Document:

EX-10.1

  

Exhibit 10.1
  

Execution Version
  

AMENDMENT NO. 3 TO CREDIT AGREEMENT

 
 AMENDMENT
NO. 3 dated as of March 25, 2020 (this “Amendment”), to the Credit Agreement, dated as of October 30, 2017 (as amended, modified, extended, restated, replaced, or supplemented from time to time in accordance with its terms prior
to the date hereof, the “Credit Agreement”), among MEDNAX, INC., a Florida corporation (the “Borrower”), the Guarantors party thereto, the Lenders and JPMORGAN CHASE BANK, N.A., as administrative
agent (the “Administrative Agent”), by and among the Borrower, the Guarantors, the Lenders party hereto and the Administrative Agent. Terms defined in the Amended Credit Agreement (as defined below) and used herein shall have the
meanings given to them in the Amended Credit Agreement unless otherwise defined herein.
  

W I T N E S S E T H:
  

WHEREAS, the Borrower has requested certain amendments to the Credit Agreement;

 
 WHEREAS,
the Administrative Agent, the Borrower and the Lenders party hereto, constituting at least the Required Lenders, are willing to so agree pursuant to Section 9.1 of the Credit Agreement, subject to the terms and conditions set forth in this
Amendment; and
  

WHEREAS, JPMorgan Chase Bank, N.A. is acting as the lead “left” arranger and bookrunner of this Amendment (in such
capacity, the “Amendment No. 3 Lead Arranger”).
  

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

 
 ARTICLE I
 Required
Lender Amendments to Credit Agreement
  

Section 1.1.     The Credit Agreement is, effective as of the Amendment No. 3 Effective Date,
hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same
manner as the following example: double-underlined text) as set forth in the pages attached as Exhibit A hereto (as amended, the “Amended Credit
Agreement”).
  

ARTICLE II     
 Conditions to Effectiveness

 

Section 2.1.     Effective Date. This Amendment shall become effective on the date (the
“Amendment No. 3 Effective Date”) on which:
  

(a)     The Administrative Agent shall have received counterparts to this Amendment duly
executed and delivered by the Borrower, each Guarantor, the Administrative Agent and the Required Lenders.
  

(b)     The Borrower shall have paid all reasonable and documented out-of-pocket fees and
expenses incurred by the Administrative Agent and the Amendment No. 3 Lead Arranger payable pursuant to Section 9.5(a) (including the reasonable and documented expenses of Cahill Gordon & Reindel LLP, counsel to the Administrative Agent and the
Amendment No. 3 Lead Arranger) for which invoices have been presented at least two (2) Business Days prior to the Amendment No. 3 Effective Date.

 
 
   
 
 

    
 

 
  

(c)     The Administrative Agent shall have received customary evidence of authorization of the
transactions described herein, valid organization and good standing (or applicable equivalent) in the jurisdiction of incorporation with respect to the Borrower, and an officer’s certificate related thereto (which shall include an incumbency
certificate), substantially in the form delivered on the Closing Date pursuant to Section 4.1(b) of the Credit Agreement.

 

(d)     The Administrative Agent shall have received the opinion or opinions (including, if
requested by the Administrative Agent, local counsel opinions) of counsel for the Borrower dated as of the Closing Date and addressed to the Administrative Agent and the Lenders in form and substance reasonably satisfactory to the Administrative
Agent.
  

(e)     (i) The representations and warranties of each Credit Party set forth in Section
3 below are true and correct on and as of the Amendment No. 3 Effective Date and (ii) as of the date hereof, no Default or Event of Default has occurred and is continuing.

 

(f)     The Administrative Agent shall have received a certificate signed by the President, a
Vice President or a Financial Officer of the Borrower certifying as to the satisfaction of the condition set forth in paragraph (e) of this Section 2.1 as of the Amendment No. 3 Effective Date.

 

(g)     To the extent reasonably requested by the Administrative Agent, and in such case
reasonably satisfactory to the Administrative Agent, either (i) such affidavits relative to the execution and delivery of any Credit Document as required to support the determination that no Florida documentary stamp taxes are required to be paid or
(ii) evidence of payment by the Borrower of any Florida documentary stamp taxes applicable to the execution and delivery of the Credit Documents.

 

(h)     At least three (3) Business Days prior to the Amendment No. 3 Effective Date, to the
extent reasonably requested in writing by the Administrative Agent at least ten (10) Business Days prior to the Amendment No. 3 Effective Date, the Administrative Agent shall have received such information reasonably requested by the Lenders in
connection with applicable “know your customer” rules and regulations, including the PATRIOT Act.
  

ARTICLE III
 Representation and
Warranties 
  

Section 3.1.     The Borrower hereby represents and warrants as of the Amendment No. 3 Effective
Date that this Amendment has been, or when executed and delivered will be, duly executed and delivered by the Borrower. Neither the execution and delivery of this Amendment, nor the consummation of the transactions herein contemplated, nor
performance of and compliance with the terms and provisions herein and thereof, by the Borrower will (a) violate in any material respect any Requirement of Law (except those as to which waivers or consents have been obtained), (b) conflict
with, result in a breach of or constitute a default under (i) the articles of incorporation, bylaws, articles of organization, operating agreement or other organization documents of the Credit Parties or (ii) any Material Contract to which such
Person is a party or by which any of its properties may be bound or any material approval or material consent from any Governmental Authority relating to such Person (except those as to which waivers or consents have been obtained) which conflict,
breach or default in any such case in this clause (ii) could reasonably be expected to have a Material Adverse Effect, or (c) result in, or require, the creation or imposition of any Lien on any Credit Party’s properties or revenues pursuant
to any Requirement of Law, the articles of incorporation, bylaws, articles of organization, operating agreement or other organization documents of such Credit Party or Contractual Obligation other than the Liens arising under or contemplated in
connection with the Credit Documents or Permitted Liens.
  

  
-2-
 
 

    
 

 
  

Section 3.2.     The representations and warranties contained in Article III of the Amended
Credit Agreement (A) with respect to representations and warranties that contain a materiality qualification, are true and correct and (B) with respect to representations and warranties that do not contain a materiality qualification, are true and
correct in all material respects, in each case as of the Amendment No. 3 Effective Date as if made on and as of such date except for any representation or warranty made as of an earlier date, which representation and warranty shall remain true and
correct (subject to the applicable materiality threshold in the preceding clauses (A) or (B)) as of such earlier date.
  

ARTICLE IV
 Miscellaneous

 

Section 4.1.     Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument. Delivery of an executed
counterpart of a signature page of this Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

 

Section 4.2.     Reaffirmation. Each of the undersigned Guarantors (each, a
“Reaffirming Party”) hereby acknowledges the Amendment and the transactions contemplated thereby. Each Reaffirming Party hereby reaffirms all obligations and liabilities of such Reaffirming Party under the Credit Documents to
which it is a party, as such obligations and liabilities have been amended by this Amendment, and confirms that such obligations and liabilities shall continue to be in full force and effect and shall continue to apply to the Amended Credit
Agreement and each other Credit Document.
  

Section 4.3.     Applicable Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS CONFLICTS OF LAW PRINCIPLES THAT WOULD CAUSE THE LAW OF ANOTHER JURISDICTION TO APPLY (OTHER THAN SECTIONS 5-1401 AND
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).
  

Section 4.4.     Jury Waiver. EACH PARTY TO THIS AMENDMENT
HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AMENDMENT OR IN ANY WAY CONNECTED WITH OR RELATED TO THIS AMENDMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW
EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY
TO THIS AMENDMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.4 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

Section 4.5.     Headings. The headings of this Amendment are for purposes of reference
only and shall not limit or otherwise affect the meaning hereof.
  

  
-3-
 
 

    
 

 
  

Section 4.6.     Effect of Amendment. On and after the Amendment No. 3 Effective Date,
each reference to the Credit Agreement in any Credit Document (including to any Exhibit or Schedule attached thereto) shall be deemed to be a reference to the Credit Agreement as amended by this Amendment. Except as expressly set forth in this
Amendment, nothing herein shall be deemed to entitle any Credit Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement as
in effect immediately prior to the Amendment No. 3 Effective Date or any other Credit Document in similar or different circumstances. This Amendment shall constitute a “Credit Document” for all purposes of the Credit Agreement and the
other Credit Documents.
  

 [Remainder of this page intentionally left blank]

 
  

 
  

 
  

 
 
  -4-
 
 

    
 

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

 

	BORROWER:  	 MEDNAX, INC.,
 a
Florida Corporation
  
  

By:/s/ Dominic J. Andreano               

Name: Dominic J. Andreano
 Title: 
 Executive Vice President, General Counsel and
  Secretary
 
	 	 
	GUARANTORS:  	 1500 CONCORD TERRACE, LLC

 

ALASKA NEONATOLOGY ASSOCIATES, INC.

 

AMERICAN ANESTHESIOLOGY ASSOCIATES OF FLORIDA, INC. 

 

AMERICAN ANESTHESIOLOGY ASSOCIATES OF GEORGIA, LLC

 

AMERICAN ANESTHESIOLOGY ASSOCIATES OF ILLINOIS, S.C.

 

AMERICAN ANESTHESIOLOGY ASSOCIATES OF MICHIGAN, P.C.

 

AMERICAN ANESTHESIOLOGY ASSOCIATES OF VIRGINIA, INC.

 

AMERICAN ANESTHESIOLOGY GROUP OF MICHIGAN, P.C.

 

AMERICAN ANESTHESIOLOGY GROUP OF TENNESSEE, P.C.

 

AMERICAN ANESTHESIOLOGY, INC.

 

AMERICAN ANESTHESIOLOGY OF FLORIDA, INC.

 

AMERICAN ANESTHESIOLOGY OF GEORGIA, LLC

 

 

By: /s/ Dominic J.
Andreano               

Name: Dominic J. Andreano

Title: Attorney-in-Fact
 

                       

 

 

[Signature Page to Mednax Amendment No. 3]

 
 
   
 
 

    
 

 
  

	 	 AMERICAN ANESTHESIOLOGY OF ILLINOIS, LLC

 

AMERICAN ANESTHESIOLOGY OF MARYLAND, P.C.

 

AMERICAN ANESTHESIOLOGY OF MICHIGAN, P.C.

 
 AMERICAN
ANESTHESIOLOGY OF MINNESOTA, P.A.
  

AMERICAN ANESTHESIOLOGY OF NAPLES, INC.

 

AMERICAN ANESTHESIOLOGY OF NEW JERSEY, P.C.

 

AMERICAN ANESTHESIOLOGY OF NEW YORK, P.C.

 

AMERICAN ANESTHESIOLOGY OF NORTH CAROLINA, PLLC

 

AMERICAN ANESTHESIOLOGY OF SOUTH CAROLINA, LLC

 

AMERICAN ANESTHESIOLOGY OF SYRACUSE, P.C.

 

AMERICAN ANESTHESIOLOGY OF TENNESSEE, P.C.

 

AMERICAN ANESTHESIOLOGY OF TEXAS, INC.

 

AMERICAN ANESTHESIOLOGY OF THE SOUTHEAST, PLLC

 

AMERICAN ANESTHESIOLOGY OF VIRGINIA, P.C.

 

AMERICAN ANESTHESIOLOGY SERVICES OF FLORIDA, INC.

 

AMERICAN RADIOLOGY, LLC

 

ANESTHESIA AND PAIN MANAGEMENT GROUP, LLC

 

 

By: /s/ Dominic J.
Andreano               

Name: Dominic J. Andreano

Title: Attorney-in-Fact
 

 

 

 

[Signature Page to Amendment No. 3]

 

    
 
 

    
 

 
  

	 	 ANESTHESIOLOGY CONSULTANTS OF SOUTH CAROLINA, PLLC

 

AUGUSTA NEONATOLOGY ASSOCIATES, P.C.

 

AUSTIN ANESTHESIOLOGY GROUP, PLLC

 

BURLINGTON ANESTHESIA ASSOCIATES, P.A.

 

CENTRAL OKLAHOMA NEONATOLOGY ASSOCIATES, INC.

 

COMMUNITY RADIOLOGY PROVIDERS, LLC

 

CRITICAL CARE AND ANESTHESIA CONSULTANTS OF NEW JERSEY, LLC

 

CRITICAL HEALTH SYSTEMS, INC.

 

GEORGIA PERIOPERATIVE CONSULTANTS, L.L.C.

 

HEALTH NETWORK MANAGEMENT, L.L.C.

 

HORIZON ANESTHESIA, PLLC

 

INFINITY MANAGEMENT, LLC

 

JEFFERSON RADIOLOGY, P.C.

 

KEYSTONE GROUP, LLC

 
 MAGELLA MEDICAL
ASSOCIATES BILLING, INC.
  

MAGELLA MEDICAL ASSOCIATES MIDWEST, P.C. 

 

MAGELLA MEDICAL ASSOCIATES OF GEORGIA, P.C.

 

 

By: /s/ Dominic J.
Andreano               

Name: Dominic J. Andreano

Title: Attorney-in-Fact
 

 

 

 

[Signature Page to Amendment No. 3]

 
 
   
 
 

    
 

 
  

	 	 MAGELLA MEDICAL GROUP, INC.

 

MEDNAX RADIOLOGY OF TEXAS, INC.

 

MEDNAX SERVICES, INC.

 

MOUNTAIN STATES NEONATOLOGY, INC.

 

MSI CONSULTING SERVICES, LLC

 

NEONATAL SPECIALISTS, LTD.

 

NEONATOLOGY ASSOCIATES OF ATLANTA, P.C.

 

NIGHTHAWK RADIOLOGY SERVICES, LLC

 

NORTHWEST NEWBORN SPECIALISTS, P.C.

 

OBSTETRICS AND PEDIATRICS SUBSPECIALTY GROUP OF KANSAS AND MISSOURI, P.A. 

 

OBSTETRIX MEDICAL GROUP OF ARIZONA, P.C.

 

OBSTETRIX MEDICAL GROUP OF ATLANTA, LLC

 

OBSTETRIX MEDICAL GROUP OF CALIFORNIA, A PROFESSIONAL CORPORATION

 
 OBSTETRIX
MEDICAL GROUP OF COASTAL CAROLINA, PLLC
  

OBSTETRIX MEDICAL GROUP OF COLORADO, P.C.

 

OBSTETRIX MEDICAL GROUP OF INDIANA, P.C.

 
 OBSTETRIX
MEDICAL GROUP OF NEW JERSEY, P.C.
  

 

By: /s/ Dominic J.
Andreano               

Name: Dominic J. Andreano

Title: Attorney-in-Fact
 

 

 

 

[Signature Page to Amendment No. 3]

 
 
   
 
 

    
 

 
  

	 	 OBSTETRIX MEDICAL GROUP OF PHOENIX, P.C.

 
 OBSTETRIX MEDICAL
GROUP OF SACRAMENTO, P.C.
  

OBSTETRIX MEDICAL GROUP OF TEXAS BILLING, INC.

 

OBSTETRIX MEDICAL GROUP OF THE CENTRAL COAST, PROFESSIONAL CORPORATION

 

OBSTETRIX MEDICAL GROUP OF UTAH, P.C.

 

OBSTETRIX MEDICAL GROUP OF WASHINGTON, INC., P.S.

 

OZARK NEONATAL ASSOCIATES, INC.

 

PAIN CENTERS OF CHICAGO, LLC

 

PEDIATRIX CARDIOLOGY OF NEW MEXICO, P.C.

 

PEDIATRIX CARDIOLOGY OF ORANGE COUNTY, P.C.

 

PEDIATRIX CARDIOLOGY OF SPRINGFIELD, P.C.

 

PEDIATRIX CARDIOLOGY OF WASHINGTON, P.C.

 

PEDIATRIX EMERGENT AND CRITICAL CARE SERVICES, LLC

 

PEDIATRIX INTERNATIONAL, INC.

 

PEDIATRIX MEDICAL GROUP, INC. (FL)

 

PEDIATRIX MEDICAL GROUP, INC. (UT)

 

PEDIATRIX MEDICAL GROUP NEONATOLOGY AND PEDIATRIC INTENSIVE CARE SPECIALISTS OF NEW YORK, P.C.

 

PEDIATRIX MEDICAL GROUP OF ARKANSAS, P.A.

 

 

 

By: /s/ Dominic J.
Andreano               

Name: Dominic J. Andreano

Title: Attorney-in-Fact
 

 

 

 

[Signature Page to Amendment No. 3]

 
 
   
 
 

    
 

 
  

	 	 PEDIATRIX MEDICAL GROUP OF CALIFORNIA, A PROFESSIONAL CORPORATION

 

PEDIATRIX MEDICAL GROUP OF COLORADO, P.C.

 

PEDIATRIX MEDICAL GROUP OF FLORIDA, INC.

 

PEDIATRIX MEDICAL GROUP OF GEORGIA, P.C.

 

PEDIATRIX MEDICAL GROUP OF ILLINOIS, P.C.

 

PEDIATRIX MEDICAL GROUP OF INDIANA, P.C.

 

PEDIATRIX MEDICAL GROUP OF KANSAS, P.A.

 

PEDIATRIX MEDICAL GROUP OF KENTUCKY, P.S.C.

 

PEDIATRIX MEDICAL GROUP OF LOUISIANA, L.L.C.

 

PEDIATRIX MEDICAL GROUP OF MICHIGAN, P.C.

 
 PEDIATRIX
MEDICAL GROUP OF MISSISSIPPI, INC.
  

PEDIATRIX MEDICAL GROUP OF MISSOURI, P.C.

 

PEDIATRIX MEDICAL GROUP OF MONTANA, P.C.

 

PEDIATRIX MEDICAL GROUP OF NEW MEXICO, P.C.

 

PEDIATRIX MEDICAL GROUP OF NORTH CAROLINA, P.C.

 

PEDIATRIX MEDICAL GROUP OF OHIO CORP.

 

PEDIATRIX MEDICAL GROUP OF OKLAHOMA, P.C.

 

PEDIATRIX MEDICAL GROUP OF PENNSYLVANIA, P.C.

 

PEDIATRIX MEDICAL GROUP OF SOUTH CAROLINA, P.A.

 

 

By: /s/ Dominic J.
Andreano               

Name: Dominic J. Andreano

Title: Attorney-in-Fact
 

 

 

 

[Signature Page to Amendment No. 3]

 
 
   
 
 

    
 

 
  

	 	 PEDIATRIX MEDICAL GROUP OF TENNESSEE, P.C.

 

PEDIATRIX MEDICAL GROUP OF TEXAS BILLING, INC.

 

PEDIATRIX MEDICAL GROUP OF THE MID-ATLANTIC, P.C.

 
 PEDIATRIX MEDICAL
GROUP OF WASHINGTON, INC., P.S.
  

PEDIATRIX MEDICAL GROUP, P.A.

 

PEDIATRIX MEDICAL GROUP, P.C. (VA)

 

PEDIATRIX MEDICAL GROUP, P.C. (WV)

 
 PEDIATRIX MEDICAL
SERVICES, INC.
  

PEDIATRIX NEWBORN HEARING SCREEN, LLC

 
 PEDIATRIX OF MARYLAND,
P.A.
  
 PICKERT
MEDICAL GROUP, P.C. 
  

PIEDMONT ANESTHESIA ASSOCIATES, L.L.C.

 
 PMG CARDIOLOGY,
INC.
  
 PMGSC,
P.A.
  
 POKROY
MEDICAL GROUP OF NEVADA, LTD.
  

QUANTUM CLINICAL NAVIGATION SYSTEM, LLC

 
 RADIOLOGY ALLIANCE,
P.C. 
  
 RADIOLOGY
ASSOCIATES OF SOUTH FLORIDA, LLC
  

RADIOLOGY SPECIALISTS, LTD. (MARASSO/MILLER)

 
 SOUTHEAST
ANESTHESIOLOGY CONSULTANTS, PLLC
  

 
  

By: /s/ Dominic J.
Andreano               

Name: Dominic J. Andreano

Title: Attorney-in-Fact
 

 

 

 

[Signature Page to Amendment No. 3]

 
 
   
 
 

    
 

 
  

	 	 SOUTHEAST ANESTHESIOLOGY CONSULTANTS OF VIRGINIA, PLLC

 
 SPECIALTY MRI,
LLC
  
 SUMMIT
ANESTHESIA ASSOCIATES, P.A.
  

SYNERGY RADIOLOGY ASSOCIATES, PLLC

 
 SYNTHESIS HEALTHCARE
MANAGEMENT, LLC
  

TEXAS NEWBORN SERVICES, INC.

 
 THE SURGICAL GROUP OF
MIAMI, LLC 
  

VIRTUAL RADIOLOGIC CORPORATION

 
 VIRTUAL RADIOLOGIC
PROFESSIONALS, LLC
  

VIRTUAL RADIOLOGIC PROFESSIONALS OF CALIFORNIA, P.A

 

VIRTUAL RADIOLOGIC PROFESSIONALS OF ILLINOIS, S.C.

 

VIRTUAL RADIOLOGIC PROFESSIONALS OF MICHIGAN, P.C.

 

VIRTUAL RADIOLOGIC PROFESSIONALS OF MINNESOTA, P.A.

 

VIRTUAL RADIOLOGIC PROFESSIONALS OF NEW JERSEY, P.A.

 

VIRTUAL RADIOLOGIC PROFESSIONALS OF NEW YORK, P.A.

 

VIRTUAL RADIOLOGIC PROFESSIONALS OF TEXAS, P.A.

 

WESTCHESTER ANESTHESIOLOGISTS, P.C.

 

 

By: /s/ Dominic J.
Andreano               

Name: Dominic J. Andreano

Title: Attorney-in-Fact
 

 

 

 

[Signature Page to Amendment No. 3]

 

    
 
 

    
 

 
  

	 	 JPMORGAN CHASE BANK, N.A.,
     as a Lender, an Issuing Lender and as Administrative
Agent
  

By:     /s/ Philip VanFossan     

Name: Philip VanFossan

Title: Executive Director     
 

 

 

 

 

 

 

 

 

[Signature Page to Amendment No. 3]

 
 
   
 
 

    
 

 
  

	 	 Bank of America, N.A.,
    as a Lender

 

By:     /s/ Joseph L. Corah     

Name: Joseph L. Corah

Title: Director
 

 

 

 

 

 

 

 

 

[Signature Page to Amendment No. 3]

 
  
  
 
 
 

   
 
 
 

 

	 	 BBVA USA, an Alabama banking corporation,
    as a Lender

 

By:     /s/ Heather
Allen                 
            Name: Heather Allen

           Title:  Senior Vice President  
 

  

 
  

 
  

 
  

 
  

[Signature Page to Amendment No. 3]

 
  
  
 
 
 

   
 
 
 

 

	 	 Fifth Third Bank, National Association,
    as a Lender

 

By:     /s/ Tamara M.
Dowd          
 Name: Tamara M. Dowd

Title: Director
 

 

 

 

 

 

 

 

 
 [Signature Page to
Amendment No. 3]
  
 
   
 
 

    
 

 
  

	 	 MUFG BANK, LTD.,
    as a Lender

 

By:     /s/ Kevin
Wood          
 Name:
Kevin Wood
 Title: Director
 

 

 

 

 

 

 

 

 
 [Signature Page to
Amendment No. 3]
  
 
   
 
 

    
 

 
  

	 	 PNC Bank,
    as a Lender

 

By:     /s/ Rebekah Herman     

Name: Rebekah Herman

Title: Senior Vice President
 

 

 

 

 

 

 

 

 
 [Signature Page to
Amendment No. 3]
  
 
   
 
 

    
 

 
  

	 	 Truist Bank, formerly known as Branch Banking and Trust Company,
    as a Lender

 

By:     /s/ Max N.Greer
III          
 Name: Max
N. Greer
 Title: Senior Vice President
 

 

 

 

 

 

 

 

 
 [Signature Page to
Amendment No. 3]
  
 
   
 
 

    
 

 
  

	 	 Truist Bank, formerly known as SunTrust Bank,
    as a Lender

 

By:     /s/ Max N.Greer
III          
 Name: Max
N. Greer
 Title: Senior Vice President
 

 

 

 

 

 

 

 
  

[Signature Page to Amendment No. 3]

 
 
   
 
 

    
 

 
  

	 	 Regions Bank,
    as a Lender

 

By:     /s/ Ned
Spitzer               

Name: Ned Spitzer

Title: Managing Director
 

 

 

 

 

 

 

 

 
 [Signature Page to
Amendment No. 3]
  
 
   
 
 

    
 

 
  

	 	 SYNOVUS,
    as a Lender

 
  

By:     /s/ Michael
Sawicki          
 Name: Michael Sawicki

Title: Director
 

 

 

 

 

 

 

 

 
 [Signature Page to
Amendment No. 3]
  
 
   
 
 

    
 

 
  
 EXHIBIT A
TO AMENDMENT NO. 3
  

  

$1,200,000,000
 
 CREDIT AGREEMENT
 Dated as of October 30, 2017,

as amended by Amendment No. 1 to Credit Agreement, dated as of November 21, 2018 and2018, as further amended by Amendment No. 2 to Credit Agreement, dated as of March 28, 2019 and as further amended by Amendment No. 3 to Credit Agreement, dated as of March 25, 2020

 among
 
 MEDNAX, INC.,
 as Borrower,
 
 CERTAIN DOMESTIC SUBSIDIARIES OF THE BORROWER
 FROM TIME TO TIME PARTY HERETO,
 as
Guarantors,
 
 THE LENDERS PARTY HERETO,
 
 JPMORGAN CHASE BANK, N.A.,
 as Administrative Agent,
  

JPMORGAN CHASE BANK, N.A.,
 BANK OF AMERICA,
N.A.,
 BBVA COMPASS,

FIFTH THIRD BANK,

MIZUHO BANK, LTD.,
 MUFG BANK, LTD.,

PNC BANK, NATIONAL ASSOCIATION
 SUNTRUST
BANK 
 and
 WELLS FARGO BANK, NATIONAL
ASSOCIATION,
 as Syndication Agents,
 BB&T,

REGIONS BANK
 and

U.S. BANK NATIONAL ASSOCIATION,
 as Senior Documentation Agents,
 
 and

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

FIFTH THIRD BANK,
 MIZUHO BANK, LTD.,
 MUFG
BANK, LTD.,
 PNC BANK, NATIONAL ASSOCIATION
 SUNTRUST ROBINSON HUMPHREY, INC.

and
 WELLS FARGO SECURITIES, LLC,
 as Joint Lead Arrangers and Joint Bookrunners

 
 

 
  
  
 
 
 

   
 
 
 

 
 TABLE OF CONTENTS

 

	 	 	 Page
 
	 ARTICLE I
 
	 	 	 
	 DEFINITIONS
 
	 	 	 
	 Section 1.1
 	 Defined Terms
 	 1
 
	 Section 1.2
 	 Other Definitional Provisions
 	 29
 
	 Section 1.3
 	 Accounting Terms
 	 2930
 
	 Section 1.4
 	 Time References
 	 30
 
	 Section 1.5
 	 Execution of Documents
 	 30
 
	 Section 1.6
 	 Letter of Credit Amounts
 	
3031

	 Section 1.7
 	 LIBOR Notification
 	 3031
 
	 	 	 
	 ARTICLE II
 
	 	 	 
	 THE LOANS; AMOUNT AND TERMS
 
	 	 	 
	 Section 2.1
 	 Revolving Loans
 	 3031
 
	 Section 2.2
 	 [Reserved]
 	
3233

	 Section 2.3
 	 Letter of Credit Subfacility
 	
3233

	 Section 2.4
 	 [Reserved]
 	 3536
 
	 Section 2.5
 	 Fees
 	
3536

	 Section 2.6
 	 Revolving Commitment Reductions
 	 3536
 
	 Section 2.7
 	 Repayments
 	
3637

	 Section 2.8
 	 Default Rate and Payment Dates
 	 37
 
	 Section 2.9
 	 Conversion Options
 	 3738
 
	 Section 2.10
 	 Computation of Interest and Fees; Usury
 	
3738

	 Section 2.11
 	 Pro Rata Treatment and Payments
 	 3839
 
	 Section 2.12
 	 Non-Receipt of Funds by the Administrative Agent
 	 40
 
	 Section 2.13
 	 Alternate Rate of Interest
 	 41
 
	 Section 2.14
 	 Yield Protection
 	
4142

	 Section 2.15
 	 Indemnity
 	 43
 
	 Section 2.16
 	 Taxes
 	 4344
 
	 Section 2.17
 	 Indemnification; Nature of Issuing Lenders’ Duties
 	
4546

	 Section 2.18
 	 Illegality
 	 4647
 
	 Section 2.19
 	 Replacement of Lenders
 	 47
 
	 Section 2.20
 	 Cash Collateral
 	
4748

	 Section 2.21
 	 Defaulting Lenders
 	 4849
 
	 Section 2.22
 	 Incremental Facilities
 	
5051

	 	 	 
	 ARTICLE III
 
	 	 	 
	 REPRESENTATIONS AND WARRANTIES
 
	 	 	 
	 Section 3.1
 	 Financial Condition
 	 52
 
	 Section 3.2
 	 No Material Adverse Effect
 	 5253
 
	 Section 3.3
 	 Corporate Existence; Compliance with Law
 	
5253

	 Section 3.4
 	 Corporate Power; Authorization; Enforceable Obligations
 	 53
 
	 Section 3.5
 	 No Legal Bar; No Default
 	 5354
 
	 Section 3.6
 	 No Material Litigation
 	
5354

	 Section 3.7
 	 Investment Company Act; etc.
 	
5354

	 Section 3.8
 	 Margin Regulations
 	 54
 
	 Section 3.9
 	 ERISA
 	 54
 

  

  
-i-
 
 

    
 

 
  

	 Section 3.10
 	 Environmental Matters
 	 5455
 
	 Section 3.11
 	 Use of Proceeds
 	
5556

	 Section 3.12
 	 Subsidiaries; Joint Ventures; Partnerships
 	 5556
 
	 Section 3.13
 	 Ownership
 	
5556

	 Section 3.14
 	 Taxes
 	 56
 
	 Section 3.15
 	 Solvency
 	 5657
 
	 Section 3.16
 	 No Burdensome Restrictions
 	
5657

	 Section 3.17
 	 Brokers’ Fees
 	
5657

	 Section 3.18
 	 Labor Matters
 	 5657
 
	 Section 3.19
 	 Accuracy and Completeness of Information
 	 57
 
	 Section 3.20
 	 Material Contracts
 	 5758
 
	 Section 3.21
 	 Insurance
 	
5758

	 Section 3.22
 	 Intellectual Property Matters
 	
5758

	 Section 3.23
 	 Classification of Senior Indebtedness
 	
5758

	 Section 3.24
 	 Anti-Corruption Laws and Sanctions
 	 58
 
	 Section 3.25
 	 Consent; Governmental Authorizations
 	 58
 
	 Section 3.26
 	 Healthcare Representations and Warranties
 	 5859
 
	 Section 3.27
 	 Security Interests
 	 60
 
	 Section 3.28
 	 EEA Financial Institutions
 	 60
 
	 Section 3.29
 	 ERISA
 	 60
 
	 	 	 
	 ARTICLE IV
 
	 	 	 
	 CONDITIONS PRECEDENT
 
	 	 	 
	 Section 4.1
 	 Conditions to Closing Date and Initial Revolving Loans
 	 60
 
	 Section 4.2
 	 Conditions to All Extensions of Credit
 	 63
 
	 	 	 
	 ARTICLE V
 
	 	 	 
	 AFFIRMATIVE COVENANTS
 
	 	 	 
	 Section 5.1
 	 Financial Statements
 	 64
 
	 Section 5.2
 	 Certificates; Other Information
 	
6465

	 Section 5.3
 	 Payment of Taxes and Other Obligations
 	 6566
 
	 Section 5.4
 	 Conduct of Business and Maintenance of Existence
 	 66
 
	 Section 5.5
 	 Maintenance of Property; Insurance
 	
6667

	 Section 5.6
 	 Books and Records
 	 67
 
	 Section 5.7
 	 Notices
 	 67
 
	 Section 5.8
 	 Environmental Laws
 	 68
 
	 Section 5.9
 	 Financial Covenants
 	 6869
 
	 Section 5.10
 	 Additional Guarantors
 	
6970

	 Section 5.11
 	 Compliance with Law
 	 70
 
	 Section 5.12
 	 Further Assurances
 	 70
 
	 Section 5.13
 	 Collateral Matters
 	 71
 
	 Section 5.14

	 Consolidated Cash
Balance
 	 72
 
	 	 	 
	 ARTICLE VI
 
	 	 	 
	 NEGATIVE COVENANTS
 
	 	 	 
	 Section 6.1
 	 Indebtedness
 	
7172

	 Section 6.2
 	 Liens
 	 7273
 
	 Section 6.3
 	 Nature of Business
 	
7273

	 Section 6.4
 	 Consolidation, Merger, Sale or Purchase of Assets, etc.
 	 73
 

  

  
-ii-
 
 

    
 

 
  

	 Section 6.5
 	 Investments and Acquisitions
 	
7475

	 Section 6.6
 	 Transactions with Affiliates
 	 7475
 
	 Section 6.7
 	 Ownership of Subsidiaries; Restrictions
 	 75
 
	 Section 6.8
 	 Corporate Changes; Material Contracts
 	 75
 
	 Section 6.9
 	 Limitation on Restricted Actions
 	 7576
 
	 Section 6.10
 	 Restricted Payments
 	 76
 
	 Section 6.11
 	 Amendment of Subordinated Debt
 	
7677

	 Section 6.12
 	 No Further Negative Pledges
 	 7677
 
	 Section 6.13
 	 Restrictions Regarding PMG
 	 77
 
	 Section 6.14
 	 Use of Proceeds and Letters of Credit
 	 77
 
	 	 	 
	 ARTICLE VII
 
	 	 	 
	 EVENTS OF DEFAULT
 
	 	 	 
	 Section 7.1
 	 Events of Default
 	
7778

	 Section 7.2
 	 Acceleration; Remedies
 	 8081
 
	 	 	 
	 ARTICLE VIII
 
	 	 	 
	 THE ADMINISTRATIVE AGENT
 
	 	 	 
	 Section 8.1
 	 Appointment and Authority
 	 8081
 
	 Section 8.2
 	 Nature of Duties
 	 81
 
	 Section 8.3
 	 Exculpatory Provisions
 	
8182

	 Section 8.4
 	 Reliance by Administrative Agent
 	 82
 
	 Section 8.5
 	 Notice of Default
 	 8283
 
	 Section 8.6
 	 Non-Reliance on Administrative Agent and Other Lenders
 	
8283

	 Section 8.7
 	 Indemnification
 	 83
 
	 Section 8.8
 	 Administrative Agent in Its Individual Capacity
 	 83
 
	 Section 8.9
 	 Successor Administrative Agent
 	 8384
 
	 Section 8.10
 	 Guaranty Matters
 	 8485
 
	 Section 8.11
 	 Bank Products
 	
8485

	 Section 8.12
 	 Withholding Tax
 	 85
 
	 	 	 
	 ARTICLE IX
 
	 	 	 
	 MISCELLANEOUS
 
	 	 	 
	 Section 9.1
 	 Amendments and Waivers
 	 8586
 
	 Section 9.2
 	 Notices
 	
8788

	 Section 9.3
 	 No Waiver; Cumulative Remedies
 	 89
 
	 Section 9.4
 	 Survival of Representations and Warranties
 	 89
 
	 Section 9.5
 	 Payment of Expenses; Indemnity
 	 8990
 
	 Section 9.6
 	 Successors and Assigns; Participations
 	 91
 
	 Section 9.7
 	 Right of Setoff; Sharing of Payments
 	 9394
 
	 Section 9.8
 	 Table of Contents and Section Headings
 	 9495
 
	 Section 9.9
 	 Counterparts; Integration; Effectiveness; Electronic Execution
 	
9495

	 Section 9.10
 	 Severability
 	 9596
 
	 Section 9.11
 	 Integration
 	
9596

	 Section 9.12
 	 Governing Law
 	 9596
 
	 Section 9.13
 	 Consent to Jurisdiction; Service of Process and Venue
 	
9596

	 Section 9.14
 	 Confidentiality
 	 96
 
	 Section 9.15
 	 Acknowledgments
 	 97
 
	 Section 9.16
 	 Waivers of Jury Trial
 	 97
 

  

  
-iii-
 
 

    
 

 
  

	 Section 9.17
 	 Patriot Act Notice
 	
9798

	 Section 9.18
 	 Resolution of Drafting Ambiguities
 	 9798
 
	 Section 9.19
 	 Continuing Agreement
 	
9798

	 Section 9.20
 	 Lender Consent
 	 98
 
	 Section 9.21
 	 Press Releases and Related Matters
 	 98
 
	 Section 9.22
 	 Appointment of Borrower
 	
9899

	 Section 9.23
 	 Certain Waivers, Subordinations and Consents
 	 9899
 
	 Section 9.24
 	 No Advisory or Fiduciary Responsibility
 	
99100

	 Section 9.25
 	 [Reserved]
 	 100
 
	 Section 9.26
 	 Release of Liens and Guarantees
 	 100
 
	 Section 9.27
 	 Acknowledgement and Consent of Bail-In of EEA Financial Institutions
 	
100101

	 Section 9.28
 	 Certain ERISA Matters
 	 101
 
	 Section 9.29

	 Acknowledgement Regarding
Any Supported QFCs
 	 103
 
	 	 	 
	 ARTICLE X
 
	 	 	 
	 GUARANTY
 
	 	 	 
	 Section 10.1
 	 The Guaranty
 	
102103

	 Section 10.2
 	 Bankruptcy
 	
102104

	 Section 10.3
 	 Nature of Liability
 	
103104

	 Section 10.4
 	 Independent Obligation
 	
103104

	 Section 10.5
 	 Authorization
 	
103104

	 Section 10.6
 	 Reliance
 	
103105

	 Section 10.7
 	 Waiver
 	
103105

	 Section 10.8
 	 Limitation on Enforcement
 	
104106

	 Section 10.9
 	 Confirmation of Payment
 	
104106

	 Section 10.10
 	 Agreements for Contribution
 	
105106

	 Section 10.11
 	 Keepwell
 	
105106

  

	 Schedules
 	 
	 	 
	 Schedule 1.1(a)
 	 Investments
 
	 Schedule 1.1(b)
 	 Liens
 
	 Schedule 1.1(c)
 	 Existing Letters of Credit
 
	 Schedule 2.1(a)
 	 Commitment Percentages
 
	 Schedule 3.12
 	 Subsidiaries
 
	 Schedule 3.18
 	 Labor Matters
 
	 Schedule 3.21
 	 Insurance
 
	 Schedule 5.12(e)
 	 Post-Closing Deliveries
 
	 Schedule 6.1(b)
 	 Indebtedness
 
	 	 
	 Exhibits
 	 
	 	 
	 Exhibit 1.1(a)
 	 Form of Account Designation Notice
 
	 Exhibit 1.1(b)
 	 Form of Assignment and Assumption
 
	 Exhibit 1.1(c)
 	 Form of Joinder Agreement
 
	 Exhibit 1.1(d)
 	 Form of Notice of Borrowing
 
	 Exhibit 1.1(e)
 	 Form of Notice of Conversion/Extension
 
	 Exhibit 1.1(f)
 	 Form of Permitted Acquisition Certificate
 
	 Exhibit 2.1(a)
 	 Form of Funding Indemnity Letter
 
	 Exhibit 2.1(e)
 	 Form of Revolving Note
 
	 Exhibit 2.16(f)
 	 Forms of United States Tax Compliance Certificate
 
	 Exhibit 4.1(a)
 	 Form of Lender Consent
 

  

  
-iv-
 
 

    
 

 
  

	 Exhibit 4.1(b)
 	 Form of Officer’s Certificate
 
	 Exhibit 4.1(e)
 	 Form of Solvency Certificate
 
	 Exhibit 4.1(n)
 	 Form of Financial Condition Certificate
 
	 Exhibit 4.1(o)
 	 Form of Patriot Act Certificate
 
	 Exhibit 5.2(b)
 	 Form of Officer’s Compliance Certificate
 

 
  

 
  

 
  

 
  

  
-v-
 
 

    
 

 
  

THIS CREDIT AGREEMENT, dated as of October 30, 2017, is by and among MEDNAX, INC., a Florida corporation (the
“Borrower”), the Guarantors (as hereinafter defined), the Lenders (as hereinafter defined) and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders hereunder (in such capacity, the “Administrative
Agent”).
  

ARTICLE I
 
 DEFINITIONS

 
 Section
1.1     Defined Terms.
  

As used in this Agreement, terms defined in the preamble to this Agreement have the meanings therein indicated, and the following
terms have the following meanings:
  

“Account Designation Notice” shall mean the Account Designation Notice dated as of the Closing Date from the
Borrower to the Administrative Agent in substantially the form attached hereto as Exhibit 1.1(a).
  

“Additional Credit Party” shall mean each Person that becomes a Guarantor by execution of a Joinder Agreement in
accordance with Section 5.10.
  

“Administrative Agent” or “Agent” shall have the meaning set forth in the first paragraph of
this Agreement and shall include any successors in such capacity.
  

“Administrative Questionnaire” shall mean an Administrative Questionnaire in a form supplied by the Administrative
Agent.
  

“Affiliate” shall mean, with respect to a specified Person, another Person that directly, or indirectly through one
or more intermediaries, Controls or is Controlled by, or is under common Control with, the Person specified.
  

“Agent Parties” shall have the meaning set forth in Section 9.2(d)(ii).

 

“Agreement” or “Credit Agreement” shall mean this Agreement, as amended, modified, extended,
restated, replaced, or supplemented from time to time in accordance with its terms.
  

“Alternate Base Rate” shall mean, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in
effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1% and (c) the sum of (i) LIBOR (as determined pursuant to the definition of LIBOR), for an Interest Period of one (1) month commencing on such day
plus (ii) 1.00%, in each instance as of such date of determination. If for any reason the Administrative Agent shall have determined (which determination shall be conclusive in the absence of manifest error) that it is unable to ascertain the
Federal Funds Effective Rate, for any reason, including the inability or failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms set forth in the definition of Federal Funds Effective Rate, the Alternate Base
Rate shall be determined without regard to clause (b) of the first sentence of this definition, as appropriate, until the circumstances giving rise to such inability no longer exist. Any change in the Alternate Base Rate due to a change in any of
the foregoing will become effective on the date of such change in the Federal Funds Rate, the Prime Rate or LIBOR for an Interest Period of one (1) month. Notwithstanding anything contained herein to the contrary, to the extent that the provisions
of Section 2.13 shall be in effect in determining LIBOR pursuant to clause (c) hereof, the Alternate Base Rate shall be the greater of (i) the Prime Rate in effect on such day and (ii) the Federal Funds Effective Rate in effect on such day
plus 1/2 of 1%. For the avoidance of doubt, if the Alternate Base Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Alternate Base Rate Loans” shall mean Loans that bear interest at an interest rate based on the Alternate Base
Rate.
  

“Amendment Lead Arranger” shall have the meaning set forth in Amendment No. 1.

 
 
   
 
 

    
 

 
  

“Amendment No. 1” means Amendment No. 1 to this Agreement dated as of November 21, 2018.

 

“Amendment No. 1 Effective Date” means November 21, 2018.

 

“Amendment No. 2” means Amendment No. 2 to this Agreement dated as of March 28, 2019.

 

“Amendment No. 2 Effective Date” means March 28, 2019.

 

“Amendment No. 2 Lead Arranger” shall have the meaning set forth in Amendment No. 2.

 
 “Amendment No. 3” means Amendment No. 3 to this Agreement dated as of March 25, 2020.

 
 “Amendment No. 3 Effective Date” means March 25, 2020.

 
 “Amendment No. 3 Lead Arranger” shall have the meaning set forth in Amendment No. 3.

 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its
Subsidiaries from time to time concerning or relating to bribery or corruption.
  

“Applicable Margin” shall mean, for any day, with respect to Revolving Loans and Unused Commitment Fees, the rate
per annum set forth below opposite the applicable level then in effect (based on the Consolidated Net Leverage Ratio), it being understood that the Applicable Margin for (a) Revolving Loans that are Alternate Base Rate Loans shall be the percentage
set forth under the column “Alternate Base Rate Margin,” (b) Revolving Loans that are LIBOR Rate Loans shall be the percentage set forth under the column “LIBOR Margin & L/C Fee,” (c) the Letter of Credit Fee shall be the
percentage set forth under the column “LIBOR Margin & L/C Fee,” and (d) the Unused Commitment Fee shall be the percentage set forth under the column “Unused Commitment Fee”:

 

	
Applicable Margin
 
	
Level
 	 Consolidated Net

Leverage Ratio
 	 LIBOR Margin

& L/C Fee
 	 Alternate Base
Rate
 Margin
 	 Unused
 Commitment
Fee
 
	
I
 	 > 3.50 to 1.0

	 1.750%
 	 0.750%
 	 0.200%
 
	
II
 	 < 3.50 to
1.0
 and
 > 2.75 to 1.0
 	 1.500%
 	 0.500%
 	 0.200%
 
	
III
 	 < 2.75 to
1.0
 and
 > 2.00 to 1.0
 	 1.375%
 	 0.375%
 	 0.150%
 
	
IV
 	 < 2.00 to
1.0
 and
 > 1.25 to 1.0
 	 1.250%
 	 0.250%
 	 0.150%
 
	
V
 	 < 1.25 to
1.0
 	 1.125%
 	 0.125%
 	 0.150%
 

  
 The Applicable
Margin shall, in each case, be determined quarterly on the date five (5) Business Days after the date on which the Administrative Agent has received from the Borrower the quarterly financial information (in the case of the first three fiscal
quarters of the Borrower’s fiscal year), the annual financial information (in the case of the fourth fiscal quarter of the Borrower’s fiscal year) and the certifications required to be delivered to the Administrative Agent and the
Lenders in accordance with the provisions of Sections 5.1(a), 5.1(b) and 5.2(b) (each an “Interest Determination Date”). Such Applicable Margin shall be effective from such Interest Determination Date until the next such Interest
Determination Date. After the Closing Date, if the Credit Parties shall fail to provide the financial information or certifications in accordance with the provisions of Sections 5.1(a), 5.1(b) and 5.2(b), the Applicable Margin shall, on the date
five (5) Business Days after the date by which the Credit Parties
  

  
2
 
 

    
 

 
  
 were
so required to provide such financial information or certifications to the Administrative Agent and the Lenders, be based on Level I until such time as such information or certifications or corrected information or corrected
certificates are provided, whereupon the Level shall be determined by the then current Consolidated Net Leverage Ratio. Notwithstanding the foregoing, the initial Applicable Margin shall be set at Level III until the financial information and
certificates required to be delivered pursuant to Section 5 for the period ending December 31, 2017 have been delivered to the Administrative Agent. In the event that any financial statement or certification delivered pursuant to Sections 5.1 or 5.2
is shown to be inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period
(an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, the Borrower shall promptly (a) deliver to the Administrative Agent a corrected compliance certificate for such Applicable Period, (b)
determine the Applicable Margin for such Applicable Period based upon the corrected compliance certificate, and (c) promptly pay to the Administrative Agent for the benefit of the Lenders the accrued additional interest and other fees owing as a
result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly distributed by the Administrative Agent to the Lenders entitled thereto. It is acknowledged and agreed that nothing contained herein shall limit
the rights of the Administrative Agent and the Lenders under the Credit Documents, including their rights under Sections 2.8 and 7.1.

 

“Approved Bank” shall have the meaning set forth in the definition of “Cash Equivalents.”

 

“Approved Fund” shall mean any Fund that is Controlled or managed by (a) a Lender, (b) an Affiliate of a Lender or
(c) an entity or an Affiliate of an entity that Controls or manages a Lender.
  

“Arrangers” shall mean JPMCB, Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated,
MUFG Bank, Ltd., SunTrust Robinson Humphrey, Inc., Mizuho Bank, Ltd. and Fifth Third Bank, the Amendment Lead Arranger, the Amendment No. 2 Lead Arranger and the
Amendment No. 23 Lead Arranger.

 

“Assignment and Assumption” shall mean an assignment and assumption entered into by a Lender and an Eligible
Assignee (with the consent of any party whose consent is required by Section 9.6), and accepted by the Administrative Agent, in substantially the form of Exhibit 1.1(b) or any other form (including electronic records generated by the use of
an electronic platform) approved by the Administrative Agent.
  

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

“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU
of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

 

“Bank Product” shall mean any of the following products, services or facilities extended to any Credit Party or any
Subsidiary by any Bank Product Provider: (a) Cash Management Services; (b) products under any Hedging Agreement (other than obligations with respect to any such Credit Party’s Hedging Agreements that constitute Excluded Swap Obligations solely
with respect to such Credit Party); and (c) commercial credit card, purchase card and merchant card services. Any Bank Product established from and after the time that the Lenders have received written notice from the Borrower or the Administrative
Agent that an Event of Default exists, until such Event of Default has been waived in accordance with Section 9.1, shall not be included as “Credit Party Obligations” for purposes of a distribution under Section 2.11(b).

 

“Bank Product Debt” shall mean the Indebtedness and other obligations of any Credit Party or Subsidiary relating to
Bank Products.
  

“Bank Product Provider” shall mean any Person that provides Bank Products to a Credit Party or any Subsidiary to
the extent that (a) such Person is a Lender, an Affiliate of a Lender or any other Person that was a Lender (or an Affiliate of a Lender) at the time it entered into the Bank Product but has ceased to be a Lender (or whose Affiliate has ceased to be
a Lender) under the Credit Agreement or (b) such Person is a Lender or an Affiliate of a Lender on the Closing Date and the Bank Product was entered into on or prior to the Closing Date (even if such Person ceases to be a Lender or such
Person’s Affiliate ceased to be a Lender).
  

  
3
 
 

    
 

 
  

“Bankruptcy Code” shall mean the Bankruptcy Code in Title 11 of the United States Code, as amended, modified,
succeeded or replaced from time to time.
  

“Bankruptcy Event” shall mean any of the events described in Section 7.1(f).

 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership or control as required by
the Beneficial Ownership Regulation.
  

“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.

 

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to
Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of
any such “employee benefit plan” or “plan”.
  

“BHC Act Affiliate” of a party shall mean an
“affiliate’ (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

 

“Borrower” shall have the meaning set forth in the first paragraph of this Agreement.

 

“Borrowing Date” shall mean, in respect of any Loan, the date such Loan is made.

 

“Business” shall have the meaning set forth in Section 3.10.

 

“Business Day” shall mean any day other than a Saturday, Sunday or other day on which commercial banks in New York,
New York are authorized or required by law to close; provided, however, that when used in connection with a rate determination, borrowing or payment in respect of a LIBOR Rate Loan, the term “Business Day” shall also
exclude any day on which banks in London, England are not open for dealings in Dollar deposits in the London interbank market.

 

“Capital Lease” shall mean any lease of property, real or personal, the obligations with respect to which are
required to be capitalized on a balance sheet of the lessee in accordance with GAAP; provided that for purposes of calculating Indebtedness hereunder, and notwithstanding Section 1.3 hereof, the term “Capital Lease” shall
not include any Capital Lease that was classified as an Operating Lease on the Closing Date or would have been classified as an Operating Lease had such agreement been in effect on the Closing Date prior to a relevant change in law or change in GAAP
(from GAAP as in effect on the Closing Date) which has the effect of re-classifying such agreement as a Capital Lease.
  

“Capital Lease Obligations” shall mean the capitalized lease obligations, determined in accordance with GAAP,
relating to a Capital Lease.
  

“Cash Collateralize” shall mean to pledge and deposit with or deliver to the Administrative Agent, for the benefit
of the Issuing Lenders (as applicable) and the Lenders, as collateral for LOC Obligations or obligations of Lenders to fund participations in respect thereof (as the context may require), cash or deposit account balances or, if the applicable
Issuing Lender benefiting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form and substance reasonably satisfactory to (a) the Administrative Agent and (b) such Issuing
Lender. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

 

“Cash Equivalents” shall mean (a) securities issued or directly and fully guaranteed or insured by the United
States of America or any agency or instrumentality thereof (provided that the full faith and credit of the United States of America is pledged in support thereof) having maturities of not more than twelve months from the

 
 
  4
 
 

    
 

 
  
 date
of acquisition (“Government Obligations”), (b) Dollar denominated time deposits, certificates of deposit, eurodollar time deposits and eurodollar certificates of deposit of (i) any domestic commercial bank of recognized standing
having capital and surplus in excess of $500,000,000, (ii) any U.S. branch or agency of a non-U.S. commercial bank of internationally recognized standing, having capital and surplus in excess of $500,000,000 or (iii) any bank whose short-term
commercial paper rating is at least A-2 or the equivalent thereof from S&P or at least P-2 or the equivalent thereof from Moody’s (any such bank being an “Approved Bank”), in each case with maturities of not more than
three hundred sixty-four (364) days from the date of acquisition, (c) commercial paper and variable or fixed rate notes issued by any Approved Bank (or by the parent company thereof) or any variable rate notes issued by, or guaranteed by any
domestic corporation rated A-2 (or the equivalent thereof) or better by S&P or P-2 (or the equivalent thereof) or better by Moody’s and maturing within six months of the date of acquisition, (d) repurchase agreements with a term of not
more than thirty (30) days with a bank or trust company (including a Lender) or a recognized securities broker dealer having capital and surplus in excess of $500,000,000 for direct obligations issued by or fully guaranteed by the United States of
America, (e) obligations of any state of the United States or any political subdivision thereof for the payment of the principal and redemption price of and interest on which there shall have been irrevocably deposited Government Obligations
maturing as to principal and interest at times and in amounts sufficient to provide such payment, (f) money market accounts subject to Rule 2a-7 of the Investment Company Act of 1940 (“Rule 2a-7”) which consist primarily of cash
and cash equivalents set forth in clauses (a) through (e) above and of which 95% shall at all times be comprised of First Tier Securities (as defined in Rule 2a-7) and any remaining amount shall at all times be comprised of Second Tier Securities
(as defined in Rule 2a-7) and (g) shares of any so-called “money market fund”; provided that such fund is registered under the Investment Company Act of 1940, has net assets of at least $500,000,000 and has an investment portfolio
with an average maturity of three hundred sixty-five (365) days or less.
  

“Cash Management Services” shall mean any services provided from time to time to any Credit Party or Subsidiary in
connection with operating, collections, payroll, trust, or other depository or disbursement accounts, including automatic clearinghouse, controlled disbursement, depository, electronic funds transfer, information reporting, lockbox, stop payment,
overdraft and/or wire transfer services and all other treasury and cash management services.
  

“Change in Law” shall mean the occurrence, after the date of this Agreement, 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, (i) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee
on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law,” regardless of the date
enacted, adopted or issued.
  

“Change of Control” shall mean at any time, the occurrence of any of the following events:(a) any
“person” or “group” (as such terms are used in Section 13(d) and 14(d) of the Exchange Act), is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a person
shall be deemed to have “beneficial ownership” of all securities that such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of thirty-five
percent (35%) or more of the then outstanding Voting Stock of the Borrower; (b) during any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Borrower shall cease to
be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in
clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by
individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body; or (c) any Person or two or more Persons acting in concert shall have
entered into a contract or arrangement that, upon consummation thereof, would result in the occurrence of an event that would violate either (a) or (b) above.

 
 
  5
 
 

    
 

 
  

“Closing Date” shall mean October 30, 2017.

 

“CMS” shall mean the Centers for Medicare and Medicaid Services.

 

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

 

“Collateral” shall mean, (a) 100% of the Equity Interests of each Guarantor, (b) Equity Interests in any Foreign
Subsidiary or FSHCO up to but not in excess of 65% of the voting Equity Interests and 100% of the non-voting Equity Interests of such Foreign Subsidiary or FSHCO, as applicable and (c) all tangible and intangible personal property of any Credit
Party (including but not limited to accounts receivable, inventory, equipment, general intangibles (including contract rights), deposit and securities accounts, investment property, intellectual property, intercompany notes, instruments, chattel
paper and documents, letter of credit rights, commercial tort claims and proceeds of the foregoing), other than Excluded Assets.

 

“Collateral Agreement” shall mean an agreement among each of the Credit Parties and the Administrative Agent,
whereby the perfected first-priority security interests required by the definition of “Collateral Event” are granted to the Administrative Agent on behalf of each of the Lenders and Bank Product Providers.

 

“Collateral Event” shall mean the date, if any, upon which each of the following events has occurred (it being
understood that the decision whether or not to cause any of the following events to occur shall be within the Borrower’s sole discretion, but that no “Collateral Event” shall have occurred until all of the following are completed
or the completion thereof is waived by the Administrative Agent):
  

(a)     the Administrative Agent shall have received from each Credit Party, a counterpart of the Collateral
Agreement duly executed and delivered on behalf of such Credit Party, which Collateral Agreement, when taken together with the other requirements of this definition of “Collateral Event” shall grant first priority security interests in
favor of the Administrative Agent in all of the Collateral;
  

(b)     the Administrative Agent for the benefit of the Lenders and Bank Product Providers shall have
received all certificates (if any) representing the Equity Interests pledged as Collateral, together with stock powers or other instruments of transfer with respect thereto endorsed in blank;

 

(c)     all Indebtedness having, in the case of each instance of Indebtedness, an aggregate principal amount
in excess of $5,000,000 (other than to the extent that a pledge of such promissory note or instrument would violate applicable law) that is owing to any Credit Party and evidenced by a promissory note or an instrument and constitutes Collateral
shall have been pledged pursuant to the Collateral Agreement, and the Administrative Agent shall have received all such promissory notes or instruments, together with note powers or other instruments of transfer with respect thereto endorsed in
blank;
  

(d)     the Administrative Agent shall have received from each Credit Party, a counterpart of the Global
Intercompany Note, duly executed and delivered on behalf of such Credit Party;
  

(e)     except as contemplated by any Security Document or otherwise agreed by the Administrative Agent, all
documents and instruments, including Uniform Commercial Code financing statements and filings with the United States Copyright Office and the United States Patent and Trademark Office, and all other actions required by law or reasonably requested by
the Administrative Agent to be filed, registered or recorded to create the Liens intended to be created by the Security Documents (in each case, including any supplements thereto) and perfect such Liens to the extent required by, and with the
priority required by, the Security Documents, shall have been filed, registered or recorded or delivered to the Administrative Agent for filing, registration or the recording concurrently with, or promptly following, the execution and delivery of
each such Security Document and at all times thereafter (it being understood and agreed that (A) control agreements shall not be required with respect to any deposit accounts, securities accounts or commodities accounts and (B) no perfection actions
shall be required with respect to (x) commercial tort claims not exceeding $5,000,000, (y) motor vehicles and other assets subject to certificates of title, and (z) letter of credit rights, except to the extent constituting a support obligation for
other Collateral as to which perfection is accomplished solely by the filing of a Uniform Commercial Code financing statement or equivalent);

 
 
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(f)     the Administrative Agent shall have received insurance certificates from the Borrower’s
insurance broker or other evidence reasonably satisfactory to it that all insurance required to be maintained pursuant to this Credit Agreement is in full force and effect and such certificates shall comply with the requirements set forth in this
Credit Agreement;
  

(g)      the Administrative Agent shall (i) have received (A) searches of Uniform Commercial Code filings in
the jurisdiction of incorporation or formation, as applicable, of each Credit Party and each jurisdiction where any Collateral is located or where a filing would need to be made in order to perfect the Administrative Agent’s security interest
in the Collateral, copies of the financing statements on file in such jurisdictions and evidence that no Liens exist other than Permitted Liens and (B) tax lien and judgment searches and (ii) evidence of the release of Liens that are not Permitted
Liens;
  

(h)      the Administrative Agent shall have received, for the benefit of the Lenders and Bank Product
Providers, an opinion or opinions (including, if relevant, local counsel opinions) of counsel for the Credit Parties, dated as of the date of the Collateral Event, and addressed to the Administrative Agent and the Lenders, in customary form and
substance reasonably acceptable to the Administrative Agent (which shall include opinions regarding the validity and perfection of the Liens granted in connection with the Collateral Event).

 

“Commitment” shall mean the Revolving Commitments, the LOC Commitment and any Incremental Commitment, individually
or collectively, as appropriate.
  

“Commitment Letter” shall mean the commitment letter agreement dated as of October 23, 2017, among the Borrower,
JPMCB, Wells Fargo Bank, National Association, Bank of America, N.A., SunTrust Bank, Mizuho Bank Ltd., Fifth Third Bank and the Arrangers.

 

“Commitment Percentage” shall mean the Revolving Commitment Percentage and any such other “Commitment
Percentage” determined pursuant to Section 2.22(d).
  

“Commitment Period” shall mean (a) with respect to Revolving Loans the period from and including the Closing Date
to but excluding the Maturity Date and (b) with respect to Letters of Credit, the period from and including the Closing Date to but excluding the date that is thirty (30) days prior to the Maturity Date.

 

“Committed Funded Exposure” shall mean, as to any Lender at any time, the aggregate principal amount at such time
of its outstanding Loans, LOC Obligations and Participation Interests at such time.
  

“Commonly Controlled Entity” shall mean an entity, whether or not incorporated, which is under common control with
the Borrower within the meaning of Section 4001(b)(1) of ERISA or is part of a group which includes the Borrower and which is treated as a single employer under Section 414(b) or 414(c) of the Code or, solely for purposes of Section 412 of the Code
to the extent required by such Section, Section 414(m) or 414(o) of the Code.
  

“Communications” shall mean, collectively, any notice, demand, communication, information, document or other
material provided by or on behalf of the Borrower pursuant to any Credit Document or the transactions contemplated therein which is distributed to the Administrative Agent, any Lender or any Issuing Lender by means of electronic communications
pursuant to Section 9.2, including through the Platform.
  

“Consolidated” shall mean, when used with reference to financial statements or financial statement items of the
Borrower and its Subsidiaries or any other Person, such statements or items on a consolidated basis in accordance with the consolidation principles of GAAP.

 

“Consolidated Assets” shall mean, as of any date of determination, the Consolidated assets of the Credit Parties
and their Subsidiaries at such date, as determined in accordance with GAAP.
  

  
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“Consolidated Cash Balance” shall mean, at any
time, (a) the aggregate amount of cash and Cash Equivalents, in each case, held or owned by (either directly or indirectly), credited to the account of or would otherwise be required to be reflected as an asset on the balance sheet of the Borrower
and its Subsidiaries (other than PMG) less (b) the sum of (i) any cash or Cash Equivalents to pay working interest obligations, suspense payments, severance payments, severance taxes, payroll, payroll taxes, other taxes, employee wage and benefit
payments, deferred health payments, independent contractor payments and trust and fiduciary obligations or other obligations of the Borrower or any Subsidiary to third parties, and for which the Borrower or such Subsidiary has issued checks or has
initiated wires or ACH transfers (or, in the Borrower’s discretion, will issue checks or initiate wires or ACH transfers within five (5) business days), (ii) other amounts for which the Borrower or such Subsidiary has issued checks or has
initiated wires or ACH transfers but have not yet been subtracted from the balance in the relevant account of the Borrower or such Subsidiary, (iii) any cash or Cash Equivalents of the Borrower or any Subsidiaries constituting purchase price
deposits held in escrow pursuant to a binding and enforceable purchase and sale agreement with a third party containing customary provisions regarding the payment and refunding of such deposits or subject to a Permitted Lien in favor of such a third
party related to such purchase and sale agreement or similar arrangement and (iv) any cash or Cash Equivalents of the Borrower or any Subsidiaries subject to a Permitted Lien pursuant to clauses (f) and (g) of the definition thereof.

 

“Consolidated EBITDA” shall mean, as of any date of determination for the four consecutive fiscal quarter period
ending on such date, without duplication, (a) Consolidated Net Income for such period plus (b) the sum of the following to the extent deducted in calculating Consolidated Net Income for such period: (i) Consolidated Interest Expense for such period,
(ii) tax expense (including, without limitation, any federal, state, local and foreign income and similar taxes) of the Credit Parties and their Subsidiaries for such period, (iii) depreciation and amortization expense of the Credit Parties and
their Subsidiaries for such period, (iv) non-cash expenses of the Borrower and its Subsidiaries related to the equity compensation of any current or former employee or director of the Borrower or any Subsidiary or pursuant to any equity compensation
plan of the Borrower, (v) other non-cash charges (excluding reserves for future cash charges) of the Credit Parties and their Subsidiaries for such period, (vi) actual fees and expenses incurred in connection with the transactions relating to this
Agreement during the period ending on the 30th day following the Closing Date, the Amendment No. 1 Effective Date, the Amendment No. 2 Effective Date or the
Amendment No. 23 Effective Date, as applicable, (vii) costs and expenses for pending or threatened
non-ordinary course litigation or disputes incurred during such period, (viii) the amount of all extraordinary, unusual or non-recurring losses, expenses or charges incurred during such period, and (ix) any costs, fees, charges, accruals and
reserves incurred during such period in connection with any integration, transition, facilities openings, vacant facilities, consolidations, relocations, closing, acquisitions, Permitted JV Investments and Dispositions, business optimization and
entry into new markets, including technology, systems and infrastructure design, upgrade and implementation costs, consulting fees, restructuring costs, severance and curtailments or modifications to pension or postretirement employee benefit plans,
plus (c) the amount of net cost savings, operating expense reductions and synergies projected by the Borrower (for the Borrower and/or its Subsidiaries) in good faith to be realized as a result of any transaction, restructuring initiative, cost
savings initiative or operational change (which cost savings, operating expense reductions or synergies shall be calculated on a pro forma basis as though such cost savings, operating expense reductions or synergies had been realized on the first
day of such period), net of the amount of actual benefits realized during such period from such transaction, initiative or change; provided that (A) such cost savings, operating expense reductions or synergies are reasonably identifiable and
factually supportable and (B) such actions have been taken or are to be taken within 18 months of the consummation of such transaction or the date of commencement of such initiative or change, as applicable, minus (d) federal, state, local and
foreign income tax credits of the Borrower and its Subsidiaries for such period minus (e) all non-cash items increasing Consolidated Net Income for such period minus (f) non-cash charges previously added back to Consolidated Net Income in
determining Consolidated EBITDA to the extent such non-cash charges have become cash charges during such period; provided that the amounts included under clauses (b)(vii), (b)(viii), (b)(ix) and (c) above shall not exceed 20% of Consolidated EBITDA
(prior to giving effect to the such clauses).
  

Notwithstanding anything to the contrary contained herein,
Consolidated EBITDA for each of (a) the fiscal quarter ended June 30, 2020 and (b) the fiscal quarter ended September 30, 2020, shall be deemed to be $139,217,000.

 

“Consolidated Funded Debt” shall mean, as of any date of determination, Funded Debt of the Credit Parties and their
Subsidiaries on a Consolidated basis.
  
 
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“Consolidated Interest Expense” shall mean, as of any date of determination for the four consecutive fiscal quarter
period ending on such date, all interest expense (excluding amortization of debt discount and premium, but including the interest component under Capital Leases and synthetic leases, tax retention operating leases, off-balance sheet loans and
similar off-balance sheet financing products) for such period of the Credit Parties and their Subsidiaries on a Consolidated basis.

 

“Consolidated Net Leverage Ratio” shall mean, as of the date of the last day of any fiscal quarter of the Borrower,
for the Credit Parties and their Subsidiaries on a Consolidated basis, the ratio of (a)(i) Consolidated Funded Debt of the Credit Parties and their Subsidiaries on such date minus (ii) the aggregate amount of unrestricted cash and Cash
Equivalents of the Credit Parties and their Subsidiaries on a Consolidated basis in each case as of such date, to (b) Consolidated EBITDA.

 

“Consolidated Net Income” shall mean, as of any date of determination for the four consecutive fiscal quarter
period ending on such date, for the Credit Parties and their Subsidiaries on a Consolidated basis, the net income of the Credit Parties and their Subsidiaries (excluding extraordinary gains, including the write-up of assets, but including
extraordinary losses) for that period, minus the income of any Subsidiary of the Borrower (including income of a Subsidiary of such Subsidiary attributed thereto) to the extent the payment of such income in the form of a Restricted Payment or
repayment of Indebtedness to the Borrower or to another Subsidiary not so restricted is not permitted on account of any provision of any organization document, Contractual Obligation or law applicable to such Subsidiary. Consolidated Net Income
shall exclude any income or loss attributable to a Permitted JV (other than dividends or distributions received in cash or Cash Equivalents from such Permitted JV by a Credit Party or Subsidiary (other than another Permitted JV)) to the extent the
financial results of such Permitted JV are not Consolidated with the financial results of the Borrower and its Subsidiaries.

 

“Consolidated Total Assets” shall mean, as of any date of determination, Consolidated Assets as set forth in the
Consolidated balance sheet of the Credit Parties and their Subsidiaries most recently delivered pursuant to Section 5.1(a) or (b).

 

“Contractual Obligation” shall mean, as to any Person, any obligations or liabilities of such Person arising under
any provision of any security issued by such Person or of any contract, agreement, instrument or undertaking to which such Person is a party or by which it or any of its property is bound.

 

“Control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.

 

“Copyright Licenses” shall mean any agreement, whether written or oral, providing for the grant by or to a Person
of any right under any Copyright.
  

“Copyrights” shall mean all copyrights in all Works, all registrations and recordings thereof, and all applications
in connection therewith, including, without limitation, registrations, recordings and applications in the United States Copyright Office or in any similar office or agency of the United States, any state thereof or any other country or any political
subdivision thereof, or otherwise and all renewals thereof.
  

“Covered Entity” shall mean any of the
following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R.
§ 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Credit Documents” shall mean this Agreement, Amendment No. 1, Amendment No. 2,
Amendment No. 3, each of the Notes, any Joinder Agreement, the Letters of Credit, the LOC Documents and the Security Documents, if any, and all other agreements,
documents, certificates and instruments delivered to the Administrative Agent or any Lender by any Credit Party in connection therewith (other than any agreement, document, certificate or instrument related to a Bank Product).

 
 
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“Credit Party” shall mean any of the Borrower or the Guarantors.

 

“Credit Party Obligations” shall mean, without duplication, (a) the Obligations and (b) for purposes of the
Guaranty, the sharing thereof and/or payments from proceeds thereof, all Bank Product Debt.
  

“Debtor Relief Laws” shall mean the Bankruptcy Code and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect.

 

“Default” shall mean any of the events specified in Section 7.1, whether or not any requirement for the giving of
notice or the lapse of time, or both, or any other condition, has been satisfied.
  

“Default Rate” shall mean (a) when used with respect to the Loans, an interest rate equal to (i) for Alternate Base
Rate Loans (A) the Alternate Base Rate plus (B) the Applicable Margin, if any, applicable to Alternate Base Rate Loans plus (C) 2% per annum and (ii) for LIBOR Rate Loans, (A) the LIBOR Rate plus (B) the Applicable Margin
applicable to LIBOR Rate Loans plus (C) 2% per annum, (b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Margin plus 2% per annum and (c) when used with respect to any other fee, overdue interest or any
other Obligations or amount due hereunder, an interest rate equal to (A) the Alternate Base Rate plus (B) the Applicable Margin, if any, applicable to Alternate Base Rate Loans plus (C) 2% per annum.

 
 “Default Right” shall have the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as
applicable.
  

“Defaulting Lender” shall mean, subject to Section 2.21(b) any Lender that, (a) has failed to (i) fund all or any
portion of its Revolving Loans, Incremental Loans, or participations in LOC Obligations required to be funded by it hereunder within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the
Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall
be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the Issuing Lenders or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in
Letters of Credit) within two (2) Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent or any Issuing Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a
public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to
funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the
Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant
to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had
appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance
Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition
of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the
United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any
determination by the Administrative Agent that a Lender is a Defaulting Lender under clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section
2.21(b)) upon delivery of written notice of such determination to the Borrower, each Issuing Lender and each Lender.
  

“Disposition” shall have the meaning set forth in Section 6.4(a).

 
 
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“Dividing Person” has the meaning assigned to it in the definition of “Division”.

 

“Division” means the division of the assets, liabilities and/or obligations of a Person (the “Dividing
Person”) among two or more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may not survive.

 

“Division Successor” means any Person that, upon the consummation of a Division of a Dividing Person, holds all or
any portion of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which retains any of its assets, liabilities and/or obligations after a
Division shall be deemed a Division Successor upon the occurrence of such Division.
  

“Dollars” and “$” shall mean dollars in lawful currency of the United States of America.

 

“Domestic Lending Office” shall mean, initially, the office of each Lender designated as such Lender’s
Domestic Lending Office shown in such Lender’s Administrative Questionnaire; and thereafter, such other office of such Lender as such Lender may from time to time specify to the Administrative Agent and the Borrower as the office of such
Lender at which Alternate Base Rate Loans of such Lender are to be made.
  

“Domestic Subsidiary” shall mean any Subsidiary that is organized under the laws of the United States or any state
thereof or under the laws of the District of Columbia.
  

“EEA Financial Institution” means (a) any institution established in any EEA Member Country which is subject to the
supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any institution established in an EEA Member Country which is a
subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

 

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

 

“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public
administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Eligible Assignee” shall mean (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any other
Person (other than a natural person) approved by (i) the Administrative Agent, (ii) in the case of any assignment of a Revolving Commitment, the Issuing Lenders and (iii) unless an Event of Default under Section 7.1(a) or (f) has
occurred and is continuing and so long as the Primary Syndication of the Loans has been completed as determined by JPMCB, the Borrower (each such approval not to be unreasonably withheld or delayed); provided that notwithstanding the
foregoing, “Eligible Assignee” shall not include (A) any Credit Party or any of the Credit Party’s Affiliates or Subsidiaries, (B) any Person holding Subordinated Debt of the Credit Parties or (C) any Defaulting Lender.

 

“Environmental Laws” shall mean any and all applicable foreign, federal, state, local or municipal laws, rules,
orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirement of Law (including common law) regulating, relating to or imposing liability or standards of conduct concerning protection of
the environment, as now or may at any time be in effect during the term of this Agreement.
  

“Equity Holder” shall mean any Person that owns the Equity Interests in any Practice that is a party to any
Management Agreement.
  

“Equity Interests” shall mean (a) in the case of a corporation, capital stock, (b) in the case of an association or
business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (c) in the case of a partnership, partnership interests (whether general, preferred or limited), (d) in the

 
 
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 case
of a limited liability company, membership interests and (e) any other interest or participation that confers or could confer on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person,
without limitation, options, warrants and any other “equity security” as defined in Rule 3a11-1 of the Exchange Act.

 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time.

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

 

“Eurodollar Reserve Percentage” shall mean for any day, the percentage (expressed as a decimal and rounded upwards,
if necessary, to the next higher 1/100th of 1%) which is in effect for such day as prescribed by the Board of Governors of the Federal Reserve System (the “Board”) (or any successor) for determining the maximum reserve requirement
(including, without limitation, any basic, supplemental or emergency reserves) in respect of eurocurrency liabilities, as defined in Regulation D of the Board as in effect from time to time, or any similar category of liabilities for a member bank
of the Federal Reserve System in New York City.
  

“Event of Default” shall mean any of the events specified in Section 7.1; provided, however, that any
requirement for the giving of notice or the lapse of time, or both, or any other condition, has been satisfied.
  

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

 

“Excluded Assets” shall mean (i) any real property (including real property leasehold interests), (ii) any
governmental licenses or state or local franchises, charters or authorizations, to the extent a security interest in any such licenses, franchise, charter or authorization would be prohibited or restricted thereby (including any legally effective
prohibition or restriction), (iii) any assets the pledge of which, or the ownership of which by any Person other than a licensed physician, would be prohibited by applicable law, rule or regulation, (iv) margin stock, (v) any intent-to-use trademark
application prior to the filing of a “Statement of Use” or “Amendment to Allege Use” with respect thereto, (vi) any lease, license or other agreement or contract or any property subject to a purchase money security interest,
capital lease obligation or similar arrangement to the extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement or contract or purchase money, capital lease or similar arrangement or create a
right of termination in favor of any other party thereto (other than the Borrower or any of its affiliates) after giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code or other similar applicable law, other than
proceeds and receivables thereof, the assignment of which is expressly deemed effective under the Uniform Commercial Code or other similar applicable law notwithstanding such prohibition, (vii) Equity Interests in any Foreign Subsidiary or FSHCO
that would not qualify as “Collateral” under clause (b) of such definition and (viii) assets held by any Foreign Subsidiaries of the Borrower. The Collateral may also exclude those assets as to which the Administrative Agent and the
Borrower reasonably agree in writing that the cost of obtaining such a security interest or perfection thereof is excessive in relation to the benefit to the Lenders of the security to be afforded thereby.

 

“Excluded Swap Obligation” shall mean, with respect to any Guarantor, any obligation to pay or perform under any
agreement, contract, or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act (any such obligation, a “Swap Obligation”), if, and to the extent that, all or a portion
of the guarantee of such Guarantor pursuant to the Guarantee of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any guarantee pursuant to the Guarantee thereof) is or becomes illegal under the Commodity
Exchange Act or any rule, regulation, or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof).

 

“Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender, any Issuing Lender or any other
recipient of any payment to be made by or on account of any obligation of the Borrower hereunder or under any other Credit Document, (a) taxes imposed on or measured by its net income (however denominated), and franchise taxes imposed on it (in lieu
of net income taxes), by any jurisdiction (or any political subdivision thereof) as a result of such recipient being organized under the laws of or having its principal office or, in the case of any Lender, an applicable lending office in the
jurisdiction imposing such Tax (or any political subdivision thereof) or as
  

  
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 a
result of any other present or former connection other than a connection resulting at least in part from this Agreement, any other Credit Document, or any actions related thereto, (b) any United States branch profits taxes, or any similar tax,
imposed by any jurisdiction described in (a), (c) any United States federal backup withholding tax imposed under Section 3406 of the Code, (d) in the case of a Foreign Lender (other than a Foreign Lender becoming a party hereto pursuant to the
Borrower’s request under Section 2.19), any United States federal withholding tax that is imposed on amounts payable to such Foreign Lender pursuant to a law in effect at the time such Foreign Lender becomes a party hereto (or designates a new
lending office), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, immediately prior to the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect
to such withholding tax pursuant to Section 2.16, (e) any withholding tax attributable to a Lender’s failure to comply with Section 2.16(e) or (f), and (f) any withholding tax to the extent imposed pursuant to FATCA.

 

“Existing Credit Agreement” means the Credit Agreement, dated as of October 29, 2014, as amended by Amendment No. 1
dated as of June 5, 2015 and as further amended or otherwise modified prior to the date hereof, among the Borrower, the guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent.

 

“Existing Lenders” means the lenders party to the Existing Credit Agreement.

 

“Existing Letter of Credit” shall mean each of the letters of credit described by applicant, date of issuance,
letter of credit number, amount, beneficiary and the date of expiry on Schedule 1.1(c) hereto.
  

“Extension of Credit” shall mean, as to any Lender, the making of a Loan by such Lender, any conversion of a Loan
from one Type to another Type, any extension of any Loan or the issuance, extension or renewal of, or participation in, a Letter of Credit by such Lender.

 

“Facility” shall mean an Incremental Facility and/or the Revolving Facility, as appropriate.

 

“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 or any agreements entered into pursuant to Section 1471(b)(1) of the Code) and any current or future regulations or official interpretations thereof.

 

“Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next
1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds
brokers of nationally recognized standing selected by it; provided, that, if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Fee Letters” shall mean, collectively, (a) the fee letter agreement dated October 23, 2017, addressed to the
Borrower from JPMCB, as amended, modified, extended, restated, replaced, or supplemented from time to time and (b) any other fee letter entered into prior to the Closing Date with any Agent or Arranger relating to this Credit Agreement.

 
 “Foreign
Lender” shall mean any Lender that is not a “United States person” as defined in Section 7701(a)(30) of the Code.

 

“Foreign Subsidiary” shall mean any Subsidiary that is not a Domestic Subsidiary.

 

“Fronting Exposure” shall mean, at any time there is a Defaulting Lender, with respect to the Issuing Lenders, such
Defaulting Lender’s Commitment Percentage of the outstanding LOC Obligations with respect to Letters of Credit issued by the Issuing Lenders other than LOC Obligations as to which such Defaulting Lender’s participation obligation has
been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.
  

  
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“FSHCO” shall mean any Domestic Subsidiary that owns no material assets other than the capital stock of one or more
Foreign Subsidiaries that are “controlled foreign corporations” within the meaning of Section 957 of the Code.
  

“Fund” shall mean any Person (other than a natural person) that is (or will be) engaged in making, purchasing,
holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business.
  

“Funded Debt” shall mean, with respect to any Person, without duplication, all Indebtedness of such Person (other
than Indebtedness set forth in clauses (e) and (i) of such definition).
  

“GAAP” shall mean generally accepted accounting principles in effect in the United States of America (or, in the
case of Foreign Subsidiaries with significant operations outside the United States of America, generally accepted accounting principles in effect from time to time in their respective jurisdictions of organization or formation) applied on a
consistent basis, subject, however, in the case of determination of compliance with the financial covenants set out in Section 5.9 to the provisions of Section 1.3.

 

“Global Intercompany Note” shall mean a promissory note, in form and substance satisfactory to the Administrative
Agent, evidencing all intercompany loans at any time owed by any Credit Party to the Borrower or any of its Subsidiaries, declaring such loans to be subordinate in all respects to the payment of the Obligations at any time owing to the Lenders.

 

“Government Acts” shall have the meaning set forth in Section 2.17(a).

 

“Government Obligations” shall have the meaning set forth in the definition of “Cash Equivalents.”

 

“Government Reimbursement Program” shall mean (to the extent that any Credit Party participates in one or more of
the following): (a) Medicare, the Federal Employees Health Benefit Program under 5 U.S.C. §§ 8902 et seq., the TRICARE program established by the Department of Defense under 10 U.S.C. §§ 1071 et seq. or the Civilian
Health and Medical Program of the Uniformed Services under 10 U.S.C. §§ 1079 and 1086, (b) Medicaid or (c) any agent, administrator, intermediary or carrier for any of the foregoing.

 

“Governmental Authority” shall mean 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) and any group or body charged with setting financial accounting or regulatory capital rules or standards
(including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing).

 

“Guarantor” shall mean the Domestic Subsidiaries of the Borrower as are, or may from time to time become parties to
this Agreement.
  

“Guaranty” shall mean the guaranty of the Guarantors set forth in Article X.

 

“Guaranty Obligations” shall mean, with respect to any Person, without duplication, any obligations of such Person
(other than endorsements in the ordinary course of business of negotiable instruments for deposit or collection) guaranteeing or intended to guarantee any Indebtedness of any other Person in any manner, whether direct or indirect, and including,
without limitation, any obligation, whether or not contingent, (a) to purchase any such Indebtedness or any property constituting security therefor, (b) to advance or provide funds or other support for the payment or purchase of any such
Indebtedness or to maintain working capital, solvency or other balance sheet condition of such other Person
  

  
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(including, without limitation, keep well agreements, maintenance agreements, comfort letters or similar agreements or arrangements)
for the benefit of any holder of Indebtedness of such other Person, (c) to lease or purchase property, securities or services primarily for the purpose of assuring the holder of such Indebtedness, or (d) to otherwise assure or hold harmless the
holder of such Indebtedness against loss in respect thereof. The amount of any Guaranty Obligation hereunder shall (subject to any limitations set forth therein) be deemed to be an amount equal to the outstanding principal amount (or maximum
principal amount, if larger) of the Indebtedness in respect of which such Guaranty Obligation is made.
  

“Healthcare Laws” shall mean, collectively, any and all federal, state or local laws, rules, regulations and to the
extent publicly available to providers, administrative manuals, orders, guidelines and requirements issued under or in connection with Medicare, Medicaid or any Government Reimbursement Program, or any law governing the licensure of or regulating
healthcare providers, professionals, facilities or payors or otherwise governing or regulating the provision of, or payment for, medical services, including, without limitation, the delivery of home healthcare services by the Credit Parties and any
other medical, nursing or other patient-related services now or hereafter provided by the Credit Parties. Healthcare Laws include, but are not limited to, HIPAA; 31 U.S.C. Section 3729, et seq.; 42 U.S.C. Section 1320a-7(b); and 42 U.S.C.
1395nn.
  

“Hedging Agreements” shall mean, with respect to any Person, any agreement entered into to protect such Person
against fluctuations in interest rates, or currency or raw materials values, including, without limitation, any interest rate swap, cap or collar agreement or similar arrangement between such Person and one or more counterparties, any foreign
currency exchange agreement, currency protection agreements, commodity purchase or option agreements or other interest or exchange rate hedging agreements.

 

“HIPAA” shall mean the (a) Health Insurance Portability and Accountability Act of 1996; (b) the Health Information
Technology for Economic and Clinical Health Act (Title XIII of the American Recovery and Reinvestment Act of 2009); and (c) any state and local laws regulating the privacy and/or security of individually identifiable information, including state
laws providing for notification of breach of privacy or security of individually identifiable information, in each case with respect to the laws described in clauses (a), (b) and (c) of this definition, as the same may be amended, modified or
supplemented from time to time, any successor statutes thereto, any and all rules or regulations promulgated from time to time thereunder.

 

“Holder Purchase Grant” shall have the meaning set forth in Section 9.23(a).

 

“Increased Revolver Commitment” shall have the meaning set forth in Section 2.22(a).

 

“Incremental Facility” shall have the meaning set forth in Section 2.22(a).

 

“Incremental Facility Commitment” shall have the meaning set forth in Section 2.22(a).

 

“Incremental Lender” shall have the meaning set forth in Section 2.22(c).

 

“Incremental Loans” shall have the meaning set forth in Section 2.22(a).

 

“Incremental Commitments” shall have the meaning set forth in Section 2.22(a).

 

“Indebtedness” shall mean, with respect to any Person, without duplication, (a) all obligations of such Person for
borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, or upon which interest payments are customarily made, (c) all obligations of such Person under conditional sale or other title retention
agreements relating to property purchased by such Person (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of business), (d) all obligations (including, without limitation,
earnout obligations) of such Person incurred, issued or assumed as the deferred purchase price of property or services purchased by such Person (other than trade debt incurred in the ordinary course of business and due within six months of the
incurrence thereof) which would appear as liabilities on a balance sheet of such Person, (e) all obligations of such Person under take-or-pay or similar arrangements or under commodities agreements, (f) all Indebtedness of others secured by (or for
which the holder of such Indebtedness has an existing right, contingent or
  

  
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otherwise, to be secured by) any Lien on, or payable out of the proceeds of production from, property owned or acquired by such
Person, whether or not the obligations secured thereby have been assumed, (g) all Guaranty Obligations of such Person with respect to Indebtedness of another Person, (h) the principal portion of all Capital Lease Obligations plus any accrued
interest thereon, (i) the Swap Termination Value of all Hedging Agreements of such Person, (j) the maximum amount of all letters of credit issued or bankers’ acceptances facilities created for the account of such Person and, without
duplication, all drafts drawn thereunder (to the extent unreimbursed), (k) all preferred Equity Interest issued by such Person and which by the terms thereof could be (at the request of the holders thereof or otherwise) subject to mandatory sinking
fund payments, redemption or other acceleration, (l) the principal balance outstanding under any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product plus any accrued interest
thereon and (m) all obligations of any partnership or unincorporated joint venture in which such Person is a general partner or a joint venturer to the extent such Indebtedness is recourse to such Person.

 

“Indemnified Taxes” shall mean all Taxes imposed on or with respect to any payment made by or on account of any
obligation of any Credit Party under any Credit Document, other than Excluded Taxes.
  

“Indemnitee” shall have the meaning set forth in Section 9.5(b).

 

“Insolvency” shall mean, with respect to any Multiemployer Plan, the condition that such Plan is insolvent within
the meaning of such term as used in Section 4245 of ERISA.
  

“Intellectual Property” shall mean, collectively, all Copyrights, Copyright Licenses, Patents, Patent Licenses,
Trademarks and Trademark Licenses of the Credit Parties and their Subsidiaries, all goodwill associated therewith and all rights to sue for infringement thereof.

 

“Interest Coverage Ratio” shall mean, as of the last day of any fiscal quarter of the Borrower, for the Credit
Parties and their Subsidiaries on a Consolidated basis, the ratio of (a) Consolidated EBITDA to (b) Consolidated Interest Expense paid or payable in cash during the four consecutive fiscal quarter period ending on such date.

 

“Interest Determination Date” shall have the meaning specified in the definition of “Applicable
Margin.”
  

“Interest Payment Date” shall mean (a) as to any Alternate Base Rate Loan, the last Business Day of each March,
June, September and December, (b) as to any LIBOR Rate Loan having an Interest Period of three months or less, the last day of such Interest Period, (c) as to any LIBOR Rate Loan having an Interest Period longer than three months, (i) each three (3)
month anniversary following the first day of such Interest Period and (ii) the last day of such Interest Period, (d) as to any Loan which is the subject of a mandatory prepayment required pursuant to Section 2.7(b), the date on which such mandatory
prepayment is due, and (e) as to any Loan then outstanding, on the Maturity Date; provided that the Amendment No. 2 Effective Date shall also constitute an Interest Payment Date with respect to Loans outstanding immediately prior to the Amendment
No. 2 Effective Date.
  

“Interest Period” shall mean, with respect to any LIBOR Rate Loan,

 

(a)     initially, the period commencing on the
Borrowing Date or conversion date, as the case may be, with respect to such LIBOR Rate Loan and ending one, two, three or six months thereafter, subject to availability to all applicable Lenders, as selected by the Borrower in the Notice of
Borrowing or Notice of Conversion given with respect thereto; and
  

(b)     thereafter, each period commencing on the
last day of the immediately preceding Interest Period applicable to such LIBOR Rate Loan and ending one, two, three or six months thereafter, subject to availability to all applicable Lenders, as selected by the Borrower by irrevocable notice to the
Administrative Agent not less than three (3) Business Days prior to the last day of the then current Interest Period with respect thereto; provided that the foregoing provisions are subject to the following:

 

(i)     if any Interest Period pertaining to a
LIBOR Rate Loan would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar
month in which event such Interest Period shall end on the immediately preceding Business Day;
  

  
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(ii)     any Interest Period pertaining to a LIBOR
Rate Loan 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 relevant calendar
month;
  

(iii)     if the Borrower shall fail to give
notice as provided above, the Borrower shall be deemed to have selected an Alternate Base Rate Loan to replace the affected LIBOR Rate Loan;

 

(iv)     no Interest Period in respect of any
Revolving Loans shall extend beyond the Maturity Date; and
  

(v)     no more than ten (10) LIBOR Rate
Loans may be in effect at any time. For purposes hereof, LIBOR Rate Loans with different Interest Periods shall be considered as separate LIBOR Rate Loans, even if they shall begin on the same date, although borrowings, extensions and conversions
may, in accordance with the provisions hereof, be combined at the end of existing Interest Periods to constitute a new LIBOR Rate Loan with a single Interest Period;

 
 provided
further, that the first Interest Period as of the Amendment No. 2 Effective Date shall be as set forth in Section 2.1 in Amendment No. 2.

 

“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of
decimal places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the
LIBO Screen Rate for the longest period for which the LIBO Screen Rate is available for Dollars) that is shorter than the Impacted Interest Period; and (b) the LIBO Screen Rate for the shortest period (for which that LIBO Screen Rate is available
for Dollars) that exceeds the Impacted Interest Period, in each case, at such time.
  

“Investment” shall mean (a) the acquisition (whether for cash, property, services, assumption of Indebtedness,
securities or otherwise) of shares of Equity Interest, other ownership interests or other securities of any Person or bonds, notes, debentures or all or substantially all of the assets of any Person (including pursuant to any merger with, or as a
Division Successor pursuant to the Division of, any Person that was not a wholly-owned Subsidiary prior to such merger or Division), (b) any deposit with, or advance, loan or other extension of credit to, any Person (other than deposits made in the
ordinary course of business) or (c) any other capital contribution to or investment in any Person, including, without limitation, any Guaranty Obligation (including any support for a letter of credit issued on behalf of such Person) incurred for the
benefit of such Person.
  

