stock or other interests having such power only by reason of the happening of a contingency) to elect a majority of the Board of Directors or other managers of such
entity are at the time owned, or management of which is otherwise controlled: (a) by such Person, (b) by one or more Subsidiaries of such Person or (c) by such Person and one or more Subsidiaries of such Person. 

“Syneos Party” means the Borrower, the Servicer, the Performance Guarantor and each Originator. 

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

“Termination Date” means the earliest to occur of (a) the Scheduled Termination Date, (b) the date on which the
“Termination Date” is declared or deemed to have occurred under Section 10.01, (c) the occurrence of a Purchase and Sale Termination Event under the Purchase and Sale Agreement, (d) the date selected by the
Borrower on which all Commitments have been reduced to zero pursuant to Section 2.02(e) or (e) the date (if any) on which the Borrower, the Servicer or any Originator delivers to the Administrative Agent a written
notice that the Borrower is unable to pay the “Purchase Price” (as defined in the Purchase and Sale Agreement) for Receivables and Related Rights pursuant to Section 3.2 of the Purchase and Sale Agreement. 

“THL” means Thomas H. Lee Partners, L.P. and its Affiliates. 

“Threshold Amount” means $150,000,000. 

  
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 “Total Reserves” means, at any time of determination, an amount equal to the
product of (i) the sum of: (a) the Yield Reserve Percentage, plus (b) the greater of (I) the sum of the Concentration Reserve Percentage, plus the Minimum Dilution Reserve Percentage and (II) the sum of the
Loss Reserve Percentage, plus the Dilution Reserve Percentage, times (ii) the Net Receivables Pool Balance at such time. 

“Tranche Period” means, with respect to any LIBOR Loan, a period of one, two, three or six months selected by the Borrower
pursuant to Section 2.05. Each Tranche Period shall commence on a Monthly Settlement Date and end on (but not including) the Monthly Settlement Date occurring one, two, three or six calendar months thereafter, as selected
by the Borrower pursuant to Section 2.05; provided, however, that if the date any Loan made pursuant to Section 2.01 is not a Monthly Settlement Date, the initial Tranche Period for
such Loan shall commence on the date such Loan is made pursuant to Section 2.01 and end on the next Monthly Settlement Date occurring after the day in the applicable succeeding calendar month which corresponds numerically
to the beginning day of such initial Tranche Period; provided, further, that if any Tranche Period would end after the Termination Date, such Tranche Period (including a period of one day) shall end on the Termination Date. 

“Transaction Documents” means this Agreement, the Purchase and Sale Agreement, the Account Control Agreements, the Fee
Letter, each Intercompany Loan Agreement, the Performance Guaranty and all other certificates, instruments, UCC financing statements, reports, notices, agreements and documents executed or delivered under or in connection with this Agreement, in
each case as the same may be amended, supplemented or otherwise modified from time to time in accordance with this Agreement. 

“UCC” means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction. 

“Unbilled Receivable” means, at any time, any Receivable as to which the invoice or bill with respect thereto has not yet
been sent to the Obligor thereof. 
 “Unmatured Event of Default” means an event that but for notice or lapse of time or
both would constitute an Event of Default. 
 “U.S. Obligor” means an Obligor that is a corporation or other
business organization and is organized under the laws of the United States of America (or of a United States of America territory, district, state, commonwealth, or possession, including, without limitation, Puerto Rico and the U.S. Virgin Islands)
or any political subdivision thereof. 
 “U.S. Tax Compliance Certificate” has the meaning set forth in
Section 5.03(f)(ii)(B)(3). 
 “Volcker Rule” means Section 13 of the U.S. Bank Holding
Company Act of 1956, as amended, and the applicable rules and regulations thereunder. 
 “Wholly-Owned Subsidiary” of any
Person means a subsidiary of such Person, 100% of the Capital Stock of which (other than directors’ qualifying shares or shares required by Requirements of Law to be owned by a resident of the relevant jurisdiction) shall be owned by such
Person or by one or more Wholly-Owned Subsidiaries of such Person. 

  
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 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a
complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

“Yield Reserve Percentage” means at any time of determination: 

1.50 x DSO x (BR + SFR) 

360 
 where: 

 

					
		  		  	
	 BR
	  	=	  	the Base Rate at such time;
			
	DSO	  	=	  	the Days’ Sales Outstanding for the most recently ended Fiscal Month; and
			
	SFR	  	=	  	the Servicing Fee Rate.

 SECTION 1.02. Other Interpretative Matters. All accounting terms not specifically defined herein shall
be construed in accordance with GAAP. All terms used in Article 9 of the UCC in the State of New York and not specifically defined herein, are used herein as defined in such Article 9. Unless otherwise expressly indicated, all references herein to
“Article,” “Section,” “Schedule”, “Exhibit” or “Annex” shall mean articles and sections of, and schedules, exhibits and annexes to, this Agreement. For purposes of this Agreement, the other
Transaction Documents and all such certificates and other documents, unless the context otherwise requires: (a) references to any amount as on deposit or outstanding on any particular date means such amount at the close of business on such day;
(b) the words “hereof,” “herein” and “hereunder” and words of similar import refer to such agreement (or the certificate or other document in which they are used) as a whole and not to any particular provision of
such agreement (or such certificate or document); (c) references to any Article, Section, Schedule, Exhibit or Annex are references to Articles, Sections, Schedules, Exhibits and Annexes in or to such agreement (or the certificate or other document
in which the reference is made), and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (d) the
term “including” means “including without limitation”; (e) references to any Applicable Law refer to that Applicable Law as amended from time to time and include any successor Applicable Law; (f) references to any agreement
refer to that agreement as from time to time amended, restated or supplemented or as the terms of such agreement are waived or modified in accordance with its terms; (g) references to any Person include that Person’s permitted successors
and assigns; (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof; (i) unless otherwise provided, in the calculation of time from a specified date to a later
specified date, the term “from” means “from and including”, and the terms “to” and “until” each means “to but excluding”; (j) terms in one gender include the parallel terms in the neuter and opposite
gender; (k) references to any amount as on deposit or outstanding on any particular date means such amount at the close of business on such day and (l) the term “or” is not exclusive. 

  
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 ARTICLE II 

TERMS OF THE LOANS 

SECTION 2.01. Loan Facility. Upon a request by the Borrower pursuant to Section 2.02, and on the terms and
subject to the conditions hereinafter set forth, each Lender shall, ratably in accordance with their respective Commitments, severally and not jointly, make Loans to the Borrower from time to time during the period from the Closing Date to the
Termination Date. Under no circumstances shall any Lender be obligated to make any such Loan if, after giving effect to such Loan: 

(i)    the Aggregate Capital would exceed the Facility Limit at such time; 

(ii)    the aggregate outstanding Capital of such Lender would exceed its Commitment; or 

(iii)    the Aggregate Capital would exceed the Borrowing Base at such time. 

SECTION 2.02. Making Loans; Repayment of Loans. (a) Each Loan hereunder shall be made on at least one (1) Business Day’s
prior written request from the Borrower to the Administrative Agent and each Lender in the form of a Loan Request attached hereto as Exhibit A. Each such request for a Loan shall be made no later than 1:00 p.m. (New York
City time) on a Business Day (it being understood that any such request made after such time shall be deemed to have been made on the following Business Day) and shall specify (i) the amount of the Loan(s) requested (which
shall not be less than $100,000 and shall be an integral multiple of $100,000 in excess thereof), (ii) the allocation of such amount among the Lenders (which shall be ratable based on the Commitments), (iii) the account to which the proceeds of such
Loan shall be distributed and (iv) the date such requested Loan is to be made (which shall be a Business Day). 

(b)    On the date of each Loan specified in the applicable Loan Request, the Lenders shall, upon satisfaction of the
applicable conditions set forth in Article VI and pursuant to the other conditions set forth in this Article II, make available to the Borrower in same day funds an aggregate amount equal to the amount of such Loans requested, at the
account set forth in the related Loan Request. 
 (c)    Each Lender’s obligation shall be several, such that the
failure of any Lender to make available to the Borrower any funds in connection with any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make funds available on the date such Loans are requested (it
being understood, that no Lender shall be responsible for the failure of any other Lender to make funds available to the Borrower in connection with any Loan hereunder). 

(d)    The Borrower shall repay in full the outstanding Capital of each Lender on the Final Maturity Date. Prior thereto,
the Borrower shall, on each Settlement Date, make a 

  
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prepayment of the outstanding Capital of the Lenders to the extent required under Section 4.01 and otherwise in accordance therewith. Notwithstanding the foregoing, the
Borrower, in its discretion, shall have the right to make a prepayment, in whole or in part, of the outstanding Capital of the Lenders on any Business Day upon one (1) Business Day’s prior written notice thereof to the Administrative Agent
and each Lender in the form of a Reduction Notice attached hereto as Exhibit B; provided, however, that (i) each such prepayment shall be in a minimum aggregate amount of $100,000 and shall be an integral multiple of
$100,000 in excess thereof, (ii) the Borrower shall not provide any Reduction Notice, and no such Reduction Notice shall be effective, if after giving effect thereto, the Aggregate Capital at such time would be less than an amount equal to the
Minimum Funding Threshold and (iii) any accrued Interest and Fees in respect of the portion(s) of Capital so reduced shall be paid in full on the immediately following Settlement Date; provided, however that notwithstanding the
foregoing, a prepayment may be in an amount necessary to reduce any Borrowing Base Deficit existing at such time to zero. 

(e)    The Borrower may, at any time upon at least fifteen (15) days’ prior written notice to the Administrative
Agent and each Lender, terminate the Facility Limit in whole or ratably reduce the Facility Limit in part. Each partial reduction in the Facility Limit shall be in a minimum aggregate amount of $5,000,000 or integral multiples of $1,000,000 in
excess thereof, and no such partial reduction shall reduce the Facility Limit to an amount less than $100,000,000. In connection with any partial reduction in the Facility Limit, the Commitment of each Lender shall be ratably reduced. 

(f)    In connection with any reduction of the Commitments, the Borrower shall remit to the Administrative Agent
(i) instructions regarding such reduction and (ii) for payment to the Lenders, cash in an amount sufficient to pay (A) Capital of each Lender in excess of the Commitment of such Lender and (B) all other outstanding Borrower
Obligations with respect to such reduction (determined based on the ratio of the reduction of the Commitments being effected to the amount of the Commitments prior to such reduction or, if the Administrative Agent reasonably determines that any
portion of the outstanding Borrower Obligations is allocable solely to that portion of the Commitments being reduced or has arisen solely as a result of such reduction, all of such portion) including, without duplication, any associated Breakage
Fees. Upon receipt of any such amounts, the Administrative Agent shall apply such amounts first to the reduction of the Aggregate Capital, and second to the payment of the remaining outstanding Borrower Obligations with respect to such reduction,
including any Breakage Fees, by paying such amounts to the Lenders. 
 SECTION 2.03. Interest and Fees. 

(a)    On each Settlement Date, the Borrower shall, in accordance with the terms and priorities for payment set forth in
Section 4.01, pay to each Lender, the Administrative Agent and the Structuring Agent certain fees (collectively, the “Fees”) in the amounts set forth in the fee letter agreements from time to time entered
into, among the Borrower, the Lenders and/or the Administrative Agent (each such fee letter agreement, as amended, restated, supplemented or otherwise modified from time to time, collectively being referred to herein as the “Fee
Letter”). Undrawn Fees (as defined in the Fee Letter) shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender as provided in Section 2.06. 

  
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 (b)    Each Loan of each Lender and the Capital thereof shall accrue interest
on each day when such Capital remains outstanding at the then applicable Interest Rate for such Loan. The Borrower shall pay all Interest (including, for the avoidance of doubt, all Interest accrued on LIBOR Loans during an Interest Period
regardless of whether the applicable Tranche Period has ended), Fees and Breakage Fees accrued during each Interest Period on each Settlement Date in accordance with the terms and priorities for payment set forth in
Section 4.01. 
 SECTION 2.04. Records of Loans. Each Lender shall record in its records, the date and
amount of each Loan made by such Lender hereunder, the Interest Rate with respect thereto, the Interest accrued thereon and each repayment and payment thereof. Subject to Section 14.03(b), such records shall be conclusive
and binding absent manifest error. The failure to so record any such information or any error in so recording any such information shall not, however, limit or otherwise affect the obligations of the Borrower hereunder or under the other Transaction
Documents to repay the Capital of each Lender, together with all Interest accruing thereon and all other Borrower Obligations. 
 SECTION
2.05. Selection of Interest Rates and Tranche Periods. 
 (a)    Subject to the following sentence, each Loan made
on any day other than a Monthly Settlement Date shall bear interest initially at LMIR. Thereafter or, for each Loan made on a Monthly Settlement Date, at any time, so long as no Event of Default has occurred and is continuing, the Borrower may from
time to time elect to change or continue the type of Interest Rate and/or Tranche Period borne by each Loan or, subject to the minimum amount requirement for each outstanding Loan set forth in Section 2.02, a portion
thereof by notice to the Administrative Agent not later than 11:00 a.m. (New York City time), one (1) Business Day prior to the expiration of any Tranche Period or Interest Period or the making of such Loan on a Monthly Settlement
Date, as applicable; provided, that there shall not be more than six (6) LIBOR Loans outstanding hereunder at any one time; provided, further that for the avoidance of doubt, any change from LMIR
to Adjusted LIBOR and/or any change to a Tranche Period applicable to a Loan shall not be effective until the Monthly Settlement Date occurring after the date of such request. Any such notices requesting the continuation or conversion of a Loan to
the Administrative Agent may be given by telephone, telecopy, or other telecommunication device acceptable to the Administrative Agent (which notice shall be irrevocable once given and, if by telephone, shall be promptly confirmed in writing
in a manner acceptable to the Administrative Agent). 
 (b)    If, by the time required in
Section 2.05(a), the Borrower fails to select a Tranche Period or Interest Rate for any Loan, such Loan shall automatically be deemed to be a continuation of the type of Interest Rate and, if applicable, Tranche Period.

 SECTION 2.06. Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a
Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

(a)    Undrawn Fees (as defined in the Fee Letter) shall cease to accrue on the unfunded portion of the Commitment of such
Defaulting Lender. 

  
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 (b)    The Commitment and Capital of such Defaulting Lender shall not be
included in determining whether the Majority Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 14.01); provided, that,
except as otherwise provided in Section 14.01, this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or
each Lender directly affected thereby (if such Lender is directly affected thereby). 
 (c)    In the event that the
Administrative Agent, the Borrower and the Servicer each agrees in writing that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then on such date such Lender shall purchase at par such of
the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans ratably in accordance with its applicable Commitment; provided, that no adjustments shall be made
retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while such Lender was a Defaulting Lender, and provided, further, that except to the extent otherwise agreed by the affected parties, no change hereunder
from Defaulting Lender to Lender that is not a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender having been a Defaulting Lender. 

ARTICLE III 
 [RESERVED]

 ARTICLE IV 

SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS 

SECTION 4.01. Settlement Procedures. 

(a)    The Servicer shall set aside and hold in trust for the benefit of the Secured Parties (or, if so requested by the
Administrative Agent, segregate in a separate account designated by the Administrative Agent, which shall be an account maintained and controlled by the Administrative Agent unless the Administrative Agent otherwise instructs in its sole
discretion), for application in accordance with the priority of payments set forth below, all Collections on Pool Receivables that are received by the Servicer or the Borrower or received in any Lock-Box or
Collection Account; provided, however, that so long as each of the conditions precedent set forth in Section 6.03 are satisfied on such date, the Servicer may release to the Borrower from such Collections the
amount (if any) necessary to pay (i) the purchase price for Receivables purchased by the Borrower on such date in accordance with the terms of the Purchase and Sale Agreement or (ii) amounts owing by the Borrower to the Originators under
any Intercompany Loan Agreement (each such release, a “Release”). On each Settlement Date, the Servicer (or, following its assumption of control of the Collection Accounts, the Administrative Agent) shall, distribute such
Collections in the following order of priority: 
 (i)    first, to the Servicer for the payment
of the accrued Servicing Fees payable for the immediately preceding Interest Period (plus, if applicable, the amount of Servicing Fees payable for any prior Interest Period to the extent such amount has not been distributed to the Servicer); 

  
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 (ii)    second, to the Administrative Agent for
distribution to each Lender and other Credit Party (ratably, based on the amount then due and owing), all accrued and unpaid Interest, Fees and Breakage Fees due to such Lender and other Credit Party for the immediately preceding Interest Period
(including any additional amounts or indemnified amounts payable under Sections 5.03 and 13.01 in respect of such payments), plus, if applicable, the amount of any such Interest, Fees and Breakage Fees (including any additional amounts
or indemnified amounts payable under Sections 5.03 and 13.01 in respect of such payments) payable for any prior Interest Period to the extent such amount has not been distributed to such Lender or Credit Party; 

(iii)    third, as set forth in clause (x), (y) or (z) below, as
applicable: 
 (x)    prior to the occurrence of the Termination Date, to the extent that a Borrowing
Base Deficit exists on such date, to the Administrative Agent for distribution to the Lenders (ratably, based on the aggregate outstanding Capital of each Lender at such time) for the payment of a portion of the outstanding Aggregate Capital at such
time, in an aggregate amount equal to the amount necessary to reduce the Borrowing Base Deficit to zero ($0); 

(y)    on and after the occurrence of the Termination Date, to the Administrative Agent for distribution
to each Lender (ratably, based on the aggregate outstanding Capital of each Lender at such time) for the payment in full of the aggregate outstanding Capital of such Lender at such time; or 

(z)    prior to the occurrence of the Termination Date, at the election of the Borrower and in accordance
with Section 2.02(d), to the Administrative Agent for distribution to the payment of all or any portion of the outstanding Capital of the Lenders at such time (ratably, based on the aggregate outstanding Capital of each
Lender at such time); 
 (iv)    fourth, to the Credit Parties, the Affected Persons and the Borrower
Indemnified Parties (ratably, based on the amount due and owing at such time), for the payment of all other Borrower Obligations then due and owing by the Borrower to the Credit Parties, the Affected Persons and the Borrower Indemnified Parties; and

 (v)    fifth, the balance, if any, to be paid to the Borrower for its own account. 

(b)    Notwithstanding anything to the contrary set forth in this Section 4.01, the
Administrative Agent shall have no obligation to distribute or pay any amount under this Section 4.01 except to the extent actually received by the Administrative Agent. 

  
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 (c)    If and to the extent the Administrative Agent, any Credit Party, any
Affected Person or any Borrower Indemnified Party shall be required for any reason to pay over to any Person (including any Obligor or any trustee, receiver, custodian or similar official in any Insolvency Proceeding) any amount received on its
behalf hereunder, such amount shall be deemed not to have been so received but rather to have been retained by the Borrower and, accordingly, the Administrative Agent, such Credit Party, such Affected Person or such Borrower Indemnified Party, as
the case may be, shall have a claim against the Borrower for such amount. 
 (d)    For the purposes of this
Section 4.01: 
 (i)    if on any day the Outstanding Balance of any Pool
Receivable is reduced or adjusted as a result of any defective, rejected, returned, repossessed or foreclosed goods or services, or any revision, cancellation, allowance, rebate, credit memo, discount or other adjustment made by the Borrower, any
Originator, the Servicer or any Affiliate of the Servicer, or any setoff, counterclaim or dispute between the Borrower or any Affiliate of the Borrower, an Originator or any Affiliate of an Originator, or the Servicer or any Affiliate of the
Servicer, and an Obligor, the Borrower shall be deemed to have received on such day a Collection of such Pool Receivable in the amount of such reduction or adjustment and shall immediately pay any and all such amounts in respect thereof to a
Collection Account (or as otherwise directed by the Administrative Agent at such time) for the benefit of the Credit Parties for application pursuant to Section 4.01(a); 

(ii)    if on any day any of the representations or warranties in Section 7.01 is
not true with respect to any Pool Receivable, the Borrower shall be deemed to have received on such day a Collection of such Pool Receivable in full and shall immediately pay the amount of such deemed Collection to a Collection Account (or as
otherwise directed by the Administrative Agent at such time) for the benefit of the Credit Parties for application pursuant to Section 4.01(a) (Collections deemed to have been received pursuant to
Section 4.01(d) are hereinafter sometimes referred to as “Deemed Collections”); 

(iii)    except as provided in clauses (i) or (ii) above or otherwise required by
Applicable Law or the relevant Contract, all Collections received from an Obligor of any Receivable shall be applied to the Receivables of such Obligor in the order of the age of such Receivables, starting with the oldest such Receivable, unless
such Obligor designates in writing its payment for application to specific Receivables; and 
 (iv)    if
and to the extent the Administrative Agent, any Credit Party, any Affected Person or any Borrower Indemnified Party shall be required for any reason to pay over to an Obligor (or any trustee, receiver, custodian or similar official in any Insolvency
Proceeding) any amount received by it hereunder, such amount shall be deemed not to have been so received by such Person but rather to have been retained by the Borrower and, accordingly, such Person shall have a claim against the Borrower for such
amount, payable when and to the extent that any distribution from or on behalf of such Obligor is made in respect thereof. 

  
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 SECTION 4.02. Payments and Computations, Etc. (a) All amounts to be paid by the
Borrower or the Servicer to the Administrative Agent, any Credit Party, any Affected Person or any Borrower Indemnified Party hereunder shall be paid no later than noon (New York City time) on the day when due in same day funds to the applicable
party to which such amounts are due. 
 (b)    Each of the Borrower and the Servicer shall, to the extent permitted by
Applicable Law, pay interest on any amount not paid or deposited by it when due hereunder, at an interest rate per annum equal to 2.50% per annum above the Base Rate, payable on demand. 

(c)    All computations of interest under subsection (b) above and all computations of Interest, Fees and
other amounts hereunder shall be made on the basis of a year of 360 days (or, in the case of amounts determined by reference to the Base Rate, 365 or 366 days, as applicable) for the actual number of days (including the first but excluding the last
day) elapsed. Whenever any payment or deposit to be made hereunder shall be due on a day other than a Business Day, such payment or deposit shall be made on the next succeeding Business Day and such extension of time shall be included in the
computation of such payment or deposit. 
 ARTICLE V 

INCREASED COSTS; FUNDING LOSSES; TAXES; ILLEGALITY AND SECURITY INTEREST 

SECTION 5.01. Increased Costs. 

(a)    Increased Costs Generally. If any Change in Law shall: 

(i)    impose, modify or deem applicable any reserve, special deposit, liquidity, compulsory loan,
insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Affected Person; 

(ii)    subject any Affected Person to any Taxes (except to the extent such Taxes are (A) Indemnified
Taxes, (B) Taxes described in clause (b) or (c) of the definition of Excluded Taxes or (C) Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes)
on its loans, loan principal, letters of credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or 

(iii)    impose on any Affected Person any other condition, cost or expense (other than Taxes) (A)
affecting the Collateral, this Agreement, any other Transaction Document, any Loan or any participation therein or (B) affecting its obligations or rights to make Loans; 

and the result of any of the foregoing shall be to increase the cost to such Affected Person of (A) acting as the Administrative Agent or a Lender
hereunder, (B) funding or maintaining any Loan or (C) maintaining its obligation to fund or maintain any Loan, or to reduce the amount of any sum received or receivable by such Affected Person hereunder, then, upon request of such Affected
Person, the Borrower shall pay to such Affected Person such additional amount or amounts as will compensate such Affected Person for such additional costs incurred or reduction suffered. 

  
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 (b)    Capital and Liquidity Requirements. If any Affected
Person determines that any Change in Law affecting such Affected Person or any lending office of such Affected Person or such Affected Person’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect
of (x) increasing the amount of capital required to be maintained by such Affected Person or Affected Person’s holding company, if any, (y) reducing the rate of return on such Affected Person’s capital or on the capital of such
Affected Person’s holding company, if any, or (z) causing an internal capital or liquidity charge or other imputed cost to be assessed upon such Affected Person or Affected Person’s holding company, if any, in each case, as a
consequence of (A) this Agreement or any other Transaction Document, (B) the commitments of such Affected Person hereunder or under any other Transaction Document, (C) the Loans made by such Affected Person, or (D) any Capital,
to a level below that which such Affected Person or such Affected Person’s holding company could have achieved but for such Change in Law (taking into consideration such Affected Person’s policies and the policies of such Affected
Person’s holding company with respect to capital adequacy and liquidity), then from time to time, upon request of such Affected Person, the Borrower will pay to such Affected Person such additional amount or amounts as will compensate such
Affected Person or such Affected Person’s holding company for any such increase, reduction or charge. 

(c)    Certificates for Reimbursement. A certificate of an Affected Person setting forth the amount or amounts
necessary to compensate such Affected Person or its holding company, as the case may be, as specified in clause (a) or (b) of this Section and delivered to the Borrower, shall be conclusive absent manifest error. The Borrower
shall, subject to the priorities of payment set forth in Section 4.01, pay such Affected Person the amount shown as due on any such certificate on the first Settlement Date occurring after the Borrower’s receipt of
such certificate. 
 (d)    Delay in Requests. Failure or delay on the part of any Affected Person to demand
compensation pursuant to this Section shall not constitute a waiver of such Affected Person’s right to demand such compensation; provided that the Borrower shall not be required to compensate an Affected Person pursuant to this Section
for any increased costs incurred or reductions suffered more than nine months prior to the date that such Affected Person notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Affected Person’s
intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine month period referred to above shall be extended to include the period of retroactive effect
thereof). 
 SECTION 5.02. Funding Losses. 

(a)    The Borrower will pay each Lender all Breakage Fees. 

(b)    A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender, as specified in
clause (a) above and delivered to the Borrower, shall be conclusive absent manifest error. The Borrower shall, subject to the priorities of payment set forth in Section 4.01, pay such Lender the amount shown as
due on any such certificate on the first Settlement Date occurring after the Borrower’s receipt of such certificate. 

  
 39 

 SECTION 5.03. Taxes. 

(a)    Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower under any
Transaction Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in the good faith discretion of the applicable Credit Party or Affected Person requires the
deduction or withholding of any Tax from any such payment to a Credit Party or Affected Person, then the applicable Credit Party or Affected Person shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted
or withheld to the relevant Governmental Authority in accordance with Applicable Law, and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been
made (including such deductions and withholdings applicable to additional sums payable under this Section), the applicable Credit Party or Affected Person receives an amount equal to the sum it would have received had no such deduction or
withholding been made. 
 (b)    Payment of Other Taxes by the Borrower. The Borrower shall timely pay to the
relevant Governmental Authority in accordance with Applicable Law, or, at the option of the Administrative Agent, timely reimburse the Administrative Agent for the payment of, any Other Taxes. 

(c)    Indemnification by the Borrower. The Borrower shall indemnify each Affected Person, within ten days after
demand therefor, for the full amount of any (I) Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Affected Person or required to be withheld or
deducted from a payment to such Affected Person and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority and (II) Taxes that arise because a Loan is not treated for U.S. federal, state, local or franchise tax consistently with the Intended Tax Treatment (such indemnification will include any U.S. federal, state or local
income and franchise taxes necessary to make such Affected Person whole on an after-tax basis taking into account the taxability of receipt of payments under this clause (II) and any reasonable
expenses (other than Taxes) arising out of, relating to, or resulting from the foregoing). Promptly upon having knowledge that any such Indemnified Taxes have been levied, imposed or assessed, and promptly upon notice by the Administrative Agent or
any Affected Person, the Borrower shall pay such Indemnified Taxes directly to the relevant taxing authority or Governmental Authority (or to the Administrative Agent or such Affected Person if such Taxes have already been paid to the relevant
taxing authority or Governmental Authority); provided that neither the Administrative Agent nor any Affected Person shall be under any obligation to provide any such notice to the Borrower. A certificate as to the amount of such payment or
liability delivered to the Borrower by an Affected Person (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of an Affected Person, shall be conclusive absent manifest error. 

  
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 (d)    Indemnification by the Lenders. Each Lender shall severally
indemnify the Administrative Agent, within ten days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender or any of its respective Affiliates that are Affected Persons (but only to the extent that the Borrower has not
already indemnified the Administrative Agent for such Indemnified Taxes and without limiting any obligation of the Borrower to do so), (ii) any Taxes attributable to the failure of such Lender or any of its respective Affiliates that are Affected
Persons to comply with Section 14.03(e) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender or any of its respective Affiliates that are Affected Persons, in
each case, that are payable or paid by the Administrative Agent in connection with any Transaction Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the
Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or any of its respective Affiliates that are Affected Persons under any Transaction Document or otherwise payable by the Administrative Agent to such
Lender or any of its respective Affiliates that are Affected Persons from any other source against any amount due to the Administrative Agent under this clause (d). 

(e)    Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental
Authority pursuant to this Section 5.03, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the
return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(f)    Status of Affected Persons. (i) Any Affected Person that is entitled to an exemption from or reduction
of withholding Tax with respect to payments made under any Transaction Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly
completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Affected Person, if reasonably
requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to
determine whether or not such Affected Person is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such
documentation (other than such documentation set forth in Sections 5.03(f)(ii)(A), 5.03(f)(ii)(B) and 5.03(g)) shall not be required if, in the Affected Person’s reasonable judgment, such completion, execution or submission
would subject such Affected Person to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Affected Person. 

(ii)    Without limiting the generality of the foregoing: 

(A)    an Affected Person that is a U.S. Person shall deliver to the Borrower and the Administrative Agent
from time to time upon the 

  
 41 

 
reasonable request of the Borrower or the Administrative Agent, executed originals of Internal Revenue Service Form W-9 certifying that such Affected
Person is exempt from U.S. federal backup withholding tax; 
 (B)    any Affected Person that is not a
U.S. Person shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) from time to time upon the reasonable request of the Borrower or
the Administrative Agent, whichever of the following is applicable: 
 (1)    in the case of such an
Affected Person claiming the benefits of an income tax treaty to which the United States is a party, (x) with respect to payments of interest under any Transaction Document, executed originals of Internal Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal
withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Transaction Document, Internal Revenue Service Form W-8BEN
or Internal Revenue Service Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business
profits” or “other income” article of such tax treaty; 
 (2)    executed originals of
Internal Revenue Service Form W-8ECI; 
 (3)    in the case of
such an Affected Person claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate to the effect that such Affected Person is not a “bank” within the meaning of
Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of
the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of Internal Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E, as applicable; or 
 (4)    to the extent such
Affected Person is not the beneficial owner, executed originals of Internal Revenue Service Form W-8IMY, accompanied by Internal Revenue Service Form W-8ECI, Internal
Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate, Internal
Revenue Service Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that, if such Affected Person is a 

  
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partnership and one or more direct or indirect partners of such Affected Person are claiming the portfolio interest exemption, such Affected Person may provide a U.S. Tax Compliance Certificate
on behalf of each such direct and indirect partner; and 
 (C)    any Affected Person that is not a U.S.
Person shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient), from time to time upon the reasonable request of the Borrower or the
Administrative Agent, executed originals of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be
prescribed by Applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made. 

(g)    Documentation Required by FATCA. If a payment made to an Affected Person under any Transaction Document
would be subject to U.S. federal withholding Tax imposed by FATCA if such Affected Person 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 Affected Person shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by Applicable Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such
documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower
and the Administrative Agent to comply with their obligations under FATCA and to determine that such Affected Person has complied with such Affected Person’s obligations under FATCA or to determine the amount to deduct and withhold from such
payment. Solely for purposes of this clause (g), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

(h)    Treatment of Refunds. If any party determines, in its sole discretion exercised in good faith, that it has
received a refund of any Taxes as to which it has been indemnified pursuant to this Section 5.03 (including by the payment of additional amounts pursuant to this Section 5.03), it shall pay to the
indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 5.03 with respect to the Taxes giving rise to such refund), net of all
out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect
to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this clause (h) (plus any penalties, interest or other charges imposed by the
relevant Government Authority) in the event such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this clause (h), in no event will the indemnified party be
required to pay any amount to an indemnifying party pursuant to this clause (h) the payment of which would place the indemnified party in a less favorable net after Tax position than the indemnified party would have been in if the Tax
subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise 

  
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imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make
available its Tax returns (or other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(i)    Survival. Each party’s obligations under this Section 5.03 shall survive the
resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Credit Party or any other Affected Person, the termination of the Commitments and the repayment, satisfaction or discharge of all the
Borrower Obligations and the Servicer’s obligations hereunder. 
 (j)    Updates. Each Affected Person
agrees that if any form or certification it previously delivered pursuant to this Section 5.03 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the
Borrower and the Administrative Agent in writing of its legal inability to do so. 
 SECTION 5.04. Inability to Determine Adjusted LIBOR
or LMIR; Change in Legality. 
 (a)    If any Lender shall have determined (which determination shall be conclusive
and binding upon the parties hereto absent manifest error) on any day, by reason of circumstances affecting the interbank Eurodollar market, either that: (i) dollar deposits in the relevant amounts and for the relevant Interest Period or day,
as applicable, are not available, (ii) adequate and reasonable means do not exist for ascertaining Adjusted LIBOR or LMIR for such Interest Period or day, as applicable, or (iii) Adjusted LIBOR or LMIR determined pursuant hereto does not
accurately reflect the cost to such Lender (as conclusively determined by such Lender) of maintaining any Portion of Capital during such Interest Period or day, as applicable, such Lender shall promptly give telephonic notice of such determination,
confirmed in writing, to the Administrative Agent and the Borrower on such day. Upon delivery of such notice: (i) no Portion of Capital with respect to such Lender shall be funded thereafter at Adjusted LIBOR or LMIR unless and until such
Lender shall have given notice to the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist and (ii) with respect to any outstanding Portion of Capital with respect to such Lender then
funded at Adjusted LIBOR or LMIR, such Interest Rate shall automatically and immediately be converted to the Base Rate. 

(b)    If on any day any Lender shall have been notified by any Affected Person that such Affected Person has determined
(which determination shall be final and conclusive absent manifest error) that any Change in Law, or compliance by such Lender with any Change in Law, shall make it unlawful or impossible for such Lender to fund or maintain any Portion of Capital at
or by reference to Adjusted LIBOR or LMIR, such Lender shall notify the Borrower and the Administrative Agent thereof. Upon receipt of such notice, until such Lender notifies the Borrower and the Administrative Agent that the circumstances giving
rise to such determination no longer apply, (i) no Portion of Capital with respect to such Lender shall be funded at or by reference to Adjusted LIBOR or LMIR and (ii) the Interest Rate for any outstanding Portion of Capital with respect
to such Lender then funded at Adjusted LIBOR or LMIR shall automatically and immediately be converted to the Base Rate. 

  
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 SECTION 5.05. Security Interest. 

(a)    As security for the performance by the Borrower of all the terms, covenants and agreements on the part of the
Borrower to be performed under this Agreement or any other Transaction Document, including the punctual payment when due of the Aggregate Capital and all Interest in respect of the Loans and all other Borrower Obligations, the Borrower hereby grants
to the Administrative Agent for its benefit and the ratable benefit of the Secured Parties, a continuing security interest in, all of the Borrower’s right, title and interest in, to and under all of the following, whether now or hereafter
owned, existing or arising (collectively, the “Collateral”): (i) all Pool Receivables, (ii) all Related Security with respect to such Pool Receivables, (iii) all Collections with respect to such Pool Receivables,
(iv) the Lock-Boxes and Collection Accounts and all amounts on deposit therein, and all certificates and instruments, if any, from time to time evidencing such Lock-Boxes and Collection Accounts and amounts on deposit therein, (v) all
rights (but none of the obligations) of the Borrower under the Purchase and Sale Agreement, (vi) all other personal and fixture property or assets of the Borrower of every kind and nature including, without limitation, all goods (including
inventory, equipment and any accessions thereto), instruments (including promissory notes), documents, accounts, chattel paper (whether tangible or electronic), deposit accounts, securities accounts, securities entitlements, letter-of-credit rights, commercial tort claims, securities and all other investment property, supporting obligations, money, any other contract rights or rights to the payment of money, insurance claims and
proceeds, and all general intangibles (including all payment intangibles) (each as defined in the UCC) and (vii) all proceeds of, and all amounts received or receivable under any or all of, the foregoing. 

The Administrative Agent (for the benefit of the Secured Parties) shall have, with respect to all the Collateral, and in addition to all the
other rights and remedies available to the Administrative Agent (for the benefit of the Secured Parties), all the rights and remedies of a secured party under any applicable UCC. The Borrower hereby authorizes the Administrative Agent to file
financing statements describing as the collateral covered thereby as “all of the debtor’s personal property or assets” or words to that effect, notwithstanding that such wording may be broader in scope than the collateral described in
this Agreement. 
 Immediately upon the occurrence of the Final Payout Date, the Collateral shall be automatically released from the lien
created hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent, the Lenders and the other Credit Parties hereunder shall terminate, all without delivery of any
instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Borrower; provided, however, that promptly following written request therefor by the Borrower delivered to the Administrative Agent
following any such termination, and at the expense of the Borrower, the Administrative Agent shall execute and deliver to the Borrower UCC-3 termination statements and such other documents as the Borrower
shall reasonably request to evidence such termination. 
 SECTION 5.06.    Successor Adjusted LIBOR or LMIR 

(a)    If the Administrative Agent determines (which determination shall be final and conclusive, absent manifest error)
that either (i) (A) the circumstances set forth in Section 5.04 

  
 45 

 
have arisen and are unlikely to be temporary, or (B) the circumstances set forth in Section 5.04 have not arisen but the applicable supervisor or administrator (if
any) of Adjusted LIBOR or LMIR or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying the specific date after which Adjusted LIBOR or LMIR shall no longer be used for determining
interest rates for loans (either such date, a “LIBOR Termination Date”), or (ii) a rate other than Adjusted LIBOR or LMIR, as applicable, has become a widely recognized benchmark rate for newly originated loans in Dollars in
the U.S. market, then the Administrative Agent may (in consultation with the Borrower) choose a replacement index for Adjusted LIBOR or LMIR, as applicable, and make adjustments to applicable margins and related amendments to this Agreement as
referred to below such that, to the extent practicable, the all-in Interest based on the replacement index will be substantially equivalent to the all-in Interest based
on Adjusted LIBOR or LMIR, as applicable, in effect prior to its replacement. 
 (b)    The Administrative Agent and the
Borrower shall enter into an amendment to this Agreement to reflect the replacement index, the adjusted margins and such other related amendments as may be appropriate, in the discretion of the Administrative Agent, for the implementation and
administration of the replacement index-based rate. Notwithstanding anything to the contrary in this Agreement or the other Transaction Documents (including, without limitation, Section 14.01), such amendment shall become
effective without any further action or consent of any other party to this Agreement at 5:00 p.m. New York City time on the tenth (10th) Business Day after the date a draft of the amendment is provided to the Lenders, unless the Administrative Agent
receives, on or before such tenth (10th) Business Day, a written notice from the Majority Lenders stating that such Majority Lenders object to such amendment. 

(c)    Selection of the replacement index, adjustments to the applicable margins, and amendments to this Agreement
(i) will be determined with due consideration to the then-current market practices for determining and implementing a rate of interest for newly originated loans in the United States and loans converted from a rate based on Adjusted LIBOR or
LMIR to a replacement index-based rate, and (ii) may also reflect adjustments to account for (A) the effects of the transition from Adjusted LIBOR or LMIR, as applicable, to the replacement index and (B) yield- or risk-based
differences between Adjusted LIBOR or LMIR, as applicable, and the replacement index. 
 (d)    Until an amendment
reflecting a new replacement index in accordance with this Section 5.06 is effective, each Portion of Capital accruing Interest with reference to Adjusted LIBOR or LMIR will continue to bear interest with reference to
Adjusted LIBOR or LMIR, as applicable; provided however, that if the Administrative Agent determines (which determination shall be final and conclusive, absent manifest error) that a LIBOR Termination Date has occurred, then following
the LIBOR Termination Date, each Portion of Capital that would otherwise accrue Interest with reference to Adjusted LIBOR or LMIR shall automatically begin accruing Interest with reference to the Base Rate until such time as an amendment reflecting
a replacement index and related matters as described above is implemented. 
 (e)    Notwithstanding anything to the
contrary contained herein, if at any time the replacement index is less than zero, at such times, such index shall be deemed to be zero for purposes of this Agreement. 

  
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 ARTICLE VI 

CONDITIONS TO EFFECTIVENESS AND CREDIT EXTENSIONS 

SECTION 6.01. Conditions Precedent to Effectiveness and the Initial Credit Extension. 

(a)    This Agreement shall become effective as of the Closing Date when (a) the Administrative Agent shall have
received each of the documents, agreements (in fully executed form), opinions of counsel, lien search results, UCC filings, certificates and other deliverables listed on the closing memorandum attached as Exhibit I hereto, in each case, in
form and substance acceptable to the Administrative Agent and (b) all fees and expenses payable by the Borrower on the Closing Date to the Credit Parties have been paid in full in accordance with the terms of the Transaction Documents. 

(b)    In addition to the conditions set forth in Section 6.02 below, the initial Credit
Extension under this Agreement shall be subject to the conditions precedent that: 
 (i)    the
conditions in Section 6.01(a) have been satisfied; 
 (ii)    the
Administrative Agent shall have received a fully executed copy of an Account Control Agreement with respect to each Collection Account set forth on Schedule II hereto, in each case, in form and substance acceptable to the Administrative
Agent; 
 (iii)    the Administrative Agent shall have received such historical receivables data with
respect to the Originators, as reasonably requested by the Administrative Agent and in such format as is acceptable to the Administrative Agent; 

(iv)    the Administrative Agent shall have received satisfactory results of an audit or field exam
(performed by representatives of the Administrative Agent) of the Servicer’s and each Originator’s collection, operating and reporting systems, the Credit and Collection Policy and historical receivables data; 

(v)    each amendment to this Agreement and each other Transaction Document reasonably requested by the
Administrative Agent on or after the Closing Date in connection with the audit or field exam results referenced in clause (iv) above and the historical receivables data referenced in clause (iii) above, in each case, shall
have become effective; such amendments may include, but shall not be limited to, amendments to the definitions of “Concentration Percentage”, “Defaulted Receivable”, “Delinquent Receivable”, “Eligible Unbilled
Receivable”, “Eligible Receivable” and “Excess Concentration” contained in this Agreement and amendments to Section 10.01(f); 

(vi)    the Administrative Agent shall have received such documents, reports, agreements, opinions of
counsel, certificates, resolutions and other deliverables, in each case, in form and substance acceptable to the Administrative Agent as may be reasonably requested by the Administrative Agent in connection with the items referenced in clauses
(iii) through (v) above; 

  
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 (vii)    receipt by each of the Lenders of customary internal
credit approvals and bank authorizations for their entry into the amendments contemplated in clause (v) above; 

(viii)    the Borrower shall have identified the “Commencement Date” in a writing delivered to
the Administrative Agent and such “Commencement Date” is on or prior to the date of such initial Credit Extension; and 

(ix)    the Servicer shall have delivered to the Administrative Agent (A) an Information Package as of
the most recently completed Fiscal Month and (B) if a Ratings Event has occurred and is continuing, an Interim Report as of the last day of the immediately preceding calendar week. 

SECTION 6.02. Conditions Precedent to All Credit Extensions. Each Credit Extension hereunder on or after the Closing Date shall be
subject to the conditions precedent that: 
 (a)    the Borrower shall have delivered to the Administrative Agent and
each Lender a Loan Request for such Loan, in accordance with Section 2.02(a); 
 (b)    the
Servicer shall have delivered to the Administrative Agent and each Lender all Information Packages and Interim Reports, if any, required to be delivered hereunder; 

(c)    the conditions precedent to such Credit Extension specified in Section 2.01(i) through
(iii), shall be satisfied; and 
 (d)    on the date of such Credit Extension the following statements shall be
true and correct (and upon the occurrence of such Credit Extension, the Borrower and the Servicer shall be deemed to have represented and warranted that such statements are then true and correct): 

(i)    the representations and warranties of the Borrower and the Servicer contained in Sections
7.01 and 7.02 are true and correct in all material respects on and as of the date of such Credit Extension as though made on and as of such date unless such representations and warranties by their terms refer to an earlier date, in which
case they shall be true and correct in all material respects on and as of such earlier date; 

(ii)    no Event of Default or Unmatured Event of Default has occurred and is continuing, and no Event of
Default or Unmatured Event of Default would result from such Credit Extension; 
 (iii)    no Borrowing
Base Deficit exists or would exist after giving effect to such Credit Extension; and 
 (iv)    the
Termination Date has not occurred. 

  
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 SECTION 6.03. Conditions Precedent to All Releases. Each Release hereunder on or after the
Closing Date shall be subject to the conditions precedent that: 
 (a)    after giving effect to such Release, the
Servicer shall be holding in trust for the benefit of the Secured Parties an amount of Collections sufficient to pay the sum of (x) all accrued and unpaid Servicing Fees, Interest, Fees and Breakage Fees, in each case, through the date of such
Release, (y) the amount of any Borrowing Base Deficit and (z) the amount of all other accrued and unpaid Borrower Obligations through the date of such Release; 

(b)    the Borrower shall use the proceeds of such Release solely to pay the purchase price for Receivables purchased by
the Borrower in accordance with the terms of the Purchase and Sale Agreement and amounts owing by the Borrower to the Originators under the Intercompany Loan Agreements; and 

(c)    on the date of such Release the following statements shall be true and correct (and upon the occurrence of such
Release, the Borrower and the Servicer shall be deemed to have represented and warranted that such statements are then true and correct): 

(i)    the representations and warranties of the Borrower and the Servicer contained in Sections
7.01 and 7.02 are true and correct in all material respects on and as of the date of such Release as though made on and as of such date unless such representations and warranties by their terms refer to an earlier date, in which case they
shall be true and correct in all material respects on and as of such earlier date; 
 (ii)    no Event of
Default has occurred and is continuing, and no Event of Default would result from such Release; 

(iii)    no Borrowing Base Deficit exists or would exist after giving effect to such Release; 

(iv)    the Termination Date has not occurred; and 

(v)    the Aggregate Capital exceeds the Minimum Funding Threshold. 

ARTICLE VII 

REPRESENTATIONS AND WARRANTIES 

SECTION 7.01. Representations and Warranties of the Borrower. The Borrower represents and warrants to each Credit Party as of the
Closing Date, on each Settlement Date and on each day that a Credit Extension or Release shall have occurred: 

(a)    Organization and Good Standing. The Borrower is a limited liability company duly organized and validly
existing in good standing under the laws of the State of Delaware and has full power and authority under its constitutional documents and under the laws of its jurisdiction to own its properties and to conduct its business as such properties are
currently owned and such business is presently conducted. 

  
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 (b)    Due Qualification. The Borrower is duly qualified to do
business as a limited liability company, is in good standing as a foreign limited liability company and has obtained all necessary licenses and approvals in all jurisdictions in which the conduct of its business requires such qualification, licenses
or approvals, except where the failure to do so could not reasonably be expected to have a Borrower Material Adverse Effect. 

(c)    Power and Authority; Due Authorization. The Borrower (i) has all necessary limited liability company
power and authority to (A) execute and deliver this Agreement and the other Transaction Documents to which it is a party, (B) perform its obligations under this Agreement and the other Transaction Documents to which it is a party and
(C) grant a security interest in the Collateral to the Administrative Agent on the terms and subject to the conditions herein provided and (ii) has duly authorized by all necessary limited liability company action such grant and the
execution, delivery and performance of, and the consummation of the transactions provided for in, this Agreement and the other Transaction Documents to which it is a party. 