“Issuing Lender” shall mean, with respect to Letters of Credit, (a) each of JPMCB (including in its capacity as
issuing lender under any Existing Letter of Credit), Wells Fargo Bank, National Association (including in its capacity as issuing lender under any Existing Letter of Credit), Bank of America, N.A., MUFG Bank, Ltd., SunTrust Bank, Mizuho Bank, Ltd.,
Fifth Third Bank, BBVA Compass and PNC Bank, National Association together with any successor thereto and (b) each Successor Issuing Lender.

 

“Issuing Lender Fees” shall have the meaning set forth in Section 2.5(c).

 

“Issuing Lender Sublimit” shall mean, (a) with respect to each Issuing Lender as of the Amendment No. 2 Effective
Date, the LOC Committed Amount multiplied by 11.1111111%, as such amount may be modified pursuant to a Successor Issuing Lender Agreement and (b) with respect to any Successor Issuing Lender, such amount as specified in the applicable Successor
Issuing Lender Agreement.
  

“Joinder Agreement” shall mean a Joinder Agreement in substantially the form of Exhibit 1.1(c), executed and
delivered by an Additional Credit Party in accordance with the provisions of Section 5.10.
  

  
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“Joint Commission” shall mean the Joint Commission (formerly known as the Joint Commission on Accreditation
of Healthcare Organizations).
  

“JPMCB” shall mean JPMorgan Chase Bank, N.A., together with its successors and/or assigns.

 

“JPMS” shall mean J. P. Morgan Securities LLC, together with its successors and/or assigns.

 

“Lender” shall mean any of the several banks and other financial institutions as are, or may from time to time
become parties to this Agreement; provided that notwithstanding the foregoing, “Lender” shall not include any Credit Party or any of the Credit Party’s Affiliates or Subsidiaries.

 

“Lender Consent” shall mean any lender consent delivered by a Lender on the Closing Date in the form of Exhibit
4.1(a).
  

“Letter of Credit” shall mean (a) any letter of credit issued by any Issuing Lender pursuant to the terms hereof,
as such letter of credit may be amended, modified, restated, extended, renewed, increased, replaced or supplemented from time to time and (b) any Existing Letter of Credit, in each case as such letter of credit may be amended, modified, extended,
renewed or replaced from time to time.
  

“Letter of Credit Facing Fee” shall have the meaning set forth in Section 2.5(c).

 

“Letter of Credit Fee” shall have the meaning set forth in Section 2.5(b).

 

“LIBO Screen Rate” shall have the meaning assigned to such term in the definition of LIBOR.

 

“LIBOR” shall mean, for any LIBOR Rate Loan for any Interest Period therefor, the rate per annum (rounded upwards,
if necessary, to the nearest 1/100 of 1%) appearing on pages LIBOR01 or LIBOR02 of the Reuters screen (or any successor page) as the London interbank offered rate as administered by ICE Benchmark Association (or any other Person that takes over the
administration of such rate) for deposits in Dollars at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period; provided that if the rate per
annum appearing on pages LIBOR01 or LIBOR02 of the Reuters screen (or any successor page) shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement (such London interbank offered rate, the “LIBO Screen
Rate”). If for any reason such LIBO Screen Rate is not available at such time for such Interest Period (an “Impacted Interest Period”), then “LIBOR” for such Impacted Interest Period shall mean the
Interpolated Rate.
  

“LIBOR Lending Office” shall mean, initially, the office(s) of each Lender designated as such Lender’s LIBOR
Lending Office in such Lender’s Administrative Questionnaire; and thereafter, such other office of such Lender as such Lender may from time to time specify to the Administrative Agent and the Borrower as the office of such Lender at which the
LIBOR Rate Loans of such Lender are to be made.
  

“LIBOR Rate” shall mean, for any Interest Period, a rate per annum (rounded upwards, if necessary, to the next
higher 1/100th of 1%) determined by the Administrative Agent pursuant to the following formula:
  

LIBOR Rate =                             
       LIBOR                              

1.0 minus the Eurodollar Reserve Percentage

 

“LIBOR Rate Loan” shall mean Loans the rate of interest applicable to which is based on the LIBOR Rate.

 

“LIBOR Tranche” shall mean the collective reference to LIBOR Rate Loans whose Interest Periods begin and end on the
same day.
  
 
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“Lien” shall mean any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien
(statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, (a) any conditional sale or other title
retention agreement and any Capital Lease having substantially the same economic effect as any of the foregoing and (b) the filing of, or the agreement to give, any UCC financing statement).

 

“LLC” means any Person that is a limited liability company under the laws of its jurisdiction of formation.

 

“Loan” or “Loans” shall mean a Revolving Loan and/or an Incremental Loan, as appropriate.

 

“LOC Commitment” shall mean (a) with respect to each Issuing Lender’s commitment to issue Letters of Credit,
such Issuing Lender’s Issuing Lender Sublimit and (b) with respect to each Revolving Lender, the commitment of such Revolving Lender to purchase Participation Interests in the Letters of Credit up to such Revolving Lender’s Revolving
Commitment Percentage of the LOC Committed Amount.
  

“LOC Committed Amount” shall have the meaning set forth in Section 2.3(a).

 

“LOC Documents” shall mean, with respect to each Letter of Credit, such Letter of Credit, any amendments thereto,
any documents delivered in connection therewith, any application therefor, and any agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the
rights and obligations of the parties concerned or (b) any collateral for such obligations.
  

“LOC Obligations” shall mean, at any time, the sum of (a) the maximum amount which is, or at any time thereafter
may become, available to be drawn under Letters of Credit then outstanding, assuming compliance with all requirements for drawings referred to in such Letters of Credit plus (b) the aggregate amount of all drawings under Letters of Credit
honored by the Issuing Lenders but not theretofore reimbursed. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.6. For all
purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be
“outstanding” in the amount so remaining available to be drawn.
  

“Management Agreement” shall mean each agreement pursuant to which a Manager agrees to provide certain
administrative services to a Practice.
  

“Manager” shall mean, with respect to any particular Management Agreement, the Borrower or its applicable
Subsidiary that is a party to such Management Agreement as the administrative manager of the relevant medical practice or practices.

 

“Mandatory LOC Borrowing” shall have the meaning set forth in Section 2.3(e).

 

“Material Adverse Effect” shall mean a material adverse effect on (a) the business, operations, property, assets or
financial condition of the Credit Parties and their Subsidiaries taken as a whole, (b) the ability of the Credit Parties and their Subsidiaries taken as a whole to perform their obligations, when such obligations are required to be performed, under
this Agreement, any of the Notes or any other Credit Document or (c) the validity or enforceability of this Agreement, any of the Notes, any Joinder Agreement, any of the Letters of Credit, the LOC Documents or the Security Documents (if any) or the
rights or remedies of the Administrative Agent or the Lenders hereunder or thereunder. The inclusion of any dollar amount threshold in any representation, warranty, covenant, notice provision, Default or Event of Default or any other provision of
this Agreement shall not be deemed to constitute a mutual agreement as to a standard that is determinative of whether a Material Adverse Effect exists or may exist.

 

“Material Contract” shall mean (a) any Management Agreement and any Restrictive Agreement and (b) any other
contract, agreement, permit or license, written or oral, of the Credit Parties or any of their Subsidiaries as to which the breach, nonperformance, cancellation or failure to renew by any party thereto, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect.
  

  
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“Material Domestic Subsidiary” shall mean any Domestic Subsidiary of the Borrower that, together with its
Subsidiaries, (a) generated more than 10% of the net revenues (whether denominated in the financial statements of the Credit Parties as net patient service revenues or similar nomenclature) of the Credit Parties on a Consolidated basis for the four
(4) fiscal quarter period most recently ended or (b) owns more than 10% of the Consolidated Assets as of the last day of the most recently ended fiscal quarter of the Borrower; provided, however, that if at any time there are Domestic
Subsidiaries which are not classified as “Material Domestic Subsidiaries” but which collectively (i) generated more than 20% of the net revenues (whether denominated in the financial statements of the Credit Parties as net patient
service revenues or similar nomenclature) of the Credit Parties on a Consolidated basis for the four (4) fiscal quarters most recently ended or (ii) own more than 20% of the Consolidated Assets as of the last day of the most recently ended fiscal
quarter of the Borrower, then the Borrower shall promptly, and in any event within thirty (30) days after the financial statements for such fiscal quarter become available, designate one or more of such Domestic Subsidiaries as Material Domestic
Subsidiaries and cause any such Domestic Subsidiaries to comply with the provisions of Section 5.10 such that, after such Domestic Subsidiaries become Guarantors hereunder, the Domestic Subsidiaries that are not Guarantors shall (iii) generate less
than 20% of the net revenues (whether denominated in the financial statements of the Credit Parties as net patient service revenues or similar nomenclature) of the Credit Parties and (iv) own less than 20% of the Consolidated Assets. For purposes of
determining whether or not any newly formed or acquired Subsidiary is a “Material Domestic Subsidiary,” the foregoing calculations shall be performed at the time of such acquisition or formation (including any asset contributions made to
such Subsidiary concurrently with such acquisition or formation) giving effect to such acquisition or formation (including any asset contributions made to such Subsidiary concurrently with such acquisition or formation) on a Pro Forma Basis as of
the last day of the most recently ended fiscal quarter of the Borrower. It is understood and agreed that in no event shall PMG be considered a Material Domestic Subsidiary.

 

“Materials of Environmental Concern” shall mean any gasoline or petroleum (including crude oil or any extraction
thereof) or petroleum products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law, including, without limitation, asbestos, perchlorate, polychlorinated biphenyls and
urea-formaldehyde insulation.
  

“Maturity Date” shall mean March 28, 2024; provided, however, if such date is not a Business Day, the
Maturity Date shall be the next preceding Business Day.
  

“Medicaid” means the medical assistance programs administered by state agencies and approved by CMS pursuant to the
terms of Title XIX of the Social Security Act, codified at 42 U.S.C. 1396 et seq.
  

“Medicare” means the program of health benefits for the aged and disabled administered by CMS pursuant to the terms
of Title XVIII of the Social Security Act, codified at 42 U.S.C. 1395 et seq.
  

“Moody’s” shall mean Moody’s Investors Service, Inc.

 

“Multiemployer Plan” shall mean a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“Non-Consenting Lender” shall mean any Lender (other than JPMCB) that does not approve any consent, waiver or
amendment that has been obtained as to one or more Lenders and that is not effective with respect to an affected Lender not approving such consent, waiver or amendment in accordance with the terms of Section 9.1.

 

“Non-Defaulting Lender” shall mean, at any time, each Lender that is not a Defaulting Lender at such time.

 

“Note” or “Notes” shall mean the Revolving Notes, collectively or individually, as
appropriate.
  

“Notice of Borrowing” shall mean a request for a Revolving Loan borrowing pursuant to Section 2.1(b)(i).. A Form of
Notice of Borrowing is attached as Exhibit 1.1(d).
  

  
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“Notice of Conversion/Extension” shall mean the written notice of conversion of a LIBOR Rate Loan to an Alternate
Base Rate Loan or an Alternate Base Rate Loan to a LIBOR Rate Loan, or extension of a LIBOR Rate Loan, in each case substantially in the form of Exhibit 1.1(e).

 

“Obligations” shall mean, collectively, all of the obligations, Indebtedness and liabilities of the Credit Parties
to the Lenders (including the Issuing Lenders) and the Administrative Agent, whenever arising, under this Agreement, the Notes or any of the other Credit Documents, including principal, interest, fees, costs, charges, expenses, professional fees,
reimbursements, all sums chargeable to the Credit Parties or for which any Credit Party is liable as an indemnitor and whether or not evidenced by a note or other instrument and indemnification obligations and other amounts (including, but not
limited to, any interest accruing after the occurrence of a filing of a petition of bankruptcy under the Bankruptcy Code with respect to any Credit Party, regardless of whether such interest is an allowed claim under the Bankruptcy Code).
Obligations with respect to any Guarantor shall in no event include any Excluded Swap Obligations of such Guarantor.
  

“Operating Lease” shall mean, as to any Person as determined in accordance with GAAP, any lease of property
(whether real, personal or mixed) by such Person as lessee which is not a Capital Lease, or which is classified as an operating lease under the definition of “Capital Lease.”

 

“Other Taxes” shall mean all present or future stamp or documentary Taxes or any other excise or property Taxes,
charges or similar levies arising from any payment made hereunder or under any other Credit Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Credit Document.

 

“Participant” shall have the meaning assigned to such term in Section 9.6(d).

 

“Participant Register” shall have the meaning assigned to such term in Section 9.6(d).

 

“Participation Interest” shall mean a participation interest purchased by a Revolving Lender in LOC Obligations as
provided in Section 2.3(c).
  

“Patent Licenses” shall mean any agreement, whether written or oral, providing for the grant by or to a Person of
any right to manufacture, use or sell any invention covered by a Patent.
  

“Patents” shall mean (a) all letters patent of the United States or any other country, now existing or hereafter
arising, and all improvement patents, reissues, reexaminations, patents of additions, renewals and extensions thereof and (b) all applications for letters patent of the United States or any other country and all provisionals, divisions,
continuations and continuations-in-part and substitutes thereof.
  

“Patriot Act” shall mean Title III of The Uniting and Strengthening America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)), as amended or modified from time to time.

 

“PBGC” shall mean the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of
ERISA.
  

“Permitted Acquisition” shall mean an acquisition (other than a Division) or any series of related acquisitions by
a Credit Party of (a) all or substantially all of the assets or a majority of the outstanding Voting Stock or economic interests of a Person that is incorporated, formed or organized in the United States, (b) a Person that is incorporated, formed or
organized in the United States by a merger, amalgamation or consolidation or any other combination with such Person or (c) any division, line of business or other business unit of a Person that is incorporated, formed or organized in the United
States (such Person or such division, line of business or other business unit of such Person shall be referred to herein as the “Target”), in each case that is a type of business (or assets used in a type of business) permitted to
be engaged in by the Credit Parties and their Subsidiaries pursuant to Section 6.3, in each case so long as:
  

  
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(i)     no Default or Event of Default shall then
exist or would exist after giving effect thereto;
  

(ii)     the Credit Parties shall have furnished to
the Administrative Agent within fifteen (15) Business Days after the consummation of such acquisition (A) Consolidated pro forma financial statements of the Borrower (giving pro forma effect to all acquisitions made during the previous four fiscal
quarter period as if they had occurred on the first day of such period) as of the most recent date that financial statements have been furnished pursuant to Section 5.1(a) or (b) demonstrating that, after giving effect to the acquisition on a Pro
Forma Basis, the Credit Parties are in compliance with each of the financial covenants set forth in Section 5.9 (provided that for purposes of this clause (ii) the applicable
Consolidated Net Leverage Ratio shall be 4.50 to 1.00 for any fiscal quarter) and (B) a certificate substantially in the form of Exhibit 1.1(f) executed by a Responsible Officer of the Borrower certifying that such Permitted
Acquisition complies with the requirements of this Agreement;
  

(iii)     the Target, if a Person, shall have
executed a Joinder Agreement to the extent required by the terms of Section 5.10 within the applicable time period specified in Section 5.10; and

 

(iv)     the Target does not oppose such
acquisition (other than in the case of an acquisition pursuant to a Holder Purchase Grant).
  

“Permitted Investments” shall mean:

 

(a)     cash and Cash Equivalents;

 

(b)     Investments existing as of the Closing Date
as set forth on Schedule 1.1(a), and any renewals, refinancings or extensions thereof in a principal amount not in excess of that outstanding as of the date of such renewal, refinancing or extension;

 

(c)     receivables owing to the Credit Parties or
any of their Subsidiaries or any receivables and advances to suppliers, in each case if created, acquired or made in the ordinary course of business and payable or dischargeable in accordance with customary trade terms;

 

(d)     Investments in and loans to any Credit
Party;
  

(e)     Investments in and loans to Subsidiaries of
Credit Parties (other than Credit Parties) and Permitted JV Investments in an aggregate amount not to exceed at any one time 15% of Consolidated total shareholders’ equity as determined in accordance with GAAP and as set forth on the then most
recent Consolidated balance sheet of the Borrower and its Consolidated Subsidiaries furnished to the Administrative Agent pursuant to Section 5.1(for the avoidance of doubt, the calculation of the aggregate amount of all Permitted JV
Investments shall not include any accretion (or reduction) for equity in income (loss) in any Permitted JV to the extent the financial results of such Permitted JV are not Consolidated with the financial results of the Borrower and its Subsidiaries
except to the extent of dividends or distributions received in cash or Cash Equivalents from a Permitted JV by a Credit Party or Subsidiary (other than another Permitted JV));

 

(f)     loans and advances to employees;
provided that such loans and advances shall comply with all Requirements of Law (including Sarbanes-Oxley);
  

(g)     Investments (including debt obligations)
received in connection with the bankruptcy or reorganization of suppliers and customers and in settlement of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business;

 

(h)     Investments, acquisitions or transactions
permitted under Section 6.4(a)(xiii) or Section 6.4(b) and Guaranty Obligations permitted under Section 6.1;
  

(i)     Permitted Acquisitions;

 
 
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(j)     Hedging Agreements to the extent permitted
hereunder;
  

(k)     Investments by PMG in accordance with
applicable law and past practices; and
  

(l)     Investments in PMG (in addition to
Investments in PMG outstanding on the Closing Date and set forth on Schedule 1.1(a)) in an aggregate principal amount outstanding at any time not to exceed the greater of (i) $500,000,000 and (ii) 10.0% of Consolidated Total Assets at such time;
and
  

(m)     additional loans, advances and/or Investments
of a nature not contemplated by the foregoing clauses hereof so long as after giving effect to each such additional loans, advances and/or Investments on a Pro Forma Basis the Consolidated Net Leverage Ratio of the Credit Parties would be in
compliance with Section 5.9(a) (provided that for purposes of this clause (m) the applicable Consolidated Net Leverage Ratio shall be 4.50 to 1.00 for any fiscal
quarter).
  

“Permitted JV” shall mean a Person that is (a) not a wholly-owned Subsidiary of the Borrower and (b) a type of
business (or assets used in a type of business) permitted to be engaged in by the Credit Parties and their Subsidiaries pursuant to Section 6.3.

 

“Permitted JV Investment” shall mean an Investment after the Closing Date in a Permitted JV (other than an
Investment pursuant to clause (b) of the definition of Permitted Investment) so long as no Default or Event of Default shall then exist or would exist after giving effect thereto.

 

“Permitted Liens” shall mean:

 

(a)     Liens created by or otherwise existing under
or in connection with this Agreement or the other Credit Documents in favor of the Administrative Agent on behalf of the Lenders;

 

(b)     Liens in favor of a Bank Product Provider in
connection with a Bank Product; provided that such Liens shall secure the Credit Party Obligations on a ratable and pari passu basis;

 

(c)     Liens securing purchase money Indebtedness
and Capital Lease Obligations (and refinancings thereof) to the extent permitted under Section 6.1(c); provided, that (i) any such Lien attaches to such property concurrently with or within thirty (30) days after the acquisition thereof and
(ii) such Lien attaches solely to the property so acquired in such transaction;
  

(d)     Liens for taxes, assessments, charges or
other governmental levies not yet due or as to which the period of grace (not to exceed sixty (60) days), if any, related thereto has not expired or which are being contested in good faith by appropriate proceedings; provided that adequate
reserves with respect thereto are maintained on the books of any Credit Party or its Subsidiaries, as the case may be, in conformity with GAAP;

 

(e)     statutory Liens such as carriers’,
warehousemen’s, mechanics’, materialmen’s, landlords’, repairmen’s or other like Liens arising in the ordinary course of business which are not overdue for a period of more than one hundred twenty (120) days or which
are being contested in good faith by appropriate proceedings;
  

(f)     pledges or deposits in connection with
workers’ compensation, unemployment insurance and other social security legislation (other than any Lien imposed by ERISA) and deposits securing liability to insurance carriers under insurance or self-insurance arrangements in accordance with
historical practice and in the ordinary course of business;
  

(g)     deposits to secure the performance of bids,
trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

 
 
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(h)     easements, rights of way, restrictions and
other similar encumbrances affecting real property which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary
conduct of the business of the applicable Person;
  

(i)     Liens existing on the Closing Date and set
forth on Schedule 1.1(b); provided that (i) no such Lien shall at any time be extended to cover property or assets other than the property or assets subject thereto on the Closing Date and subsequent improvements thereon, (ii) the
principal amount of the Indebtedness secured by such Lien shall not be extended, renewed, refunded or refinanced except as permitted by Section 6.1(b) and (iii) the direct or any contingent obligor with respect thereto is not changed;

 

(j)     any extension, renewal or replacement (or
successive extensions, renewals or replacements), in whole or in part, of any Lien referred to in this definition (other than Liens set forth on Schedule 1.1(b)); provided that such extension, renewal or replacement Lien shall be
limited to all or a part of the property which secured the Lien so extended, renewed or replaced (plus subsequent improvements on such property);

 

(k)     Liens arising in the ordinary course of
business by virtue of any contractual, statutory or common law provision relating to (i) landlord’s Liens arising under leases of real property in the ordinary course of business and (ii) banker’s Liens, rights of set-off or similar
rights and remedies covering deposit or securities accounts (including funds or other assets credited thereto) or other funds maintained with a depository institution or securities intermediary;

 

(l)     any zoning, building or similar laws or
rights reserved to or vested in any Governmental Authority;
  

(m)     restrictions on transfers of securities
imposed by applicable Securities Laws or laws governing the practice of medicine;
  

(n)     Liens arising out of judgments or awards not
resulting in an Event of Default; provided that the applicable Credit Party or Subsidiary shall in good faith be prosecuting an appeal or proceedings for review;

 

(o)     Liens on the property of a Person existing at
the time such Person becomes a Subsidiary of a Credit Party in a transaction permitted hereunder securing Indebtedness in an aggregate principal amount not to exceed the greater of (i) $85,000,000 and (ii) 2.0% of Consolidated Total Assets at such
time, for all such Persons; provided, however, that any such Lien may not extend to any other property of any Credit Party or any other Subsidiary that is not a Subsidiary of such Person; provided, further, that any such
Lien was not created in anticipation of or in connection with the transaction or series of transactions pursuant to which such Person became a Subsidiary of a Credit Party;

 

(p)     any interest or title of a lessor, licensor
or sublessor under any lease, license or sublease entered into by any Credit Party or any Subsidiary thereof in the ordinary course of its business and covering only the assets so leased, licensed or subleased;

 

(q)     assignments of insurance or condemnation
proceeds provided to landlords (or their mortgagees) pursuant to the terms of any lease and Liens or rights reserved in any lease for rent or for compliance with the terms of such lease;

 

(r)     Liens arising under Restrictive
Agreements;
  

(s)     Liens to the extent arising out of judgments,
orders, attachments, decrees or awards not resulting in an Event of Default; and
  

  
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(t)     additional Liens so long as the aggregate
principal amount of Indebtedness secured thereby at any time does not exceed the greater of (i) $170,000,000 and (ii) 3.5% of Consolidated Total Assets at such time.

 

“Person” shall mean any natural person, corporation, limited liability company, trust, joint venture, association,
company, partnership, Governmental Authority or other entity.
  

“Plan” shall mean, as of any date of determination, any employee benefit plan which is covered by Title IV of ERISA
and in respect of which any Credit Party or a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

 

“Platform” shall have the meaning set forth in Section 9.2(d)(i).

 

“PMG” means PMG Indemnity Ltd., a corporation organized under the laws of Grand Cayman, British West Indies, and a
Subsidiary of the Borrower.
  

“Practice” shall mean that Person party to any Management Agreement that is not the Manager under such Management
Agreement and that engages in the practice of providing medical services or of owning the Equity Interests of other Persons engaged in the practice of medical services.

 

“Primary Syndication” shall mean any assignments by the Administrative Agent in order to effectuate the initial
post-closing syndication made on or prior to the earlier of (a) the date that is ninety (90) days after the Closing Date and (b) the completion of all assignments relating to the completion of a successful syndication.

 

“Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMCB as its prime rate
in effect at its office located at 270 Park Avenue, New York, New York, or any successor office announced by JPMCB; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being
effective.
  

“Private Payor” means any insurance company, health maintenance organization, preferred provider
organization or similar entity that is obligated to make payments for goods or services provided to a patient, but shall not include a Government Reimbursement Program.

 

“Private Payor Arrangement” means a written agreement or arrangement with a Private Payor pursuant to which
the Private Payor pays all or a portion of the charges of any Credit Party for providing goods and services to a patient.
  

“Pro Forma Basis” shall mean, with respect to any transaction, that such transaction shall be deemed to have
occurred as of the first day of the four-quarter period ending as of the Borrower’s most recent fiscal quarter end preceding the date of such transaction.

 

“Properties” shall have the meaning set forth in Section 3.10(a).

 

“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption
may be amended from time to time.
  

“QFC” shall have the meaning assigned to the
term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

 

“QFC Credit Support” shall have the meaning
assigned to it in Section 9.29.
  

“Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Credit Party that has total assets
exceeding $10,000,000 at the time the relevant Guaranty or grant of the relevant security interest becomes or would become effective with respect to such Swap Obligation or such other person as constitutes an “eligible

 
 
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contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to
qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

“Recipient” shall mean (a) the Administrative Agent, (b) any Lender and (c) any Issuing Lender, as applicable.

 

“Recovery Event” shall mean the receipt by any Credit Party or its Subsidiaries of any cash insurance proceeds or
condemnation award payable by reason of theft, loss, physical destruction or damage, taking or similar event with respect to any of their respective property or assets.

 

“Register” shall have the meaning set forth in Section 9.6(c).

 

“Reimbursement Obligation” shall mean the obligation of the Borrower to reimburse the Issuing Lenders pursuant to
Section 2.3(d) for amounts drawn under Letters of Credit.
  

“Related Parties” shall mean, with respect to any Person, such Person’s Affiliates and the partners,
directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates.
  

“Reorganization” shall mean, with respect to any Multiemployer Plan, the condition that such Plan is in
reorganization within the meaning of such term as used in Section 4241 of ERISA.
  

“Reportable Event” shall mean any of the events set forth in Section 4043(c) of ERISA, other than those events as
to which the thirty-day notice period is waived under PBGC Reg. §4043.
  

“Required Facility Lenders” shall mean, as of any date of determination, either (as the context may require) (a)
Revolving Lenders holding at least a majority of the outstanding Revolving Commitments and if the Revolving Commitments have been terminated, the outstanding Revolving Loans and Participation Interests, under the Revolving Facility, or (b)
Incremental Lenders holding at least a majority of the outstanding Loans and/or Commitments under an Incremental Facility; provided, however, that if any Lender shall be a Defaulting Lender at such time, then there shall be excluded from the
determination of Required Facility Lenders, Obligations (including Participation Interests) owing to such Defaulting Lender and such Defaulting Lender’s Commitments.

 

“Required Lenders” shall mean, as of any date of determination, Lenders holding at least a majority of (a) the
outstanding Commitments and Loans or (b) to the extent Commitments have been terminated, the outstanding Loans and Participation Interests; provided, however, that if any Lender shall be a Defaulting Lender at such time, then there
shall be excluded from the determination of Required Lenders, Obligations (including Participation Interests) owing to such Defaulting Lender and such Defaulting Lender’s Commitments.

 

“Requirement of Law” shall mean, as to any Person, (a) all international, foreign, Federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes, executive orders, and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the
enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority (in each case whether or not having
the force of law) and (b) all Healthcare Laws; in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

 

“Responsible Officer” shall mean, for any Credit Party, any duly authorized officer or authorized signatory thereof
and as to whom the Administrative Agent has received an incumbency certificate that has not been terminated or revoked indicating such officer or authorized signatory is a duly authorized officer thereof.

 

“Restricted Payment” shall mean (a) any dividend or other distribution, direct or indirect, on account of any
shares (or equivalent) of any class of Equity Interest of any Credit Party or any of its Subsidiaries, now or hereafter outstanding, (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or
indirect, of any shares (or equivalent) of any class of Equity Interest of any Credit Party or any of its
  

  
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Subsidiaries, now or hereafter outstanding, (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants,
options or other rights to acquire shares of any class of Equity Interest of any Credit Party or any of its Subsidiaries, now or hereafter outstanding, (d) any payment with respect to any earnout obligation, (e) any payment or prepayment of
principal of, premium, if any, or interest on, redemption, purchase, retirement, defeasance, sinking fund or similar payment with respect to, any Subordinated Debt of any Credit Party or any of its Subsidiaries, (f) the payment by any Credit Party
or any of its Subsidiaries of any management, advisory or consulting fee to any Person (other than such fees incurred in the ordinary course of business) or (g) the payment of any extraordinary salary, bonus or other form of compensation for
services to any Person who is directly or indirectly a significant partner, shareholder, owner or executive officer of any such Person, to the extent such extraordinary salary, bonus or other form of compensation is not or would not be an expense
reflected on such Person’s financial statements in accordance with GAAP.
  

“Restrictive Agreement” shall have the meaning set forth in Section 9.23(a).

 

“Revolving Commitment” shall mean, with respect to each Revolving Lender, the commitment of such Revolving Lender
to make Revolving Loans in an aggregate principal amount at any time outstanding up to an amount equal to such Revolving Lender’s Revolving Commitment Percentage of the Revolving Committed Amount.

 

“Revolving Commitment Percentage” shall mean for each Revolving Lender, the percentage identified as its Revolving
Commitment Percentage on Schedule 2.1(a) or in the Assignment and Assumption pursuant to which such Revolving Lender became a Revolving Lender hereunder, as such percentage may be modified after the Amendment No. 2 Effective Date in accordance with
the provisions of this Credit Agreement.
  

“Revolving Committed Amount” shall have the meaning set forth in Section 2.1(a).

 

“Revolving Facility” shall have the meaning set forth in Section 2.1(a).

 

“Revolving Lender” shall mean, as of any date of determination, a Lender holding a Revolving Commitment, a
Revolving Loan or a Participation Interest on such date.
  

“Revolving Loans” shall have the meaning set forth in Section 2.1(a).

 

“Revolving Note” or “Revolving Notes” shall mean the promissory notes of the Borrower provided
pursuant to Section 2.1(e) in favor of any of the Revolving Lenders evidencing the Revolving Loan provided by any such Revolving Lender pursuant to Section 2.1(a), individually or collectively, as appropriate, as such promissory notes may be
amended, modified, extended, restated, replaced, or supplemented from time to time.
  

“S&P” shall mean Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies,
Inc.
  

“Sale and Leaseback Transaction” shall mean any arrangement pursuant to which any Credit Party or Subsidiary,
directly or indirectly, becomes liable as lessee, guarantor or other surety with respect to any lease, whether an Operating Lease or a Capital Lease, of any property or assets (a) which a Credit Party or Subsidiary has sold or transferred (or is to
sell or transfer) to a Person which is not a Credit Party or Subsidiary or (b) which such Credit Party or Subsidiary intends to use for substantially the same purpose as any other property or assets which have been sold or transferred (or is to be
sold or transferred) by a Credit Party or Subsidiary to another Person which is not a Credit Party or Subsidiary in connection with such lease.

 

“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of
any Sanctions (at the time of this Agreement, Cuba, Iran, North Korea, Sudan, Syria and Crimea).
  

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons
maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council, the European Union or any EU member state, (b) any Person operating, organized or
resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons.
  

  
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“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to
time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (b) the government of Canada or (c) the United Nations Security Council,
the European Union or Her Majesty’s Treasury of the United Kingdom
  

“Sarbanes-Oxley” shall mean the Sarbanes-Oxley Act of 2002.

 

“SEC” shall mean the Securities and Exchange Commission or any successor Governmental Authority.

 

“Securities Act” shall mean the Securities Act of 1933, together with any amendment thereto or replacement thereof
and any rules or regulations promulgated thereunder.
  

“Securities Laws” shall mean the Securities Act, the Exchange Act, Sarbanes-Oxley and the applicable accounting and
auditing principles, rules, standards and practices promulgated, approved or incorporated by the SEC or the Public Company Accounting Oversight Board, as each of the foregoing may be amended and in effect on any applicable date hereunder.

 

“Security Documents” shall mean the Collateral Agreement and each of the security agreements, pledge agreements and
other instruments and documents executed and delivered pursuant to the occurrence of the Collateral Event or pursuant to Section 5.13.

 

“Single Employer Plan” shall mean any Plan that is not a Multiemployer Plan.

 

“Subordinated Debt” shall mean any Indebtedness incurred by any Credit Party which by its terms is specifically
subordinated in right of payment to the prior payment of the Credit Party Obligations and contains subordination and other terms acceptable to the Administrative Agent.

 

“Subsidiary” shall mean, 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, limited liability company, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person;
provided, that notwithstanding the foregoing, each Practice and each of its Subsidiaries shall constitute a Subsidiary of the Borrower for the purposes of the Credit Documents. Unless otherwise qualified, all references to a
“Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower.

 

“Successor Issuing Lender” shall have the meaning set forth in Section 2.3(f).

 

“Successor Issuing Lender Agreement” shall have the meaning set forth in Section 2.3(f).

 
 “Supported QFC” shall have the meaning assigned to it in Section 9.29.

 

“Swap Termination Value” shall mean, in respect of any one or more Hedging Agreements, after taking into account
the effect of any legally enforceable netting agreement relating to such Hedging Agreements, (a) for any date on or after the date such Hedging Agreements have been closed out and termination value(s) determined in accordance therewith, such
termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Hedging Agreements, as determined based upon one or more mid-market or other readily available
quotations provided by any recognized dealer in such Hedging Agreements (which may include a Lender or any Affiliate of a Lender).

 

“Target” shall have the meaning set forth in the definition of “Permitted Acquisition.”

 
 
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“Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments,
fees and other like charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Trademark License” shall mean any agreement, whether written or oral, providing for the grant by or to a Person of
any right to use any Trademark.
  

“Trademarks” shall mean (a) all trademarks, trade names, corporate names, company names, business names, fictitious
business names, service marks, elements of package or trade dress of goods or services, logos and other source or business identifiers, together with the goodwill associated therewith, all registrations and recordings thereof, and all applications
in connection therewith, whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof and (b) all renewals thereof.

 

“Transactions” shall mean the closing of this Agreement and the other Credit Documents and the other transactions
contemplated hereby to occur in connection with such closing (including, without limitation, the initial borrowings under the Credit Documents and the payment of fees and expenses in connection with all of the foregoing).

 

“Transfer Effective Date” shall have the meaning set forth in each Assignment and Assumption.

 

“Type” shall mean, as to any Loan, its nature as an Alternate Base Rate Loan or LIBOR Rate Loan, as the case may
be.
  

“UCC” shall mean the Uniform Commercial Code from time to time in effect in any applicable jurisdiction.

 

“United States” shall mean the United States of America and the states, territories and possessions thereof,
including, without limitation, Puerto Rico.
  

“Unused Commitment Fee” shall have the meaning set forth in Section 2.5(a).

 

“U.S. Lender” shall mean any Lender that is a “United States person” as defined in Section 7701(a)(30)
of the Code.
  

“U.S. Special Resolution Regime” shall have the
meaning provided in Section 9.29.
  

“Voting Stock” shall mean, with respect to any Person, Equity Interest issued by such Person the holders of which
are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right so to vote may be or have been suspended by the happening of such a
contingency.
  

“Works” shall mean all works which are subject to copyright protection pursuant to Title 17 of the United States
Code.
  

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

 
 Section
1.2     Other Definitional Provisions.
  

The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the

 
 
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context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed
as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented, amended and restated or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth
herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any particular provision hereof of this Agreement, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and
Exhibits and Schedules to, this Agreement, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, (f) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (g) all terms defined in this
Agreement shall have the defined meanings when used in any other Credit Document or any certificate or other document made or delivered pursuant hereto. The phrase, “to the actual knowledge,” “to the best knowledge,”
“to the knowledge” or similar uses of “knowledge” of a Responsible Officer of the Borrower or other specified Credit Party with respect to any statement made herein means that no information that would give such Responsible
Officer current actual knowledge of the inaccuracy of such statement has come to the attention of such Responsible Officer, nor, except as otherwise expressly indicated, that such Responsible Officer has undertaken any independent investigation to
determine the accuracy of such statement other than due inquiry of other executive employees of such Credit Party who have management responsibilities with respect to the subject matter of such statement in the ordinary course of such employees'
duties.
  

Section 1.3     Accounting Terms.

 
 Unless
otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP
applied on a basis consistent with the most recent audited Consolidated financial statements of the Borrower delivered to the Lenders. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set
forth in any Credit Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent
thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided, that, until so amended, (a) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (b) the
Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or
requirement made before and after giving effect to such change in GAAP.
  

The Borrower shall deliver to the Administrative Agent and each Lender at the same time as the delivery of any annual or quarterly
financial statements given in accordance with the provisions of Section 5.1, (a) a description in reasonable detail of any material change in the application of accounting principles employed in the preparation of such financial statements from
those applied in the most recently preceding quarterly or annual financial statements as to which no objection shall have been made in accordance with the provisions above and (b) a reasonable estimate of the effect on the financial statements on
account of such changes in application.
  

Section 1.4     Time References.

 
 Unless
otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

 
 Section
1.5     Execution of Documents.
  

Unless otherwise specified, all Credit Documents and all other certificates executed in connection therewith must be signed by a
Responsible Officer.
  
 
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Section 1.6     Letter of Credit Amounts. Unless otherwise specified herein, the amount of a
Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any LOC Document related thereto,
provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such
maximum stated amount is in effect at such time.
  

Section 1.7     LIBOR Notification. The interest rate on LIBOR Rate Loans is determined by
reference to the LIBOR Rate, which is derived from the London interbank offered rate. The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London
interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with any
successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be available
or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on LIBOR Rate Loans. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or
alternative reference rates to be used in place of the London interbank offered rate. In the event that the London interbank offered rate is no longer available or in certain other circumstances as set forth in Section 2.13(b) of this Agreement,
such Section 2.13(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent will notify the Borrower, pursuant to Section 2.13, in advance of any change to the reference rate upon which the interest rate on
LIBOR Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the London interbank offered
rate or other rates in the definition of “LIBOR Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such
alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 2.13(b), will be similar to, or produce the same value or economic equivalence of, the LIBOR Rate or have the same volume or liquidity as did
the London interbank offered rate prior to its discontinuance or unavailability.
  

ARTICLE II
 
 THE LOANS; AMOUNT AND TERMS

 
 Section
2.1     Revolving Loans.
  

(a)     Revolving Commitment. During the Commitment Period, subject to the terms and conditions
hereof, each Revolving Lender severally, but not jointly, shall make revolving credit loans in Dollars (“Revolving Loans”) to the Borrower from time to time in an aggregate principal amount not at any time exceeding the total of
Revolving Commitments of all the Lenders, which amount on the Amendment No. 2 Effective Date shall equal ONE BILLION TWO HUNDRED MILLION DOLLARS ($1,200,000,000) (as increased from time to time as provided in Section 2.22 and as such
aggregate maximum amount may be reduced from time to time as provided in Section 2.6, the “Revolving Committed Amount”) for the purposes hereinafter set forth (the “Revolving Facility”); provided,
however, that from the Amendment No. 3 Effective Date through September 30, 2021, the aggregate amount of undrawn Revolving Commitments shall be at least $300,000,000
at all times; provided, further, that (i) with regard to each Revolving Lender individually, the sum of such Revolving Lender’s Revolving Commitment Percentage of the aggregate principal amount of outstanding Revolving Loans
plus such Revolving Lender’s Revolving Commitment Percentage of the outstanding principal amount of the LOC Obligations shall not exceed such Revolving Lender’s Revolving Commitment and (ii) with regard to the Revolving Lenders
collectively, the sum of the aggregate principal amount of outstanding Revolving Loans plus the aggregate principal amount of outstanding LOC Obligations shall not exceed the Revolving Committed Amount then in effect. Revolving Loans may
consist of Alternate Base Rate Loans or LIBOR Rate Loans, or a combination thereof, as the Borrower may request, and may be repaid and reborrowed in accordance with the provisions hereof; provided, however, the Revolving Loans made on
the Closing Date or any of the three (3) Business Days following the Closing Date, may only consist of Alternate Base Rate Loans unless the Borrower delivers a funding indemnity letter, substantially in the form of Exhibit 2.1(a), reasonably
acceptable to the Administrative Agent on or before the Closing Date, in which case LIBOR Rate Loans are available to the Borrower. LIBOR Rate Loans shall be made by each Revolving Lender at its LIBOR Lending Office and Alternate Base Rate Loans at
its Domestic Lending Office.
  
 
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(b)     Revolving Loan Borrowings.

 

(i)     Notice of Borrowing. The Borrower shall request a Revolving Loan
borrowing by delivering a written Notice of Borrowing (or telephone notice promptly confirmed in writing by delivery of a written Notice of Borrowing, which delivery may be by fax) to the Administrative Agent not later than 2:00 p.m. on the Business
Day of the requested borrowing in the case of Alternate Base Rate Loans, and on the third Business Day prior to the date of the requested borrowing in the case of LIBOR Rate Loans. Each such Notice of Borrowing shall be irrevocable and shall specify
(A) that a Revolving Loan is requested, (B) the date of the requested borrowing (which shall be a Business Day), (C) the aggregate principal amount to be borrowed and (D) whether the borrowing shall be comprised of Alternate Base Rate Loans, LIBOR
Rate Loans or a combination thereof, and if LIBOR Rate Loans are requested, the Interest Period(s) therefor. If the Borrower shall fail to specify in any such Notice of Borrowing (1) an applicable Interest Period in the case of a LIBOR Rate Loan,
then such notice shall be deemed to be a request for an Interest Period of one month, or (2) the Type of Revolving Loan requested, then such notice shall be deemed to be a request for an Alternate Base Rate Loan hereunder. The Administrative Agent
shall give notice to each Revolving Lender promptly upon receipt of each Notice of Borrowing, the contents thereof and each such Revolving Lender’s share thereof.

 

(ii)     Minimum Amounts. Each Revolving Loan that is made as an Alternate
Base Rate Loan shall be in a minimum aggregate amount of $1,000,000 and in integral multiples of $500,000 in excess thereof (or the remaining amount of the Revolving Committed Amount, if less). Each Revolving Loan that is made as a LIBOR Rate Loan
shall be in a minimum aggregate amount of $1,000,000 and in integral multiples of $500,000 in excess thereof (or the remaining amount of the Revolving Committed Amount, if less).

 

(iii)     Advances. Each Revolving Lender will make its Revolving Commitment
Percentage of each Revolving Loan borrowing available to the Administrative Agent for the account of the Borrower at the office of the Administrative Agent specified in Section 9.2, or at such other office as the Administrative Agent may designate
in writing, by 1:00 P.M. (or in the case of a borrowing of Alternative Base Rate Loans by 3:00 P.M.) on the date specified in the applicable Notice of Borrowing, in Dollars and in funds immediately available to the Administrative Agent. Such
borrowing will then be made available to the Borrower by the Administrative Agent by crediting the account of the Borrower on the books of such office (or such other account that the Borrower may designate in writing to the Administrative Agent)
with the aggregate of the amounts made available to the Administrative Agent by the Revolving Lenders and in like funds as received by the Administrative Agent.

 

(c)     Repayment. Subject to the terms of this Agreement, Revolving Loans may be borrowed, repaid and
reborrowed during the Commitment Period. The principal amount of all Revolving Loans shall be due and payable in full on the Maturity Date, unless accelerated sooner pursuant to Section 7.2. The Borrower shall have the right to repay Revolving Loans
in whole or in part from time to time in accordance with Section 2.7.
  

(d)     Interest. Subject to the provisions of Section 2.8, Revolving Loans shall bear interest as
follows:
  

(i)     Alternate Base Rate Loans. During
such periods as any Revolving Loans shall be composed of Alternate Base Rate Loans, each such Alternate Base Rate Loan shall bear interest at a per annum rate equal to the sum of the Alternate Base Rate plus the Applicable Margin; and

 

(ii)     LIBOR Rate Loans. During such
periods as Revolving Loans shall be composed of LIBOR Rate Loans, each such LIBOR Rate Loan shall bear interest at a per annum rate equal to the sum of the LIBOR Rate plus the Applicable Margin.

 
 Interest on
Revolving Loans shall be payable in arrears on each Interest Payment Date.
  

  
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(e)     Revolving Notes; Covenant to Pay. The Borrower’s obligation to pay each Revolving Lender
shall be evidenced by this Agreement and, upon such Revolving Lender’s request, by a duly executed promissory note of the Borrower to such Revolving Lender in substantially the form of Exhibit 2.1(e). The Borrower covenants and agrees
to pay the Revolving Loans in accordance with the terms of this Agreement.
  

Section 2.2     [Reserved].

 
 Section
2.3     Letter of Credit Subfacility.
  

(a)     Issuance. Subject to the terms and conditions hereof and of the LOC Documents, if any, and any
other terms and conditions which the Issuing Lenders may reasonably require, during the Commitment Period each Issuing Lender shall issue, and the Revolving Lenders shall participate in, Letters of Credit for the account of the Borrower from time to
time upon request in a form acceptable to the applicable Issuing Lender; provided, however, that (i) the aggregate principal amount of LOC Obligations shall not at any time exceed THIRTY-SEVEN MILLION, FIVE HUNDRED THOUSAND DOLLARS
($37,500,000) (the “LOC Committed Amount”), (ii) the sum of the aggregate principal amount of outstanding Revolving Loans plus the aggregate principal amount of outstanding LOC Obligations shall not at any time exceed
the Revolving Committed Amount then in effect, (iii) no Issuing Lender will be required to issue Letters of Credit in an aggregate amount in excess of such Issuing Lender’s Issuing Lender Sublimit, (iv) all Letters of Credit shall be
denominated in Dollars and (v) Letters of Credit shall be issued for any lawful corporate purposes and may be issued as standby letters of credit, including in connection with workers’ compensation and other insurance programs and commercial
letters of credit. Except as otherwise expressly agreed upon by all the Revolving Lenders, no Letter of Credit shall have an original expiry date more than twelve (12) months from the date of issuance; provided, however, so long as no
Default or Event of Default has occurred and is continuing and subject to the other terms and conditions to the issuance of Letters of Credit hereunder, the expiry dates of Letters of Credit may be extended annually or periodically from time to time
on the request of the Borrower or by operation of the terms of the applicable Letter of Credit to a date not more than twelve (12) months from the date of extension; provided, further, that no Letter of Credit, as originally issued or
as extended, shall have an expiry date extending beyond the date that is thirty (30) days prior to the Maturity Date. Each Letter of Credit shall comply with the related LOC Documents. The issuance and expiry date of each Letter of Credit shall be a
Business Day. Each Letter of Credit issued hereunder shall be in a minimum original face amount of $100,000 or such lesser amount as approved by the applicable Issuing Lender. The Borrower’s Reimbursement Obligations in respect of each
Existing Letter of Credit, and each Revolving Lender’s participation obligations in connection therewith, shall be governed by the terms of this Credit Agreement. The Existing Letters of Credit shall, as of the Closing Date, be deemed to have
been issued as Letters of Credit hereunder and subject to and governed by the terms of this Agreement.
  

(b)     Notice and Reports. The request for the issuance of a Letter of Credit shall be submitted to
the applicable Issuing Lender at least five (5) Business Days prior to the requested date of issuance. The applicable Issuing Lender will promptly upon request provide to the Administrative Agent for dissemination to the Revolving Lenders a detailed
report specifying the Letters of Credit which are then issued by such Issuing Lender and outstanding and any activity with respect thereto which may have occurred since the date of any prior report, and including therein, among other things, the
account party, the beneficiary, the face amount, expiry date as well as any payments or expirations which may have occurred. Each Issuing Lender will further provide to the Administrative Agent promptly upon request copies of the Letters of Credit.
Each Issuing Lender will provide to the Administrative Agent promptly upon request a summary report of the nature and extent of LOC Obligations then outstanding.

 

(c)     Participations. Each Revolving Lender, (i) on the Closing Date with respect to each Existing
Letter of Credit and (ii) upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder, in each case
in an amount equal to its Revolving Commitment Percentage of the obligations under such Letter of Credit and shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and be obligated to pay to the applicable
Issuing Lender therefor and discharge when due, its Revolving Commitment Percentage of the obligations arising under such Letter of Credit; provided that any Person that becomes a Revolving Lender after the Closing Date shall be deemed to
have purchased a Participation Interest in all outstanding Letters of Credit on the date it becomes a Lender hereunder and any Letter of Credit issued on or after such date, in each case in accordance with the foregoing terms. Without limiting the
scope and nature of each Revolving Lender’s participation in any Letter of Credit, to the extent that the applicable Issuing Lender has not been reimbursed as required hereunder or under any LOC Document, each such Revolving Lender shall pay
to such Issuing Lender its
  
 
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Revolving Commitment Percentage of such unreimbursed drawing in same day funds pursuant to and in accordance with the provisions of
subsection (d) hereof. The obligation of each Revolving Lender to so reimburse the Issuing Lenders shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event.
Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lenders under any Letter of Credit, together with interest as hereinafter provided.

 

(d)     Reimbursement. In the event of any drawing under any Letter of Credit, the applicable Issuing
Lender will promptly notify the Borrower and the Administrative Agent. The Borrower shall reimburse the applicable Issuing Lender on the day of drawing under any Letter of Credit if notified prior to 3:00 P.M. on a Business Day or, if after 3:00
P.M., on the following Business Day (either with the proceeds of a Revolving Loan obtained hereunder or otherwise) in same day funds as provided herein or in the LOC Documents. If the Borrower shall fail to reimburse the Issuing Lenders as provided
herein, the unreimbursed amount of such drawing shall bear interest at a per annum rate equal to the Default Rate. Unless the Borrower shall immediately notify the applicable Issuing Lender and the Administrative Agent of its intent to otherwise
reimburse such Issuing Lender, the Borrower shall be deemed to have requested a Mandatory LOC Borrowing (as defined in Section 2.3(e)) in the amount of the drawing as provided in subsection (e) hereof, the proceeds of which will be used to satisfy
the Reimbursement Obligations. The Borrower’s Reimbursement Obligations hereunder shall be absolute and unconditional under all circumstances irrespective of any rights of set-off, counterclaim or defense to payment the Borrower may claim or
have against the Issuing Lenders, the Administrative Agent, the Lenders, the beneficiary of the Letter of Credit drawn upon or any other Person, including, without limitation, any defense based on any failure of the Borrower to receive consideration
or the legality, validity, regularity or unenforceability of the Letter of Credit. Each Issuing Lender will promptly notify the other Revolving Lenders of the amount of any unreimbursed drawing and each Revolving Lender shall promptly pay to the
Administrative Agent for the account of such Issuing Lender, in Dollars and in immediately available funds, the amount of such Revolving Lender’s Revolving Commitment Percentage of such unreimbursed drawing. Such payment shall be made on the
Business Day such notice is received by such Revolving Lender from the applicable Issuing Lender if such notice is received at or before 2:00 P.M., otherwise such payment shall be made at or before noon on the Business Day next succeeding the
Business Day such notice is received. If such Revolving Lender does not pay such amount to the applicable Issuing Lender in full upon such request, such Revolving Lender shall, on demand, pay to the Administrative Agent for the account of such
Issuing Lender interest on the unpaid amount during the period from the date of such drawing until such Revolving Lender pays such amount to such Issuing Lender in full at a rate per annum equal to, if paid within two (2) Business Days of the date
of drawing, the Federal Funds Effective Rate and thereafter at a rate equal to the Alternate Base Rate. Each Revolving Lender’s obligation to make such payment to the Issuing Lenders, and the right of the Issuing Lenders to receive the same,
shall be absolute and unconditional, shall not be affected by any circumstance whatsoever and without regard to the termination of this Agreement or the Commitments hereunder, the existence of a Default or Event of Default or the acceleration of the
Obligations hereunder and shall be made without any offset, abatement, withholding or reduction whatsoever.
  

(e)     Repayment with Revolving Loans. On any day on which the Borrower shall have requested, or been
deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing
under a Letter of Credit, in which case a Revolving Loan borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be made (without giving effect to any termination of the
Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof
shall be paid directly to the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans on the day such notice is received by the Revolving Lenders from
the Administrative Agent if such notice is received at or before 2:00 P.M., otherwise such payment shall be made at or before noon on the Business Day next succeeding the day such notice is received, in each case notwithstanding (i) the
amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of
Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed
Amount after any such Letter of Credit may have
  

  
34
 
 

    
 

 
  
 been
drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence of a Bankruptcy Event), then each such Revolving Lender hereby
agrees that it shall forthwith fund its Participation Interests in the outstanding LOC Obligations on the Business Day such notice to fund is received by such Revolving Lender from the Administrative Agent if such notice is received at or before
2:00 P.M., otherwise such payment shall be made at or before 12:00 Noon on the Business Day next succeeding the Business Day such notice is received; provided, further, that in the event any Revolving Lender shall fail to fund its
Participation Interest as required herein, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the
Issuing Lenders upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

 

(f)     Modification, Extension. The issuance of any supplement, modification, amendment, renewal, or
extension to any Letter of Credit shall, for purposes hereof, be treated in all respects the same as the issuance of a new Letter of Credit hereunder.

 

(g)     ISP98 and UCP. Unless otherwise expressly agreed by the applicable Issuing Lender and the
Borrower, when a Letter of Credit is issued, (i) the rules of the “International Standby Practices 1998,” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the
time of issuance) shall apply to each standby Letter of Credit, and (ii) the rules of The Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance, shall apply
to each commercial Letter of Credit.
  

(h)     Conflict with LOC Documents. In the event of any conflict between this Agreement and any LOC
Document (including any letter of credit application and any LOC Documents relating to the Existing Letters of Credit), this Agreement shall control.

 

(i)     Designation of Subsidiaries as Account Parties. Notwithstanding anything to the contrary set
forth in this Agreement, including, without limitation, Section 2.3(a), a Letter of Credit issued hereunder may contain a statement to the effect that such Letter of Credit is issued for the account of a Subsidiary of the Borrower; provided
that, notwithstanding such statement, the Borrower shall be the actual account party for all purposes of this Agreement for such Letter of Credit and such statement shall not affect the Borrower’s Reimbursement Obligations hereunder with
respect to such Letter of Credit.
  

(j)     Cash Collateral. At any point in time in which there is a Defaulting Lender, the Issuing
Lenders may require the Borrower to Cash Collateralize the LOC Obligations pursuant to Section 2.20.
  

(k)     Resignation of Issuing Lender. An Issuing Lender may resign by giving 30 days’ prior
written notice to each of the Administrative Agent, the Borrower and the Revolving Lenders in the event that such Person and its Affiliates no longer hold any Revolving Commitments; provided that no such resignation shall be effective if there shall
not be one or more other Issuing Lender (or Revolving Lenders willing to become an Issuing Lender) (each, a “Successor Issuing Lender”) at such time that will provide a LOC Commitment (or in the case of existing Issuing Lenders,
that will increase its LOC Commitment) in an amount not less than such resigning Issuing Lender’s Issuing Lender Sublimit. Notwithstanding the foregoing, no such resignation shall be effective if it results (after giving effect to the proviso
of the immediately preceding sentence) in a decrease in the LOC Committed Amount then in effect. The acceptance of any appointment as an Issuing Lender hereunder by a Successor Issuing Lender shall be evidenced by an agreement entered into by such
resigning Issuing Lender and Successor Issuing Lender, in a form satisfactory to the Borrower and the Administrative Agent (each, a “Successor Issuing Lender Agreement”). Upon the acceptance of any appointment as an Issuing Lender
hereunder and the effectiveness of the applicable Successor Issuing Lender Agreement, (i) such Successor Issuing Lender shall succeed to and become vested with all of the rights, powers, privileges and duties of the resigning Issuing Lender in in
its capacity as a resigning Issuing Lender, (ii) such resigning Issuing Lender shall be discharged from all of its respective duties and obligations hereunder or under the other Credit Documents, and (iii) the Successor Issuing Lender shall issue
letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the resigning Issuing Lender and the Borrower to effectively assume the obligations of such
resigning Issuing Lender with respect to such Letters of Credit. Such resignation shall not affect the validity or effectiveness of any Letter of Credit issued prior to such resignation by the resigning Issuing Lender. At the time such resignation
of an Issuing Lender shall become effective, the Borrower shall pay all accrued and unpaid Letter of Credit Facing Fees to such resigning Issuing Lender.

 
 
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Section 2.4     [Reserved].

 
 Section
2.5     Fees.
  

(a)     Unused Commitment Fee. Subject to Section 2.21, in consideration of the Revolving Commitments,
the Borrower agrees to pay to the Administrative Agent, for the ratable benefit of the Revolving Lenders, a commitment fee (the “Unused Commitment Fee”) at an annual rate equal to the Applicable Margin multiplied by the average
daily unused amount of the Revolving Committed Amount. For purposes of computation of the Unused Commitment Fee, LOC Obligations shall be considered usage of the Revolving Committed Amount. The Unused Commitment Fee shall be calculated by the
Administrative Agent and shall be payable by the Borrower quarterly in arrears on the last Business Day of each calendar quarter or, in the case of Revolving Commitments in effect immediately prior to the Amendment No. 2 Effective Date, on the
Amendment No. 2 Effective Date with respect to the portion of the calendar quarter ended immediately prior to such Amendment No. 2 Effective Date.

 

(b)     Letter of Credit Fees. Subject to Section 2.21, in consideration of the LOC Commitments, the
Borrower agrees to pay to the Administrative Agent, for the ratable benefit of the Revolving Lenders, a fee (the “Letter of Credit Fee”) equal to the Applicable Margin for Revolving Loans that are LIBOR Rate Loans per annum on the
average daily maximum amount available to be drawn under each Letter of Credit from the date of issuance to the date of expiration. The Letter of Credit Fee shall be calculated by the Administrative Agent and shall be payable by the Borrower
quarterly in arrears on the last Business Day of each calendar quarter.
  

(c)     Issuing Lender Fees. In addition to the Letter of Credit Fees payable pursuant to subsection
(b) hereof, the Borrower shall pay to each Issuing Lender for its own account without sharing by the other Lenders the reasonable and customary charges from time to time of such Issuing Lender with respect to the amendment, transfer, administration,
cancellation and conversion of, and drawings under, the Letters of Credit issued by such Issuing Lender (collectively, the “Issuing Lender Fees”). Each Issuing Lender may charge, and retain for its own account without sharing by
the other Lenders, an additional facing fee (the “Letter of Credit Facing Fee”) of 0.125% per annum on the average daily maximum amount available to be drawn under each such Letter of Credit issued by it. The Issuing Lender Fees
and the Letter of Credit Facing Fee shall be calculated by the Administrative Agent and shall be payable by the Borrower quarterly in arrears on the last Business Day of each calendar quarter.

 

(d)     Administrative Fee. The Borrower agrees to pay to the Administrative Agent the annual
administrative fee as described in its Fee Letter.
  

Section 2.6     Revolving Commitment Reductions.

 

(a)     Voluntary Reductions. The Borrower shall have the right to terminate or permanently reduce the
unused portion of the Revolving Committed Amount at any time or from time to time subject to Section 2.15 but otherwise without premium or penalty upon not less than five (5) Business Days’ prior written notice to the Administrative Agent
(which shall notify the Lenders thereof as soon as practicable) of each such termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction which shall be in a minimum amount of $1,000,000 or a
whole multiple of $500,000 in excess thereof and shall be irrevocable and effective upon receipt by the Administrative Agent; provided that no such reduction or termination shall be permitted if after giving effect thereto, and to any
prepayments of the Revolving Loans made on the effective date thereof, the sum of the aggregate principal amount of outstanding Revolving Loans plus the aggregate principal amount of outstanding LOC Obligations would exceed the Revolving
Committed Amount then in effect; provided, further that such notice may be conditioned upon the effectiveness of other credit facilities or the consummation of a transaction, the proceeds of which shall be used to repay the Obligations in
connection with any such termination, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition or conditions are not satisfied.

 
 
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(b)     LOC Committed Amount. If the Revolving Committed Amount is reduced below the then current LOC
Committed Amount, the LOC Committed Amount shall automatically be reduced by an amount such that the LOC Committed Amount equals the Revolving Committed Amount.

 

(c)     Maturity Date. The Revolving Commitments and the LOC Commitment shall automatically terminate
on the Maturity Date.
  

Section 2.7     Repayments.

 

(a)     Optional Repayments. The Borrower shall have the right to repay Loans in whole or in
part from time to time; provided, however, that each partial repayment of (i) Alternate Base Rate Loans shall be in a minimum principal amount of $1,000,000 and integral multiples of $500,000 in excess thereof (or the remaining
outstanding principal amount), (ii) LIBOR Rate Loans shall be in a minimum principal amount of $1,000,000 and integral multiples of $500,000 in excess thereof (or the remaining outstanding principal amount). The Borrower shall give three (3)
Business Days’ irrevocable notice of repayment in the case of LIBOR Rate Loans and same-day irrevocable notice on any Business Day in the case of Alternate Base Rate Loans, to the Administrative Agent (which shall notify the applicable Lenders
thereof as soon as practicable); provided, that such notice may be conditioned upon the effectiveness of other credit facilities or the consummation of a transaction, the proceeds of which shall be used to repay the Loans in full or in part, in
which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition or conditions are not satisfied. Within the foregoing parameters, repayments under this
Section shall be applied first to Alternate Base Rate Loans and then to LIBOR Rate Loans in direct order of Interest Period maturities. All repayments under this Section shall be subject to Section 2.15, but otherwise without premium or penalty.
Interest on the principal amount repaid shall be payable on the next occurring Interest Payment Date that would have occurred had such loan not been repaid or, at the request of the Administrative Agent, interest on the principal amount repaid shall
be payable on any date that a repayment is made hereunder through the date of repayment.
  

(b)     Mandatory Repayments.

 

(i)     Revolving Committed Amount. If at any time after the Closing Date, the
sum of the aggregate principal amount of outstanding Revolving Loans plus the aggregate principal amount of outstanding LOC Obligations shall exceed the Revolving Committed Amount, the Borrower shall immediately repay the Revolving Loans or
(after all Revolving Loans have been repaid) Cash Collateralize the LOC Obligations in an amount sufficient to eliminate such excess (such repayment to be applied as set forth in clause (ii) below) and on terms and conditions reasonably satisfactory
to the Administrative Agent.
  

(ii)     Application of Mandatory Repayments. All amounts required to be paid
pursuant to this Section shall be applied (1) first to the outstanding Revolving Loans and (2) second to Cash Collateralize the LOC Obligations.

 
 Within the
parameters of the applications set forth above, repayments shall be applied first to Alternate Base Rate Loans and then to LIBOR Rate Loans in direct order of Interest Period maturities. All repayments under this Section shall be subject to Section
2.15 and be accompanied by interest on the principal amount repaid through the date of repayment, but otherwise without premium or penalty.

 

(c)     Bank Products Unaffected. Any repayment made pursuant to this Section shall not affect the
Borrower’s obligation to continue to make payments under any Bank Product, which shall remain in full force and effect notwithstanding such repayment, subject to the terms of such Bank Product.

 
 Section
2.8     Default Rate and Payment Dates.
  

(a)     If all or a portion of the principal amount of any Loan which is a LIBOR Rate Loan shall not be paid
when due or continued as a LIBOR Rate Loan in accordance with the provisions of Section 2.9 (whether at the stated maturity, by acceleration or otherwise), such overdue principal amount of such Loan shall be converted to an Alternate Base Rate Loan
at the end of the Interest Period applicable thereto.
  

  
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(b)     Upon the occurrence, and during the continuance, of any Event of Default hereunder, the principal of
and, to the extent permitted by law, interest on the Loans and any other amounts owing hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate which is equal to the Default Rate.

 

(c)     Interest on each Loan shall be payable in arrears on each Interest Payment Date; provided that
interest accruing pursuant to paragraph (b) of this Section shall be payable from time to time on demand.
  

Section 2.9     Conversion Options.

 

(a)     The Borrower may elect from time to time to convert Alternate Base Rate Loans to LIBOR Rate Loans or
to continue LIBOR Rate Loans, by delivering a Notice of Conversion/Extension to the Administrative Agent at least three (3) Business Days prior to the proposed date of conversion or continuation. In addition, the Borrower may elect from time to time
to convert all or any portion of a LIBOR Rate Loan to an Alternate Base Rate Loan by giving the Administrative Agent irrevocable written notice thereof by 11:00 A.M. one (1) Business Day prior to the proposed date of conversion. If the date upon
which an Alternate Base Rate Loan is to be converted to a LIBOR Rate Loan is not a Business Day, then such conversion shall be made on the next succeeding Business Day and during the period from such last day of an Interest Period to such succeeding
Business Day such Loan shall bear interest as if it were an Alternate Base Rate Loan. LIBOR Rate Loans may only be converted to Alternate Base Rate Loans on the last day of the applicable Interest Period. If the date upon which a LIBOR Rate Loan is
to be converted to an Alternate Base Rate Loan is not a Business Day, then such conversion shall be made on the next succeeding Business Day and during the period from such last day of an Interest Period to such succeeding Business Day such Loan
shall bear interest as if it were an Alternate Base Rate Loan. All or any part of outstanding Alternate Base Rate Loans may be converted as provided herein; provided that (i) no Loan may be converted into a LIBOR Rate Loan when any Default or
Event of Default has occurred and is continuing and (ii) partial conversions shall be in an aggregate principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof. All or any part of outstanding LIBOR Rate Loans may be
converted as provided herein; provided that partial conversions shall be in an aggregate principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof.

 

(b)     Any LIBOR Rate Loans may be continued as such upon the expiration of an Interest Period with respect
thereto by compliance by the Borrower with the notice provisions contained in Section 2.9(a); provided, that no LIBOR Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing, in which case such
Loan shall be automatically converted to an Alternate Base Rate Loan at the end of the applicable Interest Period with respect thereto. If the Borrower shall fail to give timely notice of an election to continue a LIBOR Rate Loan, or the
continuation of LIBOR Rate Loans is not permitted hereunder, such LIBOR Rate Loans shall be automatically converted to Alternate Base Rate Loans at the end of the applicable Interest Period with respect thereto.

 
 Section
2.10     Computation of Interest and Fees; Usury.
  

(a)     Interest payable hereunder with respect to any Alternate Base Rate Loan based on the Prime Rate shall
be calculated on the basis of a year of three hundred sixty-five (365) days (or three hundred sixty-six (366) days, as applicable) for the actual days elapsed. All other fees, interest and all other amounts payable hereunder shall be calculated on
the basis of a three hundred sixty (360) day year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of each determination of a LIBOR Rate on the Business Day of the determination
thereof. Any change in the interest rate on a Loan resulting from a change in the Alternate Base Rate shall become effective as of the opening of business on the day on which such change in the Alternate Base Rate shall become effective. The
Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of the effective date and the amount of each such change.

 

(b)     Each determination of an interest rate by the Administrative Agent pursuant to any provision of this
Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver to the Borrower a statement showing the computations used by the
Administrative Agent in determining any interest rate.
  

  
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(c)     It is the intent of the Lenders and the Credit Parties to conform to and contract in strict
compliance with applicable usury law from time to time in effect. All agreements between the Lenders and the Credit Parties are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now
existing or hereafter arising and whether written or oral. In no way, nor in any event or contingency (including, but not limited to, prepayment or acceleration of the maturity of any Obligation), shall the interest taken, reserved, contracted for,
charged, or received under this Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable law. If, from any possible construction of any of the Credit Documents or any other document, interest would
otherwise be payable in excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this paragraph and such interest shall be automatically reduced to the maximum nonusurious amount permitted under
applicable law, without the necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable law and which would, apart from this provision,
be in excess of the maximum nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest,
or refunded to the Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced
by any of the Credit Documents does not include the right to receive any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All
interest paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the
Loans so that the amount of interest on account of such Indebtedness does not exceed the maximum nonusurious amount permitted by applicable law.

 
 Section
2.11     Pro Rata Treatment and Payments.
  

(a)     Allocation of Payments Prior to Exercise of Remedies. Each borrowing of Revolving Loans and
any reduction of the Revolving Commitments shall be made pro rata according to the respective Revolving Commitment Percentages of the Revolving Lenders. Unless otherwise required by the terms of this Agreement, each payment under this Agreement or
any Note shall be applied, first, to any fees then due and owing by the Borrower pursuant to Section 2.5, second, to interest then due and owing hereunder and under the Notes of the Borrower and, third, to principal then due and
owing hereunder and under the Notes of the Borrower. Each payment on account of any fees pursuant to Section 2.5 shall be made pro rata in accordance with the respective amounts due and owing (except as to the Letter of Credit Facing Fees and the
Issuing Lender Fees). Each payment or prepayment by the Borrower on account of principal of and interest on the Revolving Loans shall be applied to such Loans, as applicable, on a pro rata basis. Each mandatory prepayment on account of principal of
the Loans as required by Section 2.7(b)(i) shall be applied in accordance with Section 2.7(b)(ii). All payments (including prepayments) to be made by the Borrower on account of principal, interest and fees shall be made without defense, set-off or
counterclaim (except as provided in Section 2.16(b)) and shall be made to the Administrative Agent for the account of the Lenders at the Administrative Agent’s office specified in Section 9.2 in Dollars and in immediately available funds not
later than 1:00 P.M. on the date when due. The Administrative Agent shall distribute such payments to the Lenders entitled thereto promptly upon receipt in like funds as received. If any payment hereunder (other than payments on the LIBOR Rate
Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day, and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during
such extension. If any payment on a LIBOR Rate Loan becomes due and payable on a day other than a Business Day, such payment date shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such
payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day.
  

(b)     Allocation of Payments After Exercise of Remedies. Notwithstanding any other provisions of
this Agreement to the contrary, after the exercise of remedies (other than the invocation of default interest pursuant to Section 2.8) by the Administrative Agent or the Lenders pursuant to Section 7.2 (or after the Commitments shall automatically
terminate and the Loans (with accrued interest thereon) and all other amounts under the Credit Documents (including, without limitation, the maximum amount of all contingent liabilities under Letters of Credit) shall automatically become due and
payable in accordance with the terms of such Section), all amounts collected or received by the Administrative Agent or any Lender on account of the Credit Party Obligations or any other amounts outstanding under any of the Credit Documents shall be
paid over or delivered as follows (irrespective of whether the following costs, expenses, fees, interest, premiums, scheduled periodic payments or Credit Party Obligations are allowed, permitted or recognized as a claim in any proceeding resulting
from the occurrence of a Bankruptcy Event):
  
 
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FIRST, to the payment of all reasonable out-of-pocket costs and expenses
(including, without limitation, reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents;

 

SECOND, to the payment of any fees owed to the Administrative Agent and the
Issuing Lenders;
  

THIRD, to the payment of all reasonable out-of-pocket costs and expenses
(including, without limitation, reasonable and documented attorneys’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Credit Party Obligations owing to such Lender
to the extent due and payable by any Credit Party pursuant to Section 9.5;
  

FOURTH, to the payment of all of the Credit Party Obligations consisting of
accrued fees and interest, and including, with respect to any Bank Product, any fees, premiums and scheduled periodic payments due under such Bank Product (other than payments on account of principal) and any interest accrued thereon;

 

FIFTH, to the payment of the outstanding principal amount of the Credit Party
Obligations and the payment or Cash Collateralization of the outstanding LOC Obligations, and including with respect to any Bank Product, any breakage, termination or other payments due under such Bank Product;

 

SIXTH, to all other Credit Party Obligations and other obligations which shall
have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and

 

SEVENTH, to the payment of the surplus, if any, to whoever may be lawfully
entitled to receive such surplus.
  

In carrying out the foregoing, (a) amounts received shall be applied in the numerical order provided until exhausted prior to
application to the next succeeding category; (b) each of the Lenders and any Bank Product Provider shall receive an amount equal to its pro rata share (based on the proportion that the then outstanding Loans and LOC Obligations held by such Lender
or the outstanding obligations payable to such Bank Product Provider bears to the aggregate then outstanding Loans and LOC Obligations and obligations payable under all Bank Products) of amounts available to be applied pursuant to clauses
“THIRD,” “FOURTH,” “FIFTH” and “SIXTH” above; and (c) to the extent that any amounts available for distribution pursuant to clause “FIFTH” above are attributable to the issued but undrawn
amount of outstanding Letters of Credit, such amounts shall be held by the Administrative Agent in a Cash Collateral account and applied (i) first, to reimburse the applicable Issuing Lenders from time to time for any drawings under such Letters of
Credit and (ii) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses “FIFTH” and “SIXTH” above in the manner provided in this Section. Notwithstanding the
foregoing terms of this Section, (x) only payments under the Guaranty (as opposed to ordinary course principal, interest and fee payments hereunder) shall be applied to obligations under any Bank Product and (y) Excluded Swap Obligations with
respect to any Guarantor shall not be paid with amounts received from such Guarantor or its assets, but appropriate adjustments shall be made with respect to payments from other Credit Parties to preserve the allocation to Credit Party Obligations
otherwise set forth above in this Section.
  

Section 2.12     Non-Receipt of Funds by the Administrative Agent.

 

(a)     Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall
have received written notice from a Lender prior to the proposed time of any Extension of Credit that such Lender will not make available to the Administrative Agent such Lender’s share of such Extension of Credit, the Administrative Agent may
assume that such Lender has made such share available on such date in accordance with this Agreement and may, in reliance upon such assumption, make available to the Borrower a corresponding

 
 
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amount. In such event, if a Lender has not in fact made its share of the applicable Extension of Credit available to the
Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made
available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent
in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to Alternate Base Rate Loans. If the Borrower and such Lender shall pay such interest to
the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Extension
of Credit to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Extension of Credit. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender
that shall have failed to make such payment to the Administrative Agent.
  

(b)     Payments by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent
shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Lenders hereunder that the Borrower will not make such payment, the Administrative
Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Lenders, as the case may be, the amount due. In such event, if the
Borrower has not in fact made such payment, then each of the Lenders or the Issuing Lenders, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or such Issuing
Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by
the Administrative Agent in accordance with banking industry rules on interbank compensation.
  

A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under subsections (a) and (b) of
this Section shall be conclusive, absent manifest error.
  

(c)     Failure to Satisfy Conditions Precedent. If any Lender makes available to the Administrative
Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable
Extension of Credit set forth in Article IV are not satisfied or waived in accordance with the terms thereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

 

(d)     Obligations of Lenders Several. The obligations of the Lenders hereunder to make Revolving
Loans, to fund participations in Letters of Credit and to make payments pursuant to Section 9.5(c) are several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any such payment under Section 9.5(c)
on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to
make its payment under Section 9.5(c).
  

(e)     Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for
any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

 
 Section
2.13     Alternate Rate of Interest.
  

(a)     If prior to the commencement of any Interest Period for a LIBOR Rate Loan:

 

(i)     the Administrative Agent determines (which
determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the LIBOR Rate (including, without limitation, because the LIBO Screen Rate is not available or published on a current basis),
for Dollars and such Interest Period; or
  
 
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(ii)     the Administrative Agent is advised by the
Required Lenders that the LIBOR Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such borrowing for such Interest Period;

 
 then the Administrative Agent
shall give notice thereof to the Borrower and the Lenders by telephone or telecopy, confirmed in writing, as promptly as practicable thereafter, and until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving
rise to such notice no longer exist, any Notice of Conversion/Extension submitted by Borrower during such period that requests the conversion of any Revolving Loan to, or continuation of any Revolving Loan as, a LIBOR Rate Loan, shall be
ineffective.
  

(b)     If at any time the Administrative Agent determines (which determination shall be conclusive absent
manifest error) that (i) the circumstances set forth in clause (a)(i) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in clause (a)(i) have not arisen but the supervisor for the administrator of
the LIBO Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen Rate shall no longer be used for determining interest rates for
loans, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the LIBOR Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated
loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable. Notwithstanding anything to the contrary
in Section 9.1, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within ten (10) Business Days of the date notice of such
alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this clause (b)
(but, in the case of the circumstances described in clause (ii) of the first sentence of this Section 2.13(b), only to the extent the LIBO Screen Rate for such Interest Period is not available or published at such time on a current basis), any
Notice of Borrowing or Notice of Conversion/Extension submitted by Borrower during such period that requests a Loan as, or the conversion of any Loans to, or continuation of any Loans as, a LIBOR Rate Loan shall be ineffective; provided that,
if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 
 Section
2.14     Yield Protection.
  

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

 

(i)     impose, modify or deem applicable any
reserve, special deposit, 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 Lender (except any reserve requirement reflected in the LIBOR
Rate) or any Issuing Lender;
  

(ii)     subject any Recipient to any Taxes (other
than Indemnified Taxes and Excluded Taxes) on or with respect to its loans, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital actually attributable thereto; or

 

(iii)     impose on any Lender or any Issuing
Lender or the London interbank market any other condition, cost or expense affecting this Agreement or LIBOR Rate Loans made by such Lender or any Letter of Credit or participation therein;

 
 and the result of any of the
foregoing shall be to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any LIBOR Rate Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender,
such Issuing Lender or such other Recipient of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or
receivable by such Lender, such Issuing Lender or other Recipient hereunder (whether of principal, interest or any other amount) then, upon request of such Lender, such Issuing Lender or other Recipient, the Borrower will pay to such Lender, such
Issuing Lender or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, such Issuing Lender or other Recipient, as the case may be, for such additional costs incurred or reduction suffered. The
agreements in this Section shall survive termination of this Agreement and payment of the Credit Party Obligations.
  

  
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(b)     Capital Requirements. If any Lender or any Issuing Lender determines that any Change in Law
affecting such Lender or such Issuing Lender or any lending office of such Lender or such Lender’s or such Issuing Lender’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the
rate of return on such Lender’s or such Issuing Lender’s capital or on the capital of such Lender’s or such Issuing Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the
Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the such Issuing Lender, to a level below that which such Lender or such Issuing Lender or such Lender’s or such Issuing
Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Lender’s policies and the policies of such Lender’s or such Issuing Lender’s holding
company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such Lender or such Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing Lender
or such Lender’s or such Issuing Lender’s holding company for any such reduction suffered.
  

(c)     Certificates for Reimbursement. Subject to Section 2.14(d) below, each Lender and each Issuing
Lender shall promptly notify the Borrower and the Administrative Agent of any event of which it has knowledge, occurring after the date hereof, which will entitle such Lender or such Issuing Lender, as the case may be, to compensation pursuant to
this Section. Any Lender or any Issuing Lender claiming compensation under this Section shall furnish to the Borrower and the Administrative Agent a certificate of such Lender or such Issuing Lender, as the case may be, setting forth the amount or
amounts necessary to compensate such Lender or such Issuing Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section, which shall be conclusive absent manifest error. The Borrower shall pay such Lender
or such Issuing Lender, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.

 

(d)     Delay in Requests. Failure or delay on the part of any Lender or any Issuing Lender to demand
compensation pursuant to this Section shall not constitute a waiver of such Lender’s or such Issuing Lender’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender or an Issuing
Lender pursuant to this Section for any increased costs incurred or reductions suffered more than 180 days prior to the date such Lender or such Issuing Lender, as the case may be, notifies the Borrower in writing of the Change in Law giving rise to
such increased costs or reductions, and of such Lender’s or such Issuing Lender’s intention to claim compensation therefore (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the
180-day period referred to above shall be extended to include the period of retroactive effect thereof).
  

(e)     Notwithstanding any other provision of this Section 2.14, no Lender or Issuing Lender shall demand
compensation for any increased costs under this Section 2.14 if it shall not be the general policy or practice of such Lender or such Issuing Lender to demand such compensation in similar circumstances and unless such demand is generally consistent
with such Lender’s or such Issuing Lender’s, as applicable, treatment of comparable borrowers of such Lender or Issuing Lender in the United States with respect to similarly affected commitments or loans

 
 Section
2.15     Indemnity.
  

The Credit Parties hereby agree to indemnify each Lender and to hold such Lender harmless from any actual funding loss or expense
which such Lender may sustain or incur as a consequence of (a) the failure by the Borrower to pay the principal amount of or interest on any Loan by such Lender in accordance with the terms hereof, (b) the failure by the Borrower to accept a
borrowing after the Borrower has given a notice in accordance with the terms hereof, (c) default by the Borrower in making any prepayment after the Borrower has given a notice in accordance with the terms hereof, (d) any assignment of a LIBOR Rate
Loan on a day other than the last day of the interest Period therefore as a result of a request by the Borrower pursuant to Section 2.19 and/or (e) the making by the Borrower of a prepayment of a LIBOR Rate Loan, or the conversion thereof, on a day
which is not the last day of the Interest Period with respect thereto, in each case including, but not limited to, any such loss or expense arising from interest or fees payable by such Lender to lenders of funds obtained by it in order to maintain
its
  
 
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 LIBOR
Rate Loans hereunder. A certificate setting forth in reasonable detail as to any additional amounts payable pursuant to this Section submitted by any Lender, through the Administrative Agent, to the Borrower (which certificate must be delivered to
the Administrative Agent within thirty (30) days following such default, prepayment, conversion or assignment) shall be conclusive in the absence of manifest error. The agreements in this Section shall survive termination of this Agreement and
payment of the Credit Party Obligations.
  

Section 2.16     Taxes.

 

(a)     Payments Free of Taxes. Except as otherwise required by Requirements of Law, any and all
payments by or on account of any obligation of any Credit Party hereunder or under any other Credit Document shall be made free and clear of and without reduction or withholding for any Taxes, provided that if any applicable withholding agent
shall be required by applicable law to deduct any Taxes from such payments, then (i) if such Taxes are Indemnified Taxes (including any Other Taxes), the sum payable shall be increased as necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this Section) the applicable Lender (or, in the case of payments made to the Administrative Agent for its own account, the Administrative Agent), receives an amount equal to the sum
it would have received had no such deductions been made, (ii) the applicable withholding agent shall make such deductions and (iii) the applicable withholding agent shall timely pay the full amount deducted to the relevant Governmental Authority in
accordance with Requirements of Law.
  

(b)     Payment of Other Taxes by the Borrower. Without limiting the provisions of paragraph (a)
above, the Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with Requirements of Law.

 

(c)     Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent and
each Lender, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by
the Administrative Agent or such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability (setting forth in reasonable detail the basis for such demand) delivered to the Borrower by a Lender (with a copy to the Administrative
Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

(d)     Evidence of Payments. As soon as practicable after any payment of any Taxes by the Borrower to
a Governmental Authority, 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.
  

(e)     Status of Lenders. Each Lender that is entitled to an exemption from or reduction of any
applicable withholding Tax with respect to payments hereunder or under any other Credit Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by Requirements of Law or reasonably requested
by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by Requirements of Law as will permit such payments to be made without withholding or at a reduced rate of withholding. Each such Lender
shall, whenever a lapse in time or change in circumstances renders any such documentation (including any specific documentation required below in Section 2.16(f)) obsolete, expired or inaccurate in any respect, deliver promptly to the Borrower and
the Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the Borrower or the Administrative Agent) or promptly notify the Borrower and the Administrative Agent in writing of its
legal ineligibility to do so. In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by Requirements of 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 Lender is subject to backup withholding or information reporting requirements.

 

(f)     Without limiting the generality of the foregoing,

 
 
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(i)     each U.S. Lender shall deliver to the
Borrower and the Administrative Agent on or prior to the date on which such U.S. Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent) two duly completed
originals of Internal Revenue Service Form W-9 certifying that such U.S. Lender is exempt from United States federal backup withholding.

 

(ii)     each Foreign Lender shall deliver to the
Borrower and the Administrative Agent on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent), whichever of the
following is applicable:
  

(A)     two duly completed originals of Internal
Revenue Service Form W-8BEN or W-8BEN-E (or any successor forms) claiming eligibility for benefits of an income tax treaty to which the United States of America is a party,

 

(B)     two duly completed originals of Internal
Revenue Service Form W-8ECI (or any successor forms),
  

(C)     in the case of a Foreign Lender claiming
the benefits of the exemption for portfolio interest under section 881(c) of the Code, (i) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10
percent shareholder” of the Borrower within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and that no payments in connection with any Credit
Document are effectively connected with such Lender’s conduct of a United States trade or business (a “United States Tax Compliance Certificate”) and (ii) two duly completed originals of Internal Revenue Service Form W-8BEN or
W-8BEN-E (or any successor forms),
  

(D)     to the extent a Foreign Lender is not the
beneficial owner of a Loan (for example, where the Foreign Lender is a partnership or a participating Lender), two duly completed originals of Internal Revenue Service Form W-8IMY (or any successor forms) of the Foreign Lender, accompanied by a Form
W-8ECI, W-8BEN or W-8BEN-E, United States Tax Compliance Certificate, Form W-9, Form W-8IMY or any other required information (or any successor forms) from each beneficial owner that would be required under this Section 2.16(f) if such beneficial
owner were a Lender, as applicable (provided that if the Foreign Lender is a partnership (and not a participating Lender) and one or more direct or indirect partners are claiming the portfolio interest exemption, the United States Tax Compliance
Certificate may be provided by such Foreign Lender on behalf of such direct or indirect partner(s)), or
  

(E)     any other form prescribed by Requirements
of Law as a basis for claiming exemption from or a reduction in United States federal withholding Tax duly completed together with such supplementary documentation as may be prescribed by Requirements of Law to permit the Borrower or Administrative
Agent to determine the withholding or deduction required to be made.
  

(iii)     If a payment made to a Lender under any
Credit Document would be subject to United States federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Sections 1471(b) or 1472(b) of the
Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by Requirements of Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such
documentation prescribed by Requirements of 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 FATCA obligations, to determine whether such Lender has or has not complied with such Lender’s FATCA obligations and to determine the amount, if any, to deduct and withhold from such payment;
provided, however, that the Borrower shall have no obligation to request any documentation or take any other action to decrease any withholding obligation under FATCA.

 
 
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(iv)     Notwithstanding any other provision of
Section 2.16(e) or this Section 2.16(f), a Lender shall not be required to deliver any documentation that such Lender is not legally eligible to deliver. Each Lender hereby authorizes the Administrative Agent to deliver to the Credit Parties and to
any successor Administrative Agent any documentation provided by such Lender pursuant to these Sections 2.16(e) and (f).
  

(g)     Treatment of Certain Refunds. If the Administrative Agent or a Lender determines, in its sole
discretion, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by any Credit Party or with respect to which any Credit Party has paid additional amounts pursuant to this Section, it shall pay to
such Credit Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Credit Party under this Section 2.16 with respect to the Indemnified Taxes or Other Taxes giving rise to such
refund), net of all out-of-pocket expenses (including any Taxes) of the Administrative Agent or such Lender, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund),
provided that such Credit Party, upon the request of the Administrative Agent or such Lender shall repay the amount paid over to such Credit Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority)
to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This paragraph shall not be construed to require the Administrative Agent or any Lender
to make available its tax returns (or any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person.

 

(h)     For the avoidance of doubt, the term “Lender” shall, for purposes of this Section 2.16,
include any Issuing Lender.
  

Section 2.17     Indemnification; Nature of Issuing Lenders’ Duties.

 

(a)     In addition to its other obligations under Section 2.3, the Credit Parties hereby agree to protect,
indemnify, pay and save each Issuing Lender and each Lender harmless from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including reasonable and documented attorneys’ fees) that such
Issuing Lender or such Lender may incur or be subject to as a consequence, direct or indirect, of (i) the issuance of any Letter of Credit or (ii) the failure of any Issuing Lender to honor a drawing under any Letter of Credit as a result of any act
or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Authority (all such acts or omissions, herein called “Government Acts”).

 

(b)     As among the Credit Parties, each Issuing Lender and each Lender, the Credit Parties shall assume all
risks of the acts, omissions or misuse of any Letter of Credit by the beneficiary thereof. In the absence of their gross negligence or willful misconduct, neither any Issuing Lender nor any Lender shall be responsible: (i) for the form, validity,
sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for and issuance of any Letter of Credit, even if it should in fact prove to be in any or all respects invalid,
insufficient, inaccurate, fraudulent or forged; (ii) for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in
whole or in part, that may prove to be invalid or ineffective for any reason; (iii) for failure of the beneficiary of a Letter of Credit to comply fully with conditions required in order to draw upon a Letter of Credit; (iv) for errors, omissions,
interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (v) for errors in interpretation of technical terms; (vi) for any loss or delay in the transmission
or otherwise of any document required in order to make a drawing under a Letter of Credit or of the proceeds thereof; and (vii) for any consequences arising from causes beyond the control of any Issuing Lender or any Lender, including, without
limitation, any Government Acts. None of the above shall affect, impair, or prevent the vesting of the Issuing Lenders’ rights or powers hereunder.

 

(c)     In furtherance and extension and not in limitation of the specific provisions hereinabove set forth,
any action taken or omitted by any Issuing Lender or any Lender, under or in connection with any Letter of Credit or the related certificates, if taken or omitted in the absence of gross negligence or willful misconduct, shall not put

 
 
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 such
Issuing Lender or such Lender under any resulting liability to the Credit Parties. It is the intention of the parties that this Agreement shall be construed and applied to protect and indemnify each Issuing Lender and each Lender against any and all
risks involved in the issuance of the Letters of Credit, all of which risks are hereby assumed by the Credit Parties, including, without limitation, any and all risks of the acts or omissions, whether rightful or wrongful, of any Government
Authority. The Issuing Lenders and the Lenders shall not, in any way, be liable for any failure by the Issuing Lenders or anyone else to pay any drawing under any Letter of Credit as a result of any Government Acts or any other cause beyond the
control of the Issuing Lenders and the Lenders.
  

(d)     Nothing in this Section is intended to limit the Reimbursement Obligation of the Borrower contained
in Section 2.3(d) hereof. The obligations of the Credit Parties under this Section shall survive the termination of this Agreement. No act or omissions of any current or prior beneficiary of a Letter of Credit shall in any way affect or impair the
rights of the Issuing Lenders and the Lenders to enforce any right, power or benefit under this Agreement.
  

(e)     Notwithstanding anything to the contrary contained in this Section, the Credit Parties shall have no
obligation to indemnify any Issuing Lender or any Lender in respect of any liability incurred by such Issuing Lender or such Lender arising out of the gross negligence or willful misconduct of the Issuing Lenders (including action not taken by such
Issuing Lender or such Lender), as determined by a court of competent jurisdiction or pursuant to arbitration.
  

Section 2.18     Illegality.

 

Notwithstanding any other provision of this Credit Agreement, if any Change in Law shall make it unlawful for such Lender or its
LIBOR Lending Office to make or maintain LIBOR Rate Loans as contemplated by this Credit Agreement or to obtain in the interbank eurodollar market through its LIBOR Lending Office the funds with which to make such Loans, (a) such Lender shall
promptly notify the Administrative Agent and the Borrower thereof, (b) the commitment of such Lender hereunder to make LIBOR Rate Loans or continue LIBOR Rate Loans as such shall forthwith be suspended until the Administrative Agent shall give
notice that the condition or situation which gave rise to the suspension shall no longer exist, and (c) such Lender’s Loans then outstanding as LIBOR Rate Loans, if any, shall be converted on the last day of the Interest Period for such Loans
or within such earlier period as required by law as Alternate Base Rate Loans. The Borrower hereby agrees to promptly pay any Lender, upon its demand, any additional amounts necessary to compensate such Lender for actual and direct costs (but not
including anticipated profits) reasonably incurred by such Lender in making any repayment in accordance with this Section including, but not limited to, any interest or fees payable by such Lender to lenders of funds obtained by it in order to make
or maintain its LIBOR Rate Loans hereunder. A certificate (which certificate shall include a description of the basis for the computation) as to any additional amounts payable pursuant to this Section submitted by such Lender, through the
Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its LIBOR Lending Office) to avoid or to minimize any amounts which may
otherwise be payable pursuant to this Section; provided, however, that such efforts shall not cause the imposition on such Lender of any additional costs or legal or regulatory burdens deemed by such Lender in its sole discretion to be
material.
  