(d)    Binding Obligations. This Agreement and each of the other Transaction Documents to which the Borrower is a
party constitutes legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their respective terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited by general principles of equity, regardless of whether such enforceability is
considered in a proceeding in equity or at law. 
 (e)    No Conflict or Violation. The execution, delivery and
performance of, and the consummation of the transactions contemplated by, this Agreement and the other Transaction Documents to which the Borrower is a party, and the fulfillment of the terms hereof and thereof, will not (i) conflict with,
result in any breach of any of the terms or provisions of, or constitute (with or without notice or lapse of time or both) a default under its organizational documents or any indenture, sale agreement, credit agreement (including the Credit
Agreement), loan agreement, security agreement, mortgage, deed of trust, or other agreement or instrument to which the Borrower is a party or by which it or any of its properties is bound, (ii) result in the creation or imposition of any
Adverse Claim upon any of the Collateral pursuant to the terms of any such indenture, credit agreement (including the Credit Agreement), loan agreement, security agreement, mortgage, deed of trust, or other agreement or instrument other than this
Agreement and the other Transaction Documents or (iii) conflict with or violate any Applicable Law. 

(f)    Litigation and Other Proceedings. (i) There is no action, suit, proceeding or investigation pending or,
to the best knowledge of the Borrower, threatened, against the Borrower before any Governmental Authority and (ii) the Borrower is not subject to any order, judgment, decree, injunction, stipulation or consent order of or with any Governmental
Authority that, in the case of either of the foregoing clauses (i) and (ii), (A) asserts the invalidity of this Agreement or any other Transaction Document, (B) seeks to prevent the grant of a security interest in any
Collateral by the Borrower to the Administrative Agent, the ownership or acquisition by the Borrower of any Pool Receivable or other Collateral or the consummation of any of the transactions contemplated by this Agreement or any other Transaction
Document, (C) seeks any determination or ruling that could materially and adversely affect the performance by 

  
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the Borrower of its obligations under, or the validity or enforceability of, this Agreement or any other Transaction Document or (D) individually or in the aggregate for all such actions,
suits, proceedings and investigations could reasonably be expected to have a Borrower Material Adverse Effect. 

(g)    Governmental Approvals. Except where the failure to obtain or make such authorization, consent, order,
approval or action could not reasonably be expected to have a Borrower Material Adverse Effect, all authorizations, consents, orders and approvals of, or other actions by, any Governmental Authority that are required to be obtained by the Borrower
in connection with the grant of a security interest in the Collateral to the Administrative Agent hereunder or the due execution, delivery and performance by the Borrower of this Agreement or any other Transaction Document to which it is a party and
the consummation by the Borrower of the transactions contemplated by this Agreement and the other Transaction Documents to which it is a party have been obtained or made and are in full force and effect. 

(h)    Margin Regulations. The Borrower is not engaged, principally or as one of its important activities, in the
business of extending credit for the purpose of purchasing or carrying margin stock (within the meanings of Regulations T, U and X of the Board of Governors of the Federal Reserve System). 

(i)    Solvency. After giving effect to the transactions contemplated by this Agreement and the other Transaction
Documents, the Borrower is Solvent. 
 (j)    Offices; Legal Name. The Borrower’s sole jurisdiction of
organization is the State of Delaware and such jurisdiction has not changed within four months prior to the date of this Agreement. The office of the Borrower is set forth on Schedule III hereto. The legal name of the Borrower is Syneos
Health Receivables LLC. 
 (k)    Investment Company Act; Volcker Rule. The Borrower (i) is not, and is not
controlled by, an “investment company” registered or required to be registered under the Investment Company Act and (ii) is not a “covered fund” under the Volcker Rule. In determining that the Borrower is not a “covered
fund” under the Volcker Rule, the Borrower relies on, and is entitled to rely on, the exemption from the definition of “investment company” set forth in Section 3(c)(5) of the Investment Company Act. 

(l)    No Material Adverse Effect. Since the date of formation of the Borrower there has been no Borrower Material
Adverse Effect. 
 (m)    Accuracy of Information. All Information Packages, Interim Reports, Loan Requests,
certificates, reports, statements, documents and other information furnished to the Administrative Agent or any other Credit Party by or on behalf of the Borrower pursuant to any provision of this Agreement or any other Transaction Document, or in
connection with or pursuant to any amendment or modification of, or waiver under, this Agreement or any other Transaction Document, is, at the time the same are so furnished, complete and correct in all material respects on the date the same are
furnished to the Administrative Agent or such other Credit Party, and does not contain any material misstatement of fact or omit to state a material fact necessary to make the statements contained therein not misleading; provided, that with
respect to projected financial information, if any, such representation is made only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. 

  
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 (n)    Anti-Money Laundering/International Trade Law Compliance. No
Covered Entity is a Sanctioned Person. No Covered Entity, either in its own right or through any third party, (i) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any
Anti-Terrorism Law; (ii) does business in or with, or derives any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (iii) engages in any dealings
or transactions prohibited by any Anti-Terrorism Law. 
 (o)    Perfection Representations. 

(i)    This Agreement creates a valid and continuing security interest (as defined in the applicable UCC)
in the Borrower’s right, title and interest in, to and under the Collateral which (A) security interest has been perfected and is enforceable against creditors of and purchasers from the Borrower and (B) will be free of all Adverse
Claims (other than Permitted Adverse Claims) in such Collateral. 
 (ii)    The Receivables constitute
“accounts” or “general intangibles” within the meaning of Section 9-102 of the UCC. 

(iii)    The Borrower owns and has good and marketable title to the Collateral free and clear of any
Adverse Claim (other than a Permitted Adverse Claim) of any Person. 
 (iv)    All appropriate financing
statements, financing statement amendments and continuation statements have been filed in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect (and continue the perfection of) the sale and contribution
of the Receivables and Related Security from each Originator to the Borrower pursuant to the Purchase and Sale Agreement and the grant by the Borrower of a security interest in the Collateral to the Administrative Agent pursuant to this Agreement.

 (v)    Other than the security interest granted to the Administrative Agent pursuant to this
Agreement, the Borrower has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral except as permitted by this Agreement and the other Transaction Documents. The Borrower has not authorized the
filing of and is not aware of any financing statements filed against the Borrower that include a description of collateral covering the Collateral other than any financing statement (i) in favor of the Administrative Agent or (ii) that has
been terminated. The Borrower is not aware of any judgment lien, ERISA lien or tax lien filings against the Borrower. 

  
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 (vi)    Notwithstanding any other provision of this Agreement
or any other Transaction Document, the representations contained in this Section 7.01(o) shall be continuing and remain in full force and effect until the Final Payout Date. 

(p)    The Lock-Boxes and Collection Accounts. 

(i)    Nature of Collection Accounts. Each Collection Account constitutes a “deposit
account” within the meaning of the applicable UCC. 
 (ii)    Ownership. Each Lock-Box and Collection Account is in the name of the Borrower, and the Borrower owns and has good and marketable title to the Collection Accounts free and clear of any Adverse Claim. 

(iii)    Perfection. The Borrower has delivered to the Administrative Agent a fully executed Account
Control Agreement relating to each Lock-Box and Collection Account, pursuant to which each applicable Collection Account Bank has agreed to comply with the instructions originated by the Administrative Agent
directing the disposition of funds in such Lock-Box and Collection Account without further consent by the Borrower, the Servicer or any other Person. The Administrative Agent has “control” (as
defined in Section 9-104 of the UCC) over each Collection Account. 

(iv)    Instructions. Neither the Lock-Boxes nor the Collection Accounts are in the name of any
Person other than the Borrower. Neither the Borrower nor the Servicer has consented to the applicable Collection Account Bank complying with instructions of any Person other than the Administrative Agent. 

(q)    Ordinary Course of Business. Each remittance of Collections by or on behalf of the Borrower to the Credit
Parties under this Agreement will have been (i) in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Borrower and (ii) made in the ordinary course of business or financial affairs of
the Borrower. 
 (r)    Compliance with Law. The Borrower has complied in all material respects with all
Applicable Laws to which it may be subject. 
 (s)    Bulk Sales Act. No transaction contemplated by this
Agreement requires compliance by it with any bulk sales act or similar law. 
 (t)    Eligible Receivables. Each
Receivable included as an Eligible Receivable in the calculation of the Net Receivables Pool Balance as of any date is an Eligible Receivable as of such date. 

(u)    Taxes. The Borrower has (i) timely filed all tax returns (federal, state and local) required to be
filed by it and (ii) paid, or caused to be paid, all taxes, assessments and other governmental charges, if any, other than taxes, assessments and other governmental charges being contested in good faith by appropriate proceedings and as to
which adequate reserves have been provided in accordance with GAAP, except in each case to the extent that such failure to file or pay could not reasonably be expected to have a Borrower Material Adverse Effect. 

  
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 (v)    Tax Status. The Borrower (i) is, and shall at all relevant
times continue to be, a “disregarded entity” within the meaning of U.S. Treasury Regulation § 301.7701-3 for U.S. federal income tax purposes that is wholly owned by a “United States
person” (within the meaning of Section 7701(a)(30) of the Code) and (ii) is not and will not at any relevant time become an association (or publicly traded partnership) taxable as an association for U.S. federal income tax purposes.
The Borrower is not subject to any Tax in any jurisdiction outside the United States. 
 (w)    Opinions. The
facts regarding the Borrower, the Servicer, each Originator, the Performance Guarantor, the Receivables, the Related Security and the related matters set forth or assumed in each of the opinions of counsel delivered in connection with this Agreement
and the Transaction Documents are true and correct in all material respects. 
 (x)    Other Transaction
Documents. Each representation and warranty made by the Borrower under each other Transaction Document to which it is a party is true and correct in all material respects as of the date when made. 

(y)    Liquidity Coverage Ratio. The Borrower has not, does not and will not during this Agreement issue any LCR
Security. The Borrower further represents and warrants that its assets and liabilities are consolidated with the assets and liabilities of Parent for purposes of GAAP. 

(z)    No Linked Accounts. Except for the Servicer’s Account, there are no Linked Accounts with respect to any
Collection Account. 
 Notwithstanding any other provision of this Agreement or any other Transaction Document, the representations and
warranties contained in this Section shall be continuing, and remain in full force and effect until the Final Payout Date. 
 SECTION 7.02.
Representations and Warranties of the Servicer. The Servicer represents and warrants to each Credit Party as of the Closing Date, on each Settlement Date and on each day that a Credit Extension or Release shall have occurred: 

(a)    Organization and Good Standing. The Servicer is a duly organized and validly existing corporation in good
standing under the laws of the State of Delaware, with the power and authority under its organizational documents and under the laws of Delaware to own its properties and to conduct its business as such properties are currently owned and such
business is presently conducted. 
 (b)    Due Qualification. The Servicer is duly qualified to do business as a
corporation, is in good standing as a foreign corporation and has obtained all necessary licenses and approvals in all jurisdictions in which the conduct of its business or the servicing of the Pool Receivables as required by this Agreement requires
such qualification, licenses or approvals, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

(c)    Power and Authority; Due Authorization. The Servicer has all necessary corporate power and authority to
(i) execute and deliver this Agreement and the other 

  
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Transaction Documents to which it is a party and (ii) perform its obligations under this Agreement and the other Transaction Documents to which it is a party and the execution, delivery and
performance of, and the consummation of the transactions provided for in, this Agreement and the other Transaction Documents to which it is a party have been duly authorized by the Servicer by all necessary action. 

(d)    Binding Obligations. This Agreement and each of the other Transaction Documents to which it is a party
constitutes legal, valid and binding obligations of the Servicer, enforceable against the Servicer in accordance with their respective terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited by general principles of equity, regardless of whether such enforceability is considered in a
proceeding in equity or at law. 
 (e)    No Conflict or Violation. The execution and delivery of this Agreement
and each other Transaction Document to which the Servicer is a party, the performance of the transactions contemplated by this Agreement and the other Transaction Documents and the fulfillment of the terms of this Agreement and the other Transaction
Documents by the Servicer will not (i) conflict with, result in any breach of any of the terms or provisions of, or constitute (with or without notice or lapse of time or both) a default under, the organizational documents of the Servicer or
any indenture, sale agreement, credit agreement (including the Credit Agreement), loan agreement, security agreement, mortgage, deed of trust or other agreement or instrument to which the Servicer is a party or by which it or any of its property is
bound, (ii) result in the creation or imposition of any Adverse Claim upon any of its properties pursuant to the terms of any such indenture, credit agreement (including the Credit Agreement), loan agreement, security agreement, mortgage, deed
of trust or other agreement or instrument, other than this Agreement and the other Transaction Documents or (iii) conflict with or violate any Applicable Law, except to the extent that any such conflict, breach, default, Adverse Claim or
violation could not reasonably be expected to have a Material Adverse Effect. 
 (f)    Litigation and Other
Proceedings. There is no action, suit, proceeding or investigation pending, or to the Servicer’s knowledge threatened, against the Servicer before any Governmental Authority: (i) asserting the invalidity of this Agreement or any of the
other Transaction Documents; (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document; or (iii) seeking any determination or ruling that could materially and
adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement or any of the other Transaction Documents. 

(g)    No Consents. The Servicer is not required to obtain the consent of any other party or any consent, license,
approval, registration, authorization or declaration of or with any Governmental Authority in connection with the execution, delivery, or performance of this Agreement or any other Transaction Document to which it is a party that has not already
been obtained, except where the failure to obtain such consent, license, approval, registration, authorization or declaration could not reasonably be expected to have a Material Adverse Effect. 

  
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 (h)    Compliance with Applicable Law. The Servicer (i) shall
duly satisfy all obligations on its part to be fulfilled under or in connection with the Pool Receivables and the related Contracts, (ii) has maintained in effect all qualifications required under Applicable Law in order to properly service the
Pool Receivables and (iii) has complied in all material respects with all Applicable Laws in connection with servicing the Pool Receivables. 

(i)    Accuracy of Information. All Information Packages, Interim Reports, Loan Requests, certificates, reports,
statements, documents and other information furnished to the Administrative Agent or any other Credit Party by the Servicer pursuant to any provision of this Agreement or any other Transaction Document, or in connection with or pursuant to any
amendment or modification of, or waiver under, this Agreement or any other Transaction Document, is, at the time the same are so furnished, complete and correct in all material respects on the date the same are furnished to the Administrative Agent
or such other Credit Party, and does not contain any material misstatement of fact or omit to state a material fact necessary to make the statements contained therein not misleading; provided that, with respect to projected financial
information, if any, such representations is made only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. 

(j)    Location of Records. The offices where the initial Servicer keeps all of its records relating to the
servicing of the Pool Receivables are located at the Servicer’s address specified on Schedule III. 

(k)    Credit and Collection Policy. The Servicer has complied in all material respects with the Credit and
Collection Policy with regard to each Pool Receivable and the related Contracts. 
 (l)    Eligible Receivables.
Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables Pool Balance as of any date is an Eligible Receivable as of such date. 

(m)    Servicing Programs. No material license or approval is required for the Administrative Agent’s use of
any software or other computer program used by the Servicer, any Originator or any Sub-Servicer in the servicing of the Pool Receivables, other than those which have been obtained and are in full force and
effect. 
 (n)    Servicing of Pool Receivables. Since the Closing Date there has been no material adverse change
in the ability of the Servicer or any Sub-Servicer to service and collect the Pool Receivables and the Related Security. 

(o)    Other Transaction Documents. Each representation and warranty made by the Servicer under each other
Transaction Document to which it is a party (including, without limitation, the Purchase and Sale Agreement) is true and correct in all material respects as of the date when made. 

(p)    No Material Adverse Effect. Since December 31, 2017, there has been no Material Adverse Effect on the
Servicer. 

  
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 (q)    Investment Company Act. The Servicer is not an “investment
company,” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act. 

(r)    Anti-Money Laundering/International Trade Law Compliance. No Covered Entity is a Sanctioned Person. No
Covered Entity, either in its own right or through any third party, (i) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (ii) does
business in or with, or derives any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (iii) engages in any dealings or transactions prohibited by any
Anti-Terrorism Law. 
 (s)    Financial Condition. The audited consolidated balance sheets of Parent and its
consolidated Subsidiaries as of December 31, 2017 and the related statements of income and shareholders’ equity of Parent and its consolidated Subsidiaries for the fiscal year then ended, copies of which have been furnished to the
Administrative Agent and the Lenders, present fairly in all material respects the consolidated financial position of Parent and its consolidated Subsidiaries for the period ended on such date, all in accordance with GAAP. 

(t)    Bulk Sales Act. No transaction contemplated by this Agreement requires compliance by it with any bulk sales
act or similar law. 
 (u)    Taxes. The Servicer has (i) timely filed all tax returns (federal, state,
foreign and local) required to be filed by it and (ii) paid, or caused to be paid, all taxes, assessments and other governmental charges, if any, other than taxes, assessments and other governmental charges being contested in good faith by
appropriate proceedings and as to which adequate reserves have been provided in accordance with GAAP, except in each case to the extent that the failure to file or pay could not reasonably be expected to have a Material Adverse Effect. 

(v)    Opinions. The facts regarding the Borrower, the Servicer, each Originator, the Performance Guarantor, the
Receivables, the Related Security and the related matters set forth or assumed in each of the opinions of counsel delivered in connection with this Agreement and the Transaction Documents are true and correct in all material respects. 

(w)    Other Transaction Documents. Each representation and warranty made by the Servicer under each other
Transaction Document to which it is a party is true and correct in all material respects as of the date when made. 

(x)    No Linked Accounts. Except for the Servicer’s Account, there are no Linked Accounts with respect to any
Collection Account. 
 Notwithstanding any other provision of this Agreement or any other Transaction Document, the representations and
warranties contained in this Section shall be continuing, and remain in full force and effect until the Final Payout Date. 

  
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 ARTICLE VIII 

COVENANTS 
 SECTION 8.01.
Covenants of the Borrower. At all times from the Closing Date until the Final Payout Date: 
 (a)    Payment
of Principal and Interest. The Borrower shall duly and punctually pay Capital, Interest, Fees and all other amounts payable by the Borrower hereunder in accordance with the terms of this Agreement. 

(b)    Existence. The Borrower shall keep in full force and effect its existence and rights as a limited liability
company under the laws of the State of Delaware, and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement,
the other Transaction Documents and the Collateral. 
 (c)    Financial Reporting. The Borrower will maintain a
system of accounting established and administered in accordance with GAAP, and the Borrower (or the Servicer on its behalf) shall furnish to the Administrative Agent and each Lender: 

(i)    Annual Financial Statements of the Borrower. Promptly upon completion and in no event
later than 90 days after the close of each fiscal year of the Borrower, annual unaudited financial statements of the Borrower certified by a Financial Officer of the Borrower that they fairly present in all material respects, in accordance with
GAAP, the financial condition of the Borrower as of the date indicated and the results of its operations for the periods indicated. 

(ii)    Information Packages and Interim Reports. Commencing on the Commencement Date, as soon as
available and in any event (a) not later than two (2) Business Days prior to each Settlement Date, an Information Package as of the most recently completed Fiscal Month and (b) if a Ratings Event has occurred and is continuing, upon
prior written notice from the Administrative Agent, the Borrower shall furnish or cause to be furnished to the Administrative Agent and each Lender on the second Business Day of each calendar week, an Interim Report with respect to the Pool
Receivables with data as of the close of business on the last day of the immediately preceding calendar week. 

(iii)    Other Information. Such other information relating to the Collateral and the
Borrower and the transactions contemplated hereby (including non-financial information) as the Administrative Agent or any Lender may from time to time reasonably request. 

(iv)    Quarterly Financial Statements of Parent. As soon as available and in no event later than 45
days following the end of each of the first three fiscal quarters in each of Parent’s fiscal years, (A) the unaudited consolidated balance sheet and statements of income of Parent and its consolidated Subsidiaries as at the end of such
fiscal quarter 

  
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and the related unaudited consolidated statements of earnings and cash flows for such fiscal quarter and for the elapsed portion of the fiscal year ended with the last day of such fiscal quarter,
in each case setting forth comparative figures for the corresponding fiscal quarter in the prior fiscal year, all of which shall be certified by a Financial Officer of Parent that they fairly present in all material respects, in accordance with
GAAP, the financial condition of Parent and its consolidated Subsidiaries as of the dates indicated and the results of their operations for the periods indicated, subject to normal year-end audit adjustments
and the absence of footnotes and (B) management’s discussion and analysis of the important operational and financial developments during such fiscal quarter. 

(v)    Annual Financial Statements of Parent. Within 90 days after the close of each of
Parent’s fiscal years, the consolidated balance sheet of Parent and its consolidated Subsidiaries as at the end of such fiscal year and the related consolidated statements of earnings and cash flows for such fiscal year setting forth
comparative figures for the preceding fiscal year, all reported on by independent certified public accountants of recognized national standing (without (x) a “going concern” or like qualification or exception or (y) a
qualification as to the scope of the audit) to the effect that such consolidated financial statements present fairly in all material respects, in accordance with GAAP, the financial condition of Parent and its consolidated Subsidiaries as of the
dates indicated and the results of their operations for the periods indicated. 
 (vi)    Other
Reports and Filings. Promptly (but in any event within ten days) after the filing or delivery thereof, copies of all financial information, proxy materials and reports, if any, which Parent or any of its consolidated Subsidiaries shall publicly
file with the SEC. 
 Notwithstanding anything herein to the contrary, any financial information, proxy statements or other material required
to be delivered pursuant to this paragraph (c) shall be deemed to have been furnished to each of the Administrative Agent and each Lender on the date that such report, proxy statement or other material is posted on the SEC’s website
at www.sec.gov. 
 (d)    Notices. The Borrower (or the Servicer on its behalf) will notify the Administrative
Agent and each Lender in writing of any of the following events promptly upon (but in no event later than four (4) Business Days after) a Financial Officer or other officer learning of the occurrence thereof (unless a different notice period is
set forth for the event in the relevant subsections below), with such notice describing the same, and if applicable, the steps being taken by the Person(s) affected with respect thereto: 

(i)    Notice of Events of Default or Unmatured Events of Default. A statement of a Financial
Officer of the Borrower setting forth details of any Event of Default or Unmatured Event of Default that has occurred and is continuing and the action which the Borrower proposes to take with respect thereto. 

  
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 (ii)    Representations and Warranties. The failure of
any representation or warranty made or deemed to be made by the Borrower under this Agreement or any other Transaction Document to be true and correct in any material respect when made. 

(iii)    Litigation. The institution of any litigation, arbitration proceeding or governmental
proceeding with respect to the Borrower, the Servicer, the Performance Guarantor or any Originator, which with respect to any Person other than the Borrower, could reasonably be expected to have a Borrower Material Adverse Effect or a Material
Adverse Effect. 
 (iv)    Adverse Claim. (A) Any Person shall obtain an Adverse Claim
(other than a Permitted Adverse Claim) upon the Collateral or any portion thereof, (B) any Person other than the Borrower, the Servicer or the Administrative Agent shall obtain any rights or direct any action with respect to any Collection
Account (or related Lock-Box) or (C) any Obligor shall receive any change in payment instructions with respect to Pool Receivable(s) from a Person other than the Servicer or the Administrative Agent. 

(v)    Name Changes. At least thirty (30) days before any change in any Originator’s or
the Borrower’s name, jurisdiction of organization or any other change requiring the amendment of UCC financing statements. 

(vi)    Change in Accountants or Accounting Policy. Any change in (A) the external accountants
of the Borrower, the Servicer, any Originator, Performance Guarantor or the Parent, (B) any accounting policy of the Borrower or (C) any material accounting policy of any Originator that is relevant to the transactions contemplated by this
Agreement or any other Transaction Document (it being understood that any change to the manner in which any Originator accounts for the Pool Receivables shall be deemed “material” for such purpose). 