Section 2.19     Replacement of Lenders.

 

(a)     Designation of a Different Lending Office. If any Lender requests compensation under Section
2.14, or requires the Borrower to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16 or 2.18, then such Lender shall use reasonable efforts to designate a different lending
office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate
or reduce amounts payable pursuant to Section 2.14, Section 2.16 or Section 2.18, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.
The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 
 
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(b)     Replacement of Lenders. (i) If any Lender requests compensation under Section 2.14 or if the
Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16 or Section 2.18 and, in each case, such Lender has declined or is unable to designate a different
lending office in accordance with Section 2.19(a) or (ii) if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such
Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 9.6), all of its interests, rights (other than its existing rights to payments pursuant to Section
2.14, Section 2.16 or Section 2.18) and obligations under this Agreement and the related Credit Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment),
provided that:
  

(A)     the Borrower shall have paid to the
Administrative Agent the assignment fee specified in Section 9.6;
  

(B)     such Lender shall have received payment
of an amount equal to the outstanding principal of its Loans and participations in Letters of Credit, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Credit Documents (including any amounts
under Section 2.15) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts);

 

(C)     in the case of any such assignment
resulting from a claim for compensation under Section 2.14 or payments required to be made pursuant to Section 2.16 or Section 2.18, such assignment will result in a reduction in such compensation or payments thereafter;

 

(D)     such assignment does not conflict with
Requirements of Law; and
  

(E)     in the case of any assignment resulting
from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent.

 
 A Lender
shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 
 Section
2.20     Cash Collateral.
  

(a)     Cash Collateral. At any time that there shall exist a Defaulting Lender, within one (1)
Business Day following the written request of the Administrative Agent, the Issuing Lenders (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize all Fronting Exposure of the Issuing Lenders with respect to such Defaulting
Lender (determined after giving effect to Section 2.21(a)(iv) and Section 2.21(b) and any Cash Collateral provided by the Defaulting Lender).

 

(b)     Grant of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender,
such Defaulting Lender, hereby grants to the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Lenders and the Lenders, and agrees to maintain, a first priority security interest in all such Cash Collateral as security
for the Defaulting Lenders’ obligations to which such Cash Collateral may be applied pursuant to clause (c) below. If at any time the Administrative Agent or any Issuing Lender determines that Cash Collateral is subject to any right or claim
of any Person other than the Administrative Agent as herein provided, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure, the Borrower will, promptly upon demand by the Administrative Agent or such Issuing
Lender, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender).

 

(c)     Application. Notwithstanding anything to the contrary contained in this Agreement, Cash
Collateral provided under any of this Section or Section 2.21 in respect of Letters of Credit, shall be held and applied to the satisfaction of the specific LOC Obligations, obligations to fund participations therein (including, as to Cash
Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may be provided for herein.

 
 
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(d)     Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to
reduce Fronting Exposure or other obligations shall no longer be required to be held as Cash Collateral pursuant to this Section 2.20 and shall promptly be released to the Person providing such Cash Collateral following (i) the elimination of the
applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender), or (ii) the determination by the Administrative Agent or any Issuing Lender that there exists
excess Cash Collateral; provided that, subject to Section 2.21, the Person providing Cash Collateral and the applicable Issuing Lenders may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other
obligations.
  

Section 2.21     Defaulting Lenders.

 

(a)     Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this
Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:

 

(i)     Waivers and Amendments. Such
Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders and Section 9.1.

 

(ii)     Defaulting Lender Waterfall. Any
payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VII or otherwise) or received by the
Administrative Agent from a Defaulting Lender pursuant to Section 9.7 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to
the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Lenders hereunder; third, to Cash Collateralize the Issuing Lenders’ Fronting Exposure
in accordance with Section 2.20; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required
by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a non-interest bearing deposit account and released pro rata in order to (x) satisfy such
Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Lenders’ future Fronting Exposure with respect to such Defaulting Lender with respect to future
Letters of Credit issued under this Agreement in accordance with Section 2.20; sixth, to the payment of any amounts owing to the Lenders, the Issuing Lenders as a result of any judgment of a court of competent jurisdiction obtained by any
Lender or by any Issuing Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any
amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and
eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (A) such payment is a payment of the principal amount of any Loans or LOC Obligations in respect of which such Defaulting
Lender has not fully funded its appropriate share and (B) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.2 were satisfied or waived, such payment shall be applied solely to pay
the Loans of, and LOC Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LOC Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded
participations in LOC Obligations are held by the Lenders pro rata in accordance with the Commitments under the applicable facility without giving effect to Section 2.21(a) (iv). Any payments, prepayments or other amounts paid or payable to a
Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.21(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably
consents hereto.
  
 
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(iii)     Certain Fees.

 

(A)     Unused Commitment Fees. No
Defaulting Lender shall be entitled to receive any Unused Commitment Fee for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been
paid to that Defaulting Lender).
  

(B)     Letter of Credit Fees. Each
Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Revolving Commitment Percentage of the stated amount of Letters of Credit for
which it has provided Cash Collateral pursuant Section 2.20.
  

(C)     Reallocation of Fees. With respect
to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect
to such Defaulting Lender’s participation in LOC Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to each Issuing Lender, the amount of any such fee otherwise payable to such Defaulting
Lender to the extent allocable to such Issuing Lender’ Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.

 

(iv)     Reallocation of Participations to
Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in LOC Obligations shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Revolving Commitment Percentage (calculated
without regard to such Defaulting Lender’s Revolving Commitment) but only to the extent that (x) the conditions set forth in Section 4.2 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the
Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time) and (y) such reallocation does not cause the aggregate Committed Funded Exposure of any Non-Defaulting
Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. Subject to Section 9.27, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that
Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

(v)     Cash Collateral. If the reallocation
described in clause (iv) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, Cash Collateralize the Issuing Lenders’ Fronting Exposure in
accordance with the procedures set forth in Section 2.20.
  

(b)     Defaulting Lender Cure. If the Borrower, the Administrative Agent and the Issuing Lenders
agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may
include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be
necessary to cause the Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their Revolving Commitment Percentages (without giving effect to Section 2.21(a)(iv)),
whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and
provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that
Lender’s having been a Defaulting Lender.
  

(c)     New Letters of Credit. So long as any Lender is a Defaulting Lender, no Issuing Lender shall
be required to issue, extend, renew or increase any Letter of Credit unless it is reasonably satisfied that it will have no Fronting Exposure after giving effect thereto.

 
 
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Section 2.22     Incremental Facilities.

 

(a)     Subject to the terms and conditions set forth herein and so long as no Default or Event of Default
has occurred and is continuing, the Borrower shall have the right, at any time and from time to time prior to the Maturity Date, to incur additional Indebtedness under this Credit Agreement in the form of (i) one or more increases to the Revolving
Committed Amount (each an “Increased Revolver Commitment”) which shall constitute one and the same Facility as the existing Revolving Commitments or (ii) one or more commitments (each, an “Incremental Facility
Commitment”, and together with the Increased Revolver Commitments, the “Incremental Commitments”) for term loan facilities which shall constitute a new Facility as provided in 2.22(d) below (an “Incremental
Facility,” and the loans thereunder, “Incremental Loans”), up to a maximum aggregate amount of Incremental Commitments not to exceed $400,000,000; provided that, if the Collateral Event has occurred, the
aggregate amount of all Incremental Commitments shall not exceed at the time any such Incremental Commitments are entered into the greater of (x) $400,000,000 and (y) an amount such that, on a Pro Forma Basis after giving effect to such Incremental
Commitments (and assuming such Incremental Commitments are fully drawn and/or funded, as applicable, and applied for the purpose intended) the Consolidated Net Leverage Ratio does not exceed 3.00 to
1.00.1.00; provided, further, that no Incremental Commitments shall be permitted from the Amendment No. 3 Effective Date
through September 30, 2021.
  

(b)     The following terms and conditions shall apply to each Increased Revolver Commitment: (i) Obligations
thereunder shall constitute Credit Party Obligations and will be guaranteed (and secured, to the extent applicable) with the other Credit Party Obligations on a pari passu basis and will not be guaranteed by any obligor or secured by any assets that
do not guarantee or secure, respectively, the Credit Party Obligations, (ii) each Increased Revolver Commitment shall have the same terms (including interest rate and maturity date but other than with respect to any upfront fees) as the existing
Revolving Commitments, (iii) each Increased Revolver Commitment shall be entitled to the same voting rights as the existing Revolving Commitments, voting as one class, and shall be entitled to receive a pro rata share of proceeds of prepayments on
the same basis as the existing Revolving Loans and shall be considered an increase to the existing Revolving Commitments, (iv) each Increased Revolver Commitment shall be obtained from existing Lenders or from other banks, financial institutions or
Funds, in each case in accordance with the terms set forth below, (v) the proceeds of all Loans thereunder will be used for the purposes set forth in Section 3.11, (vi) the Borrower shall execute a Note in favor of any new Lender or any existing
Lender requesting a Note whose Revolving Commitment is increased, (vii) on the effective date of each such increase, the conditions to Extensions of Credit in Section 4.2 shall have been satisfied, (viii) each such Increased Revolver Commitment
shall be in a minimum amount of $5,000,000 (and $1,000,000 increments in excess thereof), and (ix) the Administrative Agent shall have received from the Borrower (A) resolutions, legal opinions and other corporate authority documents reasonably
requested by the Administrative Agent, substantially the same in form and substance as those delivered on the Closing Date pursuant to Section 4.1 and (B) updated financial projections and an officer’s certificate, in each case in form and
substance reasonably satisfactory to the Administrative Agent, demonstrating that, after giving effect to such Increased Revolver Commitment and any borrowings thereunder and the application thereof on a Pro Forma Basis, the Credit Parties will be
in compliance with the financial covenants set forth in Section 5.9 (provided that for purposes of this clause (b) the applicable Consolidated Net Leverage Ratio shall be
4.50 to 1.00 for any fiscal quarter and, if the Collateral Event has occurred, the condition in the proviso set forth in Section 2.22(a)) and no Default or Event of Default shall exist. Any new banks, financial institutions and Funds that
become Revolving Lenders that were not previously Lenders hereunder shall enter into such joinder agreements to give effect thereto as the Administrative Agent may reasonably request. In connection with the closing of any Increased Revolver
Commitment, the outstanding Revolving Loans and Participation Interests shall be reallocated by causing such fundings and repayments (which shall not be subject to any processing and/or recordation fees) among the Revolving Lenders (with the
Borrower responsible for any costs arising under Section 2.15 resulting from such reallocation and repayments) of Revolving Loans as necessary such that, after giving effect to such Increased Revolver Commitments, each Revolving Lender will hold
Revolving Loans and Participation Interests based on its Revolving Commitment Percentage (after giving effect to such Increased Revolver Commitments).

 

(c)     The following terms and conditions shall apply to each Incremental Facility: (i) Obligations
thereunder shall constitute Credit Party Obligations and will be guaranteed (and secured, to the extent applicable) with the other Credit Party Obligations on a pari passu basis and will not be guaranteed by any obligor or secured by any assets that
do not guarantee or secure, respectively, the Credit Party Obligations, (ii) each Incremental Facility
  

  
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 shall
otherwise have terms (including pricing terms) to be agreed by the Borrower and the Lenders providing the Incremental Commitments (the “Incremental Lenders”) subject to the following parameters: (A) no Incremental Facility shall
mature prior to the Maturity Date applicable to the Revolving Loans, (B) mandatory prepayments customary for a term loan (which for the avoidance of doubt may include prepayments with the proceeds of non-ordinary course asset sales and “excess
cash flow” (to be defined in a manner satisfactory to the Borrower and the Administrative Agent)) may be included on then-market terms, and (C) all terms of any Incremental Facility not set forth herein, shall be reasonably satisfactory to the
Administrative Agent, (iii) each Incremental Facility shall constitute a separate Facility hereunder, and shall be incorporated into the Credit Documents such that the Incremental Lenders have similar rights and privileges to the Lenders, (iv) each
Incremental Facility shall be obtained from existing Lenders or from other banks, financial institutions or Funds, in each case in accordance with the terms set forth below; provided that any Lender or any Incremental Lender offered or approached to
provide all or a portion of any Incremental Facility Commitment may elect or decline, in its sole discretion, to provide such Incremental Facility Commitment, (v) the proceeds of each Incremental Facility will be used for the purposes set forth in
Section 3.11, (vi) the Borrower shall execute a Note in favor of any Incremental Lender requesting a Note representing its Loans under the Incremental Facility, (vii) on the date of incurrence of the Incremental Loans, the conditions to Extensions
of Credit in Section 4.2 shall have been satisfied, (viii) each such commitment for an Incremental Facility shall be in a minimum amount of $5,000,000 (and $1,000,000 increments in excess thereof), and (ix) the Administrative Agent shall have
received from the Borrower (A) resolutions, legal opinions and other corporate authority documents reasonably requested by the Administrative Agent, substantially the same in form and substance as those delivered on the Closing Date pursuant to
Section 4.1 and (B) updated financial projections and an officer’s certificate, in each case in form and substance reasonably satisfactory to the Administrative Agent, demonstrating that, after giving effect to the borrowing of such
Incremental Loans and the application thereof on a Pro Forma Basis, the Credit Parties will be in compliance with the financial covenants set forth in Section 5.9 (provided
that for purposes of this clause (c) the applicable Consolidated Net Leverage Ratio shall be 4.50 to 1.00 for any fiscal quarter and, if the Collateral Event has occurred, the condition in the proviso set forth in Section 2.22(a)) and no
Default or Event of Default shall exist. All Incremental Lenders shall enter into such joinder agreements to give effect thereto as the Administrative Agent may reasonably request.

 

(d)     Notwithstanding anything to the contrary in Section 9.1 or elsewhere in this Credit Agreement, the
Administrative Agent is authorized to enter into, on behalf of the Lenders, any amendment to this Credit Agreement or any other Credit Document as may be necessary solely to incorporate the terms of each Increased Revolver Commitment or Incremental
Facility therein. For the avoidance of doubt, such amendments may provide for, among other things, the incorporation of such Incremental Facility into the definitions of “Required Lenders”, “Required Facility Lenders”,
“Commitment Percentage”, and similar terms and sections of this Credit Agreement on a similar basis to each other existing Facility, and may provide for sharing of payments and inclusion in the waterfall, and the inclusion of customary
provisions for a term loan throughout the Credit Documents.\
  

(e)     Upon executing the joinder documentation requested by the Administrative Agent, each bank, financial
institution or other entity committing to be a new Revolving Lender or Incremental Lender shall become a Lender for all purposes and to the same extent as if originally a party hereto and shall be bound by and entitled to the benefits of this
Agreement and the other Credit Documents, and shall benefit equally and ratably from the Guarantees and security interests (if applicable) created by the Security Documents, if any; provided that any Lender offered or approached to provide all or a
portion of any Increased Revolver Commitment may elect or decline, in its sole discretion, to provide such Increased Revolver Commitments.

 
 ARTICLE III
 

REPRESENTATIONS AND WARRANTIES
  

To induce the Lenders to enter into this Agreement and to make Loans and to issue, extend, renew or participate in Letters of Credit,
in each case as herein provided for, the Credit Parties hereby represent and warrant to the Administrative Agent and to each Lender that:

 
 
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Section 3.1     Financial Condition.

 

(a)     (i) The audited Consolidated financial statements of the Borrower and its Consolidated
Subsidiaries for the fiscal years ended December 31, 2014, 2015 and 2016 set forth in the Borrower’s annual report on Form 10-K for the fiscal year ended December 31, 2016 and (ii) the unaudited Consolidated financial statements of the
Borrower and its Consolidated Subsidiaries for the year-to-date period ended on June 30, 2017 set forth in the Borrower’s quarterly report on Form 10-Q for the period ended June 30, 2017:

 

(A)     were prepared in accordance with GAAP
consistently applied throughout the periods covered thereby, except as otherwise expressly noted therein;
  

(B)     fairly present in all material respects
the financial condition of the Borrower and its Consolidated Subsidiaries as of the dates thereof (subject, in the case of the unaudited financial statements, to normal year-end adjustments) and results of operations for the period covered thereby;
and
  

(C)     reflect in accordance with GAAP all
material Indebtedness and other liabilities, direct or contingent, of the Borrower and its Consolidated Subsidiaries, as applicable, as of the date thereof, including liabilities for taxes, material commitments and contingent obligations.

 

(b)     The five-year projections of the Borrower and its Consolidated Subsidiaries delivered to the Lenders
on or prior to the Closing Date have been prepared in good faith based upon reasonable assumptions.
  

Section 3.2     No Material Adverse Effect.

 
 Since
December 31, 2016 (and, in addition, after delivery of annual audited financial statements in accordance with Section 5.1(a), from the date of the most recently delivered annual audited financial statements), there has been no development or event
which has had or could reasonably be expected to have a Material Adverse Effect.
  

Section 3.3     Corporate Existence; Compliance with Law.

 
 Each of the
Credit Parties (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, organization or formation, (b) except as could not reasonably be expected, individually or in the aggregate, to have
a Material Adverse Effect, has the requisite power and authority and the legal right to own and operate all its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged and has taken all
actions necessary to maintain all rights, privileges, licenses and franchises necessary or required in the normal conduct of its business, (c) is duly qualified to conduct business and in good standing under the laws of each other jurisdiction where
its ownership, lease or operation of property or the conduct of its business requires such qualification except to the extent that the failure to so qualify or be in good standing in any such other jurisdiction could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect and (d) is in compliance with all Requirements of Law, organizational documents, government permits and government licenses except to the extent such non-compliance could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Credit Party has any oral or written operating agreement (or other similar document) which regulates the affairs of such Credit Party, the conduct of its
business, establishes duties and/or governs the relations among any member, manager and such Credit Party, other than such documents as have been previously delivered to the Administrative Agent.

 
 Section
3.4     Corporate Power; Authorization; Enforceable Obligations.
  

Each of the Credit Parties has full power and authority and the legal right to make, deliver and perform the Credit Documents to which
it is party and has taken all necessary limited liability company, partnership or corporate action to authorize the execution, delivery and performance by it of the Credit Documents to which it is party. Each Credit Document to which it is a party
has been duly executed and delivered on behalf of each Credit Party. Each Credit Document to which it is a party constitutes a legal, valid and binding obligation of each Credit Party,

 
 
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enforceable against such Credit Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

 
 Section
3.5     No Legal Bar; No Default.
  

The execution, delivery and performance by each Credit Party of the Credit Documents to which such Credit Party is a party, the
borrowings thereunder and the use of the proceeds of the Loans (a) will not violate in any material respect any Requirement of Law (except those as to which waivers or consents have been obtained), (b) will not conflict with, result in a breach of
or constitute a default under (i) the articles of incorporation, bylaws, articles of organization, operating agreement or other organization documents of the Credit Parties or (ii) any Material Contract to which such Person is a party or by which
any of its properties may be bound or any material approval or material consent from any Governmental Authority relating to such Person (except those as to which waivers or consents have been obtained) which conflict, breach or default in any such
case in this clause (ii) could reasonably be expected to have a Material Adverse Effect, and (c) will not result in, or require, the creation or imposition of any Lien on any Credit Party’s properties or revenues pursuant to any Requirement of
Law, the articles of incorporation, bylaws, articles of organization, operating agreement or other organization documents of such Credit Party or Contractual Obligation other than the Liens arising under or contemplated in connection with the Credit
Documents or Permitted Liens. No Credit Party is in default under or with respect to any of its Material Contracts in any material respect. No Default or Event of Default has occurred and is continuing.

 
 Section
3.6     No Material Litigation.
  

No litigation, investigation, claim, criminal prosecution, civil investigative demand, imposition of criminal or civil fines and
penalties, or any other proceeding of or before any arbitrator or Governmental Authority is pending or, to the actual knowledge of the Responsible Officers of the Borrower, threatened (in writing) by or against any Credit Party or any of its
Subsidiaries or against any of its or their respective properties or revenues (a) with respect to the Credit Documents or any Extension of Credit or any of the transactions contemplated hereby, or (b) which, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect. No permanent injunction, temporary restraining order or similar decree has been issued against any Credit Party or any of its Subsidiaries which, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect.
  

Section 3.7     Investment Company Act; etc.

 
 No Credit
Party is an “investment company,” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. No Credit Party is subject to regulation under the
Federal Power Act, the Interstate Commerce Act, the Public Utility Holding Company Act of 2005 or any federal or state statute or regulation limiting its ability to incur the Credit Party Obligations.

 
 Section
3.8     Margin Regulations.
  

No part of the proceeds of any Extension of Credit hereunder will be used directly or indirectly for any purpose that violates, or
that would require any Lender to make any filings in accordance with, the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve System as now and from time to time hereafter in effect. The Credit Parties and their
Subsidiaries (a) are not engaged, principally or as one of their important activities, in the business of extending credit for the purpose of “purchasing” or “carrying” “margin stock” within the respective
meanings of each of such terms under Regulation U and (b) taken as a group do not own “margin stock” except as identified in the financial statements referred to in Section 3.1 or delivered pursuant to Section 5.1 and the aggregate value
of all “margin stock” owned by the Credit Parties and their Subsidiaries taken as a group does not exceed 25% of the value of their assets.

 
 
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Section 3.9     ERISA.

 
 Except as
could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect:
  

(a)     Neither a Reportable Event nor an “accumulated funding deficiency”
(within the meaning of Section 412 of the Code or Section 302 of ERISA) has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect to any Plan, and each Plan has complied in all
material respects with the applicable provisions of ERISA and the Code.
  

(b)     No termination of a Single Employer Plan has occurred resulting in any
liability that has remained underfunded, and no Lien in favor of the PBGC or a Plan has arisen, during such five-year period.

 

(c)     The present value of all accrued benefits under each Single Employer Plan
(based on those assumptions used to fund such Plans) did not, as of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets of such Plan allocable to such accrued
benefits.
  

(d)     Neither any Credit Party nor any Commonly Controlled Entity is currently
subject to any liability for a complete or partial withdrawal from a Multiemployer Plan.
  

Section 3.10     Environmental Matters.

 
 Except as
could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect:
  

(a)     To the actual knowledge of the Responsible Officers of the Borrower, the
facilities and properties owned, leased or operated by the Credit Parties or any of their Subsidiaries (the “Properties”) do not contain any Materials of Environmental Concern in amounts or concentrations which (i) constitute a
violation of, or (ii) could give rise to liability on behalf of any Credit Party under, any Environmental Law.
  

(b)     To the actual knowledge of the Responsible Officers of the Borrower, the
Properties and all operations of the Credit Parties and/or their Subsidiaries at the Properties are in compliance, and have in the last five years been in compliance, with all applicable Environmental Laws, and there is no contamination at, under or
about the Properties or violation of any Environmental Law with respect to the Properties or the business operated by the Credit Parties or any of their Subsidiaries (the “Business”).

 

(c)     Neither the Credit Parties nor their Subsidiaries have received any written or
actual notice of violation, alleged violation, non-compliance, liability or potential liability on behalf of any Credit Party with respect to environmental matters or Environmental Laws regarding any of the Properties or the Business, nor do the
Responsible Officers of the Borrower have actual knowledge or reason to believe that any such notice will be received or is being threatened.

 

(d)     To the actual knowledge of the Responsible Officers of the Borrower, Materials
of Environmental Concern have not been transported or disposed of from the Properties in violation of, or in a manner or to a location that could give rise to liability on behalf of any Credit Party under any Environmental Law, and no Materials of
Environmental Concern have been generated, treated, stored or disposed of at, on or under any of the Properties in violation of, or in a manner that could give rise to liability on behalf of any Credit Party under, any applicable Environmental
Law.
  

(e)     No judicial proceeding or governmental or administrative action is pending or,
to the actual knowledge of the Responsible Officers of the Borrower, threatened, under any Environmental Law to which any Credit Party or any Subsidiary is or will be named as a party with respect to the Properties or the Business, nor are there any
consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to the Properties or the Business.

 
 
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(f)     To the actual knowledge of the Responsible Officers of the Borrower, there has
been no release or threat of release of Materials of Environmental Concern at or from the Properties, or arising from or related to the operations of any Credit Party or any Subsidiary in connection with the Properties or otherwise in connection
with the Business, in violation of or in amounts or in a manner that could give rise to liability on behalf of any Credit Party under Environmental Laws.

 
 Notwithstanding anything set
forth in this Section 3.10, the term “Properties” shall not include any hospital or other medical facility at which a Credit Party or its Subsidiaries provides services unless such facility is owned or leased by a Credit Party or its
Subsidiaries.
  

Section 3.11     Use of Proceeds.

 
 The proceeds
of the Extensions of Credit shall be used by the Borrower solely (a) to refinance the Existing Credit Agreement, (b) to pay any costs, fees and expenses associated with this Agreement on the Closing Date and (c) for working capital and other general
corporate purposes of the Credit Parties and their Subsidiaries (including, without limitation, Permitted Acquisitions and Restricted Payments).

 
 Section
3.12     Subsidiaries; Joint Ventures; Partnerships.
  

Set forth on Schedule 3.12 is (a) the exact legal name of each Credit Party, the state of incorporation or organization, the
chief executive office, the principal place of business, the jurisdictions in which the Credit Parties are qualified to do business, the federal tax identification number and organization identification number of each of the Credit Parties as of the
Closing Date (and for the four (4) months prior to the Closing Date) and (b) a complete and accurate list of all Subsidiaries, joint ventures and partnerships of the Credit Parties as of the Closing Date and as of the last date such Schedule was
required to be updated in accordance with Section 5.2. Information on the attached Schedule includes the following: (a) the percentage of outstanding shares of each class of Equity Interest owned by the Credit Parties and their Subsidiaries and (b)
the name and address of each Equity Holder that owns, directly or indirectly, Equity Interests in any Subsidiary of the Borrower. The outstanding Equity Interest and other equity interests of all such Subsidiaries is validly issued, fully paid and
non-assessable and is owned free and clear of all Liens.
  

Section 3.13     Ownership.

 
 Except as
could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect:
  

(a)     Each of the Credit Parties and its Subsidiaries is the owner of, and has good
and marketable title to or a valid leasehold interest in, all of its respective assets, which, together with assets leased or licensed by the Credit Parties and their Subsidiaries, represents all assets in the aggregate material to the conduct of
the business of the Credit Parties and their Subsidiaries, and (after giving effect to the Transactions) none of such assets is subject to any Lien other than Permitted Liens.

 

(b)     Each Credit Party and its Subsidiaries enjoys peaceful and undisturbed
possession under all of its leases and all such leases are valid and subsisting and in full force and effect.
  

Section 3.14     Taxes.

 
 Each of the
Credit Parties and its Subsidiaries has filed, or caused to be filed, all income Tax returns and all other material Tax returns (federal, state, local and foreign) required to be filed and paid (a) all amounts of taxes shown thereon to be due
(including interest and penalties) and (b) all other material Taxes, fees, assessments and other governmental charges (including mortgage recording Taxes, documentary stamp Taxes and intangibles Taxes) owing by it, except for such Taxes (i) that are
not yet delinquent or (ii) that are being contested in good faith and by
  

  
56
 
 

    
 

 
  

proper proceedings, and against which adequate reserves are being maintained in accordance with GAAP. Except as could not reasonably
be expected, individually or in the aggregate, to have a Material Adverse Effect, none of the Credit Parties or their Subsidiaries is aware as of the Closing Date of any proposed Tax assessments against it or any of its Subsidiaries.

 
 Section
3.15     Solvency.
  

After giving effect to the Transactions, (a) the Credit Parties taken as a whole are solvent and are able to pay their debts and other
liabilities, contingent obligations and other commitments as they mature in the normal course of business, and (b) the fair saleable value of the Credit Parties’ assets taken as a whole, measured on a going concern basis, exceeds all probable
liabilities, including those to be incurred pursuant to this Agreement. After giving effect to the Transactions, none of the Credit Parties (i) has unreasonably small capital in relation to the business in which it is or proposes to be engaged or
(ii) has incurred, or believes that it will incur debts beyond its ability to pay such debts as they become due. In executing the Credit Documents and consummating the Transactions, none of the Credit Parties intends to hinder, delay or defraud
either present or future creditors or other Persons to which one or more of the Credit Parties is or will become indebted.
  

Section 3.16     No Burdensome Restrictions.

 
 None of the
Credit Parties or their Subsidiaries is a party to any agreement or instrument or subject to any other obligation or any charter or corporate restriction or any provision of any applicable law, rule or regulation which, individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect.
  

Section 3.17     Brokers’ Fees.

 
 None of the
Credit Parties or their Subsidiaries has any obligation to any Person in respect of any finder’s, broker’s, investment banking or other similar fee in connection with any of the transactions contemplated under the Credit Documents other
than the closing and other fees payable pursuant to this Agreement and as set forth in the Fee Letters.
  

Section 3.18     Labor Matters.

 
 Except as
could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, there are no collective bargaining agreements or Multiemployer Plans covering the employees of the Credit Parties or any of their Subsidiaries as
of the Closing Date, other than as set forth in Schedule 3.18 hereto, and none of the Credit Parties or their Subsidiaries (a) has suffered any strikes, walkouts, work stoppages or other material labor difficulty within the last five years,
other than as set forth in Schedule 3.18 hereto, or (b) has knowledge of any potential or pending strike, walkout or work stoppage. Other than as set forth on Schedule 3.18, no unfair labor practice complaint is pending against any
Credit Party or any of its Subsidiaries that could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. Except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse
Effect, there are no strikes, walkouts, work stoppages or other material labor difficulty pending or threatened against any Credit Party.

 
 Section
3.19     Accuracy and Completeness of Information.
  

All written factual information (other than (i) any projections, (ii) other forward-looking information and (iii) information of a
general economic or industry nature) concerning any Credit Party and its Subsidiaries and the transactions contemplated by the Credit Documents heretofore, contemporaneously or hereafter furnished by or on behalf of any Credit Party or any of its
Subsidiaries to the Administrative Agent, the Arrangers or any Lender for purposes of or in connection with this Agreement or any other Credit Document, or any transaction contemplated hereby or thereby, when taken as a whole, is or, in the case of
such information furnished after the date hereof, will be, true and accurate in all material respects and not incomplete by omitting to state any material fact necessary to make such information in light of the circumstances in which such
information is provided not materially misleading, in each case, after giving effect to all supplements and updates thereto from time to time prior to the date this representation is made; provided, that with respect to projected financial
information, the Credit Parties
  
 
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represent only that such information was prepared in good faith on assumptions believed to be reasonable at the time made and are not
to be viewed as facts and are subject to significant uncertainties and contingencies many of which are beyond your control, that no assurance can be given that any projections will be realized and actual results may vary materially from the
projected financial information.
  

Section 3.20     Material Contracts.

 
 Each
Material Contract is, and after giving effect to the Transactions will be, in full force and effect in accordance with the terms thereof.

 
 Section
3.21     Insurance.
  

The insurance coverage of the Credit Parties and their Subsidiaries is outlined as to carrier, policy number, expiration date, type
and amount on Schedule 3.21 as of the Closing Date and as of the last date such Schedule was required to be updated in accordance with Section 5.2 and such insurance coverage complies with the requirements set forth in Section 5.5(b).

 
 Section
3.22     Intellectual Property Matters.
  

Except as could not reasonably be expected to have a Material Adverse Effect, the Credit Parties and their Subsidiaries own, or
possess the right to use, all of the Intellectual Property, trade names, franchises, licenses and other intellectual property rights (collectively, “IP Rights”) that are reasonably necessary for the operation of their respective
businesses as now conducted by them in all material respects, without infringement of the rights of any other Person. To the actual knowledge of the Responsible Officers of the Borrower, no slogan or other advertising device, product, process,
method, substance, part or other material now employed, or now contemplated to be employed, by any Credit Party or any Subsidiary infringes in any material respect upon any rights held by any other Person. No event has occurred which permits, or
after the notice or lapse of time or both would permit, the revocation or termination of any such license, franchise or other right or which affects the rights of any of the Credit Parties or any of their Subsidiaries thereunder which, individually
or in the aggregate, could reasonably be expected to have a Material Adverse Effect. No claim or litigation regarding any of the foregoing is pending or, to the best knowledge of each Credit Party, threatened (in writing), which, individually or in
the aggregate, could reasonably be expected to have a Material Adverse Effect. No representation is made in this Section 3.22 regarding “shrink wrap” or “off the shelf” software, or software embedded in commercially available
electronic hardware.
  

Section 3.23     Classification of Senior Indebtedness.

 
 The Credit
Party Obligations constitute “Senior Indebtedness,” “Designated Senior Indebtedness” or any similar designation under and as defined in any agreement governing any Subordinated Debt and the subordination provisions set forth
in each such agreement are legally valid and enforceable against the parties thereto.
  

Section 3.24     Anti-Corruption Laws and Sanctions.

 
 The Borrower
has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and
the Borrower, its Subsidiaries and their respective officers and employees and to the knowledge of the Borrower its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects and are not
knowingly engaged in any activity that would reasonably be expected to result in the Borrower being designated as a Sanctioned Person. None of (a) the Borrower, any Subsidiary or any of their respective directors, officers or employees, or (b) to
the knowledge of the Borrower any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person.  No Loan or Letter of Credit, use of proceeds or other transaction contemplated by the Credit Agreement will violate Anti-Corruption Laws or applicable Sanctions.

 
 
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Section 3.25     Consent; Governmental Authorizations.

 
 No approval,
consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person (including any Equity Holder) is required in connection with acceptance of Extensions of Credit by the Borrower or
the making of the Guaranty hereunder or with the execution, delivery or performance of any Credit Document by the Credit Parties (other than those which have been obtained) or with the validity or enforceability of any Credit Document against the
Credit Parties.
  

Section 3.26     Healthcare Representations and Warranties.

 

(a)     Reports; Audits. Except for matters that could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect: (i) as applicable, the Credit Parties have timely filed or caused to be timely filed, all cost reports and other reports of every kind whatsoever required by law or by written contracts or
otherwise to have been filed or made with respect to such Credit Party’s business and operations; (ii) there are no claims, actions or appeals pending (and each Credit Party has not filed any claims or reports which should result in any such
claims, actions or appeals) before any commission, board or agency, including, without limitation, any intermediary or carrier, the Provider Reimbursement Review Board or the Administrator of CMS, with respect to cost reports or claims filed by any
Credit Party under any Government Reimbursement Program, or any disallowance by any commission, board or agency in connection with any audit of such cost reports or claims; and (iii) no validation review or program integrity review related to any
Credit Party, or the consummation of the transactions contemplated in the Credit Documents, have been conducted by any commission, board or agency in connection with any Government Reimbursement Program, and to the actual knowledge of the
Responsible Officers of the Borrower, no such reviews are scheduled, pending or threatened against or affecting any Credit Party, any Credit Party’s employees or agents, or the consummation of the transactions contemplated hereby.

 

(b)     Compliance With Health Care Laws. Each Credit Party is in compliance with all applicable
Healthcare Laws except where the failure to comply, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. To the extent applicable to each Credit Party, each Credit Party has maintained in all material
respects all records required to be maintained by the Joint Commission, Government Reimbursement Programs, and the Healthcare Laws, and, to the actual knowledge of the Responsible Officers of the Borrower, there are no presently existing
circumstances which could reasonably be expected to constitute or result in a violation of any Healthcare Law, in each case that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. To the actual
knowledge of the Responsible Officers of the Borrower, no Credit Party is currently subject to any federal, state, local governmental or private payor civil or criminal inspections, investigations, inquiries or audits involving and/or related to its
activities or compliance with Healthcare Laws, except for audits and inspections that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Except as could not reasonably be expected to have a
Material Adverse Effect, no Credit Party: (i) has had a civil monetary penalty assessed against it pursuant to 42 U.S.C. §1320a-7a; (ii) has been excluded from participation in a Federal Health Care Program (as that term is defined in 42 U.S.C.
§1320a-7b); (iii) has been convicted (as that term is defined in 42 C.F.R. §1001.2) of any of those offenses described in 42 U.S.C. §1320a-7b or 18 U.S.C. §§669, 1035, 1347, 1518; or (iv) to the actual knowledge of the
Responsible Officers of the Borrower, is involved or named in a U.S. Attorney complaint made or any other action taken pursuant to the False Claims Act under 31 U.S.C. §§3729-3731 or qui tam action brought pursuant to 31 U.S.C. §3729
et seq.
  

(c)     Licenses, Permits, and Certifications. Each Credit Party has, and to the actual knowledge of
one or more Responsible Officers of the Borrower, each Equity Holder has, such permits, licenses, franchises, certificates and other approvals or authorizations of Governmental Authorities as are necessary under applicable law or regulations to own
its properties and to conduct its business and to submit claims for and receive reimbursement under all applicable Government Reimbursement Programs and Private Payor Arrangements (including without limitation such permits as are required under
Healthcare Laws and under such HMO or similar licensure laws and such insurance laws and regulations, as are applicable thereto) other than such failures as could not reasonably be expected to have a Material Adverse Effect. Each Credit Party has,
and to the actual knowledge of one or more Responsible Officers of the Borrower, each Equity Holder has, all Medicare, Medicaid and related agency supplier billing number(s) and related documentation necessary for it to receive reimbursement claims
under all applicable Government Reimbursement Programs for any medical services or supplies furnished by any Credit Party in any jurisdiction where any Credit Party conducts business other than such failures as could not reasonably be expected
to
  
 
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 have
a Material Adverse Effect. No Credit Party (and, to the actual knowledge of one or more Responsible Officer of the Borrower, no Equity Holder) is currently subject to, suspension, revocation, renewal or denial of any applicable certification,
provider or supplier billing number(s), or any participation agreement(s) under any applicable Government Reimbursement Program which could reasonably be expected to cause a Material Adverse Effect. There currently exist no restrictions,
deficiencies, required plans of corrective action or other such remedial measures with respect to any certifications, accreditations or licensures (whether under any Government Reimbursement Program, or Healthcare Law) other than restrictions,
deficiencies, required plans of corrective action or other remedial measures that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(d)     Participation Agreements. To the actual knowledge of the Responsible Officers of the Borrower,
there is no threatened termination of any participation agreements under any Private Payor Arrangements to which any Credit Party is a party and which termination would reasonably be expected to have a Material Adverse Effect.

 

(e)     HIPAA Compliance. To the actual knowledge of the Responsible Officers of the Borrower, no
Credit Party is the subject of any civil or criminal penalty, process, claim, action or proceeding, or any administrative or other regulatory review, survey, process or proceeding alleging a violation of HIPAA that could, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.
  

(f)     Equity Holder Compliance. Other than where failure to do so could not reasonably be expected
to have a Material Adverse Effect, to the actual knowledge of one or more Responsible Officers of the Borrower, each Equity Holder is duly licensed (where license is required) by each state or state agency or commission, or any other Governmental
Authority having jurisdiction over the provision of such services by such Person in the locations in which the Equity Holder and the applicable Subsidiaries conduct business, required to enable such Person to provide the professional services
provided by such Person and otherwise as is necessary to enable the Equity Holder and each such applicable Subsidiary to operate as currently operated and as presently contemplated to be operated. To the actual knowledge of the Borrower’s
Responsible Officers, all such required licenses are in full force and effect on the date hereof and have not been revoked or suspended or otherwise limited in any material respect.

 
 
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Section 3.27     Security Interests. At any time following the Collateral Event, the Security
Documents are effective to create in favor of the Administrative Agent, for the ratable benefit of the Lenders and the Bank Product Providers, legal, valid and enforceable first priority Liens (subject to Permitted Liens) on, and security interests
in, the Collateral and, when (a) each (i) financing statement on form UCC-1 made pursuant to the Security Documents is filed in the appropriate office as required by the Uniform Commercial Code, (ii) Security Documents (or short form security
agreement with respect to intellectual property) are filed with the United States Patent and Trademark Office and the United States Copyright Office, as applicable, and (iii) all other appropriate filings or recordings are made in the appropriate
offices as may be required under applicable law, and in each case, all filing and recording fees have been paid, and (b) upon the taking of possession, control or other action by the Administrative Agent of such Collateral with respect to which a
security interest may be perfected only by possession, control or other action, such security interests will constitute fully perfected Liens on, and security interests in, all right, title and interest of the Credit Parties in such Collateral, in
each case subject to no Liens other than Permitted Liens.
  

Section 3.28     EEA Financial Institutions No Credit Party is an EEA Financial
Institution.
  

Section 3.29     ERISA The Borrower represents and warrants as of the Closing Date that the
Borrower is not and will not be using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the
Commitments.
  
 ARTICLE
IV
 
 CONDITIONS PRECEDENT
  

Section 4.1     Conditions to Closing Date and Initial Revolving Loans.

 
 This
Agreement shall become effective upon, and the obligation of each Lender to make the initial Extensions of Credit on the Closing Date is subject to, the satisfaction, or waiver by the Administrative Agent, of the following conditions precedent:

 

(a)     Execution of Credit Agreement; Credit
Documents and Lender Consents. The Administrative Agent shall have received (i) counterparts of this Agreement, executed by a duly authorized officer of each party hereto, (ii) counterparts of any other Credit Document, executed by the duly
authorized officers of the parties thereto and (iii) executed consents, in substantially the form of Exhibit 4.1(a), from each Lender authorizing the Administrative Agent to enter this Credit Agreement on their behalf.

 

(b)     Authority Documents. The
Administrative Agent shall have received the following:
  

(i)     Articles of Incorporation/Charter Documents.
Original certified articles of incorporation or other charter documents, as applicable, of each Credit Party certified (A) by an officer of such Credit Party (pursuant to an officer’s certificate in substantially the form of Exhibit 4.1(b)
attached hereto) as of the Closing Date to be true and correct and in force and effect as of such date, and (B) with respect to the articles of incorporation of the Borrower, to be true and complete as of a recent date by the appropriate
Governmental Authority of the State of Florida.
  

(ii)     Resolutions. Copies of resolutions of the
board of directors or comparable managing body of each Credit Party approving and adopting the Credit Documents, the transactions contemplated therein and authorizing execution and delivery thereof, certified by an officer of such Credit Party
(pursuant to an officer’s certificate in substantially the form of Exhibit 4.1(b) attached hereto) as of the Closing Date to be true and correct and in force and effect as of such date.

 

(iii)     Bylaws/Operating Agreement. A copy of the
bylaws or comparable operating agreement of each Credit Party certified by an officer of such Credit Party (pursuant to an officer’s certificate in substantially the form of Exhibit 4.1(b) attached hereto) as of the Closing Date to be true and
correct and in force and effect as of such date.
  

  
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(iv)     Good Standing. Copies of certificates of
good standing, existence or its equivalent with respect to each Credit Party certified as of a recent date by the appropriate Governmental Authorities of the state of incorporation or organization and each other state in which the failure to so
qualify and be in good standing could reasonably be expected to have a Material Adverse Effect; provided that any certificate of good standing set forth on Schedule 5.12(e) may instead be provided within the time period set forth in Schedule
5.12(e).
  

(v)     Incumbency. An incumbency certificate of each
Credit Party certified by an officer (pursuant to an officer’s certificate in substantially the form of Exhibit 4.1(b) attached hereto) to be true and correct as of the Closing Date.

 

(vi)     Florida Stamp Tax. To the extent reasonably
requested by the Administrative Agent, and in such case reasonably satisfactory to the Administrative Agent, either (i) such affidavits relative to the execution and delivery of any Credit Document as required to support the determination that no
Florida documentary stamp taxes are required to be paid ,or (ii) evidence of payment by the Borrower of any Florida documentary stamp taxes applicable to the execution and delivery of the Credit Documents.

 

(c)     Legal Opinion of Counsel. The
Administrative Agent shall have received an opinion or opinions (including, if requested by the Administrative Agent, local counsel opinions) of counsel for the Credit Parties, dated the Closing Date and addressed to the Administrative Agent and the
Lenders, in form and substance acceptable to the Administrative Agent (which shall include, without limitation, opinions with respect to the due organization and valid existence of each Credit Party and opinions as to the non-contravention of the
Credit Parties’ organizational documents and Material Contracts); provided that the opinion of counsel set forth on Schedule 5.12(e) may instead be provided within the time period set forth in Schedule 5.12(e).

 

(d)     Liability, Casualty, Property and Business
Interruption Insurance. The Administrative Agent shall have received copies of insurance policies or certificates and endorsements of insurance evidencing general liability, casualty, property and business interruption insurance. The
Administrative Agent shall be named as additional insured on behalf of the Lenders with respect to any such insurance providing general liability coverage, and the Credit Parties will use their commercially reasonable efforts to have each provider
of any such insurance agree, by endorsement upon the policy or policies issued by it or by independent instruments to be furnished to the Administrative Agent, that it will give the Administrative Agent thirty (30) days’ (or ten (10) days in
the case of nonpayment) prior written notice before any such policy or policies shall be materially altered or cancelled.
  

(e)     Solvency Certificate. The
Administrative Agent shall have received an officer’s certificate prepared by the chief financial officer of the Borrower as to the financial condition, solvency and related matters of the Credit Parties and their Subsidiaries, after giving
effect to the Transactions and the initial borrowings under the Credit Documents, in substantially the form of Exhibit 4.1(e) hereto.

 

(f)     Account Designation Notice. The
Administrative Agent shall have received the executed Account Designation Notice in the form of Exhibit 1.1(a) hereto.
  

(g)     Notice of Borrowing. The
Administrative Agent shall have received a Notice of Borrowing with respect to the Loans to be made on the Closing Date.
  

(h)     Consents. The Administrative Agent
shall have received evidence that any applicable boards of directors, governmental, shareholder and material third party consents and approvals necessary in connection with the Transactions have been obtained and all applicable waiting periods have
expired without any action being taken by any authority that could restrain, prevent or impose any material adverse conditions on such transactions or that could seek or threaten any of the foregoing.

 
 
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(i)     Compliance with Laws. The Transactions
contemplated hereby shall be in compliance in all material respects with all applicable laws and regulations (including all applicable securities and banking laws, rules and regulations).

 

(j)     Bankruptcy. There shall be no
bankruptcy or insolvency proceedings pending with respect to any Credit Party or any Subsidiary thereof.
  

(k)     Existing Indebtedness of the Credit
Parties. All of the existing Indebtedness for borrowed money of the Credit Parties and their Subsidiaries (other than Indebtedness permitted to exist pursuant to Section 6.1) shall be repaid in full and all security interests related thereto
(other than Permitted Liens) shall be terminated on or prior to the Closing Date.
  

(l)     Financial Statements. The
Administrative Agent and the Lenders shall have received copies of the financial statements referred to in Section 3.1, each in form and substance satisfactory to each of them.

 

(m)     No Material Adverse Change. Since
December 31, 2016 there shall have been no material adverse change in the business, properties, prospects, operations or condition (financial or otherwise) of the Credit Parties or any of their respective Subsidiaries.

 

(n)     Financial Condition Certificate. The
Administrative Agent shall have received a certificate or certificates executed by a Responsible Officer of the Borrower as of the Closing Date, substantially in the form of Exhibit 4.1(n) stating that (i) to the actual knowledge of the Responsible
Officers of the Borrower, there does not exist any pending or ongoing, action, suit, investigation, litigation or proceeding in any court or before any other Governmental Authority (A) affecting this Agreement or the other Credit Documents, that has
not been settled, dismissed, vacated, discharged or terminated prior to the Closing Date or (B) that purports to affect any Credit Party or any of its Subsidiaries, or any transaction contemplated by the Credit Documents, which action, suit,
investigation, litigation or proceeding could reasonably be expected to have a Material Adverse Effect, that has not been settled, dismissed, vacated, discharged or terminated prior to the Closing Date, (ii) immediately after giving effect to this
Agreement, the other Credit Documents, and all the Transactions contemplated to occur on such date, (A) no Default or Event of Default exists, (B) all representations and warranties contained herein and in the other Credit Documents (1) with respect
to representations and warranties that contain a materiality qualification, are true and correct and (2) with respect to representations and warranties that do not contain a materiality qualification, are true and correct in all material respects
and (C) the Credit Parties are in pro forma compliance with each of the initial financial covenants set forth in Section 5.9 (as evidenced through detailed calculations of such financial covenants on a schedule to such certificate) as of the last
day of the quarter ending at least twenty (20) days preceding the Closing Date and (iii) each of the other conditions precedent in Section 4.1 have been satisfied, except to the extent the satisfaction of any such condition is subject to the
reasonable judgment of the Administrative Agent or any Lender.
  

(o)     Patriot Act Certificate. At least
three (3) Business Days prior to the Closing Date, to the extent requested by the Administrative Agent at least ten (10) Business Days prior to the Closing Date, the Administrative Agent shall have received a certificate satisfactory thereto,
substantially in the form of Exhibit 4.1(o), for benefit of itself and the Lenders, provided by the Borrower that sets forth information required by the Patriot Act including, without limitation, the identity of the Credit Parties, the name and
address of the Credit Parties and other information that will allow the Administrative Agent or any Lender, as applicable, to identify the Credit Parties in accordance with the Patriot Act.

 

(p)     Fees and Expenses. The Administrative
Agent and the Lenders shall have received all fees and expenses, if any, owing pursuant to any Fee Letter, the Commitment Letter and Section 2.5.

 
 
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(q)     Additional Matters. All other
documents and legal matters in connection with the transactions contemplated by this Agreement shall be reasonably satisfactory in form and substance to the Administrative Agent and its counsel.

 
 Without
limiting the generality of the provisions of Section 8.4, for purposes of determining compliance with the conditions specified in this Section 4.1, each Lender that has signed this Agreement or a Lender Consent shall be deemed to have consented to,
approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender
prior to the proposed Closing Date specifying its objection thereto.
  

Section 4.2     Conditions to All Extensions of Credit.

 
 The
obligation of each Lender to make any Extension of Credit hereunder is subject to the satisfaction of the following conditions precedent on the date of making such Extension of Credit:

 

(a)     Representations and Warranties. The
representations and warranties made by the Credit Parties herein and which are contained in any certificate furnished at any time under or in connection herewith shall (i) with respect to representations and warranties that contain a materiality
qualification, be true and correct and (ii) with respect to representations and warranties that do not contain a materiality qualification, be true and correct in all material respects, in each case on and as of the date of such Extension of Credit
as if made on and as of such date except for any representation or warranty made as of an earlier date, which representation and warranty shall remain true and correct (subject to the applicable materiality threshold in the preceding clauses (i) or
(ii)) as of such earlier date.
  

(b)     No Default or Event of Default. No
Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the Extension of Credit to be made on such date unless such Default or Event of Default shall have been waived in accordance with this
Agreement.
  

(c)     Compliance with Commitments.
Immediately after giving effect to the making of any such Extension of Credit (and the application of the proceeds thereof), (i) the sum of the aggregate principal amount of outstanding Revolving Loans plus the aggregate principal amount of
outstanding LOC Obligations shall not exceed the Revolving Committed Amount then in effect, and (ii) the aggregate principal amount of the outstanding LOC Obligations shall not exceed the LOC Committed Amount.

 

(d)     Additional Conditions to Revolving
Loans. If a Revolving Loan is requested, all conditions set forth in Section 2.1 shall have been satisfied.
  

(e)     Incremental Commitment. If an
Incremental Commitment is requested, all conditions set forth in Section 2.22 shall have been satisfied.
  

(f)     Additional Conditions to Letters of
Credit. If the issuance of a Letter of Credit is requested, (i) all conditions set forth in Section 2.3 shall have been satisfied and (ii) there shall exist no Lender that is a Defaulting Lender unless the Issuing Lenders have entered into
reasonably satisfactory arrangements with the Borrower or such Defaulting Lender to eliminate the Issuing Lenders’ risk with respect to such Defaulting Lender’s LOC Obligations.

 
 Each request
for an Extension of Credit and each acceptance by the Borrower of any such Extension of Credit shall be deemed to constitute representations and warranties by the Credit Parties as of the date of such Extension of Credit that the conditions set
forth above in paragraphs (a) through (f), as applicable, have been satisfied.
  

  
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 ARTICLE V

 AFFIRMATIVE COVENANTS
  

Each of the Credit Parties hereby covenants and agrees that on the Closing Date, and thereafter (a) for so long as this Agreement is
in effect, (b) until the Commitments have terminated, and (c) until no Note remains outstanding and unpaid and the Credit Party Obligations and all other amounts owing to the Administrative Agent or any Lender hereunder are paid in full, such Credit
Party shall, and shall cause each of their Subsidiaries, to:
  

Section 5.1     Financial Statements.

 
 Furnish to
the Administrative Agent for prompt further distribution to each Lender:
  

(a)     Annual Financial Statements. As soon
as available and in any event no later than the fifth Business Day following the earlier of (i) to the extent applicable, the date the Borrower is required by the SEC to file its Form 10-K for each fiscal year of the Borrower and (ii) ninety (90)
days after the end of each fiscal year of the Borrower, a copy of the Consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as at the end of such fiscal year and the related Consolidated statements of income and
retained earnings and of cash flows of the Borrower and its Consolidated Subsidiaries for such year, which shall be audited by an independent registered certified public accounting firm of nationally recognized standing reasonably acceptable to the
Administrative Agent, setting forth in each case in comparative form the figures for the previous year, reported on without a “going concern” or like qualification or exception, or qualification indicating that the scope of the audit was
inadequate to permit such independent certified public accountants to certify such financial statements without such qualification;

 

(b)     Quarterly Financial Statements. As
soon as available and in any event no later than the fifth Business Day following the earlier of (i) to the extent applicable, the date the Borrower is required by the SEC to file its Form 10-Q for any fiscal quarter of the Borrower and (ii)
forty-five (45) days after the end of each of the first three fiscal quarters of the Borrower, a copy of the Consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as at the end of such period and related Consolidated
statements of income and retained earnings and of cash flows for the Borrower and its Consolidated Subsidiaries for such quarterly period and for the portion of the fiscal year ending with such period, in each case setting forth in comparative form
Consolidated figures for the corresponding period or periods of the preceding fiscal year (subject to normal recurring year-end audit adjustments); and

 

(c)     Annual Operating Budget and Cash Flow.
As soon as available, but in any event within forty-five (45) days after the end of each fiscal year (including the fiscal year ending December 31, 2017), a copy of the detailed annual operating budget or plan including cash flow projections of the
Borrower and its Consolidated Subsidiaries for the next four fiscal quarter period prepared on a quarterly basis, in form and detail reasonably acceptable to the Administrative Agent and the Lenders, together with a summary of the material
assumptions made in the preparation of such annual budget or plan;
  

all such historical financial statements to be complete and correct in all material respects (subject, in the case of interim statements, to normal
recurring year-end audit adjustments) and to be prepared in reasonable detail and, in the case of the annual and quarterly financial statements provided in accordance with subsections (a) and (b) above, in accordance with GAAP applied consistently
throughout the periods reflected therein (except as required by a change in GAAP as set forth therein) and further accompanied by a description of, and an estimation of the effect on the financial statements on account of, a change, if any, in the
application of accounting principles as provided in Section 1.3. The financial statements provided in accordance with subsection (c) above shall have been prepared in good faith based upon reasonable assumptions.

 

Notwithstanding the foregoing, financial statements and reports required to be delivered pursuant to the foregoing provisions of this
Section may be delivered electronically (including via a link to the SEC’s EDGAR system) and if so, shall be deemed to have been delivered on the date on which the Administrative Agent receives such reports from the Borrower through electronic
mail.
  
 
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Section 5.2     Certificates; Other Information.

 
 Furnish to
the Administrative Agent for prompt further distribution to each Lender:
  

(a)     Accountants’ Certificate.
Concurrently with the delivery of the financial statements referred to in Section 5.1(a) above, a certificate of the independent certified public accountants reporting on such financial statements stating that in making the examination necessary
therefor no knowledge was obtained of any Default or Event of Default, except as specified in such certificate.
  

(b)     Officer’s Certificate.
Concurrently with the delivery of the financial statements referred to in Sections 5.1(a) and 5.1(b) above, a certificate of a Responsible Officer substantially in the form of Exhibit 5.2(b) stating that (i) such financial statements present fairly
in all material respects the consolidated financial position of the Borrower and its Consolidated Subsidiaries for the periods indicated in conformity with GAAP applied on a consistent basis, (ii) each of the Credit Parties during such period
observed or performed in all material respects all of its covenants and other agreements, and satisfied every condition, contained in this Agreement to be observed, performed or satisfied by it, and (iii) such Responsible Officer has obtained no
knowledge of any Default or Event of Default except as specified in such certificate and such certificate shall include the calculations in reasonable detail required to indicate (A) compliance with Section 5.9 as of the last day of such period, (B)
that each Investment made during the most recently completed fiscal quarter pursuant to clause (e) of the definition of Permitted Investment, together with each other then-existing Investment pursuant to clause (e) of the definition of Permitted
Investment, did not, when such Investment was made, exceed 15% of Consolidated total shareholders’ equity as determined in accordance with GAAP and as set forth on the then most recent Consolidated balance sheet of the Borrower and its
Consolidated Subsidiaries furnished to the Administrative Agent pursuant to Section 5.1 above and (C) the amount of all Restricted Payments paid and all Investments (including Permitted Acquisitions) that were made during such period.

 

(c)     Updated Schedules. Concurrently with
or prior to the delivery of the financial statements referred to in Sections 5.1(a) and 5.1(b) above, (i) an updated copy of Schedule 3.12 if the Credit Parties or any of their Subsidiaries has formed or acquired a new Subsidiary since the Closing
Date or since such Schedule was last updated, as applicable and (ii) an updated copy of Schedule 3.21 if the Credit Parties or any of their Subsidiaries has materially altered or acquired any insurance policies since the Closing Date or since
Schedule 3.21 was last updated.
  

(d)     Reports; SEC Filings; Regulatory Reports;
Press Releases; Etc. Promptly upon their becoming available, (i) copies of all reports (other than those provided pursuant to Section 5.1 and those which are of a promotional nature) and other financial information which the Borrower sends to
its shareholders, (ii) copies of all reports and all registration statements and prospectuses (other than those on or pursuant to Form S-8 or any successor form), if any, which any Credit Party may make to, or file with, the SEC (or any successor or
analogous Governmental Authority) that are not available on the SEC’s EDGAR system (or any successor system) and (iii) all press releases and other statements made available by any of the Credit Parties to the public concerning material
developments in the business of any of the Credit Parties.
  

(e)     [Reserved].

 

(f)     Management Letters; Etc. Promptly upon
receipt thereof, a copy or summary of any other report, or “management letter” or similar report submitted by independent accountants to any Credit Party or any of their Subsidiaries in connection with any annual, interim or special
audit of the books of such Person.
  

(g)     Debt Securities Information. Promptly
after the furnishing thereof, copies of any statement or report furnished to any holder of debt securities of any Credit Party or any Subsidiary thereof pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise
required to be furnished to the Lenders pursuant to Section 5.1 or any other clause of this Section 5.2.
  

  
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(h)     General Information. Except as may be
prohibited by a Requirement of Law, promptly, such additional financial and other information as the Administrative Agent, on behalf of any Lender, may from time to time reasonably request.

 
 Section
5.3     Payment of Taxes and Other Obligations.
  

Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, subject, where
applicable, to specified grace periods, (a) all of its material Taxes (Federal, state, local and any other Taxes) and (b) all of its other material obligations and liabilities of whatever nature in accordance with industry practice and (c) any
additional material costs that are imposed as a result of any failure to so pay, discharge or otherwise satisfy such Taxes, obligations and liabilities, except when the amount or validity of any such Taxes, obligations and liabilities is currently
being contested in good faith by appropriate proceedings and reserves, if applicable, in conformity with GAAP with respect thereto have been provided on the books of the Credit Parties.

 
 Section
5.4     Conduct of Business and Maintenance of Existence.
  

(a)     Except as expressly permitted under Section 6.3, continue to engage in business of the same general
type as now conducted by it on the Closing Date.
  

(b)     Except as permitted by Section 6.4, preserve, renew and keep in full force and effect its corporate
or other formative existence and good standing, take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business and to maintain its goodwill and comply with all Contractual
Obligations and Requirements of Law, except to the extent where the failure to comply, individually or in the aggregate, has not had and could not reasonably be expected to have a Material Adverse Effect.

 

(c)     Except as could not reasonably be expected, individually or in the aggregate, to have a Material
Adverse Effect, (i) obtain and maintain all certificates of need, provider numbers, permits and other licenses required to operate such Person’s business and its business locations under applicable law and maintain such Person’s
qualification for participation in, and payment under all applicable Government Reimbursement Programs and (ii) properly file all cost reports required under any applicable Government Reimbursement Program.

 

(d)     (i) Provide goods or services to its customers in compliance with ethical standards, laws, rules and
regulations applicable to it or any facility or location it operates; (ii) assure that each of its employees and each employee of such facility or location has all required licenses, credentials, approvals and other certifications to perform his or
her duties and services for such location; and (iii) maintain all permits and other licenses required to operate its facilities and locations and conduct its business under applicable law; except to the extent, with respect to each of clauses (i),
(ii), and (iii) above, where the failure to comply, individually or in the aggregate, has not had and could not reasonably be expected to have a Material Adverse Effect.

 

(e)     (i) Implement and maintain policies that are in material compliance with HIPAA and (ii) undertake to
be in compliance with each of the HIPAA provisions applicable to such Credit Party that relate to or regulate billing practices, procedures and codes, standard transactions, and privacy and security of protected health information except to the
extent any failure could not reasonably be expected to have a Material Adverse Effect.
  

Section 5.5     Maintenance of Property; Insurance.

 

(a)     Keep all material property useful and necessary in its business in good working order and condition
(ordinary wear and tear and obsolescence excepted).
  

(b)     Maintain with financially sound and reputable insurance companies liability, casualty, property and
business interruption insurance in at least such amounts and against at least such risks as are usually insured against in the same general areas by companies engaged in the same or a similar size and type of business; and furnish to the
Administrative Agent, upon the request of the Administrative Agent, full information as to the insurance carried. The Administrative Agent shall be named as additional insured, as its interest may appear, with respect to any such general liability
insurance, and use commercially reasonable efforts to cause each provider of
  

  
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 any
such insurance to agree, on a blanket basis or by endorsement upon the policy or policies issued by it or by independent instruments to be furnished to the Administrative Agent, that it will give the Administrative Agent thirty (30) days prior
written notice before any such policy or policies shall be materially altered or canceled, and such policies shall provide that no act or default of the Credit Parties or any of their Subsidiaries or any other Person shall affect the rights of the
Administrative Agent or the Lenders under such policy or policies; provided, however, that the Credit Parties may effect workers’ compensation insurance or similar coverage with respect to operations in any particular state or
other jurisdiction through an insurance fund operated by such state or jurisdiction or by meeting the self-insurance requirements of such state or jurisdiction.

 

(c)     Except as could not reasonably be expected, individually or in the aggregate, to have a Material
Adverse Effect, preserve or renew all of its Intellectual Property.
  

Section 5.6     Books and Records.

 
 Keep proper
books, records and accounts in which full, true and correct entries in conformity in all material respects with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its businesses and activities.

 
 Section
5.7     Notices.
  

Give notice in writing to the Administrative Agent (which shall promptly transmit such notice to each Lender) of:

 

(a)     promptly, but in any event within two (2)
Business Days after any Credit Party knows thereof, the occurrence of any Default or Event of Default;
  

(b)     promptly, any default or event of default
under any Contractual Obligation of any Credit Party or any of its Subsidiaries which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect or involve a monetary claim in excess of $10,000,000;

 

(c)     promptly, any litigation, or any
investigation or proceeding known or threatened in writing to any Credit Party (i) affecting any Credit Party or any of its Subsidiaries which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect or
involve a monetary claim in excess of $50,000,000 or involving injunctions or requesting injunctive relief by or against any Credit Party or any Subsidiary of any Credit Party, (ii) affecting or with respect to this Agreement, any other Credit
Document or any security interest created thereunder, (iii) involving an environmental claim or potential liability under Environmental Laws which could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, or
(iv) by any Governmental Authority relating to any Credit Party or any Subsidiary thereof and alleging fraud, deception or willful misconduct by such Person which could reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect;
  

(d)     of any labor controversy that has resulted
in, or threatens to result in, a strike or other work action against any Credit Party which could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;

 

(e)     of any attachment, judgment, lien, levy or
order exceeding $22,500,000 that could reasonably be expected to be assessed against or which has been threatened in writing against any Credit Party other than Permitted Liens;

 

(f)     as soon as possible and in any event within
thirty (30) days after any Credit Party knows or has reason to know thereof: (i) the occurrence or expected occurrence of any Reportable Event with respect to any Plan, a failure to make any required contribution to a Plan, the creation of any Lien
in favor of the PBGC (other than a Permitted Lien) or a Plan or any withdrawal from, or the termination, Reorganization or Insolvency of, any Multiemployer Plan or (ii) the institution of proceedings or the taking of any other action by the PBGC
with respect to the withdrawal from, or the terminating, Reorganization or Insolvency of, any Multiemployer Plan;
  

  
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(g)     promptly, any notice of any violation
received by any Credit Party from any Governmental Authority including, without limitation, any notice of violation of Environmental Laws which could reasonably be expected to cause a Material Adverse Effect;

 

(h)     as soon as possible and in any event within
two (2) Business Days following the occurrence of any of the following events: (i) any notice is received, through letter or otherwise, of a potential investigation relating to any Credit Party’s submission of claims to Government
Reimbursement Programs; (ii) the voluntary disclosure by any Credit Party to the Office of the Inspector General of the United States Department of Health and Human Services, a Medicare fiscal intermediary or any state’s Medicaid program of a
potential overpayment matter involving the submission of claims to such payor other than refund payments made in the ordinary course of business and which are immaterial in amount or (iii) any notice is received from a Governmental Authority
initiating any action that could result in the loss or cancellation of any license, permit, authorization or other right related to any Healthcare Law;

 

(i)     any notice is received from any Governmental
Authority of the imposition of any forfeiture or the designation of a hearing that could result in the expiration, termination, revocation, impairment or suspension of any license, permit, authorization or other right related to any Healthcare Law
which could reasonably be expected to cause a Material Adverse Effect; and
  

(j)     promptly, any other development or event
which could reasonably be expected to have a Material Adverse Effect.
  

Each notice pursuant to this Section shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence referred to
therein and stating what action the Credit Parties propose to take with respect thereto. In the case of any notice of a Default or Event of Default, the Borrower shall specify that such notice is a Default or Event of Default notice on the face
thereof.
  

Section 5.8     Environmental Laws.

 

(a)     Except as could not reasonably be expected, either individually or in the aggregate, to have a
Material Adverse Effect, comply with, all applicable Environmental Laws and obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws;

 

(b)     Except as could not reasonably be expected, either individually or in the aggregate, to have a
Material Adverse Effect, conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply with all lawful orders and directives of all
Governmental Authorities regarding Environmental Laws except to the extent that the same are being contested in good faith by appropriate proceedings; and

 

(c)     Defend, indemnify and hold harmless the Administrative Agent and the Lenders, and their respective
employees, agents, officers and directors and affiliates, from and against any and all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature, known or unknown, contingent or otherwise,
arising out of, or in any way relating to the violation of, noncompliance with or liability under, any Environmental Law applicable to the operations of the Credit Parties or any of their Subsidiaries or the Properties, or any orders, requirements
or demands of Governmental Authorities related thereto, including, without limitation, reasonable attorney’s and consultant’s fees, investigation and laboratory fees, response costs, court costs and litigation expenses, except to the
extent that any of the foregoing arise out of the gross negligence or willful misconduct of the party seeking indemnification therefor. The agreements in this paragraph shall survive repayment of the Credit Party Obligations and all other amounts
payable hereunder and termination of the Commitments and the Credit Documents.
  

  
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Section 5.9     Financial Covenants. Comply with the following financial covenants:

 

(a)     Consolidated Net Leverage Ratio. The
Consolidated Net Leverage Ratio, calculated as of the last day of each fiscal quarter (beginning with the fiscal quarter ending December 31, 2017) or as of any other date on a Pro Forma Basis,
(i) for (A) the fiscal quarter ended June 30, 2020 and (B) the fiscal quarter ended September 30, 2020, shall be less than or equal to 5.00 to 1.00, (ii) for the fiscal
quarter ended December 31, 2020, shall be less than or equal to 4.75 to 1.00 and (iii) for any other fiscal quarter, shall be less than or equal to 4.50 to 1.00.

 

(b)     Interest Coverage Ratio. The Interest
Coverage Ratio, calculated as of the last day of each fiscal quarter (beginning with the fiscal quarter ending December 31, 2017) or as of any other date on a Pro Forma Basis, shall be greater than or equal to 3.00 to 1.00.

 

Notwithstanding the above, the parties hereto acknowledge and agree that, for purposes of all calculations made in determining
compliance for any applicable period with the financial covenants set forth in this Section, (i) after consummation of any Permitted Acquisition, (A) income statement items and other balance sheet items (whether positive or negative) attributable to
the Target acquired in such transaction shall be included in such calculations to the extent relating to such applicable period as if such Permitted Acquisition had been consummated as of the first day of such applicable period (including by adding
any reasonable cost saving synergies associated with such Permitted Acquisition in a manner reasonably satisfactory to the Required Lenders), subject to reasonable adjustments mutually acceptable to the Borrower and the Required Lenders and (B)
Indebtedness of a Target which is retired in connection with a Permitted Acquisition shall be excluded from such calculations and deemed to have been retired as of the first day of such applicable period and (ii) after any Disposition permitted by
Section 6.4(a)(viii), (A) income statement items, cash flow statement items and balance sheet items (whether positive or negative) attributable to the property or assets disposed of shall be excluded from such calculations to the extent relating to
such applicable period as if such Disposition had been consummated as of the first day of such applicable period, subject to adjustments mutually acceptable to the Borrower and the Required Lenders and (B) Indebtedness that is repaid with the
proceeds of such Disposition shall be excluded from such calculations and deemed to have been repaid as of the first day of such applicable period.

 
 For purposes
of this Section 5.9, cost saving synergies and adjustments to income statement items, cash flow statement items and balance sheet items reflected in financial statements provided by the Credit Parties pursuant to this Credit Agreement shall be
deemed accepted by the Required Lenders, unless the Required Lenders object to such items in writing within thirty (30) days of the submission of such financial statements; provided, that to the extent the Credit Parties revise any financial
statements as a result of such objection by the Required Lenders, such financial statements shall be deemed delivered as of the date originally submitted for all purposes of this Credit Agreement (other than the thirty (30) day period set forth in
this paragraph, which shall begin to run with respect to such revised financial statements when such revisions are submitted).

 

Notwithstanding the foregoing, with respect to any Target acquired pursuant to a Permitted Acquisition, beginning with the third full
fiscal quarter end to occur after such Permitted Acquisition, income statement items and other balance sheet items (whether positive or negative) attributable to such Target and included in the calculations required by this Section 5.9 shall not
exceed the actual results generated by such Target (except to the extent that income statement items and other balance sheet items that vary from actual items are approved (such approval not to be unreasonably withheld, delayed or conditioned) in
writing by the Required Lenders) for the period beginning with the first day of the first full fiscal quarter that the Target’s results are included in the Borrower’s consolidated financial statements and ending as of the applicable date
of calculation, annualized for the full period applicable to such calculation.
  

Section 5.10     Additional Guarantors.

 

(a)     The Credit Parties will cause each of their Material Domestic Subsidiaries (and any other Domestic
Subsidiary that is required to become a Guarantor pursuant to the definition of Material Domestic Subsidiary), whether newly formed, after acquired or otherwise existing (including upon the formation of any Material Domestic Subsidiary that is a
Division Successor) to promptly (and in any event within 45 days after (as applicable) (i) such Material Domestic Subsidiary is formed or acquired or (ii) financial statements are delivered

 
 
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pursuant to Section 5.1 which demonstrate that a Domestic Subsidiary has become a Material Domestic Subsidiary (or, in the case of (i)
or (ii), such longer period of time as agreed to by the Administrative Agent in its reasonable discretion)) become a Guarantor hereunder by way of execution of a Joinder Agreement.

 

(b)     The Credit Parties will cause each of their Domestic Subsidiaries (including upon the formation of
any Domestic Subsidiary that is a Division Successor) (other than PMG), to the extent not already a Guarantor hereunder as of the end of any fiscal year (beginning with the fiscal year ending December 31, 2018), to become a Guarantor hereunder by
way of execution of a Joinder Agreement within ninety (90) days after the end of such fiscal year (or such longer period of time as agreed to by the Administrative Agent in its reasonable discretion); provided, however, that no
Domestic Subsidiary shall be required to become a Guarantor pursuant to this Section 5.10(b) if such Domestic Subsidiary (i) would be required to obtain a third-party consent in connection with the execution and delivery of a Joinder Agreement, (ii)
the execution and delivery of a Joinder Agreement would be prohibited by a provision of such Domestic Subsidiary’s articles of incorporation, bylaws, operating agreement or other comparable charter documents or (iii) is a shell company with
nominal assets and no or nominal business operations as of the end of such fiscal year.
  

(c)     In connection with the foregoing Sections 5.10(a) and (b), the Credit Parties shall deliver to the
Administrative Agent, with respect to each new Guarantor to the extent applicable, substantially the same documentation required pursuant to Sections 4.1(b) – (d) and such other documents or agreements as the Administrative Agent may
reasonably request.
  

Section 5.11     Compliance with Law.

 
 Comply with
all Requirements of Law, the articles of incorporation, bylaws, articles of organization, operating agreement or other organization documents, and orders (including Environmental Laws), and all applicable restrictions imposed by all Governmental
Authorities applicable to it except (a) to the extent such Requirement of Law, articles of incorporation, bylaws, articles of organization, operating agreement or other organization documents, order or restriction is being contested in good faith by
appropriate proceedings diligently conducted or (b) to the extent noncompliance with any such Requirements of Law, articles of incorporation, bylaws, articles of organization, operating agreement or other organization documents, order or restriction
could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their
respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.
  

Section 5.12     Further Assurances.

 

(a)     Public/Private Designation. The Credit Parties will cooperate with the Administrative Agent in
connection with the publication of certain materials and/or information provided by or on behalf of the Credit Parties to the Administrative Agent and Lenders (collectively, “Information Materials”) and will designate Information
Materials (i) that are either available to the public or not material with respect to the Credit Parties and their Subsidiaries or any of their respective securities for purposes of United States federal and state securities laws, as
“Public Information” and (ii) that are not Public Information as “Private Information,” which Private Information the Administrative Agent and Lenders shall keep confidential, including from any securities
trading, brokerage or securities analyst operations through appropriate “Chinese Wall” methods.
  

(b)     Additional Information. The Credit Parties shall provide such information regarding the
operations, business affairs and financial condition of the Credit Parties and their Subsidiaries as the Administrative Agent or any Lender may reasonably request.

 

(c)     Visits and Inspections. Each of the Credit Parties shall permit representatives and
independent contractors of the Administrative Agent and each Lender up to two times (in the aggregate for the Administrative Agent and all Lenders) during any twelve month period to visit and inspect any of its properties, to examine its corporate,
financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, all at the expense of the Borrower and at such
reasonable times during normal business hours, upon reasonable advance notice to the
  

  
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Borrower; provided, however, that when an Event of Default under Section 7.1(a) or (f) exists, the Administrative Agent
or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and without advance notice and without limit to the number of
visits.
  

(d)     Material Contracts. Upon the occurrence and during the continuance of a Default or an Event of
Default, upon the request of the Administrative Agent, the Credit Parties shall provide a list of all Material Contracts, together with a copy of any Material Contract requested by the Administrative Agent (subject to any confidentiality
restrictions therein).
  

(e)     Post Closing Deliveries. Notwithstanding any provision herein or in any other Credit Document
to the contrary, to the extent not actually delivered on or prior to the Closing Date, the Borrower shall, and shall cause each Credit Party, to take the actions set forth on Schedule 5.12(e) within the period set forth on Schedule
5.12(e).
  

Section 5.13     Collateral Matters. At all times following the occurrence of the Collateral
Event:
  

(a)     Execute any and all further documents, financing statements, agreements and instruments, and take all
such further customary actions (including the filing and recording of financing statements, fixture filings and other documents and recordings of Liens in stock registries), that may be required under any applicable law, or that the Administrative
Agent may reasonably request, to cause the requirements of the occurrence of the Collateral Event to remain satisfied.
  

(b)     If any additional Guarantor or Foreign Subsidiary or FSHCO is formed or acquired (including any
Guarantor that is a Division Successor) after such Collateral Event, or if any additional Equity Interests of any Guarantor or Foreign Subsidiary or FSHCO are issued after such Collateral Event, (i) notify the Administrative Agent thereof, and (ii)
within 30 Business Days after such date or such longer period as the Administrative Agent shall agree, (A) pledge all outstanding Equity Interests of such new Guarantor issued after such Collateral Event, pledge Equity Interests in such new Foreign
Subsidiary or FSHCO issued after such Collateral Event up to an amount thereof that would qualify as “Collateral”, pledge all new Equity Interests of the Guarantor issued after such Collateral Event, pledge Equity Interests of the
Foreign Subsidiary or FSHCO issued after such Collateral Event up to an amount thereof that, together with other Equity Interests in such Foreign Subsidiary or FSHCO that have previously been pledged, would qualify as “Collateral”, in
each case to the Administrative Agent under the Collateral Agreement, except to the extent such Equity Interests constitute Excluded Assets, and (B) deliver to the Administrative Agent for the benefit of the Lenders and the Bank Product Providers
all certificates or other instruments (if any) representing such Equity Interests, together with stock powers or other instruments of transfer with respect thereto endorsed in blank.

 

(c)     If any additional Guarantor or Foreign Subsidiary or FSHCO is formed or acquired (including any
Guarantor that is a Division Successor) after the Collateral Event, deliver to the Administrative Agent within 30 Business Days after such date or such longer period as the Administrative Agent shall agree, (i) a supplement to the Collateral
Agreement, in the form specified therein, duly executed and delivered on behalf of such Credit Party and (ii) supplements to the other Security Documents, if applicable, to cause the requirements of the occurrence of the Collateral Event to become
satisfied with respect to such new Credit Party.
  

(d)     Furnish to the Administrative Agent prompt written notice (and in any event within 30 days) of any
change in (i) any Credit Party’s corporate or organizational name, (ii) any Credit Party’s organizational form or jurisdiction of organization , (iii) the location of any Credit Party’s chief executive office or (iv) any Credit
Party’s organizational identification number.
  

Section 5.14     Consolidated
Cash Balance. From the Amendment No. 3 Effective Date through June 30, 2021, comply with the following covenant:

 
 
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 If, as of the final Business Day of each weekly period starting from the first complete calendar week after the Amendment No. 3 Effective Date (for the avoidance of doubt, with the
first such final Business Day being April 3, 2020), (A) Loans are outstanding and (B) the Consolidated Cash Balance exceeds $300,000,000 as of the end of such applicable Business Day, then the Borrower shall, within two (2) Business Days thereafter,
prepay the Loans in an aggregate principal amount equal to such excess.
  

ARTICLE VI
 
 NEGATIVE COVENANTS

 
 Each of the
Credit Parties hereby covenants and agrees that on the Closing Date, and thereafter (a) for so long as this Agreement is in effect, (b) until the Commitments have terminated, (c) until no Note remains outstanding and unpaid and the Credit Party
Obligations and all other amounts owing to the Administrative Agent or any Lender hereunder are paid in full, that:
  

Section 6.1     Indebtedness.

 
 No Credit
Party will, nor will it permit any Subsidiary to, contract, create, incur, assume or permit to exist any Indebtedness, except:

 

(a)     Indebtedness arising or existing under this
Agreement and the other Credit Documents;
  

(b)     Indebtedness of the Credit Parties and their
Subsidiaries existing as of the Closing Date as referred to in the financial statements referenced in Section 3.1 (and set out more specifically in Schedule 6.1(b) hereto) and any renewals, refinancings or extensions thereof in a principal amount
not in excess of that outstanding as of the date of such renewal, refinancing or extension;
  

(c)     Indebtedness of the Credit Parties and their
Subsidiaries incurred after the Closing Date consisting of Capital Leases or Indebtedness incurred to provide all or a portion of the purchase price or cost of construction of an asset; provided that (i) such Indebtedness when incurred shall
not exceed the purchase price or cost of construction of such asset; (ii) no such Indebtedness shall be renewed, refinanced or extended for a principal amount in excess of the principal balance outstanding thereon at the time of such renewal,
refinancing or extension; and (iii) the total amount of all such Indebtedness at any time outstanding shall not exceed the greater of $125,000,000 and 2.5% of Consolidated Total Assets at such time;

 

(d)     Unsecured intercompany Indebtedness among the
Credit Parties or Subsidiaries of the Credit Parties that become Credit Parties within the time required by Section 5.10;
  

(e)     Indebtedness and obligations owing under
Hedging Agreements entered into in order to manage existing or anticipated interest rate, exchange rate or commodity price risks and not for speculative purposes;

 

(f)     Guaranty Obligations in respect of
Indebtedness of a Credit Party to the extent such Indebtedness is permitted to exist or be incurred pursuant to this Section;

 

(g)     earnout obligations incurred, issued or
assumed by any Credit Party as the deferred purchase price of property or services purchased by such Credit Party which appear as liabilities on a balance sheet of such Credit Party;

 

(h)     other unsecured Indebtedness of Credit
Parties; provided, that (i) the Credit Parties have delivered a certificate (including reasonably detailed supporting calculations related to the matters set forth in such certificate) of a Responsible Officer to the Administrative Agent to the
effect that, after giving effect to such Indebtedness on a Pro Forma Basis, no Default or Event of Default exists and the Credit Parties are in compliance with each of the financial covenants set forth in Section
5.9,5.9 (provided that for purposes of this clause (h) the applicable Consolidated Net Leverage Ratio shall be 4.50 to
1.00 for any fiscal quarter), (ii) the representations and warranties, affirmative covenants, negative covenants, financial

 

  
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covenants, defaults and events of default in the definitive documentation for such Indebtedness are no
more restrictive than the terms and conditions set forth in the Credit Documents and (iii) the terms of any such Indebtedness shall not restrict payments by the Credit Parties of the Credit Party Obligations in any way; and

 

(i)     Indebtedness of a Permitted JV to the extent
the financial results of such Permitted JV are not Consolidated with the financial results of the Borrower and its Subsidiaries.

 
 Section
6.2     Liens.
  

The Credit Parties will not, nor will they permit any Subsidiary (other than a Subsidiary that is a Permitted JV) to, contract,
create, incur, assume or permit to exist any Lien with respect to any of their respective property or assets of any kind (whether real or personal, tangible or intangible), whether now owned or hereafter acquired, except for Permitted Liens.

 
 Section
6.3     Nature of Business.
  

Engage in any material line of business substantially different from those lines of business conducted by the Borrower and its
Subsidiaries as of the Closing Date or any business substantially related or incidental thereto, except as approved by the Required Lenders (such approval not to be unreasonably withheld, conditioned or delayed).

 
 Section
6.4     Consolidation, Merger, Sale or Purchase of Assets, etc.
  

The Credit Parties will not, nor will they permit any Subsidiary to,

 

(a)     dissolve, liquidate or wind up its affairs,
or sell, transfer, lease, consummate a Division as the Dividing Person or otherwise dispose of its property or assets (each a “Disposition”) or agree to do so at a future time, except the following, without duplication, shall be
expressly permitted:
  

(i)     (A) the sale, transfer, lease or other disposition of inventory and
materials in the ordinary course of business and (B) the conversion of cash into Cash Equivalents and Cash Equivalents into cash;

 

(ii)     the sale, transfer or other disposition of property or assets to an
unrelated party not in the ordinary course of business where and to the extent that they are the result of a Recovery Event;

 

(iii)     the sale, lease, transfer or other disposition of (A) machinery,
parts and equipment no longer used or useful in the conduct of the business of the Credit Parties or any of their Subsidiaries and (B) obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;

 

(iv)     the sale, lease or transfer of property or assets from one Credit
Party to another Credit Party or dissolution of any Credit Party to the extent any and all assets are distributed to another Credit Party;

 

(v)     the termination of any Hedging Agreement;

 

(vi)     Dispositions of equipment or real property to the extent that (A)
such property is exchanged for credit against the purchase price of similar replacement property within twelve (12) months of such Disposition or (B) the proceeds of such Disposition are reasonably promptly applied to the purchase price of such
replacement property within 12 months of such Disposition;
  

  
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(vii)     the licensing of Intellectual Property in the ordinary course of
business consistent with past practice;
  

(viii)     Dispositions by the Borrower or any Subsidiary; provided that at
any time after the Collateral Event, (i) with respect to asset sales for more than $300,000,000 per disposition or series of related dispositions, at least 75% of the consideration for any such asset sale shall consist of cash or cash equivalents
(provided that for purposes of the 75% cash consideration requirement (x) the amount of any Indebtedness or other liabilities of the Borrower or any Subsidiary (as shown on such person’s most recent balance sheet or in the notes thereto) that
are assumed by the transferee of any such assets, (y) the amount of any trade-in value applied to the purchase price of any replacement assets acquired in connection with such asset sale, and (z) any securities received by the Borrower or such
Subsidiary from such transferee that are converted by the Borrower or such Subsidiary into cash or cash equivalents (to the extent of the cash or cash equivalents received) within 270 days following the closing of the applicable asset sale, shall
each be deemed to be cash or cash equivalents) and (ii) immediately prior to the consummation of such asset sale, no Event of Default shall have occurred and be continuing and no Event of Default shall result therefrom;

 

(ix)     the sale, lease or transfer of property or assets as part of a Sale
and Leaseback Transaction;
  

(x)     the merger of a Credit Party or a Subsidiary thereof with another
Credit Party or a Subsidiary thereof to the extent permitted by Section 6.4(b)(ii) below;
  

(xi)     Dispositions of Equity Interests in Permitted JVs pursuant to the
terms of the joint venture or equivalent agreements governing such Permitted JVs so long as such joint venture or equivalent agreements are not solely between Persons that are Credit Parties, Subsidiaries or Affiliates of Credit Parties;

 

(xii)     terminations of leases by a Credit Party or a Subsidiary in the
ordinary course of business that do not interfere in any material respect with the business of the Credit Parties or their Subsidiaries;

 

(xiii)     any Subsidiary that is an LLC may consummate a Division as the
Dividing Person if, immediately upon the consummation of the Division, the assets of the applicable Dividing Person are held by one or more Subsidiaries at such time, or, with respect to assets not so held by one or more Subsidiaries, such Division,
in the aggregate, would otherwise result in a Disposition permitted by Section 6.4(a)(viii) or (x) above; and
  

(xiv)     any sale, transfer, assignment, disposition, abandonment or lapse
of Intellectual Property that is no longer commercially practicable, usable or desirable in the conduct of business, in the ordinary course of business;

 

provided that (A) after giving effect to any Disposition pursuant to clauses (viii) and
(xi) above, the Credit Parties shall be in compliance on a Pro Forma Basis with the financial covenants set forth in Section 5.9 hereof (provided that for purposes of this
Section 6.4(a) the applicable Consolidated Net Leverage Ratio shall be 4.50 to 1.00 for any fiscal quarter), recalculated for the most recently ended month for which information is available, and (B) with respect to clauses (v), (vi),
(viii) and (xi) above, no Default or Event of Default shall exist or shall result therefrom; or
  

(b)     (i) purchase, lease or otherwise acquire (in
a single transaction or a series of related transactions) the property or assets of any Person, other than (A) Permitted Investments and (B) except as otherwise limited or prohibited herein, purchases or other acquisitions of inventory, materials,
property and equipment in the ordinary course of business, or (ii) consummate any transaction of merger, Division as the Dividing Person or consolidation, except for (A) Investments or acquisitions (including pursuant to a

 

  
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Division) permitted pursuant to Section 6.5 so long as the Credit Party subject to such merger,
Division or consolidation is the surviving entity, (B) (y) the merger or consolidation of a Subsidiary that is not a Credit Party with and into a Credit Party; provided that such Credit Party will be the surviving entity and (z) the merger or
consolidation of a Credit Party with and into another Credit Party; provided that if the Borrower is a party thereto, the Borrower will be the surviving corporation, (C) the merger or consolidation of a Subsidiary that is not a Credit Party
with and into another Subsidiary that is not a Credit Party and (D) any Credit Party or any Subsidiary may consummate a Division as the Dividing Person if, immediately upon the consummation of the Division, (x) the assets of the applicable Dividing
Person are held by a Credit Party or one or more Subsidiaries at such time or, (y) with respect to assets not held by a Credit Party or one or more Subsidiaries, such Division, in the aggregate, would otherwise be permitted by this Section 6.4
(without reliance on this subclause (D)) and/or Section 6.5.
  

Section 6.5     Investments and Acquisitions.

 
 The Credit
Parties will not, nor will they permit any Subsidiary (other than a Subsidiary that is a Permitted JV) to, make any Investment or contract to make any Investment except for Permitted Investments.

 
 Section
6.6     Transactions with Affiliates.
  

Other than execution, consummation and performance of each Management Agreement and Restrictive Agreement, the Credit Parties will
not, nor will they permit any Subsidiary to, enter into any transaction or series of transactions, whether or not in the ordinary course of business, with any officer, director, shareholder or Affiliate (other than a Subsidiary) other than on terms
and conditions substantially as favorable as would be obtainable in a comparable arm’s-length transaction with a Person other than an officer, director, shareholder or Affiliate, it being understood that payments of insurance premiums by any
Credit Party to PMG shall not violate this Section 6.6. Notwithstanding the foregoing, this Section 6.6 shall not apply to (a) any transaction that involves an amount less than or equal to the greater of (i) $120,000 or (ii) the amount set forth in
Item 404(a) of Regulation S-K of the SEC as in effect from time to time; provided, that such amount shall not exceed $250,000, (b) any transaction pertaining to director or executive officer compensation, benefits and perquisites that are approved
in accordance with the charter of the Compensation Committee of the Borrower’s Board of Directors or by the Borrower’s Board of Directors and (c) any transaction between a Credit Party or a Subsidiary thereof and another Credit Party or
a Subsidiary thereof.
  

Section 6.7     Ownership of Subsidiaries; Restrictions.

 
 The Credit
Parties will not sell, transfer, pledge or otherwise dispose of any Equity Interest or other equity interests in any of their Subsidiaries, nor will they permit any of their Subsidiaries to issue, sell, transfer, pledge or otherwise dispose of any
of their Equity Interest or other equity interests, except in a transaction permitted by Section 6.4 or pursuant to the exercise of rights under a Restrictive Agreement.

 
 Section
6.8     Corporate Changes; Material Contracts.
  

No Credit Party will, nor will it permit any of its Subsidiaries to, (a) change its fiscal year, (b) amend, modify or change its
articles of incorporation, certificate of designation (or corporate charter or other similar organizational document) operating agreement or bylaws (or other similar document) in any respect materially adverse to the interests of the Lenders without
the prior written consent of the Required Lenders; provided that no Credit Party shall (i) except as permitted under Section 6.4, alter its legal existence or, in one transaction or a series of transactions, merge into or consolidate with any
other entity or consummate a Division as the Dividing Person, (ii) sell all or substantially all of its assets, (iii) change its state of incorporation or organization or (iv) change its registered legal name, without providing thirty (30) days
prior written notice to the Administrative Agent, (c) have any oral operating agreement (or other similar agreement) or enter into a written operating agreement which regulates the affairs of such Credit Party, the conduct of its business,
establishes duties, and/or governs the relations among any members, managers and such Credit Party in either case that is materially adverse to the interests of the Lenders, it being further agreed that if any such oral or written agreement is
entered into, the Borrower shall provide a materially complete description of such oral agreement or a copy of such written agreement to the Administrative Agent within five (5) Business Days thereafter, (d) amend, modify, cancel or terminate or
refuse to renew or extend
  
 
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 or
permit the amendment, modification, cancellation or termination of any of its Material Contracts to the extent such amendment, modification, cancellation or termination could reasonably be expected to have a Material Adverse Effect, (e) have more
than one state of incorporation, organization or formation or (f) change its accounting method (except in accordance with GAAP or as required by a change in Tax law) in any manner adverse to the interests of the Lenders without the prior written
consent of the Required Lenders.
  

Section 6.9     Limitation on Restricted Actions.

 
 The Credit
Parties will not, nor will they permit any Subsidiary (other than a Subsidiary that is a Permitted JV) to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any encumbrance or restriction on the ability of any
such Person to (a) pay dividends or make any other distributions to any Credit Party on its Equity Interest or with respect to any other interest or participation in, or measured by, its profits, (b) pay any Indebtedness or other obligation owed to
any Credit Party, (c) make loans or advances to any Credit Party, (d) sell, lease or transfer any of its properties or assets to any Credit Party, or (e) act as a Guarantor pursuant to the Credit Documents or any renewals, refinancings, exchanges,
refundings or extension thereof or amend or otherwise modify the Credit Documents, except (in respect of any of the matters referred to in clauses (a)-(d) above) for such encumbrances or restrictions existing under or by reason of (i) this Agreement
and the other Credit Documents, (ii) applicable law, (iii) any document or instrument governing Indebtedness incurred pursuant to Section 6.1(c); provided that any such restriction contained therein relates only to the asset or assets
constructed or acquired in connection therewith, (iv) any Permitted Lien or any document or instrument governing any Permitted Lien; provided that any such restriction contained therein relates only to the asset or assets subject to such
Permitted Lien, (v) customary provisions in leases restricting the assignment thereof, or (vi) any Management Agreement.
  

Section 6.10     Restricted Payments.

 
 The Credit
Parties will not, nor will they permit any Subsidiary to, directly or indirectly, declare, order, make or set apart any sum for or pay any Restricted Payment, except:

 

(a)     to make dividends payable solely in the same
class of Equity Interest of such Person;
  

(b)     to make Restricted Payments to any Credit
Party;
  

(c)     to purchase, redeem or otherwise acquire
Equity Interests issued by it with the proceeds received from the substantially concurrent issue of new shares of its common stock or other common Equity Interests;

 

(d)     so long as after giving effect to such
payments the Credit Parties shall be in compliance with each of the financial covenants set forth in Section 5.9 hereof (provided that for purposes of this clause (d) the
applicable Consolidated Net Leverage Ratio shall be 4.50 to 1.00 for any fiscal quarter), to make regularly scheduled payments of (i) interest to the holders of Subordinated Debt and (ii) principal to the holders of Subordinated Debt
incurred in connection with any Permitted Acquisition, in each case in accordance with the terms thereof;
  

(e)     any payment with respect to any earnout
obligation incurred as the deferred purchase price of property or services purchased by such Person;
  

(f)     to make other Restricted Payments in an
aggregate amount not to exceed the greater of (x) $100,000,000 in any fiscal year and (y) an unlimited amount so long as, with respect to clause (y) after giving effect to each such Restricted Payment on a Pro Forma Basis (i) no Default or Event of
Default shall then exist or would result therefrom and (ii) the Consolidated Net Leverage Ratio of the Credit Parties would be in compliance with Section 5.9(a) (provided
that for purposes of this clause (f) the applicable Consolidated Net Leverage Ratio shall be 4.50 to 1.00 for any fiscal quarter);

 
 
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(g)     any redemption, retirement, sinking fund or
similar payment, purchase or other acquisition for value, direct or indirect, of any shares (or equivalent) of any class of Equity Interest of any Permitted JV, now or hereafter outstanding; and

 

(h)     any payment made to retire, or to obtain the
surrender of, any outstanding warrants, options or other rights to acquire shares of any class of Equity Interest of any Permitted JV, now or hereafter
outstanding.;

 

provided, that the Credit Parties will not, nor will they permit any
Subsidiary to, directly or indirectly, declare, order, make or set apart any sum for or pay any Restricted Payment from the Amendment No. 3 Effective Date through December 31, 2020, except (i) Restricted Payments permitted pursuant to clause (b)
above and (ii) Restricted Payments consisting of the withholding of Equity Interests to satisfy Tax liabilities upon the vesting of awards issued under the Borrower’s 2008 Amended and Restated Incentive Compensation Plan subject to the
limitations set forth in clause (f) above.
  

Section 6.11     Amendment of Subordinated Debt.

 
 The Credit
Parties will not, nor will they permit any Subsidiary (other than Indebtedness incurred pursuant to Section 6.1(i) by a Subsidiary that is a Permitted JV) to, without the prior written consent of the Required Lenders, amend, modify, waive or extend
or permit the amendment, modification, waiver or extension of any term of any document governing or relating to any Subordinated Debt in a manner that is materially adverse to the interests of the Lenders.

 
 Section
6.12     No Further Negative Pledges.
  

The Credit Parties will not, nor will they permit any Subsidiary (other than a Subsidiary that is a Permitted JV) to, enter into,
assume or become subject to any agreement prohibiting or otherwise restricting the creation or assumption of any Lien upon any of their properties or assets, whether now owned or hereafter acquired, or requiring the grant of any security for such
obligation if security is given for some other obligation, except (a) pursuant to this Agreement and the other Credit Documents, (b) pursuant to any document or instrument governing Indebtedness incurred pursuant to Section 6.1(c); provided
that any such restriction contained therein relates only to the asset or assets constructed or acquired in connection therewith, (c) pursuant to any document or instrument governing Indebtedness incurred pursuant to Sections 6.1(f) or 6.1(h), (d) in
connection with any Permitted Lien or any document or instrument governing any Permitted Lien; provided that any such restriction contained therein relates only to the asset or assets subject to such Permitted Lien, (e) customary provisions
in leases restricting the assignment thereof and (f) pursuant to any Management Agreement to the extent that any such Management Agreement is subject to the provisions of Section 9.23.

 
 Section
6.13     Restrictions Regarding PMG.
  

(a) The Borrower will not, at any time, own less than 100% of the Equity Interests of PMG and (b) PMG shall not engage in any
business, or have any operations or liabilities, other than providing insurance services in the nature of a “captive” insurance company.

 
 Section
6.14     Use of Proceeds and Letters of Credit.
  

(a)     The Borrower will not request any Loans or Letter of Credit, and the Borrower shall not use, and
shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loans or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the
payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in
any Sanctioned Country, or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

 
 
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 ARTICLE
VII
  
 EVENTS OF
DEFAULT
  

Section 7.1     Events of Default.

 
 An Event of
Default shall exist upon the occurrence of any of the following specified events (each an “Event of Default”):

 

(a)     Payment. (i) The Borrower shall fail
to pay any principal on any Loan or Note when due (whether at maturity, by reason of acceleration or otherwise) in accordance with the terms hereof or thereof; (ii) the Borrower shall fail to reimburse the Issuing Lenders for any LOC Obligations
when due (whether at maturity, by reason of acceleration or otherwise) in accordance with the terms hereof; (iii) the Borrower shall fail to pay any interest on any Loan or any fee or other amount payable hereunder when due (whether at maturity, by
reason of acceleration or otherwise) in accordance with the terms hereof and such failure shall continue unremedied for three (3) Business Days; or (iv) or any Guarantor shall fail to pay on the Guaranty in respect of any of the foregoing or in
respect of any other Guaranty Obligations hereunder (after giving effect to the grace period in clause (iii)); or
  

(b)     Misrepresentation. Any representation
or warranty made or deemed made herein or in any of the other Credit Documents or which is contained in any certificate, document or financial or other statement furnished at any time under or in connection with this Agreement shall (i) with respect
to representations and warranties that contain a materiality qualification, prove to have been incorrect, false or misleading and (ii) with respect to representations and warranties that do not contain a materiality qualification, prove to have been
incorrect, false or misleading in any material respect, in each case on or as of the date made or deemed made; or
  

(c)     Covenant Default. (i) Any Credit Party
shall fail to perform, comply with or observe any term, covenant or agreement applicable to it contained in Sections 5.1 (financial statements), 5.2(a) (accountants’ certificate), 5.2(b) (officer’s certificate), 5.7(a) (notices), 5.9
(financial covenants), or Article VI hereof; (ii) any Credit Party shall fail to comply with Section 5.5(b) (insurance) and, with respect to this clause (ii) only, such breach or failure to comply is not cured within thirty (30) days after
its occurrence or (iii) any Credit Party shall fail to comply with any other covenant contained in this Agreement or the other Credit Documents or any other agreement, document or instrument among any Credit Party, the Administrative Agent and the
Lenders or executed by any Credit Party in favor of the Administrative Agent or the Lenders (other than as described in Sections 7.1(a), 7.1(c)(i) or 7.1(c)(ii) above) and, with respect to this clause (iii) only, such breach or failure to comply is
not cured within the earlier of (A) thirty (30) days after the Borrower became aware of its occurrence or (B) forty-five (45) days after its occurrence; or

 

(d)     Material Indebtedness Cross-Default.
(i) Any Credit Party or any of its Subsidiaries shall default in any payment of principal of or interest on any Indebtedness (other than the Loans, Reimbursement Obligations, the Guaranty and any other amounts payable under the Credit Documents) in
a principal amount outstanding of at least $60,000,000 for the Credit Parties and any of their Subsidiaries in the aggregate beyond any applicable grace period, if any, provided in the instrument or agreement under which such Indebtedness was
created; or (ii) any Credit Party or any of its Subsidiaries shall default in the observance or performance of any other agreement or condition relating to any Indebtedness (other than the Loans, Reimbursement Obligations, the Guaranty and any other
amounts payable under the Credit Documents) in a principal amount outstanding of at least $60,000,000 in the aggregate for the Credit Parties and their Subsidiaries or contained in any instrument or agreement evidencing, securing or relating
thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Indebtedness (or a
trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, all of such Indebtedness to become immediately due and payable prior to its stated maturity or to be repurchased,
prepaid, deferred or redeemed (automatically or otherwise); or (iii) there occurs under any Hedging Agreement that is a Bank Product an Early Termination Date (as defined in such Hedging Agreement) resulting from (A) any event

 

  
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of default under such Hedging Agreement as to which the Borrower or any Subsidiary is the Defaulting
Party (as defined in such Hedging Agreement) or (B) any Termination Event (as defined in such Hedging Agreement) under such Hedging Agreement as to which the Borrower or any Subsidiary is an Affected Party (as defined in such Hedging Agreement) and,
in either event, the Swap Termination Value owed by such Person as a result thereof is greater than $7,500,000; or
  

(e)     Other Cross-Defaults. To the extent
any such default could reasonably be expected to have a Material Adverse Effect, the Credit Parties or any of their Subsidiaries shall default in (i) the payment when due under any Material Contract or (ii) the performance or observance, of any
obligation or condition of any Material Contract and, in the case of this clause (ii) only, such failure to perform or observe such other obligation or condition continues unremedied for a period of thirty (30) days after notice of the occurrence of
such default (or such longer grace or cure period as provided in the Material Contract) unless, but only as long as, the existence of any such default is being contested by the Credit Parties in good faith by appropriate proceedings and adequate
reserves in respect thereof have been established on the books of the Credit Parties to the extent required by GAAP; or
  

(f)     Bankruptcy Default. (i) A Credit Party
or any of its Subsidiaries shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an
order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts,
or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or a Credit Party or any of its Subsidiaries shall make a general assignment for the benefit
of its creditors; or (ii) there shall be commenced against a Credit Party or any of its Subsidiaries any case, proceeding or other action of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such
adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of sixty (60) days; or (iii) there shall be commenced against a Credit Party or any of its Subsidiaries any case, proceeding or other action seeking
issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of their assets which results in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or
bonded pending appeal within sixty (60) days from the entry thereof; or (iv) a Credit Party or any of its Subsidiaries shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth
in clause (i), (ii), or (iii) above; or (v) a Credit Party or any of its Subsidiaries shall generally not, or shall be unable to, or shall admit in writing their inability to, pay its debts as they become due; or

 

(g)     Judgment Default. One or more
judgments or decrees shall be entered against a Credit Party or any of its Subsidiaries involving in the aggregate a liability (to the extent not covered by insurance) of $75,000,000 or more and all such judgments or decrees shall not have been paid
and satisfied, vacated, discharged, stayed or bonded pending appeal within twenty (20) Business Days from the entry thereof or any injunction, temporary restraining order or similar decree shall be issued against a Credit Party or any of its
Subsidiaries that, individually or in the aggregate, could result in a Material Adverse Effect; or
  

(h)     ERISA Default. The occurrence of any
of the following: (i) Any Person shall engage in any “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any “accumulated funding deficiency” (as defined in
Section 302 of ERISA), whether or not waived, shall exist with respect to any Plan or any Lien in favor of the PBGC or a Plan (other than a Permitted Lien) shall arise on the assets of the Credit Parties or any Commonly Controlled Entity, (iii) a
Reportable Event shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings
or appointment of a trustee is, in the reasonable opinion of the Required Lenders, likely to result in the termination of such Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA,
(v) a Credit Party, any of its Subsidiaries or any Commonly Controlled Entity shall, or in the reasonable opinion of the Required Lenders is likely to, incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of,
any Multiemployer Plan or (vi) any other similar event or condition shall occur or exist with respect to a Plan, which in any of the foregoing cases in clauses (i) through (vi), results in a liability to any Credit Party in excess of $30,000,000;
or
  
 
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(i)     Change of Control. There shall occur a
Change of Control; or
  

(j)     Invalidity of Guaranty. At any time
after the execution and delivery thereof, the Guaranty, for any reason other than the satisfaction in full of all Credit Party Obligations, shall cease to be in full force and effect (other than in accordance with its terms) or shall be declared to
be null and void, or any Credit Party shall contest the validity, enforceability, perfection or priority of the Guaranty, any Credit Document, or any Lien granted thereunder in writing or deny in writing that it has any further liability, including
with respect to future advances by the Lenders, under any Credit Document to which it is a party; or
  

(k)     Invalidity of Credit Documents. Any
Credit Document shall fail to be in full force and effect or to give the Administrative Agent and/or the Lenders the security interests, liens, rights, powers, priority and privileges purported to be created thereby (except as such documents may be
terminated or no longer in force and effect in accordance with the terms thereof, other than those indemnities and provisions which by their terms shall survive); or

 

(l)     
Licenses/Permits/Certifications/Qualifications. (i) A state or federal regulatory agency or other Governmental Authority shall have revoked, cancelled, failed to renew or adversely modified any license, permit, certificate, authorization or
Government Reimbursement Program qualification pertaining to the business of any Credit Party, regardless of whether such license, permit, certificate, authorization or qualification was held by or originally issued for the benefit of such Credit
Party, a tenant or any other Person except where such revocation could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or (ii) any of the Credit Parties or their Subsidiaries or their officers,
employees or agents engage in activities which are prohibited by any of the federal Medicare and Medicaid Anti-Kickback States, 42 U.S.C. §§1320a-7b, the Ethics In Patient Referrals Act (the “Stark Law”), 42 U.S.C.
§§1395nn, as amended, the regulations promulgated thereunder, or related state or local statutes or regulations or which are prohibited by rules of professional conduct, except where failure to do so could not reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect; or
  

(m)     Subordinated Debt. The subordination
provisions contained in any Subordinated Debt shall cease to be in full force and effect or shall cease to give the Lenders the rights, powers and privileges purported to be created thereby; or

 

(n)     Classification as Senior Debt. The
Credit Party Obligations shall cease to be classified as “Senior Indebtedness,” “Designated Senior Indebtedness” or any similar designation under any Subordinated Debt instrument; or

 

(o)     Liens. At any time following the
Collateral Event, (i) any Lien on any material portion of the Collateral granted in connection therewith or required to be granted pursuant to Section 5.13 to the Administrative Agent ceases to be a valid and perfected Lien (or the priority of such
Lien ceases to be in full force and effect), except to the extent that any such loss of validity, perfection or priority results from the failure of the Agent to maintain possession of Collateral requiring perfection through control or to file or
record any document, or (ii) any material provision of any Security Document ceases to be in full force and effect or any Credit Party denies in writing the enforceability thereof.

 
 Once a
Default occurs under the Credit Documents, then such Default will continue to exist until it either is cured (to the extent specifically permitted) in accordance with the Credit Documents or is otherwise expressly waived by Administrative Agent
(with the approval of requisite Lenders (in their sole and absolute discretion) as determined in accordance with Section 9.1); and once an Event of Default occurs under the Credit Documents, then such Event of Default will continue to exist until it
is cured to the satisfaction of, or expressly waived by, Administrative Agent with the approval of the requisite Lenders, as required hereunder (in their sole and absolute discretion) in Section 9.1.

 
 
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Section 7.2     Acceleration; Remedies.

 
 Upon the
occurrence and during the continuance of an Event of Default, then, and in any such event, (a) if such event is a Bankruptcy Event, automatically the Commitments shall immediately terminate and the Loans (with accrued interest thereon), and all
other amounts under the Credit Documents (including, without limitation, the maximum amount of all contingent liabilities under Letters of Credit) shall immediately become due and payable, and (b) if such event is any other Event of Default, any or
all of the following actions may be taken: (i) with the written consent of the Required Lenders, the Administrative Agent may, or upon the written request of the Required Lenders, the Administrative Agent shall, declare the Commitments to be
terminated forthwith, whereupon the Commitments shall immediately terminate; (ii) the Administrative Agent may, or upon the written request of the Required Lenders, the Administrative Agent shall, declare the Loans (with accrued interest thereon)
and all other amounts owing under this Agreement and the Notes to be due and payable forthwith and direct the Borrower to pay to the Administrative Agent Cash Collateral as security for the LOC Obligations for subsequent drawings under then
outstanding Letters of Credit an amount equal to the maximum amount of which may be drawn under Letters of Credit then outstanding, whereupon the same shall immediately become due and payable; and/or (iii) with the written consent of the Required
Lenders, the Administrative Agent may, or upon the written request of the Required Lenders, the Administrative Agent shall, exercise such other rights and remedies as provided under the Credit Documents and under applicable law.

 
 ARTICLE VIII
 

THE ADMINISTRATIVE AGENT
  

Section 8.1     Appointment and Authority.

 
 Each of the
Lenders and each of the Issuing Lenders hereby irrevocably appoints JPMCB to act on its behalf as the Administrative Agent hereunder and under the other Credit Documents and authorizes the Administrative Agent to take such actions on its behalf and
to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the
Administrative Agent, the Lenders and the Issuing Lenders, and neither the Borrower nor any other Credit Party shall have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term
“agent” herein or in any other Credit Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of
any applicable law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

 
 Section
8.2     Nature of Duties.
  

Anything herein to the contrary notwithstanding, none of the bookrunners, arrangers, syndication agent or other agents listed on the
cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Credit Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or an Issuing Lender hereunder. Without
limiting the foregoing, none of the Lenders or other Persons so identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other
Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder.
  

The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Credit
Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related
Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of
the credit facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any subagents except to the extent that a court of competent jurisdiction
determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

 
 
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Section 8.3     Exculpatory Provisions.

 
 The
Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Credit Documents, and its obligations hereunder shall be administrative in nature. Without limiting the generality of the
foregoing, the Administrative Agent:
  

(a)     shall not be subject to any fiduciary or
other implied duties, regardless of whether a Default has occurred and is continuing;
  

(b)     shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Credit Documents that the Administrative Agent is required to exercise as directed in writing by the
Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Credit Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or
the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Credit Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any
Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and

 

(c)     shall not, except as expressly set forth
herein and in the other Credit Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Credit Party or any of its Affiliates that is communicated to or obtained by the Person serving
as the Administrative Agent or any of its Affiliates in any capacity.
  

The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the
Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 9.1 and 7.2) or (ii) in the
absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice
describing such Default is given to the Administrative Agent in writing by the Borrower, a Lender or an Issuing Lender.
  

The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with this Agreement or any other Credit Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance
or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Credit Document
or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 
 Section
8.4     Reliance by Administrative Agent.
  

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request,
certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise
authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In
determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an Issuing Lender, the
Administrative Agent may presume that such condition is satisfactory to such Lender or such Issuing Lender unless the Administrative Agent shall have received notice to the

 
 
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contrary from such Lender or such Issuing Lender prior to the making of such Loan or the issuance of such Letter of Credit. The
Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any
such counsel, accountants or experts.
  

Section 8.5     Notice of Default.

 
 The
Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative Agent has received written notice from a Lender or the Borrower referring to this
Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default.” In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give prompt notice thereof to
the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders; provided, however, that unless and until the Administrative Agent
shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests
of the Lenders except to the extent that this Agreement expressly requires that such action be taken, or not taken, only with the consent or upon the authorization of the Required Lenders, or all of the Lenders, as the case may be.

 
 Section
8.6     Non-Reliance on Administrative Agent and Other Lenders.
  

Each Lender and each Issuing Lender expressly acknowledges that neither the Administrative Agent nor any of its officers, directors,
employees, agents, attorneys-in-fact or affiliates has made any representation or warranty to it and that no act by the Administrative Agent hereinafter taken, including any review of the affairs of any Credit Party, shall be deemed to constitute
any representation or warranty by the Administrative Agent to any Lender. Each Lender and each Issuing Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related
Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and each Issuing Lender also acknowledges that it will, independently and without
reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action
under or based upon this Agreement, any other Credit Document or any related agreement or any document furnished hereunder or thereunder.

 
 Section
8.7     Indemnification.
  

The Lenders agree to indemnify the Administrative Agent, the Issuing Lenders and their Affiliates and their respective officers,
directors, agents and employees (to the extent not reimbursed by the Credit Parties and without limiting the obligation of the Credit Parties to do so), ratably according to their respective Commitment Percentages in effect on the date on which
indemnification is sought under this Section, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including,
without limitation, at any time following the payment of the Credit Party Obligations) be imposed on, incurred by or asserted against any such indemnitee in any way relating to or arising out of any Credit Document or any documents contemplated by
or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by any such indemnitee under or in connection with any of the foregoing; provided, however, that no Lender shall be
liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements to the extent resulting from such indemnitee’s gross negligence or willful
misconduct, as determined by a court of competent jurisdiction. The agreements in this Section shall survive the termination of this Agreement and payment of the Notes, any Reimbursement Obligation and all other amounts payable hereunder.

 
 Section
8.8     Administrative Agent in Its Individual Capacity.
  

The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any
other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise

 
 
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requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates
may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Credit Parties or any Subsidiary or other Affiliate thereof as if
such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.
  

Section 8.9     Successor Administrative Agent.

 

(a)     The Administrative Agent may at any time give notice of its resignation to the Lenders, the Issuing
Lenders and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right to appoint a successor, which shall be a bank with an office in the United States (other than a Defaulting Lender), or an Affiliate
of any such bank with an office in the United States, and which appointment shall, provided no Event of Default exists under Section 7.1(a) or (f), be subject to the Borrower’s approval, which approval shall not be unreasonably withheld or
delayed. If no such successor shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within thirty (30) days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as
shall be agreed by the Borrower and the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders and the Issuing Lenders, appoint a
successor Administrative Agent meeting the qualifications set forth above, which appointment shall, provided no Event of Default exists under Section 7.1(a) or (f), be subject to the Borrower’s approval, which approval shall not be
unreasonably withheld or delayed. Whether or not a successor has been appointed, such resignation shall nonetheless become effective in accordance with such notice on the Resignation Effective Date.

 

(b)     If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the
definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person, remove such Person as Administrative Agent and appoint a successor, which appointment shall, provided no
Event of Default exists under Section 7.1(a) or (f), be subject to the Borrower’s approval, which approval shall not be unreasonably withheld or delayed. If no such successor shall have been so appointed by the Required Lenders and shall have
accepted such appointment within 30 days (or such earlier day as shall be agreed by the Borrower and the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with
such notice on the Removal Effective Date.
  

(c)     With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the
retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Credit Documents (except that in the case of any Collateral held by the Administrative Agent on behalf of the Lenders or the
Issuing Lenders under any of the Credit Documents, the retiring Administrative Agent shall continue to hold such Collateral until such time as a successor Administrative Agent is appointed) and (ii) all payments, communications and determinations
provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and each Issuing Lender directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for
above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative Agent,
and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in this paragraph). The fees payable by
the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation or removal hereunder
and under the other Credit Documents, the provisions of this Article and Section 9.5 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any
actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.

 

(d)     Any resignation by JPMCB, as Administrative Agent pursuant to this Section shall also constitute its
resignation as an Issuing Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of JPMCB in its
capacity as a retiring Issuing Lender, (ii) such retiring Issuing Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Credit Documents, and (iii) the successor

 
 
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Issuing Lender shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such
succession or make other arrangements satisfactory to the retiring Issuing Lender to effectively assume the obligations of such retiring Issuing Lender with respect to such Letters of Credit. Such resignation shall not affect the validity or
effectiveness of any Letter of Credit issued prior to such resignation by JPMCB as Administrative Agent.
  

Section 8.10     Guaranty Matters.

 

(a)     The Lenders and each Bank Product Provider irrevocably authorize and direct the Administrative Agent
to release any Guarantor from its obligations under the applicable Guaranty if such Person ceases to be a Guarantor as a result of a transaction permitted hereunder.

 

(b)     In connection with a termination or release pursuant to this Section, the Administrative Agent shall
promptly execute and deliver to the applicable Credit Party, at the Borrower’s expense, all documents that the applicable Credit Party shall reasonably request to evidence such termination or release. Upon request by the Administrative Agent
at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release any Guarantor from its obligations under the Guaranty pursuant to this Section.

 
 Section
8.11     Bank Products.
  

Except as otherwise provided herein, no Bank Product Provider that obtains the benefits of Sections 2.8 and 7.2 or any Guaranty by
virtue of the provisions hereof or of any Guaranty shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Credit Document other than in its capacity as a Lender and, in such case,
only to the extent expressly provided in the Credit Documents. The Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Credit Party Obligations arising under
Bank Products unless the Administrative Agent has received written notice of such Credit Party Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Bank Product Provider.

 
 Section
8.12     Withholding Tax.
  

To the extent required by any Requirements of Law (as determined in good faith by the Administrative Agent), the Administrative Agent
may withhold from any payment to any Lender under any Credit Document an amount equivalent to any applicable withholding Tax. Without limiting or expanding the provisions of Section 2.16, each Lender shall indemnify and hold harmless the
Administrative Agent against, and shall make payable in respect thereof within 10 days after demand therefor, any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of any
counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the IRS or any other Governmental Authority as a result of the failure of the Administrative Agent to properly withhold Tax from amounts paid to
or for the account of such Lender for any reason (including because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the
exemption from, or reduction of withholding Tax ineffective). A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes
the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Credit Document against any amount due the Administrative Agent under this Section 8.12. The agreements in this
Section 8.12 shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other
Obligations. For the avoidance of doubt, the term “Lender” shall, for purposes of this Section 8.12, include any Issuing Lender.

 
 
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 ARTICLE IX

 MISCELLANEOUS
  

Section 9.1     Amendments and Waivers.

 

(a)     Subject to Section 2.13(b), Section 2.22(d) and Section 9.1(b) below, neither this Agreement nor any
of the other Credit Documents, nor any terms hereof or thereof may be amended, modified, extended, restated, replaced, or supplemented (by amendment, waiver, consent or otherwise) except in accordance with the provisions of this Section. The
Required Lenders may or, with the written consent of the Required Lenders, the Administrative Agent may, from time to time, (a) enter into with the Borrower written amendments, supplements or modifications hereto and to the other Credit Documents
for the purpose of adding any provisions to this Agreement or the other Credit Documents or changing in any manner the rights of the Lenders or of the Borrower hereunder or thereunder or (b) waive or consent to the departure from, on such terms and
conditions as the Required Lenders may specify in such instrument, any of the requirements of this Agreement or the other Credit Documents or any Default or Event of Default and its consequences; provided, however, that no such
amendment, supplement, modification, release, waiver or consent shall:
  

(i)     reduce the amount or extend the scheduled
date of maturity of any Loan or Note or any installment thereon, or reduce the amount or stated rate of any interest or fee payable hereunder (except in connection with a waiver of interest at the increased post-default rate set forth in Section 2.8
which shall be determined by a vote of the Required Lenders) or extend the scheduled date of any payment thereof or increase the amount or extend the expiration date of any Lender’s Commitment, in each case without the written consent of each
Lender directly affected thereby; or
  

(ii)     amend, modify or waive any provision of
this Section or reduce the percentage specified in the definition of Required Lenders or Required Facility Lenders, without the written consent of all the Lenders; or

 

(iii)     release the Borrower or all or
substantially all of the Guarantors from obligations under the Guaranty, without the written consent of all of the Lenders and Bank Product Providers; or

 

(iv)     subordinate the Loans to any other
Indebtedness without the written consent of all of the Lenders; or
  

(v)     permit a Letter of Credit to have an
original expiry date more than twelve (12) months from the date of issuance without the consent of each of the Revolving Lenders; provided, that the expiry date of any Letter of Credit may be extended in accordance with the terms of Section
2.3(a); or
  

(vi)     permit the Borrower to assign or transfer
any of its rights or obligations under this Agreement or other Credit Documents without the written consent of all of the Lenders; or

 

(vii)     amend, modify or waive any provision of
the Credit Documents requiring consent, approval or request of the Required Lenders or Required Facility Lenders or all Lenders without the written consent of the Required Lenders or Required Facility Lenders or all the Lenders as appropriate;
or
  

(viii)     amend, modify or waive the order in
which Credit Party Obligations are paid or in a manner that would alter the pro rata sharing of payments by and among the Lenders in Section 2.11(b) or 9.7(b) without the written consent of each Lender and each Bank Product Provider directly
affected thereby; or
  

(ix)     amend, modify or waive any provision of
Article VIII without the written consent of the then Administrative Agent; or
  

  
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(x)     amend or modify the definition of Credit
Party Obligations to delete or exclude any obligation or liability described therein without the written consent of each Lender and each Bank Product Provider directly affected thereby; or

 

(xi)     amend the definitions of “Hedging
Agreement,” “Bank Product,” or “Bank Product Provider” without the consent of any Bank Product Provider that would be adversely affected thereby; or

 

(xii)     at any time following the Collateral
Event, release all or substantially all of the Collateral without the written consent of each Lender; or
  

(xiii)     allow the Credit Parties to Dispose of
all or substantially all of their assets, without the written consent of all of the Lenders and Bank Product Providers.
  

provided, further, that no amendment, waiver or consent affecting the rights or duties of the Administrative Agent or
any Issuing Lender under any Credit Document shall in any event be effective, unless in writing and signed by the Administrative Agent and such Issuing Lender, in addition to the Lenders required hereinabove to take such action.

 

Notwithstanding the foregoing, any amendment that would require the approval of the Required Lenders as set forth above but only
affects the Revolving Lenders (including, for the avoidance of doubt, paragraphs (a) through (d) and (f) of Section 4.2, insofar as they apply to the borrowing of Revolving Loans) or the Incremental Lenders of any series shall instead require the
approval of the applicable Required Facility Lenders (in addition to any other approvals that would otherwise be required).
  

Any such waiver, any such amendment, supplement or modification and any such release shall apply equally to each of the Lenders and
shall be binding upon the Borrower, the other Credit Parties, the Lenders, the Administrative Agent and all future holders of the Notes. In the case of any waiver, the Borrower, the other Credit Parties, the Lenders and the Administrative Agent
shall be restored to their former position and rights hereunder and under the outstanding Loans and Notes and other Credit Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall
extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon.
  

Notwithstanding any of the foregoing to the contrary, the consent of the Borrower and the other Credit Parties shall not be required
for any amendment, modification or waiver of the provisions of Article VIII (other than the provisions of Section 8.9).

 

Notwithstanding any of the foregoing to the contrary, the Credit Parties and the Administrative Agent, without the consent of any
Lender, may enter into any amendment, modification or waiver of any Credit Document, or enter into any new agreement or instrument, to correct any obvious error or omission of a technical nature, in each case that is immaterial (as determined by the
Administrative Agent), in any provision of any Credit Document, if the same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt of notice thereof.

 

Notwithstanding (x) the fact that the consent of all the Lenders or of each Lender directly affected thereby is required in certain
circumstances as set forth above or (y) anything to the contrary contained in this Agreement, (a) each Lender is entitled to vote as such Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that
the provisions of Section 1126(c) of the Bankruptcy Code supersedes the unanimous consent provisions set forth herein, (b) the Required Lenders may consent to allow a Credit Party to use cash collateral in the context of a bankruptcy or insolvency
proceeding and (c) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except (i) that the Commitment of such Lender may not be increased or extended without the consent of such Lender and
(ii) to the extent such amendment, waiver or consent impacts such Defaulting Lender more than the other Lenders.
  

  
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 For
the avoidance of doubt and notwithstanding any provision to the contrary contained in this Section 9.1, this Agreement may be amended (or amended and restated) with the written consent of the Credit Parties and the Administrative Agent in accordance
with Section 2.22.
  

(b)     If the Administrative Agent and the Borrower acting together identify any ambiguity, omission,
mistake, typographical error or other defect in any provision of this Agreement or any other Credit Document, then the Administrative Agent and the Borrower shall be permitted to amend, modify or supplement such provision to cure such ambiguity,
omission, mistake, typographical error or other defect, and such amendment shall become effective without any further action or consent of any other party to this Agreement.

 
 Section
9.2     Notices.
  

(a)     Notices Generally. Except in the case of notices and other communications expressly permitted
to be given by telephone (and except as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered
mail or sent by telecopier as follows:
  

(i)     If to the Borrower or any other Credit
Party:
  

1301 Concord Terrace
 Sunrise, Florida 33323

Attention:     Chief Financial Officer and General Counsel
 Telephone:   (954) 384-0175
 Fax:              (954) 384-7657

 

(ii)     If to the Administrative Agent:

 

JPMorgan Chase Bank, N.A., as Administrative Agent
 10 South Dearborn, Level 2

Chicago, Illinois 60603-2300

Attention:     Jonathan Dowdy
 Telephone:   (312)
732-1891
 Fax:              (888) 292-9533
 Email:          jpm.agency.servicing.1@jpmchase.com

 with a copy to:

 

Cahill Gordon & Reindel LLP

80 Pine Street

New York, New York 10005

Attention:     Jennifer B. Ezring

Telephone:    (212) 701-3822

Fax:              (212) 378-2415

Email:          jezring@cahill.com

 

(iii)     if to a Lender, to it at its address (or
telecopier number) set forth in its Administrative Questionnaire.
  

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when
received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for
the recipient). Notices delivered through electronic communications to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

 
 
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(b)     Electronic Communications. Notices and other communications to the Lenders and the Issuing
Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to
notices to any Lender or any Issuing Lender pursuant to Article II if such Lender or such Issuing Lender, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic
communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of
such procedures may be limited to particular notices or communications.
  

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed
received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such
notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or
communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is
available and identifying the website address therefor.
  

(c)     Change of Address, Etc. Any party hereto may change its address or telecopier number for
notices and other communications hereunder by notice to the other parties hereto.
  

(d)     Platform.

 

(i)     Each Credit Party agrees that the
Administrative Agent may make the Communications available to the Lenders by posting the Communications on Intralinks or a substantially similar electronic transmission system (the “Platform”).

 

(ii)     The Platform is provided “as is”
and “as available.” The Agent Parties (as defined below) do not warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications effected thereby. No warranty of any kind, express,
implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection
with the Communications or the Platform. In no event shall the Administrative Agent or any of its affiliates or any of their respective officers, directors, employees, agents, advisors or representatives (collectively, “Agent
Parties”) have any liability to the Credit Parties, any Lender or any other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses
(whether in tort, contract or otherwise) arising out of any Credit Party’s or the Administrative Agent’s transmission of Communications through the Platform, unless determined by a court of competent jurisdiction by final and
nonappealable judgment to have resulted from the gross negligence, bad faith or willful misconduct of an Agent Party or from any material breach by an Agent Party of the obligations owing by it to the Credit Parties under this Agreement or the other
Credit Documents.
  

Section 9.3     No Waiver; Cumulative Remedies.

 
 No failure
to exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies,
powers and privileges provided by law.
  

Section 9.4     Survival of Representations and Warranties.

 
 All
representations and warranties made hereunder and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the Notes and the making of the Loans;
provided that all such representations and warranties shall terminate on the date upon which the Commitments have been terminated and all amounts owing hereunder and under any Notes have been paid in full.

 
 
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Section 9.5     Payment of Expenses; Indemnity.

 

(a)     Costs and Expenses. The Credit Parties shall pay (i) all reasonable and documented
out-of-pocket expenses incurred by the Administrative Agent and the Arrangers (including the reasonable and documented fees, charges and disbursements of one external counsel for the Administrative Agent and the Arrangers, taken as a whole, and one
external local counsel for the Administrative Agent and the Arrangers, taken as a whole, in each jurisdiction if required), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution,
delivery and administration of this Agreement and the other Credit Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii)
all reasonable and documented out-of-pocket expenses incurred by any Issuing Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable and documented
out-of-pocket fees and expenses incurred by the Administrative Agent, any Lender, any Issuing Lender (including the reasonable and documented fees, charges and disbursements of one external counsel for the Administrative Agent, the Lenders and the
Issuing Lenders, taken as a whole, and one external local counsel for the Administrative Agent, the Lenders and the Issuing Lenders, taken as a whole (and to the extent any such person determines, after consultation with legal counsel, that an
actual or potential conflict may require use of separate counsel by such person, separate legal counsel (including separate local counsel) for such person)) in connection with the enforcement or protection of its rights (A) in connection with this
Agreement and the other Credit Documents, including its rights under this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring
or negotiations in respect of such Loans or Letters of Credit.
  

(b)     Indemnification by the Credit Parties. The Credit Parties shall indemnify the Administrative
Agent (and any sub-agent thereof), each Lender, each Issuing Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and
all losses, claims, penalties, damages, liabilities and related expenses (including the reasonable and documented fees, charges and disbursements of one external counsel for the Indemnitees, taken as a whole, and one external local counsel for the
Indemnitees, taken as a whole, in each applicable jurisdiction if required (and to the extent an Indemnitee determines, after consultation with legal counsel, that an actual or potential conflict may require use of separate counsel by such
Indemnitee, separate legal counsel (including separate local counsel) for such Indemnitee)), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower or any other Credit Party arising out of, in connection
with, or as a result of (i) the execution or delivery of this Agreement, any other Credit Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or
thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by any Issuing Lender to honor a demand for payment
under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Materials of Environmental Concern on or from any
property owned or operated by any Credit Party or any of its Subsidiaries, or any liability under Environmental Law related in any way to any Credit Party or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Credit Party, and regardless of whether any Indemnitee is a party thereto,
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (A) are determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the bad faith, gross negligence or willful misconduct of such Indemnitee, (B) result from a claim brought by the Borrower or any other Credit Party against such Indemnitee for material breach of such Indemnitee’s
obligations hereunder or under any other Credit Document, if the Borrower or such Credit Party has obtained a final non-appealable judgment in its favor on such claim as determined by a court of competent jurisdiction, (C) arise from disputes
arising solely among Indemnitees that do not involve any act or omission by any Credit Party or their respective Affiliates and are unrelated to any dispute involving the Administrative Agent in its capacity as such, or any claim by, the
Administrative Agent, any Lender or any Issuing Lender against any Credit Party or its Affiliates, or (D) are payable as a result of a settlement agreement related to the foregoing effected without the written consent of the Borrower (which consent
shall not to
  
 
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 be
unreasonably withheld or delayed); provided that (i) such consent shall be deemed given in the event that the Borrower has not objected thereto in writing within 15 days after receiving written notice thereof, (ii) such consent shall not be required
if any Credit Party has defaulted under its indemnification obligations (including obligations to indemnify the Indemnitees for legal fees and expenses related to such matter as requested by an Indemnitee from time to time) and (iii) no such consent
shall be required if there is a final judgment against an Indemnitee in any proceeding; provided, further however, that such Indemnitee shall promptly refund any amount to the extent that there is a final, non-appealable judicial
determination that such Indemnitee was not entitled to indemnification or contribution rights with respect to such payment pursuant to the express terms of this Section 9.5(b). This Section 9.5(b) shall not apply with respect to Taxes other than any
Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.
  

(c)     Reimbursement by Lenders. To the extent that the Credit Parties for any reason fail to
indefeasibly pay any amount required under paragraph (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), any Issuing Lender or any Related Party of any of the foregoing, each Lender severally agrees to
pay to the Administrative Agent (or any such sub-agent), such Issuing Lender or such Related Party, as the case may be, such Lender’s Commitment Percentage (determined as of the time that the applicable unreimbursed expense or indemnity
payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such
sub-agent), any Issuing Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) or any Issuing Lender in connection with such capacity.

 

(d)     Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, none
of the parties hereto or any Indemnitee shall assert, and each of them hereby waives, any claim against any other Person, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages)
arising out of, in connection with, or as a result of, this Agreement, any other Credit Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the
proceeds thereof; provided, that such waiver shall not apply to any parties or any Indemnitee’s right to indemnification hereunder for losses, claims, penalties, damages, liabilities and related expenses incurred by any party or
Indemnitee as a result of a claim by any third party. No Indemnitee referred to in paragraph (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through
telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the
bad faith, gross negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction.

 

(e)     Payments. All amounts due under this Section shall be payable promptly/not later than five (5)
Business Days after written demand therefor.
  

(f)     Survival. The agreements contained in this Section shall survive the resignation of the
Administrative Agent and the replacement of any Issuing Lender, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of the Credit Party Obligations.

 
 Section
9.6     Successors and Assigns; Participations.
  

(a)     Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Credit Party may assign or otherwise transfer any of its rights or obligations hereunder without
the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of paragraph (b) of this
Section, (ii) by way of participation in accordance with the provisions of paragraph (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (f) of this Section (and any other
attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns
permitted hereby, Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or
claim under or by reason of this Agreement.
  
 
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(b)     Assignments by Lenders. Any Lender may at any time assign to one or more Eligible Assignees
all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions:

 

(i)     Minimum Amounts.

 

(A)     in the case of an assignment of the
entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

(B)     in any case not described in paragraph
(b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning
Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption,
as of the Trade Date) shall not be less than $5,000,000 (provided, however, that simultaneous assignments shall be aggregated in respect of a Lender and its Approved Funds), unless each of the Administrative Agent and, so long as no
Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed).

 

(ii)     Proportionate Amounts. Each partial
assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned, except that this clause (ii) shall not prohibit
any Lender from assigning all or a portion of its rights and obligations among separate Facilities on a non-pro rata basis.
  

(iii)     Required Consents. No consent
shall be required for any assignment except to the extent required by paragraph (b)(i)(B) of this Section and, in addition:
  

(A)     the consent of the Borrower (such consent not
to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default under Section 7.1(a) or (f) has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an
Approved Fund; provided that the Borrower will be deemed to have consented to any assignment to which it has not objected within ten (10) Business Days after receipt of a request for consent to such assignment;

 

(B)     the consent of the Administrative Agent (such
consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of a Revolving Commitment if such assignment is to a Person that is not a Lender with a Commitment, an Affiliate of such Lender or an Approved Fund with
respect to such Lender; and
  

(C)     the consent of the Issuing Lenders (such
consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of a Revolving Commitment.
  

(iv)     Assignment and Assumption. The
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; provided that only one (1) such fee shall be payable in respect of
simultaneous assignments by a Lender and its Approved Funds), and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; provided, further, that in the case of any assignment
resulting from a Lender becoming a Non-Consenting Lender, if such Non-Consenting Lender is being replaced pursuant to Section 2.19(b), such Non-Consenting Lender shall not be required to execute such Assignment and Assumption in order for such
assignment to be effective.
  
 
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(v)     No Assignment to Certain Persons. No
such assignment shall be made to any Person that is not an Eligible Assignee.
  

(vi)     Certain Additional Payments. In
connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall
make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other
compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and
assignor hereby irrevocably consent), to (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon), and (B) acquire (and fund as
appropriate) its full pro rata share of all Loans and participations in Letters of Credit in accordance with its Revolving Commitment Percentage in the case of Revolving Lenders or its applicable Commitment Percentage in the case of Incremental
Lenders. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the
assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 
 Subject to
acceptance and recording thereof by the Administrative Agent pursuant to paragraph (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to
the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and
Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party
hereto) but shall continue to be entitled to the benefits of Sections 2.14 and 9.5 with respect to facts and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (d) of this
Section.
  

(c)     Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of
the Borrower, shall maintain at one of its offices in Charlotte, North Carolina a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and
principal amounts (and related interest amounts) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the
Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The
Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(d)     Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower
or the Administrative Agent, sell participations to any Person (other than a natural person or any Credit Party or any Credit Party’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such
Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii)
such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Issuing Lenders and the other Lenders shall continue to deal solely and directly
with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 9.5(c) with respect to any payments made by such
Lender to its Participant(s).
  
 
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 Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this
Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that affects such Participant. Subject to paragraph (e) of
this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.14 and 2.16 (subject to the requirements and limitations of such Sections and Section 2.19, and it being understood that the documentation
required under Section 2.16(e) and (f) shall be delivered solely 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. To the extent permitted by
law, each Participant also shall be entitled to the benefits of Section 9.7 as though it were a Lender, provided such Participant agrees to be subject to Section 2.11 as though it were a Lender.

 
 Each Lender
that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and related interest amounts) of each
Participant’s interest in the Loans or other obligations under the Credit Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register to any Person (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Credit Document) except to the extent that such
disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be
conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

 

(e)     Limitations upon Participant Rights. A Participant shall not be entitled to receive any
greater payment under Sections 2.14 and 2.16 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the
Borrower’s prior written consent (not to be unreasonably withheld or delayed).
  

(f)     Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any
portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any
of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
  

Section 9.7     Right of Setoff; Sharing of Payments.

 

(a)     If an Event of Default shall have occurred and be continuing, each Lender, each Issuing Lender and
each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in
whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, such Issuing Lender or any such Affiliate to or for the credit or the account of the Borrower or any other Credit Party against any
and all of the obligations of the Borrower or such Credit Party now or hereafter existing under this Agreement or any other Credit Document to such Lender or such Issuing Lender, irrespective of whether or not such Lender or such Issuing Lender
shall have made any demand under this Agreement or any other Credit Document and although such obligations of the Borrower or such Credit Party may be contingent or unmatured or are owed to a branch, office or affiliate of such Lender or such
Issuing Lender different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (i) all amounts so set off
shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.21 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in
trust for the benefit of the Administrative Agent, the Issuing Lenders and the other Lenders, and (ii) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Credit Party Obligations
owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, each Issuing Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of
setoff) that such Lender, such Issuing Lender or their respective Affiliates may have. Each Lender and each Issuing Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application, provided
that the failure to give such notice shall not affect the validity of such setoff and application.
  

  
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(b)     If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment
in respect of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such
obligations greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (i) notify the Administrative Agent of such fact, and (ii) purchase (for cash at face value) participations
in the Loans and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal
of and accrued interest on their respective Loans and other amounts owing them, provided that:
  

(A)     if any such participations are purchased
and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

 

(B)     the provisions of this paragraph shall
not be construed to apply to (x) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) any payment obtained
by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in Letters of Credit to any assignee or participant, other than to any Credit Party or any Subsidiary thereof (as to which the
provisions of this paragraph shall apply) or (z) any amounts received by any Issuing Lender to secure the obligations of a Defaulting Lender to fund risk participations hereunder.

 

(c)     Each Credit Party consents to the foregoing and agrees, to the extent it may effectively do so under
applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against each Credit Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of each Credit Party in the amount of such participation.
  

Section 9.8     Table of Contents and Section Headings.

 
 The table
of contents and the Section and subsection headings herein are intended for convenience only and shall be ignored in construing this Agreement.

 
 Section
9.9     Counterparts; Integration; Effectiveness; Electronic Execution.
  

(a)     Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and
by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Credit Documents, and any separate letter
agreements with respect to fees payable to the Administrative Agent, the Issuing Lenders or any Arranger constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.1, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall
have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed signature page (counterpart or otherwise) of this Agreement or any Credit Document, or any certificates
executed in connection herewith or therewith by telecopy or email shall be effective as if delivered manually.
  

(b)     Electronic Execution of Assignments. The words “execution,” “signed,”
“signature,” and words of like import in any Assignment and Assumption 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 or
enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National
Commerce
  
 
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 Act,
the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that nothing herein shall require the Administrative Agent to accept electronic signatures in
any form or format without its prior written consent.
  

Section 9.10     Severability.

 
 Any
provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 
 Section
9.11     Integration.
  

This Agreement and the other Credit Documents represent the agreement of the Borrower, the other Credit Parties, the Administrative
Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent, the Borrower, the other Credit Parties, or any Lender relative to the subject matter
hereof not expressly set forth or referred to herein or therein.
  

Section 9.12     Governing Law.

 
 This
Agreement shall be governed by, and construed in accordance with, the law of the State of New York without regard to its conflicts of law principals that would cause the law of another jurisdiction to apply (other than Sections 5-1401 and 5-1402 of
The New York General Obligations Law).
  

Section 9.13     Consent to Jurisdiction; Service of Process and Venue.

 

(a)     Consent to Jurisdiction. The Borrower and each other Credit Party irrevocably and
unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of New York County, New York, the United States District Court for the Southern District of New York, and any appellate court from any
thereof, in any action or proceeding arising out of or relating to this Agreement or any other Credit Document, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims
in respect of any such action or proceeding may be heard and determined in such New York sitting State court or, to the fullest extent permitted by applicable law, in such Federal court. Each of the parties hereto agrees 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. Nothing in this Agreement or in any other Credit Document shall affect any right that the
Administrative Agent, any Lender or any Issuing Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Credit Document against the Borrower or any other Credit Party or its properties in the courts of any
jurisdiction.
  

(b)     Service of Process. Each party hereto irrevocably consents to service of process in the manner
provided for notices in Section 9.2. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law.

 

(c)     Venue. The Borrower and each other Credit Party irrevocably and unconditionally waives, to the
fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Credit Document in any court referred to in
paragraph (a) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 
 Section
9.14     Confidentiality.
  

Each of the Administrative Agent, the Arrangers, the Lenders and the Issuing Lenders agree to maintain the confidentiality of the
Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and other

 
 
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representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of
such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of
Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder, under any other Credit
Document or Bank Product or any action or proceeding relating to this Agreement, any other Credit Document or Bank Product or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same
as those of this Section, to any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement, (g) to (i) any actual or prospective counterparty (or its advisors) to any swap
or derivative transaction relating to the Borrower and its obligations, (ii) an investor or prospective investor in securities issued by an Approved Fund that also agrees that Information shall be kept confidential and used solely for the purpose of
evaluating an investment in such securities issued by the Approved Fund, (iii) a trustee, collateral manager, servicer, backup servicer, noteholder or secured party in connection with the administration, servicing and reporting on the assets serving
as collateral for securities issued by an Approved Fund, or (iv) a nationally recognized rating agency that requires access to information regarding the Credit Parties, the Loans and Credit Documents in connection with ratings issued in respect of
securities issued by an Approved Fund (in each case, it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such information and instructed to keep such information confidential), (h) with
the consent of the Borrower or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender, any Issuing Lender or any of their
respective Affiliates on a nonconfidential basis from a source other than the Borrower.
  

For purposes of this Section, “Information” means all information received from any Credit Party or any of its
Subsidiaries relating to any Credit Party or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or any Issuing Lender on a nonconfidential basis
prior to disclosure by any Credit Party or any of its Subsidiaries; provided that, in the case of information received from any Credit Party or any of its Subsidiaries after the date hereof, such information is clearly identified at the time
of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to
maintain the confidentiality of such Information as such Person would accord to its own confidential information. Each Lender acknowledges that federal law prohibits the purchase or sale of any of the Borrower’s securities while in possession
of material non-public information. Each of the Administrative Agent and the Lenders acknowledges that (a) the Information may include material non-public information concerning the Credit Parties and their Subsidiaries, as the case may be, (b) it
has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable law, including federal and state securities laws and regulations.

 
 Section
9.15     Acknowledgments.
  

The Borrower and the other Credit Parties each hereby acknowledges that:

 

(a)     it has been advised by counsel in the
negotiation, execution and delivery of each Credit Document;
  

(b)     neither the Administrative Agent nor any
Lender has any fiduciary relationship with or duty to the Borrower or any other Credit Party arising out of or in connection with this Agreement and the relationship between the Administrative Agent and the Lenders, on one hand, and the Borrower and
the other Credit Parties, on the other hand, in connection herewith is solely that of creditor and debtor; and
  

(c)     no joint venture exists among the Lenders and
the Administrative Agent or among the Borrower, the Administrative Agent or the other Credit Parties and the Lenders.
  

  
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Section 9.16     Waivers of Jury Trial.

 
 EACH PARTY
HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
  

Section 9.17     Patriot Act Notice.

 
 Each Lender
and the Administrative Agent (for itself and not on behalf of any other party) hereby notifies the Borrower that, pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower
and the other Credit Parties, which information includes the name and address of the Borrower and the other Credit Parties and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower and the
other Credit Parties in accordance with the Patriot Act.
  

Section 9.18     Resolution of Drafting Ambiguities.

 
 Each Credit
Party acknowledges and agrees that it was represented by counsel in connection with the execution and delivery of this Agreement and the other Credit Documents to which it is a party, that it and its counsel reviewed and participated in the
preparation and negotiation hereof and thereof and that any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be employed in the interpretation hereof or thereof.

 
 Section
9.19     Continuing Agreement.
  

This Credit Agreement shall be a continuing agreement and shall remain in full force and effect until all Credit Party Obligations
(other than those obligations that expressly survive the termination of this Credit Agreement) have been paid in full and all Commitments and Letters of Credit have been terminated, after which this Credit Agreement automatically shall terminate.
Upon termination, the Credit Parties shall have no further obligations (other than those obligations that expressly survive the termination of this Credit Agreement) under the Credit Documents; provided that should any payment, in whole or in
part, of the Credit Party Obligations be rescinded or otherwise required to be restored or returned by the Administrative Agent or any Lender, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, then the Credit
Documents shall automatically be reinstated and all Liens, if any, under the LOC Documents of the Administrative Agent shall reattach to the collateral and all amounts required to be restored or returned and all costs and expenses incurred by the
Administrative Agent or any Lender in connection therewith shall be deemed included as part of the Credit Party Obligations.

 
 Section
9.20     Lender Consent.
  

Each Person signing a Lender Consent (a) approves the Credit Agreement, (b) authorizes and appoints the Administrative Agent as its
agent in accordance with the terms of Article VIII, (c) authorizes the Administrative Agent to execute and deliver this Agreement on its behalf, (d) is a Lender hereunder and therefore shall have all the rights and obligations of a Lender
under this Agreement as if such Person had directly executed and delivered a signature page to this Agreement and (e) has consented to, approved or accepted or is satisfied with, each document or other matter required under Section 4.1 to be
consented to or approved by or be acceptable or satisfactory to a Lender.
  

  
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Section 9.21     Press Releases and Related Matters.

 
 The Credit
Parties and their Affiliates agree that they will not in the future issue any press releases or other public disclosure using the name of Administrative Agent or any Lender or their respective Affiliates or referring to this Agreement or any of the
Credit Documents without the prior written consent of such Person, unless (and only to the extent that) a Credit Party or such Affiliate is required to do so under law and then, in any event, the Credit Parties or such Affiliate will to the extent
practicable consult with such Person before issuing such press release or other public disclosure, provided, that no consultation shall be required in connection with disclosures in a periodic or other report filed with or furnished to the SEC. The
Credit Parties consent to the publication by Administrative Agent or any Lender of customary advertising material relating to the transactions contemplated by this Agreement and the Credit Documents using the name, product photographs, logo or
trademark of the Credit Parties.
  

Section 9.22     Appointment of Borrower.

 
 Each of the
Guarantors hereby appoints the Borrower to act as its agent for all purposes under this Agreement and agrees that (a) the Borrower may execute such documents on behalf of such Guarantor as the Borrower deems appropriate in its sole discretion and
each Guarantor shall be obligated by all of the terms of any such document executed on its behalf, (b) any notice or communication delivered by the Administrative Agent or the Lender to the Borrower shall be deemed delivered to each Guarantor and
(c) the Administrative Agent or the Lenders may accept, and be permitted to rely on, any document, instrument or agreement executed by the Borrower on behalf of each Guarantor.

 
 Section
9.23     Certain Waivers, Subordinations and Consents.
  

(a)     Each of the Credit Parties acknowledges and agrees that certain Credit Parties and their Equity
Holders are, or in the future may be or become, subject to the terms of one or more Contractual Obligations with the Borrower or another Credit Party (including those arising under the terms of Management Agreements) (i) which conflict with the
terms of the Credit Documents to which such Credit Parties are a party, the execution and delivery thereof by such Credit Parties, or the performance by such Credit Parties of the terms thereof, including undertakings not to incur debt, not to
pledge assets to third parties, not to pay dividends and not to enter into material agreements without obtaining certain consents (collectively, the “Credit Party Intercompany Restrictions”), (ii) pursuant to which such Credit
Parties grant to the Borrower or such other Credit Party a Lien on various assets of such Credit Parties (collectively, the “Borrower Pledges”), (iii) pursuant to which Equity Holders grant to the Borrower or such other Credit
Party the right, upon the occurrence of certain circumstances, to acquire Equity Interests in such Credit Parties from the applicable Equity Holders (collectively, the “Holder Purchase Grants”), (iv) pursuant to which Equity
Holders are restricted from transferring their Equity Interests in a Practice (the “Equity Holder Transfer Restrictions”), and/or (v) pursuant to which Equity Holders grant to the Borrower or such other Credit Party a Lien on the
Equity Interests in the applicable Credit Parties owned by such Equity Holders (collectively, the “Holder Lien Grants”) (each agreement, including each Management Agreement, containing any such restriction being referred to herein
as a “Restrictive Agreement”).
  

(b)     Each of the Credit Parties hereby absolutely and irrevocably waives the Credit Party Intercompany
Restrictions and the Equity Holder Transfer Restrictions insofar as any of such Credit Party Intercompany Restrictions or Equity Holder Transfer Restrictions conflict with or would otherwise prohibit or impair the due, punctual and full performance
and observance of any term, covenant or condition now or hereafter contained in any Credit Document.
  

(c)     The Borrower and each other Credit Party party to any such Restrictive Agreement hereby agree that,
except as expressly permitted hereunder or under the terms of any other Credit Document, no Credit Party shall exercise its rights under any of the Holder Purchase Grants.

 

(d)     So long as no Default or Event of Default has occurred and is continuing:

 
 
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(i)     any Credit Party may at its expense
exercise rights under Borrower Pledges and Holder Lien Grants as it may determine to be reasonably necessary in the ordinary course of business (including the taking of possession of and selling or otherwise disposing of property subject to Borrower
Pledges and Holder Lien Grants and retaining the proceeds thereof, in each case to the extent permitted by applicable law) to recover amounts owed or otherwise remedy defaults in payment or performance obligations arising under Management
Agreements; provided, that the Borrower shall set forth in the next officer’s certificate delivered to the Administrative Agent pursuant to Section 5.2(b) for the period during which such rights are exercised a reasonably detailed
description of the circumstances giving rise to such exercise and the remedies exercised; and
  

(ii)     the Borrower may at its expense exercise
Holder Purchase Grants to the extent that such exercise would otherwise be permitted hereunder as a Permitted Investment.
  

Section 9.24     No Advisory or Fiduciary Responsibility.

 
 In
connection with all aspects of each Transaction, each of the Credit Parties acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (a) the credit facility provided for hereunder and any related arranging or other
services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Credit Document) are an arm’s-length commercial transaction between the Credit Parties and their Affiliates, on
the one hand, and the Administrative Agent, the Arrangers and the Lenders, on the other hand, and the Credit Parties are capable of evaluating and understanding and understand and accept the terms, risks and conditions of the Transactions and by the
other Credit Documents (including any amendment, waiver or other modification hereof or thereof); (b) in connection with the process leading to such transaction, each of the Administrative Agent, each Arranger and each Lender is and has been acting
solely as a principal and is not the financial advisor, agent or fiduciary, for any Credit Party or any of their Affiliates, stockholders, creditors or employees or any other Person; (c) neither the Administrative Agent nor any Arranger nor any
Lender has assumed or will assume an advisory, agency or fiduciary responsibility in favor of any Credit Party with respect to any of the Transactions or the process leading thereto, including with respect to any amendment, waiver or other
modification hereof or of any other Credit Document (irrespective of whether the Administrative Agent, any Arranger or any Lender has advised or is currently advising any Credit Party or any of its Affiliates on other matters) and neither the
Administrative Agent, nor any Arranger nor any Lender has any obligation to any Credit Party or any of their Affiliates with respect to the Transactions except those obligations expressly set forth herein and in the other Credit Documents; (d) the
Administrative Agent, the Arrangers, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Credit Parties and their Affiliates, and neither the Administrative
Agent, nor any Arranger nor any Lender has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (e) the Administrative Agent, the Arrangers and the Lenders have not provided and will not
provide any legal, accounting, regulatory or tax advice with respect to any of the Transactions (including any amendment, waiver or other modification hereof or of any other Credit Document) and the Credit Parties have consulted their own legal,
accounting, regulatory and tax advisors to the extent it has deemed appropriate. Each of the Credit Parties hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against the Administrative Agent, the
Arrangers, the Lenders and their respective Affiliates with respect to any breach or alleged breach of agency or fiduciary duty.

 
 Section
9.25     [Reserved].
  

Section 9.26     Release of Liens and Guarantees.

 
 The
Administrative Agent shall (and each Lender hereby irrevocably authorizes the Administrative Agent to):
  

(a)     release any Lien granted to the Administrative Agent under any Credit Document on any asset of any
Credit Party (i) upon payment in full of the Credit Party Obligations and the cancellation of all Commitments hereunder, (ii) that is sold, transferred, encumbered or otherwise disposed of or to be sold, transferred, encumbered or otherwise disposed
of as part of, or in connection with, any sale, transfer or disposition permitted under the Credit Documents to a Person that is not (and is not required to become) a Credit Party, (iii) that does not constitute (or ceases to constitute) Collateral,
(iv) if such Credit Party has guaranteed the Obligations, upon the release of such Credit Party’s guaranty in accordance with the terms of the Credit Documents, (v) that constitutes Excluded Assets, or (vi) to the extent such release is
approved, authorized or ratified in writing by the Required Lenders in accordance with Section 9.1;
  

  
101
 
 

    
 

 
  

(b)     automatically release any Person that has guaranteed the Obligations from its guaranty if such Person
ceases to be a Domestic Subsidiary as a result of a transaction or series of transactions that is permitted under the Credit Documents; and

 

(c)     subordinate any Lien granted to the Administrative Agent (or any sub-agent or collateral agent) under
any Credit Document to any Lien that is permitted by clauses (c), (i) or (o) of the definition of Permitted Liens, or otherwise having priority by operation of law.

 
 The
Administrative Agent will, and each Lender hereby authorizes the Administrative Agent to, at the expense of the Borrower, execute and deliver to the relevant Credit Party such documents and/or instruments as such Credit Party may reasonably request
to evidence or effectuate the release of any Lien or guarantee or the subordination of any Lien contemplated by this Section 9.26; provided, that the Administrative Agent shall have received a certificate of a Responsible Officer of
the Borrower containing certifications regarding compliance with the provisions of the Credit Documents permitting the action giving rise to such action. Upon the request of the Administrative Agent, the Required Lenders will confirm in writing the
Administrative Agent’s authority to take the actions contemplated by this Section 9.26. Any representation, warranty or covenant contained in any Credit Document relating to any asset of any Credit Party shall no longer be deemed to be
made once the Lien on such asset is released in accordance herewith.
  

Section 9.27     Acknowledgement and Consent of Bail-In of EEA Financial Institutions.

 
 Solely to the extent any
Agent, Lender or Issuing Lender that is an EEA Financial Institution is a party to this Agreement and notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties,
each party hereto acknowledges that any liability of any Lender that is an EEA Financial Institution arising under any Credit Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA
Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
  

(a)     the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such
liabilities arising hereunder which may be payable to it by any Lender that is an EEA Financial Institution; and
  

(b)     the effects of any Bail-in Action on any such liability, including, if applicable:

 

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

(ii)     a conversion of all, or a portion of, such
liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership
will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Credit Document; or

 

(iii)     the variation of the terms of such
liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.
  

Section 9.28     Certain ERISA Matters.

 

(a)     Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to,
and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Arrangers, and their respective Affiliates, and not, for the
avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that at least one of the following is and will be true:

 
 
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(i)     such Lender is not using “plan
assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments,

 

(ii)     the transaction exemption set forth in one
or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE
90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain
transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

 

(iii)     (A) such Lender is an investment fund
managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in,
administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies
the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

 

(iv)     such other representation, warranty and
covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.
  

(b)     In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a
Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender
party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Arrangers and their respective Affiliates, and
not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that none of the Administrative Agent, any Arranger or any of their respective Affiliates is a fiduciary with respect to the Collateral or the assets
of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Credit Document or any documents related to hereto or thereto).

 

(c)     The Administrative Agent, and each Arranger, the syndication agent or other agents listed on the
cover page hereof hereby informs the Lenders that each such Person is not undertaking to provide investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a
financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments, this Agreement and any other Credit
Documents, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may
receive fees or other payments in connection with the transactions contemplated hereby, the Credit Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees,
agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s
acceptance fees, breakage or other early termination fees or fees similar to the foregoing.
  

  
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 Section 9.29     Acknowledgement Regarding Any Supported QFCs. To the extent that the Credit Documents provide support, through a guarantee or
otherwise, for Swap Obligations or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the
resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the
“U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Credit Documents and any Supported QFC may in fact be stated to be governed by the
laws of the State of New York and/or of the United States or any other state of the United States):
  

In the event a Covered Entity that is party to a Supported
QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such
Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special
Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act
Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Credit Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against
such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Credit Documents were governed by the laws of the United States
or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a
Supported QFC or any QFC Credit Support.
  

ARTICLE X
 
 GUARANTY

 
 Section
10.1     The Guaranty.
  

In order to induce the Lenders to enter into this Agreement and any Bank Product Provider to enter into any Bank Product and to extend
credit hereunder and thereunder and in recognition of the direct benefits to be received by the Guarantors from the Extensions of Credit hereunder and any Bank Product, each of the Guarantors hereby agrees with the Administrative Agent, the Lenders
and the Bank Product Providers as follows: each Guarantor hereby unconditionally and irrevocably jointly and severally guarantees as primary obligor and not merely as surety the full and prompt payment when due, whether upon maturity, by
acceleration or otherwise, of any and all Credit Party Obligations. If any or all of the indebtedness or other obligations becomes due and payable hereunder or under any Bank Product, each Guarantor unconditionally promises to pay such indebtedness
to the Administrative Agent, the Lenders, the Bank Product Providers, or their respective order, on demand, together with any and all reasonable expenses which may be incurred by the Administrative Agent or the Lenders in collecting any of the
Credit Party Obligations. The Guaranty set forth in this Article X is a guaranty of timely payment and not of collection. The word “indebtedness” is used in this Article X in its most comprehensive sense and includes any
and all advances, debts, obligations and liabilities of the Borrower, including specifically all Credit Party Obligations, arising in connection with this Agreement, the other Credit Documents or any Bank Product, in each case, heretofore, now, or
hereafter made, incurred or created, whether voluntarily or involuntarily, absolute or contingent, liquidated or unliquidated, determined or undetermined, whether or not such indebtedness is from time to time reduced, or extinguished and thereafter
increased or incurred, whether the Borrower may be liable individually or jointly with others, whether or not recovery upon such indebtedness may be or hereafter become barred by any statute of limitations, and whether or not such indebtedness may
be or hereafter become otherwise unenforceable.
  

Notwithstanding any provision to the contrary contained herein or in any other of the Credit Documents, to the extent the obligations
of a Guarantor shall be adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or federal law relating to fraudulent conveyances or transfers) then the obligations of each such
Guarantor hereunder shall be limited to the maximum amount that is permissible under applicable law (whether federal or state and including, without limitation, the Bankruptcy Code).

 
 
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Section 10.2     Bankruptcy.

 

Additionally, each of the Guarantors unconditionally and irrevocably guarantees jointly and severally the payment of any and all
Credit Party Obligations of the Borrower to the Lenders and any Bank Product Provider whether or not due or payable by the Borrower upon the occurrence of any Bankruptcy Event and unconditionally promises to pay such Credit Party Obligations to the
Administrative Agent for the account of the Lenders and to any such Bank Product Provider, or order, on demand, in lawful money of the United States. Each of the Guarantors further agrees that to the extent that the Borrower or a Guarantor shall
make a payment or a transfer of an interest in any property to the Administrative Agent, any Lender or any Bank Product Provider, which payment or transfer or any part thereof is subsequently invalidated, declared to be fraudulent or preferential,
or otherwise is avoided, and/or required to be repaid to the Borrower or a Guarantor, the estate of the Borrower or a Guarantor, a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause,
then to the extent of such avoidance or repayment, the obligation or part thereof intended to be satisfied shall be revived and continued in full force and effect as if said payment had not been made.

 
 Section
10.3     Nature of Liability.
  

The liability of each Guarantor hereunder is exclusive and independent of any security for or other guaranty of the Credit Party
Obligations of the Borrower whether executed by any such Guarantor, any other guarantor or by any other party, and no Guarantor’s liability hereunder shall be affected or impaired by (a) any direction as to application of payment by the
Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Credit Party Obligations of the Borrower, or (c) any payment on or in reduction of any
such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to the Administrative Agent, the Lenders or any Bank Product Provider on the Credit Party
Obligations which the Administrative Agent, such Lenders or such Bank Product Provider repay the Borrower pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and each of the
Guarantors waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding.
  

Section 10.4     Independent Obligation.

 
 The
obligations of each Guarantor hereunder are independent of the obligations of any other Guarantor or the Borrower, and a separate action or actions may be brought and prosecuted against each Guarantor whether or not action is brought against any
other Guarantor or the Borrower and whether or not any other Guarantor or the Borrower is joined in any such action or actions.

 
 Section
10.5     Authorization.
  

Each of the Guarantors authorizes the Administrative Agent, each Lender and each Bank Product Provider without notice or demand
(except as shall be required by applicable statute and cannot be waived), and without affecting or impairing its liability hereunder, from time to time to (a) renew, compromise, extend, increase, accelerate or otherwise change the time for payment
of, or otherwise change the terms of the Credit Party Obligations or any part thereof in accordance with this Agreement and any Bank product, as applicable, including any increase or decrease of the rate of interest thereon, (b) take and hold
security from any Guarantor or any other party for the payment of this Guaranty or the Credit Party Obligations and exchange, enforce waive and release any such security, (c) apply such security and direct the order or manner of sale thereof as the
Administrative Agent and the Lenders in their discretion may determine and (d) release or substitute any one or more endorsers, Guarantors, the Borrower or other obligors.

 
 
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Section 10.6     Reliance.

 
 It is not
necessary for the Administrative Agent, the Lenders or any Bank Product Provider to inquire into the capacity or powers of the Borrower or the officers, directors, members, partners or agents acting or purporting to act on its behalf, and any Credit
Party Obligations made or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder.
  

Section 10.7     Waiver.

 

(a)     Each of the Guarantors waives any right (except as shall be required by applicable statute and cannot
be waived) to require the Administrative Agent, any Lender or any Bank Product Provider to (i) proceed against the Borrower, any other guarantor or any other party, (ii) proceed against or exhaust any security held from the Borrower, any other
guarantor or any other party, or (iii) pursue any other remedy in the Administrative Agent’s, any Lender’s or any Bank Product Provider’s power whatsoever. Each of the Guarantors waives any defense based on or arising out of any
defense of the Borrower, any other guarantor or any other party other than payment in full of the Credit Party Obligations (other than contingent indemnification obligations), including, without limitation, any defense based on or arising out of the
disability of the Borrower, any other guarantor or any other party, or the unenforceability of the Credit Party Obligations or any part thereof from any cause, or the cessation from any cause of the liability of the Borrower other than payment in
full of the Credit Party Obligations. The Administrative Agent may, at its election, foreclose on any security held by the Administrative Agent or a Lender by one or more judicial or nonjudicial sales, whether or not every aspect of any such sale is
commercially reasonable (to the extent such sale is permitted by applicable law), or exercise any other right or remedy the Administrative Agent or any Lender may have against the Borrower or any other party, or any security, without affecting or
impairing in any way the liability of any Guarantor hereunder except to the extent the Credit Party Obligations have been paid in full and the Commitments have been terminated. Each of the Guarantors waives any defense arising out of any such
election by the Administrative Agent or any of the Lenders, even though such election operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of the Guarantors against the Borrower or any other party or
any security.
  

(b)     Each of the Guarantors waives all presentments, demands for performance, protests and notices,
including, without limitation, notices of nonperformance, notice of protest, notices of dishonor, notices of acceptance of this Guaranty, and notices of the existence, creation or incurring of new or additional Credit Party Obligations. Each
Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Credit Party Obligations and the nature,
scope and extent of the risks which such Guarantor assumes and incurs hereunder, and agrees that neither the Administrative Agent nor any Lender shall have any duty to advise such Guarantor of information known to it regarding such circumstances or
risks.
  

(c)     Each of the Guarantors hereby agrees it will not exercise any rights of subrogation which it may at
any time otherwise have as a result of this Guaranty (whether contractual, under Section 509 of the U.S. Bankruptcy Code, or otherwise) to the claims of the Lenders or any Bank Product Provider against the Borrower or any other guarantor of the
Credit Party Obligations of the Borrower owing to the Lenders or such Bank Product Provider (collectively, the “Other Parties”) and all contractual, statutory or common law rights of reimbursement, contribution or indemnity from
any Other Party which it may at any time otherwise have as a result of this Guaranty until such time as the Credit Party Obligations shall have been paid in full and the Commitments have been terminated. Each of the Guarantors hereby further agrees
not to exercise any right to enforce any other remedy which the Administrative Agent, the Lenders or any Bank Product Provider now have or may hereafter have against any Other Party, any endorser or any other guarantor of all or any part of the
Credit Party Obligations of the Borrower and any benefit of, and any right to participate in, any security or collateral given to or for the benefit of the Lenders and/or the Bank Product Providers to secure payment of the Credit Party Obligations
of the Borrower until such time as the Credit Party Obligations (other than contingent indemnification obligations) shall have been paid in full and the Commitments have been terminated.

 
 
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Section 10.8     Limitation on Enforcement.

 
 The Lenders
and the Bank Product Providers agree that this Guaranty may be enforced only by the action of the Administrative Agent acting upon the instructions of the Required Lenders or such Bank Product Provider (only with respect to obligations under the
applicable Bank Product) and that no Lender or Bank Product Provider shall have any right individually to seek to enforce or to enforce this Guaranty, it being understood and agreed that such rights and remedies may be exercised by the
Administrative Agent for the benefit of the Lenders under the terms of this Agreement and for the benefit of any Bank Product Provider under any Bank Product. The Lenders and the Bank Product Providers further agree that this Guaranty may not be
enforced against any director, officer, employee or stockholder of the Guarantors.
  

Section 10.9     Confirmation of Payment.

 
 The
Administrative Agent and the Lenders will, upon request after payment of the Credit Party Obligations which are the subject of this Guaranty and termination of the Commitments relating thereto, confirm to the Borrower, the Guarantors or any other
Person that such indebtedness and obligations have been paid and the Commitments relating thereto terminated, subject to the provisions of Section 10.2.

 
 Section
10.10     Agreements for Contribution.
  

(a)     To the extent that any Guarantor is required, by reason of its obligations hereunder, to pay to the
Lender an amount greater than the amount of the value (as determined in accordance with applicable insolvency laws) actually made available to or for the benefit of such Guarantor on account of any Credit Document, such Guarantor shall have an
enforceable right of contribution against the remaining Guarantors, and the remaining Guarantors shall be jointly and severally liable for repayment of the full amount of such excess payment.

 

(b)     To the extent that any Guarantor would, but for the operation of this Section 10.10 and by reason of
its Obligations hereunder or its obligations to other Guarantors under this Section 10.10, be rendered insolvent for any purpose under applicable insolvency laws, each of the Guarantors hereby agrees to indemnify such Guarantor and commits to make a
contribution to such Guarantor’s capital in an amount at least equal to the amount necessary to prevent such Guarantor from having been rendered insolvent by reason of the incurrence of any such obligations.

 

(c)     To the extent that any Guarantor would, but for the operation of this Section 10.10, be rendered
insolvent under any applicable insolvency law by reason of its incurring of obligations to any other Guarantor under the foregoing Sections 10.10(a) and (b), such Guarantor shall, in turn, have rights of contribution to the full extent provided in
the foregoing Sections 10.10(a) and (b) against the remaining Guarantors, such that all obligations of all the Guarantors hereunder and under this Section 10.10 shall be allocated in a manner such that no Guarantor shall be rendered insolvent for
any purpose under applicable insolvency law by reason of its incurrence of such obligations.
  

Section 10.11     Keepwell. Each Qualified ECP Guarantor hereby jointly and severally
absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Guarantor to honor all of its obligations under this Guaranty in respect of a Swap Obligation (provided,
however, that each Qualified ECP Guarantor shall only be liable under this Section 10.11 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 10.11 or otherwise under this Guaranty
voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). Except as otherwise provided herein, the obligations of each Qualified ECP Guarantor under this Section 10.11 shall remain in
full force and effect until the termination of all Swap Obligations. Each Qualified ECP Guarantor intends that this Section 10.11 constitute, and this Section 10.11 shall be deemed to constitute, a “keepwell, support, or other agreement”
for the benefit of each other Credit Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
  

 
 
  107Exhibit

AGREEMENT OF AMENDMENT 

Dated as of April 17, 2020

Reference is made to that certain Receivables Purchase Agreement dated as of March 5, 2020 (as may be amended, supplemented, waived or modified from time to time prior to the date hereof, the “Agreement”) among ADT LLC, individually (in such capacity, “ADT”) and as servicer (in such capacity, the “Servicer”), ADT Finance LLC, as seller (the “Seller”), the various purchasers (the “Purchasers”) and purchaser agents (the “Purchaser Agents”) from time to time party thereto, and Mizuho Bank, Ltd., as administrative agent, arranger, collateral agent (in such capacity, the “Collateral Agent”) and structuring agent. Capitalized terms used herein but not defined shall have the meaning assigned to such terms in the Agreement.

The parties to the Agreement hereby agree that, effective as of the Amendment Effective Date (as defined below), the Agreement is hereby amended as reflected in the document comparison attached hereto as Annex A, with deleted text being struck through and added text being underlined and in blue, including the addition of Exhibit D, Exhibit E-1, Exhibit E-2, Exhibit E-3, Exhibit F, Exhibit G-1, Exhibit G-2, Exhibit G-3 and Exhibit H, and the deletion of Exhibit E, in each case, in their entirety and attached hereto as Annex B.
 
As used herein, the term “Amendment Effective Date” shall mean the first date upon which the Collateral Agent shall have executed and delivered one or more counterparts of this agreement of amendment (the “Agreement of Amendment”) and shall have received one or more counterparts of this Agreement of Amendment executed by the other parties hereto.

Each of the Servicer and the Seller represents and warrants to each of the Collateral Agent, the Purchasers and the Purchaser Agents that (i) immediately after the Amendment Effective Date, its representations and warranties set forth in the Agreement are true and correct in all material respects, (ii) no Event of Termination or Unmatured Event of Termination has occurred and is continuing or will result from the amendment contemplated by this Agreement of Amendment and (iii) this Agreement of Amendment has been duly and validly executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable insolvency, bankruptcy, or other laws affecting creditor’s rights generally, or general principals of equity, whether such enforceability is considered in a proceeding in equity or at law.

This Agreement of Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which 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. By its signature hereto, each Purchaser and Purchaser Agent hereby authorizes and directs the Collateral Agent to execute and deliver this Agreement of Amendment.

SK 28677 0004 8493811 v5 

The terms of Section 13.7 of the Agreement shall apply to this Agreement of Amendment mutatis mutandis as if fully set forth herein.

The words “execution,” “signed,” “signature,” and words of like import in this Agreement of Amendment 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 or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

THIS AGREEMENT OF AMENDMENT, 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 SECTION 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).

[Signature Pages Follow]

2

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

                
	
						
	 
	 
	ADT FINANCE LLC,
as Seller
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	ADT LLC,

	 
	 
	 
	individually and as the Servicer

	 
	 
	 
	By:
	  /s/ Deepika Yelamanchi
	 

	 
	 
	 
	 
	Name: Deepika Yelamanchi

	 
	 
	 
	 
	Title: Vice President and Treasurer

	 
	 
	 
	 

                
                        
	
						
	 
	 
	ADT LLC,
as Servicer
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	ADT LLC,

	 
	 
	 
	individually and as the Servicer

	 
	 
	 
	By:
	  /s/ Deepika Yelamanchi
	 

	 
	 
	 
	 
	Name: Deepika Yelamanchi

	 
	 
	 
	 
	Title: Vice President and Treasurer

	 
	 
	 
	 

[Signature Page to Agreement of Amendment]
SK 28677 0004 8493811 v5 

                                                            
	
						
	 
	 
	MIZUHO BANK, LTD.,
as Collateral Agent
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	ADT LLC,

	 
	 
	 
	individually and as the Servicer

	 
	 
	 
	By:
	  /s/ Richard A. Burke
	 

	 
	 
	 
	 
	Name: Richard A. Burke

	 
	 
	 
	 
	Title: Managing Director

	 
	 
	 
	 

                            
	
						
	 
	 
	 
	MIZUHO BANK, LTD.,
as Administrative Agent, Arranger, and Structuring Agent

	 
	 
	 
	 
	 
	 

	 
	 
	 
	ADT LLC,

	 
	 
	 
	individually and as the Servicer

	 
	 
	 
	By:
	  /s/ Richard A. Burke
	 

	 
	 
	 
	 
	Name: Richard A. Burke

	 
	 
	 
	 
	Title: Managing Director

	 
	 
	 
	 

                            
	
						
	 
	 
	 
	MIZUHO BANK, LTD.,
as a Purchaser Agent for Mizuho Bank, Ltd., as Purchaser

	 
	 
	 
	 
	 
	 

	 
	 
	 
	ADT LLC,

	 
	 
	 
	individually and as the Servicer

	 
	 
	 
	By:
	  /s/ Richard A. Burke
	 

	 
	 
	 
	 
	Name: Richard A. Burke

	 
	 
	 
	 
	Title: Managing Director

	 
	 
	 
	 

                         
                    	
						
	 
	 
	MIZUHO BANK, LTD.,
as a Purchaser
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	ADT LLC,

	 
	 
	 
	individually and as the Servicer

	 
	 
	 
	By:
	  /s/ Richard A. Burke
	 

	 
	 
	 
	 
	Name: Richard A. Burke

	 
	 
	 
	 
	Title: Managing Director

	 
	 
	 
	 

1

ANNEX A

AGREEMENT

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(continued)
Page

RECEIVABLES PURCHASE AGREEMENT
Dated as of March 5, 2020
among
ADT LLC,
individually and as Servicer,
ADT FINANCE LLC,
as Seller,
THE VARIOUS PURCHASERS AND PURCHASER AGENTS FROM TIME TO TIME PARTY HERETO,
and
MIZUHO BANK, LTD.,
as Administrative Agent, Arranger, Collateral Agent and Structuring Agent

and as amended by the

Agreement of Amendment dated as of April 17, 2020

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TABLE OF CONTENTS

Page

	
				
	ARTICLE I PURCHASE OF RECEIVABLES

	1
	

	 
	SECTION 1.1    Purchase of Pool Receivables and Related Assets; Purchase Price

	1
	

	 
	SECTION 1.2    Purchase Procedures; Assignment of the Seller’s Interests.

	2
	

	ARTICLE II COMPUTATIONAL RULES

	7
	

	 
	SECTION 2.1    Selection of Rate Tranches

	7
	

	 
	SECTION 2.2    Computation of each Purchaser’s Investment and each Purchaser’s Tranche Investment

	7
	

	 
	SECTION 2.3    Computation of Yield

	8
	

	 
	SECTION 2.4    Yield Rate, Fees, Etc

	8
	

	 
	SECTION 2.5    Benchmark Replacement

	8
	

	ARTICLE III SETTLEMENTS

	9
	

	 
	SECTION 3.1    Settlement Procedures.