(vii)    Termination Event. The occurrence of a Purchase and Sale Termination Event under the
Purchase and Sale Agreement. 
 (viii)    Material Adverse Effect. Promptly after the occurrence
thereof, notice of any Borrower Material Adverse Effect or Material Adverse Effect. 
 (e)    Conduct of
Business. The Borrower will carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted. 

(f)    Compliance with Laws. The Borrower will comply with all Applicable Laws to which it may be subject if the
failure to comply could reasonably be expected to have a Borrower Material Adverse Effect. 
 (g)    Furnishing of
Information and Inspection of Receivables. The Borrower will furnish or cause to be furnished to the Administrative Agent and each Lender from time to time such information with respect to the Pool Receivables and the other Collateral as the
Administrative Agent or any Lender may reasonably request. The Borrower will, at the Borrower’s expense, during regular business hours with reasonable prior written notice (i) permit 

  
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the Administrative Agent and each Lender or their respective agents or representatives to (A) examine and make copies of and abstracts from all books and records relating to the Pool
Receivables or other Collateral, (B) visit the offices and properties of the Borrower for the purpose of examining such books and records and (C) discuss matters relating to the Pool Receivables, the other Collateral or the Borrower’s
performance hereunder or under the other Transaction Documents to which it is a party with any of the officers, directors, and/or independent public accountants of the Borrower having knowledge of such matters and (ii) without limiting the
provisions of clause (i) above, during regular business hours, at the Borrower’s expense, upon reasonable prior written notice from the Administrative Agent, permit certified public accountants or other auditors acceptable to the
Administrative Agent to conduct a review of its books and records with respect to such Pool Receivables and other Collateral; provided, that the Borrower shall be required to reimburse the Administrative Agent for only one (1) combined
review of the Servicer, the Borrower and the Originators pursuant to Section 8.02(e) and the Borrower pursuant to clause (ii) above in any twelve-month period, unless an Event of Default has occurred and is continuing. 

(h)    Payments on Receivables, Collection Accounts. The Borrower (or the Servicer on its behalf) will, and will
cause each Originator to, at all times, instruct all Obligors to deliver payments on the Pool Receivables to a Collection Account or a Lock-Box. The Borrower (or the Servicer on its behalf) will, and will
cause each Originator to, at all times, maintain such books and records necessary to identify Collections received from time to time on Pool Receivables and to segregate such Collections from other property of the Servicer and the Originators. If
any payments on the Pool Receivables or other Collections are received by the Borrower, the Servicer or an Originator, it shall hold such payments in trust for the benefit of the Administrative Agent, the Lenders and the other Secured Parties and
promptly (but in any event within one (1) Business Day after becoming aware of such receipt) remit such funds into a Collection Account. The Borrower (or the Servicer on its behalf) will use commercially reasonable efforts to ensure that each
Collection Account Bank complies with the terms of each applicable Account Control Agreement. The Borrower shall use commercially reasonable efforts to ensure that no funds other than Collections on Pool Receivables and other Collateral are
deposited into any Collection Account. If such funds are nevertheless deposited into any Collection Account, the Borrower (or the Servicer on its behalf) will within two (2) Business Days identify and transfer such funds to the appropriate
Person entitled to such funds. The Borrower will not, and will not permit the Servicer, any Originator or any other Person to commingle Collections or other funds to which the Administrative Agent, any Lender or any other Secured Party is entitled,
with any other funds. The Borrower shall only add a Collection Account (or a related Lock-Box) or a Collection Account Bank to those listed on Schedule II to this Agreement, if the Administrative Agent
has received notice of such addition and an executed and acknowledged copy of an Account Control Agreement (or an amendment thereto) in form and substance acceptable to the Administrative Agent from the applicable Collection Account Bank. The
Borrower shall only terminate a Collection Account Bank or close a Collection Account (or a related Lock-Box) with the prior written consent of the Administrative Agent. Commencing on the date that is 30 days
following the Closing Date, the Borrower shall ensure that no disbursements are made from any Collection Account, other than such disbursements that are made at the direction and for the account of the Borrower. 

  
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 (i)    Sales, Liens, etc. Except as otherwise provided herein, the
Borrower will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim (other than a Permitted Adverse Claim) upon (including, without limitation, the filing of any financing
statement) or with respect to, any Pool Receivable or other Collateral, or assign any right to receive income in respect thereof. 

(j)    Extension or Amendment of Pool Receivables. Except as otherwise permitted in
Section 9.02, the Borrower will not, and will not permit the Servicer to, alter the delinquency status or adjust the Outstanding Balance or otherwise modify the terms of any Pool Receivable in any material respect, or
amend, modify or waive, in any material respect, any term or condition of any related Contract. The Borrower shall at its expense, timely and fully perform and comply in all material respects with all provisions, covenants and other promises
required to be observed by it under the Contracts related to the Pool Receivables, and timely and fully comply in all material respects with the Credit and Collection Policy with regard to each Pool Receivable and the related Contract. 

(k)    Change in Credit and Collection Policy. The Borrower will not make any change in the Credit and Collection
Policy that would reasonably be expected to either (x) have a material adverse effect on the collectability of the Pool Receivables or (y) have a Borrower Material Adverse Effect or a Material Adverse Effect, in each case, without the
prior written consent of the Administrative Agent and the Majority Lenders. Promptly following any material change in the Credit and Collection Policy, the Borrower will deliver a copy of the updated Credit and Collection Policy to the
Administrative Agent and each Lender. 
 (l)    Fundamental Changes. The Borrower shall not, without the prior
written consent of the Administrative Agent and the Majority Lenders, permit itself (i) to merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or
substantially all of its assets (whether now owned or hereafter acquired) to, any Person or (ii) to be directly owned by any Person other than an Originator. The Borrower shall not, without the prior written consent of the Administrative Agent
and the Majority Lenders, make any change in the Borrower’s name, identity, corporate structure or location or make any other change in the Borrower’s identity or corporate structure that could impair or otherwise render any UCC financing
statement filed in connection with this Agreement or any other Transaction Document “seriously misleading” as such term (or similar term) is used in the applicable UCC. 

(m)    Books and Records. The Borrower shall maintain and implement (or cause the Servicer to maintain and
implement) administrative and operating procedures (including an ability to recreate records evidencing Pool Receivables and related Contracts in the event of the destruction of the originals thereof), and keep and maintain (or cause the Servicer to
keep and maintain) all documents, books, records, computer tapes and disks and other information reasonably necessary or advisable for the collection of all Pool Receivables (including records adequate to permit the daily identification of each Pool
Receivable and all Collections of and adjustments to each existing Pool Receivable). 
 (n)    Identifying of
Records. The Borrower shall: (i) identify (or cause the Servicer to identify) its master data processing records relating to Pool Receivables and related 

  
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Contracts with a legend that indicates that the Pool Receivables have been pledged in accordance with this Agreement and (ii) cause each Originator so to identify its master data processing
records with such a legend. 
 (o)    Change in Payment Instructions to Obligors. The Borrower shall not (and
shall not permit the Servicer or any Sub-Servicer to) add, replace or terminate any Collection Account (or any related Lock-Box) or make any change in its (or their)
instructions to the Obligors regarding payments to be made to the Collection Accounts (or any related Lock-Box), other than any instruction to remit payments to a different Collection Account (or any related Lock-Box), unless the Administrative Agent shall have received (i) prior written notice of such addition, termination or change and (ii) a signed and acknowledged Account Control Agreement (or amendment
thereto) with respect to such new Collection Accounts (or any related Lock-Box), in form and substance satisfactory to the Administrative Agent. 

(p)    Security Interest, Etc. The Borrower shall (and shall cause the Servicer to), at its expense, take all
action necessary to establish and maintain a valid and enforceable first priority perfected security interest in the Collateral, in each case free and clear of any Adverse Claim (other than a Permitted Adverse Claim), in favor of the Administrative
Agent (on behalf of the Secured Parties), including taking such action to perfect, protect or more fully evidence the security interest of the Administrative Agent (on behalf of the Secured Parties) as the Administrative Agent or any Secured Party
may reasonably request. In order to evidence the security interests of the Administrative Agent under this Agreement, the Borrower shall, from time to time take such action, or execute and deliver such instruments as may be necessary (including,
without limitation, such actions as are reasonably requested by the Administrative Agent) to maintain and perfect, as a first-priority interest, the Administrative Agent’s security interest in the Receivables, Related Security and Collections.
The Borrower shall, from time to time and within the time limits established by law, prepare and present to the Administrative Agent for the Administrative Agent’s authorization and approval, all financing statements, amendments, continuations
or initial financing statements in lieu of a continuation statement, or other filings necessary to continue, maintain and perfect the Administrative Agent’s security interest as a first-priority interest. The Administrative Agent’s
approval of such filings shall authorize the Borrower to file such financing statements under the UCC without the signature of the Borrower, any Originator or the Administrative Agent where allowed by Applicable Law. Notwithstanding anything else in
the Transaction Documents to the contrary, the Borrower shall not have any authority to file a termination, partial termination, release, partial release, or any amendment that deletes the name of a debtor or excludes collateral of any such
financing statements filed in connection with the Transaction Documents, without the prior written consent of the Administrative Agent. 

(q)    Certain Agreements. Without the prior written consent of the Administrative Agent and the Majority Lenders,
the Borrower will not (and will not permit any Originator or the Servicer to) amend, modify, waive, revoke or terminate any Transaction Document to which it is a party or any provision of the Borrower’s organizational documents which requires
the consent of the “Independent Director” (as such term is used in the Borrower’s Certificate of Formation and Limited Liability Company Agreement). 

  
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 (r)    Restricted Payments. (i) Except pursuant to clause
(ii) below, the Borrower will not: (A) purchase or redeem any of its membership interests, (B) declare or pay any dividend or set aside any funds for any such purpose, (C) prepay, purchase or redeem any Debt (other than any
Loan pursuant to this Agreement), (D) lend or advance any funds or (E) repay any loans or advances to, for or from any of its Affiliates (the amounts described in clauses (A) through (E) being referred to as
“Restricted Payments”). 
 (ii)    Subject to the limitations set forth in clause
(iii) below, the Borrower may make Restricted Payments so long as such Restricted Payments are made only in one or more of the following ways: (A) the Borrower may make cash payments (including prepayments) on the Intercompany Loans in
accordance with their respective terms and (B) the Borrower may declare and pay dividends if, both immediately before and immediately after giving effect thereto, the Borrower’s Net Worth is not less than the Required Capital Amount. 

(iii)    The Borrower may make Restricted Payments only out of the funds, if any, it receives pursuant to
Sections 4.01 of this Agreement; provided that the Borrower shall not pay, make or declare any Restricted Payment (including any dividend) if, after giving effect thereto, any Event of Default or Unmatured Event of Default shall have
occurred and be continuing. 
 (s)    Other Business. The Borrower will not: (i) engage in any business
other than the transactions contemplated by the Transaction Documents, (ii) create, incur or permit to exist any Debt of any kind (or cause or permit to be issued for its account any letters of credit or bankers’ acceptances other than
pursuant to this Agreement or the Intercompany Loan Agreement or (iii) form any Subsidiary or make any investments in any other Person. 

(t)    Use of Collections Available to the Borrower. The Borrower shall apply the Collections available to the
Borrower to make payments in the following order of priority: (i) the payment of its obligations under this Agreement and each of the other Transaction Documents (other than the Intercompany Loan Agreement), (ii) the payment of accrued and
unpaid interest and principal on the Intercompany Loans and (iii) other legal and valid purposes. 

(u)    Further Assurances; Change in Name or Jurisdiction of Origination, etc. (i) The Borrower hereby
authorizes and hereby agrees from time to time, at its own expense, promptly to execute (if necessary) and deliver all further instruments and documents, and to take all further actions, that may be necessary or desirable, or that the Administrative
Agent may reasonably request, to perfect, protect or more fully evidence the security interest granted pursuant to this Agreement or any other Transaction Document, or to enable the Administrative Agent (on behalf of the Secured Parties) to exercise
and enforce the Secured Parties’ rights and remedies under this Agreement and the other Transaction Document. Without limiting the foregoing, the Borrower hereby authorizes, and will, upon the request of the Administrative Agent, at the
Borrower’s own expense, execute (if necessary) and file such financing statements or continuation statements, or amendments thereto, and such other instruments and documents, that may be necessary, or that the Administrative Agent may
reasonably request, to perfect, protect or evidence any of the foregoing. 

  
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 (ii)    The Borrower authorizes the Administrative Agent to
file financing statements, continuation statements and amendments thereto and assignments thereof, relating to the Receivables, the Related Security, the related Contracts, Collections with respect thereto and the other Collateral without the
signature of the Borrower. 
 (iii)    The Borrower shall at all times be organized under the laws of the
State of Delaware and shall not take any action to change its jurisdiction of organization. 

(iv)    The Borrower will not change its name, location, identity or corporate structure unless
(x) the Borrower, at its own expense, shall have taken all action necessary or appropriate to perfect or maintain the perfection of the security interest under this Agreement (including, without limitation, the filing of all financing
statements and the taking of such other action as the Administrative Agent may request in connection with such change or relocation) and (y) if requested by the Administrative Agent, the Borrower shall cause to be delivered to the
Administrative Agent, an opinion, in form and substance satisfactory to the Administrative Agent as to such UCC perfection and priority matters as the Administrative Agent may request at such time. 

(v)    Anti-Money Laundering/International Trade Law Compliance. The Borrower will not become a Sanctioned Person.
No Covered Entity, either in its own right or through any third party, will (a) have any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (b) do
business in or with, or derive any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; (c) engage in any dealings or transactions prohibited by any
Anti-Terrorism Law or (d) use the proceeds of any Credit Extension to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law.
The funds used to repay each Credit Extension will not be derived from any unlawful activity. The Borrower shall comply with all Anti-Terrorism Laws. The Borrower shall promptly notify the Administrative Agent and each Lender in writing upon the
occurrence of a Reportable Compliance Event. The Borrower has not used and will not use the proceeds of any Credit Extension to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a
Sanctioned Country. 
 (w)    Borrower’s Net Worth. The Borrower shall not permit the Borrower’s Net
Worth to be less than the Required Capital Amount. 
 (x)    Taxes. The Borrower will (i) timely file all
tax returns (federal, state and local) required to be filed by it and (ii) pay, or cause to be paid, all taxes, assessments and other governmental charges, if any, other than taxes, assessments and other governmental charges being contested in
good faith by appropriate proceedings and as to which adequate reserves have been provided in accordance with GAAP, except in each case to the extent that the failure to file or pay could not reasonably be expected to have a Borrower Material
Adverse Effect. 
 (y)    Borrower’s Tax Status. The Borrower will remain a wholly-owned subsidiary of a
United States person (within the meaning of Section 7701(a)(30) of the Code) 

  
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and not be subject to withholding under Section 1446 of the Code. No action will be taken that would cause the Borrower to (i) be treated other than as a “disregarded entity”
within the meaning of U.S. Treasury Regulation § 301.7701-3 for U.S. federal income tax purposes or (ii) become an association taxable as a corporation or a publicly traded partnership taxable as a
corporation for U.S. federal income tax purposes. The Borrower shall not become subject to any Tax in any jurisdiction outside the United States. 

(z)    Minimum Funding Threshold. The Borrower shall cause the Aggregate Capital to exceed the Minimum Funding
Threshold at all times. 
 (aa)    Liquidity Coverage Ratio. The Borrower shall not issue any LCR Security. 

(bb)    Linked Accounts. Except for the Servicer’s Account, the Borrower shall not permit any Linked Account
to exist with respect to any Collection Account; provided, however, that if so instructed by the Administrative Agent (in its sole discretion) at any time if a Ratings Event has occurred and is continuing, the Borrower shall cause the
Servicer’s Account to cease being a Linked Account promptly, but not later than 2 Business Days following the Borrower’s or the Servicer’s receipt of such instruction. 

(cc)    Other Additional Information. The Borrower will provide to the Administrative Agent and the Lenders such
information and documentation as may reasonably be requested by the Administrative Agent or any Lender from time to time for purposes of compliance by the Administrative Agent or such Lender with applicable laws (including without limitation the
PATRIOT Act and other “know your customer” and anti-money laundering rules and regulations), and any policy or procedure implemented by the Administrative Agent or such Lender to comply therewith. 

SECTION 8.02. Covenants of the Servicer. At all times from the Closing Date until the Final Payout Date: 

(a)    Existence. The Servicer shall keep in full force and effect its existence and rights as a corporation or
other entity under the laws of the State of Delaware. The Servicer shall obtain and preserve its qualification to do business in each jurisdiction in which the conduct of its business or the servicing of the Pool Receivables as required by this
Agreement requires such qualification, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

(b)    Financial Reporting. The Servicer will maintain a system of accounting established and administered in
accordance with GAAP, and the Servicer shall furnish to the Administrative Agent and each Lender: 

(i)    Compliance Certificates. (a) A compliance certificate promptly upon completion of
the annual report of Parent and in no event later than 90 days after the close of Parent’s fiscal year, in form and substance substantially similar to Exhibit H signed by a Financial Officer of the Servicer stating that no Event of
Default or Unmatured Event of Default has occurred and is continuing, or if any Event of Default or 

  
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Unmatured Event of Default has occurred and is continuing, stating the nature and status thereof and (b) within 45 days after the close of each fiscal quarter of Parent, a compliance
certificate in form and substance substantially similar to Exhibit H signed by a Financial Officer of the Servicer stating that no Event of Default or Unmatured Event of Default has occurred and is continuing, or if any Event of Default or
Unmatured Event of Default has occurred and is continuing, stating the nature and status thereof. 

(ii)    Information Packages and Interim Reports. Commencing on the Commencement Date, as soon as
available and in any event (a) not later than two (2) Business Days prior to each Settlement Date, an Information Package as of the most recently completed Fiscal Month and (b) if a Ratings Event has occurred and is continuing, upon
prior written notice from the Administrative Agent, the Servicer shall furnish or cause to be furnished to the Administrative Agent and each Lender on the second Business Day of each calendar week, an Interim Report with respect to the Pool
Receivables with data as of the close of business on the last day of the immediately preceding calendar week. 

(iii)    Other Information. Such other information relating to the Borrower, the Servicer,
the Originators, the Performance Guarantor and the Collateral (including non-financial information) as the Administrative Agent or any Lender may from time to time reasonably request. 

(iv)    Quarterly Financial Statements of Parent. As soon as available and in no event later than 45
days following the end of each of the first three fiscal quarters in each of Parent’s fiscal years, (A) the unaudited consolidated balance sheet and statements of income of Parent and its consolidated Subsidiaries as at the end of such
fiscal quarter and the related unaudited consolidated statements of earnings and cash flows for such fiscal quarter and for the elapsed portion of the fiscal year ended with the last day of such fiscal quarter, in each case setting forth comparative
figures for the corresponding fiscal quarter in the prior fiscal year, all of which shall be certified by a Financial Officer of Parent that they fairly present in all material respects, in accordance with GAAP, the financial condition of Parent and
its consolidated Subsidiaries as of the dates indicated and the results of their operations for the periods indicated, subject to normal year-end audit adjustments and the absence of footnotes and
(B) management’s discussion and analysis of the important operational and financial developments during such fiscal quarter. 

(v)    Annual Financial Statements of Parent. Within 90 days after the close of each of
Parent’s fiscal years, the consolidated balance sheet of Parent and its consolidated Subsidiaries as at the end of such fiscal year and the related consolidated statements of earnings and cash flows for such fiscal year setting forth
comparative figures for the preceding fiscal year, all reported on by independent certified public accountants of recognized national standing (without (x) a “going concern” or like qualification or exception or (y) a
qualification as to the scope of the audit) to the effect that such consolidated financial statements present fairly in all material respects, in accordance with GAAP, the financial condition of Parent and its consolidated Subsidiaries as of the
dates indicated and the results of their operations for the periods indicated. 

  
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 (vi)    Other Reports and Filings. Promptly (but in
any event within ten days) after the filing or delivery thereof, copies of all financial information, proxy materials and reports, if any, which Parent or any of its consolidated Subsidiaries shall publicly file with the SEC. 

Notwithstanding anything herein to the contrary, any financial information, proxy statements or other material required to be delivered
pursuant to this paragraph (c) shall be deemed to have been furnished to each of the Administrative Agent and each Lender on the date that such report, proxy statement or other material is posted on the SEC’s website at www.sec.gov.

 (b)    Notices. The Servicer will notify the Administrative Agent and each Lender in writing of any of the
following events promptly upon (but in no event later than four (4) Business Days after) a Financial Officer or other officer learning of the occurrence thereof (unless a different notice period is set forth for the event in the relevant
subsections below), with such notice describing the same, and if applicable, the steps being taken by the Person(s) affected with respect thereto: 

(i)    Notice of Events of Default or Unmatured Events of Default. A statement of a Financial
Officer of the Servicer setting forth details of any Event of Default or Unmatured Event of Default that has occurred and is continuing and the action which the Servicer proposes to take with respect thereto. 

(ii)    Representations and Warranties. The failure of any representation or warranty made or deemed
made by the Servicer under this Agreement or any other Transaction Document to be true and correct in any material respect when made. 

(iii)    Litigation. The institution of any litigation, arbitration proceeding or governmental
proceeding which could reasonably be expected to have a Material Adverse Effect or a Borrower Material Adverse Effect. 

(iv)    Adverse Claim. (A) Any Person shall obtain an Adverse Claim (other than a
Permitted Adverse Claim) upon the Collateral or any portion thereof, (B) any Person other than the Borrower, the Servicer or the Administrative Agent shall obtain any rights or direct any action with respect to any Collection Account (or
related Lock-Box) or (C) any Obligor shall receive any change in payment instructions with respect to Pool Receivable(s) from a Person other than the Servicer or the Administrative Agent. 

(v)    Name Changes. At least thirty (30) days before any change in any Originator’s or
the Borrower’s name, jurisdiction of organization or any other change requiring the amendment of UCC financing statements. 

(vi)    Change in Accountants or Accounting Policy. Any change in (i) the external accountants
of the Borrower, the Servicer, any Originator, Performance Guarantor or the Parent, (ii) any accounting policy of the Borrower or (iii) any material 

  
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accounting policy of any Originator that is relevant to the transactions contemplated by this Agreement or any other Transaction Document (it being understood that any change to the manner in
which any Originator accounts for the Pool Receivables shall be deemed “material” for such purpose). 

(vii)    Termination Event. The occurrence of a Purchase and Sale Termination Event under the
Purchase and Sale Agreement. 
 (viii)    Material Adverse Effect. Promptly after the occurrence
thereof, notice of any Borrower Material Adverse Effect or Material Adverse Effect. 
 (c)    Conduct of
Business. The Servicer will carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted or fields complimentary or ancillary thereto. 

(d)    Compliance with Laws. The Servicer will comply with all Applicable Laws to which it may be subject if the
failure to comply could reasonably be expected to have a Material Adverse Effect. 
 (e)    Furnishing of Information
and Inspection of Receivables. The Servicer will furnish or cause to be furnished to the Administrative Agent and each Lender from time to time such information with respect to the Pool Receivables and the other Collateral as the Administrative
Agent or any Lender may reasonably request. The Servicer will, at the Servicer’s expense, during regular business hours with reasonable prior written notice, (i) permit the Administrative Agent and each Lender or their respective agents or
representatives to (A) examine and make copies of and abstracts from all books and records relating to the Pool Receivables or other Collateral, (B) visit the offices and properties of the Servicer for the purpose of examining such books
and records and (C) discuss matters relating to the Pool Receivables, the other Collateral or the Servicer’s performance hereunder or under the other Transaction Documents to which it is a party with any of the officers, directors,
employees or independent public accountants of the Servicer (provided that representatives of the Servicer are present during such discussions) having knowledge of such matters and (ii) without limiting the provisions of clause
(i) above, during regular business hours, at the Servicer’s expense, upon reasonable prior written notice from the Administrative Agent, permit certified public accountants or other auditors acceptable to the Administrative Agent to
conduct a review of its books and records with respect to the Pool Receivables and other Collateral; provided, that the Servicer shall be required to reimburse the Administrative Agent for only one (1) combined review of the Borrower
pursuant to Section 8.01(g) and the Servicer, the Borrower and the Originators pursuant to clause (ii) above in any twelve-month period unless an Event of Default has occurred and is continuing. 

(f)    Payments on Receivables, Collection Accounts. The Servicer will at all times, instruct all Obligors to
deliver payments on the Pool Receivables to a Collection Account or a Lock-Box. The Servicer will, at all times, maintain such books and records necessary to identify Collections received from time to time on
Pool Receivables and to segregate such Collections from other property of the Servicer and the Originators. If any payments on the Pool Receivables or other Collections are received by the Borrower, the Servicer or an Originator, it

  
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shall hold such payments in trust for the benefit of the Administrative Agent, the Lenders and the other Secured Parties and promptly (but in any event within one (1) Business Day after
becoming aware of such receipt) remit such funds into a Collection Account. The Servicer shall instruct (i) all obligors on Excluded Receivables and (ii) all payors of amounts owing to the Originators or their Affiliates (which do not
constitute Pool Receivables or other Collateral), in each case, to remit payments with respect thereto to any bank account or other location that does not constitute a Collection Account or a Lock-Box. The
Servicer shall use commercially reasonable efforts to ensure that no funds other than Collections on Pool Receivables and other Collateral are deposited into any Collection Account. If such funds are nevertheless deposited into any Collection
Account, the Servicer will within two (2) Business Days identify and transfer such funds to the appropriate Person entitled to such funds. The Servicer will not, and will not permit the Borrower, any Originator or any other Person to commingle
Collections or other funds to which the Administrative Agent, any Lender or any other Secured Party is entitled, with any other funds. The Servicer shall only add a Collection Account (or a related Lock-Box),
or a Collection Account Bank to those listed on Schedule II to this Agreement, if the Administrative Agent has received notice of such addition and an executed and acknowledged copy of an Account Control Agreement (or an amendment thereto) in
form and substance acceptable to the Administrative Agent from the applicable Collection Account Bank. The Servicer shall only terminate a Collection Account Bank or close a Collection Account (or a related
Lock-Box) with the prior written consent of the Administrative Agent. Commencing on the date that is 30 days following the Closing Date, the Servicer shall ensure that no disbursements are made from any
Collection Account, other than such disbursements that are made at the direction and for the account of the Borrower. 

(g)    Extension or Amendment of Pool Receivables. Except as otherwise permitted in
Section 9.02, the Servicer will not alter the delinquency status or adjust the Outstanding Balance or otherwise modify the terms of any Pool Receivable in any material respect, or amend, modify or waive, in any material
respect, any term or condition of any related Contract. The Servicer shall at its expense, timely and fully perform and comply in all material respects with all provisions, covenants and other promises required to be observed by it under the
Contracts related to the Pool Receivables, and timely and fully comply with the Credit and Collection Policy with regard to each Pool Receivable and the related Contract. 

(h)    Change in Credit and Collection Policy. The Servicer will not make any change in the Credit and Collection
Policy that would reasonably be expected to either (x) have a material adverse effect on the collectability of the Pool Receivables or (y) have a Borrower Material Adverse Effect or a Material Adverse Effect, in each case, without the
prior written consent of the Administrative Agent and the Majority Lenders. Promptly following any material change in the Credit and Collection Policy, the Servicer will deliver a copy of the updated Credit and Collection Policy to the
Administrative Agent and each Lender. 
 (i)    Records. The Servicer will maintain and implement administrative
and operating procedures (including an ability to recreate records evidencing Pool Receivables and related Contracts in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records, computer tapes and
disks and other information reasonably necessary or advisable for the collection of all Pool Receivables (including records adequate to permit the daily identification of each Pool Receivable and all Collections of and adjustments to each existing
Pool Receivable). 

  
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 (j)    Identifying of Records. The Servicer shall identify its master
data processing records relating to Pool Receivables and related Contracts with a legend that indicates that the Pool Receivables have been pledged in accordance with this Agreement. 

(k)    Change in Payment Instructions to Obligors. The Servicer shall not (and shall not permit any Sub-Servicer to) add, replace or terminate any Collection Account (or any related Lock-Box) or make any change in its instructions to the Obligors regarding payments to be
made to the Collection Accounts (or any related Lock-Box), other than any instruction to remit payments to a different Collection Account (or any related Lock-Box),
unless the Administrative Agent shall have received (i) prior written notice of such addition, termination or change and (ii) a signed and acknowledged Account Control Agreement (or an amendment thereto) with respect to such new Collection
Accounts (or any related Lock-Box) in form and substance satisfactory to the Administrative Agent. 

(l)    Security Interest, Etc. The Servicer shall, at its expense, take all action necessary to establish and
maintain a valid and enforceable first priority perfected security interest in the Collateral, in each case free and clear of any Adverse Claim (other than a Permitted Adverse Claim) in favor of the Administrative Agent (on behalf of the Secured
Parties), including taking such action to perfect, protect or more fully evidence the security interest of the Administrative Agent (on behalf of the Secured Parties) as the Administrative Agent or any Secured Party may reasonably request. In order
to evidence the security interests of the Administrative Agent under this Agreement, the Servicer shall, from time to time take such action, or execute and deliver such instruments as may be necessary (including, without limitation, such actions as
are reasonably requested by the Administrative Agent) to maintain and perfect, as a first-priority interest, the Administrative Agent’s security interest in the Receivables, Related Security and Collections. The Servicer shall, from time to
time and within the time limits established by law, prepare and present to the Administrative Agent for the Administrative Agent’s authorization and approval, all financing statements, amendments, continuations or initial financing statements
in lieu of a continuation statement, or other filings necessary to continue, maintain and perfect the Administrative Agent’s security interest as a first-priority interest. The Administrative Agent’s approval of such filings shall
authorize the Servicer to file such financing statements under the UCC without the signature of the Borrower, any Originator or the Administrative Agent where allowed by Applicable Law. Notwithstanding anything else in the Transaction Documents to
the contrary, the Servicer shall not have any authority to file a termination, partial termination, release, partial release, or any amendment that deletes the name of a debtor or excludes collateral of any such financing statements filed in
connection with the Transaction Documents, without the prior written consent of the Administrative Agent. 

(m)    Further Assurances; Change in Name or Jurisdiction of Origination, etc. The Servicer hereby authorizes and
hereby agrees from time to time, at its own expense, promptly to execute (if necessary) and deliver all further instruments and documents, and to take all further actions, that may be necessary or desirable, or that the Administrative Agent may
reasonably request, to perfect, protect or more fully evidence the security interest granted 

  
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pursuant to this Agreement or any other Transaction Document, or to enable the Administrative Agent (on behalf of the Secured Parties) to exercise and enforce their respective rights and remedies
under this Agreement or any other Transaction Document. Without limiting the foregoing, the Servicer hereby authorizes, and will, upon the request of the Administrative Agent, at the Servicer’s own expense, execute (if necessary) and file such
financing statements or continuation statements, or amendments thereto, and such other instruments and documents, that may be necessary, or that the Administrative Agent may reasonably request, to perfect, protect or evidence any of the foregoing.

 (n)    Anti-Money Laundering/International Trade Law Compliance. The Servicer will not become a Sanctioned
Person. No Covered Entity, either in its own right or through any third party, will (a) have any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law;
(b) do business in or with, or derive any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; (c) engage in any dealings or transactions prohibited by
any Anti-Terrorism Law or (d) use the proceeds of any Credit Extension to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism
Law. The funds used to repay each Credit Extension will not be derived from any unlawful activity. The Servicer shall comply with all Anti-Terrorism Laws. The Servicer shall promptly notify the Administrative Agent and each Lender in writing upon
the occurrence of a Reportable Compliance Event. 
 (o)    Taxes. The Servicer will (i) timely file all tax
returns (federal, state and local) required to be filed by it and (ii) pay, or cause to be paid, all taxes, assessments and other governmental charges, if any, other than taxes, assessments and other governmental charges being contested in good
faith by appropriate proceedings and as to which adequate reserves have been provided in accordance with GAAP, except in each case to the extent that such failure to file or pay could not reasonably be expected to have a Material Adverse Effect.

 (p)    Borrower’s Tax Status. The Servicer shall not take or cause any action to be taken that could
result in the Borrower (i) being treated other than as a “disregarded entity” within the meaning of U.S. Treasury Regulation § 301.7701-3 for U.S. federal income tax purposes or
(ii) becoming an association taxable as a corporation or a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes. 

(q)    Linked Accounts. Except for the Servicer’s Account, the Servicer shall not permit any Linked Account to
exist with respect to any Collection Account; provided, however, that if so instructed by the Administrative Agent (in its sole discretion) at any time if a Ratings Event has occurred and is continuing, the Servicer shall cause the
Servicer’s Account to cease being a Linked Account promptly, but not later than 2 Business Days following the Borrower’s or the Servicer’s receipt of such instruction. The Servicer shall at all times ensure that (i) the account
balance in the Servicer’s Account is greater than zero and will exceed the aggregate Settlement Item Amount of all Settlement Items at any time outstanding with respect to the Servicer’s Account and (ii) no amount will be debited
against any Collection Account as a result of any Settlement Item that originated in the Servicer’s Account or any account other than a Collection Account. 

  
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 (r)    Other Additional Information. The Servicer will provide to the
Administrative Agent and the Lenders such information and documentation as may reasonably be requested by the Administrative Agent or any Lender from time to time for purposes of compliance by the Administrative Agent or such Lender with applicable
laws (including without limitation the PATRIOT Act and other “know your customer” and anti-money laundering rules and regulations), and any policy or procedure implemented by the Administrative Agent or such Lender to comply therewith.

 SECTION 8.03. Separate Existence of the Borrower. Each of the Borrower and the Servicer hereby acknowledges that the Secured
Parties, the Lenders and the Administrative Agent are entering into the transactions contemplated by this Agreement and the other Transaction Documents in reliance upon the Borrower’s identity as a legal entity separate from any Originator, the
Servicer, the Performance Guarantor and their Affiliates. Therefore, each of the Borrower and Servicer shall take all steps specifically required by this Agreement or reasonably required by the Administrative Agent or any Lender to continue the
Borrower’s identity as a separate legal entity and to make it apparent to third Persons that the Borrower is an entity with assets and liabilities distinct from those of the Performance Guarantor, the Originators, the Servicer and any other
Person, and is not a division of the Performance Guarantor, the Originators, the Servicer, its Affiliates or any other Person. Without limiting the generality of the foregoing and in addition to and consistent with the other covenants set forth
herein, each of the Borrower and the Servicer shall take such actions as shall be required in order that: 

(a)    Special Purpose Entity. The Borrower will be a special purpose company whose primary activities are
restricted in its Limited Liability Company Agreement to: (i) purchasing or otherwise acquiring from the Originators, owning, holding, collecting, granting security interests or selling interests in the Collateral, (ii) entering into
agreements for the selling, servicing and financing of the Receivables Pool (including the Transaction Documents) and (iii) conducting such other activities as it deems necessary or appropriate to carry out its primary activities. 

(b)    No Other Business or Debt. The Borrower shall not engage in any business or activity except as set forth in
this Agreement nor, incur any indebtedness or liability other than as expressly permitted by the Transaction Documents. 

(c)    Independent Director. Not fewer than one member of the Borrower’s board of directors (the
“Independent Director”) shall be a natural person who (A) for the five year period prior to his or her appointment as an Independent Director, has not been, and during the continuation of his or her service as an Independent
Director is not (i) an equityholder, director, officer, manager, member, partner, officer, employee or associate, or any relative of the foregoing, of any member of the Parent Group (as hereinafter defined) (other than his or her service as an
Independent Director of the Borrower or an independent director of any other bankruptcy-remote special purpose entity formed for the sole purpose of securitizing, or facilitating the securitization of, financial assets of any member or members of
the Parent Group), (ii) a customer or supplier of any member of the Parent Group (other than his or her service as an Independent Director of the Borrower or an independent director of any other bankruptcy-remote special purpose entity formed for
the sole purpose of securitizing, or 

  
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facilitating the securitization of, financial assets of any member or members of the Parent Group), (iii) any member of the immediate family of a person described in (i) or
(ii) above, and (B) has (x) prior experience as an independent director for a corporation or limited liability company whose organizational or charter documents required the unanimous consent of all independent directors thereof before
such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and
(y) at least three years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance
instruments, agreements or securities. For purposes of this clause (c), “Parent Group” shall mean (i) the Parent, the Servicer, the Performance Guarantor and each Originator, (ii) each person that directly or
indirectly, owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary, five percent (5%) or more of the Capital Stock in the Parent, (iii) each person that controls, is controlled by or is under common control with
the Parent and (iv) each of such person’s officers, directors, managers, joint venturers and partners. For the purposes of this definition, “control” of a person means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of a person or entity, whether through the ownership of voting securities, by contract or otherwise. A person shall be deemed to be an “associate” of (A) a corporation or
organization of which such person is an officer, director, partner or manager or is, directly or indirectly, the beneficial owner of ten percent (10%) or more of any class of equity securities, (B) any trust or other estate in which such person
serves as trustee or in a similar capacity and (C) any relative or spouse of a person described in clause (A) or (B) of this sentence, or any relative of such spouse. 

The Borrower shall (A) give written notice to the Administrative Agent of the election or appointment, or proposed election or
appointment, of a new Independent Director of the Borrower, which notice shall be given not later than ten (10) Business Days prior to the date such appointment or election would be effective (except when such election or appointment is
necessary to fill a vacancy caused by the death, disability, or incapacity of the existing Independent Director, or the failure of such Independent Director to satisfy the criteria for an Independent Director set forth in this clause (c), in
which case the Borrower shall provide written notice of such election or appointment within one (1) Business Day) and (B) with any such written notice, certify to the Administrative Agent that the Independent Director satisfies the
criteria for an Independent Director set forth in this clause (c). 
 The Borrower’s Limited Liability Company Agreement shall
provide that: (A) the Borrower’s board of directors shall not approve, or take any other action to cause the filing of, a voluntary bankruptcy petition with respect to the Borrower unless the Independent Director shall approve the taking
of such action in writing before the taking of such action and (B) such provision and each other provision requiring an Independent Director cannot be amended without the prior written consent of the Independent Director. 

The Independent Director shall not at any time serve as a trustee in bankruptcy for the Borrower, the Parent, the Performance Guarantor, any
Originator, the Servicer or any of their respective Affiliates. 

  
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 (d)    Organizational Documents. The Borrower shall maintain its
organizational documents in conformity with this Agreement, such that it does not amend, restate, supplement or otherwise modify its ability to comply with the terms and provisions of any of the Transaction Documents, including, without limitation,
Section 8.01(p). 
 (e)    Conduct of Business. The Borrower shall conduct its affairs
strictly in accordance with its organizational documents and observe all necessary, appropriate and customary company formalities, including, but not limited to, holding all regular and special members’ and board of directors’ meetings
appropriate to authorize all company action, keeping separate and accurate minutes of its meetings, passing all resolutions or consents necessary to authorize actions taken or to be taken, and maintaining accurate and separate books, records and
accounts, including, but not limited to, payroll and intercompany transaction accounts. 
 (f)    Compensation.
Any employee, consultant or agent of the Borrower will be compensated from the Borrower’s funds for services provided to the Borrower, and to the extent that Borrower shares the same officers or other employees as the Servicer (or any other
Affiliate thereof), the salaries and expenses relating to providing benefits to such officers and other employees shall be fairly allocated among such entities, and each such entity shall bear its fair share of the salary and benefit costs
associated with such common officers and employees. The Borrower will not engage any agents other than its attorneys, auditors and other professionals, and a servicer and any other agent contemplated by the Transaction Documents for the Receivables
Pool, which servicer will be fully compensated for its services by payment of the Servicing Fee. 
 (g)    Servicing
and Costs. The Borrower will contract with the Servicer to perform for the Borrower all operations required on a daily basis to service the Receivables Pool. The Borrower will not incur any indirect or overhead expenses for items shared with the
Servicer (or any other Affiliate thereof) that are not reflected in the Servicing Fee. To the extent, if any, that the Borrower (or any Affiliate thereof) shares items of expenses not reflected in the Servicing Fee, such as legal, auditing and other
professional services, such expenses will be allocated to the extent practical on the basis of actual use or the value of services rendered, and otherwise on a basis reasonably related to the actual use or the value of services rendered. 

(h)    Operating Expenses. The Borrower’s operating expenses will not be paid by the Servicer, the Parent, the
Performance Guarantor, any Originator or any Affiliate thereof. 
 (i)    Stationery. The Borrower will have its
own separate stationery. 
 (j)    Books and Records. The Borrower’s books and records will be maintained
separately from those of the Servicer, the Parent, the Performance Guarantor, the Originators and any of their Affiliates and in a manner such that it will not be difficult or costly to segregate, ascertain or otherwise identify the assets and
liabilities of the Borrower. 
 (k)    Disclosure of Transactions. All financial statements of the Servicer, the
Parent, the Performance Guarantor, the Originators or any Affiliate thereof that are consolidated to include the Borrower will disclose that (i) the Borrower’s sole business consists of the purchase or acceptance through capital
contributions of the Receivables and Related Rights from 

  
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the Originators and the subsequent retransfer of or granting of a security interest in such Receivables and Related Rights to the Administrative Agent pursuant to this Agreement, (ii) the
Borrower is a separate legal entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of the Borrower’s assets prior to any assets or value in the Borrower becoming available to the Borrower’s
equity holders and (iii) the assets of the Borrower are not available to pay creditors of the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliate thereof. 

(l)    Segregation of Assets. The Borrower’s assets will be maintained in a manner that facilitates their
identification and segregation from those of the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliates thereof. 

(m)    Corporate Formalities. The Borrower will strictly observe limited liability company formalities in its
dealings with the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliates thereof, and funds or other assets of the Borrower will not be commingled with those of the Servicer, the Parent, the Performance Guarantor, the
Originators or any Affiliates thereof except as permitted by this Agreement in connection with servicing the Pool Receivables. The Borrower shall not maintain joint bank accounts or other depository accounts to which the Servicer, the Parent, the
Performance Guarantor, the Originators or any Affiliate thereof (other than the Servicer solely in its capacity as such) has independent access. The Borrower is not named, and has not entered into any agreement to be named, directly or indirectly,
as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of the Servicer, the Parent, the Performance Guarantor, the Originators or any Subsidiaries or other Affiliates thereof.
The Borrower will pay to the appropriate Affiliate the marginal increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the Borrower and such Affiliate.

 (n)    Arm’s-Length Relationships. The Borrower will maintain arm’s-length relationships with the Servicer, the Parent, the Performance Guarantor, the Originators and any Affiliates thereof. Any Person that renders or otherwise furnishes services to the Borrower will be
compensated by the Borrower at market rates for such services it renders or otherwise furnishes to the Borrower. Neither the Borrower on the one hand, nor the Servicer, the Parent, the Performance Guarantor, any Originator or any Affiliate thereof,
on the other hand, will be or will hold itself out to be responsible for the debts of the other or the decisions or actions respecting the daily business and affairs of the other. The Borrower, the Servicer, the Parent, the Performance Guarantor,
the Originators and their respective Affiliates will promptly correct any known misrepresentation with respect to the foregoing, and they will not operate or purport to operate as an integrated single economic unit with respect to each other or in
their dealing with any other entity. 
 (o)    Allocation of Overhead. To the extent that Borrower, on the one
hand, and the Servicer, the Parent, the Performance Guarantor, any Originator or any Affiliate thereof, on the other hand, have offices in the same location, there shall be a fair and appropriate allocation of overhead costs between them, and the
Borrower shall bear its fair share of such expenses, which may be paid through the Servicing Fee or otherwise. 

  
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 ARTICLE IX 

ADMINISTRATION AND COLLECTION 

OF RECEIVABLES 
 SECTION
9.01. Appointment of the Servicer. 
 (a)    The servicing, administering and collection of the Pool Receivables
shall be conducted by the Person so designated from time to time as the Servicer in accordance with this Section 9.01. Until the Administrative Agent gives notice to INC Research (in accordance with this
Section 9.01) of the designation of a new Servicer, INC Research is hereby designated as, and hereby agrees to perform the duties and obligations of, the Servicer pursuant to the terms hereof. Upon the occurrence of an
Event of Default, the Administrative Agent may (with the consent of the Majority Lenders) and shall (at the direction of the Majority Lenders) designate as Servicer any Person (including itself) to succeed INC Research or any successor Servicer, on
the condition in each case that any such Person so designated shall agree to perform the duties and obligations of the Servicer pursuant to the terms hereof. 

(b)    Upon the designation of a successor Servicer as set forth in clause (a) above, INC Research
agrees that it will terminate its activities as Servicer hereunder in a manner that the Administrative Agent reasonably determines will facilitate the transition of the performance of such activities to the new Servicer, and INC Research shall
cooperate with and assist such new Servicer. Such cooperation shall include access to and transfer of records (including all Contracts) related to Pool Receivables and use by the new Servicer of all licenses (or the obtaining of new licenses),
hardware or software necessary or reasonably desirable to collect the Pool Receivables and the Related Security. 

(c)    INC Research acknowledges that, in making its decision to execute and deliver this Agreement, the Administrative
Agent and each Lender have relied on Syneos’s agreement to act as Servicer hereunder. Accordingly, INC Research agrees that it will not voluntarily resign as Servicer without the prior written consent of the Administrative Agent and the
Majority Lenders. 
 (d)    The Servicer may delegate its duties and obligations hereunder to any subservicer (each a
“Sub-Servicer”); provided, that, in each such delegation: (i) such Sub-Servicer shall agree in writing to perform the delegated duties and
obligations of the Servicer pursuant to the terms hereof, (ii) the Servicer shall remain liable for the performance of the duties and obligations so delegated, (iii) the Borrower, the Administrative Agent and each Lender shall have the
right to look solely to the Servicer for performance, (iv) the terms of any agreement with any Sub-Servicer shall provide that the Administrative Agent may terminate such agreement upon the termination of
the Servicer hereunder by giving notice of its desire to terminate such agreement to the Servicer (and the Servicer shall provide appropriate notice to each such Sub-Servicer) and (v) if such Sub-Servicer is not an Affiliate of the Parent, the Administrative Agent and the Majority Lenders shall have consented in writing in advance to such delegation. 

  
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 SECTION 9.02. Duties of the Servicer. 