	9
	

	 
	SECTION 3.2    Deemed Collections; Reduction of Purchasers’ Pool Investment, Etc

	12
	

	 
	SECTION 3.3    Payments and Computations, Etc

	15
	

	 
	SECTION 3.4    Treatment of Collections and Deemed Collections

	21
	

	 
	SECTION 3.5    Extension of the Purchase Termination Date

	21
	

	 
	SECTION 3.6    Account Control

	22
	

	ARTICLE IV FEES AND YIELD PROTECTION

	22 23
	

	 
	SECTION 4.1    Fees

	22 23
	

	 
	SECTION 4.2    Yield Protection

	22 23
	

	 
	SECTION 4.3    Funding Losses

	25 26
	

	 
	SECTION 4.4    Mitigation; Replacement of Purchasers

	25 26
	

	ARTICLE V CONDITIONS OF PURCHASES

	26 27
	

	 
	SECTION 5.1    Conditions Precedent to Effectiveness

	26 27
	

	 
	SECTION 5.2    Conditions Precedent to All Purchases

	28 29
	

	 
	SECTION 5.3    Condition Subsequent

	29 30
	

	ARTICLE VI REPRESENTATIONS AND WARRANTIES

	29 30
	

	 
	SECTION 6.1    Representations and Warranties of the Seller

	29 30
	

	 
	SECTION 6.2    Representations and Warranties of ADT

	35 36
	

	ARTICLE VII GENERAL COVENANTS

	40 41
	

	 
	SECTION 7.1    Affirmative Covenants of the Seller

	40 41
	

	 
	SECTION 7.2    Reporting Requirements of the Seller

	44 45
	

	 
	SECTION 7.3    Negative Covenants of the Seller

	45 46
	

	 
	SECTION 7.4    Affirmative Covenants of ADT

	48 49
	

	 
	SECTION 7.5    Reporting Requirements of ADT

	53 54
	

	 
	SECTION 7.6    Negative Covenants of ADT

	55 56
	

	 
	SECTION 7.7    Nature of Obligations

	56 58
	

	 
	SECTION 7.8    Corporate Separateness; Related Matters and Covenants

	57 58
	

	ARTICLE VIII ADMINISTRATION AND COLLECTION

	60 61
	

	 
	SECTION 8.1    Designation of the Servicer

	60 61
	

	
			
	 
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Page

	
				
	 
	SECTION 8.2    Duties of the Servicer

	61 62
	

	 
	SECTION 8.3    Rights of the Collateral Agent

	62 64
	

	 
	SECTION 8.4    Responsibilities of the Servicer

	64 65
	

	 
	SECTION 8.5    Further Action Evidencing Purchases

	64 66
	

	 
	SECTION 8.6    Application of Collections

	64 66
	

	ARTICLE IX SECURITY INTEREST

	65 66
	

	 
	SECTION 9.1    Grant of Security Interest
	65 66
	

	 
	SECTION 9.2    Waiver

	65 67
	

	ARTICLE X EVENTS OF TERMINATION

	66 67
	

	 
	SECTION 10.1 Events of Termination

	66 67
	

	 
	SECTION 10.2 Remedies

	69 70
	

	ARTICLE XI PURCHASER AGENTS; COLLATERAL AGENT;  ADMINISTRATIVE AGENT;  CERTAIN RELATED MATTERS

	69 71
	

	 
	SECTION 11.1 Limited Liability of Purchasers, Purchaser Agents, Collateral Agent, and the Administrative Agent

	69 71
	

	 
	SECTION 11.2 Authorization and Action of each Purchaser Agent

	70 72
	

	 
	SECTION 11.3 Authorization and Action of the Administrative Agent and Collateral Agent

	70 72
	

	 
	SECTION 11.4 Delegation of Duties of each Purchaser Agent

	71 72
	

	 
	SECTION 11.5 Delegation of Duties of the Administrative Agent and the Collateral Agent

	71 72
	

	 
	SECTION 11.6 Successor Administrative Agent and Collateral Agent

	71 73
	

	 
	SECTION 11.7 Indemnification

	72 74
	

	 
	SECTION 11.8 Reliance, etc

	72 74
	

	 
	SECTION 11.9 Purchasers and Affiliates

	73 74
	

	 
	SECTION 11.10 Sharing of Recoveries

	73 75
	

	 
	SECTION 11.11 Non-Reliance

	73 75
	

	ARTICLE XII INDEMNIFICATION

	74 75
	

	 
	SECTION 12.1 Indemnities by the Seller

	74 75
	

	 
	SECTION 12.2 Indemnities by ADT and the Servicer

	76 78
	

	ARTICLE XIII MISCELLANEOUS

	77 79
	

	 
	SECTION 13.1 Amendments, Etc

	77 79
	

	 
	SECTION 13.2 Notices, Etc

	78 80
	

	 
	SECTION 13.3 Successors and Assigns; Participations; Assignments

	78 80
	

	 
	SECTION 13.4 No Waiver; Remedies; Set-Off

	81 83
	

	 
	SECTION 13.5 Binding Effect; Survival

	82 84
	

	 
	SECTION 13.6 Costs and Expenses

	83 84
	

	 
	SECTION 13.7 No Proceedings; Limited Recourse

	83 85
	

	 
	SECTION 13.8 Confidentiality

	85 87
	

	 
	SECTION 13.9 Captions and Cross References

	88 91
	

	 
	SECTION 13.10 Integration

	88 91
	

	 
	SECTION 13.11 Governing Law

	89 91
	

-iv-

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(continued)

Page

	
				
	 
	SECTION 13.12 Waiver of Jury Trial

	89 91
	

	 
	SECTION 13.13 Consent to Jurisdiction; Waiver of Immunities

	89 91
	

	 
	SECTION 13.14 Execution in Counterparts

	90 92
	

	 
	SECTION 13.15 Pledge to a Federal Reserve Bank

	90 92
	

	 
	SECTION 13.16 Severability

	90 92
	

	 
	SECTION 13.17 Acknowledgement and Consent to Bail-In of EEA Financial Institutions

	90 93
	

	 
	SECTION 13.18 PATRIOT Act Notice

	91 93
	

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Page

APPENDIX A    Definitions
EXHIBIT A    Purchase Request
EXHIBIT B    Paydown Notice
EXHIBIT C     Form of Compliance Certificate
EXHIBIT D    Form of Information Package
EXHIBIT E-1     Form of Customer-Owned Equipment Contract Originated on or prior to     December 15, 2019
EXHIBIT E     Forms ofE-2     Form of Customer-Owned Equipment Contract Originated after     December 15, 2019 
EXHIBIT E-3     Form of ADT-Owned Equipment Contract Originated after April 17,     2020
EXHIBIT F    Credit and Collection Policy 
EXHIBIT G-1    Form of Lock-Box Account Payment Direction 
EXHIBIT G-2    Form of Collection Account Payment Direction 
EXHIBIT G-3    Form of Omnibus Account Payment Direction 
EXHIBIT H    Form of Joinder

SCHEDULE I    Addresses for Notices
SCHEDULE II    Payment Instructions
SCHEDULE III    Advance Rate Matrix
SCHEDULE IV    Pool Limits
SCHEDULE V    Lock-box and Account Information
		
	SCHEDULE VI
	Certain UCC Details

	
			
	

	-v-
	 

SK 28677 0004 8494650 v112 

RECEIVABLES PURCHASE AGREEMENT
This RECEIVABLES PURCHASE AGREEMENT dated as of March 5, 2020 (this “Agreement”), is entered into by and among ADT LLC, a Delaware limited liability company (“ADT”), individually and as Servicer (as defined below), ADT FINANCE LLC, a Delaware limited liability company, (the “Seller”), the various PURCHASERS and PURCHASER AGENTS (as such terms are defined below) from time to time party hereto and MIZUHO BANK, LTD. (“Mizuho”), as Administrative Agent, Arranger, Structuring Agent and Collateral Agent (as such terms are defined below).
PRELIMINARY STATEMENT.  ADT will, pursuant to the Sale Agreement (as defined below) from time to time, sell, or contribute, transfer and assign certain Receivables (as defined below) and the Related Assets (as defined below) to the Seller.  Subject to the terms and conditions of this Agreement, the Purchasers may, from time to time, purchase from the Seller certain Receivables of the Seller on the terms set forth herein.  Accordingly, the parties hereto agree as follows:
Capitalized terms used and not otherwise defined in this Agreement are used as defined in (or by reference in) Appendix A, and the other interpretive provisions set out in Appendix A shall be applied in the interpretation of this Agreement.
ARTICLE I 
 
PURCHASE OF RECEIVABLES
SECTION 1.1    Purchase of Pool Receivables and Related Assets; Purchase Price.  In accordance with the procedures set forth in Section 1.2(a) and subject to the terms and conditions of this Agreement, including Article V, the Seller may, from time to time, elect to sell the Receivables identified in Annex A to the related Purchase Request, together with all Related Assets in respect thereof, to the Collateral Agent on behalf of the Purchasers and the Purchasers may in their sole discretion agree to purchase such Receivables and Related Assets.  On each Purchase Date, in consideration of the payment to the Seller of the cash purchase price payable pursuant to Section 1.2(b), if any, (the “Cash Purchase Price”) by the participating Purchasers on such Purchase Date and the agreement to pay the deferred purchase price payable to the Seller pursuant to Section 1.2(g) (the “RPA Deferred Purchase Price”) the Seller shall sell, convey, transfer and assign to the Collateral Agent, on behalf of such Purchasers, each of the Receivables identified in Annex A to the related Purchase Request together with all Related Assets in respect thereto, in each case, as existing on the immediately preceding Cut-off Date (each, a “Purchase”).  The Collateral Agent shall hold the Receivable Pool and Related Assets on behalf of the Purchasers in each Purchaser Group in accordance with the Proportionate Share of each Purchaser Group from time to time.  Within each Purchaser Group each Purchaser Agent shall hold such Purchaser Group’s Proportional Share of the Receivable Pool and the Related Assets on behalf of the Purchasers in such Purchaser Group in accordance with the respective outstanding portions of the Investment funded by such Purchasers.  The amount of the RPA Deferred Purchase Price determined on any Purchase Date relating to Receivables purchased by the Collateral Agent on behalf of the Purchasers on any Purchase Date in accordance with the terms of this Agreement shall be an amount equal to the aggregate Unpaid 

SK 28677 0004 8494650 v112 

Balance of all such Eligible Receivables less the Cash Purchase Price, if any, paid for such Eligible Receivables.
SECTION 1.1    Purchase Procedures; Assignment of the Seller’s Interests.  
(a)    PURCHASE REQUESTS.  EACH PURCHASE OF RECEIVABLES UNDER THIS AGREEMENT SHALL BE MADE AT THE WRITTEN REQUEST OF THE SELLER OR THE SERVICER (ON BEHALF OF THE SELLER) TO THE ADMINISTRATIVE AGENT (EACH A “PURCHASE REQUEST”) NOT LATER THAN 11:00 A.M. (NEW YORK CITY TIME) ON THE FIFTH (5TH) BUSINESS DAY PRECEDING THE PROPOSED PURCHASE DATE (OR IN THE CASE OF THE INITIAL PURCHASE DATE, SUCH PURCHASE DATE).  ANY SUCH PURCHASE REQUEST SHALL BE IN SUBSTANTIALLY THE FORM OF EXHIBIT A HERETO AND SHALL SPECIFY (A) THE DESIRED DATE OF SUCH PROPOSED PURCHASE (WHICH SHALL BE A BUSINESS DAY OCCURRING PRIOR TO THE PURCHASE TERMINATION DATE AND SHALL BE A SETTLEMENT DATE) AND THE CUT-OFF DATE IMMEDIATELY PRECEDING SUCH PROPOSED PURCHASE DATE, (B) WHETHER OR NOT SUCH PROPOSED PURCHASE IS A NON-CASH PURCHASE, (C) UNLESS SUCH PROPOSED PURCHASE IS TO BE A NON-CASH PURCHASE, THE PROPOSED CASH PURCHASE PRICE IN RESPECT OF SUCH PROPOSED PURCHASE (WHICH SHALL BE AN AMOUNT AT LEAST EQUAL TO $1,000,000 IN THE AGGREGATE FOR ALL PURCHASER GROUPS, OR TO THE EXTENT THAT THE THEN AVAILABLE AGGREGATE PURCHASERS’ POOL LIMIT IS LESS THAN SUCH AMOUNT, SUCH LESSER AMOUNT EQUAL TO SUCH AVAILABLE UNUSED PORTION OF THE AGGREGATE PURCHASERS’ POOL LIMIT), (D) THE RPA DEFERRED PURCHASE PRICE AS OF SUCH PROPOSED PURCHASE DATE IN RESPECT THEREOF, (E) A DETAILED LIST OF THE RECEIVABLES PROPOSED TO BE SOLD TO THE PURCHASER ON SUCH PROPOSED PURCHASE DATE, INCLUDING IN RESPECT OF EACH RECEIVABLE THE NAME AND BILLING ADDRESS OF THE RELATED OBLIGOR (OR THE IDENTIFICATION NUMBER OR CODE OF SUCH OBLIGOR, PROVIDED THAT IT INCLUDES THE STATE (OR COMMONWEALTH) IN THE UNITED STATES IN RESPECT OF SUCH BILLING ADDRESS), THE ACCOUNT NUMBER OR CONTRACT IDENTIFICATION NUMBER, THE REMAINING TERM AS OF THE PROPOSED PURCHASE DATE, THE ADT CREDIT SCORE, THE PRODUCT TYPE, WHETHER A CREDIT CHECK WAS COMPLETED, THE UNPAID BALANCE, THE FINANCED UNPAID BALANCE, THE AGGREGATE UNPAID BALANCE OF ALL SUCH RECEIVABLES, AND SUCH ADDITIONAL DETAIL THAT THE ADMINISTRATIVE AGENT MAY FROM TIME TO TIME REASONABLY REQUEST, OF EACH RECEIVABLE AS OF THE IMMEDIATELY PRECEDING CUT-OFF DATE, AND (F) UNLESS SUCH PROPOSED PURCHASE IS TO BE A NON-CASH PURCHASE, THE ALLOCATION OF SUCH PROPOSED PURCHASE BASED ON THE RATABLE SHARE OF EACH PURCHASER GROUP’S PURCHASE LIMIT; PROVIDED, HOWEVER, THAT, THE SELLER (OR THE SERVICER ON ITS BEHALF) SHALL NOT SUBMIT A PURCHASE REQUEST HEREUNDER FOLLOWING THE 

2

PURCHASE TERMINATION DATE.  EACH PURCHASE REQUEST SHALL BE ACCOMPANIED BY AN INFORMATION PACKAGE (OR IN THE CASE OF THE INITIAL PURCHASE DATE, A PRO FORMA INFORMATION PACKAGE) IN RESPECT OF THE SETTLEMENT PERIOD IMMEDIATELY PRECEDING SUCH PROPOSED PURCHASE DATE SPECIFIED IN SUCH PURCHASE REQUEST WHICH SHALL ALSO CONTAIN THE PRO FORMA INFORMATION REGARDING SUCH PROPOSED PURCHASE REQUIRED BY SECTION 3.1(C).  UPON THE WRITTEN REQUEST OF THE SELLER OR THE SERVICER, THE ADMINISTRATIVE AGENT SHALL CONFIRM TO SUCH REQUESTING PARTY EACH PURCHASERS GROUP’S PURCHASE LIMIT. A PURCHASE REQUEST SHALL BE IRREVOCABLE.
Not later than 1:00 pm (New York City time) on the same Business Day of its receipt of a Purchase Request together with the related Information Package pursuant to the foregoing paragraph (it being understood that if any such Purchase Request or Information Package is received by the Administrative Agent after 11:00 a.m. (New York City time) such Purchase Request and Information Package shall be deemed to have been received on the following Business Day), the Administrative Agent shall deliver a copy of such Purchase Request and Information Package to each Purchaser Agent.  Except in respect of a proposed Non-Cash Purchase, each Purchaser Agent shall notify the Administrative Agent no later than 4:00 pm (New York City time) on the second (2nd) Business Day preceding the date of such proposed Purchase of whether the Purchasers in its Purchaser Group approve or reject the proposed Purchase; provided, that to the extent that any Purchaser Agent does not notify the Administrative Agent that it approves such proposed Purchase on or before 4:00 pm (New York City time) on such day, it shall be deemed to have rejected the proposed Purchase, unless on such day and prior to any proposed reallocation by the Administrative Agent of such Purchaser Group’s deemed rejected portion of the Ratable Share of the Cash Purchase Price in respect of such proposed Purchase, such non-responding Purchaser Agent approves in writing such proposed Purchase in the full amount of such requested Cash Purchase Price.  In the event that some but not all of the Purchaser Groups agree to fund their Ratable Share of the Cash Purchase Price a proposed Purchase, the Seller may request the Administrative Agent to re-allocate the rejected portion of the proposed Purchase, and seek approval among the Purchaser Groups that approved the original proposed Purchase, based on the Ratable Share of the Purchase Limits of such Purchaser Groups; provided, that there shall be no obligation of any Purchaser in any Purchaser Group to fund any such incremental Purchase.  Except in respect of a proposed Non-Cash Purchase, upon final allocation, which shall in no event result in the Purchaser Group Investment of any Purchaser Group to exceed its Purchaser Group Limit, the Administrative Agent shall advise each Purchaser Agent of the amount of the requested Purchase to be funded by each Purchaser in its Purchaser Group and the allocated share of each Purchaser of such Purchase (the “Allocated Share”), and each such approving Purchaser shall pay its Allocated Share of the applicable Cash Purchase Price on the proposed date of such Purchase (the “Purchase Date”) in accordance with clause (b) below.  For the avoidance of doubt, no Purchaser shall have any obligation to approve any Purchase Request and except for the initial Purchase no Purchase shall be made on a day which does not constitute a Settlement Date.  Neither the approval of any Purchaser Agent nor any other party will be required for any proposed Non-Cash Purchase and such 

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Purchase shall be deemed to be made on the Settlement Date immediately following the date such Purchase Request is made in writing to the Administrative Agent (which Settlement Date shall be treated as the “Purchase Date” for such Non-Cash Purchase); provided, that (i) any Receivables included in such Non-Cash Purchase shall be treated as Eligible Receivables solely to the extent satisfying the definition thereof and (ii) each applicable condition precedent set forth in Section 5.2 shall be satisfied.
In connection with each Purchase Date, and in recognition of the sale of the Receivables hereunder and the sale of the Collections as existing on the immediately preceding Cut-off Date, the Servicer and Seller shall as promptly as practicable, and in any event within three (3) Business Days of such Purchase Date, deposit, or cause to be deposited, to the Collateral Agent’s Account, an amount equal to all Collections and other proceeds actually received by any ADT Entity with respect to such Pool Receivable that were collected during the period from (and including) the immediately preceding  Cut-off Date and to (and including) such Purchase Date, and such deposit shall satisfy Seller’s and Servicer’s obligation to deposit or remit the corresponding portion of such Collections and other proceeds. For the avoidance of doubt, all Collections and other proceeds actually received after each Purchase Date, whether relating to a period prior to or after the related Purchase Date, shall be remitted to the Collateral Agent’s Account in accordance with this Agreement.  
(b)    PAYMENT OF CASH PURCHASE.  ON EACH PURCHASE DATE FOR ANY PURCHASE (OTHER THAN ANY NON-CASH PURCHASE) WHICH HAS BEEN REQUESTED AND APPROVED IN ACCORDANCE WITH CLAUSE (A) ABOVE, THE APPLICABLE PURCHASERS SHALL, UPON SATISFACTION OF THE APPLICABLE CONDITIONS SET FORTH HEREIN (INCLUDING IN ARTICLE V) AND UPON THE COMPLETION OF THE APPLICATION OF COLLECTIONS IN ACCORDANCE WITH SECTION 3.1(D) WITH RESPECT TO SUCH PURCHASE DATE, PAY THEIR ALLOCATED SHARE OF THE CASH PURCHASE PRICE WITH RESPECT TO SUCH PURCHASE, WHICH CASH PURCHASE PRICE SHALL EQUAL THE LESSER OF:  (I) THE AMOUNT REQUESTED BY THE SELLER UNDER CLAUSE (A) ABOVE, AND (II) THE AMOUNT WHICH, AFTER GIVING EFFECT TO SUCH PURCHASE AND THE APPLICATION OF ALL COLLECTIONS ON SUCH PURCHASE DATE IN ACCORDANCE WITH SECTION 3.1(D) IS THE LARGEST AMOUNT THAT WILL NOT CAUSE (A) THE PURCHASERS’ POOL INVESTMENT TO EXCEED THE PURCHASERS’ POOL LIMIT, OR (B) THE SUM OF THE PURCHASERS’ POOL INVESTMENT AND THE REQUIRED RESERVES TO EXCEED THE NET PORTFOLIO BALANCE.  THE CASH PURCHASE PRICE PAYABLE ON ANY PURCHASE DATE SHALL BE PAID IN IMMEDIATELY AVAILABLE FUNDS TO THE SELLER AT THE ACCOUNT OF THE SELLER SPECIFIED ON SCHEDULE II OR AT SUCH OTHER ACCOUNT DESIGNATED FROM TIME TO TIME BY THE SELLER OR THE SERVICER (ON BEHALF OF THE SELLER) IN THE RELATED PURCHASE REQUEST.  
(c)    SALE OF RECEIVABLES.  ON EACH PURCHASE DATE, THE SELLER HEREBY SELLS, ASSIGNS, AND TRANSFERS TO THE COLLATERAL AGENT (FOR 

4

THE BENEFIT OF THE PURCHASERS) (RATABLY, ACCORDING TO EACH PURCHASER’S INVESTMENT), IN CONSIDERATION OF THE AGGREGATE CASH PURCHASE PRICE PAID ON EACH SUCH PURCHASE DATE, IF ANY, AND THE AGREEMENT TO PAY THE RPA DEFERRED PURCHASE PRICE IN ACCORDANCE WITH AND SUBJECT TO THE TERMS OF THIS AGREEMENT, EFFECTIVE UPON SELLER’S RECEIPT OF PAYMENT OF SUCH CASH PURCHASE PRICE FOR SUCH RECEIVABLES (OR IN THE CASE OF A NON-CASH PURCHASE, EFFECTIVE ON THE SETTLEMENT DATE IMMEDIATELY FOLLOWING THE DATE SUCH PURCHASE REQUEST IS MADE IN WRITING TO THE ADMINISTRATIVE AGENT), ALL OF THE SELLER’S RIGHT, TITLE AND INTEREST IN, TO AND UNDER (I) EACH OF THE RECEIVABLES SPECIFIED ON ANNEX A TO THE RELATED PURCHASE REQUEST, AND (II) ALL RELATED ASSETS WITH RESPECT TO SUCH RECEIVABLES, IN EACH CASE, AS EXISTING ON THE IMMEDIATELY PRECEDING CUT-OFF DATE.  NOTWITHSTANDING SUCH SALE, ASSIGNMENT AND TRANSFER, NEITHER THE COLLATERAL AGENT NOR ANY PURCHASER SHALL HAVE ANY RIGHT TO SELL, TRANSFER OR ASSIGN ANY POOL RECEIVABLES OR RELATED ASSETS (OR ANY INTEREST THEREIN) OTHER THAN (X) PURSUANT TO AND IN ACCORDANCE WITH SECTION 10.2 FOLLOWING THE ACCELERATION DATE OR (Y) TRANSFERS OF INTERESTS IN THE RECEIVABLE POOL AND RELATED ASSETS IN ACCORDANCE WITH SECTION 13.3.  ON THE FINAL PAYOUT DATE, ALL RIGHT, TITLE AND INTEREST IN, TO AND UNDER THE POOL RECEIVABLES AND RELATED ASSETS SHALL REVERT BACK TO THE SELLER, AND ANY OBLIGATION TO PAY ANY RPA DEFERRED PURCHASE PRICE SHALL THEREUPON BE EXTINGUISHED.
(d)    CHARACTERIZATION AS A PURCHASE AND SALE; RECHARACTERIZATION.  
(i)    IT IS THE INTENTION OF THE PARTIES TO THIS AGREEMENT THAT THE TRANSFER AND CONVEYANCE OF THE SELLER’S RIGHT, TITLE AND INTEREST IN, TO AND UNDER THE RECEIVABLE POOL AND RELATED ASSETS TO THE COLLATERAL AGENT (FOR THE BENEFIT OF THE PURCHASERS) PURSUANT TO THIS AGREEMENT SHALL CONSTITUTE A PURCHASE AND SALE AND NOT A PLEDGE FOR SECURITY, AND SUCH PURCHASE AND SALE OF THE RECEIVABLE POOL AND RELATED ASSETS TO THE COLLATERAL AGENT (FOR THE BENEFIT OF THE PURCHASERS) HEREUNDER SHALL BE TREATED AS A SALE FOR ALL PURPOSES (EXCEPT FOR FINANCIAL ACCOUNTING PURPOSES AND EXCEPT AS MAY BE PERMITTED FOR TAX PURPOSES AS PROVIDED IN SECTION 1.2(D)(II)).  THE PROVISIONS OF THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS SHALL BE CONSTRUED TO FURTHER THESE INTENTIONS OF THE PARTIES.  IF, NOTWITHSTANDING THE FOREGOING, THE TRANSFER AND CONVEYANCE OF THE RECEIVABLE POOL AND RELATED ASSETS TO THE COLLATERAL AGENT (FOR THE BENEFIT OF THE PURCHASERS) 

5
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IS CHARACTERIZED BY ANY BANKRUPTCY TRUSTEE OR ANY OTHER PERSON AS A PLEDGE AND NOT A SALE, THE PARTIES INTEND THAT THE SELLER SHALL BE DEEMED HEREUNDER TO HAVE GRANTED, AND THE SELLER DOES HEREBY GRANT, TO THE COLLATERAL AGENT (FOR THE BENEFIT OF THE PURCHASERS) A SECURITY INTEREST IN AND GENERAL LIEN ON ALL OF THE SELLER’S RIGHT, TITLE, AND INTEREST NOW OR HEREAFTER EXISTING IN, TO AND UNDER ALL OF THE SELLER’S ASSETS, WHETHER NOW OWNED OR HEREAFTER ACQUIRED, AND WHEREVER LOCATED (WHETHER OR NOT IN THE POSSESSION OR CONTROL OF THE SELLER), INCLUDING ALL OF THE SELLER’S RIGHT, TITLE AND INTEREST IN, TO AND UNDER THE RECEIVABLE POOL AND THE RELATED ASSETS IN RESPECT THEREOF.  FOR THE AVOIDANCE OF DOUBT, THE FOREGOING SHALL NOT BE CONSTRUED TO REQUIRE ANY PARTY HERETO TO CHARACTERIZE THE TRANSFER AND CONVEYANCE OF ANY RECEIVABLES HEREUNDER AS A SALE FOR FINANCIAL ACCOUNTING PURPOSES.  EACH OF THE PARTIES HERETO FURTHER EXPRESSLY ACKNOWLEDGES AND AGREES THAT THE PURCHASES BY THE PURCHASERS HEREUNDER, REGARDLESS OF THE INTENDED TRUE SALE NATURE OF THE OVERALL TRANSACTION, ARE FINANCIAL ACCOMMODATIONS (WITHIN THE MEANING OF SECTION 365(C)(2) OF THE BANKRUPTCY CODE TO OR FOR THE BENEFIT OF THE SELLER.  FOR THE AVOIDANCE OF DOUBT, THE RECEIVABLES AND RELATED ASSETS PURCHASED BY THE COLLATERAL AGENT ON BEHALF OF THE PARTICIPATING PURCHASERS ON A PURCHASE DATE, INCLUDES THE RIGHT TO RECEIVE ALL COLLECTIONS AND OTHER PROCEEDS PAYABLE OR RECEIVED BY THE SELLER IN RESPECT OF SUCH RECEIVABLES ON AND AFTER THE CUT-OFF DATE IMMEDIATELY PRECEDING SUCH PURCHASE DATE, WHICH COLLECTIONS SHALL BE APPLIED IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT, INCLUDING WITHOUT LIMITATION SECTION 7.1(H).
(ii)    TAX TREATMENT.  
(A)    IT IS THE INTENTION OF THE SELLER (OR, IF APPLICABLE, ADT), THE SERVICER, THE ADMINISTRATIVE AGENT, AND THE PURCHASERS THAT, FOR PURPOSES OF U.S. FEDERAL INCOME TAX AND STATE AND LOCAL TAXES MEASURED BY NET INCOME, EACH PURCHASE WILL BE TREATED AS A LOAN FROM THE APPLICABLE PURCHASER TO ADT OR THE SELLER, AS THE CASE MAY BE, UNDER APPLICABLE TAX LAWS (IT BEING UNDERSTOOD THAT ALL PAYMENTS TO THE PURCHASERS, IN THEIR CAPACITY AS SUCH, REPRESENTING YIELD, FEES AND OTHER AMOUNTS ACCRUED UNDER THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS SHALL BE DEEMED TO CONSTITUTE INTEREST PAYMENTS OR 

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OTHER PAYMENTS IN CONNECTION WITH SUCH LOAN), AND NONE OF THE SELLER (OR, IF APPLICABLE, ADT), THE SERVICER, THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT NOR THE PURCHASERS SHALL TAKE ANY POSITION INCONSISTENT THEREWITH FOR SUCH TAX PURPOSES, UNLESS OTHERWISE REQUIRED BY APPLICABLE LAWS AS CONFIRMED IN THE OPINION OF NATIONALLY RECOGNIZED TAX COUNSEL AND THE PERSON TAKING ANY SUCH INCONSISTENT POSITION PROVIDES WRITTEN ADVANCE NOTICE TO THE OTHER AFFECTED PARTIES OF SUCH CHANGE IN POSITION, IT BEING UNDERSTOOD THAT THE PARTIES TO THIS AGREEMENT WILL OTHERWISE DEFEND IN GOOD FAITH SUCH AGREED-UPON POSITION PRIOR TO SUCH CHANGE IN POSITION.
(B)    ADT AND THE SELLER, BY ENTERING INTO THIS AGREEMENT, AND THE PURCHASERS, BY FUNDING THE PURCHASE OF THE RECEIVABLE POOL AND RELATED ASSETS, AGREE TO TREAT THE PURCHASE OF THE  RECEIVABLE POOL AND RELATED ASSETS, FOR PURPOSES OF U.S. FEDERAL INCOME TAX AND STATE AND LOCAL TAXES MEASURED BY NET INCOME, AND FOR STATE AND LOCAL SALES AND OTHER TRANSACTIONAL TAX PURPOSES, AS CREATING INDEBTEDNESS SECURED BY THE RECEIVABLE POOL AND RELATED ASSETS.  ACCORDINGLY, THE SELLER (OR, IF APPLICABLE, ADT), RATHER THAN THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, THE PURCHASERS, OR ANY OTHER AFFECTED PARTY, SHALL BE ENTITLED TO AND SHALL RETAIN THE BENEFIT OF (1) ANY BAD DEBT DEDUCTION FOR WRITTEN-OFF RECEIVABLES FOR PURPOSES OF U.S. FEDERAL INCOME TAX AND STATE AND LOCAL TAXES MEASURED BY NET INCOME, AND (2) ANY DEDUCTION, CREDIT, OR REFUND WITH RESPECT TO STATE AND LOCAL SALES AND OTHER TRANSACTIONAL TAXES PAID OR COLLECTED AND REMITTED TO THE APPROPRIATE GOVERNMENTAL AUTHORITY ON WRITTEN-OFF RECEIVABLES.  THE PROVISIONS OF THIS AGREEMENT AND ALL RELATED TRANSACTION DOCUMENTS SHALL BE CONSTRUED TO FURTHER THESE INTENTIONS OF THE PARTIES.  FOR PURPOSES OF THIS SECTION 1.2(D)(II)(B), THE TERM “AFFECTED PARTY” SHALL INCLUDE ANY ASSIGNEE PURSUANT TO SECTION 13.3(C) OR 13.3(D).
(e)    PURCHASERS LIMITATION ON PAYMENTS.  NOTWITHSTANDING ANY PROVISION CONTAINED IN THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT TO THE CONTRARY, NONE OF THE PURCHASERS, PURCHASER AGENTS, THE COLLATERAL AGENT OR THE ADMINISTRATIVE AGENT SHALL BE OBLIGATED (WHETHER ON BEHALF OF A PURCHASER OR 

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OTHERWISE), TO PAY ANY AMOUNT TO THE SELLER IN RESPECT OF ANY PORTION OF THE RPA DEFERRED PURCHASE PRICE RELATING TO THE RECEIVABLE POOL, EXCEPT IN ACCORDANCE WITH SECTION 1.2(G), FROM AVAILABLE COLLECTIONS DEPOSITED IN THE COLLATERAL AGENT’S ACCOUNT.  ANY AMOUNT WHICH THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT, A PURCHASER AGENT OR A PURCHASER IS NOT OBLIGATED TO PAY PURSUANT TO THE OPERATION OF THE PRECEDING SENTENCE SHALL NOT CONSTITUTE A CLAIM (AS DEFINED IN § 101 OF THE BANKRUPTCY CODE) AGAINST, OR OBLIGATION OF, ANY PURCHASER AGENT, THE COLLATERAL AGENT, ANY PURCHASER, OR THE ADMINISTRATIVE AGENT, AS APPLICABLE, FOR ANY SUCH INSUFFICIENCY UNLESS AND UNTIL SUCH AMOUNT BECOMES AVAILABLE FOR DISTRIBUTION TO THE SELLER PURSUANT TO THE TERMS HEREOF AND SUCH PARTY IS CONTRACTUALLY OBLIGED TO MAKE SUCH PAYMENT.
(f)    OBLIGATIONS NOT ASSUMED.  THE FOREGOING SALE, ASSIGNMENT, TRANSFER, AND CONVEYANCE DOES NOT CONSTITUTE, AND IS NOT INTENDED TO RESULT IN, THE CREATION OR AN ASSUMPTION BY THE ADMINISTRATIVE AGENT, ANY PURCHASER AGENT, THE COLLATERAL AGENT OR ANY PURCHASER OF ANY OBLIGATION OR LIABILITY OF THE SELLER, ADT, THE SERVICER, OR ANY OTHER PERSON UNDER OR IN CONNECTION WITH ALL, OR ANY PORTION OF, THE RECEIVABLE POOL OR RELATED ASSETS, ALL OF WHICH SHALL REMAIN THE OBLIGATIONS AND LIABILITIES OF THE SELLER, ADT, THE SERVICER, AND SUCH OTHER PERSONS, AS APPLICABLE.
(g)    RPA DEFERRED PURCHASE PRICE.  IN ACCORDANCE WITH THE TERMS OF, AND SUBJECT TO THE LIMITATIONS SET FORTH IN, THIS AGREEMENT, THE COLLATERAL AGENT (ON BEHALF OF THE PURCHASERS IN EACH PURCHASER GROUP) SHALL PAY TO THE SELLER THE RPA DEFERRED PURCHASE PRICE RELATING TO THE RECEIVABLE POOL ON EACH SETTLEMENT DATE FROM THE RELATED MONTHLY COLLECTIONS THAT ARE AVAILABLE FOR ALLOCATION THEREFOR (IF ANY) PURSUANT TO SECTION 3.1(D)(VII).  ANY PAYMENT OF ANY AMOUNT OF RPA DEFERRED PURCHASE PRICE SHALL BE DEEMED TO BE MADE BY EACH PURCHASER GROUP ACCORDING TO ITS PROPORTIONATE SHARE OF SUCH AMOUNT.  ANY AMOUNTS PROPERLY DISTRIBUTED TO THE SELLER IN ACCORDANCE WITH THIS SECTION 1.2(G) IN RESPECT OF THE RPA DEFERRED PURCHASE PRICE SHALL BE FOR THE ACCOUNT OF THE SELLER, AND MAY BE APPLIED BY THE SELLER FOR SO LONG AS NO EVENT OF TERMINATION OR UNMATURED EVENT OF TERMINATION WOULD BE CONTINUING IMMEDIATELY AFTER SUCH APPLICATION, TOWARD THE PURCHASE OF ADDITIONAL RECEIVABLES AND RELATED ASSETS OR MAY BE DISTRIBUTED TO ADT.

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ARTICLE II     
 
COMPUTATIONAL RULES
SECTION 2.1    Selection of Rate Tranches.  Subject to the requirements set forth in this Article II, each Purchaser Agent shall from time to time, only for purposes of computing Yield with respect to each Purchaser in its Purchaser Group, account for such Purchaser’s Investment in terms of one or more Rate Tranches and the applicable Yield Rate, which may be different for each Rate Tranche.  Each Purchaser’s Investment in respect of the Receivable Pool shall be allocated to each Rate Tranche by the related Purchaser Agent to reflect the funding sources for each portion of the Receivable Pool so that:
(a)    THERE WILL BE ONE OR MORE RATE TRANCHES IN RESPECT OF THE RECEIVABLE POOL, SELECTED BY EACH PURCHASER AGENT, REFLECTING THE PORTION, IF ANY, OF THE AGGREGATE INVESTMENT OF THE PURCHASERS IN ITS PURCHASER GROUP FUNDED OR MAINTAINED BY SUCH PURCHASERS OTHER THAN THROUGH THE ISSUANCE OF COMMERCIAL PAPER NOTES (INCLUDING BY OUTSTANDING LIQUIDITY ADVANCES OR BY FUNDING UNDER AN ENHANCEMENT AGREEMENT); AND
(b)    THERE WILL BE A RATE TRANCHE IN RESPECT OF THE RECEIVABLE POOL, SELECTED BY EACH PURCHASER AGENT, EQUAL TO THE EXCESS OF THE AGGREGATE INVESTMENT OF THE PURCHASERS IN ITS PURCHASER GROUP OVER THE AGGREGATE AMOUNTS ALLOCATED AT SUCH TIME PURSUANT TO CLAUSE (A) ABOVE, WHICH RATE TRANCHE SHALL REFLECT THE PORTION OF SUCH AGGREGATE INVESTMENT FUNDED OR MAINTAINED BY SUCH PURCHASERS THROUGH THE ISSUANCE OF COMMERCIAL PAPER NOTES.
Each Purchaser Agent may in its sole discretion, allocate all or any portion of any Purchaser’s Investment in respect of any Purchaser in its Purchaser Group to one or more Rate Tranches as such Purchaser Agent shall select.
SECTION 2.2    Computation of each Purchaser’s Investment and each Purchaser’s Tranche Investment.  In making any determination of the Purchasers’ Pool Investment, any Purchaser’s Investment and any Purchaser’s Tranche Investment, the following rules shall apply:
(a)    (A)    EACH PURCHASER’S INVESTMENT SHALL NOT BE CONSIDERED REDUCED UNLESS COLLECTIONS AVAILABLE FOR DISTRIBUTION PURSUANT TO SECTION 3.1(D)(IV) SHALL HAVE BEEN ACTUALLY PAID TO, AND RECEIVED BY, THE APPLICABLE PURCHASER AGENT FOR APPLICATION HEREUNDER TO REDUCE SUCH PURCHASER’S INVESTMENT IN ACCORDANCE WITH THE TERMS HEREOF;
(b)    EACH PURCHASER’S INVESTMENT (OR ANY OTHER AMOUNTS PAYABLE UNDER ANY TRANSACTION DOCUMENT) SHALL NOT BE 

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CONSIDERED REDUCED (OR PAID) BY ANY DISTRIBUTION OF ANY PORTION OF COLLECTIONS OR OTHER PAYMENTS, AS APPLICABLE, IF AT ANY TIME SUCH DISTRIBUTION OR PAYMENT IS RESCINDED OR MUST OTHERWISE BE RETURNED FOR ANY REASON; AND
(c)    IF THERE IS ANY REDUCTION IN ANY PURCHASER’S INVESTMENT, THERE SHALL BE A CORRESPONDING REDUCTION (IN THE AGGREGATE) IN SUCH PURCHASER’S TRANCHE INVESTMENT WITH RESPECT TO ONE OR MORE RATE TRANCHES SELECTED BY THE RELATED PURCHASER AGENT IN ITS REASONABLE DISCRETION.
SECTION 2.3    Computation of Yield.  In making any determination of Yield, the following rules shall apply:
(a)    YIELD SHALL ACCRUE DAILY ON THE PURCHASERS’ POOL INVESTMENT ON SUCH DAY.  EACH PURCHASER AGENT SHALL DETERMINE THE YIELD ACCRUING WITH RESPECT TO EACH RATE TRANCHE FOR THE PURCHASERS IN ITS PURCHASER GROUP DAILY, IN ACCORDANCE WITH THE DEFINITION OF YIELD;
(b)    NO PROVISION OF THIS AGREEMENT SHALL REQUIRE THE PAYMENT OR PERMIT THE COLLECTION OF YIELD IN EXCESS OF THE MAXIMUM PERMITTED BY APPLICABLE LAW; AND
(c)    YIELD FOR ANY RATE TRANCHE SHALL NOT BE CONSIDERED PAID BY ANY DISTRIBUTION OR OTHER PAYMENT IF AT ANY TIME SUCH DISTRIBUTION OR PAYMENT IS RESCINDED OR MUST OTHERWISE BE RETURNED FOR ANY REASON.
SECTION 2.4    Yield Rate, Fees, Etc.  It is understood and agreed that (a) the Yield Rate for any Rate Tranche may change from one applicable Yield Period or Settlement Period to the next, and the applicable Bank Rate, Base Rate, CP Rate or Hedge Rate used to calculate the applicable Yield Rate may change from time to time and at any time during an applicable Yield Period or Settlement Period, (b) any rate information provided by any Purchaser Agent to the Seller or the Servicer shall be based upon such Purchaser Agent’s good faith estimate.
SECTION 2.5    Benchmark Replacement.  (a) Notwithstanding anything to the contrary herein or in any other Transaction Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Seller may mutually agree to amend this Agreement to replace the LIBO Rate with a Benchmark Replacement.  Any such amendment will become effective without any further action or consent of the Purchase Agents, Purchasers or the Servicer:  at 5:00 p.m. on the fifth (5th) Business Day (or such earlier Business Day set forth in the notice of such proposed amendment) after the Administrative Agent and the Seller have provided such proposed amendment to the Purchaser Agents and the Servicer in all cases.  No replacement of the LIBO Rate with a Benchmark 

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Replacement pursuant to this Section 2.5 will occur prior to the applicable Benchmark Transition Start Date.
(a)    BENCHMARK REPLACEMENT CONFORMING CHANGES.  IN CONNECTION WITH THE IMPLEMENTATION OF A BENCHMARK REPLACEMENT, THE ADMINISTRATIVE AGENT AND THE SELLER WILL HAVE THE RIGHT TO MUTUALLY AGREE TO MAKE BENCHMARK REPLACEMENT CONFORMING CHANGES FROM TIME TO TIME AND, NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN OR IN ANY OTHER TRANSACTION DOCUMENT, ANY AMENDMENTS IMPLEMENTING SUCH BENCHMARK REPLACEMENT CONFORMING CHANGES WILL BECOME EFFECTIVE WITHOUT ANY FURTHER ACTION OR CONSENT OF THE PURCHASER AGENTS OR THE PURCHASERS.
(b)    NOTICES; STANDARDS FOR DECISIONS AND DETERMINATIONS.  THE ADMINISTRATIVE AGENT WILL PROMPTLY NOTIFY THE SELLER, THE SERVICER AND EACH PURCHASER AGENT OF (I) ANY OCCURRENCE OF A BENCHMARK TRANSITION EVENT OR AN EARLY OPT-IN ELECTION, AS APPLICABLE, AND ITS RELATED BENCHMARK REPLACEMENT DATE AND BENCHMARK TRANSITION START DATE, (II) THE IMPLEMENTATION OF ANY BENCHMARK REPLACEMENT, (III) THE EFFECTIVENESS OF ANY BENCHMARK REPLACEMENT CONFORMING CHANGES, AND (IV) THE COMMENCEMENT OR CONCLUSION OF ANY BENCHMARK UNAVAILABILITY PERIOD.  ANY DETERMINATION, DECISION OR ELECTION THAT MAY BE MADE BY THE ADMINISTRATIVE AGENT AND THE SELLER PURSUANT TO THIS SECTION 2.5, INCLUDING ANY DETERMINATION WITH RESPECT TO A TENOR, RATE OR ADJUSTMENT OR OF THE OCCURRENCE OR NON-OCCURRENCE OF AN EVENT, CIRCUMSTANCE OR DATE AND ANY DECISION TO TAKE OR REFRAIN FROM TAKING ANY ACTION, WILL BE CONCLUSIVE AND BINDING ABSENT MANIFEST ERROR AND MAY BE MADE IN THE ADMINISTRATIVE AGENT’S SOLE DISCRETION AND WITHOUT CONSENT FROM ANY PURCHASER AGENT, ANY PURCHASER OR THE SERVICER, EXCEPT, IN EACH CASE, AS EXPRESSLY REQUIRED PURSUANT TO THIS SECTION 2.5.
(c)    BENCHMARK UNAVAILABILITY PERIOD.  DURING ANY BENCHMARK UNAVAILABILITY PERIOD, THE YIELD THAT WOULD BE COMPUTED USING THE LIBO RATE SHALL BE COMPUTED USING THE BASE RATE.
ARTICLE III     
 
SETTLEMENTS
SECTION 3.1    Settlement Procedures.

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The parties hereto will take the following actions with respect to each Settlement Date:
(a)    INFORMATION PACKAGE.  BY NO LATER THAN THE FIFTH (5TH) BUSINESS DAY PRIOR TO EACH SETTLEMENT DATE (OR IN THE CASE OF THE INITIAL SETTLEMENT DATE, SUCH SETTLEMENT DATE)  SPECIFIED IN CLAUSE (A) OF THE DEFINITION THEREOF, (EACH A “REPORTING DATE” FOR AND RELATED TO THE SETTLEMENT PERIOD ENDING IMMEDIATELY PRIOR TO SUCH DATE AND, TO THE EXTENT REQUIRED IN CLAUSE (B) BELOW, THE YIELD PERIOD ENDING IMMEDIATELY PRIOR TO SUCH SETTLEMENT DATE), THE SERVICER SHALL DELIVER TO THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT, WHICH THE ADMINISTRATIVE AGENT SHALL, UPON RECEIPT, FORWARD TO EACH PURCHASER AGENT, AN E-MAIL ATTACHING AN EXCEL FILE AND A FILE IN .PDF OR SIMILAR FORMAT SIGNED BY A RESPONSIBLE OFFICER OF THE SERVICER CONTAINING THE INFORMATION DESCRIBED IN EXHIBIT D, INCLUDING THE INFORMATION CALCULATED BY THE SERVICER PURSUANT TO THIS SECTION 3.1 (EACH, AN “INFORMATION PACKAGE”) FOR AND RELATED TO THE SETTLEMENT PERIOD ENDING IMMEDIATELY PRIOR TO SUCH REPORTING DATE; PROVIDED, THAT DURING THE CONTINUANCE OF AN UNMATURED EVENT OF TERMINATION OR EVENT OF TERMINATION, THE ADMINISTRATIVE AGENT MAY (OR AT THE REQUEST OF THE REQUIRED PURCHASERS SHALL) REQUEST, IN ITS REASONABLE DISCRETION, THE SERVICER TO, AND THE SERVICER AGREES TO, DELIVER ANY INFORMATION RELATED TO THE POOL RECEIVABLES AND RELATED ASSETS, OR THE TRANSACTIONS CONTEMPLATED HEREBY AS THE ADMINISTRATIVE AGENT OR THE REQUIRED PURCHASERS SHALL REQUEST (INCLUDING A CALCULATION OF THE NET PORTFOLIO BALANCE, THE REQUIRED RESERVES AND EACH COMPONENT OR SUBCOMPONENT THEREOF (INCLUDING AS DETERMINED ON DATES OTHER THAN AS SET FORTH THEREIN), THE DAILY COLLECTIONS, ETC.) ON EACH BUSINESS DAY.
(b)    YIELD; OTHER AMOUNTS DUE.  ON OR BEFORE THE SECOND (2ND) BUSINESS DAY PRIOR TO EACH REPORTING DATE, EACH PURCHASER AGENT SHALL NOTIFY THE ADMINISTRATIVE AGENT AND THE SERVICER OF (I) THE AMOUNT OF YIELD ACCRUED IN RESPECT OF EACH RELATED RATE TRANCHE FUNDED BY THE PURCHASERS IN EACH PURCHASER GROUP FOR EACH DAY DURING, IN RESPECT OF YIELD CALCULATED AT THE CP RATE, THE MOST RECENTLY ENDED SETTLEMENT PERIOD, AND IN RESPECT OF YIELD CALCULATED AT THE BANK RATE, THE YIELD PERIOD ENDING IMMEDIATELY PRIOR TO THE RELATED SETTLEMENT DATE, AND (II) ALL FEES ACCRUED EACH DAY DURING THE MOST RECENTLY ENDED SETTLEMENT PERIOD, AND (III) ALL OTHER AMOUNTS PAYABLE OR TO BE PAID BY THE SELLER UNDER THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS ON THE IMMEDIATELY SUCCEEDING SETTLEMENT DATE (OTHER THAN AMOUNTS DESCRIBED IN CLAUSE (C) BELOW) TO SUCH PURCHASER AGENT OR ANY PURCHASER IN, OR AFFECTED PARTY RELATED TO, ANY PURCHASER GROUP.  

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SUCH YIELD, FEES AND OTHER AMOUNTS ACCRUED IN RESPECT OF SUCH IMMEDIATELY PRECEDING SETTLEMENT PERIOD OR YIELD PERIOD, AS APPLICABLE, SHALL BE DUE AND PAYABLE BY THE SELLER ON THE NEXT SUCCEEDING SETTLEMENT DATE (NOTWITHSTANDING ANY LIMITATION ON RECOURSE OR OTHER LIABILITY LIMITATION CONTAINED (OTHER THAN FOR THE AVOIDANCE OF DOUBT, THE USURY SAVINGS CLAUSE SET FORTH IN THIS AGREEMENT) HEREIN TO PAY SUCH AMOUNTS).
(c)    SETTLEMENT COMPUTATIONS.  ON EACH REPORTING DATE, THE SERVICER SHALL INCLUDE IN THE INFORMATION PACKAGE, CALCULATIONS, AS OF THE MOST RECENT CUT-OFF DATE FOR THE RELATED SETTLEMENT PERIOD OR YIELD PERIOD, AS APPLICABLE, THE FOLLOWING (I) WITHOUT TAKING INTO ACCOUNT ANY RECEIVABLES INCLUDED IN A PURCHASE TO BE MADE ON THE SETTLEMENT DATE NEXT SUCCEEDING SUCH REPORTING DATE, (A) THE UNPAID BALANCE AND FINANCED UNPAID BALANCE OF EACH OF THE POOL RECEIVABLES, THE PURCHASERS’ POOL INVESTMENT, THE PURCHASER GROUP INVESTMENT OF EACH PURCHASER GROUP, THE REQUIRED RESERVES, THE NET PORTFOLIO BALANCE, AND EACH COMPONENT OF EACH OF THE FOREGOING, (B) THE AMOUNT OF THE REDUCTION OR INCREASE (IF ANY) IN EACH OF THE REQUIRED RESERVES, THE NET PORTFOLIO BALANCE, THE PURCHASERS’ POOL INVESTMENT AND THE PURCHASER GROUP INVESTMENT SINCE THE CUT-OFF DATE IMMEDIATELY PRECEDING THE CUT-OFF DATE FOR THE MOST RECENTLY ENDED SETTLEMENT PERIOD, AND EACH COMPONENT OF EACH OF THE FOREGOING (INCLUDING A BREAKDOWN OF COLLECTIONS AND DEEMED COLLECTIONS AND ANY RELATED DILUTIONS OR OTHER REDUCTIONS, IF ANY, DURING SUCH SETTLEMENT PERIOD), (C) THE EXCESS (IF ANY) OF THE SUM OF THE PURCHASERS’ POOL INVESTMENT AND THE REQUIRED RESERVES, OVER THE NET PORTFOLIO BALANCE, (D) THE EXCESS (IF ANY) OF THE PURCHASERS’ POOL INVESTMENT, OVER THE PURCHASERS’ POOL LIMIT, (E) THE EXCESS (IF ANY) OF THE PURCHASER GROUP INVESTMENT OF EACH PURCHASER GROUP, OVER THE PURCHASER GROUP LIMIT OF EACH SUCH PURCHASER GROUP, (F) THE AGGREGATE INVESTMENT OF ANY EXITING PURCHASERS, (G) THE TOTAL POOL DEFICIENCY AMOUNT (IF ANY), (H) THE TOTAL DEEMED COLLECTIONS FOR SUCH SETTLEMENT PERIOD, (I) THE AMOUNT OF ALL OTHER OBLIGATIONS PAYABLE ON THE NEXT SETTLEMENT DATE, (J) THE EXCESS CONCENTRATION AMOUNT, (K) THE POOL RECEIVABLES (AND THE AGGREGATE FINANCED UNPAID BALANCE THEREOF) THAT ARE SUBJECT TO THE CONDITIONAL SERVICE GUARANTY AND HAVE BEEN ORIGINATED WITHIN THE SIX (6) MONTHS PRIOR TO SUCH REPORTING DATE, AND (L) THE AMOUNT OF MONTHLY COLLECTIONS; AND (II) IF ANY PURCHASE REQUEST IS BEING DELIVERED CONTEMPORANEOUSLY WITH THE DELIVERY OF SUCH INFORMATION PACKAGE, THE INFORMATION SPECIFIED IN CLAUSES (A), (C) THROUGH (I), (K) AND (L) ABOVE, DETERMINED ON A PRO FORMA BASIS AFTER GIVING 

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EFFECT THE PROPOSED PURCHASE TO BE MADE ON THE SETTLEMENT DATE NEXT SUCCEEDING SUCH REPORTING DATE, THE COMPUTATION OF THE COLLECTIONS AVAILABLE FOR ALLOCATION PURSUANT TO EACH SUB-SECTION (I) THROUGH (VII) OF SECTION 3.1(D), THE COMPUTATION OF THE CASH PURCHASE PRICE, IF ANY, TO BE PAID BY THE PURCHASERS ON SUCH NEXT SUCCEEDING SETTLEMENT DATE IN RESPECT OF ANY PURCHASE IN ACCORDANCE WITH SECTION 1.2(B).
(d)    ORDER OF APPLICATION.  THE COLLATERAL AGENT SHALL, ON EACH SETTLEMENT DATE, TO THE EXTENT FUNDS ARE AVAILABLE IN THE COLLATERAL AGENT’S ACCOUNT, DISTRIBUTE THE RELATED MONTHLY COLLECTIONS FOR THE FOLLOWING PURPOSES AND IN THE FOLLOWING ORDER OF PRIORITY:
(i)    TO THE SERVICER, ALL ACCRUED THEN DUE AND UNPAID SERVICING FEE;
(ii)    TO THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT IN RESPECT OF ALL COSTS, EXPENSES, FEES AND INDEMNIFIED AMOUNTS THEN DUE AND PAYABLE TO THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT (SOLELY IN THEIR CAPACITIES AS SUCH) UNDER THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS; PROVIDED, THAT THE EXPENSES AND INDEMNIFIED AMOUNTS PAYABLE UNDER THIS CLAUSE (I) ON ANY SETTLEMENT DATE SHALL NOT IN THE AGGREGATE EXCEED $500,000; 
(iii)    ON A PARI PASSU BASIS, TO EACH PURCHASER AGENT RATABLY (BASED ON THE AGGREGATE ACCRUED AND UNPAID YIELD AND FEES DUE AND PAYABLE TO THEM AND THE MEMBERS OF THEIR RESPECTIVE PURCHASER GROUPS) YIELD ACCRUED AND UNPAID ON ALL RATE TRANCHES RELATING TO THE RECEIVABLE POOL FOR THE PURCHASERS IN ITS PURCHASER GROUP HOWSOEVER FUNDED OR MAINTAINED DURING (X) IN RESPECT OF YIELD CALCULATED AT THE CP RATE, THE RELATED SETTLEMENT PERIOD AND (Y) IN RESPECT OF YIELD CALCULATED AT THE BANK RATE, THE YIELD PERIOD ENDING IMMEDIATELY PRIOR TO SUCH SETTLEMENT DATE AND TO THE ACCRUED AND UNPAID FEES FOR ITS PURCHASER GROUP THEN DUE AND PAYABLE;
(iv)    TO THE PURCHASER AGENTS TO THE REDUCTION OF THE PURCHASERS’ POOL INVESTMENT (A) IF CLAUSE (C) BELOW DOES NOT APPLY, TO REDUCE, TO THE EXTENT NECESSARY, THE POOL DEFICIENCY AMOUNT TO ZERO IN THE PRIORITY SET FORTH IN SECTION 3.1(E), RATABLY (BASED UPON THE RESPECTIVE AMOUNTS OF REDUCTION OF INVESTMENT OWED TO EACH PURCHASER GROUP IN 

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RESPECT OF EACH APPLICATION TO THE PURCHASERS IN EACH SUCH PURCHASER AGENT’S PURCHASER GROUP), DETERMINED WITHOUT TAKING INTO ACCOUNT ANY RECEIVABLES TO BE ACQUIRED BY THE PURCHASERS ON SUCH SETTLEMENT DATE, (B) IF CLAUSE (C) BELOW DOES NOT APPLY, IN THE AMOUNT REQUIRED PURSUANT TO SECTION 3.2(B), RATABLY (BASED UPON THEIR RESPECTIVE PURCHASER GROUP INVESTMENTS), DETERMINED WITHOUT TAKING INTO ACCOUNT ANY RECEIVABLES TO BE ACQUIRED BY THE PURCHASERS ON SUCH SETTLEMENT DATE, OR (C) DURING THE CONTINUANCE OF AN EVENT OF TERMINATION OR AN UNMATURED EVENT OF TERMINATION OR FOLLOWING THE PURCHASE TERMINATION DATE, RATABLY (BASED UPON THEIR RESPECTIVE PURCHASER GROUP INVESTMENTS) TO REDUCE THE PURCHASERS’ POOL INVESTMENT TO ZERO; PROVIDED, THAT FOR THE AVOIDANCE OF DOUBT, ANY AMOUNTS PAID TO ANY PURCHASER AGENT PURSUANT TO THIS CLAUSE (IV) SHALL BE APPLIED IN REDUCTION OF THE INVESTMENT OF THE RELEVANT PURCHASERS IN SUCH PURCHASER AGENT’S PURCHASER GROUP;
(v)    TO THE PURCHASER AGENTS AND THE PURCHASERS RATABLY (BASED ON THE AGGREGATE ACCRUED AND UNPAID SELLER OBLIGATIONS OWING) IN RESPECT OF ALL COSTS, EXPENSES AND INDEMNIFIED AMOUNTS DUE AND PAYABLE TO THE PURCHASER AGENTS AND THE PURCHASERS (SOLELY IN THEIR CAPACITIES AS SUCH) UNDER THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS;
(vi)    FIRST, RATABLY (BASED UPON THE AMOUNTS DUE AND PAYABLE), TO THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT IN RESPECT OF EXPENSES AND INDEMNIFIED AMOUNTS DUE AND PAYABLE TO THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT, TO THE EXTENT SUCH AMOUNTS WERE NOT PAID PURSUANT TO CLAUSE (I) ABOVE, AND SECOND, TO EACH PURCHASER AGENT RATABLY (BASED ON THE AGGREGATE ACCRUED AND UNPAID SELLER OBLIGATIONS OWING TO THEIR RESPECTIVE PURCHASER GROUPS) ALL ACCRUED AND UNPAID OTHER SELLER OBLIGATIONS DUE AND PAYABLE TO ANY AFFECTED PARTIES IN SUCH PURCHASER AGENT’S PURCHASER GROUP;
(vii)    TO THE SELLER, FOR ITS OWN ACCOUNT, AMOUNTS IN RESPECT OF PAYMENT OF THE RPA DEFERRED PURCHASE PRICE; AND
(viii)    TO THE SELLER, FOR ITS OWN ACCOUNT, ANY REMAINING AMOUNTS.

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(e)    PRIORITY FOR INVESTMENTS REDUCTIONS.  THE COLLATERAL AGENT SHALL APPLY MONTHLY COLLECTIONS IN THE COLLATERAL AGENT’S ACCOUNT WHICH ARE AVAILABLE TO REDUCE THE POOL DEFICIENCY AMOUNT IN ACCORDANCE WITH CLAUSE (IV)(A) OF SECTION 3.1(D) TO THE APPLICABLE PURCHASER AGENTS, PARI PASSU BASED UPON RESPECTIVE AMOUNTS OWED TO EACH PURCHASER IN THE RELATED PURCHASER GROUPS FOR EACH SUCH SPECIFIED APPLICATIONS IN THE FOLLOWING ORDER:  (I) FIRST, TO REDUCE THE PURCHASERS’ POOL INVESTMENT TO AN AMOUNT EQUAL TO THE NET PORTFOLIO BALANCE, MINUS THE REQUIRED RESERVES AT SUCH TIME, (II) SECOND, TO REDUCE THE PURCHASERS’ POOL INVESTMENT TO AN AMOUNT EQUAL TO THE PURCHASERS’ POOL LIMIT, (III) THIRD, TO REDUCE EACH PURCHASER GROUP INVESTMENT TO AN AMOUNT EQUAL TO THE RELATED PURCHASER GROUP POOL LIMIT, AND (IV) FOURTH TO REDUCE THE AGGREGATE INVESTMENT OF ALL EXITING PURCHASERS TO ZERO.
SECTION 3.2    Deemed Collections; Reduction of Purchasers’ Pool Investment, Etc.
(a)    DEEMED COLLECTIONS.  IF ON ANY DAY:
(i)    THE UNPAID BALANCE OF ANY POOL RECEIVABLE IS REDUCED, CANCELLED, SUBJECT TO SET-OFF, OFFSET, NETTING, SPECIAL REFUND OR CREDIT AS A RESULT OF DILUTION OR FOR ANY OTHER REASON, INCLUDING PURSUANT TO THE CONDITIONAL SERVICE GUARANTY (OTHER THAN SOLELY AS A RESULT OF SUCH POOL RECEIVABLE BECOMING A DEFAULTED RECEIVABLE IN ACCORDANCE WITH THE CREDIT AND COLLECTION POLICY) AS A RESULT OF THE BANKRUPTCY OR INSOLVENCY OF THE RELATED OBLIGOR OR A PAYMENT DEFAULT OF THE RELATED OBLIGOR);
(ii)    THE FINANCED UNPAID BALANCE OF ANY POOL RECEIVABLE IS LESS THAN THE AMOUNT INCLUDED TO REPRESENT SUCH AMOUNT IN CALCULATING THE NET PORTFOLIO BALANCE FOR PURPOSES OF ANY INFORMATION PACKAGE;
(iii)    ANY POOL RECEIVABLE (OR THE TERMS OF ANY RELATED CONTRACT GOVERNING SUCH POOL RECEIVABLE) IS EXTENDED, AMENDED, WAIVED, OR OTHERWISE MODIFIED OR ADJUSTED (EXCEPT AS SET FORTH IN CLAUSE (IV) BELOW) OR AS EXPRESSLY PERMITTED UNDER SECTION 8.2(B);
(iv)    THE DUE DATE FOR PAYMENT OF ANY POOL RECEIVABLE IS EXTENDED TO A DATE THAT IS MORE THAN THIRTY (30) DAYS AFTER SUCH POOL RECEIVABLE’S ORIGINAL DUE DATE;

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(v)    (A) ANY OF THE REPRESENTATIONS OR WARRANTIES OF THE SELLER SET FORTH IN CLAUSES (J) OR (N) OR (BB) OF SECTION 6.1 OR THE SERVICER SET FORTH IN SECTION 6.2(T) WERE UNTRUE WHEN MADE WITH RESPECT TO ANY POOL RECEIVABLE, OR (B) IF THE LEVEL 1 RATINGS TRIGGER IS IN EFFECT, ANY POOL RECEIVABLE IS A CONDITIONAL SERVICE GUARANTY RECEIVABLE; OR
(vi)    ANY COLLECTION AGENT FEE IS PAID, INCLUDING BY SETOFF, OFFSET OR REDUCTION OF ANY COLLECTIONS;
then, on such day, the Seller shall be deemed to have received a Collection of such Pool Receivable and, in respect of such Collections deemed received during any Settlement Period, the Seller shall, unless such amounts are permitted to be netted as provided below, pay to the Collateral Agent’s Account by the date which is no later than three (3) Business Days (x) in respect of clause (ii) or (v) above, after the Seller, ADT or the Servicer has knowledge thereof or has received notice thereof, and (y) in respect of any other clause above, prior to the Settlement Date immediately succeeding such Settlement Period or after the occurrence of an Event of Termination that remains continuing, within one (1) Business Day from the event giving rise to such Deemed Collection) for application by the Collateral Agent pursuant to Section 3.1(d) as provided in this Agreement an amount equal to:
(1)    IN THE CASE OF CLAUSE (I) ABOVE, THE AMOUNT OF SUCH REDUCTION, SET-OFF, OFFSET, NETTING, SPECIAL REFUND, CREDIT OR CANCELLATION; IN THE CASE OF CLAUSE (II) ABOVE, THE DIFFERENCE BETWEEN THE ACTUAL FINANCED UNPAID BALANCE AND THE AMOUNT INCLUDED TO REPRESENT SUCH AMOUNT IN RESPECT OF SUCH POOL RECEIVABLE IN CALCULATING THE NET PORTFOLIO BALANCE IN SUCH INFORMATION PACKAGE; OR, IN THE CASE OF CLAUSE (IV) ABOVE, IN THE AMOUNT THAT SUCH EXTENSION AFFECTS THE FINANCED UNPAID BALANCE OF THE RELATED POOL RECEIVABLE IN THE SOLE DETERMINATION OF THE ADMINISTRATIVE AGENT, AS APPLICABLE, BY NOTICE TO ADT, THE SELLER AND THE SERVICER; PROVIDED, THAT THE AGGREGATE AMOUNT OF DEEMED COLLECTIONS PAID BY THE SELLER PURSUANT TO THIS CLAUSE 1 IN RESPECT OF ANY POOL RECEIVABLE SHALL NOT EXCEED ITS FINANCED UNPAID BALANCE; OR
(2)    IN THE CASE OF CLAUSE (III) OR (V) ABOVE, THE AMOUNT OF THE ENTIRE FINANCED UNPAID BALANCE OF THE RELEVANT POOL RECEIVABLE OR POOL RECEIVABLES (AS DETERMINED IMMEDIATELY PRIOR TO THE APPLICABLE EVENT) WITH RESPECT TO WHICH SUCH EXTENSION, AMENDMENT, WAIVER, OR MODIFICATION OCCURS OR SUCH 

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REPRESENTATIONS OR WARRANTIES WERE OR ARE UNTRUE, OR FROM AND AFTER THE DATE OF THE LEVEL 1 RATINGS TRIGGER WHICH CONSTITUTES OR CONSTITUTED A CONDITIONAL SERVICE GUARANTY RECEIVABLE WHILE THE LEVEL 1 RATINGS TRIGGER IS IN EFFECT; OR
(3)    IN THE CASE OF CLAUSE (VI) ABOVE, THE AMOUNT BY WHICH SUCH COLLECTION AGENT FEE EXCEEDS THE LESSER OF (I) THE ORDINARY COURSE AND CUSTOMARY COLLECTION FEES AND EXPENSES PAYABLE TO COLLECTION AGENTS BY THE SERVICER AND CONSISTENT WITH ITS PAST PRACTICES AS REASONABLY DEMONSTRATED BY THE SERVICER TO THE ADMINISTRATIVE AGENT, AND (II) AN AMOUNT EQUAL TO 20% OF THE FINANCED UNPAID BALANCE OF THE APPLICABLE POOL RECEIVABLE AS DETERMINED IMMEDIATELY PRIOR TO THE PAYMENT OF SUCH COLLECTION AGENT FEE;
provided, that so long as no Event of Termination or Unmatured Event of Termination shall have occurred and be continuing, in the event the Seller has paid Deemed Collections in respect of a Pool Receivable at least equal to the amount of the full Financed Unpaid Balance thereof to the Collateral Agent’s Account, in accordance with and pursuant to this Section 3.2, such Pool Receivable and the Related Assets thereof shall be deemed repurchased by the Seller and shall be automatically released from the security interest of the Collateral Agent upon such payment in full of such Deemed Collections to the Collateral Agent’s Account, and upon such repurchase, the portion of the RPA Deferred Purchase Price relating to such Pool Receivable shall be deemed to be fully satisfied and discharged, without any further action on the part of any Person; provided, further, that for the avoidance of doubt, no ADT Entity shall initiate any amendments to any Pool Receivable or otherwise take any action that would result in a Deemed Collection for the purpose of repurchasing any Pool Receivable, and any such action shall constitute an Event of Termination under Section 10.1(q).
Collections deemed received by the Seller under this Section 3.2(a) are herein referred to as “Deemed Collections”.  To the extent no Pool Deficiency Amount would result therefrom, the Seller may, at its option, net the amount of Deemed Collections required to be deposited in the Collateral Agent’s Account prior to any Settlement Date, from the amount of the RPA Deferred Purchase Price payable to the Seller on the next Settlement Date after the due date of payment of such Deemed Collections by Seller hereunder.
(b)    THE SELLERS’ OPTIONAL REDUCTION OF PURCHASERS’ POOL INVESTMENT.  THE SELLER MAY AT ANY TIME AND FROM TIME TO TIME ELECT TO REDUCE (IN WHOLE OR IN PART) PURCHASERS’ POOL INVESTMENT BY GIVING OR CAUSING THE SERVICER TO GIVE THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT AT LEAST FIVE (5) BUSINESS DAYS’ PRIOR WRITTEN NOTICE (WHICH SHALL BE IN SUBSTANTIALLY THE FORM OF 

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EXHIBIT B HERETO) OF SUCH ELECTED REDUCTION, WHICH NOTICE SHALL INCLUDE (I) THE PROPOSED DATE OF SUCH REDUCTION, WHICH SHALL BE A SETTLEMENT DATE, AND (II) THE AMOUNT OF ANY SUCH PROPOSED REDUCTION (WHICH AMOUNT SHALL BE NOT LESS THAN $5,000,000 AND SHALL BE AN INTEGRAL MULTIPLE OF $100,000 THEREAFTER). ANY SUCH REQUESTED REDUCTION IN THE PURCHASERS’ POOL INVESTMENT SHALL BE APPLIED TO REDUCE THE INVESTMENTS OF EACH PURCHASER TO THE EXTENT MONTHLY COLLECTIONS ARE AVAILABLE THEREFOR IN ACCORDANCE WITH SECTION 3.1(D).
SECTION 3.3    Payments and Computations, Etc.
(a)    PAYMENTS.  ALL AMOUNTS TO BE PAID TO, OR DEPOSITED BY THE SELLER, THE SERVICER OR ADT WITH, THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, ANY PURCHASER AGENT, OR ANY OTHER PERSON HEREUNDER SHALL, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN, BE PAID OR DEPOSITED IN ACCORDANCE WITH THE TERMS HEREOF NO LATER THAN 1:00 P.M. (NEW YORK CITY TIME) ON THE DAY WHEN DUE IN U.S. DOLLARS IN SAME DAY FUNDS TO THE COLLATERAL AGENT’S ACCOUNT OR TO SUCH OTHER ACCOUNT AS THE COLLATERAL AGENT SHALL DESIGNATE IN WRITING TO THE SELLER AND THE SERVICER FROM TIME TO TIME.
All ADT Obligations to be paid by any ADT Entity (other than the Seller) to the Collateral Agent, the Administrative Agent, any Purchaser Agent, any Purchaser, any Indemnified Party or any Affected Party shall, except as otherwise expressly provided herein, be paid or deposited in accordance with the terms hereof no later than 1:00 p.m. (New York City time) on the day when due in U.S. Dollars in same day funds to the Administrative Agent’s Account.
Amounts remitted to the Administrative Agent’s Account in respect of ADT Obligations shall be distributed on each Settlement Date for the payment of ADT Obligations due and payable on or prior to such Settlement Date (i) to the Administrative Agent and the Collateral Agent for ADT Obligations then due and payable to it in accordance with the terms of this Agreement, and (ii) to the applicable Purchaser Agent for ADT Obligations then due and payable to it, its related Purchasers, its related Affected Parties and its related Indemnified Parties.  For purposes of making the applications set forth in the immediately preceding sentence, the Administrative Agent shall rely upon the certifications (the “Demand Certifications”) of each of the Collateral Agent (if other than the Administrative Agent) and each of the Purchaser Agents (if other than the Administrative Agent) as to the ADT Obligations then due and payable to it (or in respect of a Purchaser Agent owing to it and its related Purchasers, Affected Parties and Indemnified Parties).  Each of the Collateral Agent (if other than the Administrative Agent) and each Purchaser Agent shall provide the Administrative Agent with a Demand Certification upon making any demand or claim for payment of any ADT Obligations, which Demand Certification shall specify the date upon which such ADT Obligations are due and payable and the ADT Obligation giving rise to 

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such payment.  If amounts remitted in respect of ADT Obligations which are on deposit in the Administrative Agent’s Account on any Settlement Date are insufficient to pay in full all ADT Obligations which are then due and payable on such Settlement Date, the Administrative Agent shall distribute such funds on a pro rata basis to the relevant parties based upon the ADT Obligations then due and payable to such parties based upon the amount of the ADT Obligations then due and payable to it (in respect of each of its capacities hereunder) and the Demand Certifications which the Administrative Agent has received.  The Administrative Agent shall have no liability for making payments in accordance with this Section 3.3(a) based upon the Demand Certifications.
(b)    LATE PAYMENTS.  EACH ADT ENTITY, SHALL PAY TO THE APPLICABLE PURCHASER AGENT, FOR THE BENEFIT OF THE APPLICABLE AFFECTED PARTY, INTEREST ON ALL AMOUNTS NOT PAID OR DEPOSITED BY SUCH PARTY ON THE DATE WHEN DUE HEREUNDER AT AN ANNUAL RATE EQUAL TO 2.00% ABOVE THE BASE RATE, PAYABLE ON DEMAND, PROVIDED, THAT SUCH INTEREST RATE SHALL NOT AT ANY TIME EXCEED THE MAXIMUM RATE PERMITTED BY APPLICABLE LAW.
(c)    METHOD OF COMPUTATION.  ALL COMPUTATIONS OF INTEREST, YIELD, LIQUIDATION DISCOUNT, YIELD AND FEE RESERVE, ANY FEES PAYABLE UNDER SECTION 4.1, AND ANY OTHER FEES PAYABLE BY THE SELLER TO THE COLLATERAL AGENT, ANY PURCHASER, ANY PURCHASER AGENT, THE ADMINISTRATIVE AGENT, OR ANY OTHER AFFECTED PARTY IN CONNECTION WITH PURCHASES HEREUNDER SHALL BE MADE ON THE BASIS OF A YEAR OF 360 DAYS FOR THE ACTUAL NUMBER OF DAYS (INCLUDING THE FIRST DAY BUT EXCLUDING THE LAST DAY) ELAPSED (EXCEPT THAT CALCULATIONS WITH RESPECT TO THE PRIME RATE SHALL BE ON THE BASIS OF A YEAR OF 365 OR 366 DAYS, AS THE CASE MAY BE).
(d)    PAYMENT OF CURRENCY AND SETOFF.  ALL PAYMENTS BY ANY ADT ENTITY OR THE SERVICER TO ANY AFFECTED PARTY OR ANY OTHER PERSON IN CONNECTION WITH THE TRANSACTION DOCUMENTS SHALL BE MADE IN U.S. DOLLARS AND WITHOUT SET-OFF OR COUNTERCLAIM, EXCEPT, FOR THE AVOIDANCE OF DOUBT, ANY NETTING EXPRESSLY PERMITTED HEREIN. ANY ADT ENTITY’S OBLIGATIONS HEREUNDER SHALL NOT BE SATISFIED BY ANY TENDER OR RECOVERY OF ANOTHER CURRENCY EXCEPT TO THE EXTENT SUCH TENDER OR RECOVERY RESULTS IN RECEIPT OF THE FULL AMOUNT OF U.S. DOLLARS.
(e)    TAXES.
(i)    EXCEPT TO THE EXTENT REQUIRED BY APPLICABLE LAW, ANY AND ALL PAYMENTS AND DEPOSITS REQUIRED TO BE MADE HEREUNDER, UNDER ANY OTHER TRANSACTION DOCUMENT OR UNDER ANY INSTRUMENT DELIVERED HEREUNDER OR THEREUNDER TO ANY AFFECTED PARTY OR OTHERWISE HEREUNDER 

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OR THEREUNDER BY THE SELLER OR THE SERVICER SHALL BE MADE FREE AND CLEAR OF, AND WITHOUT WITHHOLDING OR DEDUCTION FOR, ANY AND ALL PRESENT OR FUTURE INDEMNIFIED TAXES.  IF THE SELLER OR THE SERVICER SHALL BE REQUIRED BY APPLICABLE LAW TO MAKE ANY SUCH WITHHOLDING OR DEDUCTION, (A) THE SELLER (OR THE SERVICER, ON ITS BEHALF) SHALL MAKE AN ADDITIONAL PAYMENT TO SUCH AFFECTED PARTY, IN AN AMOUNT SUFFICIENT SO THAT, AFTER MAKING ALL REQUIRED WITHHOLDINGS OR DEDUCTIONS (INCLUDING WITHHOLDINGS OR DEDUCTIONS APPLICABLE TO ADDITIONAL SUMS PAYABLE UNDER THIS SECTION 3.3(E)), SUCH AFFECTED PARTY RECEIVES AN AMOUNT EQUAL TO THE SUM IT WOULD HAVE RECEIVED HAD NO SUCH WITHHOLDINGS OR DEDUCTIONS BEEN MADE, (B) THE SELLER (OR THE SERVICER, ON ITS BEHALF) SHALL MAKE SUCH DEDUCTIONS, AND (C) THE SELLER (OR THE SERVICER, ON ITS BEHALF) SHALL PAY THE FULL AMOUNT DEDUCTED TO THE RELEVANT TAXATION AUTHORITY OR OTHER GOVERNMENTAL AUTHORITY IN ACCORDANCE WITH APPLICABLE LAW.
(ii)    THE SELLER WILL INDEMNIFY EACH AFFECTED PARTY FOR THE FULL AMOUNT OF (A) INDEMNIFIED TAXES (INCLUDING ANY INDEMNIFIED TAXES IMPOSED BY ANY JURISDICTION ON AMOUNTS PAYABLE UNDER THIS SECTION) PAID BY SUCH AFFECTED PARTY, AS THE CASE MAY BE, AND ANY REASONABLE EXPENSES PAYABLE BY SUCH AFFECTED PARTY ARISING THEREFROM OR WITH RESPECT THERETO; AND (B) ANY INCREMENTAL U.S. FEDERAL INCOME OR WITHHOLDING TAXES OR STATE OR LOCAL TAXES MEASURED BY NET INCOME THAT ARISE BECAUSE A PURCHASE OF THE RECEIVABLE POOL OR RELATED ASSETS IS NOT TREATED BY A TAXING AUTHORITY AS INTENDED FOR PURPOSES OF U.S. FEDERAL INCOME TAX OR STATE OR LOCAL TAXES MEASURED BY NET INCOME UNDER SECTION 1.2(D)(II)(A) (SUCH INDEMNIFICATION DESCRIBED IN THIS CLAUSE (B) WILL INCLUDE U.S. FEDERAL INCOME AND WITHHOLDING TAXES AND STATE AND LOCAL TAXES MEASURED BY NET INCOME NECESSARY TO MAKE SUCH AFFECTED PARTY WHOLE ON AN AFTER-TAX BASIS TAKING INTO ACCOUNT THE TAXABILITY OF RECEIPT OF PAYMENTS UNDER THIS CLAUSE (B) AND ANY REASONABLE EXPENSES (OTHER THAN TAXES) ARISING OUT OF, RELATING TO, OR RESULTING FROM THE FOREGOING); PROVIDED, HOWEVER, THAT NO AFFECTED PARTY SHALL BE ENTITLED TO INDEMNIFICATION UNDER THIS CLAUSE (B) FOR TAXES OTHER THAN TAXES ATTRIBUTABLE SOLELY AND DIRECTLY TO INCOME DERIVED FROM THE TRANSACTIONS EFFECTUATED BY THE TRANSACTION DOCUMENTS.  NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, NO AFFECTED PARTY SHALL RECOVER, WHETHER 

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THROUGH A PAYMENT OF ADDITIONAL AMOUNTS PURSUANT TO SECTION 3.3(E)(I) OR A PAYMENT PURSUANT TO THE INDEMNIFICATION OBLIGATIONS OF THIS SECTION 3.3(E)(II), MORE THAN ONCE FOR ANY TAX IMPOSED.  ANY INDEMNIFICATION UNDER THIS SECTION 3.3(E)(II) SHALL BE PAID BY THE SELLER TO THE COLLATERAL AGENT’S ACCOUNT BY THE DATE WHICH IS NO LATER THAN THREE (3) BUSINESS DAYS PRIOR TO THE SETTLEMENT DATE IMMEDIATELY SUCCEEDING THE SETTLEMENT PERIOD IN WHICH WRITTEN DEMAND THEREFOR IS MADE BY ANY AFFECTED PARTY , TOGETHER WITH A STATEMENT OF REASONS FOR SUCH DEMAND AND THE CALCULATIONS OF SUCH AMOUNT.  SUCH CALCULATIONS, IF MADE IN GOOD FAITH, ABSENT MANIFEST ERROR, SHALL BE FINAL AND CONCLUSIVE ON ALL PARTIES.
(iii)    WITHIN FIVE (5) DAYS AFTER THE DATE OF ANY PAYMENT OF TAXES WITHHELD BY THE SELLER OR THE SERVICER, AS APPLICABLE, IN RESPECT OF ANY PAYMENT TO ANY AFFECTED PARTY, THE SELLER OR THE SERVICER, AS APPLICABLE, WILL FURNISH TO THE ADMINISTRATIVE AGENT, THE ORIGINAL OR A CERTIFIED COPY OF A RECEIPT EVIDENCING PAYMENT THEREOF (OR OTHER EVIDENCE REASONABLY SATISFACTORY TO THE ADMINISTRATIVE AGENT).
(iv)    WITHOUT PREJUDICE TO THE SURVIVAL OF ANY OTHER AGREEMENT CONTAINED HEREIN, THE AGREEMENTS AND OBLIGATIONS CONTAINED IN THIS SECTION SHALL SURVIVE THE RESIGNATION OR REPLACEMENT OF, OR ANY ASSIGNMENT BY, ANY AFFECTED PARTY, AND THE PAYMENT IN FULL OF OBLIGATIONS HEREUNDER.
(v)    (A)    ANY AFFECTED PARTY 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 SERVICER (ON BEHALF OF THE SELLER) AND THE ADMINISTRATIVE AGENT, AT THE TIME OR TIMES REASONABLY REQUESTED BY THE SELLER OR THE SERVICER AND AT THE TIME OR TIMES PRESCRIBED BY APPLICABLE LAW, SUCH PROPERLY COMPLETED AND EXECUTED DOCUMENTATION REASONABLY REQUESTED BY THE SELLER OR THE SERVICER AS WILL PERMIT SUCH PAYMENTS TO BE MADE WITHOUT WITHHOLDING OR AT A REDUCED RATE OF WITHHOLDING.  IN ADDITION, ANY AFFECTED PARTY, IF REASONABLY REQUESTED BY THE SELLER OR THE SERVICER, SHALL DELIVER SUCH OTHER DOCUMENTATION PRESCRIBED BY APPLICABLE LAW OR REASONABLY REQUESTED BY THE SELLER OR THE SERVICER AS WILL ENABLE THE SELLER OR THE SERVICER TO DETERMINE WHETHER OR NOT SUCH AFFECTED PARTY IS SUBJECT TO 

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BACKUP WITHHOLDING OR INFORMATION REPORTING REQUIREMENTS.  NOTWITHSTANDING THE FOREGOING, SUBMISSION OF SUCH DOCUMENTATION (OTHER THAN ANY DOCUMENTATION REQUIRED BY CLAUSE (B) BELOW) SHALL NOT BE REQUIRED IF IN THE PURCHASER’S REASONABLE JUDGMENT SUCH COMPLETION, EXECUTION, OR SUBMISSION WOULD SUBJECT SUCH PURCHASER TO ANY MATERIAL UNREIMBURSED COST OR EXPENSE OR WOULD MATERIALLY PREJUDICE THE LEGAL OR COMMERCIAL POSITION OF SUCH PURCHASER.
(A)    WITHOUT LIMITING THE GENERALITY OF THE FOREGOING,
(1)    EACH AFFECTED PARTY THAT IS NOT A “UNITED STATES PERSON,” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE CODE, SHALL, ON OR BEFORE THE DATE IT BECOMES A PARTY TO THIS AGREEMENT, DELIVER TO THE SERVICER (ON BEHALF OF THE SELLER) AND THE ADMINISTRATIVE AGENT SUCH CERTIFICATES, DOCUMENTS, OR OTHER EVIDENCE, AS REQUIRED BY THE CODE OR TREASURY REGULATIONS ISSUED PURSUANT THERETO, INCLUDING INTERNAL REVENUE SERVICE FORM W-8BEN, FORM W-8BEN-E, FORM W-8ECI, W-IMY (OR ANY SUCCESSOR FORM), WITH APPROPRIATE ATTACHMENTS, OR ANY OTHER APPLICABLE CERTIFICATE OR STATEMENT OF EXEMPTION, PROPERLY COMPLETED AND DULY EXECUTED BY SUCH AFFECTED PARTY ESTABLISHING THAT ANY PAYMENT MADE OR DEEMED MADE TO SUCH AFFECTED PARTY IS (I) NOT SUBJECT TO UNITED STATES FEDERAL WITHHOLDING TAX UNDER THE CODE BECAUSE SUCH PAYMENTS ARE EFFECTIVELY CONNECTED WITH THE CONDUCT BY SUCH AFFECTED PARTY OF A TRADE OR BUSINESS IN THE UNITED STATES, (II) EXEMPT OR ENTITLED TO A REDUCTION FROM UNITED STATES FEDERAL WITHHOLDING TAX UNDER A PROVISION OF AN APPLICABLE TAX TREATY, (III) ELIGIBLE FOR THE BENEFITS OF THE EXEMPTION FOR PORTFOLIO INTEREST UNDER SECTION 881(C) OF THE CODE, IN WHICH CASE SUCH AFFECTED PARTY SHALL ALSO DELIVER A CERTIFICATE TO THE EFFECT THAT SUCH AFFECTED PARTY IS NOT (A) A “BANK” WITHIN THE MEANING OF SECTION 881(C)(3)(A) OF THE CODE, (B) A “10 PERCENT SHAREHOLDER” OF THE SELLER, WITHIN THE MEANING OF SECTION 881(C)(3)(B) OF THE CODE, OR (C) A “CONTROLLED FOREIGN CORPORATION” DESCRIBED IN SECTION 881(C)(3)(C) OF THE CODE, OR (IV) MADE TO A PERSON WHO IS NOT THE BENEFICIAL OWNER OF THE PAYMENTS.  IN ADDITION, EACH SUCH AFFECTED PARTY SHALL, 

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IF LEGALLY ABLE TO DO SO, THEREAFTER DELIVER SUCH CERTIFICATES, DOCUMENTS OR OTHER EVIDENCE FROM TIME TO TIME ESTABLISHING THAT PAYMENTS RECEIVED HEREUNDER ARE NOT SUBJECT TO, OR SUBJECT TO A REDUCED RATE OF, SUCH WITHHOLDING UPON RECEIPT OF A WRITTEN REQUEST THEREFOR FROM THE SELLER OR THE ADMINISTRATIVE AGENT.
(2)    EACH AFFECTED PARTY THAT IS A “UNITED STATES PERSON,” SHALL, ON OR BEFORE THE DATE IT BECOMES A PARTY TO THIS AGREEMENT, DELIVER TO THE SERVICER (ON BEHALF OF THE SELLER) AND THE ADMINISTRATIVE AGENT SUCH CERTIFICATES, DOCUMENTS, OR OTHER EVIDENCE, AS REQUIRED BY THE CODE OR TREASURY REGULATIONS ISSUED PURSUANT THERETO, INCLUDING INTERNAL REVENUE SERVICE FORM W-9 (OR ANY SUCCESSOR FORM) OR ANY OTHER APPLICABLE CERTIFICATE OR STATEMENT OF EXEMPTION PROPERLY COMPLETED AND DULY EXECUTED BY SUCH AFFECTED PARTY ESTABLISHING THAT PAYMENT MADE TO SUCH AFFECTED PARTY IS NOT SUBJECT TO UNITED STATES FEDERAL BACKUP WITHHOLDING TAX UNDER THE CODE.  IN ADDITION, EACH SUCH AFFECTED PARTY SHALL, IF LEGALLY ABLE TO DO SO, THEREAFTER DELIVER SUCH CERTIFICATES, DOCUMENTS, OR OTHER EVIDENCE FROM TIME TO TIME ESTABLISHING THAT PAYMENTS RECEIVED HEREUNDER ARE NOT SUBJECT TO SUCH WITHHOLDING UPON RECEIPT OF A WRITTEN REQUEST THEREFOR FROM THE SELLER OR THE ADMINISTRATIVE AGENT.
(3)    EACH AFFECTED PARTY THAT IS ENTITLED TO ANY EXEMPTION OR REDUCTION OF NON-U.S. WITHHOLDING TAX WITH RESPECT TO ANY PAYMENT UNDER THIS AGREEMENT SHALL, ON OR BEFORE THE DATE IT BECOMES A PARTY TO THIS AGREEMENT, DELIVER TO THE SERVICER (ON BEHALF OF THE SELLER) AND THE ADMINISTRATIVE AGENT SUCH CERTIFICATES, DOCUMENTS, OR OTHER EVIDENCE AS MAY REASONABLY BE REQUESTED BY THE SERVICER (ON BEHALF OF THE SELLER) OR THE ADMINISTRATIVE AGENT, ESTABLISHING THAT SUCH PAYMENT IS NOT SUBJECT TO, OR IS SUBJECT TO A REDUCED RATE OF, WITHHOLDING.  IN ADDITION, EACH SUCH AFFECTED PARTY SHALL, IF LEGALLY ABLE TO DO SO, THEREAFTER DELIVER SUCH CERTIFICATES, DOCUMENTS, OR OTHER EVIDENCE FROM TIME TO TIME ESTABLISHING THAT PAYMENTS RECEIVED HEREUNDER ARE NOT SUBJECT TO SUCH WITHHOLDING, OR ARE SUBJECT TO A REDUCED RATE OF 

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WITHHOLDING, UPON RECEIPT OF A WRITTEN REQUEST THEREFOR FROM THE SERVICER (ON BEHALF OF THE SELLER) OR THE ADMINISTRATIVE AGENT.
(4)    IF A PAYMENT MADE TO AN AFFECTED PARTY UNDER ANY TRANSACTION DOCUMENT WOULD BE SUBJECT TO U.S. FEDERAL WITHHOLDING TAX IMPOSED BY FATCA IF SUCH AFFECTED PARTY 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 PARTY SHALL DELIVER TO THE SELLER (OR THE SERVICER ON BEHALF OF THE SELLER) AND THE ADMINISTRATIVE AGENT AT THE TIME OR TIMES PRESCRIBED BY LAW AND AT SUCH TIME OR TIMES REASONABLY REQUESTED BY THE SELLER (OR THE SERVICER ON BEHALF OF SELLER) 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 SELLER (OR THE SERVICER ON BEHALF OF SELLER) OR THE ADMINISTRATIVE AGENT AS MAY BE NECESSARY FOR THE SELLER (OR THE SERVICER ON BEHALF OF THE SELLER) AND THE ADMINISTRATIVE AGENT TO COMPLY WITH THEIR OBLIGATIONS UNDER FATCA AND TO DETERMINE THAT SUCH AFFECTED PARTY HAS COMPLIED WITH SUCH AFFECTED PARTY’S OBLIGATIONS UNDER FATCA OR TO DETERMINE THE AMOUNT TO DEDUCT AND WITHHOLD FROM SUCH PAYMENT.
(vi)    FOR PURPOSES OF THIS SECTION 3.3(E), “APPLICABLE LAW” INCLUDES FATCA.
(vii)    EACH PURCHASER (OR IN RESPECT OF A CONDUIT PURCHASER, THE PURCHASER AGENT ON BEHALF OF SUCH CONDUIT PURCHASER) SHALL SEVERALLY INDEMNIFY THE ADMINISTRATIVE AGENT, WITHIN FIVE (5) DAYS AFTER DEMAND THEREFOR, FOR (I) ANY INDEMNIFIED TAXES ATTRIBUTABLE TO SUCH PURCHASER (BUT ONLY TO THE EXTENT THAT THE SELLER OR ADT HAS NOT ALREADY INDEMNIFIED THE ADMINISTRATIVE AGENT FOR SUCH INDEMNIFIED TAXES AND WITHOUT LIMITED THE OBLIGATION OF THE SELLER OR ADT TO DO SO), (II) ANY TAXES ATTRIBUTABLE TO SUCH PURCHASER’S FAILURE TO COMPLY WITH THE PROVISIONS OF SECTION 13.3(B) RELATING TO THE MAINTENANCE OF A PARTICIPANT REGISTER, AND (III) ANY EXCLUDED TAXES ATTRIBUTABLE TO SUCH PURCHASER, IN EACH CASE, THAT ARE PAYABLE OR PAID BY THE ADMINISTRATIVE 

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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 TAXING AUTHORITY.  A CERTIFICATE AS TO THE AMOUNT OF SUCH PAYMENT OR LIABILITY DELIVERED TO ANY PURCHASER BY THE ADMINISTRATIVE AGENT TO SET OFF AND APPLY ANY AND ALL AMOUNTS AT ANY TIME OWING TO SUCH PURCHASER UNDER ANY TRANSACTION DOCUMENT OR OTHERWISE PAYABLE BY THE ADMINISTRATIVE AGENT TO THE PURCHASE FROM ANY OTHER SOURCE AGAINST ANY AMOUNT DUE TO THE ADMINISTRATIVE AGENT UNDER THIS PARAGRAPH (E)(VII).
(viii)    ANY AFFECTED PARTY CLAIMING COMPENSATION UNDER SECTION 4.2(A) OR ANY INDEMNIFIED TAXES OR ADDITIONAL AMOUNTS PAYABLE PURSUANT TO THIS SECTION 3.3 SHALL USE REASONABLE EFFORTS (CONSISTENT WITH ITS INTERNAL POLICIES AND LEGAL AND REGULATORY RESTRICTIONS) TO, AT THE EXPENSE OF THE SERVICER, FILE ANY CERTIFICATE OR DOCUMENT REASONABLY REQUESTED IN WRITING BY THE SELLER OR THE SERVICER OR TO CHANGE THE JURISDICTION OF ITS APPLICABLE LENDING OFFICE IF THE MAKING OF SUCH A FILING OR CHANGE WOULD AVOID THE NEED FOR OR REDUCE THE AMOUNT OF ANY SUCH ADDITIONAL AMOUNTS WHICH MAY THEREAFTER ACCRUE AND WOULD NOT, IN THE SOLE DETERMINATION OF SUCH AFFECTED PARTY, BE OTHERWISE DISADVANTAGEOUS TO SUCH AFFECTED PARTY.
(ix)    IF ANY AFFECTED PARTY RECEIVES A REFUND IN RESPECT OF ANY INDEMNIFIED TAXES AS TO WHICH IT HAS BEEN INDEMNIFIED BY THE SELLER OR WITH RESPECT TO WHICH THE SELLER HAS PAID ADDITIONAL AMOUNTS, IN EACH CASE PURSUANT TO THIS SECTION, IT SHALL PROMPTLY REPAY SUCH REFUND TO THE SELLER (TO THE EXTENT OF AMOUNTS THAT HAVE BEEN PAID BY THE SELLER (OR THE SERVICER, ON ITS BEHALF) UNDER THIS SECTION WITH RESPECT TO SUCH REFUND), NET OF ALL OUT-OF-POCKET EXPENSES (INCLUDING TAXES IMPOSED WITH RESPECT TO SUCH REFUND) OF SUCH AFFECTED PARTY AND WITHOUT INTEREST (OTHER THAN INTEREST PAID BY THE RELEVANT TAXING AUTHORITY WITH RESPECT TO SUCH REFUND); PROVIDED, HOWEVER, THAT THE SELLER (OR THE SERVICER, ON ITS BEHALF) UPON THE REQUEST OF SUCH AFFECTED PARTY, AGREES TO RETURN SUCH REFUND (PLUS PENALTIES, INTEREST, OR OTHER CHARGES) TO SUCH AFFECTED PARTY IN THE EVENT SUCH AFFECTED PARTY OR THE ADMINISTRATIVE AGENT IS REQUIRED TO REPAY SUCH REFUND.  NOTHING IN THIS 

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SECTION SHALL OBLIGATE ANY AFFECTED PARTY TO APPLY FOR ANY SUCH REFUND.
(x)    IF ADT DETERMINES THAT A REASONABLE BASIS EXISTS FOR CONTESTING AN INDEMNIFIED TAX FOR WHICH IT HAS PAID ADDITIONAL AMOUNTS OR INDEMNIFICATION PAYMENTS, EACH APPLICABLE AFFECTED PARTY SHALL USE REASONABLE EFFORTS TO COOPERATE WITH ADT AS ADT MAY REASONABLY REQUEST IN CHALLENGING SUCH TAX.  ADT SHALL INDEMNIFY AND HOLD EACH SUCH AFFECTED PARTY HARMLESS AGAINST ANY OUT-OF-POCKET EXPENSES INCURRED BY SUCH PERSON IN CONNECTION WITH ANY REQUEST MADE BY ADT PURSUANT TO THIS SECTION 3.3(E)(X).
(xi)    SUBJECT TO THE PROVISIONS OF THIS SECTION 3.3, IF ANY AFFECTED PARTY SHALL, TO ITS KNOWLEDGE, HAVE RECEIVED NOTICE OF ANY ATTEMPT BY A TAXING AUTHORITY TO IMPOSE OR COLLECT ANY INDEMNIFIED TAX FROM SUCH AFFECTED PARTY, SUCH AFFECTED PARTY SHALL USE COMMERCIALLY REASONABLE EFFORTS TO NOTIFY THE SERVICER (ON THE SELLER’S BEHALF) OF SUCH ATTEMPT, AND THE SELLER SHALL, PROVIDED THAT THE SELLER SHALL FIRST DEPOSIT WITH THE APPLICABLE PURCHASER AGENT AMOUNTS SUFFICIENT TO INDEMNIFY THE AFFECTED PARTY AS PROVIDED UNDER SECTION 3.3(E)(II), HAVE THE RIGHT, AT THEIR SOLE EXPENSE, (A) IF SUCH AFFECTED PARTY IS CONTESTING THE IMPOSITION OF ANY SUCH TAX IN GOOD FAITH BY APPROPRIATE PROCEEDINGS, TO BE KEPT REASONABLY INFORMED BY SUCH AFFECTED PARTY ABOUT THE PROGRESS OF SUCH PROCEEDINGS, OR (B) IF SUCH AFFECTED PARTY IS NOT SO CONTESTING, TO INITIATE ANY PROCEEDINGS RESISTING OR OBJECTING TO THE IMPOSITION OR COLLECTION OF ANY SUCH TAX.
(xii)    THE SERVICER (ON BEHALF OF THE SELLER) SHALL PAY, OR AT THE OPTION OF THE ADMINISTRATIVE AGENT TIMELY REIMBURSE IT FOR THE PAYMENT OF, OTHER TAXES.
(xiii)    NOTHING CONTAINED IN THIS SECTION SHALL REQUIRE ANY AFFECTED PARTY TO MAKE AVAILABLE ANY OF ITS TAX RETURNS (OR ANY OTHER INFORMATION RELATING TO ITS TAXES WHICH IT DEEMS TO BE CONFIDENTIAL).
(xiv)    FOR PURPOSES OF THIS SECTION 3.3, THE TERM “AFFECTED PARTY” SHALL INCLUDE ANY ASSIGNEE PURSUANT TO SECTION 13.3(C) OR 13.3(D).
SECTION 3.4    Treatment of Collections and Deemed Collections.  So long as the Seller or the Servicer shall hold any Collections (including Deemed Collections) required to be paid 