(a)    The Servicer shall take or cause to be taken all such action as may be necessary or reasonably advisable to service,
administer and collect each Pool Receivable from time to time, all in accordance with this Agreement and all Applicable Laws, with reasonable care and diligence, and in accordance with the Credit and Collection Policy and consistent with the past
practices of the Originators. The Servicer shall set aside, for the accounts of each Credit Party, the amount of Collections to which each such Credit Party is entitled in accordance with Article IV hereof. The Servicer may, in
accordance with the Credit and Collection Policy and consistent with past practices of the Originators, take such action, including modifications, waivers or restructurings of Pool Receivables and related Contracts, as the Servicer may reasonably
determine to be appropriate to maximize Collections thereof or reflect adjustments expressly permitted under the Credit and Collection Policy or as expressly required under Applicable Laws or the applicable Contract; provided, that for
purposes of this Agreement: (i) such action shall not, and shall not be deemed to, change the number of days such Pool Receivable has remained unpaid from the date of the original due date related to such Pool Receivable, (ii) such action
shall not alter the status of such Pool Receivable as a Delinquent Receivable or a Defaulted Receivable or limit the rights of any Secured Party under this Agreement or any other Transaction Document and (iii) if an Event of Default has
occurred and is continuing, the Servicer may take such action only upon the prior written consent of the Administrative Agent. The Borrower shall deliver to the Servicer and the Servicer shall hold for the benefit of the Administrative Agent
(individually and for the benefit of each Credit Party), in accordance with their respective interests, all records and documents (including computer tapes or disks) with respect to each Pool Receivable. The Servicer shall, as soon as practicable
following actual receipt of collected funds, turn over to the Borrower the collections of any indebtedness that is not a Pool Receivable, less, if INC Research or an Affiliate thereof is not the Servicer, all reasonable and appropriate out-of-pocket costs and expenses of such Servicer of servicing, collecting and administering such collections. The Servicer, if other than INC Research or an Affiliate
thereof, shall, as soon as practicable upon demand, deliver to the Borrower all records in its possession that evidence or relate to any indebtedness that is not a Pool Receivable, and copies of records in its possession that evidence or relate to
any indebtedness that is a Pool Receivable. Notwithstanding anything to the contrary contained herein, if an Event of Default has occurred and is continuing, the Administrative Agent may direct the Servicer to commence or settle any legal action to
enforce collection of any Pool Receivable that is a Defaulted Receivable or to foreclose upon or repossess any Related Security with respect to any such Defaulted Receivable. 

(b)    The Servicer’s obligations hereunder shall terminate on the Final Payout Date. Promptly following the Final
Payout Date, the Servicer shall deliver to the Borrower all books, records and related materials that the Borrower previously provided to the Servicer, or that have been obtained by the Servicer, in connection with this Agreement. 

SECTION 9.03. Collection Account Arrangements. Prior to the Closing Date, the Borrower shall have entered into Account Control
Agreements with all of the Collection Account Banks and delivered executed counterparts of each to the Administrative Agent. Upon the occurrence and during the continuance of an Unmatured Event of Default or an Event of Default, the Administrative
Agent may (with the consent of the Majority Lenders) and shall 

  
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(upon the direction of the Majority Lenders) at any time thereafter give notice to each Collection Account Bank that the Administrative Agent is exercising its rights under the Account Control
Agreements to do any or all of the following: (a) to have the exclusive dominion and control of the Collection Accounts transferred to the Administrative Agent (for the benefit of the Secured Parties) and to exercise exclusive dominion and
control over the funds deposited therein (for the benefit of the Secured Parties), (b) to have the proceeds that are sent to the respective Collection Accounts redirected pursuant to the Administrative Agent’s instructions rather than deposited
in the applicable Collection Account and (c) to take any or all other actions permitted under the applicable Account Control Agreement. The Borrower hereby agrees that if the Administrative Agent at any time takes any action set forth in the
preceding sentence, the Administrative Agent shall have exclusive control (for the benefit of the Secured Parties) of the proceeds (including Collections) of all Pool Receivables and the Borrower hereby further agrees to take any other action that
the Administrative Agent may reasonably request to transfer such control. Any proceeds of Pool Receivables received by the Borrower or the Servicer thereafter shall be sent immediately to, or as otherwise instructed by, the Administrative Agent.

 SECTION 9.04. Enforcement Rights. 

(a)    At any time following the occurrence and during the continuation of an Event of Default: 

(i)    the Administrative Agent (at the Borrower’s expense) may direct the Obligors that payment of
all amounts payable under any Pool Receivable is to be made directly to the Administrative Agent or its designee; 

(ii)    the Administrative Agent may instruct the Borrower or the Servicer to give notice of the Secured
Parties’ interest in Pool Receivables to each Obligor, which notice shall direct that payments be made directly to the Administrative Agent or its designee (on behalf of the Secured Parties), and the Borrower or the Servicer, as the case may
be, shall give such notice at the expense of the Borrower or the Servicer, as the case may be; provided, that if the Borrower or the Servicer, as the case may be, fails to so notify each Obligor within two (2) Business Days following
instruction by the Administrative Agent, the Administrative Agent (at the Borrower’s or the Servicer’s, as the case may be, expense) may so notify the Obligors; 

(iii)    the Administrative Agent may request the Servicer to, and upon such request the Servicer shall:
(A) assemble all of the records necessary or desirable to collect the Pool Receivables and the Related Security, and transfer or license to a successor Servicer the use of all software necessary or desirable to collect the Pool Receivables and
the Related Security, and make the same available to the Administrative Agent or its designee (for the benefit of the Secured Parties) at a place selected by the Administrative Agent and (B) segregate all cash, checks and other instruments
received by it from time to time constituting Collections in a manner reasonably acceptable to the Administrative Agent and, promptly upon receipt, remit all such cash, checks and instruments, duly endorsed or with duly executed instruments of
transfer, to the Administrative Agent or its designee; 

  
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 (iv)    the Administrative Agent may notify the Collection
Account Banks that the Borrower and the Servicer will no longer have any access to the Collection Accounts; 

(v)    the Administrative Agent may (or, at the direction of the Majority Lenders shall) replace the Person
then acting as Servicer; and 
 (vi)    the Administrative Agent may collect any amounts due from an
Originator under the Purchase and Sale Agreement or the Performance Guarantor under the Performance Guaranty. 
 For the
avoidance of doubt, the foregoing rights and remedies of the Administrative Agent upon an Event of Default are in addition to and not exclusive of the rights and remedies contained herein and under the other Transaction Documents. 

(b)    The Borrower hereby authorizes the Administrative Agent (on behalf of the Secured Parties), and irrevocably
appoints the Administrative Agent as its attorney-in-fact with full power of substitution and with full authority in the place and stead of the Borrower, which
appointment is coupled with an interest, to take any and all steps in the name of the Borrower and on behalf of the Borrower necessary or desirable, in the reasonable determination of the Administrative Agent, after the occurrence and during the
continuation of an Event of Default, to collect any and all amounts or portions thereof due under any and all Collateral, including endorsing the name of the Borrower on checks and other instruments representing Collections and enforcing such
Collateral. Notwithstanding anything to the contrary contained in this subsection, none of the powers conferred upon such attorney-in-fact pursuant to the preceding
sentence shall subject such attorney-in-fact to any liability if any action taken by it shall prove to be inadequate or invalid, nor shall they confer any obligations
upon such attorney-in-fact in any manner whatsoever. 

(c)    The Servicer hereby authorizes the Administrative Agent (on behalf of the Secured Parties), and irrevocably
appoints the Administrative Agent as its attorney-in-fact with full power of substitution and with full authority in the place and stead of the Servicer, which
appointment is coupled with an interest, to take any and all steps in the name of the Servicer and on behalf of the Servicer necessary or desirable, in the reasonable determination of the Administrative Agent, after the occurrence and during the
continuation of an Event of Default, to collect any and all amounts or portions thereof due under any and all Collateral, including endorsing the name of the Servicer on checks and other instruments representing Collections and enforcing such
Collateral. Notwithstanding anything to the contrary contained in this subsection, none of the powers conferred upon such attorney-in-fact pursuant to the preceding
sentence shall subject such attorney-in-fact to any liability if any action taken by it shall prove to be inadequate or invalid, nor shall they confer any obligations
upon such attorney-in-fact in any manner whatsoever. 

SECTION 9.05. Responsibilities of the Borrower. 

(a)    Anything herein to the contrary notwithstanding, the Borrower shall: pay when due any taxes, including any sales
taxes payable in connection with the Pool Receivables 

  
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and their creation and satisfaction. None of the Credit Parties shall have any obligation or liability with respect to any Collateral, nor shall any of them be obligated to perform any of the
obligations of the Borrower, the Servicer or any Originator thereunder. 
 (b)    INC Research hereby irrevocably agrees
that if at any time it shall cease to be the Servicer hereunder, it shall act (if the then-current Servicer so requests) as the data-processing agent of the Servicer and, in such capacity, INC Research shall conduct the data-processing functions of
the administration of the Receivables and the Collections thereon in substantially the same way that INC Research conducted such data-processing functions while it acted as the Servicer. In connection with any such processing functions, the Borrower
shall pay to INC Research its reasonable out-of-pocket costs and expenses from the Borrower’s own funds (subject to the priority of payments set forth in
Section 4.01). 
 SECTION 9.06. Servicing Fee. 

(a)    Subject to clause (b) below, the Borrower shall pay the Servicer a fee (the “Servicing
Fee”) equal to 1.00% per annum (the “Servicing Fee Rate”) of the daily average aggregate Outstanding Balance of the Pool Receivables. Accrued Servicing Fees shall be payable from Collections to the extent of available funds
in accordance with Section 4.01. 
 (b)    If the Servicer ceases to be INC Research or an
Affiliate thereof, the Servicing Fee shall be the greater of: (i) the amount calculated pursuant to clause (a) above and (ii) an alternative amount specified by the successor Servicer not to exceed 110% of the
aggregate reasonable costs and expenses incurred by such successor Servicer in connection with the performance of its obligations as Servicer hereunder. 

ARTICLE X 
 EVENTS OF
DEFAULT 
 SECTION 10.01. Events of Default. If any of the following events (each an “Event of Default”) shall
occur: 
 (a)    (i) the Borrower, any Originator, the Performance Guarantor or the Servicer shall fail to perform or
observe any term, covenant or agreement under this Agreement or any other Transaction Document (other than any such failure which would constitute an Event of Default under clause (ii) or (iii) of this paragraph (a)), and
such failure, solely to the extent capable of cure, shall continue for ten (10) Business Days, (ii) the Borrower, any Originator, the Performance Guarantor or the Servicer shall fail to make when due (x) any payment or deposit to be
made by it under this Agreement or any other Transaction Document and such failure shall continue unremedied for two (2) Business Days or (iii) INC Research shall resign as Servicer, and no successor Servicer reasonably satisfactory to the
Administrative Agent shall have been appointed; 
 (b)    any representation or warranty made or deemed made by the
Borrower, any Originator, the Performance Guarantor or the Servicer (or any of their respective officers) under or in connection with this Agreement or any other Transaction Document or any 

  
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information or report delivered by the Borrower, any Originator, the Performance Guarantor or the Servicer pursuant to this Agreement or any other Transaction Document, shall prove to have been
incorrect or untrue in any material respect when made or deemed made or delivered; 
 (c)    the Borrower or the
Servicer shall fail to deliver an Information Package or Interim Report at the time required pursuant to this Agreement, and such failure shall remain unremedied for two (2) Business Days; 

(d)    this Agreement or any security interest granted pursuant to this Agreement or any other Transaction Document shall
for any reason cease to create, or for any reason cease to be, a valid and enforceable first priority perfected security interest in favor of the Administrative Agent with respect to the Collateral, free and clear of any Adverse Claim (other
than a Permitted Adverse Claim); 
 (e)    the Borrower, any Originator, the Performance Guarantor or the Servicer shall
generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any Insolvency Proceeding shall be instituted by or against
the Borrower, any Originator, the Performance Guarantor or the Servicer and, in the case of any such proceeding instituted against such Person (but not instituted by such Person), either such proceeding shall remain undismissed or unstayed for a
period of sixty (60) consecutive days, or any of the actions sought in such proceeding (including the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any
substantial part of its property) shall occur; or the Borrower, any Originator, the Performance Guarantor or the Servicer shall take any corporate or organizational action to authorize any of the actions set forth above in this paragraph; 

(f)    on or after the Commencement Date, (i) the average for three consecutive Fiscal Months of: (A) the
Default Ratio shall exceed 2.0%, (B) the Delinquency Ratio shall exceed 3.0% or (C) the Dilution Ratio shall exceed 7.5% or (ii) the Days’ Sales Outstanding shall exceed 80 days; 

(g)    a Change in Control shall occur; 

(h)    a Borrowing Base Deficit shall occur, and shall not have been cured within two (2) Business Days; 

(i)    (i) the Borrower shall fail to pay any principal of or premium or interest on any of its Debt when the same becomes
due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement, mortgage, indenture or instrument
relating to such Debt (whether or not such failure shall have been waived under the related agreement); (ii) any Originator, the Performance Guarantor or the Servicer, or any of their respective Subsidiaries, individually or in the aggregate, shall
fail to pay any principal of or premium or interest on (x) any Debt under the Credit Agreement or (y) any of its other Debt that is outstanding in a principal amount of at least the Threshold Amount in the aggregate when the same becomes
due and payable (whether by scheduled maturity, required prepayment, 

  
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acceleration, demand or otherwise), and such failure shall continue after the applicable grace period (not to exceed 30 days), if any, specified in the Credit Agreement or such agreement,
mortgage, indenture or instrument relating to such Debt (whether or not such failure shall have been waived under the related agreement); (iii) any other event shall occur or condition shall exist under the Credit Agreement or any other agreement,
mortgage, indenture or instrument relating to any such Debt (as referred to in clause (i) or (ii) of this paragraph and shall continue after the applicable grace period (not to exceed 30 days), if any, specified in the Credit
Agreement or such other agreement, mortgage, indenture or instrument, if the effect of such event or condition is to give the applicable debtholders the right (whether acted upon or not) to accelerate the maturity of such Debt (as referred to in
clause (i) or (ii) of this paragraph) or to terminate the commitment of any lender thereunder, unless such event or condition shall have been waived under and in accordance with the related agreement or (iv) any such Debt (as
referred to in clause (i) or (ii) of this paragraph) shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), redeemed, purchased or defeased, or an offer to
repay, redeem, purchase or defease such Debt shall be required to be made or the commitment of any lender thereunder terminated, in each case before the stated maturity thereof; 

(j)    (i) any “Event of Default” (as defined in the Credit Agreement) shall occur under the Credit Agreement
that relates to the failure to pay any principal of or premium or interest on any of the Debt thereunder when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) or (ii) any
other “Event of Default” (as defined in the Credit Agreement) shall occur under the Credit Agreement that has not been waived under and in accordance with the Credit Agreement (for the avoidance of doubt, this clause (j) shall
not be construed to limit the preceding clause (i)); 
 (k)    the Performance Guarantor shall fail to perform
any of its obligations under the Performance Guaranty and such failure shall continue unremedied for two (2) Business Days; 

(l)    the Borrower shall fail (x) at any time (other than for ten (10) Business Days following notice of the
death or resignation of any Independent Director) to have an Independent Director who satisfies each requirement and qualification specified in Section 8.03(c) of this Agreement for Independent Directors, on the
Borrower’s board of directors or (y) to timely notify the Administrative Agent of any replacement or appointment of any director that is to serve as an Independent Director on the Borrower’s board of directors as required pursuant to
Section 8.03(c) of this Agreement; 
 (m)    [reserved]; 

(n)    either (i) the Internal Revenue Service shall file notice of a lien pursuant to Section 6323 of the Code
with regard to any assets of the Borrower, any Originator, the Servicer or the Parent or (ii) the PBGC shall, or shall indicate its intention to, file notice of a lien pursuant to Section 4068 of ERISA with regard to any of the assets of
the Borrower, the Servicer, any Originator or the Parent; 

  
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 (o)    (i) the occurrence of a Reportable Event; (ii) the adoption of an
amendment to a Pension Plan that would require the provision of security pursuant to Section 401(a)(29) of the Code; (iii) the existence with respect to any Multiemployer Plan of an “accumulated funding deficiency” (as defined in
Section 431 of the Code or Section 304 of ERISA), whether or not waived; (iv) the failure to satisfy the minimum funding standard under Section 412 of the Code with respect to any Pension Plan (v) the incurrence of any
liability under Title IV of ERISA with respect to the termination of any Pension Plan or the withdrawal or partial withdrawal of any of the Borrower, any Originator, the Servicer, the Parent, the Performance Guarantor or any of their respective
ERISA Affiliates from any Multiemployer Plan; (vi) the receipt by any of the Borrower, any Originator, the Servicer, the Parent, the Performance Guarantor or any of their respective ERISA Affiliates from the PBGC or any plan administrator of
any notice relating to the intention to terminate any Pension Plan or Multiemployer Plan or to appoint a trustee to administer any Pension Plan or Multiemployer Plan; (vii) the receipt by the Borrower, any Originator, the Servicer, the Parent,
the Performance Guarantor or any of their respective ERISA Affiliates of any notice concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of
ERISA; (viii) the occurrence of a prohibited transaction with respect to any of the Borrower, any Originator, the Servicer, the Parent, the Performance Guarantor or any of their respective ERISA Affiliates (pursuant to Section 4975 of the
Code); or (ix) the occurrence or existence of any other similar event or condition with respect to a Pension Plan or a Multiemployer Plan, which, with respect to each of clause (i) through (ix), either individually or in the
aggregate, could reasonably be expected to result in a Material Adverse Effect or a Borrower Material Adverse Effect; 

(p)    a Material Adverse Effect or a Borrower Material Adverse Effect shall occur; 

(q)    a Purchase and Sale Termination Event shall occur under the Purchase and Sale Agreement; 

(r)    the Borrower shall (i) be required to register as an “investment company” within the meaning of the
Investment Company Act or (ii) become a “covered fund” within the meaning of the Volker Rule; 

(s)    any material provision of this Agreement or any other Transaction Document shall cease to be in full force and
effect or any of the Borrower, any Originator, the Performance Guarantor or the Servicer (or any of their respective Affiliates) shall so state in writing; or 

(t)    one or more judgments or decrees shall be entered against the Borrower, any Originator, the Performance Guarantor
or the Servicer, involving in the aggregate a liability (not paid or to the extent not covered by a reputable and solvent insurance company) and such judgments and decrees either shall be final and
non-appealable or shall not be vacated, discharged or stayed or bonded pending appeal for any period of thirty (30) consecutive days, and the aggregate amount of all such judgments equals or exceeds the
Threshold Amount (or solely with respect to the Borrower, $15,775); 

  
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then, and in any such event, the Administrative Agent may (or, at the direction of the Majority Lenders shall) by notice to the Borrower (x) declare the Termination Date to have occurred (in
which case the Termination Date shall be deemed to have occurred), (y) declare the Final Maturity Date to have occurred (in which case the Final Maturity Date shall be deemed to have occurred) and (z) declare the Aggregate Capital and all other
Borrower Obligations to be immediately due and payable (in which case the Aggregate Capital and all other Borrower Obligations shall be immediately due and payable); provided that, automatically upon the occurrence of any event (without any
requirement for the giving of notice) described in subsection (e) of this Section 10.01 with respect to the Borrower, the Termination Date shall occur and the Aggregate Capital and all other Borrower Obligations
shall be immediately due and payable. Upon any such declaration or designation or upon such automatic termination, the Administrative Agent and the other Secured Parties shall have, in addition to the rights and remedies which they may have under
this Agreement and the other Transaction Documents, all other rights and remedies provided after default under the UCC and under other Applicable Law, which rights and remedies shall be cumulative. Any proceeds from liquidation of the Collateral
shall be applied in the order of priority set forth in Section 4.01. 
 ARTICLE XI 

THE ADMINISTRATIVE AGENT 

SECTION 11.01. Authorization and Action. Each Credit Party hereby appoints and authorizes the Administrative Agent to take such action
as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent by the terms hereof, together with such powers as are reasonably incidental thereto. The Administrative Agent shall not have any
duties other than those expressly set forth in the Transaction Documents, and no implied obligations or liabilities shall be read into any Transaction Document, or otherwise exist, against the Administrative Agent. The Administrative Agent does not
assume, nor shall it be deemed to have assumed, any obligation to, or relationship of trust or agency with, the Borrower or any Affiliate thereof or any Credit Party except for any obligations expressly set forth herein. Notwithstanding any
provision of this Agreement or any other Transaction Document, in no event shall the Administrative Agent ever be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to any provision of any
Transaction Document or Applicable Law. 
 SECTION 11.02. Administrative Agent’s Reliance, Etc. Neither the
Administrative Agent nor any of its directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them as Administrative Agent under or in connection with this Agreement (including, without limitation,
the Administrative Agent’s servicing, administering or collecting Pool Receivables in the event it replaces the Servicer in such capacity pursuant to Section 9.01), in the absence of its or their own gross negligence
or willful misconduct. Without limiting the generality of the foregoing, the Administrative Agent: (a) may consult with legal counsel (including counsel for any Credit Party or the Servicer), independent certified public accountants and other
experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (b) makes no warranty or representation to any Credit Party
(whether written or oral) and shall not be responsible to any Credit Party for any statements, warranties or representations 

  
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(whether written or oral) made by any other party in or in connection with this Agreement; (c) shall not have any duty to ascertain or to inquire as to the performance or observance of any
of the terms, covenants or conditions of this Agreement on the part of any Credit Party or to inspect the property (including the books and records) of any Credit Party; (d) shall not be responsible to any Credit Party for the due execution,
legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto; and (e) shall be entitled to rely, and shall be fully protected in so relying, upon any
notice (including notice by telephone), consent, certificate or other instrument or writing (which may be by facsimile) believed by it to be genuine and signed or sent by the proper party or parties. 

SECTION 11.03. Administrative Agent and Affiliates. With respect to any Credit Extension or interests therein owned by any Credit Party
that is also the Administrative Agent, such Credit Party shall have the same rights and powers under this Agreement as any other Credit Party and may exercise the same as though it were not the Administrative Agent. The Administrative Agent and any
of its Affiliates may generally engage in any kind of business with the Borrower or any Affiliate thereof and any Person who may do business with or own securities of the Borrower or any Affiliate thereof, all as if the Administrative Agent were not
the Administrative Agent hereunder and without any duty to account therefor to any other Secured Party. 
 SECTION 11.04. Indemnification
of Administrative Agent. Each Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower or any Affiliate thereof), ratably according to the respective Percentage of such Lender, from and against any and
all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Administrative Agent in any way
relating to or arising out of this Agreement or any other Transaction Document or any action taken or omitted by the Administrative Agent under this Agreement or any other Transaction Document; provided that no Lender shall be liable for any
portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s gross negligence or willful misconduct. 