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to the Collateral Agent’s Account, the Seller and the Servicer shall hold such Collections in trust for the Collateral Agent and shall clearly mark its records to reflect the same.  The Seller shall promptly enforce all obligations of ADT under the Sale Agreement, including, payment of Deemed Collections (as defined in the Sale Agreement).
SECTION 3.5    Extension of the Purchase Termination Date.  Provided that no Unmatured Event of Termination or Event of Termination has occurred and is continuing, no earlier than three (3) months prior to (but no later than forty-five (45) days prior to) the then current Purchase Termination Date, the Seller (or the Servicer on the Seller’s behalf) may request an extension of the then current Purchase Termination Date by submitting a request for an extension (each, an “Extension Request”) to the Collateral Agent and the Administrative Agent, which the Administrative Agent shall, upon receipt, forward to each Purchaser Agent.  Such Extension Request must specify (i) the date (which must be at least thirty (30) days after the applicable Extension Request is delivered to the Collateral Agent and the Administrative Agent) as of which each Purchaser is requested to respond to such Extension Request by (each, a “Response Date”).  Promptly upon receipt of an Extension Request, each Purchaser Agent (on behalf of its Purchasers) shall notify the Servicer (on behalf of the Seller) as to whether each Purchaser in its Purchaser Group approves such Extension Request (it being understood that each Purchaser in a Purchaser Group may accept or decline such Extension Request in its sole discretion).  The failure of any Purchaser to affirmatively notify the Servicer (on behalf of the Seller) of such Purchaser’s election regarding such Extension Request by the applicable Response Date shall be deemed to be a refusal by such Purchaser to grant the requested extension.  In the event that the Administrative Agent and the Purchasers with Pool Limits which aggregate to an amount at least equal to 75% of the then current Purchasers’ Pool Limit shall approve of such request (such date, the “Approval Date”), then the current Purchase Termination Date shall be extended to the date which is 364 days after such Approval Date and each such Purchaser and the other parties hereto that approved such Extension Request shall enter into such documents as the Administrative Agent and such Purchasers may deem necessary or appropriate to reflect such extension.  In the event that the Purchasers relating to a Purchaser Group decline an Extension Request (each such declining Purchaser, an “Exiting Purchaser”), the Purchaser Agent for such Exiting Purchasers shall so notify the Servicer (on behalf of the Seller), the Collateral Agent, the Administrative Agent, and each of the other parties hereto of such Exiting Purchaser’s determination.  If the Purchasers of a Purchaser Group become Exiting Purchasers, such Purchaser Groups’ Pool Limit shall automatically be reduced to zero on the then-current Purchase Termination Date, without giving effect to any other Purchasers of any other Purchaser Group’s agreement to extend the Purchase Termination Date, if any.  This Section 3.5 shall not be deemed to limit or restrict the ability of the parties hereto to extend the Purchase Termination Date pursuant to an amendment in accordance with Section 13.1.
SECTION 3.6    Account Control.  
(a)    THE SERVICER ACKNOWLEDGES, REPRESENTS AND AGREES THAT IT HAS ESTABLISHED EACH OF THE LOCK-BOX ACCOUNTS, EACH OF THE COLLECTION ACCOUNTS AND THE OMNIBUS ACCOUNT AND FURTHER ACKNOWLEDGES, REPRESENTS AND AGREES THAT EACH SUCH ACCOUNT IS A DEPOSIT ACCOUNT MAINTAINED AT AN ELIGIBLE BANK.  WITHOUT 

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LIMITING THE SERVICER’S OBLIGATION PURSUANT TO CLAUSES (C) OR (D) OF SECTION 7.6, IF, AT ANY TIME, ANY LOCK-BOX ACCOUNT, ANY COLLECTION ACCOUNT OR THE OMNIBUS ACCOUNT CEASES TO BE WITH AN ELIGIBLE BANK, THE SERVICER SHALL, AS PROMPTLY AS PRACTICABLE AND IN ANY EVENT WITHIN THIRTY (30) DAYS AFTER THE SERVICER OR THE SELLER HAS KNOWLEDGE THEREOF, (I) ESTABLISH A NEW LOCK-BOX ACCOUNT, COLLECTION ACCOUNT OR OMNIBUS ACCOUNT, AS THE CASE MAY BE, WITH A DEPOSITORY INSTITUTION THAT IS AN ELIGIBLE BANK, (II) TRANSFER ANY AMOUNTS HELD IN SUCH ACCOUNT TO SUCH NEW LOCK-BOX ACCOUNT, COLLECTION ACCOUNT OR OMNIBUS ACCOUNT, AS THE CASE MAY BE, AND (III) CAUSE A PAYMENT DIRECTION OR CONTROL AGREEMENT TO BE IN FULL FORCE AND EFFECT IN RESPECT OF SUCH ELIGIBLE BANK.  THE SERVICER SHALL NOT TERMINATE ANY COLLECTION ACCOUNT OR THE OMNIBUS ACCOUNT EXCEPT AS CONTEMPLATED BY THIS SECTION 3.6 WITHOUT THE PRIOR WRITTEN CONSENT OF THE COLLATERAL AGENT.
(b)    THE COLLATERAL AGENT HEREBY AGREES THAT IT SHALL (I) NOT DELIVER A REMITTANCE NOTICE UNLESS AN EVENT OF TERMINATION SHALL HAVE OCCURRED AND BE CONTINUING, (II) DELIVER A REMITTANCE NOTICE TO ADT SIMULTANEOUSLY WITH DELIVERY OF SUCH REMITTANCE NOTICE TO THE APPLICABLE ACCOUNT BANK, AND (III) PROMPTLY RESCIND SUCH REMITTANCE NOTICE UPON THE CURE OR WAIVER OF SUCH EVENT OF TERMINATION, SO LONG AS NO OTHER EVENT OF TERMINATION OR THE ACCELERATION DATE SHALL HAVE OCCURRED. ADT AND THE COLLATERAL AGENT HEREBY ACKNOWLEDGE AND AGREE THAT THE DAILY REMITTANCE AMOUNT IS INTENDED TO REFLECT THE ESTIMATED AMOUNT OF COLLECTIONS.  ACCORDINGLY, (I) ADT HEREBY AGREES THAT AFTER THE DELIVERY OF THE REMITTANCE NOTICE, IT SHALL NOT DIRECT THE ACCOUNT BANK IN RESPECT OF THE OMNIBUS ACCOUNT TO DISTRIBUTE, APPLY OR OTHERWISE TRANSFER ANY AMOUNTS TO AN ACCOUNT OTHER THAN THE COLLATERAL AGENT’S ACCOUNT OR THE RESERVE ACCOUNT UNLESS IT HAS CERTIFIED TO THE COLLATERAL AGENT THAT SUCH AMOUNTS DO NOT CONSTITUTE COLLECTIONS, TOGETHER WITH REASONABLY DETAILED EVIDENCE SUPPORTING SUCH CERTIFICATION AND (II) THE COLLATERAL AGENT HEREBY AGREES, AND THE PARTIES HERETO HEREBY ACKNOWLEDGE,  THAT THE COLLATERAL AGENT SHALL (A) PROMPTLY (FOLLOWING A TWO BUSINESS DAY RECONCILIATION PERIOD), CAUSE AN AMOUNT EQUAL TO THE AMOUNT OF COLLECTIONS ACTUALLY DEPOSITED TO THE COLLATERAL AGENT’S ACCOUNT FROM THE OMNIBUS ACCOUNT SINCE THE DATE OF DELIVERY OF SUCH REMITTANCE NOTICE, TO BE REMITTED (WITHOUT DUPLICATION OF ANY SUCH AMOUNTS PREVIOUSLY REMITTED) FROM THE  RESERVE ACCOUNT, TO THE EXTENT FUNDS ARE AVAILABLE THEREIN, TO THE OMNIBUS ACCOUNT, (B) REMIT AMOUNTS ON DEPOSIT IN THE RESERVE ACCOUNT TO THE COLLATERAL AGENT’S 

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ACCOUNT IN AN AMOUNT EQUAL TO COLLECTIONS (INCLUDING DEEMED COLLECTIONS) THAT IT REASONABLY DETERMINES IN GOOD FAITH (BASED UPON ADT’S CERTIFICATION SET FORTH IN CLAUSE (I) ABOVE, THE EVIDENCE SUPPORTING SUCH CERTIFICATION, AND THE OTHER REPORTS, DOCUMENTS, CERTIFICATION AND OTHER INFORMATION RECEIVED BY THE COLLATERAL AGENT HEREUNDER OR UNDER THE OTHER TRANSACTION DOCUMENTS) SHOULD HAVE BEEN DEPOSITED INTO THE COLLATERAL AGENT’S ACCOUNT BUT WERE NOT SO DEPOSITED OTHER THAN BY REASON OF BANKRUPTCY OR INSOLVENCY, FINANCIAL OR CREDIT CONDITION OR FINANCIAL DEFAULT, OF THE APPLICABLE OBLIGOR (THE “MISSING COLLECTIONS”); PROVIDED, THAT TO THE EXTENT ANY SUCH MISSING COLLECTIONS ARE OTHERWISE SUBSEQUENTLY DEPOSITED TO THE COLLATERAL AGENT’S ACCOUNT WITH NOTICE FROM ADT TO THE COLLATERAL AGENT THAT SUCH AMOUNTS CONSTITUTE MISSING COLLECTIONS AND EVIDENCE REASONABLY SATISFACTORY TO THE COLLATERAL AGENT THAT SUCH AMOUNTS CONSTITUTE SUCH MISSING COLLECTIONS, THE COLLATERAL AGENT SHALL PROMPTLY CREDIT SUCH RECEIVED MISSING COLLECTIONS (WITHOUT ANY INTEREST) TO THE RESERVE ACCOUNT TO AVOID DUPLICATION OF COLLECTIONS, AND (C) NOTWITHSTANDING ANY SECURITY INTEREST IN THE RESERVE ACCOUNT, NO AMOUNT FROM THE RESERVE ACCOUNT MAY BE APPLIED TOWARDS THE PAYMENT OF OBLIGATIONS OTHER THAN AS SET FORTH IN SUBCLAUSE (B) ABOVE, AND THE COLLATERAL AGENT SHALL CAUSE ANY AMOUNTS THAT REMAIN IN THE RESERVE ACCOUNT (LESS ANY AMOUNTS OWED TO THE APPLICABLE ACCOUNT BANK) AFTER THE FINAL PAYOUT DATE TO BE DISTRIBUTED TO OR AT THE DIRECTION OF ADT PROMPTLY FOLLOWING THE FINAL PAYOUT DATE. 
(c)    IN ADDITION, THE COLLATERAL AGENT AGREES THAT IN THE EVENT ANY LOCK-BOX ACCOUNT, ANY COLLECTION ACCOUNT OR THE OMNIBUS ACCOUNT IS SUBJECT TO A PAYMENT DIRECTION, AND SUCH ACCOUNT SUBSEQUENTLY BECOMES SUBJECT TO A CONTROL AGREEMENT OR ADT CERTIFIES TO THE COLLATERAL AGENT, ADMINISTRATIVE AGENT AND EACH PURCHASER AND PURCHASER AGENT, WITH EVIDENCE REASONABLY SATISFACTORY TO THE COLLATERAL AGENT, THAT NO COLLECTIONS ARE ON DEPOSIT IN SUCH ACCOUNT AND NO FURTHER COLLECTIONS ON POOL RECEIVABLES CAN BE DEPOSITED IN SUCH ACCOUNT, THE COLLATERAL AGENT SHALL PROMPTLY TERMINATE THE PAYMENT DIRECTION RELATING TO SUCH ACCOUNT.
ARTICLE IV     
 
FEES AND YIELD PROTECTION

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SECTION 4.1    Fees.  From the Closing Date until the Final Payment Date, the Seller shall pay to the Collateral Agent for distribution to each Purchaser Agent and each Purchaser, as applicable, on each Settlement Date subject to Section 3.1(d) all Fees.
SECTION 4.2    Yield Protection.  
(a)    IF ANY CHANGE IN LAW:
(i)    SHALL SUBJECT AN AFFECTED PARTY TO ANY DUTY, COST OR OTHER CHARGE (OTHER THAN TAXES, WHICH SHALL BE GOVERNED BY SECTION 3.3(E)) WITH RESPECT TO ANY INVESTMENT OR INTEREST IN THE RECEIVABLE POOL OR RELATED ASSETS OWNED, MAINTAINED OR FUNDED BY IT (OR ITS PARTICIPATION IN ANY OF THE FORGOING), OR ANY OBLIGATIONS OR RIGHT TO MAKE PURCHASES OR TO PROVIDE FUNDING OR MAINTENANCE THEREFOR (OR ITS PARTICIPATION IN ANY OF THE FOREGOING);
(ii)    SHALL IMPOSE, MODIFY, OR DEEM APPLICABLE ANY RESERVE, SPECIAL DEPOSIT, OR SIMILAR REQUIREMENT AGAINST ASSETS OF ANY AFFECTED PARTY, DEPOSITS, OR OBLIGATIONS WITH OR FOR THE ACCOUNT OF ANY AFFECTED PARTY OR WITH OR FOR THE ACCOUNT OF ANY AFFILIATE (OR ENTITY DEEMED BY THE FEDERAL RESERVE BOARD OR OTHER GOVERNMENTAL AUTHORITY TO BE AN AFFILIATE) OF ANY AFFECTED PARTY, OR CREDIT EXTENDED BY ANY AFFECTED PARTY;
(iii)    SHALL IMPOSE ANY OTHER CONDITION AFFECTING ANY INVESTMENT OR THE RECEIVABLE POOL OR RELATED ASSETS OWNED, MAINTAINED, OR FUNDED IN WHOLE OR IN PART BY ANY AFFECTED PARTY, OR ITS OBLIGATIONS OR RIGHTS, IF ANY, TO MAKE (OR PARTICIPATE IN) PURCHASES OR TO PROVIDE (OR PARTICIPATE IN) FUNDING THEREFOR OR THE MAINTENANCE THEREOF;
(iv)    SHALL CHANGE THE RATE FOR, OR CHANGES THE MANNER IN WHICH THE FEDERAL DEPOSIT INSURANCE CORPORATION (OR A SUCCESSOR THERETO) OR SIMILAR PERSON ASSESSES, DEPOSIT INSURANCE PREMIUMS, OR SIMILAR CHARGES WHICH AN AFFECTED PARTY IS OBLIGATED TO PAY; OR
(v)    SHALL (I) CHANGE THE AMOUNT OF CAPITAL MAINTAINED OR REQUIRED OR REQUESTED OR DIRECTED TO BE MAINTAINED BY ANY AFFECTED PARTY OR (II) SUBJECT ANY AFFECTED PARTY TO ANY TAXES (OTHER THAN (A) INDEMNIFIED TAXES, AND (B) EXCLUDED TAXES) ON ITS PURCHASES, THE RECEIVABLE POOL OR RELATED ASSETS, COMMITMENTS, OR OTHER 

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OBLIGATIONS, OR ITS DEPOSITS, RESERVES, OTHER LIABILITIES, OR CAPITAL ATTRIBUTABLE THERETO;
and the result of any of the foregoing is or would be, in each case, as determined by the applicable Purchaser Agent or the applicable Affected Party:
(A)    TO INCREASE THE COST TO (OR IMPOSE A COST ON) (1) AN AFFECTED PARTY FUNDING OR MAKING OR MAINTAINING ANY PURCHASES, ANY PURCHASES, OR LOANS OR OTHER EXTENSIONS OF CREDIT UNDER ANY LIQUIDITY AGREEMENT, ANY ENHANCEMENT AGREEMENT, OR ANY COMMITMENT (HEREUNDER OR UNDER ANY LIQUIDITY AGREEMENT OR ANY ENHANCEMENT AGREEMENT) OF SUCH AFFECTED PARTY WITH RESPECT TO ANY OF THE FOREGOING, OR (2) THE COLLATERAL AGENT, ANY PURCHASER AGENT, OR THE ADMINISTRATIVE AGENT FOR CONTINUING ITS RELATIONSHIP WITH ANY PURCHASER;
(B)    TO REDUCE THE AMOUNT OF ANY SUM RECEIVED OR RECEIVABLE BY AN AFFECTED PARTY UNDER THIS AGREEMENT, ANY LIQUIDITY AGREEMENT OR ANY ENHANCEMENT AGREEMENT (OR ITS PARTICIPATION IN ANY SUCH LIQUIDITY AGREEMENT OR ENHANCEMENT AGREEMENT) WITH RESPECT THERETO; OR
(C)    TO REDUCE THE RATE OF RETURN ON THE CAPITAL OF SUCH AFFECTED PARTY AS A CONSEQUENCE OF ITS OBLIGATIONS HEREUNDER, UNDER ANY LIQUIDITY AGREEMENT OR UNDER ANY ENHANCEMENT AGREEMENT (OR ITS PARTICIPATION IN ANY SUCH LIQUIDITY AGREEMENT OR ENHANCEMENT AGREEMENT), INCLUDING ITS FUNDING OR MAINTENANCE OF ANY PORTION OF ANY INVESTMENT OR THE RECEIVABLE POOL OR RELATED ASSETS, OR ARISING IN CONNECTION HEREWITH (OR THEREWITH) TO A LEVEL BELOW THAT WHICH SUCH AFFECTED PARTY COULD OTHERWISE HAVE ACHIEVED HEREUNDER OR THEREUNDER,
then, within three (3) Business Days following its receipt of notice from such Affected Party (or by the Administrative Agent or a Purchaser Agent on its behalf) in accordance with Section 4.2(c), the Seller shall pay directly to such Affected Party such additional amount or amounts as will compensate such Affected Party for such additional or increased cost or such reduction.
(b)    EACH AFFECTED PARTY (OR THE ADMINISTRATIVE AGENT OR A PURCHASER AGENT ON ITS BEHALF), SHALL USE COMMERCIALLY REASONABLE EFFORTS TO PROMPTLY NOTIFY THE SERVICER (ON BEHALF OF THE SELLER) AND THE ADMINISTRATIVE AGENT OF ANY EVENT OF WHICH 

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IT HAS ACTUAL KNOWLEDGE WHICH WILL ENTITLE SUCH AFFECTED PARTY TO COMPENSATION PURSUANT TO THIS SECTION 4.2; PROVIDED, THAT THE SELLER SHALL NOT BE REQUIRED TO COMPENSATE AN AFFECTED PARTY PURSUANT TO THIS SECTION 4.2 FOR ANY INCREASED COSTS OR REDUCTIONS INCURRED MORE THAN 180 DAYS PRIOR TO THE DATE THAT SUCH AFFECTED PARTY NOTIFIES THE SELLER OF THE CHANGE IN LAW GIVING RISE TO SUCH INCREASED COSTS OR REDUCTIONS AND OF SUCH AFFECTED PARTY’S INTENTION TO CLAIM COMPENSATION THEREFOR; PROVIDED, FURTHER, THAT, IF THE CHANGE IN LAW GIVING RISE TO SUCH INCREASED COSTS OR REDUCTIONS IS RETROACTIVE, THEN THE 180 DAY PERIOD REFERRED TO ABOVE SHALL BE EXTENDED TO INCLUDE THE PERIOD OF RETROACTIVE EFFECT THEREOF.
(c)    IN DETERMINING ANY AMOUNT PROVIDED FOR OR REFERRED TO IN THIS SECTION 4.2, AN AFFECTED PARTY MAY USE ANY REASONABLE AVERAGING AND ATTRIBUTION METHODS THAT IT, IN ITS SOLE DISCRETION, SHALL DEEM APPLICABLE.  ANY AFFECTED PARTY (OR THE ADMINISTRATIVE AGENT OR A PURCHASER AGENT ON ITS BEHALF) WHEN MAKING A CLAIM UNDER THIS SECTION 4.2 SHALL SUBMIT TO THE SERVICER (ON BEHALF OF THE SELLER) AND THE ADMINISTRATIVE AGENT A WRITTEN STATEMENT OF SUCH INCREASED COST OR REDUCED RETURN, WHICH STATEMENT, IN THE ABSENCE OF MANIFEST ERROR, SHALL BE CONCLUSIVE AND BINDING.
(d)    EXCEPT AS SET FORTH IN SECTION 4.2(B), NO FAILURE OR DELAY ON THE PART OF ANY AFFECTED PARTY (OR THE ADMINISTRATIVE AGENT OR ANY PURCHASER AGENT) TO DEMAND COMPENSATION PURSUANT TO THIS SECTION 4.2 SHALL NOT CONSTITUTE A WAIVER OF SUCH AFFECTED PARTY’S (OR THE ADMINISTRATIVE AGENT’S OR ANY PURCHASER AGENT’S ON ITS BEHALF) RIGHT TO DEMAND SUCH COMPENSATION OR OTHERWISE ADVERSELY AFFECT THE RIGHTS OF ANY AFFECTED PARTY TO SUCH COMPENSATION.
(e)    THE SELLER ACKNOWLEDGES THAT ANY AFFECTED PARTY MAY INSTITUTE MEASURES IN ANTICIPATION OF A CHANGE IN LAW (INCLUDING, WITHOUT LIMITATION, THE IMPOSITION OF INTERNAL CHARGES ON SUCH AFFECTED PARTY’S INTERESTS OR OBLIGATIONS UNDER THIS AGREEMENT), AND MAY COMMENCE ALLOCATING CHARGES TO OR SEEKING COMPENSATION FROM THE SELLER UNDER THIS SECTION 4.2 IN CONNECTION WITH SUCH MEASURES, IN ADVANCE OF THE EFFECTIVE DATE OF SUCH CHANGE IN LAW, AND THE SELLER AGREES TO PAY SUCH CHARGES OR COMPENSATION TO SUCH AFFECTED PARTY (EXCEPT FOR TAXES CONTEMPLATED BY CLAUSE (II) OF SECTION 4.2(A)(V)), TO THE EXTENT SUCH CHARGES OR COMPENSATION WOULD OTHERWISE BE PAYABLE BY THE SELLER UNDER THIS SECTION 4.2 AFTER SUCH EFFECTIVE DATE OF SUCH CHANGE IN LAW, FOLLOWING DEMAND THEREFOR WITHOUT REGARD TO 

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WHETHER SUCH EFFECTIVE DATE HAS OCCURRED BUT ONLY TO THE EXTENT OF, AND ON OR AFTER SUCH AFFECTED PARTY’S MEASURES MUST BE IMPLEMENTED PRIOR TO SUCH EFFECTIVE DATE AT THE DEMAND OF THE APPLICABLE PRUDENTIAL REGULATOR.  THE SELLER FURTHER ACKNOWLEDGES THAT ANY CHARGE OR COMPENSATION DEMANDED HEREUNDER MAY TAKE THE FORM OF A MONTHLY CHARGE TO BE ASSESSED BY SUCH AFFECTED PARTY.
SECTION 4.3    Funding Losses.  If any Affected Party incurs any cost, loss, or expense (including any loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Affected Party), at any time, as a result of (a) any optional or required settlement or repayment with respect to any Purchaser’s Tranche Investment of any Rate Tranche, howsoever funded, being made on any day other than the scheduled last day of an applicable Yield Period with respect thereto, (b) any Purchase not being completed by the Seller in accordance with its request therefor under Section 1.2, or (c) the failure to exercise or complete (in accordance with Section 3.2(b)) any reduction in Purchasers’ Pool Investment elected to be made under Section 3.2(b), (d) any reduction in Purchasers’ Pool Investment elected under Section 3.2(b) exceeding the total amount of Rate Tranches, howsoever funded, with respect to which the last day of the related Yield Period is the date of such reduction, or (e) the failure to reduce Purchasers’ Pool Investment, then, upon written notice from such Affected Party (or the Administrative Agent or a Purchaser Agent on its behalf) to the Servicer (on behalf of the Seller), the Seller shall pay to the Collateral Agent’s Account by the date which is no later than three (3) Business Days prior to the Settlement Date immediately succeeding the Settlement Period in which such written notice is delivered by such Affected Party.  Such written notice shall, in the absence of manifest error, be conclusive and binding upon the Seller and the Servicer.  If an Affected Party incurs any cost, loss, or expense (including any loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Affected Party), at any time, and is not entitled to reimbursement for such loss or expense in the manner set forth above, such Affected Party shall individually bear such loss or expense without recourse to, or payment from, any other Affected Party.
SECTION 4.4    Mitigation; Replacement of Purchasers.
(a)    IF ANY AFFECTED PARTY REQUESTS COMPENSATION UNDER SECTION 4.2, OR IF THE SELLER IS REQUIRED TO PAY ANY ADDITIONAL AMOUNT TO ANY AFFECTED PARTY OR ANY GOVERNMENTAL AUTHORITY FOR THE ACCOUNT OF ANY AFFECTED PARTY PURSUANT TO SECTION 3.3(E), THEN SUCH AFFECTED PARTY AND ITS RELATED PURCHASER AGENT SHALL USE REASONABLE EFFORTS TO DESIGNATE A DIFFERENT OFFICE, BRANCH OR AFFILIATE FOR FUNDING OR BOOKING ITS INVESTMENT HEREUNDER OR TO ASSIGN ITS RIGHTS AND OBLIGATIONS HEREUNDER TO ANOTHER OF ITS OFFICES, BRANCHES OR AFFILIATES, IF, IN THE REASONABLE JUDGMENT OF SUCH AFFECTED PARTY OR SUCH PURCHASER AGENT, SUCH DESIGNATION OR ASSIGNMENT (I) WOULD ELIMINATE OR REDUCE AMOUNTS PAYABLE PURSUANT TO SECTION 4.2 OR SECTION 3.3(E), IN THE FUTURE, AND 

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(II) WOULD NOT SUBJECT SUCH AFFECTED PARTY OR ITS RELATED PURCHASER AGENT TO ANY UNREIMBURSED COST OR EXPENSE AND WOULD NOT OTHERWISE BE DISADVANTAGEOUS TO SUCH AFFECTED PARTY OR ITS RELATED PURCHASER AGENT.  ADT HEREBY AGREES TO PAY ALL REASONABLE COSTS AND EXPENSES INCURRED BY SUCH AFFECTED PARTY AND ITS RELATED PURCHASER AGENT IN CONNECTION WITH ANY SUCH DESIGNATION OR ASSIGNMENT.
(b)    IF (I) ANY PURCHASER (OR AFFILIATED PARTY RELATING TO SUCH PURCHASER) REQUESTS COMPENSATION UNDER SECTION 4.2 OR (II) ANY PURCHASER HAS BECOME AN EXITING PURCHASER, SO LONG AS NO EVENT OF TERMINATION OR UNMATURED EVENT OF TERMINATION HAS OCCURRED AND REMAINS CONTINUING, THE SELLER MAY, AT ADT’S SOLE EXPENSE AND EFFORT (INCLUDING PAYMENT OF ANY APPLICABLE PROCESSING AND RECORDATION FEES), UPON NOTICE TO THE COLLATERAL AGENT, THE RELATED PURCHASER AGENT AND THE ADMINISTRATIVE AGENT, REQUIRE ALL PURCHASERS IN THE PURCHASER GROUP RELATING TO SUCH PURCHASER TO ASSIGN AND DELEGATE, WITHOUT RECOURSE (IN ACCORDANCE WITH AND SUBJECT TO THE RESTRICTIONS CONTAINED IN THIS AGREEMENT), ALL OF THEIR RESPECTIVE INTERESTS, RIGHTS, AND OBLIGATIONS UNDER THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS TO A WILLING ASSIGNEE THAT IS AN ELIGIBLE ASSIGNEE AND THAT SHALL ASSUME SUCH INTERESTS, RIGHTS, AND OBLIGATIONS PURSUANT TO A WRITTEN AGREEMENT REASONABLY ACCEPTABLE TO THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, AND THE ASSIGNING PURCHASERS; PROVIDED, THAT (X) THE SELLER SHALL HAVE RECEIVED THE PRIOR WRITTEN CONSENT OF THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT WITH RESPECT TO ANY ASSIGNEE THAT IS NOT ALREADY A MEMBER OF A PURCHASER GROUP HEREUNDER, WHICH CONSENT SHALL NOT UNREASONABLY BE WITHHELD, CONDITIONED, OR DELAYED, AND (Y) EACH MEMBER OF SUCH ASSIGNING PURCHASER GROUP SHALL HAVE RECEIVED PAYMENT OF AN AMOUNT EQUAL TO ALL OUTSTANDING INVESTMENTS AND YIELD IN RESPECT THEREOF, ACCRUED FEES AND ALL OTHER AMOUNTS PAYABLE TO IT HEREUNDER, FROM THE ASSIGNEE OR THE SELLER; PROVIDED, FURTHER, THAT ANY SUCH ASSIGNING PURCHASER SHALL BE A BENEFICIARY OF ANY OF THIS AGREEMENT’S TERMS THAT EXPRESSLY SURVIVE TERMINATION OF THIS AGREEMENT; AND PROVIDED, STILL FURTHER, THAT IF THE PERSON THEN SERVING AS THE COLLATERAL AGENT AND/OR THE ADMINISTRATIVE AGENT IS A MEMBER OF THE PURCHASER GROUP BEING REMOVED PURSUANT TO THIS SECTION, SUCH PERSON SHALL CEASE TO BE THE ADMINISTRATIVE AGENT AND/OR COLLATERAL AGENT, AS APPLICABLE, UPON THE FOREGOING ASSIGNMENT AND SUCH ASSIGNMENT SHALL NOT BE EFFECTIVE UNTIL A SUCCESSOR COLLATERAL AGENT AND/OR ADMINISTRATIVE AGENT, AS THE CASE MAY BE, HAS BEEN APPOINTED BY THE REQUIRED PURCHASERS AND HAS 

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ACCEPTED SUCH APPOINTMENT AND ASSUMED ALL OF THE OBLIGATIONS OF SUCH PERSON.
ARTICLE V     
 
CONDITIONS OF PURCHASES
SECTION 5.1    Conditions Precedent to Effectiveness.  The initial Purchase Date hereunder is subject to the conditions precedent that the Collateral Agent, the Administrative Agent and each Purchaser Agent shall have received (unless otherwise waived), each of the following in form and substance reasonably satisfactory to the Collateral Agent, the Administrative Agent and each Purchaser Agent:
(a)    A COPY OF THE RESOLUTIONS OR UNANIMOUS WRITTEN CONSENTS, AS APPLICABLE, OF THE BOARD OF DIRECTORS OR MANAGERS OR MEMBER (OR ANY AUTHORIZED SUB-COMMITTEE), AS THE CASE MAY BE, OF EACH OF THE ADT ENTITIES REQUIRED TO AUTHORIZE THE EXECUTION, DELIVERY, AND PERFORMANCE BY SUCH ADT ENTITY OF EACH TRANSACTION DOCUMENT TO BE DELIVERED BY IT HEREUNDER, CERTIFIED BY ITS SECRETARY OR ANY OTHER AUTHORIZED PERSON;
(b)    GOOD STANDING CERTIFICATES (OR THE EQUIVALENT) FOR EACH OF THE ADT ENTITIES ISSUED BY THE SECRETARY OF STATE (OR THE EQUIVALENT) OF THE JURISDICTION IN WHICH EACH SUCH ENTITY IS ORGANIZED;
(c)    A CERTIFICATE OF THE SECRETARY OR ASSISTANT SECRETARY OF EACH OF THE ADT ENTITIES CERTIFYING THE NAMES AND TRUE SIGNATURES OF THE OFFICERS AUTHORIZED ON ITS BEHALF TO SIGN THE TRANSACTION DOCUMENTS TO BE DELIVERED BY IT (ON WHICH CERTIFICATE THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, EACH PURCHASER AND EACH PURCHASER AGENT MAY CONCLUSIVELY RELY UNTIL SUCH TIME AS SUCH PARTY SHALL HAVE RECEIVED FROM ANY SUCH ADT ENTITY, A REVISED CERTIFICATE MEETING THE REQUIREMENTS OF THIS CLAUSE (C));
(d)    COPIES OF THE CONSTITUENT DOCUMENTS OF EACH OF THE ADT ENTITIES DULY CERTIFIED BY THE SECRETARY OR AN ASSISTANT SECRETARY OF EACH SUCH ADT ENTITY, AND IN IN THE CASE OF ANY CERTIFICATES OR ARTICLES OF INCORPORATION, FORMATION OR ORGANIZATION, CERTIFIED BY THE SECRETARY OF STATE (OR THE EQUIVALENT) OF THE JURISDICTION IN WHICH EACH SUCH ENTITY IS ORGANIZED;
(e)    A SEARCH REPORT BY A NATIONALLY RECOGNIZED SEARCH FIRM PROVIDED IN WRITING TO THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT BY THE SERVICER LISTING ALL FINANCING STATEMENTS, STATE AND FEDERAL TAX, OR ERISA LIENS AND JUDGMENTS 

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THAT NAME THE SELLER OR ADT, AS DEBTOR AND THAT ARE FILED IN THE JURISDICTIONS IN WHICH FILINGS WERE MADE PURSUANT TO CLAUSE (F) AND ANY OTHER JURISDICTIONS THAT THE COLLATERAL AGENT OR THE ADMINISTRATIVE AGENT SHALL REASONABLY REQUEST TOGETHER WITH COPIES OF SUCH FINANCING STATEMENTS;
(f)    COPIES OF PROPER FINANCING STATEMENTS (FORM UCC-3) (INCLUDING AMENDMENT AND TERMINATION STATEMENTS) AND RELEASE DOCUMENTATION EACH IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT WITH RESPECT TO ANY FINANCING STATEMENT INCLUDED IN THE SEARCH REPORT DESCRIBED IN CLAUSE (E) ABOVE, TO THE EXTENT THAT ANY SUCH FINANCING STATEMENT SET FORTH THEREIN COVERS ANY POOL RECEIVABLES OR RELATED ASSETS, OTHER THAN FINANCING STATEMENTS FILED PURSUANT TO THIS AGREEMENT;
(g)    PROPER FINANCING STATEMENTS NAMING THE SELLER AS DEBTOR, AND THE COLLATERAL AGENT AS SECURED PARTY, TO BE FILED IN ALL APPLICABLE JURISDICTIONS IN RESPECT OF THE COLLATERAL;
(h)    FAVORABLE OPINIONS OF PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP (INCLUDING WITH RESPECT TO CREATION AND PERFECTION OF SECURITY INTERESTS UNDER THE APPLICABLE UCC) COUNSEL TO THE ADT ENTITIES; NON-CONSOLIDATION, AND TRUE SALE MATTERS; AND OTHER CUSTOMARY OPINIONS REQUIRED BY THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT;
(i)    COMPLETION OF SATISFACTORY DUE DILIGENCE IN RESPECT OF THE RECEIVABLE POOL BY PURCHASERS, PURCHASER AGENTS, THE COLLATERAL AGENT, AND THE ADMINISTRATIVE AGENT;
(j)    DULY EXECUTED COPIES OF EACH OF THE FEE LETTERS;
(k)    DULY EXECUTED COPIES OF THE TRANSACTION DOCUMENTS, INCLUDING A PAYMENT DIRECTION IN RESPECT OF EACH LOCK-BOX ACCOUNT, EACH COLLECTION ACCOUNT AND THE OMNIBUS ACCOUNT WHICH SHALL EACH BE IN FULL FORCE AND EFFECT, AND COMPLETION OF THE FORM OF EACH EXHIBIT TO THIS AGREEMENT NOT ATTACHED HERETO AS OF THE CLOSING DATE TOGETHER WITH AN AMENDMENT HERETO ATTACHING SUCH EXHIBITS;
(l)    PAYMENT BY OR ON BEHALF OF THE SELLER OF EACH PURCHASER’S, EACH PURCHASER AGENT’S, THE COLLATERAL AGENT’S, AND THE ADMINISTRATIVE AGENT’S REASONABLE AND DOCUMENTED OUT-OF-POCKET COSTS AND EXPENSES, INCLUDING ALL REASONABLE AND DOCUMENTED INVOICED LEGAL FEES OF COUNSEL TO SUCH PARTIES AND 

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ALL AUDIT FEES OF PROTIVITI INC. AND ALL FEES REQUIRED TO BE PAID ON THE CLOSING DATE UNDER ANY FEE LETTER;
(m)    A PRO-FORMA INFORMATION PACKAGE, WHICH SHALL EVIDENCE COMPLIANCE WITH THE TERMS OF THIS AGREEMENT, AFTER GIVING CREDIT TO THE INITIAL TRANSFER OF AN INTEREST IN RECEIVABLES UNDER THIS AGREEMENT; 
(n)    ENTRY INTO A MUTUALLY SATISFACTORY AGREEMENT, TOGETHER WITH AN AMENDMENT TO THIS AGREEMENT TO REFLECT SUCH AGREEMENT, IN RESPECT OF APPLICABLE CONFIDENTIALITY AND INFORMATION PROTECTION REQUIREMENTS IN RESPECT OF NON-PUBLIC BORROWER DATA, INCLUDING REASONABLE AND ADEQUATE SAFEGUARDS FOR THE PROTECTION OF SUCH NON-PUBLIC BORROWER DATA;  AND
(o)    SUCH OTHER AGREEMENTS, INSTRUMENTS, CERTIFICATES, OPINIONS, AND OTHER DOCUMENTS AS THE COLLATERAL AGENT OR THE ADMINISTRATIVE AGENT MAY REASONABLY REQUEST REASONABLY IN ADVANCE OF (AND IN ANY EVENT AT LEAST FIVE (5) BUSINESS DAYS PRIOR TO) THE INITIAL PURCHASE DATE.
SECTION 5.2    Conditions Precedent to All Purchases.  Each Purchase (including the initial Purchase) shall be subject to the further conditions precedent that on the date of such Purchase, the following statements shall be true (and the Seller, on such Purchase Date, shall be deemed to have certified that):
(a)    EACH OF THE REPRESENTATIONS AND WARRANTIES CONTAINED IN THIS AGREEMENT AND IN EACH OTHER TRANSACTION DOCUMENT ARE TRUE AND CORRECT ON AND AS OF SUCH DAY AS THOUGH MADE ON AND AS OF SUCH DAY AND SHALL BE DEEMED TO HAVE BEEN MADE ON SUCH DAY (EXCEPT TO THE EXTENT SUCH REPRESENTATIONS AND WARRANTIES EXPLICITLY REFER SOLELY TO ANOTHER DATE, IN WHICH CASE THEY SHALL BE TRUE AND CORRECT AS OF SUCH OTHER DATE);
(b)    NO EVENT HAS OCCURRED, OR WOULD RESULT FROM SUCH PURCHASE THAT CONSTITUTES AN EVENT OF TERMINATION OR AN UNMATURED EVENT OF TERMINATION THAT REMAINS CONTINUING (OTHER THAN, SOLELY WITH RESPECT TO A NON-CASH PURCHASE, PURSUANT TO SECTION 10.1(O));
(c)    IMMEDIATELY AFTER GIVING EFFECT TO SUCH PURCHASE ON SUCH PURCHASE DATE AND THE APPLICATION OF COLLECTIONS IN ACCORDANCE WITH SECTION 3.1(D), NO POOL DEFICIENCY AMOUNT UNDER CLAUSES (I), (III) OR (IV) OF THE DEFINITION THEREOF WILL EXIST;
(d)    THE PURCHASE TERMINATION DATE HAS NOT OCCURRED; AND

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(e)    IMMEDIATELY AFTER GIVING EFFECT TO SUCH PURCHASE ON SUCH PURCHASE DATE, THE DAILY REMITTANCE AMOUNT SHALL BE AN AMOUNT AT LEAST EQUAL TO (I) THE PURCHASERS’ POOL INVESTMENT DIVIDED BY (II) 1000; AND
(f)    (E) EXCEPT WITH RESPECT TO A NON-CASH PURCHASE, THE APPLICABLE PURCHASER AGENT HAS APPROVED OF THE RELATED PURCHASE REQUEST IN ACCORDANCE WITH SECTION 1.2(A).
SECTION 5.3    Condition Subsequent. 
(a)    EACH OF ADT AND THE SELLER HEREBY COVENANT AND AGREE THAT AS PROMPTLY AS PRACTICABLE AFTER THE CLOSING DATE, BUT IN ANY EVENT NO LATER THAN THE TWELVE (12) MONTH ANNIVERSARY OF THE CLOSING DATE, IT SHALL (I) ESTABLISH NEW ACCOUNTS IN TO WHICH ONLY COLLECTIONS IN RESPECT OF POOL RECEIVABLES SHALL BE DEPOSITED DIRECTLY FROM THE RESPECTIVE OBLIGORS WITHOUT ANY INTERMITTENT COMMINGLING, INCLUDING WITH RESPECT TO DIRECT DEPOSIT OBLIGORS ON THE POOL RECEIVABLES, (II) CAUSE THE COLLATERAL AGENT TO HAVE A FIRST PRIORITY PERFECTED INTEREST, FREE OF ANY ADVERSE CLAIMS, IN ALL SUCH COLLECTIONS AND ACCOUNTS INCLUDING PURSUANT TO ONE OR MORE CONTROL AGREEMENTS, (III) ENTER INTO AMENDMENTS TO THE TRANSACTIONS DOCUMENTS TO REFLECT SUCH CHANGES, AND TAKE ALL OTHER ACTIONS REASONABLE AND NECESSARY TO EFFECTUATE THE PURPOSES THEREOF, AND (IV) DELIVER SUCH CERTIFICATIONS AND OPINIONS OF COUNSEL AS THE COLLATERAL AGENT OR THE ADMINISTRATIVE AGENT SHALL REASONABLY REQUEST, IN EACH CASE IN FORM, SCOPE AND MANNER REASONABLY SATISFACTORY TO THE ADMINISTRATIVE AGENT, COLLATERAL AGENT AND EACH PURCHASER AGENT.; AND
(b)    EACH OF ADT AND THE SELLER HEREBY COVENANTS AND AGREE THAT AS PROMPTLY AS PRACTICABLE AFTER APRIL 17, 2020, BUT IN NO EVENT LATER THAN 30 DAYS THEREAFTER, THE SELLER SHALL ENTER INTO A CONTROL AGREEMENT IN RESPECT OF THE RESERVE ACCOUNT, IN FORM AND SCOPE REASONABLY SATISFACTORY TO THE COLLATERAL AGENT, AND DELIVER SUCH CERTIFICATIONS AND OPINIONS OF COUNSEL AS THE COLLATERAL AGENT SHALL REASONABLY REQUEST, IN EACH CASE IN FORM, SCOPE AND MANNER REASONABLY SATISFACTORY TO THE COLLATERAL AGENT. 
ARTICLE VI     
 
REPRESENTATIONS AND WARRANTIES

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SECTION 6.1    Representations and Warranties of the Seller.  The Seller represents and warrants, as of the Closing Date, each Purchase Date, each Settlement Date upon which the Purchasers’ Pool Investment is reduced pursuant to Section 3.2(b) and in respect of clause (k) and (n) below, as of the date of each Information Package, as follows:
(a)    ORGANIZATION AND GOOD STANDING.  IT HAS BEEN DULY ORGANIZED IN, AND IS VALIDLY EXISTING AND IN GOOD STANDING UNDER THE LAWS OF ITS JURISDICTION OF ORGANIZATION, WITH ORGANIZATIONAL POWER AND AUTHORITY TO OWN ITS PROPERTIES AND TO CONDUCT ITS BUSINESS AS SUCH PROPERTIES ARE PRESENTLY OWNED AND SUCH BUSINESS IS PRESENTLY CONDUCTED.
(b)    DUE QUALIFICATION.  IT HAS OBTAINED ALL NECESSARY LICENSES, APPROVALS, AND QUALIFICATIONS, IF ANY, IN CONNECTION WITH ITS EXECUTION AND DELIVERY OF THE TRANSACTION DOCUMENTS TO WHICH IT IS A PARTY AND THE PERFORMANCE BY IT OF ITS OBLIGATIONS CONTEMPLATED IN THE TRANSACTION DOCUMENTS.
(c)    POWER AND AUTHORITY; DUE AUTHORIZATION.  IT (I) HAS ALL NECESSARY POWER AND AUTHORITY TO (A) EXECUTE AND DELIVER THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS TO WHICH IT IS A PARTY IN ANY CAPACITY AND (B) PERFORM ITS OBLIGATIONS UNDER THE TRANSACTION DOCUMENTS APPLICABLE TO IT AND (II) HAS DULY AUTHORIZED BY ALL NECESSARY LIMITED LIABILITY COMPANY ACTION THE EXECUTION, DELIVERY, AND PERFORMANCE OF THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS TO WHICH IT IS A PARTY.
(d)    VALID SALE; BINDING OBLIGATIONS.  THIS AGREEMENT CONSTITUTES EITHER (X) AN ABSOLUTE AND IRREVOCABLE VALID SALE, TRANSFER, AND ASSIGNMENT OF THE POOL RECEIVABLES AND RELATED ASSETS TO THE COLLATERAL AGENT (ON BEHALF OF THE PURCHASERS), ENFORCEABLE AGAINST CREDITORS OF AND PURCHASERS FROM THE SELLER, OR (Y) A SECURITY AGREEMENT GRANTING A SECURITY INTEREST IN THE POOL RECEIVABLES AND RELATED ASSETS TO THE COLLATERAL AGENT (ON BEHALF OF THE PURCHASERS AND THE OTHER AFFECTED PARTIES); AND THIS AGREEMENT AND EACH OTHER TRANSACTION DOCUMENT TO WHICH IT IS A PARTY WHEN DULY EXECUTED AND DELIVERED BY IT WILL CONSTITUTE ITS LEGAL, VALID, AND BINDING OBLIGATION ENFORCEABLE AGAINST IT IN ACCORDANCE WITH ITS TERMS, SUBJECT TO APPLICABLE BANKRUPTCY, INSOLVENCY, REORGANIZATION, MORATORIUM, OR OTHER LAWS AFFECTING CREDITORS’ RIGHTS GENERALLY AND SUBJECT TO GENERAL PRINCIPLES OF EQUITY, REGARDLESS OF WHETHER CONSIDERED IN A PROCEEDING IN EQUITY OR AT LAW.
(e)    NO VIOLATION.  THE EXECUTION AND DELIVERY OF EACH OF THE TRANSACTION DOCUMENTS TO WHICH IT IS A PARTY, THE CONSUMMATION 

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OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS AND THE PERFORMANCE BY IT OF THE TERMS HEREOF AND THEREOF WILL NOT (I) VIOLATE OR RESULT IN A DEFAULT UNDER, (A) ITS CONSTITUENT DOCUMENTS, (B) ANY INDENTURE, AGREEMENT, OR INSTRUMENT BINDING ON IT OR ANY OF ITS ASSETS OR PROPERTIES, OR (C) THE ADT CREDIT AGREEMENT, ANY ADT INDENTURE OR ANY ADT COLLATERAL AGREEMENT, (II) RESULT IN THE CREATION OR IMPOSITION OF ANY ADVERSE CLAIM UPON ANY OF ITS ASSETS OR PROPERTIES PURSUANT TO THE TERMS OF ANY SUCH INDENTURE, AGREEMENT, OR INSTRUMENT TO WHICH IT IS A PARTY OR BY WHICH IT OR ANY OF ITS PROPERTIES IS BOUND, OTHER THAN ANY ADVERSE CLAIM CREATED IN CONNECTION WITH THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS, OR (III) VIOLATE ANY LAW APPLICABLE TO IT OR ANY OF ITS ASSETS OR PROPERTIES.
(f)    NO PROCEEDINGS.  THERE ARE NO ACTIONS, SUITS, OR PROCEEDINGS BY OR BEFORE ANY ARBITRATOR OR GOVERNMENTAL AUTHORITY PENDING AGAINST OR, TO ITS KNOWLEDGE, THREATENED AGAINST OR AFFECTING IT, THE RECEIVABLE POOL OR RELATED ASSETS OR ANY OF ITS OTHER ASSETS OR PROPERTIES (I) AS TO WHICH, IF ASSUMING THERE WERE TO BE AN ADVERSE DETERMINATION THEREOF, COULD REASONABLY BE EXPECTED, INDIVIDUALLY OR IN THE AGGREGATE, TO RESULT IN A MATERIAL ADVERSE EFFECT, (II) SEEKING TO PREVENT THE SALE AND ASSIGNMENT OF ALL OR ANY PORTION OF THE RECEIVABLE POOL OR RELATED ASSETS OR THE CONSUMMATION OF THE PURPOSES OF THIS AGREEMENT OR OF ANY OF THE OTHER TRANSACTION DOCUMENTS, OR (III) THAT INVOLVE THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT OR THE PURPOSES THEREOF.
(g)    BULK SALES ACT.  NO TRANSACTION CONTEMPLATED HEREBY REQUIRES COMPLIANCE BY THE SELLER WITH ANY BULK SALES ACT OR SIMILAR LAW.
(h)    GOVERNMENTAL APPROVALS.  NO AUTHORIZATION OR APPROVAL OR OTHER ACTION BY, AND NO NOTICE TO OR FILING WITH, ANY GOVERNMENTAL AUTHORITY IS REQUIRED FOR ITS DUE EXECUTION, DELIVERY, AND PERFORMANCE OF THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY, EXCEPT FOR THE FILING OF THE UCC FINANCING STATEMENTS REFERRED TO IN ARTICLE V.
(i)    USE OF PROCEEDS.  THE USE OF ALL FUNDS OBTAINED BY IT UNDER THIS AGREEMENT WILL NOT CONFLICT WITH OR CONTRAVENE ANY OF REGULATIONS T, U, AND X PROMULGATED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

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(j)    QUALITY OF TITLE.  IT HAS ACQUIRED FROM ADT, FOR FAIR CONSIDERATION AND REASONABLY EQUIVALENT VALUE, ALL OF THE RIGHT, TITLE, AND INTEREST IN EACH POOL RECEIVABLE AND THE RELATED ASSETS IN RESPECT THEREOF AND SUCH ACQUISITION CONSTITUTES A TRUE SALE.  EACH CONTRACT AND POOL RECEIVABLE AND THE RELATED ASSETS RELATED THERETO, ARE OWNED BY IT FREE AND CLEAR OF ANY ADVERSE CLAIM; AND UPON ANY PURCHASE THE COLLATERAL AGENT (FOR THE BENEFIT OF THE PURCHASERS) SHALL HAVE ACQUIRED AND SHALL AT ALL TIMES THEREAFTER CONTINUOUSLY MAINTAIN A VALID PERFECTED OWNERSHIP INTEREST OR A FIRST PRIORITY PERFECTED SECURITY INTEREST IN EACH POOL RECEIVABLE, TOGETHER WITH THE RELATED ASSETS, FREE AND CLEAR OF ANY ADVERSE CLAIM; AND NO VALID EFFECTIVE FINANCING STATEMENT OR OTHER INSTRUMENT SIMILAR IN EFFECT COVERING ANY POOL RECEIVABLE, ANY INTEREST THEREIN OR THE RELATED ASSETS IS ON FILE IN ANY RECORDING OFFICE EXCEPT SUCH AS MAY BE FILED (I) IN FAVOR OF ADT OR THE SELLER IN ACCORDANCE WITH ANY TRANSACTION DOCUMENT (AND ASSIGNED TO THE COLLATERAL AGENT), OR (II) IN FAVOR OF THE COLLATERAL AGENT FOR THE BENEFIT OF THE PURCHASERS IN ACCORDANCE WITH THIS AGREEMENT OR ANY TRANSACTION DOCUMENT.  WITHOUT LIMITING THE FOREGOING, NO CHATTEL PAPER EVIDENCING POOL RECEIVABLES (X) IS IN THE POSSESSION OF (OR, IN THE CASE OF ELECTRONIC CHATTEL PAPER, UNDER THE CONTROL OF) ANY PERSON OTHER THAN THE SERVICER (FOR THE BENEFIT OF THE COLLATERAL AGENT AND THE SELLER), THE COLLATERAL AGENT OR THE COLLATERAL AGENT’S DESIGNEE, OR (Y) HAS ANY MARKS OR NOTATIONS INDICATING THAT IT HAS BEEN PLEDGED, ASSIGNED, OR OTHERWISE CONVEYED TO ANY PERSON OTHER THAN THE SELLER OR THE COLLATERAL AGENT.
(k)    ACCURATE REPORTS.  NONE OF THE REPORTS, FINANCIAL STATEMENTS, CERTIFICATES, OR OTHER WRITTEN INFORMATION (OTHER THAN FORWARD-LOOKING STATEMENTS, PROJECTIONS, AND STATEMENTS OF A GENERAL INDUSTRY NATURE, AS TO WHICH IT REPRESENTS ONLY THAT IT ACTED IN GOOD FAITH AND UTILIZED ASSUMPTIONS REASONABLE AT THE TIME MADE AND DUE CARE IN THE PREPARATION OF SUCH STATEMENT OR PROJECTION) FURNISHED OR TO BE FURNISHED BY OR ON BEHALF OF IT OR ANY OTHER ADT ENTITY (INCLUDING, WITHOUT LIMITATION, BY ELECTRONIC DELIVERY) TO THE ADMINISTRATIVE AGENT, ANY PURCHASER, OR ANY PURCHASER AGENT IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT OR ANY AMENDMENT HERETO OR DELIVERED HEREUNDER OR THEREUNDER (AS MODIFIED OR SUPPLEMENTED BY OTHER INFORMATION SO FURNISHED) INCLUDING WITHOUT LIMITATION, EACH PURCHASE REQUEST, EACH INFORMATION PACKAGE AND THE REPORTS AND INFORMATION PROVIDED PURSUANT TO SECTION 7.5(F) CONTAINS ANY MATERIAL MISSTATEMENT OF FACT OR OMITS TO STATE ANY MATERIAL FACT NECESSARY TO MAKE THE STATEMENTS 

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THEREIN, IN THE LIGHT OF THE CIRCUMSTANCES UNDER WHICH THEY WERE MADE, NOT MATERIALLY MISLEADING.  THE SELLER HAS DISCLOSED TO THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT (A) ALL AGREEMENTS, INSTRUMENTS, AND CORPORATE OR OTHER RESTRICTIONS TO WHICH THE SELLER IS SUBJECT, AND (B) ALL OTHER MATTERS KNOWN TO ANY ADT ENTITY, THE SERVICER OR ANY OF THEIR AFFILIATES, THAT INDIVIDUALLY OR IN THE AGGREGATE WITH RESPECT TO (A) OR (B) ABOVE COULD REASONABLY BE EXPECTED TO RESULT IN A MATERIAL ADVERSE EFFECT.
(l)    UCC DETAILS.  IT IS A “REGISTERED ORGANIZATION” (AS DEFINED IN SECTION 9-102(A) OF THE UCC) THAT IS FORMED OR ORGANIZED SOLELY UNDER THE LAWS OF THE STATE OF DELAWARE AND IS “LOCATED” IN DELAWARE FOR PURPOSES OF SECTION 9-307 OF THE UCC AND THE OFFICES WHERE IT KEEPS ALL ITS PHYSICAL RECORDS (TO THE EXTENT NOT ELECTRONICALLY AVAILABLE) AND TANGIBLE CHATTEL PAPER OR OTHER PHYSICAL COLLATERAL, IF ANY, ARE LOCATED AT THE ADDRESSES SPECIFIED IN SCHEDULE VI (OR AT SUCH OTHER LOCATIONS, NOTIFIED TO THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT IN ACCORDANCE WITH SECTION 7.1(F)), IN JURISDICTIONS WHERE ALL ACTION REQUIRED BY SECTION 8.5 HAS BEEN TAKEN AND COMPLETED.  IT HAS NEVER HAD ANY, TRADE NAMES, FICTITIOUS NAMES, ASSUMED NAMES, OR “DOING BUSINESS AS” NAMES AND IS “LOCATED” IN DELAWARE FOR PURPOSES OF SECTION 9-307 OF THE UCC.  IT IS ORGANIZED ONLY IN A SINGLE JURISDICTION.
(m)    ACCOUNTS.  THE LOCK-BOXES AND NAMES AND ADDRESSES OF ALL OF THE LOCK-BOX BANKS, TOGETHER WITH THE ACCOUNT NUMBERS OF THE LOCK-BOX ACCOUNTS AT SUCH LOCK-BOX BANKS, ARE SPECIFIED IN SCHEDULE V (OR HAVE BEEN NOTIFIED TO AND APPROVED BY THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT IN ACCORDANCE WITH SECTION 7.3(D)).  THE COLLECTION ACCOUNTS AND OMNIBUS ACCOUNTS, THE ACCOUNT NUMBERS FOR EACH SUCH ACCOUNT AND THE ACCOUNT BANKS MAINTAINING EACH SUCH ACCOUNT ARE SPECIFIED IN SCHEDULE V EXCEPT FOR SUCH CHANGES AS ARE EXPRESSLY PERMITTED BY SECTION 3.6.
(n)    ELIGIBLE RECEIVABLES.  EACH POOL RECEIVABLE LISTED AS AN ELIGIBLE RECEIVABLE IN ANY PURCHASE REQUEST OR INFORMATION PACKAGE OR INCLUDED AS AN ELIGIBLE RECEIVABLE IN THE CALCULATION OF NET PORTFOLIO BALANCE ON ANY DATE IS AN ELIGIBLE RECEIVABLE AS OF THE EFFECTIVE DATE OF THE INFORMATION REPORTED IN SUCH PURCHASE REQUEST OR INFORMATION PACKAGE OR AS OF THE DATE OF SUCH CALCULATION, AS THE CASE MAY BE, OR HAS BEEN CURED THROUGH A REPURCHASE IN ACCORDANCE WITH SECTION 3.2.  IN SELECTING THE 

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RECEIVABLES SPECIFIED IN EACH PURCHASE REQUEST, AND IN SELECTING THE RECEIVABLES THAT IT ACQUIRED FROM ADT UNDER THE SALE AGREEMENT (I) IT DID NOT UTILIZE ANY SELECTION PROCESS FOR CHOOSING SUCH RECEIVABLES THAT WAS, IN ANY RESPECT, ADVERSE TO THE INTERESTS OF THE PURCHASERS AND SUCH SELECTION PROCESS DID NOT DISADVANTAGE THE PURCHASERS IN ANY WAY, IT BEING UNDERSTOOD THAT ANY SELECTION SOLELY ON THE BASIS OF SATISFYING THE ELIGIBILITY REQUIREMENTS SET FORTH IN THE DEFINITIONS OF “ELIGIBLE CONTRACT”, OR “ELIGIBLE RECEIVABLE” OR IN ORDER TO LIMIT THE EXCESS CONCENTRATION AMOUNT FOR PURPOSES OF INCLUSION IN THE NET PORTFOLIO BALANCE SHALL NOT IN AND OF ITSELF BE DEEMED ADVERSE OR DISADVANTAGEOUS TO THE PURCHASERS, (II) ADT, THE SELLER AND SERVICER HAS NO REASON TO EXPECT THAT THE PERFORMANCE OF THE RECEIVABLES IN ANY PURCHASE REQUEST WOULD BE WORSE THAN ANY RECEIVABLES THAT IT IS NOT OFFERING FOR SALE HEREUNDER OR UNDER THE SALE AGREEMENT, AND (III) EACH SUCH RECEIVABLE ADHERES TO THE CREDIT AND COLLECTION POLICY.  AS OF EACH PURCHASE DATE, IT HAS NO KNOWLEDGE OF ANY FACT (INCLUDING ANY DEFAULTS BY THE OBLIGOR THEREUNDER OR ANY SERVICE CHARGE RECEIVABLE) THAT WOULD CAUSE IT TO EXPECT ANY PAYMENT ON ANY ELIGIBLE RECEIVABLE NOT TO BE PAID IN FULL WHEN DUE.
(o)    ADVERSE CHANGE.  SINCE THE CLOSING DATE, (I) THERE HAS BEEN NO MATERIAL ADVERSE CHANGE IN THE VALUE, VALIDITY, COLLECTABILITY, OR ENFORCEABILITY OF ALL OR A MATERIAL PORTION OF THE POOL RECEIVABLES, AND (II) THERE HAS BEEN NO MATERIAL ADVERSE EFFECT WITH RESPECT TO THE SELLER.
(p)    CREDIT AND COLLECTION POLICY.  IT HAS ENGAGED THE SERVICER TO SERVICE THE POOL RECEIVABLES IN ACCORDANCE WITH THE CREDIT AND COLLECTION POLICY AND ALL APPLICABLE LAW.  IT HAS COMPLIED IN ALL MATERIAL RESPECTS WITH ALL APPLICABLE LAW AND WITH THE CREDIT AND COLLECTION POLICY.
(q)    FINANCIAL INFORMATION.  ALL OF ITS AND ITS AFFILIATES’ FINANCIAL STATEMENTS DELIVERED TO THE ADMINISTRATIVE AGENT IN ACCORDANCE WITH THIS AGREEMENT PRESENT FAIRLY, IN ALL MATERIAL RESPECTS, THE ACTUAL FINANCIAL POSITION AND RESULTS OF OPERATIONS OF IT AND ITS AFFILIATES, AS THE CASE MAY BE, AS OF THE DATE AND FOR THE PERIOD PRESENTED OR PROVIDED, IN EACH CASE IN ACCORDANCE WITH GAAP.
(r)    INVESTMENT COMPANY ACT; COVERED FUND.  IT IS NOT REQUIRED TO REGISTER AS AN “INVESTMENT COMPANY” UNDER (AND AS DEFINED IN) THE INVESTMENT COMPANY ACT.  IT IS NOT A “COVERED FUND” AS DEFINED 

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IN SECTION 619 OF THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT.
(s)    NO OTHER OBLIGATIONS.  IT DOES NOT HAVE OUTSTANDING ANY SECURITY OF ANY KIND EXCEPT MEMBERSHIP INTERESTS ISSUED TO ADT IN CONNECTION WITH ITS ORGANIZATION AND HAS NOT INCURRED, ASSUMED, GUARANTEED OR OTHERWISE BECOME DIRECTLY OR INDIRECTLY LIABLE FOR, OR IN RESPECT OF, ANY DEBT,  AND NO PERSON HAS ANY COMMITMENT OR OTHER ARRANGEMENT TO EXTEND CREDIT TO THE SELLER,  OTHER THAN AS WILL OCCUR IN ACCORDANCE WITH THE TRANSACTION DOCUMENTS.
(t)    REPRESENTATIONS AND WARRANTIES IN OTHER TRANSACTIONS DOCUMENTS.  IT HEREBY MAKES FOR THE BENEFIT OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, EACH PURCHASER AGENT AND EACH PURCHASER ALL OF THE REPRESENTATIONS AND WARRANTIES THAT THE SELLER MAKES, IN ANY CAPACITY, UNDER THE SALE AGREEMENT, AS IF SUCH REPRESENTATIONS AND WARRANTIES (TOGETHER WITH THE RELATED AND ANCILLARY PROVISIONS) WERE SET FORTH IN FULL HEREIN.
(u)    ORDINARY COURSE OF BUSINESS.  EACH REMITTANCE OF COLLECTIONS BY OR ON BEHALF OF THE SELLER TO THE PURCHASERS (OR TO THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT OR ANY PURCHASER AGENT ON THEIR BEHALF) UNDER THIS AGREEMENT WILL HAVE BEEN (I) IN PAYMENT OF A DEBT INCURRED BY THE SELLER IN THE ORDINARY COURSE OF BUSINESS OR FINANCIAL AFFAIRS OF THE SELLER, AND (II) MADE IN THE ORDINARY COURSE OF BUSINESS OR FINANCIAL AFFAIRS OF THE SELLER.
(v)    TAX MATTERS.  IT HAS FILED ALL FEDERAL INCOME TAX RETURNS AND ALL OTHER TAX RETURNS THAT ARE REQUIRED TO BE FILED BY IT AND HAS PAID ALL TAXES DUE PURSUANT TO SUCH RETURNS OR PURSUANT TO ANY ASSESSMENT RECEIVED BY IT, EXCEPT FOR ANY SUCH TAXES OR ASSESSMENTS, IF ANY, THAT ARE BEING APPROPRIATELY CONTESTED IN GOOD FAITH BY APPROPRIATE PROCEEDINGS AND WITH RESPECT TO WHICH ADEQUATE RESERVES IN CONFORMITY WITH GAAP HAVE BEEN PROVIDED.  NO TAX LIEN HAS BEEN FILED, AND, TO THE KNOWLEDGE OF THE SELLER, NO CLAIM IS BEING ASSERTED, WITH RESPECT TO ANY SUCH TAX OR ASSESSMENT, EXCEPT WHERE SUCH TAX OR LIEN IS BEING CONTESTED AS SET FORTH ABOVE OR AS COULD NOT REASONABLY BE EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT.  IT HAS PAID ALL SALES TAXES TO BE PAID BY IT IN CONNECTION WITH THE EQUIPMENT AND INSTALLATION RELATED TO EACH POOL RECEIVABLE IN COMPLIANCE WITH SECTION 7.1(P), AND HAS PROMPTLY NOTIFIED THE ADMINISTRATIVE AGENT OF (I) ANY FAILURE TO PAY ANY SALES TAXES WITH RESPECT TO ANY RECEIVABLE AND WHETHER OR NOT SUCH SALES TAXES ARE BEING CONTESTED AS SET FORTH ABOVE, 

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AND (II) ANY ASSERTED TAX LIEN RELATING TO ANY SUCH SALES TAXES AND WHETHER OR NOT SUCH LIEN IS BEING CONTESTED AS SET FORTH ABOVE. 
(w)    TAX STATUS.  IT HAS NOT MADE, AT ANY TIME, ANY ENTITY CLASSIFICATION ELECTION UNDER TREAS. REG. SEC. 301.7701-3 NOR IS IT OTHERWISE TREATED AS AN ASSOCIATION OR PUBLICLY TRADED PARTNERSHIP TAXABLE AS A CORPORATION FOR U.S. FEDERAL INCOME TAX PURPOSES.  IT HAS NOT TAKEN ANY ACTION THAT COULD SUBJECT IT NOR IS IT OTHERWISE SUBJECT TO ANY MATERIAL AMOUNT OF TAX IMPOSED BY A STATE OR LOCAL TAXING AUTHORITY.
(x)    NO EVENT OF TERMINATION, ETC.  NO EVENT HAS OCCURRED AND IS CONTINUING, OR WOULD RESULT FROM ANY PURCHASE THAT CONSTITUTES OR WOULD CONSTITUTE AN UNMATURED EVENT OF TERMINATION OR EVENT OF TERMINATION.
(y)    ANTI-CORRUPTION LAWS, ANTI-TERRORISM LAWS, AND SANCTIONS.
(i)    EACH ADT ENTITY AND THEIR RESPECTIVE SUBSIDIARIES IS IN COMPLIANCE IN ALL MATERIAL RESPECTS WITH THE MATERIAL PROVISIONS OF THE USA PATRIOT ACT, AND, ON OR PRIOR TO THE CLOSING DATE, THE SELLER HAS PROVIDED OR CAUSED TO BE PROVIDED TO THE ADMINISTRATIVE AGENT ALL INFORMATION RELATED TO THE ADT ENTITIES (INCLUDING NAMES, ADDRESSES AND TAX IDENTIFICATION NUMBERS (IF APPLICABLE)) REASONABLY REQUESTED IN WRITING BY THE ADMINISTRATIVE AGENT NOT LESS THAN 10 BUSINESS DAYS PRIOR TO THE CLOSING DATE AND MUTUALLY AGREED TO BE REQUIRED UNDER “KNOW YOUR CUSTOMER” AND ANTI-MONEY LAUNDERING RULES AND REGULATIONS, INCLUDING THE USA PATRIOT ACT, TO BE OBTAINED BY THE ADMINISTRATIVE AGENT OR ANY PURCHASER.
(ii)    NONE OF THE ADT ENTITIES, ANY OF THEIR RESPECTIVE SUBSIDIARIES, NOR, TO THE KNOWLEDGE OF THE SELLER, ANY DIRECTOR, OFFICER, AGENT, EMPLOYEE OR AFFILIATE OF ANY ADT ENTITY IS CURRENTLY THE TARGET OF ANY SANCTIONS ADMINISTERED BY THE UNITED STATES, INCLUDING THE OFFICE OF FOREIGN ASSETS CONTROL OF THE U.S. TREASURY DEPARTMENT (“OFAC”) AND THE U.S. STATE DEPARTMENT, THE UNITED NATIONS SECURITY COUNCIL, HER MAJESTY’S TREASURY, THE EUROPEAN UNION OR RELEVANT MEMBER STATES OF THE EUROPEAN UNION (COLLECTIVELY, THE “SANCTIONS”) AND EACH ADT ENTITY AND, TO THE KNOWLEDGE OF THE SELLER, THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS ARE IN COMPLIANCE WITH SANCTIONS LAWS AND REGULATIONS ADMINISTERED BY THE UNITED 

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STATES, INCLUDING OFAC AND THE U.S. STATE DEPARTMENT, THE UNITED NATIONS SECURITY COUNCIL, HER MAJESTY’S TREASURY, THE EUROPEAN UNION OR RELEVANT MEMBER STATES OF THE EUROPEAN UNION (COLLECTIVELY, THE “SANCTIONS LAWS”) IN ALL MATERIAL RESPECTS.  THE SELLER WILL NOT DIRECTLY OR INDIRECTLY USE THE PROCEEDS OF ANY PURCHASES OR OTHERWISE MAKE AVAILABLE SUCH PROCEEDS TO ANY PERSON, FOR THE PURPOSE OF FINANCING THE ACTIVITIES OF ANY PERSON THAT IS CURRENTLY THE TARGET OF ANY SANCTIONS OR FOR THE PURPOSE OF FUNDING, FINANCING OR FACILITATING ANY ACTIVITIES, BUSINESS OR TRANSACTION WITH OR IN ANY COUNTRY THAT IS THE TARGET OF THE SANCTIONS, TO THE EXTENT SUCH ACTIVITIES, BUSINESSES OR TRANSACTION WOULD BE PROHIBITED BY THE SANCTIONS LAWS, OR IN ANY MANNER THAT WOULD RESULT IN THE VIOLATION OF  ANY SANCTIONS LAWS APPLICABLE TO ANY PARTY HERETO.
(iii)    EACH ADT ENTITY, EACH OF THEIR RESPECTIVE SUBSIDIARIES, AND TO THE KNOWLEDGE OF THE SELLER, THEIR DIRECTORS, OFFICERS, AGENTS OR EMPLOYEES, ARE IN COMPLIANCE WITH THE U.S. FOREIGN CORRUPT PRACTICES ACT OF 1977 OR SIMILAR LAW OF A JURISDICTION IN WHICH THE ADT ENTITIES CONDUCT THEIR BUSINESS AND TO WHICH THEY ARE LAWFULLY SUBJECT (“ANTI-CORRUPTION LAWS”), IN EACH CASE, IN ALL MATERIAL RESPECTS.  NO PART OF THE PROCEEDS OF ANY PURCHASES MADE HEREUNDER WILL BE USED TO MAKE ANY UNLAWFUL BRIBE, REBATE, PAYOFF, INFLUENCE PAYMENT, KICKBACK OR OTHER UNLAWFUL PAYMENT.
(z)    THE SELLER DOES NOT HOLD (NOR WILL IT HOLD THROUGHOUT THE TERM OF THIS AGREEMENT) “PLAN ASSETS” WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATIONS LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA.
(aa)    ACCOUNTING TREATMENT. THE SELLER AND ADT EXPECT THAT THE RECEIVABLES, RELATED ASSETS, AND COLLECTIONS RELATING TO THE RECEIVABLE POOL WILL BE INCLUDED ON THE CONSOLIDATED BALANCE SHEET OF THE PARENT AND ADT FOR PURPOSES OF GAAP TO THE EXTENT THEY ARE OUTSTANDING AS OF THE END OF ANY REPORTING PERIOD.
(bb)    ADVERTISEMENTS, PROMOTIONS. NO POOL RECEIVABLE IS SUBJECT TO ANY ADVERTISEMENT, PROMOTION OR OTHER ARRANGEMENT OFFERED BY ANY ADT ENTITY, SUBJECT TO WHICH SUCH POOL RECEIVABLE OR THE CONTRACT RELATED TO SUCH POOL RECEIVABLE CAN BE CANCELLED OR TERMINATED, IN ANY MANNER WHICH WOULD EXCUSE THE RELATED OBLIGOR OF ITS OBLIGATION TO PAY ALL OR ANY PART OF THE 

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UNPAID BALANCE THEREOF, EXCEPT PURSUANT TO THE CONDITIONAL SERVICE  GUARANTY.
(cc)    POOL DEFICIENCY AMOUNT.  IMMEDIATELY AFTER GIVING EFFECT TO ANY PURCHASE ON A PURCHASE DATE AND THE APPLICATION OF THE COLLECTIONS IN ACCORDANCE WITH SECTION 3.1(D) ON SUCH PURCHASE DATE, NO POOL DEFICIENCY AMOUNT UNDER CLAUSES (I), (III) OR (IV) OF THE DEFINITION THEREOF WILL EXIST.
(dd)    PAYMENT DIRECTIONS; CONTROL.  A PAYMENT DIRECTION IN THE FORM OF EXHIBIT G-1 IS IN FULL FORCE AND EFFECT IN RESPECT OF EACH LOCK-BOX ACCOUNT, A PAYMENT DIRECTION IN THE FORM OF EXHIBIT G-2 IS IN FULL FORCE AND EFFECT IN RESPECT OF EACH COLLECTION ACCOUNT, AND A PAYMENT DIRECTION IN THE FORM OF EXHIBIT G-3 IS IN FULL FORCE AND EFFECT IN RESPECT OF THE OMNIBUS ACCOUNT, OTHER THAN, IN EACH CASE, TO THE EXTENT ANY SUCH LOCK-BOX ACCOUNT, COLLECTION ACCOUNT OR THE OMNIBUS ACCOUNT IS SUBJECT TO A CONTROL AGREEMENT.
SECTION 6.2    Representations and Warranties of ADT.  ADT, individually and when acting as the Servicer, represents and warrants, as of the Closing Date and each Settlement Date, upon which the Purchaser’s Pool Investment is reduced pursuant to Section 3.2(b) and in respect of clause (j) and (l) below, as of the date of each Information Package, as follows:
(a)    ORGANIZATION AND GOOD STANDING.  IT HAS BEEN DULY ORGANIZED AND IS VALIDLY EXISTING AS A LIMITED LIABILITY COMPANY IN GOOD STANDING UNDER THE LAWS OF ITS JURISDICTION OF ORGANIZATION, WITH POWER AND AUTHORITY TO OWN ITS PROPERTIES AND TO CONDUCT ITS BUSINESS AS SUCH PROPERTIES ARE PRESENTLY OWNED AND SUCH BUSINESS IS PRESENTLY CONDUCTED.
(b)    DUE QUALIFICATION.  IT IS DULY QUALIFIED TO DO BUSINESS AS A FOREIGN LIMITED LIABILITY COMPANY IN GOOD STANDING, AND HAS OBTAINED ALL NECESSARY QUALIFICATIONS, LICENSES, AND APPROVALS, IN ALL JURISDICTIONS IN WHICH THE OWNERSHIP OR LEASE OF PROPERTY OR THE CONDUCT OF ITS BUSINESS (INCLUDING THE SERVICING OF THE POOL RECEIVABLES) REQUIRES SUCH QUALIFICATIONS, LICENSES, OR APPROVALS, EXCEPT WHERE THE FAILURE TO DO SO COULD NOT REASONABLY BE EXPECTED, INDIVIDUALLY OR IN THE AGGREGATE, TO RESULT IN A MATERIAL ADVERSE EFFECT.
(c)    POWER AND AUTHORITY; DUE AUTHORIZATION.  IT (I) HAS ALL NECESSARY POWER AND AUTHORITY TO (A) EXECUTE AND DELIVER THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS TO WHICH IT IS A PARTY IN ANY CAPACITY, AND (B) CARRY OUT THE TERMS OF AND PERFORM ITS OBLIGATIONS UNDER THE TRANSACTION DOCUMENTS APPLICABLE TO 

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IT, AND (II) HAS DULY AUTHORIZED BY ALL NECESSARY LIMITED LIABILITY COMPANY ACTION THE EXECUTION, DELIVERY, AND PERFORMANCE OF THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS TO WHICH IT IS A PARTY.
(d)    BINDING OBLIGATIONS.  THIS AGREEMENT CONSTITUTES, AND EACH OTHER TRANSACTION DOCUMENT TO BE SIGNED BY IT WHEN DULY EXECUTED AND DELIVERED BY IT WILL CONSTITUTE, THE LEGAL, VALID, AND BINDING OBLIGATION OF IT, ENFORCEABLE AGAINST IT IN ACCORDANCE WITH ITS TERMS, SUBJECT TO APPLICABLE BANKRUPTCY, INSOLVENCY, REORGANIZATION, MORATORIUM, OR OTHER LAWS AFFECTING CREDITORS’ RIGHTS GENERALLY AND SUBJECT TO GENERAL PRINCIPLES OF EQUITY, REGARDLESS OF WHETHER CONSIDERED IN A PROCEEDING IN EQUITY OR AT LAW.
(e)    NO VIOLATION.  THE EXECUTION AND DELIVERY OF EACH OF THE TRANSACTION DOCUMENTS TO WHICH IT IS A PARTY AND THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS AND THE PERFORMANCE BY IT OF THE TERMS HEREOF AND THEREOF WILL NOT (I) VIOLATE OR RESULT IN A DEFAULT UNDER, (A) ITS CONSTITUENT DOCUMENTS, (B) ANY INDENTURE, AGREEMENT OR INSTRUMENT BINDING ON IT OR ITS ASSETS OR PROPERTIES OR (C) THE ADT CREDIT AGREEMENT, ANY ADT INDENTURE OR ANY ADT COLLATERAL AGREEMENT, (II) RESULT IN THE CREATION OR IMPOSITION OF ANY ADVERSE CLAIM UPON ANY OF ITS ASSETS OR PROPERTIES PURSUANT TO THE TERMS OF ANY SUCH INDENTURE, AGREEMENT, OR INSTRUMENT, OR (III) VIOLATE ANY LAW APPLICABLE TO IT OR ANY OF ITS ASSETS OR PROPERTIES, EXCEPT IN THE CASE OF THIS CLAUSE (III) TO THE EXTENT THAT ANY SUCH VIOLATIONS INDIVIDUALLY OR IN THE AGGREGATE COULD NOT REASONABLY BE EXPECTED TO RESULT IN A MATERIAL ADVERSE EFFECT.
(f)    NO PROCEEDINGS.  THERE ARE NO ACTIONS, SUITS, OR PROCEEDINGS BY OR BEFORE ANY ARBITRATOR OR GOVERNMENTAL AUTHORITY PENDING AGAINST OR, TO THE KNOWLEDGE OF THE SERVICER, THREATENED AGAINST OR AFFECTING THE SERVICER OR ANY OF ITS ASSETS OR PROPERTIES (I) AS TO WHICH, IF ASSUMING THERE WERE TO BE AN ADVERSE DETERMINATION THEREOF, COULD REASONABLY BE EXPECTED, INDIVIDUALLY OR IN THE AGGREGATE, TO RESULT IN A MATERIAL ADVERSE EFFECT, OR (II) SEEKING TO PREVENT THE SERVICING OF THE RECEIVABLES RELATING TO THE RECEIVABLE POOL OR OTHERWISE INVOLVING OR AFFECTING ANY TRANSACTION DOCUMENT OR THE PURPOSES THEREOF.
(g)    GOVERNMENTAL APPROVALS.  NO AUTHORIZATION OR APPROVAL OR OTHER ACTION BY, AND NO NOTICE TO OR FILING WITH, ANY 

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GOVERNMENTAL AUTHORITY IS REQUIRED FOR ITS DUE EXECUTION, DELIVERY, AND PERFORMANCE OF THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY, EXCEPT FOR (X) THE FILING OF THE UCC FINANCING STATEMENTS REFERRED TO IN ARTICLE V, AND (Y) SUCH AUTHORIZATIONS, APPROVALS, ACTIONS, NOTICES OR FILINGS AS HAVE BEEN OBTAINED OR MADE OR FOR WHICH THE FAILURE TO OBTAIN OR MAKE THE SAME, INDIVIDUALLY OR IN THE AGGREGATE, COULD NOT REASONABLY BE EXPECTED TO RESULT IN A MATERIAL ADVERSE EFFECT.
(h)    QUALITY OF TITLE.  THE SELLER HAS ACQUIRED FROM ADT, FOR FAIR CONSIDERATION AND REASONABLY EQUIVALENT VALUE, ALL OF THE RIGHT, TITLE, AND INTEREST IN EACH POOL RECEIVABLE AND THE RELATED ASSETS IN RESPECT THEREOF AND SUCH ACQUISITION CONSTITUTES A TRUE SALE.  IMMEDIATELY PRIOR TO EACH SALE OR CONTRIBUTION OF A RECEIVABLE UNDER THE SALE AGREEMENT, ADT OWNED EACH CONTRACT AND POOL RECEIVABLE AND THE RELATED ASSETS RELATED THERETO FREE AND CLEAR OF ANY ADVERSE CLAIM; AND UPON ANY PURCHASE HEREUNDER, THE COLLATERAL AGENT (FOR THE BENEFIT OF THE PURCHASERS) HAS ACQUIRED AND AT ALL TIMES THEREAFTER CONTINUOUSLY MAINTAINS A VALID PERFECTED OWNERSHIP INTEREST OR A FIRST PRIORITY PERFECTED SECURITY INTEREST IN EACH POOL RECEIVABLE, TOGETHER WITH THE RELATED ASSETS, FREE AND CLEAR OF ANY ADVERSE CLAIM; AND NO VALID EFFECTIVE FINANCING STATEMENT OR OTHER INSTRUMENT SIMILAR IN EFFECT COVERING ANY POOL RECEIVABLE, ANY INTEREST THEREIN OR THE RELATED ASSETS IS ON FILE IN ANY RECORDING OFFICE EXCEPT SUCH AS MAY BE FILED (I) IN FAVOR OF ADT OR THE SELLER IN ACCORDANCE WITH ANY TRANSACTION DOCUMENT (AND ASSIGNED TO THE COLLATERAL AGENT), OR (II) IN FAVOR OF THE COLLATERAL AGENT FOR THE BENEFIT OF THE PURCHASERS IN ACCORDANCE WITH THIS AGREEMENT OR ANY TRANSACTION DOCUMENT.  WITHOUT LIMITING THE FOREGOING, NO CHATTEL PAPER EVIDENCING POOL RECEIVABLES (X) IS IN THE POSSESSION OF (OR, IN THE CASE OF ELECTRONIC CHATTEL PAPER, UNDER THE CONTROL OF) ANY PERSON OTHER THAN THE SERVICER (FOR THE BENEFIT OF THE COLLATERAL AGENT AND THE SELLER), THE COLLATERAL AGENT OR THE COLLATERAL AGENT’S DESIGNEE, OR (Y) HAS ANY MARKS OR NOTATIONS INDICATING THAT IT HAS BEEN PLEDGED, ASSIGNED, OR OTHERWISE CONVEYED TO ANY PERSON OTHER THAN THE SELLER OR THE COLLATERAL AGENT.
(i)    FINANCIAL CONDITION.  ALL FINANCIAL STATEMENTS OF THE ADT ENTITIES AND THEIR RESPECTIVE SUBSIDIARIES (INCLUDING THE NOTES THERETO) DELIVERED TO THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, AND EACH PURCHASER AGENT PURSUANT TO SECTION 7.5(A), PRESENT FAIRLY, IN ALL MATERIAL RESPECTS, THE ACTUAL FINANCIAL 

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POSITION AND RESULTS OF OPERATIONS AND CASH FLOWS OF SUCH ENTITIES AS OF THE DATES AND FOR THE PERIODS PRESENTED OR PROVIDED OTHER THAN IN THE CASE OF ANNUAL FINANCIAL STATEMENTS, IN EACH CASE IN ACCORDANCE WITH GAAP, SUBJECT TO YEAR-END AUDIT ADJUSTMENTS AND THE ABSENCE OF FOOTNOTES IN THE CASE OF ALL INTERIM BALANCE SHEETS OF THE PARENT AND ADT.
(j)    ACCURATE REPORTS.  NONE OF THE REPORTS, FINANCIAL STATEMENTS, CERTIFICATES, OR OTHER WRITTEN INFORMATION (OTHER THAN FORWARD-LOOKING STATEMENTS, PROJECTIONS, AND STATEMENTS OF A GENERAL INDUSTRY NATURE, AS TO WHICH IT REPRESENTS ONLY THAT IT ACTED IN GOOD FAITH AND UTILIZED ASSUMPTIONS REASONABLE AT THE TIME MADE AND DUE CARE IN THE PREPARATION OF SUCH STATEMENT OR PROJECTION) FURNISHED OR TO BE FURNISHED BY OR ON BEHALF OF IT OR ANY OTHER ADT ENTITY (INCLUDING EACH PURCHASE REQUEST AND EACH INFORMATION PACKAGE FURNISHED BY THE SERVICER AND EACH REPORT FURNISHED PURSUANT TO SECTION 7.5(F)) (INCLUDING, WITHOUT LIMITATION, BY ELECTRONIC DELIVERY) TO THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, ANY PURCHASER, OR ANY PURCHASER AGENT IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT OR ANY AMENDMENT HERETO OR DELIVERED HEREUNDER OR THEREUNDER (AS MODIFIED OR SUPPLEMENTED BY OTHER INFORMATION SO FURNISHED) CONTAINS ANY MATERIAL MISSTATEMENT OF FACT OR OMITS TO STATE ANY MATERIAL FACT NECESSARY TO MAKE THE STATEMENTS THEREIN, IN THE LIGHT OF THE CIRCUMSTANCES UNDER WHICH THEY WERE MADE, NOT MATERIALLY MISLEADING.  ADT, ITS AFFILIATES AND SUBSIDIARIES HAVE DISCLOSED TO THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT (A) ALL AGREEMENTS, INSTRUMENTS, AND CORPORATE OR OTHER RESTRICTIONS TO WHICH ANY ADT ENTITY OR ITS SUBSIDIARIES  ARE SUBJECT, AND (B) ALL OTHER MATTERS KNOWN TO ANY ADT ENTITY, THE SERVICER OR ANY OF THEIR AFFILIATES, THAT INDIVIDUALLY OR IN THE AGGREGATE WITH RESPECT TO (A) OR (B) ABOVE COULD REASONABLY BE EXPECTED TO RESULT IN A MATERIAL ADVERSE EFFECT.
(k)    ACCOUNTS.  THE LOCK-BOXES, NAMES AND ADDRESSES OF ALL OF THE LOCK-BOX BANKS, TOGETHER WITH THE ACCOUNT NUMBERS OF THE LOCK-BOX ACCOUNTS AT SUCH LOCK-BOX BANKS, ARE SPECIFIED IN SCHEDULE V (OR HAVE BEEN NOTIFIED TO AND APPROVED BY THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT IN ACCORDANCE WITH SECTION 7.3(D)).  THE COLLECTION ACCOUNTS AND OMNIBUS ACCOUNTS, THE ACCOUNT NUMBERS FOR EACH SUCH ACCOUNT AND THE ACCOUNT BANK MAINTAINING EACH SUCH ACCOUNT ARE SPECIFIED IN SCHEDULE V, EXCEPT FOR SUCH CHANGES AS ARE EXPRESSLY PERMITTED BY SECTION 3.6.

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(l)    ELIGIBLE RECEIVABLES.  EACH POOL RECEIVABLE LISTED AS AN ELIGIBLE RECEIVABLE IN ANY PURCHASE REQUEST OR INFORMATION PACKAGE OR INCLUDED AS AN ELIGIBLE RECEIVABLE IN THE CALCULATION OF NET PORTFOLIO BALANCE ON ANY DATE IS AN ELIGIBLE RECEIVABLE AS OF THE EFFECTIVE DATE OF THE INFORMATION REPORTED IN SUCH PURCHASE REQUEST OR INFORMATION PACKAGE OR AS OF THE DATE OF SUCH CALCULATION, AS THE CASE MAY BE, OR HAS BEEN CURED THROUGH A REPURCHASE IN ACCORDANCE WITH SECTION 3.2.  IN SELECTING THE RECEIVABLES TO BE SOLD OR CONTRIBUTED TO THE SELLER PURSUANT TO THE SALE AGREEMENT (I) IT DID NOT UTILIZE ANY SELECTION PROCESS FOR CHOOSING SUCH RECEIVABLES THAT WAS, IN ANY RESPECT, ADVERSE TO THE INTERESTS OF THE SELLER OR THE PURCHASERS AND SUCH SELECTION PROCESS DID NOT DISADVANTAGE THE SELLER OR THE PURCHASERS IN ANY WAY IT BEING UNDERSTOOD THAT ANY SELECTION SOLELY ON THE BASIS OF SATISFYING THE ELIGIBILITY REQUIREMENTS SET FORTH IN THE DEFINITIONS OF “ELIGIBLE CONTRACT”, OR “ELIGIBLE RECEIVABLE” OR IN ORDER TO LIMIT THE EXCESS CONCENTRATION AMOUNT FOR PURPOSES OF INCLUSION IN THE NET PORTFOLIO BALANCE SHALL NOT IN AND OF ITSELF BE DEEMED ADVERSE OR DISADVANTAGEOUS TO THE PURCHASERS, (II) ADT, THE SELLER AND SERVICER HAS NO REASON TO EXPECT THAT THE PERFORMANCE OF THE RECEIVABLES IN ANY PURCHASE REQUEST WOULD BE WORSE THAN ANY RECEIVABLES THAT IT IS NOT OFFERING FOR SALE HEREUNDER OR UNDER THE SALE AGREEMENT, AND (III) EACH SUCH RECEIVABLE ADHERES TO THE CREDIT AND COLLECTION POLICY.  AS OF EACH PURCHASE DATE OF ELIGIBLE RECEIVABLES HEREUNDER IT HAS NO KNOWLEDGE OF ANY FACT (INCLUDING ANY DEFAULTS BY THE OBLIGOR THEREUNDER OR ANY SERVICE CHARGE RECEIVABLE) THAT WOULD CAUSE IT TO EXPECT ANY PAYMENT ON SUCH ELIGIBLE RECEIVABLE NOT TO BE PAID IN FULL WHEN DUE.
(m)    ADVERSE CHANGE.  SINCE THE CLOSING DATE, (I) THERE HAS BEEN NO MATERIAL ADVERSE CHANGE IN THE VALIDITY, COLLECTABILITY, OR ENFORCEABILITY OF ALL OR A MATERIAL PORTION OF THE POOL RECEIVABLES, AND (II) THERE HAS BEEN NO MATERIAL ADVERSE EFFECT WITH RESPECT TO ADT OR THE PARENT.
(n)    CREDIT AND COLLECTION POLICY; LAW.  IT HAS COMPLIED WITH THE CREDIT AND COLLECTION POLICY AND SUCH POLICIES HAVE NOT CHANGED IN ANY RESPECT SINCE THE CLOSING DATE, EXCEPT AS PERMITTED UNDER SECTIONS 7.3(C) AND 7.5(G).  IT HAS COMPLIED WITH ALL APPLICABLE LAW, EXCEPT WHERE THE FAILURE TO SO COMPLY, INDIVIDUALLY OR IN THE AGGREGATE COULD NOT REASONABLY BE EXPECTED TO RESULT IN A MATERIAL ADVERSE EFFECT.

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(o)    INVESTMENT COMPANY ACT.  IT IS NOT  REQUIRED TO REGISTER AS AN “INVESTMENT COMPANY” UNDER (AND AS DEFINED IN) THE INVESTMENT COMPANY ACT.
(p)    ERISA.  NO ERISA EVENT HAS OCCURRED OR IS REASONABLY EXPECTED TO OCCUR, EXCEPT AS COULD NOT REASONABLY BE EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT.
(q)    TAX RETURNS AND PAYMENTS.  IT HAS FILED ALL FEDERAL INCOME TAX RETURNS AND ALL OTHER TAX RETURNS THAT ARE REQUIRED TO BE FILED BY IT AND HAS PAID ALL TAXES DUE PURSUANT TO SUCH RETURNS OR PURSUANT TO ANY ASSESSMENT RECEIVED BY IT, EXCEPT FOR ANY SUCH TAXES OR ASSESSMENTS, IF ANY, THAT ARE BEING APPROPRIATELY CONTESTED IN GOOD FAITH BY APPROPRIATE PROCEEDINGS AND WITH RESPECT TO WHICH ADEQUATE RESERVES IN CONFORMITY WITH GAAP HAVE BEEN PROVIDED.  NO TAX LIEN HAS BEEN FILED, AND, TO THE KNOWLEDGE OF THE SERVICER, NO CLAIM IS BEING ASSERTED, WITH RESPECT TO ANY SUCH TAX OR ASSESSMENT, EXCEPT WHERE SUCH TAX OR LIEN IS BEING CONTESTED AS SET FORTH ABOVE OR AS COULD NOT REASONABLY BE EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT.  IT HAS PAID ALL SALES TAXES TO BE PAID BY IT IN CONNECTION WITH THE EQUIPMENT AND INSTALLATION RELATED TO EACH POOL RECEIVABLE IN COMPLIANCE WITH SECTION 7.4(L), AND HAS PROMPTLY NOTIFIED THE ADMINISTRATIVE AGENT OF (I) ANY FAILURE TO PAY ANY SALES TAXES WITH RESPECT TO ANY RECEIVABLE AND WHETHER OR NOT SUCH SALES TAXES ARE BEING CONTESTED AS SET FORTH ABOVE, AND (II) ANY ASSERTED TAX LIEN RELATING TO ANY SUCH SALES TAXES AND WHETHER OR NOT SUCH LIEN IS BEING CONTESTED AS SET FORTH ABOVE.
(r)    NO EVENT OF TERMINATION, ETC.  NO EVENT HAS OCCURRED AND IS CONTINUING, OR WOULD RESULT FROM ANY PURCHASE OF RECEIVABLES, THAT CONSTITUTES OR WOULD CONSTITUTE AN UNMATURED EVENT OF TERMINATION OR EVENT OF TERMINATION.
(s)    ANTI-CORRUPTION LAWS, ANTI-TERRORISM LAWS, AND SANCTIONS.
(i)    EACH ADT ENTITY IS IN COMPLIANCE IN ALL MATERIAL RESPECTS WITH THE MATERIAL PROVISIONS OF THE USA PATRIOT ACT, AND, ON OR PRIOR TO THE CLOSING DATE, THE SERVICER HAS PROVIDED OR CAUSED TO BE PROVIDED TO THE ADMINISTRATIVE AGENT ALL INFORMATION RELATED TO THE ADT ENTITIES (INCLUDING NAMES, ADDRESSES AND TAX IDENTIFICATION NUMBERS (IF APPLICABLE)) REASONABLY REQUESTED IN WRITING BY THE ADMINISTRATIVE AGENT NOT LESS THAN 10 BUSINESS DAYS PRIOR TO THE CLOSING DATE AND MUTUALLY AGREED TO BE REQUIRED UNDER 

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“KNOW YOUR CUSTOMER” AND ANTI-MONEY LAUNDERING RULES AND REGULATIONS, INCLUDING THE USA PATRIOT ACT, TO BE OBTAINED BY THE ADMINISTRATIVE AGENT OR ANY PURCHASER.
(ii)    NONE OF THE ADT ENTITIES, OR AN OF THEIR RESPECTIVE SUBSIDIARIES, NOR, TO THE KNOWLEDGE OF THE SERVICER, ANY DIRECTOR, OFFICER, AGENT, EMPLOYEE OR AFFILIATE OF ANY ADT ENTITY IS CURRENTLY THE TARGET OF ANY SANCTIONS AND EACH ADT ENTITY AND, TO THE KNOWLEDGE OF THE SERVICER, THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS ARE IN COMPLIANCE WITH SANCTIONS LAWS IN ALL MATERIAL RESPECTS.  THE SERVICER WILL NOT DIRECTLY OR INDIRECTLY CAUSE THE PROCEEDS OF ANY PURCHASES TO BE USED OR OTHERWISE MAKE AVAILABLE SUCH PROCEEDS TO ANY PERSON, FOR THE PURPOSE OF FINANCING THE ACTIVITIES OF ANY PERSON THAT IS CURRENTLY THE TARGET OF ANY SANCTIONS OR FOR THE PURPOSE OF FUNDING, FINANCING OR FACILITATING ANY ACTIVITIES, BUSINESS OR TRANSACTION WITH OR IN ANY COUNTRY THAT IS THE TARGET OF THE SANCTIONS, TO THE EXTENT SUCH ACTIVITIES, BUSINESSES OR TRANSACTION WOULD BE PROHIBITED BY THE SANCTIONS LAWS, OR IN ANY MANNER THAT WOULD RESULT IN THE VIOLATION OF  ANY SANCTIONS LAWS APPLICABLE TO ANY PARTY HERETO.
(iii)    EACH ADT ENTITY, EACH OF THEIR RESPECTIVE SUBSIDIARIES, AND TO THE KNOWLEDGE OF THE SERVICER, THEIR DIRECTORS, OFFICERS, AGENTS OR EMPLOYEES, ARE IN COMPLIANCE WITH ANTI-CORRUPTION LAWS IN ALL MATERIAL RESPECTS.  NO PART OF THE PROCEEDS OF ANY PURCHASES MADE HEREUNDER WILL BE USED TO MAKE ANY UNLAWFUL BRIBE, REBATE, PAYOFF, INFLUENCE PAYMENT, KICKBACK OR OTHER UNLAWFUL PAYMENT.
(t)    ADVERTISEMENTS, PROMOTIONS. NO POOL RECEIVABLE IS SUBJECT TO ANY ADVERTISEMENT, PROMOTION OR OTHER ARRANGEMENT OFFERED BY ANY ADT ENTITY, SUBJECT TO WHICH SUCH POOL RECEIVABLE OR THE CONTRACT RELATED TO SUCH POOL RECEIVABLE CAN BE CANCELLED OR TERMINATED, IN ANY MANNER WHICH WOULD EXCUSE THE RELATED OBLIGOR OF ITS OBLIGATION TO PAY ALL OR ANY PART OF THE UNPAID BALANCE THEREOF, EXCEPT PURSUANT TO THE CONDITIONAL SERVICE GUARANTY. 
(u)    POOL DEFICIENCY AMOUNT.  IMMEDIATELY AFTER GIVING EFFECT TO ANY PURCHASE ON A PURCHASE DATE AND THE APPLICATION OF COLLECTIONS IN ACCORDANCE WITH SECTION 3.1(D), ON SUCH PURCHASE DATE, NO POOL DEFICIENCY AMOUNT UNDER CLAUSES (III) OR (IV) OF THE DEFINITION THEREOF WILL EXIST.

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(v)    PAYMENT DIRECTIONS.  A PAYMENT DIRECTION IN THE FORM OF EXHIBIT G-1 IS IN FULL FORCE AND EFFECT IN RESPECT OF EACH LOCK-BOX ACCOUNT, A PAYMENT DIRECTION IN THE FORM OF EXHIBIT G-2 IS IN FULL FORCE AND EFFECT IN RESPECT OF EACH COLLECTION ACCOUNT, AND A PAYMENT DIRECTION IN THE FORM OF EXHIBIT G-3 IS IN FULL FORCE AND EFFECT IN RESPECT OF THE OMNIBUS ACCOUNT, OTHER THAN, IN EACH CASE, TO THE EXTENT ANY SUCH LOCK-BOX ACCOUNT, COLLECTION ACCOUNT OR THE OMNIBUS ACCOUNT IS SUBJECT TO A CONTROL AGREEMENT.
(w)    PERMITTED SECURITIZATION FINANCING.  THE TRANSFER AND PURCHASE OF RECEIVABLES CONTEMPLATED BY THE TRANSACTION DOCUMENTS CONSTITUTE A PERMITTED SECURITIZATION (AS DEFINED IN THE ADT CREDIT AGREEMENT) AND THE ENTRY BY ANY ADT ENTITY INTO ANY TRANSACTION DOCUMENT AND THEIR RESPECTIVE PERFORMANCE THEREUNDER IS PERMITTED BY THE ADT CREDIT AGREEMENT, EACH ADT INDENTURE AND EACH ADT COLLATERAL AGREEMENT, AND WILL NOT CONFLICT WITH OR VIOLATE THE TERMS OF THE ADT CREDIT AGREEMENT, ANY ADT INDENTURE OR ANY ADT COLLATERAL AGREEMENT.  THE POOL RECEIVABLES, THE RELATED ASSETS, RELATED COLLECTIONS AND OTHER COLLATERAL ARE FREE AND CLEAR OF ANY ADVERSE CLAIM.
ARTICLE VII      
 
GENERAL COVENANTS
SECTION 7.1    Affirmative Covenants of the Seller.  From the date hereof until the Final Payout Date, the Seller shall:
(a)    COMPLIANCE WITH LAWS, ETC.  COMPLY WITH ALL APPLICABLE LAWS, IN RESPECT OF THE CONDUCT OF ITS BUSINESS, THE POOL RECEIVABLES, AND EACH OF THE RELATED CONTRACTS, EXCEPT WHERE THE FAILURE TO SO COMPLY, INDIVIDUALLY OR IN THE AGGREGATE COULD NOT REASONABLY BE EXPECTED TO ADVERSELY AFFECT ANY POOL RECEIVABLE, OR (OTHERWISE GIVE RISE TO A MATERIAL ADVERSE EFFECT.
(b)    PRESERVATION OF EXISTENCE.  PRESERVE AND MAINTAIN ITS EXISTENCE, RIGHTS, FRANCHISES, AND PRIVILEGES IN THE JURISDICTION OF ITS ORGANIZATION, AND QUALIFY AND REMAIN QUALIFIED IN GOOD STANDING IN EACH JURISDICTION, EXCEPT WHERE THE FAILURE TO QUALIFY OR PRESERVE OR MAINTAIN SUCH EXISTENCE, RIGHTS, FRANCHISES, OR PRIVILEGES COULD NOT, INDIVIDUALLY OR IN THE AGGREGATE, REASONABLY BE EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT.

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(c)    INSPECTIONS.  FROM TIME TO TIME, AT THE EXPENSE OF ADT UPON REASONABLE PRIOR NOTICE, UPON THE REQUEST BY THE ADMINISTRATIVE AGENT OR THE REQUIRED PURCHASERS (OR ANY PURCHASER AGENT IF AN UNMATURED EVENT OF TERMINATION OR EVENT OF TERMINATION HAS OCCURRED AND IS CONTINUING) AND DURING REGULAR BUSINESS HOURS, PERMIT THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, AND THE PURCHASER AGENTS, OR ANY OF THEIR RESPECTIVE REPRESENTATIVES TO VISIT AND INSPECT ITS PROPERTIES, TO EXAMINE AND MAKE EXTRACTS FROM ITS RECORDS, AND TO DISCUSS ITS AFFAIRS, FINANCES, AND CONDITION WITH ITS OFFICERS AND INDEPENDENT ACCOUNTANTS, ALL AT SUCH REASONABLE TIMES AND AS OFTEN AS REASONABLY REQUESTED; PROVIDED THAT, UNLESS AN EVENT OF TERMINATION,  OR AN UNMATURED EVENT OF TERMINATION HAS OCCURRED AND IS CONTINUING AT THE TIME OF ANY SUCH INSPECTION, ADT SHALL ONLY BE REQUIRED TO REIMBURSE THE REASONABLE DOCUMENTED OUT-OF-POCKET COSTS AND EXPENSES RELATED TO ONE SUCH INSPECTION OF THE SELLER DURING ANY 12-MONTH PERIOD, WHICH INSPECTION SHALL BE REQUESTED AND SCHEDULED BY THE ADMINISTRATIVE AGENT; PROVIDED, FURTHER, THAT THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT AND THE PURCHASER AGENTS SHALL USE REASONABLE EFFORTS TO COORDINATE THE TIMING OF ANY INSPECTIONS MADE OF THE SELLER PURSUANT TO THIS SECTION 7.1(C) AND OF ADT PURSUANT TO SECTION 7.4(C).
(d)    KEEPING OF RECORDS AND BOOKS OF ACCOUNT; DELIVERY.  MAINTAIN AND IMPLEMENT, OR CAUSE TO BE MAINTAINED AND IMPLEMENTED, ADMINISTRATIVE AND OPERATING PROCEDURES (INCLUDING AN ABILITY TO RECREATE RECORDS EVIDENCING THE POOL RECEIVABLES, THE RELATED ASSETS AND THE SERVICE CHARGE RECEIVABLES IN THE EVENT OF THE DESTRUCTION OF THE ORIGINALS THEREOF, BACKING UP ON AT LEAST A DAILY BASIS ON A SEPARATE BACKUP COMPUTER FROM WHICH ELECTRONIC FILE COPIES CAN BE READILY PRODUCED AND DISTRIBUTED TO THIRD PARTIES BEING AGREED TO SUFFICE FOR THIS PURPOSE), AND KEEP AND MAINTAIN, OR CAUSE TO BE KEPT AND MAINTAINED, ALL DOCUMENTS, BOOKS, RECORDS, AND OTHER INFORMATION NECESSARY OR ADVISABLE FOR THE COLLECTION OF THE POOL RECEIVABLES AND RELATED ASSETS (INCLUDING RECORDS ADEQUATE TO PERMIT THE DAILY IDENTIFICATION OF (I) EACH NEW POOL RECEIVABLE, ALL COLLECTIONS RELATING TO EACH POOL RECEIVABLE AND ADJUSTMENTS TO EACH EXISTING POOL RECEIVABLE RECEIVED, MADE OR OTHERWISE PROCESSED ON THAT DAY, AND (II) THE PORTION OF THE AMOUNTS RECEIVED FROM EACH OBLIGOR THAT CONSTITUTE COLLECTIONS ON THE RELATED POOL RECEIVABLES AND THE PORTION THAT RELATES TO COLLECTIONS IN RESPECT OF SERVICE CHARGE RECEIVABLES IN ORDER TO EFFECT THE PRIORITY OF PAYMENTS SET FORTH IN THE RELATED CONTRACTS.

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(e)    PERFORMANCE AND COMPLIANCE WITH POOL RECEIVABLES AND CONTRACTS.  AT ADT’S EXPENSE, TIMELY AND FULLY PERFORM AND COMPLY WITH ALL PROVISIONS, COVENANTS AND OTHER PROMISES REQUIRED TO BE OBSERVED BY IT UNDER THE CONTRACTS RELATED TO THE POOL RECEIVABLES, EXCEPT WHERE THE FAILURE TO SO PERFORM OR COMPLY, INDIVIDUALLY OR IN THE AGGREGATE COULD NOT REASONABLY BE EXPECTED TO ADVERSELY AFFECT ANY POOL RECEIVABLE OR RELATED ASSETS OR OTHERWISE RESULT IN A MATERIAL ADVERSE EFFECT.
(f)    LOCATION OF RECORDS.  KEEP ALL ITS PHYSICAL RECORDS (TO THE EXTENT NOT ELECTRONICALLY AVAILABLE) AND TANGIBLE CHATTEL PAPER OR OTHER PHYSICAL COLLATERAL (AND ANY ORIGINAL DOCUMENTS RELATING THERETO), IF ANY, AT THE ADDRESS(ES) OF THE SELLER REFERRED TO IN SECTION 6.1(L) OR, UPON THIRTY (30) DAYS’ PRIOR WRITTEN NOTICE TO THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT, AT SUCH OTHER LOCATIONS IN JURISDICTIONS WHERE ALL ACTION REQUIRED TO PROTECT AND PERFECT THE COLLATERAL AGENT’S FIRST PRIORITY PERFECTED SECURITY INTEREST IN THE RECEIVABLE POOL AND THE RELATED ASSETS FREE AND CLEAR OF ANY ADVERSE CLAIM SHALL HAVE BEEN TAKEN AND COMPLETED.
(g)    CREDIT AND COLLECTION POLICY.  CAUSE THE SERVICER TO SERVICE THE POOL RECEIVABLES, RELATED ASSETS, AND CONTRACTS IN RESPECT OF THE RECEIVABLE POOL IN ACCORDANCE WITH THE CREDIT AND COLLECTION POLICY AND NOT AGREE TO ANY CHANGES THERETO, EXCEPT AS PERMITTED UNDER SECTION 7.3(C).
(h)    COLLECTIONS.  CAUSE THE SERVICER TO PROMPTLY WITHDRAW FROM THE BANK ACCOUNTS AND/OR CHARGE THE CREDIT OR DEBIT CARDS OF THE DIRECT DEPOSIT OBLIGORS ALL AMOUNTS NECESSARY TO EFFECT THE TIMELY PAYMENT WHEN DUE OF THE UNPAID BALANCE OF THE POOL RECEIVABLES RELATING TO SUCH DIRECT DEPOSIT OBLIGORS AND IMMEDIATELY REMIT SUCH AMOUNTS WITHIN ONE (1) BUSINESS DAY OF THE DATE OF WITHDRAWAL, DEBIT OR CREDIT, DIRECTLY TO A COLLECTION ACCOUNT, WITHOUT ANY COMMINGLING OF SUCH AMOUNTS WITH ANY OTHER FUNDS OTHER THAN OTHER PERMITTED AMOUNTS. INSTRUCT, OR CAUSE THE SERVICER TO INSTRUCT, EACH OBLIGOR THAT TO THE EXTENT ANY PAYMENT IN RESPECT OF THE RELATED POOL RECEIVABLE IS NOT TO BE MADE THROUGH THE SERVICER’S WITHDRAWAL FROM THE BANK ACCOUNT OF EACH SUCH OBLIGOR AND/OR THROUGH THE CHARGE OF THE CREDIT OR DEBIT CARD OF EACH SUCH OBLIGOR, ALL COLLECTIONS IN RESPECT OF THE POOL RECEIVABLES OF EACH SUCH OBLIGOR SHALL BE MADE TO A LOCK-BOX AND REMITTED DIRECTLY TO A LOCK-BOX THAT REMITS SUCH AMOUNTS DIRECTLY TO A LOCK-BOX ACCOUNT COVERED BY A PAYMENT DIRECTION OR CONTROL AGREEMENT. CAUSE THE SERVICER TO 

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AS PROMPTLY AS PRACTICABLE AND IN ANY EVENT WITHIN ONE (1) BUSINESS DAY OF RECEIPT IN ANY LOCK-BOX ACCOUNT (AND WITHIN TWO (2) BUSINESS DAYS OF RECEIPT IN THE RELATED LOCK-BOX) OF ANY COLLECTIONS, REMIT, OR CAUSE TO BE REMITTED, SUCH AMOUNTS DIRECTLY TO THE OMNIBUS ACCOUNT, WITHOUT ANY COMMINGLING OF SUCH AMOUNTS WITH ANY OTHER FUNDS OTHER THAN OTHER PERMITTED AMOUNTS. CAUSE THE SERVICER TO AS PROMPTLY AS PRACTICABLE AND IN ANY EVENT WITHIN ONE (1) BUSINESS DAY OF RECEIPT OF ANY COLLECTIONS IN RESPECT OF ANY POOL RECEIVABLE IN ANY COLLECTION ACCOUNT, REMIT OR CAUSE TO BE REMITTED SUCH AMOUNTS DIRECTLY TO THE OMNIBUS ACCOUNT, WITHOUT ANY COMMINGLING WITH ANY FUNDS OTHER THAN OTHER PERMITTED AMOUNTS, ALL AMOUNTS WHICH CONSTITUTE COLLECTIONS ON THE POOL RECEIVABLES.  CAUSE THE SERVICER TO AS PROMPTLY AS PRACTICABLE AND IN ANY EVENT WITHIN TWO (2) BUSINESS DAYS OF RECEIPT OF ANY COLLECTIONS IN THE OMNIBUS ACCOUNT, SEGREGATE COLLECTIONS ON POOL RECEIVABLES FROM ANY OTHER PERMITTED AMOUNTS AND REMIT OR CAUSE TO BE REMITTED DIRECTLY TO THE COLLATERAL AGENT’S ACCOUNT, WITHOUT ANY INTERVENING COMMINGLING, ALL AMOUNTS WHICH CONSTITUTE COLLECTIONS ON THE POOL RECEIVABLES AND ENSURE THAT NO AMOUNTS OTHER THAN COLLECTIONS ON POOL RECEIVABLES ARE REMITTED TO OR ARE ON DEPOSIT IN THE COLLATERAL AGENT’S ACCOUNT. TO THE EXTENT ANY LOCK-BOX ACCOUNT OR COLLATERAL ACCOUNT IS SUBJECT TO A CONTROL AGREEMENT RATHER THAN A PAYMENT DIRECTION, ALL AMOUNTS THEREIN, AFTER REMOVAL OF ANY AMOUNTS, IF ANY, THAT DO NOT CONSTITUTE COLLECTIONS IN RESPECT OF POOL RECEIVABLES, SHALL BE REMITTED WITHIN TWO (2) BUSINESS DAYS OF RECEIPT TO THE COLLATERAL AGENT’S ACCOUNT RATHER THAN TO THE OMNIBUS ACCOUNT.
(i)    RIGHT AND TITLE.  HOLD ALL RIGHT, TITLE, AND INTEREST IN EACH POOL RECEIVABLE, EXCEPT TO THE EXTENT THAT ANY SUCH RIGHT, TITLE, OR INTEREST HAS BEEN TRANSFERRED OR GRANTED TO THE COLLATERAL AGENT (ON BEHALF OF THE PURCHASERS).
(j)    TRANSACTION DOCUMENTS.  WITHOUT LIMITING ITS COVENANTS OR AGREEMENTS SET FORTH HEREIN OR IN ANY OTHER TRANSACTION DOCUMENT, (I) COMPLY WITH EACH AND EVERY OF ITS COVENANTS AND AGREEMENTS UNDER THE SALE AGREEMENT AND ITS CONSTITUENT DOCUMENTS, AND (II) TAKE ALL ACTIONS REASONABLY NECESSARY TO ENSURE THAT EACH TRANSACTION DOCUMENT REMAINS ENFORCEABLE AND IN EFFECT.
(k)    ENFORCEMENT OF SALE AGREEMENT.  ON ITS OWN BEHALF AND ON BEHALF OF PURCHASERS, PURCHASER AGENTS, THE COLLATERAL AGENT, AND THE ADMINISTRATIVE AGENT, (X) PROMPTLY ENFORCE ALL 

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COVENANTS AND OBLIGATIONS OF ADT CONTAINED IN THE SALE AGREEMENT, AND (Y) DELIVER TO THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT (WHICH WILL DELIVER SUCH CONSENTS TO EACH PURCHASER AGENT) ALL CONSENTS, APPROVALS, DIRECTIONS, NOTICES, AND WAIVERS AND TAKE OTHER ACTIONS UNDER THE SALE AGREEMENT AS MAY BE REASONABLY DIRECTED BY THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT OR THE REQUIRED PURCHASERS.
(l)    FILING OF FINANCING STATEMENTS.  AT ADT’S EXPENSE, TAKE ALL ACTIONS NECESSARY (INCLUDING ALL FILINGS) TO VEST IN, AND MAINTAIN IN THE COLLATERAL AGENT (ON BEHALF OF THE PURCHASERS) A VALID, FIRST PRIORITY PERFECTED SECURITY INTEREST OR PERFECTED OWNERSHIP INTEREST IN THE POOL RECEIVABLES AND RELATED ASSETS FREE AND CLEAR OF ANY ADVERSE CLAIMS.  WITHOUT LIMITING THE FOREGOING, AT ADT’S EXPENSE, AS PROMPTLY AS PRACTICABLE (WITHIN FIVE (5) BUSINESS DAYS) FOLLOWING SUCH REQUEST EXECUTE, AUTHORIZE AND DELIVER ALL INSTRUMENTS AND DOCUMENTS AND TAKE ALL ACTION, NECESSARY OR REASONABLY REQUESTED BY THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, OR ANY PURCHASER AGENT (INCLUDING THE FILING OF FINANCING OR CONTINUATION STATEMENTS, AMENDMENTS THERETO, OR ASSIGNMENTS THEREOF) TO ENABLE THE COLLATERAL AGENT TO EXERCISE AND ENFORCE ALL OF ITS RIGHTS HEREUNDER AND TO VEST AND MAINTAIN VESTED IN THE COLLATERAL AGENT A VALID, FIRST PRIORITY PERFECTED SECURITY INTEREST OR PERFECTED OWNERSHIP INTEREST IN THE POOL RECEIVABLES, THE RELATED ASSETS WITH RESPECT THERETO, THE SALE AGREEMENT, THE COLLECTIONS WITH RESPECT THERETO AND THE OTHER COLLATERAL FREE AND CLEAR OF ANY ADVERSE CLAIM.  THE SELLER HEREBY AUTHORIZES THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT TO FILE ANY CONTINUATION STATEMENTS, AMENDMENTS THERETO, AND ASSIGNMENTS THEREOF AS THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, OR ANY PURCHASER AGENT MAY FROM TIME TO TIME DETERMINE TO BE NECESSARY OR DESIRABLE TO PERFECT OR MAINTAIN THE PERFECTION OR PRIORITY OF ITS SECURITY INTEREST IN THE POOL RECEIVABLES, THE COLLECTIONS WITH RESPECT THERETO, THE RELATED ASSETS WITH RESPECT THERETO, THE SALE AGREEMENT, AND THE OTHER COLLATERAL FREE AND CLEAR OF ANY ADVERSE CLAIMS.
(m)    LOCATION.  MAINTAIN AT ALL TIMES ITS JURISDICTION OF ORGANIZATION AND ITS CHIEF EXECUTIVE OFFICE WITHIN A JURISDICTION IN THE UNITED STATES IN WHICH ARTICLE 9 OF THE UCC (2001 OR LATER REVISION) IS IN EFFECT.
(n)    TAX MATTERS.  PAY ALL APPLICABLE TAXES REQUIRED TO BE PAID BY IT WHEN DUE AND PAYABLE IN CONNECTION WITH THE TRANSFER OF THE 

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POOL RECEIVABLES AND RELATED ASSETS BY THE SELLER; THE SELLER ACKNOWLEDGES THAT NONE OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, ANY PURCHASER AGENT, OR ANY PURCHASER SHALL HAVE ANY RESPONSIBILITY WITH RESPECT THERETO.  PAY AND DISCHARGE, OR CAUSE THE PAYMENT AND DISCHARGE OF, ALL FEDERAL INCOME TAXES (AND ALL OTHER MATERIAL TAXES) WHEN DUE AND PAYABLE, EXCEPT  SUCH AS MAY BE CONTESTED IN GOOD FAITH BY APPROPRIATE PROCEEDING AND FOR WHICH AN ADEQUATE RESERVE HAS BEEN ESTABLISHED AND IS MAINTAINED IN ACCORDANCE WITH GAAP.
(o)    CREDIT RISK RETENTION.  FROM AND AFTER THE EU RETENTION EFFECTIVE DATE, COOPERATE WITH EACH PURCHASER (INCLUDING BY PROVIDING SUCH INFORMATION AND ENTERING INTO OR DELIVERING SUCH ADDITIONAL AGREEMENTS OR DOCUMENTS REASONABLY REQUESTED BY SUCH PURCHASER OR ITS PURCHASER AGENT) TO THE EXTENT REASONABLY NECESSARY TO ASSURE SUCH PURCHASER THAT ADT RETAIN CREDIT RISK IN THE AMOUNT AND MANNER REQUIRED BY THE EU SECURITIZATION RULES AND THE CRR AND TO PERMIT SUCH PURCHASER TO PERFORM ITS DUE DILIGENCE AND MONITORING OBLIGATIONS (IF ANY) UNDER THE EU SECURITIZATION RULES AND THE CRR.
(p)    CERTAIN GOVERNMENTAL FEES, SURCHARGES, AND TAXES.  WITH RESPECT TO ANY PORTION OF A RECEIVABLE ATTRIBUTABLE TO GOVERNMENTAL FEES, SURCHARGES, OR TAXES, PAY (OR CAUSE TO BE PAID) SUCH GOVERNMENTAL FEES, SURCHARGES, OR TAXES TO THE APPLICABLE GOVERNMENTAL AUTHORITY WHEN DUE IN ACCORDANCE WITH APPLICABLE LAW (EXCEPT FOR ANY SUCH GOVERNMENTAL FEES, SURCHARGES, OR TAXES THAT ARE BEING APPROPRIATELY CONTESTED IN GOOD FAITH BY APPROPRIATE PROCEEDINGS AND WITH RESPECT TO WHICH ADEQUATE RESERVES IN CONFORMITY WITH GAAP HAVE BEEN PROVIDED), AND NONE OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, ANY PURCHASER AGENT, OR ANY PURCHASER SHALL HAVE ANY OBLIGATION TO MAKE ANY SUCH PAYMENT OR SHALL HAVE ANY OTHER RESPONSIBILITY WITH RESPECT THERETO.  PAY ALL SALES TAXES TO BE PAID IN CONNECTION WITH THE EQUIPMENT AND INSTALLATION RELATED TO EACH POOL RECEIVABLE BY THE DUE DATE THEREOF (EXCEPT FOR ANY SUCH SALES TAXES THAT ARE BEING APPROPRIATELY CONTESTED IN GOOD FAITH BY APPROPRIATE PROCEEDINGS AND WITH RESPECT TO WHICH ADEQUATE RESERVES IN CONFORMITY WITH GAAP HAVE BEEN PROVIDED).
(q)    ANTI-CORRUPTION LAWS, ANTI-TERRORISM LAWS, AND SANCTIONS.  MAINTAIN IN EFFECT AND ENFORCE POLICIES AND PROCEDURES REASONABLY DESIGNED TO ENSURE COMPLIANCE IN ALL MATERIAL RESPECTS, BY THE SELLER AND ITS DIRECTORS, OFFICERS, EMPLOYEES, AND AGENTS WITH ANTI-CORRUPTION LAWS AND APPLICABLE 

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SANCTIONS LAWS IN CONNECTION WITH ITS BUSINESS OPERATIONS, EXCEPT WHERE THE FAILURE TO DO SO, INDIVIDUALLY OR IN THE AGGREGATE, COULD NOT REASONABLY BE EXPECTED TO RESULT IN A MATERIAL ADVERSE EFFECT.
(r)    ACCOUNTING TREATMENT.  PROVIDE THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT WITH WRITTEN NOTICE DELIVERED NOT LESS THAN TWENTY (20) DAYS PRIOR TO THE LAST DAY OF EACH FISCAL QUARTER OR FISCAL YEAR, IF THE RECEIVABLES RELATING TO THE RECEIVABLE POOL WILL NOT BE INCLUDED ON THE CONSOLIDATED BALANCE SHEET OF ADT FOR PURPOSES OF GAAP AS OF SUCH DATE.
SECTION 7.2    Reporting Requirements of the Seller.  From the date hereof until the Final Payout Date, the Seller shall furnish to the Collateral Agent and the Administrative Agent (who shall promptly send the same to the Purchaser Agents):
(a)    FINANCIAL STATEMENTS.  AS SOON AS AVAILABLE AND IN ANY EVENT WITHIN 75 DAYS AFTER THE END OF ITS FISCAL YEAR, COPIES OF THE UNAUDITED ANNUAL INCOME STATEMENT AND BALANCE SHEET OF THE SELLER, PREPARED IN CONFORMITY WITH GAAP.
(b)    EVENTS OF TERMINATION, ETC.  NOTICE OF THE OCCURRENCE OF ANY EVENT OF TERMINATION OR UNMATURED EVENT OF TERMINATION ACCOMPANIED BY A WRITTEN STATEMENT OF AN APPROPRIATE OFFICER OF THE SELLER (OR THE SERVICER ON ITS BEHALF) SETTING FORTH DETAILS OF SUCH EVENT AND THE ACTION THAT THE SELLER PROPOSES TO TAKE WITH RESPECT THERETO, SUCH NOTICE TO BE PROVIDED PROMPTLY (BUT NOT LATER THAN TWO (2) BUSINESS DAYS) AFTER ANY RESPONSIBLE OFFICER OF THE SELLER OR THE SERVICER OBTAINS ACTUAL KNOWLEDGE THEREOF.
(c)    OTHER INFORMATION.  PROMPTLY, FROM TIME TO TIME, SUCH RECORDS OR OTHER INFORMATION, DOCUMENTS, RECORDS, OR REPORTS RESPECTING THE CONDITION OR OPERATIONS, FINANCIAL OR OTHERWISE, OF THE SELLER, ITS PERFORMANCE UNDER THE TRANSACTION DOCUMENT AND THE POOL RECEIVABLES AND RELATED ASSETS AS THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, OR ANY PURCHASER AGENT MAY FROM TIME TO TIME REASONABLY REQUEST.
(d)    NOTICES UNDER SALE AGREEMENT.  A COPY OF EACH NOTICE RECEIVED BY THE SELLER FROM ADT PURSUANT TO ANY PROVISION OF THE SALE AGREEMENT.
(e)    ERISA.  WRITTEN NOTICE OF ANY ERISA EVENT.
SECTION 7.3    Negative Covenants of the Seller.  From the date hereof until the Final Payout Date, the Seller shall not:

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(a)    SALES, ADVERSE CLAIMS, ETC.  EXCEPT AS OTHERWISE EXPLICITLY PROVIDED HEREIN OR IN THE SALE AGREEMENT, SELL, ASSIGN, OR OTHERWISE DISPOSE OF, OR CREATE OR SUFFER TO EXIST ANY ADVERSE CLAIM (BY OPERATION OF LAW OR OTHERWISE) UPON OR WITH RESPECT TO (IN EACH CASE, OTHER THAN ITS OR ADT’S OWNERSHIP INTEREST OR CONTINGENT CLAIM TO OWNERSHIP), ANY OF ITS ASSETS OR PROPERTIES (INCLUDING ANY POOL RECEIVABLE OR RELATED ASSETS, ANY OTHER RECEIVABLE, ANY CONTRACT RELATING TO A RECEIVABLE, ANY RELATED EQUIPMENT, ANY SERVICE CHARGE RECEIVABLE OR ANY PROCEEDS OF ANY OF THE FOREGOING, OR ANY INTEREST THEREIN, ANY COLLECTION ACCOUNT, THE OMNIBUS ACCOUNT, ANY LOCK-BOX ACCOUNT OR ANY OTHER ACCOUNT TO WHICH ANY COLLECTIONS ON POOL RECEIVABLES ARE SENT, OR ANY RIGHT TO RECEIVE INCOME OR PROCEEDS FROM OR IN RESPECT OF ANY OF THE FOREGOING).
(b)    EXTENSION OR AMENDMENT OF RECEIVABLES.  EXCEPT AS PROVIDED IN SECTION 8.2(B) AND TO THE EXTENT RESULTING FROM THE CONDITIONAL SERVICE GUARANTY, EXTEND, AMEND OR OTHERWISE MODIFY THE TERMS OF ANY POOL RECEIVABLE (IN EACH CASE, INCLUDING, WITHOUT LIMITATION, BY MEANS OF ANY PROMOTIONAL ACTIVITY, ADVERTISING OR OTHER STATEMENT OR WARRANTY (INCLUDING ON ANY ADT ENTITY’S WEBSITE)), OR AMEND, MODIFY OR WAIVE ANY TERM OR CONDITION OF ANY CONTRACT RELATED THERETO OR PERMIT THE SERVICER TO DO THE SAME.
(c)    CHANGE IN CREDIT AND COLLECTION POLICY, BUSINESS, OR CONSTITUENT DOCUMENTS.  (I) MAKE OR CONSENT TO ANY CHANGE OR AMENDMENT TO THE CREDIT AND COLLECTION POLICY OR PERMIT THE SERVICER TO MAKE ANY SUCH CHANGE OR AMENDMENT IF SUCH PROPOSED CHANGE OR AMENDMENT COULD REASONABLY BE EXPECTED TO ADVERSELY AFFECT THE VALUE, VALIDITY, COLLECTABILITY, OR ENFORCEABILITY OF ANY POOL RECEIVABLES OR THE RELATED ASSETS OR DECREASE THE CREDIT QUALITY OF ANY POOL RECEIVABLE OR THE RELATED ASSETS OR OTHERWISE GIVE RISE TO A MATERIAL ADVERSE EFFECT WITHOUT (X) THE PRIOR WRITTEN CONSENT OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, AND EACH PURCHASER AGENT, OR (Y) IN THE CASE OF ANY SUCH CHANGE OR AMENDMENT REQUIRED BY LAW, UPON DELIVERY TO THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT OF A CERTIFICATE OF A RESPONSIBLE OFFICER OF ADT WHICH CERTIFIES, THAT BASED UPON ADVICE OF REPUTABLE COUNSEL, SUCH CHANGE OR AMENDMENT IS REQUIRED TO BE MADE AS A RESULT OF A CHANGE IN LAW, OR (II) MAKE ANY CHANGE IN THE CHARACTER OF ITS BUSINESS OR AMEND OR OTHERWISE MODIFY ITS CONSTITUENT DOCUMENTS IN ANY RESPECT WITHOUT THE PRIOR WRITTEN CONSENT OF 

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THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT AND THE REQUIRED PURCHASERS.
(d)    CHANGE IN LOCK-BOX BANK, LOCK-BOX OR LOCK-BOX ACCOUNT.  (I) ADD ANY BANK, LOCK-BOX OR LOCK-BOX ACCOUNT NOT LISTED ON SCHEDULE V AS A LOCK-BOX BANK, LOCK-BOX OR LOCK-BOX ACCOUNT UNLESS THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT SHALL HAVE PREVIOUSLY APPROVED AND RECEIVED DULY EXECUTED COPIES OF PAYMENT DIRECTIONS IN THE FORM OF EXHIBIT G-1 OR A CONTROL AGREEMENT DULY EXECUTED BY THE PARTIES THERETO, (II) TERMINATE ANY LOCK-BOX BANK, OR RELATED LOCK-BOX, OR LOCK-BOX ACCOUNT WITHOUT THE PRIOR WRITTEN CONSENT OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT AND, IN EACH CASE, ONLY IF ALL OF THE PAYMENTS FROM OBLIGORS THAT WERE BEING SENT TO SUCH LOCK-BOX BANK WILL, UPON TERMINATION OF SUCH LOCK-BOX BANK AND AT ALL TIMES THEREAFTER, BE DEPOSITED IN A LOCK-BOX ACCOUNT WITH ANOTHER LOCK-BOX BANK COVERED BY A PAYMENT DIRECTION IN THE FORM OF EXHIBIT G-1 OR A CONTROL AGREEMENT, OR (III) AMEND, SUPPLEMENT, OR OTHERWISE MODIFY ANY LOCK-BOX AGREEMENT.
(e)    DEPOSITS TO ACCOUNTS.  DEPOSIT OR OTHERWISE CREDIT, OR CAUSE OR PERMIT TO BE SO DEPOSITED OR CREDITED, OR DIRECT ANY OBLIGOR TO DEPOSIT OR REMIT, ANY COLLECTIONS ON POOL RECEIVABLES TO ANY ACCOUNT NOT COVERED BY THE PROPER PAYMENT DIRECTION OR A CONTROL AGREEMENT OR (II) PERMIT ANY AMOUNT TO BE DEPOSITED, CREDITED OR REMITTED TO ANY LOCK-BOX ACCOUNT, ANY COLLECTION ACCOUNT, OR THE OMNIBUS ACCOUNT OTHER THAN COLLECTIONS IN RESPECT OF POOL RECEIVABLES AND OTHER PERMITTED AMOUNTS.  EXCEPT FOR THE COLLATERAL AGENT’S ACCOUNT, PERMIT ANY COLLECTIONS IN RESPECT OF POOL RECEIVABLES TO BE DEPOSITED, OR CREDITED IN ANY ACCOUNT WHICH IS NOT SUBJECT TO A PAYMENT DIRECTION OR A CONTROL AGREEMENT WHICH IS IN FULL FORCE AND EFFECT.
(f)    NAME CHANGE, MERGERS, ACQUISITIONS, SALES, ETC.  (I) CHANGE ITS NAME OR THE LOCATION OF ANY OFFICE AT WHICH ITS PHYSICAL RECORDS (TO THE EXTENT NOT ELECTRONICALLY AVAILABLE) AND TANGIBLE CHATTEL PAPER OR OTHER PHYSICAL COLLATERAL, IF ANY, ARE MAINTAINED, (II) BE A PARTY TO ANY MERGER OR CONSOLIDATION, OR PURCHASE OR OTHERWISE ACQUIRE ALL OR SUBSTANTIALLY ALL OF THE ASSETS OR ANY STOCK OF ANY CLASS OF, OR ANY PARTNERSHIP OR JOINT VENTURE INTEREST (OR SIMILAR OWNERSHIP INTEREST) IN, ANY OTHER PERSON; OR, SELL, TRANSFER, CONVEY, CONTRIBUTE, OR LEASE ALL OR ANY SUBSTANTIAL PART OF ITS ASSETS, OR SELL OR ASSIGN WITH OR WITHOUT RECOURSE ANY POOL RECEIVABLES OR ANY INTEREST THEREIN (OTHER 

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THAN PURSUANT HERETO AND TO THE SALE AGREEMENT) TO ANY PERSON, OR (III) HAVE ANY SUBSIDIARIES.
(g)    DEBT AND BUSINESS ACTIVITY.  INCUR, ASSUME, GUARANTEE, OR OTHERWISE BECOME DIRECTLY OR INDIRECTLY LIABLE FOR OR IN RESPECT OF ANY DEBT OR OTHER OBLIGATION, PURCHASE ANY ASSET (OR MAKE ANY INVESTMENT BY SHARE PURCHASE LOAN OR OTHERWISE), OR ENGAGE IN ANY OTHER ACTIVITY (WHETHER OR NOT PURSUED FOR GAIN OR OTHER PECUNIARY ADVANTAGE), IN ANY CASE, OTHER THAN AS WILL OCCUR IN ACCORDANCE WITH THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS.
(h)    CHANGE IN ORGANIZATION, ETC.  CHANGE ITS JURISDICTION OF ORGANIZATION OR ITS NAME, IDENTITY, OR CORPORATE STRUCTURE  OR MAKE ANY OTHER CHANGE SUCH THAT ANY FINANCING STATEMENT FILED OR OTHER ACTION TAKEN TO PERFECT THE COLLATERAL AGENT’S INTERESTS UNDER THIS AGREEMENT WOULD BECOME MISLEADING OR WOULD OTHERWISE BE RENDERED INEFFECTIVE, UNLESS THE SELLER SHALL HAVE GIVEN THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT NOT LESS THAN THIRTY (30) DAYS’ PRIOR WRITTEN NOTICE OF SUCH CHANGE AND SHALL HAVE CURED SUCH CIRCUMSTANCES.  THE SELLER SHALL NOT AMEND OR OTHERWISE MODIFY OR WAIVE ITS CONSTITUENT DOCUMENTS OR ANY PROVISION THEREOF WITHOUT THE PRIOR WRITTEN CONSENT OF THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT.
(i)    ACTIONS IMPAIRING QUALITY OF TITLE.  TAKE ANY ACTION THAT COULD REASONABLY BE EXPECTED TO CAUSE ANY POOL RECEIVABLE, TOGETHER WITH THE RELATED ASSETS, NOT TO BE OWNED BY IT FREE AND CLEAR OF ANY ADVERSE CLAIM; OR TAKE ANY ACTION THAT COULD CAUSE THE COLLATERAL AGENT NOT TO HAVE A VALID PERFECTED OWNERSHIP INTEREST OR FIRST PRIORITY PERFECTED SECURITY INTEREST IN THE RECEIVABLE POOL AND RELATED ASSETS AND ALL PRODUCTS AND PROCEEDS OF THE FOREGOING, FREE AND CLEAR OF ANY ADVERSE CLAIM, OR SUFFER THE EXISTENCE OF ANY FINANCING STATEMENT OR OTHER INSTRUMENT SIMILAR IN EFFECT COVERING ANY RECEIVABLE, ANY RELATED ASSET, ANY CONTRACT, OR ANY PROCEEDS THEREOF ON FILE IN ANY RECORDING OFFICE EXCEPT SUCH AS MAY BE FILED (I) IN FAVOR OF THE SELLER PURSUANT TO THE TRANSACTION DOCUMENT, (II) IN FAVOR OF THE COLLATERAL AGENT (FOR THE BENEFIT OF THE PURCHASERS) IN ACCORDANCE WITH THIS AGREEMENT OR ANY TRANSACTION DOCUMENTS, OR (III)  IN FAVOR OF ANY OTHER PERSON (OTHER THAN AN AFFILIATE OF ANY ADT ENTITY, OR IN RESPECT OF THE ADT CREDIT AGREEMENT, ANY ADT INDENTURE OR ANY ADT COLLATERAL AGREEMENT TO THE EXTENT SUCH FILINGS ARE IN EFFECT ON THE CLOSING DATE AND ANY CONTINUATION STATEMENT IN RESPECT THEREOF) WHICH THE SELLER IN GOOD FAITH 

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BELIEVES IS FILED IN ERROR OR IS INVALID, HAS NOTIFIED THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT OF ITS DETERMINATION, THE SELLER IS DILIGENTLY CONTESTING THE FILING OF SUCH FINANCING STATEMENT, AND WHICH THE SELLER HAS TERMINATED OR CAUSED TO BE TERMINATED WITHIN THE EARLIER TO OCCUR OF (X) SIXTY (60) DAYS OF THE FILING THEREOF, AND (Y) THIRTY (30) DAYS OF THE DISCOVERY THEREOF.
(j)    ACTIONS BY ADT.  NOTWITHSTANDING ANYTHING TO THE CONTRARY SET FORTH IN THE SALE AGREEMENT, CONSENT TO (I) ANY CHANGE OR REMOVAL OF ANY NOTATION REQUIRED TO BE MADE BY ADT PURSUANT TO SECTION 3.3 OF THE SALE AGREEMENT, OR (II) ANY WAIVER OF OR DEPARTURE FROM ANY TERM SET FORTH IN SECTION 5.4 OF THE SALE AGREEMENT, IN EACH CASE, WITHOUT THE PRIOR WRITTEN CONSENT OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT AND EACH PURCHASER AGENT.
(k)    TAX STATUS.  TAKE (OR PERMIT ANY OTHER PERSON TO TAKE) ANY ACTION THAT COULD (OR COULD REASONABLY BE EXPECTED TO) CAUSE THE SELLER TO BE TREATED AS AN ASSOCIATION OR PUBLICLY TRADED PARTNERSHIP TAXABLE AS A CORPORATION FOR U.S. FEDERAL INCOME TAX PURPOSES.  THE SELLER SHALL NOT TAKE (OR PERMIT ANY OTHER PERSON TO TAKE) ANY ACTION THAT COULD CAUSE IT TO BE SUBJECT TO ANY MATERIAL AMOUNT OF TAX IMPOSED BY A STATE OR LOCAL TAXING AUTHORITY (WHICH SHALL NOT BE DEEMED TO INCLUDE, FOR THE AVOIDANCE OF DOUBT, ANY ANNUAL TAXES, FRANCHISE TAXES OR SIMILAR TAXES).
(l)    CHATTEL PAPER.  PERMIT ANY CHATTEL PAPER RELATING TO THE POOL RECEIVABLE OR RELATED ASSETS TO BE IN THE POSSESSION OF (OR, IN THE CASE OF ELECTRONIC CHATTEL PAPER, UNDER THE CONTROL OF) ANY PERSON OTHER THAN THE SERVICER (FOR THE BENEFIT OF THE COLLATERAL AGENT AND THE SELLER), THE COLLATERAL AGENT OR THE COLLATERAL AGENT’S DESIGNEE.
(m)    DISTRIBUTIONS.  IF AN EVENT OF TERMINATION OR UNMATURED EVENT OF TERMINATION HAS OCCURRED AND IS CONTINUING, DISTRIBUTE ANY AMOUNTS THAT IT RECEIVES IN RESPECT OF THE RPA DEFERRED PURCHASE PRICE TO THE PARENT OR ANY OTHER AFFILIATE OF THE PARENT.
SECTION 7.4    Affirmative Covenants of ADT.  From the date hereof until the Final Payout Date, ADT, individually and when acting as the Servicer, shall:
(a)    COMPLIANCE WITH LAWS, ETC.  COMPLY WITH ALL APPLICABLE LAWS IN RESPECT OF THE CONDUCT OF ITS BUSINESS, ITS ASSETS AND PROPERTIES, THE POOL RECEIVABLES, THE RELATED CONTRACTS AND THE 

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SERVICING AND COLLECTION THEREOF, EXCEPT WHERE THE FAILURE TO SO COMPLY, INDIVIDUALLY OR IN THE AGGREGATE COULD NOT REASONABLY BE EXPECTED TO ADVERSELY AFFECT ANY POOL RECEIVABLE, OR OTHERWISE GIVE RISE TO A MATERIAL ADVERSE EFFECT.
(b)    PRESERVATION OF CORPORATE EXISTENCE.  PRESERVE AND MAINTAIN ITS CORPORATE EXISTENCE, RIGHTS, FRANCHISES, AND PRIVILEGES IN THE JURISDICTION OF ITS INCORPORATION, AND QUALIFY AND REMAIN QUALIFIED IN GOOD STANDING IN EACH JURISDICTION EXCEPT WHERE THE FAILURE TO PRESERVE OR MAINTAIN SUCH EXISTENCE, RIGHTS, FRANCHISES, OR PRIVILEGES OR TO BE SO QUALIFIED COULD NOT, INDIVIDUALLY OR IN THE AGGREGATE, REASONABLY BE EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT.
(c)    INSPECTIONS.  FROM TIME TO TIME, AT ITS EXPENSE, UPON REASONABLE PRIOR NOTICE, UPON THE REASONABLE REQUEST BY THE ADMINISTRATIVE AGENT OR THE REQUIRED PURCHASERS (OR ANY PURCHASER AGENT IF AN UNMATURED EVENT OF TERMINATION OR EVENT OF TERMINATION HAS OCCURRED AND IS CONTINUING) AND DURING REGULAR BUSINESS HOURS, PERMIT THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT, AND THE PURCHASER AGENTS, OR ANY OF THEIR RESPECTIVE REPRESENTATIVES TO VISIT AND INSPECT ITS PROPERTIES, TO EXAMINE AND MAKE EXTRACTS FROM ITS RECORDS, AND TO DISCUSS ITS AFFAIRS, FINANCES, AND CONDITION WITH ITS OFFICERS AND INDEPENDENT ACCOUNTANTS WITH RESPECT TO THE POOL RECEIVABLES AND THE RELATED ASSETS AND THE PERFORMANCE OF ITS OBLIGATIONS (AS SERVICER OR OTHERWISE) UNDER THE TRANSACTION DOCUMENTS AS OFTEN AS REASONABLY REQUESTED; PROVIDED THAT, UNLESS AN EVENT OF TERMINATION,  OR AN UNMATURED EVENT OF TERMINATION HAS OCCURRED AND IS CONTINUING AT THE TIME OF ANY SUCH INSPECTION, THE SERVICER SHALL ONLY BE REQUIRED TO REIMBURSE THE REASONABLE DOCUMENTED OUT-OF-POCKET COSTS AND EXPENSES RELATED TO ONE SUCH INSPECTION DURING ANY 12-MONTH PERIOD, WHICH INSPECTION SHALL BE REQUESTED AND SCHEDULED BY THE ADMINISTRATIVE AGENT; PROVIDED, FURTHER, THAT THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT AND THE PURCHASER AGENTS SHALL USE REASONABLE EFFORTS TO COORDINATE THE TIMING OF ANY INSPECTIONS MADE OF ADT PURSUANT TO THIS SECTION 7.4(C) AND OF THE SELLER PURSUANT TO SECTION 7.1(C).
(d)    KEEPING OF RECORDS AND BOOKS OF ACCOUNT; DELIVERY; LOCATION OF RECORDS.  MAINTAIN AND IMPLEMENT, OR CAUSE TO BE MAINTAINED AND IMPLEMENTED, ADMINISTRATIVE AND OPERATING PROCEDURES (INCLUDING AN ABILITY TO RECREATE RECORDS EVIDENCING THE POOL RECEIVABLES, THE RELATED ASSETS AND THE SERVICE CHARGE RECEIVABLES IN THE EVENT OF THE DESTRUCTION OF THE ORIGINALS 

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THEREOF, BACKING UP ON AT LEAST A DAILY BASIS ON A SEPARATE BACKUP COMPUTER FROM WHICH ELECTRONIC FILE COPIES CAN BE READILY PRODUCED AND DISTRIBUTED TO THIRD PARTIES BEING AGREED TO SUFFICE FOR THIS PURPOSE), AND KEEP AND MAINTAIN, OR CAUSE TO BE KEPT AND MAINTAINED, ALL DOCUMENTS, BOOKS, RECORDS, AND OTHER INFORMATION NECESSARY OR ADVISABLE FOR THE COLLECTION OF ALL POOL RECEIVABLES, AND RELATED ASSETS (INCLUDING RECORDS ADEQUATE TO PERMIT THE DAILY IDENTIFICATION OF (I) EACH NEW POOL RECEIVABLE AND ALL COLLECTIONS RELATING TO THE RECEIVABLE POOL OF AND ADJUSTMENTS TO EACH EXISTING POOL RECEIVABLE RECEIVED, MADE, OR OTHERWISE PROCESSED ON THAT DAY, AND (II) THE PORTION OF THE COLLECTIONS RECEIVED FROM EACH OBLIGOR THAT REPRESENTS COLLECTIONS OF POOL RECEIVABLES FROM SUCH OBLIGOR AND COLLECTIONS OF SERVICE CHARGE RECEIVABLES FROM SUCH OBLIGOR IN ORDER TO EFFECT THE PRIORITY OF PAYMENTS SET FORTH IN THE RELATED CONTRACTS.  IN ADDITION, IT SHALL KEEP ITS PHYSICAL RECORDS (TO THE EXTENT NOT ELECTRONICALLY AVAILABLE) AND TANGIBLE CHATTEL PAPER OR OTHER PHYSICAL COLLATERAL (AND ANY ORIGINAL DOCUMENTS RELATING THERETO), IF ANY, AT THE ADDRESS(ES) REFERRED TO IN ANNEX 2 OF THE SALE AGREEMENT OR AT SUCH OTHER ADDRESS(ES) AS SET FORTH IN THE SALE AGREEMENT OR, UPON THIRTY (30) DAYS’ PRIOR WRITTEN NOTICE TO THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT, AT SUCH OTHER LOCATIONS IN JURISDICTIONS WHERE ALL ACTION REQUIRED BY SECTION 8.5 HEREOF SHALL HAVE BEEN TAKEN AND COMPLETED.
(e)    PERFORMANCE AND COMPLIANCE WITH RECEIVABLES AND CONTRACTS.  AT ITS EXPENSE, TIMELY AND FULLY PERFORM AND COMPLY WITH ALL PROVISIONS, COVENANTS, AND OTHER PROMISES REQUIRED TO BE OBSERVED BY IT UNDER THE CONTRACTS AND THE POOL RECEIVABLES RELATING TO THE RECEIVABLE POOL, EXCEPT WHERE THE FAILURE TO SO PERFORM OR COMPLY, INDIVIDUALLY OR IN THE AGGREGATE, COULD NOT REASONABLY BE EXPECTED TO ADVERSELY AFFECT ANY POOL RECEIVABLE OR RELATED ASSETS OR OTHERWISE RESULT IN A MATERIAL ADVERSE EFFECT.
(f)    CREDIT AND COLLECTION POLICY.  COMPLY WITH THE CREDIT AND COLLECTION POLICY IN REGARD TO EACH POOL RECEIVABLE, THE RELATED ASSETS, EACH SERVICE CHARGE RECEIVABLE, THE RELATED CONTRACT AND THE SERVICING AND COLLECTION THEREOF.
(g)    COLLECTIONS.  PROMPTLY WITHDRAW FROM THE BANK ACCOUNTS AND/OR CHARGE THE CREDIT OR DEBIT CARDS OF THE DIRECT DEPOSIT OBLIGORS ALL AMOUNTS NECESSARY TO EFFECT THE TIMELY PAYMENT WHEN DUE OF THE UNPAID BALANCE OF THE POOL RECEIVABLES RELATING TO SUCH DIRECT DEPOSIT OBLIGORS AND IMMEDIATELY REMIT 

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SUCH AMOUNTS, WITHIN ONE (1) BUSINESS DAY OF THE DATE OF WITHDRAWAL, DEBIT OR CREDIT DIRECTLY TO A COLLECTION ACCOUNT, WITHOUT ANY COMMINGLING OF SUCH AMOUNTS WITH ANY OTHER FUNDS OTHER THAN OTHER PERMITTED COLLECTIONS.  INSTRUCT EACH OBLIGOR THAT TO THE EXTENT ANY PAYMENT IN RESPECT OF THE RELATED POOL RECEIVABLE IS NOT TO BE MADE THROUGH THE SERVICER’S WITHDRAWAL FROM THE BANK ACCOUNT OF EACH SUCH OBLIGOR AND/OR THROUGH THE CHARGE OF THE CREDIT OR DEBIT CARD OF EACH SUCH OBLIGOR, ALL COLLECTIONS IN RESPECT OF THE POOL RECEIVABLES OF EACH SUCH OBLIGOR SHALL BE MADE TO A LOCK-BOX AND REMITTED DIRECTLY TO A LOCK-BOX THAT REMITS SUCH AMOUNTS DIRECTLY TO A LOCK-BOX ACCOUNT COVERED BY A PAYMENT DIRECTION OR CONTROL AGREEMENT.  AS PROMPTLY AS PRACTICABLE AND IN ANY EVENT WITHIN ONE (1) BUSINESS DAY OF RECEIPT IN ANY LOCK-BOX OR LOCK-BOX ACCOUNT (AND WITHIN TWO (2) BUSINESS DAYS OF RECEIPT IN THE RELATED LOCK-BOX) OF ANY COLLECTIONS, REMIT, OR CAUSE TO BE REMITTED, SUCH AMOUNTS DIRECTLY TO THE OMNIBUS ACCOUNT, WITHOUT ANY COMMINGLING OF SUCH AMOUNTS WITH ANY OTHER FUNDS OTHER THAN OTHER PERMITTED AMOUNTS.  AS PROMPTLY AS PRACTICABLE AND IN ANY EVENT WITHIN ONE (1) BUSINESS DAY OF RECEIPT OF ANY COLLECTIONS IN RESPECT OF ANY POOL RECEIVABLES IN ANY COLLECTION ACCOUNT, REMIT OR CAUSE TO BE REMITTED SUCH AMOUNTS DIRECTLY TO THE OMNIBUS ACCOUNT, WITHOUT ANY COMMINGLING, ALL AMOUNTS WHICH CONSTITUTE COLLECTIONS ON THE POOL RECEIVABLES.  AS PROMPTLY AS PRACTICABLE AND IN ANY EVENT WITHIN TWO (2) BUSINESS DAYS OF RECEIPT OF ANY COLLECTIONS IN THE OMNIBUS ACCOUNT, SEGREGATE COLLECTIONS ON THE POOL RECEIVABLES FROM ANY OTHER PERMITTED AMOUNTS AND REMIT OR CAUSE TO BE REMITTED DIRECTLY TO THE COLLATERAL AGENT’S ACCOUNT, WITHOUT ANY INTERVENING COMMINGLING, ALL AMOUNTS WHICH CONSTITUTE COLLECTIONS ON THE POOL RECEIVABLES AND ENSURE THAT NO AMOUNTS OTHER THAN COLLECTIONS ON POOL RECEIVABLES ARE REMITTED TO OR ARE ON DEPOSIT IN THE COLLATERAL AGENT’S ACCOUNT. TO THE EXTENT ANY LOCK-BOX ACCOUNT OR COLLATERAL ACCOUNT IS SUBJECT TO A CONTROL AGREEMENT RATHER THAN A PAYMENT DIRECTION, ALL AMOUNTS THEREIN, AFTER REMOVAL OF ANY AMOUNTS, IF ANY, THAT DO NOT CONSTITUTE COLLECTIONS IN RESPECT OF POOL RECEIVABLES, SHALL BE REMITTED WITHIN TWO (2) BUSINESS DAYS OF RECEIPT TO THE COLLATERAL AGENT’S ACCOUNT RATHER THAN TO THE OMNIBUS ACCOUNT.
(h)    FILING OF FINANCING STATEMENTS.  AT ITS EXPENSE, TAKE ALL ACTIONS NECESSARY (INCLUDING ALL FILINGS) TO VEST IN, AND MAINTAIN IN THE COLLATERAL AGENT (ON BEHALF OF THE PURCHASERS) A VALID, FIRST PRIORITY PERFECTED SECURITY INTEREST OR PERFECTED OWNERSHIP INTEREST IN THE POOL RECEIVABLES AND RELATED ASSETS FREE AND CLEAR OF ANY ADVERSE CLAIMS.  WITHOUT LIMITING THE 

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FOREGOING, CAUSE THE FINANCING STATEMENTS DESCRIBED IN SECTIONS 5.1(F), THAT HAVE NOT PREVIOUSLY BEEN FILED, TO BE DULY FILED IN THE APPROPRIATE JURISDICTIONS AT ITS EXPENSE, AS PROMPTLY AS PRACTICABLE (AND IN ANY EVENT, WITHIN FIVE (5) BUSINESS DAYS) FOLLOWING SUCH REQUEST AND TO EXECUTE, AUTHORIZE, AND DELIVER ALL INSTRUMENTS AND DOCUMENTS AND TAKE ALL ACTION, NECESSARY OR REASONABLY REQUESTED BY THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, OR ANY PURCHASER AGENT (INCLUDING THE FILING OF FINANCING OR CONTINUATION STATEMENTS, AMENDMENTS THERETO, OR ASSIGNMENTS THEREOF) TO ENABLE THE COLLATERAL AGENT TO EXERCISE AND ENFORCE ALL OF ITS RIGHTS HEREUNDER AND TO VEST AND MAINTAIN VESTED IN THE COLLATERAL AGENT A VALID, FIRST PRIORITY PERFECTED SECURITY INTEREST OR PERFECTED OWNERSHIP INTEREST IN THE POOL RECEIVABLES, THE RELATED ASSETS WITH RESPECT THERETO, THE SALE AGREEMENT, THE COLLECTIONS WITH RESPECT THERETO, AND THE OTHER COLLATERAL FREE AND CLEAR OF ANY ADVERSE CLAIM.  THE SERVICER HEREBY AUTHORIZES THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT TO FILE ANY CONTINUATION STATEMENTS, AMENDMENTS THERETO, AND ASSIGNMENTS THEREOF AS THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, OR ANY PURCHASER AGENT MAY FROM TIME TO TIME DETERMINE TO BE NECESSARY OR DESIRABLE TO PERFECT OR MAINTAIN THE PERFECTION OR PRIORITY OF ITS SECURITY INTEREST IN THE POOL RECEIVABLES, THE COLLECTIONS WITH RESPECT THERETO, THE RELATED ASSETS WITH RESPECT THERETO, THE SALE AGREEMENT, AND THE OTHER COLLATERAL FREE AND CLEAR OF ANY ADVERSE CLAIMS.
(i)    TRANSACTION DOCUMENTS.  WITHOUT LIMITING ITS COVENANTS OR AGREEMENTS SET FORTH HEREIN OR IN ANY OTHER TRANSACTION DOCUMENT, (I) COMPLY WITH EACH AND EVERY OF ITS COVENANTS AND AGREEMENTS UNDER THE SALE AGREEMENT AND ITS CONSTITUENT DOCUMENTS, AND (II) TAKE ALL ACTIONS REASONABLY NECESSARY TO ENSURE THAT EACH TRANSACTION DOCUMENT REMAINS ENFORCEABLE AND IN EFFECT.
(j)    TAX MATTERS.  PAY ALL APPLICABLE TAXES REQUIRED TO BE PAID BY IT WHEN DUE AND PAYABLE IN CONNECTION WITH THE TRANSFER OF THE RECEIVABLES TO THE SELLER UNDER THE SALE AGREEMENT; ADT ACKNOWLEDGES THAT NONE OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, ANY PURCHASER AGENT, OR ANY PURCHASER SHALL HAVE ANY RESPONSIBILITY WITH RESPECT THERETO.  PAY AND DISCHARGE, OR CAUSE THE PAYMENT AND DISCHARGE OF, ALL FEDERAL INCOME TAXES (AND ALL OTHER MATERIAL TAXES) WHEN DUE AND PAYABLE, EXCEPT SUCH AS MAY BE CONTESTED IN GOOD FAITH BY 

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APPROPRIATE PROCEEDING AND FOR WHICH AN ADEQUATE RESERVE HAS BEEN ESTABLISHED AND IS MAINTAINED IN ACCORDANCE WITH GAAP.
(k)    CREDIT RISK RETENTION.  AFTER THE EU RETENTION EFFECTIVE DATE, INCLUDE IN EACH INFORMATION PACKAGE DELIVERED HEREUNDER, A CONFIRMATION AS TO ADT’S CONTINUED COMPLIANCE WITH CLAUSES (I), (II), AND (III) OF SECTION 5.2(MK) OF THE SALE AGREEMENT.  AFTER THE EU RETENTION EFFECTIVE DATE, COOPERATE WITH EACH PURCHASER (INCLUDING, TO THE EXTENT NOT PROHIBITED BY LAW, BY PROVIDING SUCH INFORMATION AND ENTERING INTO OR DELIVERING SUCH ADDITIONAL AGREEMENTS OR DOCUMENTS REASONABLY REQUESTED BY SUCH PURCHASER OR ITS PURCHASER AGENT) TO THE EXTENT REASONABLY NECESSARY TO ASSURE SUCH PURCHASER THAT ADT RETAINS CREDIT RISK IN THE AMOUNT AND MANNER REQUIRED BY THE EU SECURITIZATION RULES AND THE CRR AND TO PERMIT SUCH PURCHASER TO PERFORM ITS DUE DILIGENCE AND MONITORING OBLIGATIONS (IF ANY) UNDER THE EU SECURITIZATION RULES AND THE CRR; PROVIDED HOWEVER, THAT NO ADT ENTITY SHALL BE REQUIRED TO TAKE ACTIONS THAT COULD CAUSE A CHANGE IN THE ACCOUNTING OR TAX TREATMENT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.
(i)    UNTIL THE LATER TO OCCUR OF (X) THE PURCHASE TERMINATION DATE, OR (Y) THE DATE ON WHICH THE PURCHASERS’ POOL INVESTMENT IS EQUAL TO ZERO:
(A)    AS AN “ORIGINATOR” FOR THE PURPOSES OF THE SECURITIZATION REGULATION, HOLD AND MAINTAIN THE RETAINED INTEREST ON AN ONGOING BASIS;
(B)    NOT SHORT, HEDGE, OTHERWISE MITIGATE ITS CREDIT RISK OR SELL, TRANSFER OR OTHERWISE SURRENDER ALL OR PART OF THE RIGHTS, BENEFITS OR OBLIGATIONS ARISING FROM OR ASSOCIATED WITH THE RETAINED INTEREST, EXCEPT TO THE EXTENT PERMITTED BY THE EU SECURITIZATION RULES;
(C)    FROM AND AFTER THE EU RETENTION EFFECTIVE DATE, CONFIRM TO EACH PURCHASER (WHICH MAY BE IN ELECTRONIC FORM) THAT IT CONTINUES TO COMPLY WITH PARAGRAPHS (A) AND (B) ABOVE IN EACH INFORMATION PACKAGE;
(D)    AFTER THE EU RETENTION EFFECTIVE DATE, PROVIDE NOTICE PROMPTLY TO EACH PURCHASER IN THE EVENT OF ANY BREACH OF PARAGRAPHS (A) OR (B) ABOVE;

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(E)    AFTER THE EU RETENTION EFFECTIVE DATE, PROMPTLY NOTIFY EACH PURCHASER OF ANY CHANGE TO THE FORM OF RETENTION OF THE RETAINED INTEREST;
(F)    AFTER THE EU RETENTION EFFECTIVE DATE, TO THE EXTENT NECESSARY IN ORDER FOR ANY PURCHASER TO COMPLY WITH ITS OBLIGATIONS UNDER, OR IN RELATION TO, THE EU SECURITIZATION RULES, TO THE EXTENT REASONABLY REQUESTED BY SUCH PURCHASER, PROVIDE ALL INFORMATION, DOCUMENTS, AND REPORTS REGARDING THE RECEIVABLES AND THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT WHICH ARE IN ADT’S POSSESSION OR CONTROL, UNLESS SUBJECT TO CONFIDENTIALITY RESTRICTIONS OR RESTRICTED BY LAW (PROVIDED THAT ADT SHALL UNDERTAKE REASONABLE EFFORTS TO OBTAIN CONSENT FOR THE DISCLOSURE OF SUCH INFORMATION, DOCUMENTS AND REPORTS; PROVIDED FURTHER THAT SUCH EFFORTS SHALL NOT INCLUDE PAYMENT OF ANY AMOUNTS TO ANY PERSON OR ANY VIOLATION OF LAW);
(G)    ORIGINATE THE RECEIVABLES PURSUANT TO A SOUND AND WELL-DEFINED CREDIT GRANTING CRITERIA, AND MAINTAIN CLEARLY ESTABLISHED CRITERIA AND PROCESSES FOR APPROVING, AMENDING, RENEWING AND FINANCING THE RECEIVABLES (“ORIGINATIONS AND REVISIONS”) AND HAVE EFFECTIVE SYSTEMS IN PLACE TO APPLY THOSE CRITERIA AND PROCESSES TO ENSURE THAT ANY SUCH ORIGINATIONS AND REVISIONS ARE GRANTED AND APPROVED BASED ON A THOROUGH ASSESSMENT OF EACH OBLIGOR’S CREDITWORTHINESS; AND
(H)    OWN 100% OF THE EQUITY INTERESTS OF THE SELLER.
(l)    CERTAIN GOVERNMENTAL FEES, SURCHARGES, AND TAXES.  WITH RESPECT TO ANY PORTION OF A RECEIVABLE ATTRIBUTABLE TO GOVERNMENTAL FEES, SURCHARGES, OR TAXES, PAY (OR CAUSE TO BE PAID) SUCH GOVERNMENTAL FEES, SURCHARGES, OR TAXES TO THE APPLICABLE GOVERNMENTAL AUTHORITY WHEN DUE IN ACCORDANCE WITH APPLICABLE LAW (EXCEPT FOR ANY SUCH GOVERNMENTAL FEES, SURCHARGES, OR TAXES THAT ARE BEING APPROPRIATELY CONTESTED IN GOOD FAITH BY APPROPRIATE PROCEEDINGS AND WITH RESPECT TO WHICH ADEQUATE RESERVES IN CONFORMITY WITH GAAP HAVE BEEN PROVIDED, AND NONE OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, ANY PURCHASER AGENT, OR ANY PURCHASER SHALL HAVE ANY OBLIGATION TO 

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MAKE ANY SUCH PAYMENT OR SHALL HAVE ANY OTHER RESPONSIBILITY WITH RESPECT THERETO.  PAY ALL SALES TAXES TO BE PAID IN CONNECTION WITH THE EQUIPMENT AND INSTALLATION RELATED TO EACH POOL RECEIVABLE BY THE DUE DATE THEREOF (EXCEPT FOR ANY SUCH SALES TAXES THAT ARE BEING APPROPRIATELY CONTESTED IN GOOD FAITH BY APPROPRIATE PROCEEDINGS AND WITH RESPECT TO WHICH ADEQUATE RESERVES IN CONFORMITY WITH GAAP HAVE BEEN PROVIDED).
(m)    ANTI-CORRUPTION LAWS, ANTI-TERRORISM LAWS, AND SANCTIONS.  MAINTAIN IN EFFECT AND ENFORCE POLICIES AND PROCEDURES REASONABLY DESIGNED TO ENSURE COMPLIANCE IN ALL MATERIAL RESPECTS, BY ADT, ITS SUBSIDIARIES AND THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AND AGENTS WITH ANTI-CORRUPTION LAWS AND APPLICABLE SANCTIONS LAWS IN CONNECTION WITH ADT’S OR ITS SUBSIDIARIES’ BUSINESS OPERATIONS, EXCEPT WHERE THE FAILURE TO DO SO, INDIVIDUALLY OR IN THE AGGREGATE, COULD NOT REASONABLY BE EXPECTED TO RESULT IN A MATERIAL ADVERSE EFFECT.
(n)    APPLICATION OF OBLIGOR PAYMENTS.  APPLY PAYMENTS MADE BY AN OBLIGOR UNDER A CONTRACT RELATING TO A POOL RECEIVABLE TO AMOUNTS BILLED ON SUCH OBLIGOR’S INVOICE IN THE FOLLOWING ORDER:  (I) FIRST, TO AMOUNTS DUE IN RESPECT OF THE RELATED POOL RECEIVABLES; (II) SECOND, TO AMOUNTS DUE IN RESPECT OF THE RELATED SERVICE CHARGE RECEIVABLES; AND (III) THIRD, OTHER AMOUNTS OWING BY SUCH OBLIGOR. FOR THE AVOIDANCE OF DOUBT, ANY AMOUNTS PAID BY ANY OBLIGOR IN RESPECT OF SERVICE CHARGE RECEIVABLES THAT MUST BE APPLIED PURSUANT TO CLAUSE (I) ABOVE, SHALL BE DEEMED TO BE COLLECTIONS AND REMITTED TO THE COLLATERAL AGENT’S ACCOUNT PURSUANT TO THE TERMS OF THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS AS SUCH.
(o)    SERVICING PROGRAMS.  IF A LICENSE OR APPROVAL IS REQUIRED FOR THE COLLATERAL AGENT’S, THE ADMINISTRATIVE AGENT’S, OR SUCH SUCCESSOR SERVICER’S USE OF ANY SOFTWARE OR OTHER COMPUTER PROGRAM USED BY ADT IN THE SERVICING OF THE RECEIVABLES, THEN, FOLLOWING DELIVERY OF A SUCCESSOR NOTICE, AT ITS OWN EXPENSE MAKE COMMERCIALLY REASONABLE EFFORTS TO ARRANGE FOR THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, OR SUCH SUCCESSOR SERVICER TO RECEIVE ANY SUCH REQUIRED LICENSE OR APPROVAL.
(p)    CORPORATE SEPARATENESS; RELATED MATTERS AND COVENANTS.  ADT AGREES TO CAUSECAUSE THE SELLER TO FULLY COMPLY WITH ITS COVENANTS IN SECTION 7.8, IT BEING UNDERSTOOD THAT THE FOREGOING SHALL IN NO EVENT BE DEEMED TO OBLIGATE ADT TO MAKE ANY CAPITAL OR OTHER CONTRIBUTIONS TO THE SELLER. MAINTAIN IN 

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PLACE ALL POLICIES AND PROCEDURES, AND TAKE AND CONTINUE TO TAKE ALL ACTIONS, APPLICABLE TO IT DESCRIBED IN THE ASSUMPTIONS AS TO THE FACTS SET FORTH IN, AND FORMING THE BASIS OF, THE OPINIONS SET FORTH IN THE OPINION LETTERS DELIVERED BY PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP TO THE COLLATERAL AGENT, ADMINISTRATIVE AGENT, PURCHASERS AND PURCHASER AGENT ON APRIL 17, 2020, EXCEPT TO THE EXTENT THAT ANY FAILURE TO MAINTAIN IN PLACE SUCH POLICIES AND PROCEDURES OR FAILURE TO CONTINUE TO TAKE ALL SUCH ACTIONS COULD NOT MATERIALLY AND ADVERSELY AFFECT THE CONCLUSIONS SET FORTH IN SUCH OPINION LETTERS.
(q)    PERMITTED SECURITIZATION. CAUSE THE TRUSTEE, ADMINISTRATIVE AGENT AND/OR COLLATERAL AGENT, AS APPLICABLE, IN RESPECT OF THE ADT INDENTURES, ADT CREDIT AGREEMENT, ADT INTERCREDITOR AND THE ADT COLLATERAL AGREEMENTS TO PROMPTLY TAKE ANY ACTIONS FROM TIME TO TIME, AS MAY BE REASONABLY REQUESTED BY THE COLLATERAL AGENT, TO FACILITATE OR CAUSE THE TRANSFER OF ANY POOL RECEIVABLES AND THE RELATED ASSETS OR PROCEEDS THEREOF TO THE EXTENT THEN IN THE POSSESSION OR CONTROL OF SUCH TRUSTEE, ADMINISTRATIVE AGENT AND/OR COLLATERAL AGENT, AS APPLICABLE, TO OR AT THE DIRECTION OF ADT OR THE COLLATERAL AGENT.
SECTION 7.5    Reporting Requirements of ADT.  From the date hereof until the Final Payout Date, ADT shall furnish to the Collateral Agent and the Administrative Agent (who shall promptly send the same to the Purchaser Agents):
(a)    (I)     QUARTERLY FINANCIAL STATEMENTS.  WITHIN FORTY-FIVE (45) DAYS AFTER THE CLOSE OF EACH OF THE FIRST THREE FISCAL QUARTERS OF EACH FISCAL YEAR OF ADT AND THE PARENT, THE PARENT’S FORM 10-Q AS FILED WITH THE SEC (WHICH SHALL BE DEEMED DELIVERED UPON THE FILING OF SUCH FORM 10-Q ON THE SEC’S WEBSITE).
(i)    ANNUAL FINANCIAL STATEMENTS.  WITHIN NINETY (90) DAYS AFTER THE END OF EACH FISCAL YEAR OF ADT AND THE PARENT, THE AUDITED CONSOLIDATED STATEMENTS OF OPERATIONS, CHANGES IN STOCKHOLDERS’ EQUITY AND CASH FLOWS OF EACH OF ADT AND THE PARENT AND THEIR RESPECTIVE SUBSIDIARIES FOR SUCH FISCAL YEAR, AND THE RELATED AUDITED CONSOLIDATED BALANCE SHEET FOR ADT AND THE PARENT AND THEIR RESPECTIVE SUBSIDIARIES AS OF THE END OF SUCH FISCAL YEAR, SETTING FORTH IN EACH CASE IN COMPARATIVE FORM THE CORRESPONDING FIGURES FOR THE PREVIOUS FISCAL YEAR, ALL REPORTED ON BY PRICEWATERHOUSECOOPERS LLP OR OTHER INDEPENDENT PUBLIC ACCOUNTANTS OF RECOGNIZED NATIONAL 

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STANDING (WITHOUT A “GOING CONCERN” OR LIKE QUALIFICATION OR EXCEPTION AND WITHOUT ANY QUALIFICATION OR EXCEPTION AS TO THE SCOPE OF SUCH AUDIT THAT ARE INCONSISTENT WITH THE STANDARDS OF THE PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD), TO THE EFFECT THAT SUCH AUDITED CONSOLIDATED FINANCIAL STATEMENTS PRESENT FAIRLY IN ALL MATERIAL RESPECTS THE FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF ADT AND THE PARENT AND THEIR RESPECTIVE SUBSIDIARIES ON A CONSOLIDATED BASIS IN ACCORDANCE WITH GAAP CONSISTENTLY APPLIED (WHICH SHALL BE DEEMED DELIVERED UPON THE FILING OF THE PARENT’S FORM 10-K ON THE SEC’S WEBSITE).
(ii)    COMPLIANCE CERTIFICATE.  TOGETHER WITH THE FINANCIAL STATEMENTS REQUIRED HEREUNDER, A COMPLIANCE CERTIFICATE IN SUBSTANTIALLY THE FORM OF EXHIBIT C SIGNED BY AN AUTHORIZED OFFICER OF ADT AND THE PARENT, RESPECTIVELY AND DATED THE DATE OF SUCH ANNUAL FINANCIAL STATEMENT OR SUCH QUARTERLY FINANCIAL STATEMENT, AS THE CASE MAY BE.
(b)    FINANCIAL STATEMENTS AND OTHER INFORMATION.  THE FOLLOWING:
(i)    PROMPTLY AFTER THE SAME BECOME PUBLICLY AVAILABLE, COPIES OF ALL PROXY STATEMENTS, FINANCIAL STATEMENTS AND REGULAR OR SPECIAL REPORTS WHICH ADT OR THE PARENT FILES WITH THE SEC (WHICH SHALL BE DEEMED DELIVERED UPON THE FILING THEREOF ON THE SEC’S WEBSITE);
(ii)    PROMPTLY FOLLOWING A REQUEST THEREFOR, ANY DOCUMENTATION OR OTHER INFORMATION (INCLUDING WITH RESPECT TO THE SELLER AND THE PARENT) THAT THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, ANY PURCHASER AGENT OR ANY PURCHASER REASONABLY REQUESTS IN ORDER TO COMPLY WITH ITS ONGOING OBLIGATIONS UNDER THE APPLICABLE “KNOW YOUR CUSTOMER” AND ANTI-MONEY LAUNDERING RULES AND REGULATIONS, INCLUDING THE USA PATRIOT ACT INCLUDING THE PROVISION OF INFORMATION REGARDING BENEFICIAL OWNERSHIP REQUIRED BY 31 C.F.R. §1010.230; AND
(iii)    FROM TIME TO TIME SUCH FURTHER INFORMATION REGARDING THE BUSINESS, AFFAIRS AND FINANCIAL CONDITION OF THE SELLER, ADT, THE PARENT AND THEIR AFFILIATES AS THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT OR THE REQUIRED PURCHASERS SHALL REASONABLY REQUEST.
(c)    WRITTEN NOTICE OF ANY ERISA EVENT.

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(d)    EVENTS OF TERMINATION, ETC.  NOTICE OF THE OCCURRENCE OF ANY EVENT OF TERMINATION OR UNMATURED EVENT OF TERMINATION, ACCOMPANIED BY A WRITTEN STATEMENT OF AN APPROPRIATE OFFICER OF THE SERVICER SETTING FORTH DETAILS OF SUCH EVENT AND THE ACTION THAT IT PROPOSES TO TAKE WITH RESPECT THERETO, SUCH NOTICE TO BE PROVIDED PROMPTLY (BUT NOT LATER THAN TWO (2) BUSINESS DAYS) AFTER A RESPONSIBLE OFFICER OF THE SERVICER OBTAINS ACTUAL KNOWLEDGE THEREOF.
(e)    LITIGATION.  AS SOON AS POSSIBLE, AND IN ANY EVENT WITHIN TWO (2) BUSINESS DAYS OF KNOWLEDGE OF ANY RESPONSIBLE OFFICER THEREOF, NOTICE OF ANY LITIGATION, INVESTIGATION, OR PROCEEDING INITIATED AGAINST THE SELLER OR, TO THE EXTENT IT COULD, INDIVIDUALLY OR IN THE AGGREGATE, REASONABLY BE EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT, AGAINST ADT, THE SERVICER, AND/OR THE PARENT.
(f)    AGREED UPON PROCEDURES REPORT.  NOT LATER THAN THREE (3) MONTHS AFTER THE END OF EACH FISCAL YEAR OF THE SERVICER (AT THE SOLE COST AND EXPENSE OF THE SERVICER), A COPY OF AN AGREED UPON PROCEDURES REPORT OF AN ACCOUNTING FIRM OR CONSULTING FIRM REASONABLY ACCEPTABLE TO THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT (WHO SHALL PROMPTLY SEND THE SAME TO THE PURCHASER AGENTS), ADDRESSED TO THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, AND EACH PURCHASER AGENT AND SETTING FORTH THE RESULTS OF SUCH FIRM’S PERFORMANCE OF AGREED UPON PROCEDURES WITH RESPECT TO THE PERFORMANCE OF THE SERVICER FOR THE PRIOR FISCAL YEAR OR TWELVE (12) MONTH PERIOD, AS REASONABLY REQUESTED BY THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT OR ANY PURCHASER AGENT.  THE SCOPE OF THE ABOVE AGREED UPON PROCEDURES REPORT SHALL BE AS REASONABLY REQUESTED BY THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT AND THE REQUIRED PURCHASERS.
(g)    CHANGE IN CREDIT AND COLLECTION POLICY OR BUSINESS.  PRIOR TO (I) THE EFFECTIVENESS OF ANY CHANGE IN OR AMENDMENT TO THE CREDIT AND COLLECTION POLICY, A DESCRIPTION OR, IF AVAILABLE, A COPY OF THE CREDIT AND COLLECTION POLICY THEN IN EFFECT AND A WRITTEN NOTICE (A) INDICATING SUCH CHANGE OR AMENDMENT, AND (B) IF SUCH PROPOSED CHANGE OR AMENDMENT COULD REASONABLY BE EXPECTED TO ADVERSELY AFFECT THE VALUE, VALIDITY, COLLECTABILITY, OR ENFORCEABILITY OF THE POOL RECEIVABLES OR DECREASE THE CREDIT QUALITY OF ANY POOL RECEIVABLES OR OTHERWISE GIVE RISE TO A MATERIAL ADVERSE EFFECT, REQUESTING THE COLLATERAL AGENT’S, THE 

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ADMINISTRATIVE AGENT’S AND EACH PURCHASER AGENT’S CONSENT THERETO.
(h)    OTHER INFORMATION.  PROMPTLY, FROM TIME TO TIME, SUCH RECORDS OR OTHER INFORMATION, DOCUMENTS, RECORDS, OR REPORTS RESPECTING THE CONDITION OR OPERATIONS, FINANCIAL OR OTHERWISE, OF ADT, THE PARENT AND THEIR AFFILIATES, ADT’S AND THE SELLER’S PERFORMANCE UNDER THE TRANSACTION DOCUMENTS AND THE POOL RECEIVABLES, THE RELATED ASSETS, AND THE SERVICE CHARGE RECEIVABLES AS THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, OR ANY PURCHASER AGENT MAY FROM TIME TO TIME REASONABLY REQUEST AND ADT CAN DELIVER  WITHOUT VIOLATING APPLICABLE LAW.
SECTION 7.6    Negative Covenants of ADT.  From the date hereof until the Final Payout Date, ADT shall not:
(a)    EXTENSION OR AMENDMENT OF RECEIVABLES.  EXCEPT AS PROVIDED IN SECTION 8.2(B) AND TO THE EXTENT RESULTING FROM THE CONDITIONAL SERVICE GUARANTY, EXTEND, AMEND OR OTHERWISE MODIFY THE TERMS OF ANY POOL RECEIVABLE, OR AMEND, MODIFY OR WAIVE ANY TERM OR CONDITION OF ANY CONTRACT (IN EACH CASE, INCLUDING, WITHOUT LIMITATION, BY MEANS OF ANY PROMOTIONAL ACTIVITY, ADVERTISING OR OTHER STATEMENT OR WARRANTY (INCLUDING ON ANY ADT ENTITY’S WEBSITE)) RELATED THERETO.
(b)    CHANGE IN CREDIT AND COLLECTION POLICY OR BUSINESS.  (I) MAKE OR CONSENT TO ANY CHANGE OR AMENDMENT TO THE CREDIT AND COLLECTION POLICY IF SUCH PROPOSED CHANGE OR AMENDMENT COULD REASONABLY BE EXPECTED TO ADVERSELY AFFECT THE VALUE, VALIDITY, COLLECTABILITY, OR ENFORCEABILITY OF ANY POOL RECEIVABLE OR THE RELATED ASSETS OR DECREASE THE CREDIT QUALITY OF ANY POOL RECEIVABLES OR THE RELATED ASSETS, OR OTHERWISE GIVE RISE TO A MATERIAL ADVERSE EFFECT, WITHOUT (X) THE PRIOR WRITTEN CONSENT OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT AND EACH PURCHASER AGENT OR (Y) IN THE CASE OF ANY SUCH CHANGE OR AMENDMENT REQUIRED BY LAW, UPON DELIVERY TO THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT OF A CERTIFICATE OF A RESPONSIBLE OFFICER OF ADT WHICH CERTIFIES, THAT BASED UPON ADVICE OF REPUTABLE COUNSEL, SUCH CHANGE OR AMENDMENT IS REQUIRED TO BE MADE AS A RESULT OF A CHANGE IN LAW, OR (II) MAKE A CHANGE IN THE CHARACTER OF ITS BUSINESS THAT COULD, INDIVIDUALLY OR IN THE AGGREGATE, REASONABLY BE EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT, WITHOUT THE PRIOR WRITTEN CONSENT OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, AND THE REQUIRED PURCHASERS.