SECTION 11.05. Delegation of Duties. The Administrative Agent may execute any of its duties through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the
negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 

SECTION 11.06. Action or Inaction by Administrative Agent. The Administrative Agent shall in all cases be fully justified in failing or
refusing to take action under any Transaction Document unless it shall first receive such advice or concurrence of the Majority Lenders and assurance of its indemnification by the Lenders, as it deems appropriate. The Administrative Agent shall in
all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Transaction Document in accordance with a request or at the direction of the Majority Lenders, and such request or direction and any action taken
or failure to act pursuant thereto shall be binding upon all Credit Parties. The Credit Parties and the Administrative Agent agree that unless any action to be taken by the Administrative Agent under a Transaction Document (i) specifically
requires the advice or concurrence of all Lenders or (ii) 

  
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may be taken by the Administrative Agent alone or without any advice or concurrence of any Lender, then the Administrative Agent may take action based upon the advice or concurrence of the
Majority Lenders. 
 SECTION 11.07. Notice of Events of Default; Action by Administrative Agent. The Administrative Agent shall not
be deemed to have knowledge or notice of the occurrence of any Unmatured Event of Default or Event of Default unless the Administrative Agent has received notice from any Credit Party or the Borrower stating that an Unmatured Event of Default or
Event of Default has occurred hereunder and describing such Unmatured Event of Default or Event of Default. If the Administrative Agent receives such a notice, it shall promptly give notice thereof to each Lender. The Administrative Agent may (but
shall not be obligated to) take such action, or refrain from taking such action, concerning an Unmatured Event of Default or Event of Default or any other matter hereunder as the Administrative Agent deems advisable and in the best interests of the
Secured Parties. 
 SECTION 11.08. Non-Reliance on Administrative Agent and Other Parties.
Each Credit Party expressly acknowledges that neither the Administrative Agent nor any of its directors, officers, agents or employees has made any representations or warranties to it and that no act by the Administrative Agent hereafter taken,
including any review of the affairs of the Borrower or any Affiliate thereof, shall be deemed to constitute any representation or warranty by the Administrative Agent. Each Credit Party represents and warrants to the Administrative Agent that,
independently and without reliance upon the Administrative Agent or any other Credit Party and based on such documents and information as it has deemed appropriate, it has made and will continue to make its own appraisal of and investigation into
the business, operations, property, prospects, financial and other conditions and creditworthiness of the Borrower, each Originator, the Performance Guarantor or the Servicer and the Pool Receivables and its own decision to enter into this Agreement
and to take, or omit, action under any Transaction Document. Except for items expressly required to be delivered under any Transaction Document by the Administrative Agent to any Credit Party, the Administrative Agent shall not have any duty or
responsibility to provide any Credit Party with any information concerning the Borrower, any Originator, the Performance Guarantor or the Servicer that comes into the possession of the Administrative Agent or any of its directors, officers, agents,
employees, attorneys-in-fact or Affiliates. 
 SECTION
11.09. Successor Administrative Agent. 
 (a)    The Administrative Agent may, upon at least thirty
(30) days’ notice to the Borrower, the Servicer and each Lender, resign as Administrative Agent. Except as provided below, such resignation shall not become effective until a successor Administrative Agent is appointed by the Majority
Lenders as a successor Administrative Agent and has accepted such appointment subject to the prior written consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed) provided such consent shall not be required if
an Event of Default has occurred and is continuing. If no successor Administrative Agent shall have been so appointed by the Majority Lenders, within thirty (30) days after the departing Administrative Agent’s giving of notice of
resignation, the departing Administrative Agent may, on behalf of the Secured Parties, appoint a successor Administrative Agent as successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the

  
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Majority Lenders within sixty (60) days after the departing Administrative Agent’s giving of notice of resignation, the departing Administrative Agent may, on behalf of the Secured
Parties, petition a court of competent jurisdiction to appoint a successor Administrative Agent. 
 (b)    Upon such
acceptance of its appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall succeed to and become vested with all the rights and duties of the resigning Administrative Agent, and the
resigning Administrative Agent shall be discharged from its duties and obligations under the Transaction Documents. After any resigning Administrative Agent’s resignation hereunder, the provisions of this Article XI and Article
XIII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent. 
 SECTION
11.10. Structuring Agent. Each of the parties hereto hereby acknowledges and agrees that the Structuring Agent shall not have any right, power, obligation, liability, responsibility or duty under this Agreement, other than the Structuring
Agent’s right to receive fees pursuant to Section 2.03. Each Credit Party acknowledges that it has not relied, and will not rely, on the Structuring Agent in deciding to enter into this Agreement and to take, or omit
to take, any action under any Transaction Document. 
 ARTICLE XII 

[RESERVED] 
 ARTICLE
XIII 
 INDEMNIFICATION 

SECTION 13.01. Indemnities by the Borrower. 

(a)    Without limiting any other rights that the Administrative Agent, the Credit Parties, the Affected Persons and their
respective assigns, officers, directors, agents and employees (each, a “Borrower Indemnified Party”) may have hereunder or under Applicable Law, the Borrower hereby agrees to indemnify each Borrower Indemnified Party from and
against any and all claims, losses and liabilities (including Attorney Costs) (all of the foregoing being collectively referred to as “Borrower Indemnified Amounts”) arising out of or resulting from this Agreement or any other
Transaction Document or the use of proceeds of the Credit Extensions or the security interest in respect of any Pool Receivable or any other Collateral; excluding, however, (a) any portion of Borrower Indemnified Amounts to the
extent a final non-appealable judgment of a court of competent jurisdiction holds that such Borrower Indemnified Amounts resulted from the gross negligence or willful misconduct by the Borrower Indemnified
Party seeking indemnification and (b) Taxes that are covered by Section 5.03 (other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim).
Without limiting or being limited by the foregoing, the Borrower shall pay within 10 days of demand (it being understood that if any portion of such payment obligation is made from Collections, such payment will be made at the time and in the order
of priority set forth in Section 4.01), to each Borrower Indemnified Party any and all amounts necessary to indemnify such Borrower Indemnified Party from and against any and all Borrower Indemnified Amounts relating to or

  
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resulting from any of the following (but excluding Borrower Indemnified Amounts and Taxes described in clauses (a) and (b) above): 

(i)    any Pool Receivable which the Borrower or the Servicer includes as an Eligible Receivable as part of
the Net Receivables Pool Balance but which is not an Eligible Receivable at such time; 
 (ii)    any
representation, warranty or statement made or deemed made by the Borrower (or any of its respective officers) under or in connection with this Agreement, any of the other Transaction Documents, any Information Package, any Interim Report or any
other information or report delivered by or on behalf of the Borrower pursuant hereto which shall have been untrue or incorrect when made or deemed made; 

(iii)    the failure by the Borrower to comply with any Applicable Law with respect to any Pool Receivable
or the related Contract; or the failure of any Pool Receivable or the related Contract to conform to any such Applicable Law; 

(iv)    the failure to vest in the Administrative Agent a first priority perfected security interest in all
or any portion of the Collateral, in each case free and clear of any Adverse Claim; 
 (v)    the failure
to have filed, or any delay in filing, financing statements, financing statement amendments, continuation statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to any
Pool Receivable and the other Collateral and Collections in respect thereof, whether at the time of any Credit Extension or at any subsequent time; 

(vi)    any dispute, claim or defense (other than discharge in bankruptcy) of an Obligor to the payment of
any Pool Receivable (including, without limitation, a defense based on such Pool Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other
claim resulting from or relating to collection activities with respect to such Pool Receivable; 

(vii)    any failure of the Borrower to perform any of its duties or obligations in accordance with the
provisions hereof and of each other Transaction Document related to Pool Receivables or to timely and fully comply with the Credit and Collection Policy in regard to each Pool Receivable; 

(viii)    any products liability, environmental or other claim arising out of or in connection with any
Pool Receivable or other merchandise, goods or services which are the subject of or related to any Pool Receivable; 

(ix)    the commingling of Collections of Pool Receivables at any time with other funds; 

  
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 (x)    any investigation, litigation or proceeding (actual or
threatened) related to this Agreement or any other Transaction Document or the use of proceeds of any Credit Extensions or in respect of any Pool Receivable or other Collateral or any related Contract; 

(xi)    any failure of the Borrower to comply with its covenants, obligations and agreements contained in
this Agreement or any other Transaction Document; 
 (xii)    any setoff with respect to any Pool
Receivable; 
 (xiii)    any claim brought by any Person other than a Borrower Indemnified Party arising
from any activity by the Borrower or any Affiliate of the Borrower in servicing, administering or collecting any Pool Receivable; 

(xiv)    the failure by the Borrower to pay when due any Taxes, including, without limitation, sales,
excise or personal property taxes; 
 (xv)    any failure of a Collection Account Bank to comply with the
terms of the applicable Account Control Agreement, the termination by a Collection Account Bank of any Account Control Agreement or any amounts (including in respect of an indemnity) payable by the Administrative Agent to a Collection Account Bank
under any Account Control Agreement; 
 (xvi)    the maintenance of any Linked Account with respect to
any Collection Account or the debiting against any Collection Account of amounts as a result of any Settlement Item that originated in any Linked Account or any other account other than a Collection Account; 

(xvii)    any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of the
Obligor to the payment of any Pool Receivable (including, without limitation, a defense based on such Pool Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with
its terms), or any other claim resulting from the sale of goods or the rendering of services related to such Pool Receivable or the furnishing or failure to furnish any such goods or services or other similar claim or defense not arising from the
financial inability of any Obligor to pay undisputed indebtedness; 
 (xviii)    any action taken by the
Administrative Agent as attorney-in-fact for the Borrower, any Originator or the Servicer pursuant to this Agreement or any other Transaction Document; 

(xix)    the failure or delay to provide any Obligor with an invoice or other evidence of indebtedness;

 (xx)    the use of proceeds of any Credit Extension; or 

  
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 (xxi)    any reduction in Capital as a result of the
distribution of Collections if all or a portion of such distributions shall thereafter be rescinded or otherwise must be returned for any reason. 

(b)    If for any reason the foregoing indemnification is unavailable (other than pursuant to the exclusions contained in
Section 13.01(a)) to any Borrower Indemnified Party or insufficient to hold it harmless, then the Borrower shall contribute to such Borrower Indemnified Party the amount paid or payable by such Borrower Indemnified Party as
a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative economic interests of the Borrower and its Affiliates on the one hand and such Borrower Indemnified Party on the other hand in the matters
contemplated by this Agreement as well as the relative fault of the Borrower and its Affiliates and such Borrower Indemnified Party with respect to such loss, claim, damage or liability and any other relevant equitable considerations. The
reimbursement, indemnity and contribution obligations of the Borrower under this Section shall be in addition to (but without duplication of) any liability which the Borrower may otherwise have, shall extend upon the same terms and conditions to
each Borrower Indemnified Party, and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Borrower and the Borrower Indemnified Parties. 

(c)    Any indemnification or contribution under this Section shall survive the termination of this Agreement. 

SECTION 13.02. Indemnification by the Servicer. 

(a)    The Servicer hereby agrees to indemnify and hold harmless the Borrower, the Administrative Agent, the Credit
Parties, the Affected Persons and their respective assigns, officers, directors, agents and employees (each, a “Servicer Indemnified Party”), from and against any loss, liability, expense, damage or injury suffered or sustained by
reason of any acts, omissions or alleged acts or omissions arising out of activities of the Servicer pursuant to this Agreement or any other Transaction Document, including any judgment, award, settlement, Attorney Costs and other costs or expenses
incurred in connection with the defense of any actual or threatened action, proceeding or claim (all of the foregoing being collectively referred to as, “Servicer Indemnified Amounts”); excluding (i) any portion of Servicer
Indemnified Amounts to the extent a final non-appealable judgment of a court of competent jurisdiction holds that such Servicer Indemnified Amounts resulted from the gross negligence or willful misconduct by
the Servicer Indemnified Party seeking indemnification, (ii) Taxes that are covered by Section 5.03 (other than any Taxes that represent losses, claims, damages, etc. arising from any
non-Tax claim) and (iii) Servicer Indemnified Amounts to the extent the same includes losses in respect of Pool Receivables that are uncollectible solely on account of the insolvency, bankruptcy, lack of
creditworthiness or other financial inability to pay of the related Obligor. Without limiting or being limited by the foregoing, the Servicer shall pay within 10 days of demand, to each Servicer Indemnified Party any and all amounts necessary to
indemnify such Servicer Indemnified Party 

  
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from and against any and all Servicer Indemnified Amounts relating to or resulting from any of the following (but excluding Servicer Indemnified Amounts described in clauses (i),
(ii) and (iii) above): 
 (i)    any representation, warranty or statement made or
deemed made by the Servicer (or any of its respective officers) under or in connection with this Agreement, any of the other Transaction Documents, any Information Package, any Interim Report or any other information or report delivered by or on
behalf of the Servicer pursuant hereto which shall have been untrue or incorrect when made or deemed made; 

(ii)    the failure by the Servicer to comply with any Applicable Law with respect to any Pool Receivable
or the related Contract; or the failure of any Pool Receivable or the related Contract to conform to any such Applicable Law; 

(iii)    the commingling of Collections of Pool Receivables at any time with other funds; 

(iv)    any failure of a Collection Account Bank to comply with the terms of the applicable Account Control
Agreement, the termination by a Collection Account Bank of any Account Control Agreement or any amounts (including in respect of an indemnity) payable by the Administrative Agent to a Collection Account Bank under any Account Control Agreement; 

(v)    the maintenance of any Linked Account with respect to any Collection Account or the debiting against
any Collection Account of amounts as a result of any Settlement Item that originated in any Linked Account or any other account other than a Collection Account; 

(vi)    the failure or delay to provide any Obligor with an invoice or other evidence of indebtedness; or

 (vii)    any failure of the Servicer to comply with its covenants, obligations and agreements
contained in this Agreement or any other Transaction Document. 
 (b)    If for any reason the foregoing indemnification
is unavailable (other than pursuant to the exclusions contained in Section 13.02(a)) to any Servicer Indemnified Party or insufficient to hold it harmless, then the Servicer shall contribute to the amount paid or payable by
such Servicer Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative economic interests of the Servicer and its Affiliates on the one hand and such Servicer Indemnified
Party on the other hand in the matters contemplated by this Agreement as well as the relative fault of the Servicer and its Affiliates and such Servicer Indemnified Party with respect to such loss, claim, damage or liability and any other relevant
equitable considerations. The reimbursement, indemnity and contribution obligations of the Servicer under this Section shall be in addition to (but without duplication of) any liability which the Servicer may otherwise have, shall extend upon the
same terms and conditions to Servicer Indemnified Party, and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Servicer and the Servicer Indemnified Parties. 

  
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 (c)    Any indemnification or contribution under this Section shall survive
the termination of this Agreement. 
 ARTICLE XIV 

MISCELLANEOUS 
 SECTION
14.01. Amendments, Etc. 
 (a)    No failure on the part of any Credit Party to exercise, and no delay in
exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. No amendment or waiver of any
provision of this Agreement or consent to any departure by any of the Borrower or any Affiliate thereof shall be effective unless in a writing signed by the Administrative Agent and the Majority Lenders (and, in the case of any amendment, also
signed by the Borrower), and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that (A) no amendment, waiver or consent shall,
unless in writing and signed by the Servicer, affect the rights or duties of the Servicer under this Agreement; (B) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent and each Lender: 

(i)    change (directly or indirectly) the definitions of, Borrowing Base Deficit, Defaulted Receivable,
Delinquent Receivable, Eligible Receivable, Facility Limit, Final Maturity Date, Net Receivables Pool Balance or Total Reserves contained in this Agreement, or increase the then existing Concentration Percentage for any Obligor or change the
calculation of the Borrowing Base; 
 (ii)    reduce the amount of Capital or Interest that is payable on
account of any Loan or with respect to any other Credit Extension or delay any scheduled date for payment thereof; 

(iii)    change any Event of Default; 

(iv)    release all or a material portion of the Collateral from the Administrative Agent’s security
interest created hereunder; 
 (v)    release the Performance Guarantor from any of its obligations under
the Performance Guaranty or terminate the Performance Guaranty; 
 (vi)    change any of the provisions
of this Section 14.01 or the definition of “Majority Lenders”; or 

(vii)    change the order of priority in which Collections are applied pursuant to
Section 4.01. 
 Notwithstanding the foregoing, (A) no amendment, waiver or consent shall increase any
Lender’s Commitment hereunder without the consent of such Lender, (B) no amendment, waiver 

  
 93 

 
or consent shall reduce any Fees payable by the Borrower to any Credit Party or delay the dates on which any such Fees are payable, in either case, without the consent of such Credit Party and
(C) no consent with respect to any amendment, waiver or other modification of this Agreement shall be required of any Defaulting Lender, except with respect to any amendment, waiver or other modification referred to in clauses
(i) through (vii) above and then only in the event such Defaulting Lender shall be directly affected by such amendment, waiver or other modification. 

SECTION 14.02. Notices, Etc. All notices and other communications hereunder shall, unless otherwise stated herein, be in writing (which
shall include facsimile communication) and faxed or delivered, to each party hereto, at its address set forth under its name on Schedule III hereto or at such other address as shall be designated by such party in a written notice to the other
parties hereto. Notices and communications by facsimile shall be effective when sent (and shall be followed by hard copy sent by regular mail), and notices and communications sent by other means shall be effective when received. 

SECTION 14.03. Assignability; Addition of Lenders. 

(a)    Assignment by Lenders. Each Lender may assign to any Eligible Assignee or to any other Lender all or a
portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment and any Loan or interests therein owned by it); provided, however that 

(i)    except for an assignment by a Lender to either an Affiliate of such Lender or any other Lender, each
such assignment shall require the prior written consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed; provided, however, that such consent shall not be required if an Event of Default has
occurred and is continuing); 
 (ii)    each such assignment shall be of a constant, and not a varying,
percentage of all rights and obligations under this Agreement; 
 (iii)    the amount being assigned
pursuant to each such assignment (determined as of the date of the Assignment and Acceptance Agreement with respect to such assignment) shall in no event be less than the lesser of (x) $5,000,000 and (y) all of the assigning Lender’s
Commitment; and 
 (iv)    the parties to each such assignment shall execute and deliver to the
Administrative Agent, for its acceptance and recording in the Register, an Assignment and Acceptance Agreement. 
 Upon such execution,
delivery, acceptance and recording from and after the effective date specified in such Assignment and Acceptance Agreement, (x) the assignee thereunder shall be a party to this Agreement, and to the extent that rights and obligations under this
Agreement have been assigned to it pursuant to such Assignment and Acceptance Agreement, have the rights and obligations of a Lender hereunder and (y) the assigning Lender shall, to the extent that rights and obligations have been assigned by
it pursuant to such Assignment and Acceptance Agreement, relinquish such rights and be released from such obligations under this Agreement (and, in the case of an Assignment and Acceptance Agreement covering all or the remaining portion of an
assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto). 

  
 94 

 (b)    Register. The Administrative Agent shall, acting solely for
this purpose as an agent of the Borrower, maintain at its address referred to on Schedule III of this Agreement (or such other address of the Administrative Agent notified by the Administrative Agent to the other parties hereto) a copy of
each Assignment and Acceptance Agreement delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders, the Commitment of each Lender and the aggregate outstanding Capital (and stated interest) of the
Loans of each Lender from time to time (the “Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Servicer, the Administrative Agent, the Lenders, and
the other Credit Parties shall treat each Person whose name is recorded in the Register pursuant to the terms of this Agreement as a Lender under this Agreement for all purposes of this Agreement. The Register shall be available for inspection by
the Borrower, the Servicer or any Lender at any reasonable time and from time to time upon reasonable prior notice. 

(c)    Procedure. Upon its receipt of an Assignment and Acceptance Agreement executed and delivered by an assigning
Lender and an Eligible Assignee or assignee Lender, the Administrative Agent shall, if such Assignment and Acceptance Agreement has been duly completed, (i) accept such Assignment and Acceptance Agreement, (ii) record the information
contained therein in the Register and (iii) give prompt notice thereof to the Borrower and the Servicer. 

(d)    Participations. Each Lender may sell participations to one or more Eligible Assignees (each, a
“Participant”) in or to all or a portion of its rights and/or obligations under this Agreement (including, without limitation, all or a portion of its Commitment and the interests in the Loans owned by it); provided,
however, that 
 (i)    such Lender’s obligations under this Agreement (including, without
limitation, its Commitment to the Borrower hereunder) shall remain unchanged, and 
 (ii)    such Lender
shall remain solely responsible to the other parties to this Agreement for the performance of such obligations. 
 The Administrative Agent,
the Lenders, the Borrower and the Servicer shall have the right to continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. The Borrower agrees that each Participant
shall be entitled to the benefits of Sections 5.01 and 5.03 (subject to the requirements and limitations therein, including the requirements under Section 5.03(f) (it being understood that the documentation
required under Section 5.03(f) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section;
provided that such Participant shall not be entitled to receive any greater payment under Section 5.01 or 5.03, with respect to any participation, than its participating Lender would have been entitled to
receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. 

  
 95 

 (e)    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 this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or its other obligations under any this Agreement) 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 Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(f)    Assignments by Administrative Agent. This Agreement and the rights and obligations of the Administrative
Agent herein shall be assignable by the Administrative Agent and its successors and assigns; provided that in the case of an assignment to a Person that is not an Affiliate of the Administrative Agent or a Lender, so long as no Event of
Default or Unmatured Event of Default has occurred and is continuing, such assignment shall require the Borrower’s consent (not to be unreasonably withheld, conditioned or delayed). 

(g)    Assignments by the Borrower or the Servicer. Neither the Borrower nor, except as provided in
Section 9.01, the Servicer may assign any of its respective rights or obligations hereunder or any interest herein without the prior written consent of the Administrative Agent and each Lender (such consent to be provided
or withheld in the sole discretion of such Person). 
 (h)    Pledge to a Federal Reserve Bank. Notwithstanding
anything to the contrary set forth herein, (i) any Lender or any of their respective Affiliates may at any time pledge or grant a security interest in all or any portion of its interest in, to and under this Agreement (including, without
limitation, rights to payment of Capital and Interest) and any other Transaction Document to secure its obligations to a Federal Reserve Bank, without notice to or the consent of the Borrower, the Servicer, any Affiliate thereof or any Credit Party;
provided, however, that that no such pledge shall relieve such assignor of its obligations under this Agreement. 

(i)    Pledge to a Security Trustee. Notwithstanding anything to the contrary set forth herein, (i) any Credit
Party or any of their respective Affiliates may at any time pledge or grant a security interest in all or any portion of its interest in, to and under this Agreement (including, without limitation, rights to payment of Capital and Interest) and any
other Transaction Document to a security trustee in connection with the funding by such Person of Loans, without notice to or the consent of the Borrower, the Servicer, any Affiliate thereof or any Credit Party; provided, however,
that that no such pledge shall relieve such assignor of its obligations under this Agreement. 

  
 96 

 SECTION 14.04. Costs and Expenses. In addition to the rights of indemnification granted
under Section 13.01 hereof, the Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses in connection with the
preparation, negotiation, execution, delivery and administration of this Agreement and the other Transaction Documents (together with all amendments, restatements, supplements, consents and waivers, if any, from time to time hereto and thereto),
including, without limitation, (i) the reasonable Attorney Costs for the Administrative Agent and the other Credit Parties and any of their respective Affiliates with respect thereto and with respect to advising the Administrative Agent and the
other Credit Parties and their respective Affiliates as to their rights and remedies under this Agreement and the other Transaction Documents and (ii) reasonable accountants’, auditors’ and consultants’ fees and expenses for the
Administrative Agent and the other Credit Parties and any of their respective Affiliates incurred in connection with the administration and maintenance of this Agreement or advising the Administrative Agent or any other Credit Party as to their
rights and remedies under this Agreement or as to any actual or reasonably claimed breach of this Agreement or any other Transaction Document. In addition, the Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses (including reasonable Attorney Costs), of the Administrative Agent and the other Credit Parties and their respective Affiliates, incurred in connection with the enforcement of
any of their respective rights or remedies under the provisions of this Agreement and the other Transaction Documents. 
 SECTION 14.05.
No Proceedings. Each of the Servicer, each Lender and each assignee of a Loan or any interest therein, hereby covenants and agrees that it will not institute against, or join any other Person in instituting against, the Borrower any
Insolvency Proceeding until one year and one day after the Final Payout Date; provided, that the Administrative Agent may take any such action in its sole discretion following the occurrence of an Event of Default. The provisions of this
Section 14.05 shall survive any termination of this Agreement. 
 SECTION 14.06. Confidentiality. 

(a)    Each of the Borrower and the Servicer covenants and agrees to hold in confidence, and not disclose to any Person,
the terms of this Agreement or the Fee Letter (including any fees payable in connection with this Agreement, the Fee Letter or any other Transaction Document), except as the Administrative Agent and each Lender may have consented to in writing prior
to any proposed disclosure; provided, however, that it may disclose such information (i) to its Advisors and Representatives, (ii) to the extent such information has become available to the public other than as a result of a
disclosure by or through the Borrower, the Servicer or their Advisors and Representatives or (iii) to the extent it should be (A) required by Applicable Law, or in connection with any legal or regulatory proceeding or (B) requested by
any Governmental Authority to disclose such information; provided, that, in the case of clause (iii) above, the Borrower and the Servicer will use reasonable efforts to maintain confidentiality and will (unless otherwise
prohibited by Applicable Law) notify the Administrative Agent and the affected Credit Party of its intention to make any such disclosure prior to making such disclosure. Each of the Borrower and the Servicer agrees to be responsible for any breach
of this Section by its Representatives and Advisors and agrees that its Representatives and Advisors will 

  
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be advised by it of the confidential nature of such information and shall agree to comply with this Section. Notwithstanding the foregoing, it is expressly agreed that each of the Borrower, the
Servicer and their respective Affiliates may publish a press release or otherwise publicly announce the existence and principal amount of the Commitments under this Agreement and the transactions contemplated hereby; provided that the
Administrative Agent shall be provided a reasonable opportunity to review such press release or other public announcement prior to its release and provide comment thereon. Notwithstanding the foregoing, the Borrower consents to the publication by
the Administrative Agent or any other Credit Party of a tombstone or similar advertising material relating to the financing transactions contemplated by this Agreement. 

(b)    Each of the Administrative Agent and each other Credit Party, severally and with respect to itself only, agrees to
hold in confidence, and not disclose to any Person, any confidential and proprietary information concerning the Borrower, the Servicer and their respective Affiliates and their businesses or the terms of this Agreement (including any fees payable in
connection with this Agreement or the other Transaction Documents), except as the Borrower or the Servicer may have consented to in writing prior to any proposed disclosure; provided, however, that it may disclose such information
(i) to its Advisors and Representatives, (ii) to its assignees and Participants and potential assignees and Participants and their respective counsel if they agree in writing to hold it confidential, (iii) to the extent such
information has become available to the public other than as a result of a disclosure by or through it or its Representatives or Advisors, (iv) at the request of a bank examiner or other regulatory authority or in connection with an examination
of any of the Administrative Agent or any Lender or their respective Affiliates or (v) to the extent it should be (A) required by Applicable Law, or in connection with any legal or regulatory proceeding or (B) requested by any
Governmental Authority to disclose such information; provided, that, in the case of clause (v) above, the Administrative Agent and each Lender will use reasonable efforts to maintain confidentiality and will (unless otherwise
prohibited by Applicable Law) notify the Borrower and the Servicer of its making any such disclosure as promptly as reasonably practicable thereafter. Each of the Administrative Agent and each Lender, severally and with respect to itself only,
agrees to be responsible for any breach of this Section by its Representatives and Advisors and agrees that its Representatives and Advisors will be advised by it of the confidential nature of such information and shall agree to comply with this
Section. 
 (c)    As used in this Section, (i) “Advisors” means, with respect to any Person, such
Person’s accountants, attorneys and other confidential advisors and (ii) “Representatives” means, with respect to any Person, such Person’s Affiliates, Subsidiaries, directors, managers, officers, employees, members,
investors, financing sources, insurers, professional advisors, representatives and agents; provided that such Persons shall not be deemed to be Representatives of a Person unless (and solely to the extent that) confidential information is
furnished to such Person. 
 (d)    Notwithstanding the foregoing, to the extent not inconsistent with applicable
securities laws, each party hereto (and each of its employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure (as defined in
Section 1.6011-4 of the Treasury Regulations) of the transactions contemplated by the Transaction Documents and all materials of any kind (including opinions or other tax analyses) that are provided to
such Person relating to such tax treatment and tax structure. 

  
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 SECTION 14.07. GOVERNING LAW. THIS AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE
PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF, EXCEPT TO THE EXTENT THAT THE PERFECTION, THE EFFECT OF PERFECTION OR PRIORITY OF THE INTERESTS OF ADMINISTRATIVE AGENT OR ANY LENDER IN
THE COLLATERAL IS GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK). 
 SECTION 14.08. Execution in
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of an
executed counterpart hereof by facsimile or other electronic means shall be equally effective as delivery of an originally executed counterpart. 

SECTION 14.09. Integration; Binding Effect; Survival of Termination. This Agreement and the other Transaction Documents contain the
final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all
prior oral or written understandings. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of
the parties hereto in accordance with its terms and shall remain in full force and effect until the Final Payout Date; provided, however, that the provisions of Sections 5.01, 5.02, 5.03, 11.04,
11.06, 13.01, 13.02, 14.04, 14.05, 14.06, 14.09, 14.11 and 14.13 shall survive any termination of this Agreement. 

SECTION 14.10. CONSENT TO JURISDICTION. (a) EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO (I) WITH RESPECT TO THE BORROWER
AND THE SERVICER, THE EXCLUSIVE JURISDICTION, AND (II) WITH RESPECT TO EACH OF THE OTHER PARTIES HERETO, THE NON-EXCLUSIVE JURISDICTION, IN EACH CASE, OF ANY NEW YORK STATE OR FEDERAL COURT SITTING IN NEW
YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, AND EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING (I) IF
BROUGHT BY THE BORROWER, THE SERVICER OR ANY AFFILIATE THEREOF, SHALL BE HEARD AND DETERMINED, AND (II) IF BROUGHT BY ANY OTHER PARTY TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, MAY BE HEARD AND DETERMINED, IN EACH CASE, IN SUCH NEW
YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. NOTHING IN THIS SECTION 14.10 SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO BRING ANY ACTION OR PROCEEDING AGAINST THE BORROWER OR
THE SERVICER OR ANY OF THEIR RESPECTIVE PROPERTY IN THE 

  
 99 

 
COURTS OF OTHER JURISDICTIONS. EACH OF THE BORROWER AND THE SERVICER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH ACTION OR PROCEEDING. THE PARTIES HERETO AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 (b)    EACH OF THE BORROWER AND THE SERVICER CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR
PROCEEDING BY THE MAILING OF COPIES OF SUCH PROCESS TO IT AT ITS ADDRESS SPECIFIED IN SECTION 14.02. NOTHING IN THIS SECTION 14.10 SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO SERVE LEGAL PROCESS IN
ANY OTHER MANNER PERMITTED BY LAW. 
 SECTION 14.11. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE MAXIMUM EXTENT
PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY
OTHER TRANSACTION DOCUMENT. 
 SECTION 14.12. Ratable Payments. If any Credit Party, whether by setoff or otherwise, has payment made
to it with respect to any Borrower Obligations in a greater proportion than that received by any other Credit Party entitled to receive a ratable share of such Borrower Obligations, such Credit Party agrees, promptly upon demand, to purchase for
cash without recourse or warranty a portion of such Borrower Obligations held by the other Credit Parties so that after such purchase each Credit Party will hold its ratable proportion of such Borrower Obligations; provided that if all or any
portion of such excess amount is thereafter recovered from such Credit Party, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest. 

SECTION 14.13. Limitation of Liability. 

(a)    No claim may be made by the Borrower or any Affiliate thereof or any other Person against any Credit Party or their
respective Affiliates, members, directors, officers, employees, incorporators, attorneys or agents for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising
out of or related to the transactions contemplated by this Agreement or any other Transaction Document, or any act, omission or event occurring in connection herewith or therewith; and each of the Borrower and the Servicer hereby waives, releases,
and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor. None of the Credit Parties and their respective Affiliates shall have any liability to the Borrower or any
Affiliate thereof or any other Person asserting claims on behalf of or in right of the Borrower or any Affiliate thereof in connection with or as a result of this Agreement or any other Transaction Document or the transactions contemplated hereby or
thereby, except to the extent that any losses, claims, damages, liabilities or expenses incurred by the Borrower or any 

  
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Affiliate thereof result from the breach of contract, gross negligence or willful misconduct of such Credit Party in performing its duties and obligations hereunder and under the other
Transaction Documents to which it is a party. 
 (b)    The obligations of the Administrative Agent and each of the
other Credit Parties under this Agreement and each of the Transaction Documents are solely the corporate obligations of such Person. No recourse shall be had for any obligation or claim arising out of or based upon this Agreement or any other
Transaction Document against any member, director, officer, employee or incorporator of any such Person. 
 SECTION 14.14. Intent of the
Parties. The Borrower has structured this Agreement with the intention that the Loans and the obligations of the Borrower hereunder will be treated under United States federal, and applicable state, local and foreign tax law as debt (the
“Intended Tax Treatment”). The Borrower, the Servicer, the Administrative Agent and the other Credit Parties agree to file no tax return, or take any action, inconsistent with the Intended Tax Treatment unless required by law. Each
assignee and each Participant acquiring an interest in a Credit Extension, by its acceptance of such assignment or participation, agrees to comply with the immediately preceding sentence. 

SECTION 14.15. USA Patriot Act. Each of the Administrative Agent and each of the other Credit Parties hereby notifies the Borrower and
the Servicer that pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “PATRIOT Act”), the Administrative Agent and the
other Credit Parties may be required to obtain, verify and record information that identifies the Borrower, the Originators, the Servicer and the Performance Guarantor, which information includes the name, address, tax identification number and
other information regarding the Borrower, the Originators, the Servicer and the Performance Guarantor that will allow the Administrative Agent and the other Credit Parties to identify the Borrower, the Originators, the Servicer and the Performance
Guarantor in accordance with the PATRIOT Act. This notice is given in accordance with the requirements of the PATRIOT Act. Each of the Borrower and the Servicer agrees to provide the Administrative Agent and each other Credit Parties, from time to
time, with all documentation and other information required by bank regulatory authorities under “know your customer” and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act. 

SECTION 14.16. Right of Setoff. Each Credit Party is hereby authorized (in addition to any other rights it may have), at any
time during the continuance of an Event of Default, to setoff, appropriate and apply (without presentment, demand, protest or other notice which are hereby expressly waived) any deposits and any other indebtedness held or owing by such Credit Party
(including by any branches or agencies of such Credit Party) to, or for the account of, the Borrower or the Servicer against amounts owing by the Borrower or the Servicer hereunder (even if contingent or unmatured); provided that such Credit
Party shall notify the Borrower or the Servicer, as applicable, promptly following such setoff. 
 SECTION 14.17. Severability. Any
provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

  
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 SECTION 14.18. Mutual Negotiations. This Agreement and the other Transaction Documents are
the product of mutual negotiations by the parties thereto and their counsel, and no party shall be deemed the draftsperson of this Agreement or any other Transaction Document or any provision hereof or thereof or to have provided the same.
Accordingly, in the event of any inconsistency or ambiguity of any provision of this Agreement or any other Transaction Document, such inconsistency or ambiguity shall not be interpreted against any party because of such party’s involvement in
the drafting thereof. 
 SECTION 14.19. Captions and Cross References. The various captions (including the table of contents) in this
Agreement are provided solely for convenience of reference and shall not affect the meaning or interpretation of any provision of this Agreement. Unless otherwise indicated, references in this Agreement to any Section, Schedule or Exhibit are to
such Section Schedule or Exhibit to this Agreement, as the case may be, and references in any Section, subsection, or clause to any subsection, clause or subclause are to such subsection, clause or subclause of such Section, subsection or clause.

 [Signature Pages Follow] 

  
 102 

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

			
	SYNEOS HEALTH RECEIVABLES LLC
		
	By:	 	 /s/ Thomas E. Zajkowski

	Name:	 	Thomas E. Zajkowski
	Title:	 	President
	
	 INC RESEARCH, LLC,
 as the
Servicer

		
	By:	 	 /s/ Jason Meggs

	Name:	 	Jason Meggs
	Title:	 	Chief Financial Officer

  

					
		 	S-1	 	Receivables Financing Agreement

			
	 PNC BANK, NATIONAL ASSOCIATION,
 as
Administrative Agent

		
	By:	 	 /s/ Eric Bruno

	Name:	 	Eric Bruno
	Title:	 	Senior Vice President
	
	 PNC BANK, NATIONAL ASSOCIATION,
 as
a Lender

		
	By:	 	 /s/ Eric Bruno

	Name:	 	Eric Bruno
	Title:	 	Senior Vice President
	
	 PNC CAPITAL MARKETS LLC,
 as
Structuring Agent

		
	By:	 	 /s/ Eric Bruno

	Name:	 	Eric Bruno
	Title:	 	Managing Director

  

					
		 	S-2	 	Receivables Financing Agreement

 EXHIBIT A 

Form of Loan Request 

[Letterhead of Borrower] 
 [Date] 

[Administrative Agent] 
 [Lenders] 

 

	 	Re:	Loan Request 

 Ladies and Gentlemen: 

Reference is hereby made to that certain Receivables Financing Agreement, dated as of June 29, 2018 among Syneos Health Receivables LLC
(the “Borrower”), INC Research, LLC, as Servicer (the “Servicer”), the Lenders party thereto, PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”)
and PNC Capital Markets LLC, as Structuring Agent (as amended, supplemented or otherwise modified from time to time, the “Agreement”). Capitalized terms used in this Loan Request and not otherwise defined herein shall have the
meanings assigned thereto in the Agreement. 
 This letter constitutes a Loan Request pursuant to Section 2.02(a)
of the Agreement. The Borrower hereby request a Loan in the aggregate amount of [$        ] to be made on
[                    , 20    ] (of which $[        ] will be funded
by PNC and $[        ] will be funded by [                    ]). [The Borrower hereby requests
that such Loan bear interest initially at Adjusted LIBOR for a Tranche Period of [one, two, three, six] months.]1 The proceeds of such Loan should be deposited to [Account number], at [Name,
Address and ABA Number of Bank]. After giving effect to such Loan, the Aggregate Capital will be [$        ]. 

The Borrower hereby represents and warrants as of the date hereof, and after giving effect to such Credit Extension, as follows: 

(i)    the representations and warranties of the Borrower and the Servicer contained in Sections
7.01 and 7.02 of the Agreement are true and correct in all material respects on and as of the date of such Credit Extension as though made on and as of such date unless such representations and warranties by their terms refer to an
earlier date, in which case they shall be true and correct in all material respects on and as of such earlier date; 

(ii)    no Event of Default or Unmatured Event of Default has occurred and is continuing, and no Event of
Default or Unmatured Event of Default would result from such Credit Extension; 
  

 

	1 	Applicable solely to the extent that the Loan is made on a Monthly Settlement Date. 

  

					
		 	Exhibit A-1	 	

 (iii)    no Borrowing Base Deficit exists or would exist
after giving effect to such Credit Extension; 
 (iv)    the Aggregate Capital will not exceed the
Facility Limit; 
 (v)    the Termination Date has not occurred; and 

(vi)    the Aggregate Capital exceeds the Minimum Funding Threshold. 

  

					
		 	Exhibit A-2	 	

 IN WITNESS WHEREOF, the undersigned has executed this letter by its duly authorized officer as of
the date first above written. 
  

			
	Very truly yours,
	
	SYNEOS HEALTH RECEIVABLES LLC
		
	By:	 	
                     
                            

	Name:	 	
	Title:	 	

  

					
		 	Exhibit A-3	 	

 EXHIBIT B 

Form of Reduction Notice 

[LETTERHEAD OF BORROWER] 

[Date] 
 [Administrative Agent] 

[Lenders] 
  

	 	Re:	Reduction Notice 

 Ladies and Gentlemen: 

Reference is hereby made to that certain Receivables Financing Agreement, dated as of June 29, 2018 among Syneos Health Receivables LLC,
as borrower (the “Borrower”), INC Research, LLC, as Servicer (the “Servicer”), the Lenders party thereto, PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative
Agent”) and PNC Capital Markets LLC, as Structuring Agent (as amended, supplemented or otherwise modified from time to time, the “Agreement”). Capitalized terms used in this Reduction Notice and not otherwise defined herein
shall have the meanings assigned thereto in the Agreement. 
 This letter constitutes a Reduction Notice pursuant to
Section 2.02(d) of the Agreement. The Borrower hereby notifies the Administrative Agent and the Lenders that it shall prepay the outstanding Capital of the Lenders in the amount of
[$        ] to be made on [            , 201    ]. After giving effect to such prepayment, the
Aggregate Capital will be [$        ]. 
 The Borrower hereby represents and warrants
as of the date hereof, and after giving effect to such reduction, as follows: 
 (i)    the
representations and warranties of the Borrower and the Servicer contained in Sections 7.01 and 7.02 of the Agreement are true and correct in all material respects on and as of the date of such prepayment as though
made on and as of such date unless such representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct in all material respects on and as of such earlier date; 

(ii)    no Event of Default or Unmatured Event of Default has occurred and is continuing, and no Event of
Default or Unmatured Event of Default would result from such prepayment; 
 (iii)    no Borrowing Base
Deficit exists or would exist after giving effect to such prepayment; 
 (iv)    the Termination Date has
not occurred; and 

  

					
		 	Exhibit B-1	 	

 (v)    the Aggregate Capital exceeds the Minimum Funding
Threshold. 

  

					
		 	Exhibit B-2	 	

 IN WITNESS WHEREOF, the undersigned has executed
this letter by its duly authorized officer as of the date first above written. 
  

			
	Very truly yours,
	
	SYNEOS HEALTH RECEIVABLES LLC
		
	By:	 	
                  
                                         
                      

		 	Name:
		 	Title:

  

					
		 	Exhibit B-3	 	

 EXHIBIT C 

[Form of Assignment and Acceptance Agreement] 

Dated as of             , 20     

Section 1. 
  

					
	 Commitment assigned:
	  	$	[            	] 
	 Assignor’s remaining Commitment:
	  	$	[            	] 
	 Capital allocable to Commitment assigned:
	  	$	[            	] 
	 Assignor’s remaining Capital:
	  	$	[            	] 
	 Interest (if any) allocable to Capital assigned:
	  	$	[            	] 
	 Interest (if any) allocable to Assignor’s remaining Capital:
	  	$	[            	] 

 Section 2. 

Effective Date of this Assignment and Acceptance
Agreement:    [                    ] 

Upon execution and delivery of this Assignment and Acceptance Agreement by the assignee and the assignor and the satisfaction of the other
conditions to assignment specified in Section 14.03(a) of the Agreement (as defined below), from and after the effective date specified above, the assignee shall become a party to, and, to the extent of the rights and
obligations thereunder being assigned to it pursuant to this Assignment and Acceptance Agreement, shall have the rights and obligations of a Lender under that certain Receivables Financing Agreement, dated as of June 29, 2018 among Syneos
Health Receivables LLC, INC Research, LLC, as Servicer, the Lenders party thereto, PNC Bank, National Association, as Administrative Agent and PNC Capital Markets LLC, as Structuring Agent (as amended, supplemented or otherwise modified from time to
time, the “Agreement”). 
 (Signature Pages Follow) 

  

					
		 	Exhibit C-1	 	

					
	ASSIGNOR:	 	[                    ]
			
		 	By:	 	
                     
                           

		 	Name:	 	
		 	Title	 	
		
	ASSIGNEE:	 	[                    ]
			
		 	By:	 	
                     
                           

		 	Name:	 	
		 	Title:	 	
		
		 	[Address]

  

			
	 Accepted as of date first above

written:

	
	 PNC BANK, NATIONAL ASSOCIATION,
 as
Administrative Agent

		
	By:	 	
                     
                                         
               

	Name:	 	
	Title:	 	
	
	 SYNEOS HEALTH RECEIVABLES LLC,
 as
Borrower

		
	By:	 	
                     
                                         
               

	Name:	 	
	Title:	 	

  

					
		 	Exhibit C-2	 	

 EXHIBIT D 

[Reserved] 

  

					
		 	Exhibit D	 	

 EXHIBIT E 

[Reserved] 

  

					
		 	Exhibit E	 	

 EXHIBIT F 

Credit and Collection Policy 

(On File with the Administrative Agent) 

 EXHIBIT G 

Form of Information Package 

(On File with the Administrative Agent) 

 EXHIBIT H 

Form of Compliance Certificate 
 To: PNC
Bank, National Association, as Administrative Agent 
 This Compliance Certificate is furnished pursuant to that certain Receivables
Financing Agreement, dated as of June 29, 2018 among Syneos Health Receivables LLC (the “Borrower”), INC Research, LLC, as Servicer (the “Servicer”), the Lenders party thereto, PNC Bank, National Association,
as Administrative Agent (in such capacity, the “Administrative Agent”) and PNC Capital Markets LLC, as Structuring Agent (as amended, supplemented or otherwise modified from time to time, the “Agreement”).
Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Agreement. 
 THE UNDERSIGNED
HEREBY CERTIFIES THAT: 
 1.    I am the duly elected
                     of the Servicer and am delivering this certificate in such capacity as
                     of the Servicer and not in my individual capacity. 

2.    I have reviewed the terms of the Agreement and each of the other Transaction Documents and I have made, or have
caused to be made under my supervision, a detailed review of the transactions and condition of the Borrower during the accounting period covered by the attached financial statements. 

3.    The examinations described in paragraph 2 above did not disclose, and I have no knowledge of, the existence
of any condition or event which constitutes an Event of Default or an Unmatured Event of Default, as each such term is defined under the Agreement, during or at the end of the accounting period covered by the attached financial statements or as of
the date of this Certificate[, except as set forth in paragraph 5 below]. 
 4.    Schedule I attached
hereto sets forth financial statements of Parent and its Subsidiaries for the period referenced on such Schedule I. 

[5.    Described below are the exceptions, if any, to paragraph 3 above by listing, in detail, the nature of the condition
or event, the period during which it has existed and the action which Borrower has taken, is taking, or proposes to take with respect to each such condition or event:] 

  

					
		 	Exhibit H-1	 	

 The foregoing certifications are made and delivered this      day of
            , 20    . 

[                    ] 

 

			
	By:	 	  

	Name:	 	  

	Title:	 	  

  

					
		 	Exhibit H-2	 	

 SCHEDULE I TO COMPLIANCE CERTIFICATE 

A.    Schedule of Compliance as of         ,
20     with Section 8.02(a) of the Agreement. Unless otherwise defined herein, the terms used in this Compliance Certificate have the meanings ascribed thereto in the Agreement. 

This schedule relates to the month ended:
                    . 

B.    The following financial statements of Parent and its Subsidiaries for the period ending
on            , 20    , are attached hereto: 

  

					
		 	Exhibit H-3	 	

 EXHIBIT I 

Closing Memorandum 
 (On
File with the Administrative Agent) 

 EXHIBIT J 

Form of Interim Report 
 (On
File with the Administrative Agent) 

 SCHEDULE I 

Commitments 
 PNC Bank, National
Association 
  

									
	 Party
	  	Capacity	 	  	Commitment	 
	 PNC Bank, National Association
	  	 	Lender	 	  	$	250,000,000	 

  

					
		 	Schedule I-1	 	

 SCHEDULE II 

Lock-Boxes, Collection Accounts and Collection Account Banks 
  

									
	 Collection Account Bank
	  	Collection Account Number	 	  	Associated Lock-Box (if any)	 
	 Bank of America, N.A.
	  				  			
	 Bank of America, N.A.
	  				  			
	 Bank of America, N.A.
	  				  			
	 Wells Fargo Bank, National Association
	  				  			
	 Wells Fargo Bank, National Association
	  				  			

  
 Schedule II-1 

 SCHEDULE III 

Notice Addresses 

(A)     in the case of the Borrower, at the following address: 

Syneos Health Receivables LLC 

c/o Syneos Health, Inc. 
 3201
Beechleaf Court, Suite 600 
 Raleigh, NC 27604 

Attention: General Counsel 
 with
a copy to: 
 c/o Syneos Health, Inc. 

3201 Beechleaf Court, Suite 600 

Raleigh, NC 27604 

Attention: General Counsel 

(B)     in the case of the Servicer, at the following address: 

INC Research, LLC 
 c/o Syneos
Health, Inc. 
 3201 Beechleaf Court, Suite 600 

Raleigh, NC 27604 
 Attention:
General Counsel 
 (C)     in the case of the Administrative Agent, at the following address: 

PNC Bank, National Association 

300 Fifth Avenue 
 Pittsburgh, PA
15222 
 Telephone: (412) 768-3090 

Facsimile: (412) 762-9184 

Attention: Robyn Reeher 

(D)     in the case of any other Person, at the address for such Person specified in the other Transaction Documents; in each case, or at
such other address as shall be designated by such Person in a written notice to the other parties to this Agreement. 

  
 Schedule III-1

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