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(c)    CHANGE IN LOCK-BOX BANKS.  (I) ADD ANY BANK, LOCK-BOX OR LOCK-BOX ACCOUNT NOT LISTED ON SCHEDULE V AS A LOCK-BOX BANK, LOCK-BOX OR LOCK-BOX ACCOUNT UNLESS THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT SHALL HAVE PREVIOUSLY APPROVED AND RECEIVED DULY EXECUTED COPIES OF PAYMENT DIRECTIONS IN THE FORM OF EXHIBIT G-1 OR A CONTROL AGREEMENT, DULY EXECUTED BY THE PARTIES THERETO, (II) TERMINATE ANY LOCK-BOX BANK, OR RELATED LOCK-BOX, OR LOCK-BOX ACCOUNT WITHOUT THE PRIOR WRITTEN CONSENT OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT AND, IN EACH CASE, ONLY IF ALL OF THE PAYMENTS FROM OBLIGORS THAT WERE BEING SENT TO SUCH LOCK-BOX BANK WILL, UPON TERMINATION OF SUCH LOCK-BOX BANK AND AT ALL TIMES THEREAFTER, BE DEPOSITED IN A LOCK-BOX ACCOUNT WITH ANOTHER LOCK-BOX BANK COVERED BY A PAYMENT DIRECTION IN THE FORM OF EXHIBIT G-1 OR A CONTROL AGREEMENT, OR (III) AMEND, SUPPLEMENT, OR OTHERWISE MODIFY ANY LOCK-BOX AGREEMENT.
(d)    DEPOSITS TO ACCOUNTS.  DEPOSIT OR OTHERWISE CREDIT, OR CAUSE OR PERMIT TO BE SO DEPOSITED OR CREDITED, OR DIRECT ANY OBLIGOR TO DEPOSIT OR REMIT, ANY COLLECTIONS ON POOL RECEIVABLES TO ANY ACCOUNT NOT COVERED BY THE PROPER PAYMENT DIRECTION OR A CONTROL AGREEMENT.  EXCEPT FOR THE COLLATERAL AGENT’S ACCOUNT, PERMIT ANY COLLECTIONS IN RESPECT OF POOL RECEIVABLES TO BE DEPOSITED, OR CREDITED IN ANY ACCOUNT WHICH IS NOT SUBJECT TO A PAYMENT DIRECTION OR A CONTROL AGREEMENT WHICH IS IN FULL FORCE AND EFFECT.
(e)    MERGERS, ACQUISITIONS, SALES, ETC.  CONSOLIDATE OR MERGE WITH OR INTO ANY OTHER PERSON OR SELL, LEASE OR TRANSFER ALL OR SUBSTANTIALLY ALL OF ITS PROPERTY AND ASSETS, OR AGREE TO DO ANY OF THE FOREGOING, UNLESS (I) NO EVENT OF TERMINATION OR UNMATURED EVENT OF TERMINATION HAS OCCURRED AND IS CONTINUING OR WOULD RESULT IMMEDIATELY AFTER GIVING EFFECT THERETO, (II) IF ADT IS NOT THE SURVIVING ENTITY OR IF ADT SELLS OR TRANSFERS ALL OR SUBSTANTIALLY ALL OF ITS PROPERTY AND ASSETS, THE SURVIVING ENTITY OR THE PERSON PURCHASING THE ASSETS IS AN AFFILIATE OF ADT AND AGREES TO BE BOUND BY THE TERMS AND PROVISIONS APPLICABLE TO ADT HEREUNDER, (III) NO CHANGE OF CONTROL SHALL RESULT, (IV) THE PARENT HAS REAFFIRMED IN A WRITING, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT AND THE REQUIRED PURCHASERS, THAT ITS OBLIGATIONS UNDER THE PERFORMANCE SUPPORT AGREEMENT SHALL APPLY TO THE SURVIVING ENTITY AND ARE IN FULL FORCE AND EFFECT, (V) NO MATERIAL ADVERSE EFFECT COULD REASONABLY BE EXPECTED TO RESULT THEREFROM, AND (VI) THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT AND EACH 

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PURCHASER AGENT RECEIVE SUCH ADDITIONAL CERTIFICATIONS AND OPINIONS OF COUNSEL AS THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT OR THE REQUIRED PURCHASERS SHALL REASONABLY REQUEST.
(f)    SALES, ADVERSE CLAIMS, LIENS, ETC.  EXCEPT AS OTHERWISE PROVIDED HEREIN OR IN THE SALE AGREEMENT, (I) SELL, ASSIGN (BY OPERATION OF LAW OR OTHERWISE), OR OTHERWISE DISPOSE OF, OR CREATE OR SUFFER TO EXIST ANY ADVERSE CLAIM (OTHER THAN ITS OR THE SELLER'S OWNERSHIP INTEREST OR CONTINGENT CLAIM TO OWNERSHIP) UPON OR WITH RESPECT TO, (I) ANY POOL RECEIVABLE OR, (II) ANY OTHER RECEIVABLE ORTHE PROCEEDS OF WHICH ARE COMMINGLES WITH THE PROCEEDS OF ANY POOL RECEIVABLE, (III) ANY SERVICE CHARGE RECEIVABLE RELATED TO ANY POOL RECEIVABLE, (IV) ANY CONTRACT OR RELATED ASSETS, THE RELATED EQUIPMENT, ANY SERVICE  CHARGE RECEIVABLE, OR ANY PROCEEDS, IN EACH CASE, IN RESPECT OF ANY OF THE FOREGOING OR ANY INTEREST THEREIN, OR(V) ANY COLLECTION ACCOUNT, THE OMNIBUS ACCOUNT OR ANY LOCK-BOX ACCOUNT OR ANY OTHER ACCOUNT TO WHICH ANY COLLECTIONS OF ANY POOL RECEIVABLE ARE SENT, OR (VI) ANY RIGHT TO RECEIVE INCOME OR PROCEEDS FROM OR IN RESPECT OF ANY OF THE FOREGOING OR (II) PURPORT TO DO ANY OF THE FOREGOING.
(g)    CHATTEL PAPER.  PERMIT ANY CHATTEL PAPER  RELATING TO ANY POOL RECEIVABLE TO BE IN THE POSSESSION OF (OR, IN THE CASE OF ELECTRONIC CHATTEL PAPER, UNDER THE CONTROL OF) ANY PERSON OTHER THAN THE SERVICER (FOR THE BENEFIT OF THE COLLATERAL AGENT AND THE SELLER), THE COLLATERAL AGENT, OR THE COLLATERAL AGENT’S DESIGNEE.
(h)    CORPORATE SEPARATENESS; RELATED MATTERS AND COVENANTS.  ADT AGREES THAT IT SHALL NOT TAKETAKE ANY ACTION, ON ITS PART, TO CAUSE THE SELLER TO VIOLATE ITS COVENANTS IN SECTION 7.8, IT BEING UNDERSTOOD THAT THE FOREGOING SHALL IN NO EVENT BE DEEMED TO OBLIGATE ADT TO MAKE ANY CAPITAL OR OTHER CONTRIBUTIONS TO THE SELLER.
SECTION 7.7    Nature of Obligations.  Notwithstanding anything to the contrary contained herein or in any other Transaction Document, the Seller’s obligations hereunder to remit (or repay, to the extent the transactions hereunder is treated as a financing) in full the Purchasers’ Pool Investment and to remit (or pay, to the extent the transactions hereunder are treated as a financing) all Yield, Fees, the Purchasers and all other Seller Obligations are full recourse general obligations of the Seller, and all obligations of ADT (as Servicer or otherwise) so specified hereunder shall be full recourse general obligations of ADT.
SECTION 7.8    Corporate Separateness; Related Matters and Covenants.  The Seller covenants and agrees to take such actions as shall be necessary in order that:

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(a)    SPECIAL PURPOSE ENTITY.  THE SELLER WILL BE A SPECIAL PURPOSE LIMITED LIABILITY COMPANY WHOSE ACTIVITIES ARE RESTRICTED IN ITS CONSTITUENT DOCUMENTS TO:  (I) NEGOTIATING, AUTHORIZING, EXECUTING, DELIVERING, ENTERING INTO AND PERFORMING ITS OBLIGATIONS UNDER THE TRANSACTION DOCUMENTS TO WHICH IT IS A PARTY AND UNDERTAKING ANY OTHER ACTIVITIES RELATED THERETO, INCLUDING (A) PURCHASING OR OTHERWISE ACQUIRING POOL RECEIVABLES, RELATED ASSETS AND OTHER ASSETS FROM ADT, AND OWNING, HOLDING, TRANSFERRING, ASSIGNING, SELLING, CONTRIBUTING TO CAPITAL, PLEDGING AND OTHERWISE DEALING WITH SUCH ASSETS, (B) ENTERING INTO AND PERFORMING ITS OBLIGATIONS UNDER AGREEMENTS FOR THE SELLING, SERVICING AND FINANCING OF THE RECEIVABLE POOL, (C) OPENING, MAINTAINING AND/OR TERMINATING ANY ACCOUNTS IN CONNECTION THEREWITH, (D) MAKING ALL PAYMENTS OF YIELD, FEES AND OTHER AMOUNTS OWED BY IT UNDER OR IN CONNECTION WITH THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS, AND (E) RECEIVING CASH PAYMENTS OF THE RPA DEFERRED PURCHASE PRICE, AND MAKING CASH PAYMENTS FROM SUCH AMOUNTS TO ADT AS PURCHASE PRICE IN ACCORDANCE WITH THE SALE AGREEMENT OR PAYING DIVIDENDS AND DISTRIBUTIONS TO ADT; AND (II) ENGAGING IN ANY LAWFUL ACT OR ACTIVITY AND EXERCISING ANY POWERS NOT PROHIBITED UNDER THE TRANSACTION DOCUMENTS AND PERMITTED TO LIMITED LIABILITY COMPANIES ORGANIZED UNDER THE LAWS OF THE STATE OF DELAWARE THAT ARE RELATED OR INCIDENTAL TO, AND NECESSARY, CONVENIENT OR ADVISABLE FOR THE ACCOMPLISHMENT OF THE ABOVE-MENTIONED PURPOSES.
(b)    COMMINGLING.  EXCEPT AS OTHERWISE EXPRESSLY PERMITTED BY THIS AGREEMENT, THE SELLER SHALL NOT COMMINGLE ANY OF ITS ASSETS OR FUNDS WITH THOSE OF ANY OF ITS AFFILIATES.
(c)    INDEPENDENT MANAGER.  AT LEAST ONE MEMBER OF THE SELLER’S BOARD OF DIRECTORS SHALL BE AN INDEPENDENT MANAGER AND THE LIMITED LIABILITY COMPANY AGREEMENT OF THE SELLER SHALL PROVIDE:  (I) FOR SUBSTANTIALLY THE SAME DEFINITION OF “INDEPENDENT MANAGER” AS USED HEREIN, (II) THAT PRIOR TO THE FINAL PAYOUT DATE, NO PERSON SHALL BE AUTHORIZED OR EMPOWERED TO, AND THE SELLER SHALL NOT, WITHOUT THE PRIOR UNANIMOUS WRITTEN CONSENT OF THE SELLER’S BOARD OF MANAGERS AND THE INDEPENDENT MANAGER, FILE A VOLUNTARY BANKRUPTCY PETITION OR FILE OR CONSENT TO THE FILING OF ANY BANKRUPTCY, INSOLVENCY OR REORGANIZATION PETITION UNDER ANY APPLICABLE FEDERAL OR STATE LAW RELATING TO BANKRUPTCY NAMING THE SELLER AS DEBTOR OR OTHERWISE INSTITUTE BANKRUPTCY OR INSOLVENCY PROCEEDINGS BY OR AGAINST THE SELLER OR OTHERWISE SEEK WITH RESPECT TO SUCH ENTITY RELIEF UNDER ANY LAWS RELATING 

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TO THE RELIEF FROM DEBTS OR THE PROTECTION OF DEBTORS GENERALLY, AND (III) THAT THE PROVISIONS REQUIRED BY CLAUSES (I) AND (II) OF THIS SENTENCE CANNOT BE AMENDED PRIOR TO THE FINAL PAYOUT DATE WITHOUT THE PRIOR WRITTEN CONSENT OF THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT, AND THE PRIOR UNANIMOUS WRITTEN CONSENT OF THE SELLER’S BOARD OF MANAGERS AND THE INDEPENDENT MANAGER.
(d)    CORPORATE FORMALITIES.  THE SELLER WILL STRICTLY OBSERVE CORPORATE FORMALITIES IN ITS DEALINGS WITH THE SERVICER, ADT, AND ANY AFFILIATES THEREOF.  EXCEPT AS EXPRESSLY CONTEMPLATED BY THIS AGREEMENT, THE SELLER SHALL NOT MAINTAIN JOINT BANK ACCOUNTS OR OTHER DEPOSITORY ACCOUNTS TO WHICH THE SERVICER, ADT, AND ANY AFFILIATES (OTHER THAN THE SELLER) THEREOF HAS INDEPENDENT ACCESS.  THE SELLER SHALL MAINTAIN ITS CONSTITUENT DOCUMENTS IN CONFORMITY WITH THIS AGREEMENT.
(e)    CONDUCT OF BUSINESS.  THE SELLER 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’ (OR MANAGERS’) MEETINGS APPROPRIATE TO AUTHORIZE ALL CORPORATE 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 (TO THE EXTENT APPLICABLE).
(f)    NO OTHER BUSINESS OR DEBT.  THE SELLER SHALL NOT ENGAGE IN ANY BUSINESS OR ACTIVITY EXCEPT AS SET FORTH IN THE TRANSACTION DOCUMENTS NOR, INCUR ANY DEBT OTHER THAN PURSUANT TO THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS AND DEBT WHICH IS INCIDENTAL THERETO, INCURRED IN THE ORDINARY COURSE OF BUSINESS.
(g)    BOOKS AND RECORDS.  THE SELLER SHALL MAINTAIN (OR CAUSE TO BE MAINTAINED) COMPANY RECORDS, BOOKS OF ACCOUNT AND FINANCIAL STATEMENTS SEPARATE FROM THOSE OF ANY OF ITS AFFILIATES, IN A MANNER SUCH THAT IT WILL NOT BE DIFFICULT OR COSTLY TO SEGREGATE, ASCERTAIN, OR OTHERWISE IDENTIFY THE ASSETS AND LIABILITIES OF THE SELLER FROM THE ASSETS AND LIABILITIES OF ITS AFFILIATES, INCLUDING ADT AND THE PARENT.

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(h)    OPERATING EXPENSES.  EXCEPT AS EXPRESSLY CONTEMPLATED BY THE TRANSACTION DOCUMENTS, AND EXCEPT FROM CAPITAL CONTRIBUTIONS FROM ITS MEMBERS, THE SELLER’S OPERATING EXPENSES WILL NOT BE BORNE BY ANY OF ITS AFFILIATES, INCLUDING ADT AND THE PARENT.
(i)    DISCLOSURE OF TRANSACTIONS.  ALL FINANCIAL STATEMENTS OF THE PARENT, ADT AND ANY OTHER AFFILIATES OF THE SELLER THAT ARE CONSOLIDATED TO INCLUDE THE SELLER WILL INCLUDE NOTES OR OTHER DISCLOSURE THAT WILL CLEARLY REFLECT THAT THE ASSETS OF THE SELLER ARE OWNED BY THE SELLER, AND NOT AVAILABLE TO PAY CREDITORS OF PARENT, ADT OR THE SELLER’S OTHER AFFILIATES.
(j)    ARM’S-LENGTH RELATIONSHIPS.  THE SELLER SHALL MAINTAIN AN ARM’S-LENGTH RELATIONSHIP WITH THE PARENT, ADT, AND ITS OTHER AFFILIATES.  NEITHER THE SELLER ON THE ONE HAND, OR ADT, OR ANY OF ITS OTHER AFFILIATES ON THE OTHER HAND WILL BE OR WILL HOLD ITSELF OUT TO BE LIABLE FOR THE DEBTS OF THE OTHER.  THE SELLER, ADT, AND ITS OTHER AFFILIATES WILL IMMEDIATELY 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.
(k)    ALLOCATION OF OVERHEAD.  TO THE EXTENT THAT THE SELLER, ON THE ONE HAND, AND ADT OR ANY AFFILIATE OF ADT (OTHER THAN THE SELLER), 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 SELLER SHALL BEAR ITS FAIR SHARE OF SUCH EXPENSES, WHICH MAY BE PAID THROUGH THE SERVICING FEE OR OTHERWISE.
(l)    IDENTIFICATION.  THE SELLER SHALL AT ALL TIMES HOLD ITSELF OUT TO THE PUBLIC UNDER ITS OWN NAME AS A LEGAL ENTITY SEPARATE AND DISTINCT FROM ITS EQUITY HOLDERS, MEMBERS, MANAGERS, ADT, THE PARENT OR ANY OF ITS OTHER AFFILIATES.
(m)    CAPITAL.  THE SELLER SHALL MAINTAIN ADEQUATE CAPITAL IN LIGHT OF ITS CONTEMPLATED BUSINESS OPERATIONS.
(n)    IN RESPECT OF THE SELLER:
(i)    THE SELLER SHALL NOT ISSUE ANY SECURITY OF ANY KIND EXCEPT MEMBERSHIP INTERESTS ISSUED TO ADT IN ACCORDANCE WITH THE SELLER’S CONSTITUENT DOCUMENTS, OR INCUR, ASSUME, GUARANTEE, OR OTHERWISE BECOME DIRECTLY OR 

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INDIRECTLY LIABLE FOR OR IN RESPECT OF ANY DEBT OR OTHER OBLIGATION OTHER THAN (I) IN CONNECTION WITH THE TRANSACTION DOCUMENTS, AND (II) ORDINARY COURSE OPERATING EXPENSES;
(ii)    THE SELLER SHALL NOT SELL, PLEDGE, OR DISPOSE OF ANY OF ITS ASSETS, EXCEPT AS PERMITTED BY, OR AS PROVIDED IN, THE TRANSACTION DOCUMENTS;
(iii)    THE SELLER SHALL NOT PURCHASE ANY ASSET (OR MAKE ANY INVESTMENT, BY SHARE PURCHASE, LOAN, OR OTHERWISE) EXCEPT AS PERMITTED BY, OR AS PROVIDED IN, THE TRANSACTION DOCUMENTS;
(iv)    THE SELLER SHALL NOT MAKE ANY PAYMENT, DIRECTLY OR INDIRECTLY, TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY OWNER OF ANY VOTING SECURITIES, SECURITY INTEREST, OR EQUITY INTEREST IN THE SELLER OR ANY AFFILIATE OF ANY SUCH OWNER (EXCEPT, IN EACH CASE, AS EXPRESSLY PERMITTED BY THE TRANSACTION DOCUMENTS);
(v)    THE SELLER SHALL NOT MAKE, DECLARE, OR OTHERWISE COMMENCE OR BECOME OBLIGATED IN RESPECT OF, ANY DIVIDEND, STOCK, OR OTHER SECURITY REDEMPTION OR PURCHASE, DISTRIBUTION, OR OTHER PAYMENT TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY OWNER OF ANY VOTING SECURITIES OR OTHER EQUITY INTEREST IN THE SELLER TO ANY SUCH OWNER OR ANY AFFILIATE OF ANY SUCH OWNER OTHER THAN FROM FUNDS RECEIVED BY IT IN RESPECT OF THE RPA DEFERRED PURCHASE PRICE OR UNDER ARTICLE III, OR THE ISSUANCE OF ADDITIONAL EQUITY INTERESTS TO ADT IN CONNECTION WITH CONTRIBUTIONS OF CASH OR OTHER ASSETS, AND SO LONG AS, IN ANY CASE, THE RESULT WOULD NOT DIRECTLY OR INDIRECTLY CAUSE THE SELLER TO BE CONSIDERED INSOLVENT;
(vi)    THE SELLER SHALL NOT HAVE ANY EMPLOYEES OR SUBSIDIARIES; AND
(vii)    THE SELLER WILL PROVIDE FOR NOT LESS THAN TEN (10) BUSINESS DAYS’ PRIOR WRITTEN NOTICE TO THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT OF ANY REMOVAL, REPLACEMENT, OR APPOINTMENT OF ANY MANAGER THAT IS CURRENTLY SERVING OR IS PROPOSED TO BE APPOINTED AS AN INDEPENDENT MANAGER OF THE SELLER, SUCH NOTICE TO INCLUDE THE IDENTITY OF THE PROPOSED REPLACEMENT INDEPENDENT MANAGER, TOGETHER WITH A CERTIFICATION THAT SUCH 

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REPLACEMENT SATISFIES THE REQUIREMENTS FOR AN INDEPENDENT MANAGER SET FORTH IN THIS AGREEMENT AND THE LIMITED LIABILITY COMPANY AGREEMENT OF THE SELLER.; AND
(i)    THE SELLER WILL MAINTAIN IN PLACE ALL POLICIES AND PROCEDURES, AND TAKE AND CONTINUE TO TAKE ALL ACTIONS, APPLICABLE TO IT DESCRIBED IN THE ASSUMPTIONS AS TO THE FACTS SET FORTH IN, AND FORMING THE BASIS OF, THE OPINIONS SET FORTH IN THE OPINION LETTERS DELIVERED BY PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP TO THE COLLATERAL AGENT, ADMINISTRATIVE AGENT, PURCHASERS AND PURCHASER AGENT ON APRIL 17, 2020, EXCEPT TO THE EXTENT THAT ANY FAILURE TO MAINTAIN IN PLACE SUCH POLICIES AND PROCEDURES OR FAILURE TO CONTINUE TO TAKE ALL SUCH ACTIONS COULD NOT MATERIALLY AND ADVERSELY AFFECT THE CONCLUSIONS SET FORTH IN SUCH OPINION LETTERS.
ARTICLE VIII     
 
ADMINISTRATION AND COLLECTION
SECTION 8.1    Designation of the Servicer.
(a)    ADT AS THE SERVICER.  THE SERVICING, ADMINISTERING, AND COLLECTION OF THE POOL RECEIVABLES ON BEHALF OF THE SELLER, THE ADMINISTRATIVE AGENT, PURCHASER AGENTS, THE COLLATERAL AGENT, AND PURCHASERS SHALL BE CONDUCTED IN ACCORDANCE WITH THIS AGREEMENT BY THE PERSON DESIGNATED AS THE SERVICER HEREUNDER (THE “SERVICER”) FROM TIME TO TIME IN ACCORDANCE WITH THIS SECTION 8.1.  UNTIL THE COLLATERAL AGENT (WITH THE CONSENT, OR ACTING AT THE DIRECTION OF, THE REQUIRED PURCHASERS) DELIVERS TO ADT AND THE SELLER A SUCCESSOR NOTICE IN ACCORDANCE WITH SECTION 8.1(B), ADT IS HEREBY DESIGNATED AS, AND HEREBY AGREES TO PERFORM THE DUTIES AND OBLIGATIONS OF, THE SERVICER PURSUANT TO THE TERMS HEREOF.  THE SERVICER SHALL RECEIVE A DAILY SERVICING FEE IN RESPECT OF THE RECEIVABLE POOL, PAYABLE MONTHLY IN ARREARS FOR EACH SETTLEMENT PERIOD ON EACH SUBSEQUENT SETTLEMENT DATE, SUBJECT TO THE PRIORITIES OF PAYMENTS IN SECTION 3.1(D), FOR THE PERFORMANCE OF ITS DUTIES HEREUNDER.  THE SELLER, THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT, PURCHASERS, AND PURCHASER AGENTS HEREBY ACKNOWLEDGE AND AGREE TO THIS APPOINTMENT OF THE SERVICER.
(b)    SUCCESSOR NOTICE.  IN THE EVENT THAT AN EVENT OF TERMINATION HAS OCCURRED AND IS CONTINUING, UPON THE WRITTEN DIRECTION OF THE REQUIRED PURCHASERS OR THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT SHALL, BY NOTICE TO ADT AND THE 

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SELLER, IMMEDIATELY DESIGNATE A SUCCESSOR SERVICER PURSUANT TO THE TERMS HEREOF (A “SUCCESSOR NOTICE”) WHICH SUCCESSOR SHALL BE SELECTED BY THE ADMINISTRATIVE AGENT WITH THE WRITTEN CONSENT OF THE REQUIRED PURCHASERS (WHICH CONSENT SHALL NOT BE UNREASONABLY WITHHELD, CONDITIONED OR DELAYED); IT BEING UNDERSTOOD AND AGREED THAT, IN ANY EVENT, THE ADMINISTRATIVE AGENT, WITH THE WRITTEN CONSENT OF THE REQUIRED PURCHASERS (WHICH CONSENT SHALL NOT BE UNREASONABLY WITHHELD, CONDITIONED OR DELAYED), MAY (BUT SHALL NOT BE OBLIGATED TO) SERVE AS SUCCESSOR SERVICER.  UPON RECEIPT OF A SUCCESSOR NOTICE, ADT AGREES THAT IT SHALL TERMINATE ITS ACTIVITIES AS THE SERVICER HEREUNDER IN A MANNER THAT THE ADMINISTRATIVE AGENT DETERMINES WILL FACILITATE THE TRANSITION OF THE PERFORMANCE OF SUCH ACTIVITIES TO THE SUCCESSOR SERVICER, AND SUCCESSOR SERVICER SHALL ASSUME EACH AND ALL OF ADT’S RIGHTS AND OBLIGATIONS TO SERVICE AND ADMINISTER THE POOL RECEIVABLES, ON THE TERMS AND SUBJECT TO THE CONDITIONS HEREIN SET FORTH, AND ADT SHALL DO ALL THINGS NECESSARY OR APPROPRIATE TO ASSIST SUCH SUCCESSOR SERVICER IN ASSUMING SUCH OBLIGATIONS.  THE COLLATERAL AGENT SHALL NOT GIVE, AND THE ADMINISTRATIVE AGENT AND THE PURCHASERS SHALL NOT INSTRUCT THE COLLATERAL AGENT TO GIVE, ADT A SUCCESSOR NOTICE EXCEPT AFTER THE OCCURRENCE OF ANY EVENT OF TERMINATION THAT REMAINS CONTINUING.
(c)    SUBSERVICERS; SUBCONTRACTS.  THE SERVICER MAY NOT SUBCONTRACT WITH ANY PERSON OR OTHERWISE DELEGATE ANY OF ITS DUTIES OR OBLIGATIONS HEREUNDER EXCEPT (AT ITS OWN EXPENSE) (I) TO COLLECTION AGENTS TO COLLECT AMOUNTS OWED FROM THE OBLIGORS IN RESPECT OF DEFAULTED RECEIVABLES, OR (II) WITH THE PRIOR WRITTEN CONSENT OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT AND THE REQUIRED PURCHASERS (SUCH CONSENTS NOT TO BE UNREASONABLY WITHHELD, CONDITIONED, OR DELAYED); PROVIDED, THAT, NOTWITHSTANDING ANY SUCH DESIGNATION, DELEGATION, OR SUBCONTRACT OR ANY REPLACEMENT OR SUBSTITUTION OF SERVICER PURSUANT TO CLAUSE (A) OR (B) ABOVE, THE SERVICER SHALL REMAIN PRIMARILY AND DIRECTLY LIABLE FOR THE PERFORMANCE OF ALL THE DUTIES AND OBLIGATIONS OF THE SERVICER PURSUANT TO THE TERMS HEREOF.
SECTION 8.2    Duties of the Servicer.  The Servicer shall take or cause to be taken all such actions as may be necessary or advisable to collect, administer, and service each Pool Receivable from time to time with reasonable care and diligence and, in any event, with no less care and diligence than it uses in the collection, administration and servicing of its own assets, and in accordance with (i) applicable Laws, (ii) the Credit and Collection Policy, and (iii) this Agreement. During the continuance of an Event of Termination, the Collateral Agent shall have the 

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sole right to direct the Servicer to commence or settle any legal actions to enforce collection of any Pool Receivables; provided, that the Servicer shall have no obligation to commence any legal actions or enforce collection of any Pool Receivable in a commercially unreasonable manner, taking into account the costs and recoveries expected in connection with such legal action or enforcement.
(a)    ALLOCATION OF COLLECTIONS; SEGREGATION.  THE SERVICER SHALL APPLY AND REMIT COLLECTIONS IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT, INCLUDING WITHOUT LIMITATION, SECTION 7.4(G).
(b)    EXTENSION AND MODIFICATION OF RECEIVABLES.  SO LONG AS NO EVENT OF TERMINATION OR UNMATURED EVENT OF TERMINATION IS CONTINUING OR WOULD RESULT THEREFROM, THE SERVICER, MAY SOLELY, IN ACCORDANCE WITH THE CREDIT AND COLLECTION POLICY EXTEND, WAIVE, AMEND, OR OTHERWISE MODIFY THE TERMS OF ANY POOL RECEIVABLES AS THE SERVICER MAY REASONABLY DETERMINE TO BE APPROPRIATE TO MAXIMIZE COLLECTIONS THEREOF, IN A MANNER THAT DOES NOT ADVERSELY AFFECT ANY POOL RECEIVABLE, INCLUDING THE VALIDITY, ENFORCEABILITY OR COLLECTABILITY OF ANY POOL RECEIVABLE OR RESULT IN SUCH POOL RECEIVABLE NOT CONSTITUTING AN ELIGIBLE RECEIVABLE, OR OTHERWISE GIVE RISE TO A MATERIAL ADVERSE EFFECT; PROVIDED, THAT, (A) AFTER GIVING EFFECT TO SUCH EXTENSION, AMENDMENT, WAIVER, OR OTHER MODIFICATION, THE SUM OF PURCHASERS’ POOL INVESTMENT AND THE REQUIRED RESERVES IN RESPECT OF SUCH RECEIVABLE POOL AT SUCH TIME SHALL NOT EXCEED THE NET PORTFOLIO BALANCE AT SUCH TIME, (B) NO SUCH EXTENSION, AMENDMENT, WAIVER, OR OTHER MODIFICATION SHALL MAKE OR BE DEEMED TO MAKE ANY SUCH POOL RECEIVABLE CURRENT OR OTHERWISE MODIFY THE AGING THEREOF, OR LIMIT OR REDUCE THE RIGHTS OF THE SELLER OR ANY SECURED PARTY UNDER THIS AGREEMENT, AND (C) FOLLOWING THE OCCURRENCE OF THE PURCHASE TERMINATION DATE, DURING THE CONTINUATION OF AN UNMATURED EVENT OF DEFAULT OR EVENT OF DEFAULT, THE SERVICER MAY ONLY EXTEND, WAIVE, AMEND OR OTHERWISE MODIFY THE TERMS OF THE ANY POOL RECEIVABLES WITH THE PRIOR WRITTEN CONSENT OF THE ADMINISTRATIVE AGENT.
(c)    DOCUMENTS AND RECORDS.  THE SELLER AND ADT SHALL DELIVER TO THE SERVICER, AND THE SERVICER SHALL HOLD IN TRUST FOR THE SELLER, THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT, EACH PURCHASER AGENT, AND EACH PURCHASER, ALL RECORDS (AND ANY ORIGINAL DOCUMENTS RELATING THERETO) (AND AFTER THE OCCURRENCE OF AN EVENT OF TERMINATION OR UNMATURED EVENT OF TERMINATION THAT REMAINS CONTINUING, SHALL DELIVER THE SAME TO THE COLLATERAL AGENT OR ITS DESIGNEES PROMPTLY UPON THE COLLATERAL AGENT’S WRITTEN REQUEST).  UPON THE REASONABLE WRITTEN REQUEST OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT OR ANY 

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PURCHASER AGENT, THE SERVICER SHALL PROVIDE THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT AND EACH PURCHASER AGENT WITH THE LOCATION(S) OF ALL PHYSICAL RECORDS (TO THE EXTENT NOT ELECTRONICALLY AVAILABLE) AND TANGIBLE CHATTEL PAPER OR OTHER PHYSICAL COLLATERAL (AND ANY ORIGINAL DOCUMENTS RELATING THERETO), IF ANY.
(d)    TERMINATION.  ADT’S AUTHORIZATION AS SERVICER UNDER THIS AGREEMENT SHALL TERMINATE UPON THE EARLIER TO OCCUR OF (I) THE FINAL PAYOUT DATE, AND (II) THE EFFECTIVE DATE OF THE REPLACEMENT OF THE SERVICER WITH A SUCCESSOR SERVICER IN ACCORDANCE WITH SECTION 8.1(B).
(e)    POWER OF ATTORNEY.  THE SELLER HEREBY GRANTS TO THE SERVICER, AN IRREVOCABLE POWER OF ATTORNEY, WITH FULL POWER OF SUBSTITUTION, COUPLED WITH AN INTEREST, TO TAKE IN THE NAME OF THE SELLER ANY AND ALL STEPS WHICH ARE NECESSARY OR ADVISABLE TO ENDORSE, NEGOTIATE, OR OTHERWISE REALIZE ON ANY WRITING OR OTHER RIGHT OF ANY KIND HELD OR TRANSMITTED BY THE SELLER OR TRANSMITTED OR RECEIVED BY THE SELLER IN CONNECTION WITH ANY POOL RECEIVABLE OR UNDER THE RELATED RECORDS.  EACH OF THE SELLER AND THE SERVICER HEREBY GRANTS DURING THE CONTINUANCE OF AN EVENT OF TERMINATION TO THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT, AN IRREVOCABLE POWER OF ATTORNEY, WITH FULL POWER OF SUBSTITUTION, COUPLED WITH AN INTEREST, TO TAKE IN THE NAME OF THE SELLER AND THE SERVICER ANY AND ALL STEPS WHICH ARE NECESSARY OR ADVISABLE TO ENDORSE, NEGOTIATE, OR OTHERWISE REALIZE ON ANY WRITING OR OTHER RIGHT OF ANY KIND HELD OR TRANSMITTED BY THE SELLER OR THE SERVICER OR TRANSMITTED OR RECEIVED BY THE SELLER OR THE SERVICER IN CONNECTION WITH ANY POOL RECEIVABLE OR UNDER THE RELATED RECORDS, INCLUDING SUCH ACTIONS AS MAY BE NECESSARY OR DESIRABLE, IN THE REASONABLE DETERMINATION OF THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT, AS THE CASE MAY BE, TO COLLECT ANY AND ALL AMOUNTS OR PORTIONS THEREOF DUE UNDER THE POOL RECEIVABLES, RELATED ASSETS AND ALL OTHER COLLATERAL, INCLUDING INDORSING THE NAME OF THE SELLER ON CHECKS AND OTHER INSTRUMENTS REPRESENTING COLLECTIONS AND ENFORCING ALL OF THE RIGHTS AND REMEDIES OF THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT UNDER AND IN CONNECTION WITH THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS.
(f)    RESIGNATION OF ADT AS THE SERVICER.  ADT SHALL NOT RESIGN IN ITS CAPACITY AS THE SERVICER HEREUNDER WITHOUT THE PRIOR WRITTEN CONSENT OF THE COLLATERAL AGENT, THE ADMINISTRATIVE 

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AGENT AND EACH PURCHASER AGENT, WHICH CONSENT SHALL BE GIVEN OR WITHHELD IN THE SOLE AND ABSOLUTE DISCRETION OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, AND EACH PURCHASER AGENT, EXCEPT FOLLOWING THE RECEIPT OF A SUCCESSOR NOTICE AND IN ACCORDANCE WITH SECTION 8.1(B).
(g)    SERVICING EXPENSES.  FOR THE AVOIDANCE OF DOUBT, IN CONSIDERATION OF THE SERVICING FEE PAYABLE HEREUNDER, THE SERVICER SHALL PAY ALL OF THE COSTS AND EXPENSES IT INCURS IN CONNECTION WITH THE SERVICING AND ADMINISTRATION OF THE RECEIVABLE POOL AND RELATED ASSETS AND THE PERFORMANCE OF ITS OBLIGATIONS UNDER THE TRANSACTION DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ALL COSTS AND EXPENSES OF ENFORCEMENT OF THE RECEIVABLES AGAINST THE OBLIGORS AND ALL COLLECTION AGENT FEES.
SECTION 8.3    Rights of the Collateral Agent.  In addition to all of its other rights herein including under Articles IX and X, under the other Transaction Documents or at Law or in equity, the Administrative Agent and Collateral Agent shall have the other following rights set forth in this Section 8.3:
(a)    NOTICE TO OBLIGORS.  AT ANY TIME DURING THE CONTINUANCE OF ANY EVENT OF TERMINATION UPON THE WRITTEN DIRECTION OF THE REQUIRED PURCHASERS OR THE ADMINISTRATIVE AGENT, (A) THE COLLATERAL AGENT MAY NOTIFY THE OBLIGORS OF POOL RECEIVABLES, OR ANY OF THEM, OF ITS INTERESTS IN THE RECEIVABLE POOL OR RELATED ASSETS AND INSTRUCT THEM TO MAKE PAYMENTS ON THE POOL RECEIVABLES AS INSTRUCTED BY, THE COLLATERAL AGENT, AND MAY DEBIT AND/OR CHARGE OBLIGORS ACCOUNTS AND CREDIT CARDS DIRECTLY OR THROUGH AUTOMATED CLEARING HOUSE OR ACH, AND (B) THE SERVICER SHALL (ON BEHALF OF THE SELLER), AT THE SERVICER’S EXPENSE, GIVE NOTICE OF THE COLLATERAL AGENT’S INTEREST IN THE POOL RECEIVABLES TO EACH SAID OBLIGOR AND INSTRUCT THEM TO MAKE PAYMENTS ON THE POOL RECEIVABLES AS INSTRUCTED IN WRITING BY, THE COLLATERAL AGENT OR THE ADMINISTRATIVE AGENT.
(b)    OTHER RIGHTS.  AT ANY TIME DURING THE CONTINUANCE OF ANY EVENT OF TERMINATION, THE SERVICER SHALL, (A) AT THE COLLATERAL AGENT’S REQUEST AND AT THE SERVICER’S EXPENSE, ASSEMBLE ALL OF THE RECORDS AND DELIVER SUCH RECORDS TO THE COLLATERAL AGENT OR ITS DESIGNEE, AND (B) AT THE REQUEST OF THE COLLATERAL AGENT OR ITS DESIGNEE, EXERCISE OR ENFORCE ANY OF THEIR RESPECTIVE RIGHTS HEREUNDER, UNDER ANY OTHER TRANSACTION DOCUMENT, POOL RECEIVABLE, OR UNDER ANY RELATED ASSET (TO THE EXTENT PERMITTED HEREUNDER OR THEREUNDER).  WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, AT ANY TIME, EACH OF THE SERVICER AND THE SELLER 

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SHALL UPON THE REQUEST OF THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT, ANY OF THEIR RESPECTIVE DESIGNEE OR THE REQUIRED PURCHASERS AND AT THE SERVICER’S EXPENSE:
(I)    authorize, execute (if required) and file such financing or continuation statements, or amendments thereto or assignments thereof, and such other instruments or notices, as may be necessary or appropriate; and
(II)    mark its master data processing records evidencing that the Pool Receivables have been sold in accordance with this Agreement.
(c)    ADDITIONAL FINANCING STATEMENTS; PERFORMANCE BY THE ADMINISTRATIVE AGENT.  THE SELLER HEREBY AUTHORIZES THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT OR THEIR RESPECTIVE DESIGNEES TO FILE ONE OR MORE FINANCING OR CONTINUATION STATEMENTS, AND AMENDMENTS THERETO AND ASSIGNMENTS THEREOF, OR ANY SIMILAR INSTRUMENTS IN ANY RELEVANT JURISDICTION RELATIVE TO ALL OR ANY OF THE POOL RECEIVABLES, AND RELATED ASSETS NOW EXISTING OR HEREAFTER ARISING IN THE NAME OF THE SELLER.  THE SELLER AGREES THAT A SIMILAR FILING AGAINST IT MAY ALSO BE FILED FOR THE PURPOSES HEREOF AND TO PERFECT THE SECURITY INTEREST AND TRANSFERS CREATED HEREBY.  IF THE SELLER OR THE SERVICER FAILS TO PERFORM ANY OF ITS AGREEMENTS OR OBLIGATIONS UNDER THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, OR ANY OF THEIR RESPECTIVE DESIGNEES MAY (BUT SHALL NOT BE REQUIRED TO) ITSELF PERFORM, OR CAUSE PERFORMANCE OF, SUCH AGREEMENT OR OBLIGATION, AND THE EXPENSES OF THE COLLATERAL AGENT OR THE ADMINISTRATIVE AGENT OR ITS DESIGNEE INCURRED IN CONNECTION THEREWITH SHALL BE PAYABLE BY THE SELLER AS PROVIDED IN SECTION 13.6.
(d)    INVESTMENT OF FUNDS ON DEPOSIT IN THE COLLATERAL AGENT’S ACCOUNT.  THE COLLATERAL AGENT MAY INVEST AND REINVEST, IN ITS OWN NAME OR IN THE NAME OF ITS NOMINEE, AMOUNTS ON DEPOSIT IN THE COLLATERAL AGENT’S ACCOUNT, IN CASH EQUIVALENTS, HAVING MATURITIES NOT EXCEEDING THE NEXT SUCCEEDING SETTLEMENT DATE.  ALL SUCH CASH EQUIVALENTS AND INTEREST AND INCOME THEREON AND THE NET PROCEEDS REALIZED ON THE SALE OR REDEMPTION THEREOF SHALL FOR ALL PURPOSES OF THIS AGREEMENT BE DEEMED TO BE COLLECTIONS CREDITED TO THE COLLATERAL AGENT’S ACCOUNT.  THE COLLATERAL AGENT MAY LIQUIDATE CASH EQUIVALENTS FROM TIME TO TIME TO THE EXTENT NECESSARY OR APPROPRIATE, IN THE SOLE DISCRETION OF THE COLLATERAL AGENT, TO EFFECT THE APPLICATIONS OF COLLECTIONS TO BE MADE ON EACH SETTLEMENT DATE PURSUANT TO SECTION 3.1(D).

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The Collateral Agent shall have no liability for (i) the investment performance of any amounts invested by the Collateral Agent pursuant to this Section 8.3(d), (ii) failing to invest any amount on deposit in the Collateral Agent’s Account, or (iii) any loss resulting from the sale or liquidation of any such investment prior to its stated maturity date.
SECTION 8.4    Responsibilities of the Servicer.  Anything herein to the contrary notwithstanding:
(a)    CONTRACTS.  THE SERVICER SHALL PERFORM ALL OF ITS OBLIGATIONS UNDER THE RECORDS TO THE SAME EXTENT AS IF THE RECEIVABLE POOL AND RELATED ASSETS HAD NOT BEEN SOLD HEREUNDER AND THE EXERCISE BY THE COLLATERAL AGENT OR ITS DESIGNEE OF ITS RIGHTS HEREUNDER SHALL NOT RELIEVE THE SERVICER FROM SUCH OBLIGATIONS.
(b)    LIMITATION OF LIABILITY.  NONE OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, ANY PURCHASER, OR ANY PURCHASER AGENT SHALL HAVE ANY OBLIGATION OR LIABILITY WITH RESPECT TO ANY POOL RECEIVABLES, RELATED ASSETS OR CONTRACTS RELATED THERETO, NOR SHALL ANY OF THEM BE OBLIGATED TO PERFORM ANY OF THE OBLIGATIONS OF THE SERVICER, ADT, OR THE SELLER THEREUNDER.
SECTION 8.5    Further Action Evidencing Purchases.  ADT agrees that from time to time, at its expense, it shall (or cause the Servicer to) promptly execute and deliver all further instruments and documents, and take all further actions, that the Collateral Agent, the Administrative Agent, any of their respective designees or the Required Purchasers may reasonably request or that are necessary in order to perfect, protect or more fully evidence the transactions contemplated by the other Transaction Documents.
SECTION 8.6    Application of Collections.  Subject to Section 7.4(n), unless the Collateral Agent instructs otherwise, any payment by an Obligor in respect of any Pool Receivable shall, except as otherwise specified in writing or otherwise by such Obligor, required by Law or by the underlying Contract, or except solely to the extent necessary to accomplish a segregation of Collections from proceeds of other Receivables or assets of the Originator through a different coding mechanism implemented through software changes, be applied using the same systems, practices, and procedures as the Servicer uses for the application of payments on all of the residential receivables serviced by it for itself and its Affiliates whether or not such payments are being made with respect to Pool Receivables.
ARTICLE IX     
 
SECURITY INTEREST
SECTION 9.1    Grant of Security Interest.  Without limiting Section 1.2(c) or (d), to secure all Seller Obligations of the Seller and all other amounts owing by the Seller to any Affected Party under or in connection with this Agreement and the other Transaction Document, whether 

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now or hereafter existing, due or to become due, direct or indirect, or absolute or contingent, including, all Indemnified Amounts payable pursuant to Section 12.1, payments on account of Collections received or deemed to be received and fees and expenses, the Seller hereby assigns and pledges to the Collateral Agent, for the benefit of the Affected Parties (and each of the Affected Parties is hereby deemed to appoint the Collateral Agent as its agent  and  representative for purposes of this Section 9.1), and hereby grants to the Collateral Agent, for the benefit of the Affected Parties, a security interest in all of the following:  all of the Seller’s right, title, and interest now or hereafter existing in, to and under the following of the Seller’s assets, whether now owned or existing or hereafter acquired, and wherever located (whether or not in the possession or control of the Seller), and all proceeds of the foregoing (collectively, and together with the Receivable Pool and Related Assets, the “Collateral”):  (I) all Receivables comprising the Receivable Pool; (II) the Related Assets in respect of the Receivable Pool; (III) the Collections in respect of the Receivable Pool; (IV) all Transaction Documents; (V) all Chattel Paper in respect of the Receivable Pool; (VI) all Contracts related to the Receivable Pool; (VII) all Deposit Accounts; (VIII) all Documents in respect of the Receivable Pool; (IX) all Payment Intangibles in respect of the Receivable Pool; (X) all General Intangibles in respect of the Receivable Pool; (XI) all Instruments in respect of the Receivable Pool; (XII) all Inventory in respect of the Receivable Pool; (XIII) all Investment Property in respect of the Receivable Pool; (XIV) all letter of credit rights and supporting obligations in respect of the Receivable Pool; (XV) the Sale Agreement and all rights and remedies of the Seller thereunder; (XVI) all other assets in the Receivable Pool and Related Assets; (XVII) the Reserve Account; (XVIII) all rights, interests, remedies, and privileges of the Seller relating to any of the foregoing including the right to sue for past, present, or future infringement of any or all of the foregoing; and (XVIIIXIX) to the extent not otherwise included, all products and Proceeds (the capitalized term in clauses (I) through (XVIIIXIX) not otherwise defined in this Agreement, as defined in the UCC) of the of the foregoing clauses (I) through (XVIIIXIX) and all accessions to, substitutions and replacements for, and rents, profits, and products of the of the foregoing (including insurance proceeds), and all distributions (whether in money, securities, or other property) and collections from or with respect to any of the foregoing, and all accession to, substitutions and replacements for, and rents, profits, and products of the of the foregoing (including insurance proceeds), and all distributions (whether in money, securities, or other property) and collections from or with respect to any of the foregoing.
The Seller and the Servicer hereby authorize the filing of financing statements, including those filed under Section 8.3(c), describing the collateral covered thereby, and in respect of the Seller, as “all of debtor’s personal property and assets” or words to that effect, notwithstanding that such wording may be broader in scope than the collateral described in this Section 9.1.  This Agreement shall constitute a security agreement under applicable Law.
SECTION 9.2    Waiver.  To the fullest extent it may lawfully so agree, the Seller and the Servicer agree that it will not at any time insist upon, claim, plead, or take any benefit or advantage of any appraisal, valuation, stay, extension, moratorium, redemption, or similar Law now or hereafter in force in order to prevent, delay, or hinder the enforcement hereof or the absolute sale of any part of the Collateral; the Seller and the Servicer, each for itself and all who claim through it, so far as it or they now or hereafter lawfully may do so, hereby waive the benefit of all such Laws and all right to have the Collateral marshaled upon any foreclosure hereof, and agrees that any court having 

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jurisdiction to foreclose this Agreement may order the sale of the Collateral in its entirety. Without limiting the generality of the foregoing, the Seller and the Servicer hereby waive and release any and all right to require the Collateral Agent or the Administrative Agent  to collect any of such obligations from any specific item or items of the Collateral or from any other party liable as guarantor or in any other manner in respect of any of such obligations or from any collateral for any of such obligations.
ARTICLE X     
 
EVENTS OF TERMINATION
SECTION 10.1    Events of Termination.  The following events shall be “Events of Termination” hereunder:
(a)    ANY OF THE FOLLOWING EVENTS:
(i)    THE SERVICER, OR ANY ADT ENTITY SHALL FAIL TO PERFORM OR OBSERVE ANY COVENANT OR AGREEMENT AS AND WHEN REQUIRED HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT (OTHER THAN ANY COVENANT OR AGREEMENT REFERRED TO IN CLAUSE (A)(II) BELOW) AND SUCH FAILURE REMAINS UNREMEDIED FOR TWENTY (20) DAYS AFTER THE EARLIER OF THE DATE (A) SUCH PERSON RECEIVES NOTICE OF SUCH FAILURE FROM THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT OR THE REQUIRED PURCHASERS, OR (B) A RESPONSIBLE OFFICER OBTAINS KNOWLEDGE OF SUCH FAILURE;
(ii)    ANY OF THE FOLLOWING SHALL OCCUR:  (A) ANY ADT ENTITY OR THE SERVICER SHALL FAIL TO MAKE ANY PAYMENT OR DEPOSIT OR TRANSFER OF MONIES REQUIRED TO BE MADE BY IT HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT (INCLUDING, WITHOUT LIMITATION, ANY ADT OBLIGATION) AS AND WHEN DUE AND SUCH FAILURE IS NOT REMEDIED WITHIN TWO (2) BUSINESS DAYS, OR (B) THE CONDITIONS SUBSEQUENT SET FORTH IN SECTION 5.3 IS NOT SATISFIED ON OR PRIOR TO THE DATE THAT IS THE TWELVE (12) MONTH ANNIVERSARY OF THE CLOSING DATE,;
(iii)    THE SERVICER SHALL FAIL TO DELIVER ANY INFORMATION PACKAGE WHEN DUE PURSUANT TO SECTION 3.1(A) AND SUCH FAILURE IS NOT REMEDIED WITHIN THREE (3) BUSINESS DAYS; OR
(b)    ANY REPRESENTATION OR WARRANTY MADE OR DEEMED TO BE MADE BY ANY SERVICER, ADT ENTITY (OR ANY OF THEIR OFFICERS) UNDER OR IN CONNECTION WITH ANY TRANSACTION DOCUMENT OR ANY CERTIFICATE, PURCHASE REQUEST, PAYDOWN NOTICE, INFORMATION 

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PACKAGE, OR ANY OTHER REPORT, FINANCIAL STATEMENT OR OTHER WRITTEN INFORMATION DELIVERED IN CONNECTION THEREWITH SHALL PROVE TO HAVE BEEN FALSE OR INCORRECT IN ANY MATERIAL RESPECT WHEN MADE OR DEEMED TO BE MADE (WITHOUT DUPLICATION AS TO ANY MATERIALITY MODIFIERS, QUALIFICATIONS, OR LIMITATIONS APPLICABLE THERETO) AND SOLELY TO THE EXTENT CAPABLE OF CURE, SHALL CONTINUE UNREMEDIED FOR TWENTY (20) DAYS AFTER THE EARLIER OF THE DATE (A) SUCH PERSON RECEIVES NOTICE OF SUCH BREACH FROM THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT OR THE REQUIRED PURCHASERS, OR (B) A RESPONSIBLE OFFICER OBTAINS KNOWLEDGE OF SUCH BREACH; OR
(c)    AN EVENT OF BANKRUPTCY SHALL HAVE OCCURRED WITH RESPECT TO ANY ADT ENTITY; OR
(d)    A CHANGE OF CONTROL SHALL OCCUR; OR
(e)    THE COLLATERAL AGENT, FOR THE BENEFIT OF THE AFFECTED PARTIES, FAILS AT ANY TIME TO HAVE A VALID PERFECTED OWNERSHIP INTEREST OR FIRST PRIORITY PERFECTED SECURITY INTEREST IN THE POOL RECEIVABLES AND THE RELATED ASSETS (OR ANY PORTION THEREOF) AND ALL PROCEEDS OF ANY OF THE FOREGOING, IN EACH CASE, FREE AND CLEAR OF ANY ADVERSE CLAIM; OR
(f)    THE OCCURRENCE OF ANY ERISA EVENT THAT, INDIVIDUALLY OR TOGETHER WITH ALL OTHER ERISA EVENTS THAT HAVE OCCURRED, COULD REASONABLY BE EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT; OR
(g)    ANY ADT ENTITY SHALL BE REQUIRED TO REGISTER AS AN “INVESTMENT COMPANY” UNDER (AND AS DEFINED IN) THE INVESTMENT COMPANY ACT; OR
(h)    ANY MATERIAL PROVISION OF THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENTS SHALL CEASE TO BE THE VALID AND BINDING OBLIGATION ENFORCEABLE AGAINST ANY ADT ENTITY, AS APPLICABLE; OR
(i)    THE SELLER SHALL FAIL TO PAY IN FULL ALL OF ITS SELLER OBLIGATIONS TO THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, OR ANY PURCHASER HEREUNDER BY THE LEGAL FINAL OR ANY ADT ENTITY SHALL FAIL TO PAY IN FULL ALL OF ITS ADT OBLIGATIONS TO THE APPLICABLE PERSON OR THE ADMINISTRATIVE AGENT ON THEIR BEHALF IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT BY THE LEGAL FINAL; OR
(j)    ONE OR MORE FINAL JUDGMENTS FOR THE PAYMENT OF MONEY IN AN AGGREGATE AMOUNT IN EXCESS OF $84,000,000 IN THE CASE OF ADT, 

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THE PARENT OR ANY OTHER MATERIAL SUBSIDIARY OF THE PARENT OR $1,000,000 IN THE CASE OF THE SELLER AND THE SAME SHALL NOT BE VACATED, DISCHARGED OR STAYED OR BONDED PENDING APPEAL FOR A PERIOD OF SIXTY (60) CONSECUTIVE DAYS, OR ANY ACTION SHALL BE LEGALLY TAKEN BY A JUDGMENT CREDITOR TO ATTACH OR LEVY UPON ANY ASSETS OF ADT, THE PARENT OR ANY MATERIAL SUBSIDIARY OF THE PARENT TO ENFORCE ANY SUCH JUDGMENT; OR
(k)    THE SELLER, ADT, THE PARENT OR ANY OF THEIR RESPECTIVE MATERIAL SUBSIDIARIES SHALL FAIL TO PAY ANY PRINCIPAL OF OR PREMIUM OR INTEREST ON ANY OF ITS DEBT WHICH IS OUTSTANDING IN A PRINCIPAL AMOUNT OF AT LEAST, IN RESPECT OF THE SELLER, $1,000,000, OR IN RESPECT OF THE SELLER, ADT, THE PARENT OR ANY OF THEIR RESPECTIVE MATERIAL SUBSIDIARIES $84,000,000 IN THE AGGREGATE 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 SPECIFIED IN THE AGREEMENT OR INSTRUMENT RELATING TO SUCH DEBT; OR ANY OTHER EVENT SHALL OCCUR OR CONDITION SHALL EXIST UNDER ANY AGREEMENT OR INSTRUMENT RELATING TO ANY SUCH DEBT AND SHALL CONTINUE AFTER THE APPLICABLE GRACE PERIOD, IF ANY, SPECIFIED IN SUCH AGREEMENT OR INSTRUMENT, IF THE EFFECT OF SUCH EVENT OR CONDITION IS TO ACCELERATE, OR TO PERMIT THE ACCELERATION OF, THE MATURITY OF SUCH DEBT; OR ANY SUCH DEBT SHALL BE DECLARED TO BE DUE AND PAYABLE, OR REQUIRED TO BE PREPAID (OTHER THAN BY A REGULARLY SCHEDULED REQUIRED PREPAYMENT), REDEEMED, PURCHASED OR DEFEASED, OR AN OFFER TO REPAY, REDEEM, PURCHASE OR DEFEASE SUCH DEBT SHALL BE REQUIRED TO BE MADE, IN EACH CASE PRIOR TO THE STATED MATURITY THEREOF; OR
(l)    THE BREACH OF ANY OF THE FINANCIAL COVENANTS SET FORTH IN THE ADT CREDIT AGREEMENT, ANY ADT INDENTURE OR ANY ADT COLLATERAL AGREEMENTS AS IN EFFECT ON THE CLOSING DATE OR AN EVENT OF DEFAULT (OR SIMILAR EVENT) SHALL HAVE OCCURRED THEREUNDER, IN EACH CASE WITHOUT REGARD TO ANY WAIVERS OF SUCH BREACHES OR DEFAULTS; OR
(m)    FROM AND AFTER THE RATIO EFFECTIVE DATE, THE AVERAGE OF THE DELINQUENCY RATIOS FOR THE THREE PRECEDING SETTLEMENT PERIODS, AS DETERMINED ON ANY REPORTING DATE, SHALL EXCEED 3%; OR
(n)    FROM AND AFTER THE RATIO EFFECTIVE DATE, THE AVERAGE OF THE LOSS RATIOS FOR THE THREE PRECEDING SETTLEMENT PERIODS, AS DETERMINED ON ANY REPORTING DATE, SHALL EXCEED 2.5%; OR

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(o)    (X) ON ANY REPORTING DATE, THE SUM OF THE AGGREGATE PURCHASERS’ POOL INVESTMENT AND THE REQUIRED RESERVES EXCEEDS THE NET PORTFOLIO BALANCE, AS CALCULATED ON A PRO FORMA BASIS AFTER TAKING INTO ACCOUNT THE APPLICATION OF MONTHLY COLLECTIONS PURSUANT TO SECTION 3.1(D) ON THE IMMEDIATELY FOLLOWING SETTLEMENT DATE, AND SOLELY TO THE EXTENT A PURCHASE REQUEST HAS BEEN DELIVERED BY THE SELLER ON OR PRIOR TO SUCH REPORTING DATE IN ACCORDANCE WITH SECTION 1.2(A) IN RESPECT OF THE SETTLEMENT DATE IMMEDIATELY SUCCEEDING SUCH REPORTING DATE, WHICH WOULD, ON A PRO FORMA BASIS, AFTER GIVING EFFECT TO THE RELATED PURCHASE (AS SET FORTH IN THE DEFINITION OF NET PORTFOLIO BALANCE) AND THE APPLICATION OF MONTHLY COLLECTIONS IN ACCORDANCE WITH SECTION 3.1(D), CURE SUCH CIRCUMSTANCE, HAS NOT BEEN SO CURED ON SUCH IMMEDIATELY SUCCEEDING SETTLEMENT DATE, OR (Y) ON ANY SETTLEMENT DATE, AFTER GIVING EFFECT TO THE RELATED PURCHASE (AS SET FORTH IN THE DEFINITION OF NET PORTFOLIO BALANCE) AND THE APPLICATION OF COLLECTIONS IN ACCORDANCE WITH SECTION 3.1(D), THE SUM OF THE AGGREGATE PURCHASERS’ POOL INVESTMENT AND THE REQUIRED RESERVES EXCEEDS THE NET PORTFOLIO BALANCE; OR
(p)    THE PERFORMANCE SUPPORT AGREEMENT IS CANCELED, RESCINDED, AMENDED, OR MODIFIED WITHOUT THE PRIOR WRITTEN CONSENT OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT AND EACH PURCHASER AGENT; OR
(q)    THE SERVICER OR ANY ADT ENTITY SHALL TAKE ANY ACTION THAT MATERIALLY AND ADVERSELY AFFECTS THE COLLECTABILITY OF ALL OR ANY SIGNIFICANT PORTION OF THE POOL RECEIVABLES OR THE ABILITY OF THE SELLER, OR ADT (AS SERVICER OR OTHERWISE) OR THE PARENT TO PERFORM ITS RESPECTIVE OBLIGATIONS UNDER THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT; OR
(r)    ADT CEASES TO PROVIDE MONITORING SERVICES GENERALLY; OR
(s)    ANY LOCK-BOX ACCOUNT, ANY COLLECTION ACCOUNT OR THE OMNIBUS ACCOUNT TO WHICH COLLECTIONS ARE REMITTED SHALL CEASE TO BE SUBJECT TO THE PROPER PAYMENT DIRECTION OR A CONTROL AGREEMENT, OR ANY SUCH PAYMENT DIRECTION OR CONTROL AGREEMENT SHALL CEASE TO BE IN FULL FORCE AND EFFECT, IN EACH CASE, WITHOUT BEING SIMULTANEOUSLY REPLACED WITH A PROPER PAYMENT DIRECTION OR CONTROL AGREEMENT OR WITH THE CONSENT OF THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT AND EACH PURCHASER AGENT; OR
(t)    THE AVERAGE ADT MANAGED POOL DELINQUENCY RATIOS FOR THE THREE PRECEDING SETTLEMENT PERIODS SHALL AT ANY TIME EXCEED 0.70%.

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An Event of Termination shall be deemed to be continuing until waived in writing by the Administrative Agent, the Collateral Agent and the Required Purchasers.
SECTION 10.2    Remedies.  Upon, or any time after, the occurrence of an Event of Termination (other than an Event of Termination described in Section 10.1(c)) that remains continuing, the Collateral Agent or the Administrative Agent shall, at the request, or may with the consent, of the Required Purchasers, by notice to the Servicer (on the Seller’s behalf) declare the Acceleration Date to have occurred and shall have all of the remedies herein, including without limitation Section 8.1(b) and this Section 10.2.  In addition, upon the occurrence of an Event of Termination, (A) the Administrative Agent may (i) designate another person to succeed ADT as Servicer, which successor may be the Administrative Agent in accordance with Section 8.1(b), and (ii) direct the Obligors in respect of each Pool Receivables to, or direct ADT to instruct such Obligors to, pay all amounts payable under the Contracts related to the Pool Receivables directly to such account as the Administrative Agent shall designate., and (B) subject to Section 3.6(b), the Collateral Agent may deliver a Consent Notice.  Upon the occurrence of an Event of Termination described in Section 10.1(c), the Acceleration Date shall occur automatically.  Upon, or at any time after, the occurrence of the Acceleration Date, no Purchases thereafter will be made.  Upon the declaration or automatic occurrence of the Acceleration Date pursuant to this Section 10.2, the Collateral Agent, on behalf of the Purchasers and the other Affected Parties, shall have, in addition to all other rights and remedies under this Agreement, any other Transaction Document, or under applicable Law, all other rights and remedies provided under the UCC of each applicable jurisdiction and other applicable Laws (including all the rights and remedies of a secured party upon default under the UCC (including the right to sell any or all of the Collateral subject hereto)), all of which rights shall be cumulative.  Subject to Section 11.1, upon, or at any time after, the Acceleration Date, the Administrative Agent and the Collateral Agent shall in respect of the exercise of the rights and remedies under this Section 10.2 act or refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Purchasers.
ARTICLE XI     
 
PURCHASER AGENTS; COLLATERAL AGENT;  
ADMINISTRATIVE AGENT;  
CERTAIN RELATED MATTERS
SECTION 11.1    Limited Liability of Purchasers, Purchaser Agents, Collateral Agent, and the Administrative Agent.  The obligations of the Collateral Agent, the Administrative Agent, each Purchaser and each Purchaser Agent under the Transaction Documents are solely the corporate obligations of such Person.  Except with respect to any claim arising out of the willful misconduct or gross negligence of such Person, no claim may be made by the Seller, the Servicer or ADT, against the Collateral Agent, the Administrative Agent, any Purchaser, or any Purchaser Agent, or their respective Affiliates, directors, members, managers, officers, employees, 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 therewith; and the Seller and ADT hereby waives, releases, and agrees not to sue upon 

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any claim for any such damages not expressly permitted by this Section 11.1, whether or not accrued and whether or not known or suspected to exist in its favor.  Notwithstanding any provision of this Agreement or any other Transaction Document to the contrary:  (i) in no event shall the Collateral Agent, the Administrative Agent, or any Purchaser Agent ever be required to take any action which exposes it to personal liability or which is contrary to the provision of any Transaction Document or applicable Law, and (ii) neither the Collateral Agent, the Administrative Agent, nor any Purchaser Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any party hereto or any other Person, and no implied covenants, functions, responsibilities, duties, obligations, or liabilities on the part of the Collateral Agent, the Administrative Agent, or any Purchaser Agent shall be read into this Agreement or the other Transaction Documents or otherwise exist against the Collateral Agent, the Administrative Agent, or any Purchaser Agent.  Neither the Administrative Agent nor the Collateral Agent shall be liable for any action taken or not taken by it with the consent or at the request of the Required Purchasers.  Nothing herein or in any other Transaction Document or related documents shall obligate the Administrative Agent or the Collateral Agent to advance, expend or risk its own funds, or to take any action which in its reasonable judgment may cause it to incur any expense or financial or other liability for which it does not reasonably expect to be indemnified to its satisfaction.  Neither the Administrative Agent nor the Collateral Agent shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement or any of the other Program Documents, except for its or their own gross negligence or willful misconduct.  In performing its functions and duties hereunder, the Collateral Agent and the Administrative Agent shall act solely as the agent of the Purchasers and the Purchaser Agents, as applicable, and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for any ADT Entity or any other Person.
SECTION 11.2    Authorization and Action of each Purchaser Agent.  By its execution hereof, in the case of each Purchaser, and by accepting the benefits hereof, each Enhancement Provider and Liquidity Provider, each such party hereby designates and appoints its related Purchaser Agent to take such action as agent on its behalf and to exercise such powers as are delegated to such Purchaser Agent by the terms hereof, together with such powers as are reasonably incidental thereto.  Each Purchaser Agent reserves the right, in its sole discretion, to take any actions and exercise any rights or remedies, in each case, authorized or provided for under this Agreement or any other Transaction Document and any related agreements and documents.
SECTION 11.3    Authorization and Action of the Administrative Agent and Collateral Agent.  By its execution hereof, in the case of each Purchaser and Purchaser Agent, each such party hereby designates and appoints Mizuho as the Administrative Agent and Mizuho as the Collateral Agent to take such action as agent on its behalf and to exercise such powers as are delegated to such party by the terms hereof, together with such powers as are reasonably incidental thereto.  Subject to Section 10.2, The Administrative Agent and the Collateral Agent reserve the right, in its sole discretion, to take any actions and exercise any rights or remedies, in each case, authorized or provided for under this Agreement or any other Transaction Document and any related agreements and documents.  If any provision of any Transaction Document permits the Collateral Agent or the Administrative Agent to take any action in its discretion, this paragraph shall not limit such discretionary right.

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SECTION 11.4    Delegation of Duties of each Purchaser Agent.  Each Purchaser 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.  No Purchaser Agent shall be responsible to any Purchaser in its Purchaser Group for the negligence or misconduct of any agents or attorneys in fact selected by it with reasonable care.
SECTION 11.5    Delegation of Duties of the Administrative Agent and the Collateral Agent.  The Collateral Agent and 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.  Neither the Collateral Agent nor the Administrative Agent shall be responsible to any Purchaser, any Purchaser Agent, or any other Person for the negligence or misconduct of any agents or attorneys in fact selected by it with reasonable care.
SECTION 11.6    Successor Administrative Agent and Collateral Agent; Termination.  (a) The Administrative Agent may, upon at least thirty (30) days’ notice to the Servicer, the Seller and each Purchaser Agent, resign as an Administrative Agent.  Such resignation shall not become effective until a successor agent (i) is appointed by the Required Purchasers and so long as no Event of Termination has occurred and is continuing, and such assignment is not to an Affiliate of Mizuho, is consented to by the Servicer and the Seller (each such consent not to be unreasonably withheld, conditioned, or delayed), and (ii) has accepted such appointment.  Upon such acceptance of its appointment as the 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 Administrative Agent, and such retiring Administrative Agent shall be discharged from its duties and obligations under the Transaction Documents.
(a)    THE COLLATERAL AGENT MAY, UPON AT LEAST THIRTY (30) DAYS’ NOTICE TO THE SERVICER (ON THE SELLER’S BEHALF), THE ADMINISTRATIVE AGENT, AND EACH PURCHASER AGENT, RESIGN AS COLLATERAL AGENT.  SUCH RESIGNATION SHALL NOT BECOME EFFECTIVE UNTIL (1) A SUCCESSOR COLLATERAL AGENT (I) IS APPOINTED BY THE REQUIRED PURCHASERS AND SO LONG AS NO EVENT OF TERMINATION HAS OCCURRED AND IS CONTINUING, AND SUCH ASSIGNMENT IS NOT TO AN AFFILIATE OF MIZUHO, IS CONSENTED TO BY THE SERVICER AND THE SELLER (EACH SUCH CONSENT NOT TO BE UNREASONABLY WITHHELD, CONDITIONED, OR DELAYED), AND (II) HAS ACCEPTED SUCH APPOINTMENT, AND (2) SUCH SUCCESSOR COLLATERAL AGENT HAS ESTABLISHED A NEW COLLATERAL AGENT’S ACCOUNT WITH A DEPOSITORY INSTITUTION THAT IS AN ELIGIBLE BANK AND THE RESIGNING COLLATERAL AGENT HAS TRANSFERRED ALL AMOUNTS HELD IN ITS COLLATERAL AGENT’S ACCOUNT TO SUCH NEW COLLATERAL AGENT’S ACCOUNT.  UPON SUCH ACCEPTANCE OF ITS APPOINTMENT AS THE COLLATERAL AGENT HEREUNDER BY A SUCCESSOR COLLATERAL AGENT, SUCH SUCCESSOR COLLATERAL AGENT SHALL SUCCEED TO AND BECOME VESTED WITH ALL THE RIGHTS AND DUTIES OF SUCH RETIRING COLLATERAL AGENT, AND SUCH RETIRING COLLATERAL AGENT SHALL BE DISCHARGED 

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FROM ITS DUTIES AND OBLIGATIONS UNDER THE TRANSACTION DOCUMENTS.
(b)    IF THE COLLATERAL AGENT (I) IS NO LONGER AN ELIGIBLE COLLATERAL AGENT, OR (II) IF THE COLLATERAL AGENT BREACHES IN ANY MATERIAL RESPECT ANY OF ITS OBLIGATIONS UNDER THIS AGREEMENT AND SUCH BREACH IS NOT CURED (IF CAPABLE OF BEING CURED) WITHIN THIRTY (30) DAYS AFTER THE COLLATERAL AGENT RECEIVES NOTICE OF SUCH BREACH FROM ANY PURCHASER AGENT, THE REQUIRED PURCHASERS MAY, UPON AT LEAST TEN (10) BUSINESS DAYS’ NOTICE TO THE SERVICER,  THE SELLER, THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, AND EACH PURCHASER AGENT, TERMINATE THE COLLATERAL AGENT AND APPOINT A SUCCESSOR TO THE COLLATERAL AGENT.  SUCH TERMINATION SHALL NOT BECOME EFFECTIVE UNTIL A SUCCESSOR COLLATERAL AGENT (I) IS APPOINTED BY THE REQUIRED PURCHASERS AND SO LONG AS NO EVENT OF TERMINATION HAS OCCURRED AND IS CONTINUING, CONSENTED TO BY THE SERVICER AND THE SELLER (EACH SUCH CONSENT NOT TO BE UNREASONABLY WITHHELD, CONDITIONED, OR DELAYED), AND (II) HAS ACCEPTED SUCH APPOINTMENT AND IS MADE A PARTY TO THIS AGREEMENT AND EACH OTHER TRANSACTION DOCUMENT TO WHICH THE COLLATERAL AGENT IS A PARTY.  UPON SUCH ACCEPTANCE OF ITS APPOINTMENT AS THE COLLATERAL AGENT HEREUNDER BY A SUCCESSOR COLLATERAL AGENT, SUCH SUCCESSOR COLLATERAL AGENT SHALL SUCCEED TO AND BECOME VESTED WITH ALL THE RIGHTS AND DUTIES OF SUCH RETIRING COLLATERAL AGENT, AND SUCH RETIRING COLLATERAL AGENT SHALL BE DISCHARGED FROM ITS DUTIES AND OBLIGATIONS UNDER THE TRANSACTION DOCUMENTS.
(c)    THE APPOINTMENT AND AUTHORIZATION OF ANY COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT UNDER THIS AGREEMENT SHALL TERMINATE UPON THE EARLIER TO OCCUR OF (I) THE FINAL PAYOUT DATE, AND (II) THE EFFECTIVE DATE OF THE REPLACEMENT OF SUCH COLLATERAL AGENT OR ADMINISTRATIVE AGENT, AS APPLICABLE, WITH A SUCCESSOR IN ACCORDANCE WITH THIS SECTION 11.6.
SECTION 11.7    Indemnification.  Each Purchaser (or in the case of a Conduit Purchaser, the related Purchaser Agent) shall indemnify and hold harmless the Collateral Agent and the Administrative Agent and their respective officers, directors, employees, representatives, and agents (to the extent not reimbursed by the Seller or the Servicer and without limiting the obligation of the Seller or the Servicer to do so), ratably in accordance with its aggregate Pool Limits from and against any and all liabilities, obligations, losses, damages, penalties, judgments, settlements, costs, expenses, and disbursements of any kind whatsoever (including in connection with any investigative or threatened proceeding, whether or not such Person is designated a party thereto) that may at any time be imposed on, incurred by or asserted against the Collateral Agent or the Administrative Agent for such Person as a result of, or related to, any of the transactions contemplated 

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by the Transaction Documents or the execution, delivery, or performance of the Transaction Documents or any other document furnished in connection therewith.
SECTION 11.8    Reliance, etc.  Without limiting the generality of Section 11.1, the Collateral Agent, the Administrative Agent, and each Purchaser Agent:  (a) may consult with legal counsel, 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 Purchaser or any other holder of any interest in Pool Receivables and shall not be responsible to any Purchaser or any such other holder for any statements, warranties, or representations made by other Persons in or in connection with any Transaction Document; (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 any Transaction Document on the part of the Seller or to inspect the property (including the books and records) of the Seller; (d) shall not be responsible to any Purchaser or any other holder of any interest in Pool Receivables for the due execution, legality, validity, enforceability, genuineness, sufficiency, or value of any Transaction Document; and (e) shall incur no liability under or in respect of this Agreement or any other Transaction Document by acting upon any notice (including notice by telephone), consent, certificate, or other instrument or writing (which may be by facsimile or telex) believed by it to be genuine and signed or sent by the proper party or parties.
SECTION 11.9    Purchasers and Affiliates.  Each of the Purchasers, the Purchaser Agents, the Collateral Agent, the Administrative Agent, and any of their respective Affiliates may engage in any kind of business with any ADT Entity or any Obligor, any of their respective Affiliates, and any Person who may do business with or own securities of any ADT Entity, any Obligor or any of their respective Affiliates.
SECTION 11.10    Sharing of Recoveries.  Each Purchaser agrees that if it receives any recovery, through set-off, judicial action or otherwise (including pursuant to  Section 13.4), on any amount payable or recoverable hereunder in a greater proportion than should have been received hereunder or otherwise inconsistent with the provisions hereof, then the recipient of such recovery shall purchase for cash an interest in amounts owing to the other Purchasers (as return of Investment or otherwise), without representation or warranty except for the representation and warranty that such interest is being sold by each such other Purchaser free and clear of any Lien created or granted by such other Purchaser, in the amount necessary to create proportional participation (based on proportional Investments before giving effect to such recovery) by the Purchaser in such recovery.  If all or any portion of such amount is thereafter recovered from the recipient, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest.
SECTION 11.11    Non-Reliance.  Each Purchaser expressly acknowledges that none of the Collateral Agent, the Administrative Agent, the Purchaser Agents nor any of their respective officers, directors, members, partners, certificateholders, employees, agents, attorneys-in-fact, or Affiliates has made any representations or warranties to it and that no act by the Collateral Agent, the Administrative Agent, or any Purchaser Agent hereafter taken, including any review of the affairs of any ADT Entity, shall be deemed to constitute any representation or warranty by the Collateral Agent, the Administrative Agent, or any Purchaser Agent.  Each Purchaser represents and warrants 

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to the Collateral Agent, the Administrative Agent, and each Purchaser Agent that, independently and without reliance upon the Collateral Agent, the Administrative Agent, any Purchaser Agent, or any other Purchaser 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 any ADT Entity and the Receivables and its own decision to enter into this Agreement and to take, or omit, action under any Transaction Document.  Without limiting the foregoing, the Purchasers and the Purchasers Agents acknowledge and agree that (i) the Administrative Agent has made certain of its own analytics, credit evaluations, models and/or projections regarding the performance and expected performance of the Receivable Pool available to certain Purchasers and/or Purchaser Agents, (ii) such information was made available to it solely as an accommodation by the Administrative Agent and that it has made its own independent credit analysis and investigation regarding the performance and expected performance of the Receivable Pool, and (iii) the Administrative Agent shall have no responsibility or liability for the accuracy or completeness of any such information.  Except for items specifically required to be delivered hereunder, neither the Collateral Agent nor the Administrative Agent shall have any duty or responsibility to provide any Purchaser Agent or Purchaser with any information concerning any ADT Entity, or any of their Affiliates that comes into its possession or any of its officers, directors, members, partners, certificateholders, employees, agents, attorneys-in-fact, or Affiliates.
ARTICLE XII     
 
INDEMNIFICATION
SECTION 12.1    Indemnities by the Seller.
(a)    GENERAL INDEMNITY.  WITHOUT LIMITING ANY OTHER RIGHTS WHICH ANY SUCH PERSON MAY HAVE HEREUNDER OR UNDER APPLICABLE LAW, THE SELLER AGREE TO INDEMNIFY AND HOLD HARMLESS THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, EACH PURCHASER, EACH PURCHASER AGENT, EACH OTHER AFFECTED PARTY, EACH OF THEIR RESPECTIVE AFFILIATES, AND ALL MEMBERS, MANAGERS, DIRECTORS, SHAREHOLDERS, OFFICERS, EMPLOYEES, AND ATTORNEYS, OR AGENTS OF ANY OF THE FOREGOING (EACH AN “INDEMNIFIED PARTY”), FORTHWITH ON DEMAND, FROM AND AGAINST ANY AND ALL DAMAGES, LOSSES, CLAIMS, LIABILITIES, AND RELATED COSTS AND EXPENSES, INCLUDING REASONABLE AND DOCUMENTED ATTORNEYS’ FEES AND DISBURSEMENTS (SUBJECT TO THE LIMITATIONS IN RESPECT OF ATTORNEYS’ FEES AND DISBURSEMENTS SET FORTH IN THE PROVISO TO SECTION 13.6) BUT EXCLUDING TAXES (INDEMNIFICATION FOR WHICH SHALL BE GOVERNED BY SECTION 3.3(E)) (ALL OF THE FOREGOING BEING COLLECTIVELY REFERRED TO AS “INDEMNIFIED AMOUNTS”) AWARDED AGAINST OR INCURRED BY ANY OF THEM ARISING OUT OF, RELATING TO OR IN CONNECTION WITH THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS, ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, OR THE OWNERSHIP, 

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MAINTENANCE OR FUNDING, DIRECTLY OR INDIRECTLY, OF THE POOL RECEIVABLES OR RELATED ASSETS (OR ANY PORTION THEREOF) OR OTHERWISE ARISING OUT OF OR RELATING TO OR RESULTING FROM THE ACTIONS OR INACTIONS OF ANY ADT ENTITY, THE SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES, PROVIDED, HOWEVER, NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS ARTICLE XII, EXCLUDING INDEMNIFIED AMOUNTS SOLELY TO THE EXTENT RESULTING FROM THE FRAUD, BAD FAITH, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT ON THE PART OF SUCH INDEMNIFIED PARTY AS DETERMINED BY A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION.  WITHOUT LIMITING THE GENERALITY OF THE FOREGOING BUT SUBJECT TO THE EXPRESS LIMITATIONS SET FORTH IN THIS SECTION 12.1, THE SELLER SHALL INDEMNIFY AND HOLD HARMLESS EACH INDEMNIFIED PARTY FOR ANY AND ALL INDEMNIFIED AMOUNTS ARISING OUT OF, RELATING TO, OR RESULTING FROM:
(i)    THE TRANSFER BY THE SELLER OF ANY INTEREST IN ANY POOL RECEIVABLE OR RELATED ASSET;
(ii)    ANY REPRESENTATION OR WARRANTY MADE BY THE SELLER UNDER OR IN CONNECTION WITH ANY TRANSACTION DOCUMENT, ANY PURCHASE REQUEST, ANY INFORMATION PACKAGE, OR ANY OTHER INFORMATION OR REPORT DELIVERED BY OR ON BEHALF OF THE SELLER PURSUANT HERETO, WHICH SHALL HAVE BEEN UNTRUE, FALSE, OR INCORRECT WHEN MADE OR DEEMED MADE;
(iii)    THE FAILURE OF THE SELLER TO COMPLY WITH THE TERMS OF ANY TRANSACTION DOCUMENT, ANY APPLICABLE LAW ANY CONTRACT, ANY POOL RECEIVABLE, OR RELATED ASSETS OR THE NONCONFORMITY OF ANY CONTRACT, POOL RECEIVABLE, OR RELATED ASSETS WITH ANY SUCH LAW;
(iv)    THE FAILURE TO VEST IN FAVOR OF THE COLLATERAL AGENT OF AN ENFORCEABLE PERFECTED OWNERSHIP INTEREST, OR A FIRST PRIORITY PERFECTED SECURITY INTEREST, IN ANY POOL RECEIVABLES AND ALL RELATED ASSETS AGAINST ALL PERSONS INCLUDING ANY BANKRUPTCY TRUSTEE OR SIMILAR PERSON;
(v)    THE FAILURE TO FILE, OR ANY DELAY IN FILING OF, FINANCING STATEMENTS OR OTHER SIMILAR INSTRUMENTS OR DOCUMENTS UNDER THE UCC OF ANY APPLICABLE JURISDICTION OR UNDER ANY OTHER APPLICABLE LAWS WITH RESPECT TO ANY POOL RECEIVABLE WHETHER AT THE TIME OF ANY PURCHASE OR AT ANY TIME THEREAFTER;

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(vi)    ANY SUIT OR CLAIM RELATED TO THE POOL RECEIVABLES OR ANY TRANSACTION DOCUMENT (INCLUDING ANY PRODUCTS LIABILITY OR ENVIRONMENTAL LIABILITY CLAIM ARISING OUT OF OR IN CONNECTION WITH MERCHANDISE OR SERVICES THAT ARE THE SUBJECT OF ANY POOL RECEIVABLE);
(vii)    FAILURE BY THE SELLER TO COMPLY WITH THE “BULK SALES” OR ANALOGOUS LAWS OF ANY JURISDICTION;
(viii)    ANY LOSS ARISING, DIRECTLY OR INDIRECTLY, AS A RESULT OF THE IMPOSITION OF SALES OR SIMILAR TRANSFER TYPE TAXES OR THE FAILURE BY THE SELLER TO TIMELY COLLECT AND REMIT TO THE APPROPRIATE AUTHORITY ANY SUCH TAXES;
(ix)    ANY COMMINGLING OF ANY COLLECTIONS OF POOL RECEIVABLES WITH ANY OTHER FUNDS;
(x)    THE FAILURE OR DELAY TO PROVIDE ANY OBLIGOR WITH AN INVOICE OR OTHER EVIDENCE OF INDEBTEDNESS;
(xi)    ANY FAILURE OF THE SELLER, OR ADT TO ASSIGN ANY POOL RECEIVABLE OR RELATED ASSET AS CONTEMPLATED UNDER THE TRANSACTION DOCUMENTS; OR THE VIOLATION OR BREACH BY ANY ADT ENTITY OF ANY CONFIDENTIALITY PROVISION, OR OF ANY SIMILAR COVENANT OF NON-DISCLOSURE, WITH RESPECT TO ANY CONTRACT, OR ANY OTHER INDEMNIFIED AMOUNT PAYABLE HEREUNDER WITH RESPECT TO OR RESULTING FROM ANY SUCH VIOLATION OR BREACH;  
(xii)    THE EXISTENCE OR ASSERTION OF ANY ADVERSE CLAIM IN FAVOR OF ANY GOVERNMENTAL AUTHORITY OR ANY OTHER PERSON AGAINST ANY OMNIBUS ACCOUNT, COLLECTION ACCOUNT, LOCK-BOX, LOCK-BOX ACCOUNT, COLLECTIONS, RECEIVABLE, SERVICE CHARGE RECEIVABLE, OR ANY RELATED CONTRACT OR ANY PORTION OR PROCEEDS THEREOF, INCLUDING, WITHOUT LIMITATION, AS A RESULT OF ANY PORTION OF ANY SUCH OMNIBUS ACCOUNT, COLLECTION ACCOUNT, LOCK-BOX, LOCK-BOX ACCOUNT, COLLECTIONS, RECEIVABLE, SERVICE CHARGE RECEIVABLE, OR ANY RELATED CONTRACT BEING ATTRIBUTABLE TO GOVERNMENTAL FEES, SURCHARGES, OR TAXES;
(xiii)    ANY POOL RECEIVABLE FAILING TO CONSTITUTE AN ELIGIBLE RECEIVABLE;
(xiv)    ANY DISPUTE, CLAIM, OFFSET OR DEFENSE (OTHER THAN DISCHARGE IN BANKRUPTCY OF THE OBLIGOR) OF THE 

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OBLIGOR TO THE PAYMENT OF ANY POOL RECEIVABLE IN, OR PURPORTING TO BE IN, THE RECEIVABLES POOL (INCLUDING, WITHOUT LIMITATION, A DEFENSE BASED ON SUCH 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 THE MERCHANDISE OR SERVICES RELATED TO SUCH RECEIVABLE OR THE FURNISHING OR FAILURE TO FURNISH SUCH MERCHANDISE OR SERVICES OR RELATING TO COLLECTION ACTIVITIES WITH RESPECT TO SUCH POOL RECEIVABLE;
(xv)    ANY INVESTIGATION, LITIGATION OR PROCEEDING RELATED TO ANY TRANSACTION DOCUMENT OR THE USE OF PROCEEDS, OF PURCHASES OR THE OWNERSHIP OF POOL RECEIVABLES OR THE RELATED ASSETS;
(xvi)    ANY CLAIM BROUGHT BY ANY PERSON OTHER THAN AN INDEMNIFIED PARTY ARISING FROM ANY ACTIVITY BY THE SELLER OR ANY AFFILIATE OF THE SELLER IN SERVICING, ADMINISTERING OR COLLECTING ANY RECEIVABLE;
(xvii)    THE FACTS OR CIRCUMSTANCES GIVING RISE TO ANY EVENT OF TERMINATION OR UNMATURED EVENT OF TERMINATION; OR
(xviii)    ANY INABILITY TO LITIGATE ANY CLAIM AGAINST ANY OBLIGOR IN RESPECT OF ANY POOL RECEIVABLE AS A RESULT OF SUCH OBLIGOR BEING IMMUNE FROM CIVIL AND COMMERCIAL LAW AND SUIT ON THE GROUNDS OF SOVEREIGNTY OR OTHERWISE FROM ANY LEGAL ACTION, SUIT OR PROCEEDING.
(b)    CONTRIBUTION.  IF FOR ANY REASON THE INDEMNIFICATION PROVIDED ABOVE IN THIS SECTION 12.1 IS UNAVAILABLE TO AN INDEMNIFIED PARTY OR IS INSUFFICIENT TO HOLD AN INDEMNIFIED PARTY HARMLESS, THEN THE SELLER SHALL CONTRIBUTE TO THE AMOUNT PAID OR PAYABLE BY SUCH INDEMNIFIED PARTY AS A RESULT OF SUCH LOSS, CLAIM, DAMAGE, OR LIABILITY IN SUCH PROPORTION AS IS APPROPRIATE TO REFLECT NOT ONLY THE RELATIVE BENEFITS RECEIVED BY SUCH INDEMNIFIED PARTY ON THE ONE HAND AND THE SELLER ON THE OTHER HAND BUT ALSO THE RELATIVE FAULT OF SUCH INDEMNIFIED PARTY AS WELL AS ANY OTHER RELEVANT EQUITABLE CONSIDERATIONS.
(c)    FOR THE AVOIDANCE OF DOUBT, THERE SHALL BE NO RECOURSE TO THE SERVICER FOR THE SELLER’S INDEMNIFICATION OBLIGATIONS UNDER THIS SECTION 12.1 OTHER THAN TO THE EXTENT EXPRESSLY 

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PROVIDED FOR IN THIS AGREEMENT OR IN ANY OTHER TRANSACTION DOCUMENT.
SECTION 12.2    Indemnities by ADT and the Servicer.  Without limiting any other rights which any such Person may have hereunder or under applicable Law, each of ADT and the Servicer agree to indemnify and hold harmless each Indemnified Party from any and all Indemnified Amounts incurred by any of them and arising out of, relating to or resulting from:  (i) any breach by it (in any capacity) of any of its obligations or duties under this Agreement or any other Transaction Document; (ii) the untruth or inaccuracy of any representation or warranty made by it (in any capacity) hereunder or under any other Transaction Document; (iii) the failure of any information contained in any Purchase Request or Information Package to be true and correct, or the failure of any other information provided to any such Indemnified Party by, or on behalf of, the Servicer (in any capacity) to be true and correct; (iv) any negligence or willful misconduct on its part (in any capacity) arising out of, relating to, in connection with, or affecting any transaction contemplated by the Transaction Documents, any Contract, any Pool Receivable or any Related Asset; (v) the failure by it (in any capacity) to comply with any applicable Law, rule, or regulation with respect to any Pool Receivable or the related Contract or its servicing thereof; (vi) any commingling of any funds by it (in any capacity) relating to any Pool Receivables or Related Assets with any of its funds or the funds of any other Person; (vii) the failure or delay to provide any Obligor with an invoice or other evidence of indebtedness; (viii) any failure of the Seller or it to assign any Pool Receivable or Related Asset purported to be assigned as contemplated under the Transaction Documents, or the violation or breach by any ADT Entity of any confidentiality provision, or of any similar covenant of non-disclosure, with respect to any Contract, or any other Indemnified Amount payable hereunder with respect to or resulting from any such violation or breach; or (ix) the existence or assertion of any Adverse Claim in favor of any Governmental Authority or any other Person against any Omnibus Account, Collection Account, Lock-box, Lock-box Account, Collections, Receivable, Service Charge Receivable, or any related Contract, or any portion or proceeds thereof, including, without limitation, as a result of any portion of such Omnibus Account, Collection Account, Lock-box, Lock-box Account, Collections, Receivable, Service Charge Receivable, or any related Contract being attributable to governmental fees, surcharges, or taxes and (x) Mizuho’s entry into the Payment Direction with respect to the Omnibus Account and the Control Agreement with respect to the Reserve Account, and the arrangements and transactions contemplated thereby; provided, however, notwithstanding anything to the contrary in this Article XII, excluding Indemnified Amounts solely to the extent (w) resulting from the fraud, bad faith, gross negligence or willful misconduct on the part of such Indemnified Party as determined by a final non-appealable judgment by a court of competent jurisdiction, (x) resulting from the uncollectability of any such Pool Receivables not arising from any action or breach of any ADT entity, (y)  they constitute recourse with respect to a Pool Receivable by reason of bankruptcy or insolvency, or the financial or credit condition or financial default, of the related Obligor, or (z) constitute special, indirect, consequential, or punitive damages.
ARTICLE XIII     
 
MISCELLANEOUS

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SECTION 13.1    Amendments, Etc.  
(a)    NO AMENDMENT, MODIFICATION, OR WAIVER OF ANY PROVISION OF THIS AGREEMENT OR CONSENT TO ANY DEPARTURE BY THE SELLER OR ADT THEREFROM SHALL IN ANY EVENT BE EFFECTIVE UNLESS THE SAME SHALL BE IN WRITING AND SIGNED BY THE SELLER, ADT, THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, AND THE REQUIRED PURCHASERS, AND THEN SUCH WAIVER OR CONSENT SHALL BE EFFECTIVE ONLY IN THE SPECIFIC INSTANCE AND FOR THE SPECIFIC PURPOSE FOR WHICH GIVEN; PROVIDED, HOWEVER, THAT NO SUCH AMENDMENT, WAIVER, OR MODIFICATION SHALL (I) DECREASE THE OUTSTANDING AMOUNT OF, OR EXTEND THE REPAYMENT OF OR ANY SCHEDULED PAYMENT DATE FOR THE PAYMENT OF, ANY YIELD IN RESPECT OF THE PURCHASERS’ POOL INVESTMENT OR ANY FEES OWED TO ANY PURCHASER, THE COLLATERAL AGENT, ANY PURCHASER AGENT OR THE ADMINISTRATIVE AGENT WITHOUT THE PRIOR WRITTEN CONSENT OF SUCH PERSON; (II) FORGIVE OR WAIVE OR OTHERWISE EXCUSE ANY REPAYMENT OF THE PURCHASERS’ POOL INVESTMENT WITHOUT THE PRIOR WRITTEN CONSENT OF EACH PURCHASER AND THE RELATED PURCHASER AGENT AFFECTED THEREBY; (III) INCREASE THE PURCHASE GROUP LIMIT IN RESPECT OF ANY PURCHASER GROUP WITHOUT ITS PRIOR WRITTEN CONSENT; (IV) AMEND OR MODIFY THE PROVISIONS OF THIS SECTION 13.1, OR THE DEFINITION OF “ACCELERATION DATE”, “DELINQUENT RECEIVABLE”, “DEFAULTED RECEIVABLE”, “ELIGIBLE RECEIVABLE”, “EVENT OF TERMINATION”, “UNMATURED EVENT OF TERMINATION”, “REQUIRED PURCHASERS”, “NET PORTFOLIO BALANCE”, “PURCHASE TERMINATION DATE” (OTHER THAN PURSUANT TO AN EXTENSION THEREOF IN ACCORDANCE WITH SECTION 3.5), “REQUIRED RESERVES”, “YIELD PERIOD” OR “SETTLEMENT PERIOD” (OR ANY OF THE DEFINITIONS USED IN ANY SUCH PRECEDING DEFINITION IN A MANNER THAT WOULD CIRCUMVENT THE INTENTION OF THE RESTRICTIONS SET FORTH IN THIS SECTION 13.1), IN EACH CASE, WITHOUT THE PRIOR WRITTEN CONSENT OF EACH PURCHASER AND PURCHASER AGENT, OR (V) RELEASE ALL OR ANY MATERIAL PART OF THE POOL RECEIVABLES OR RELATED ASSETS FROM THE SECURITY INTEREST GRANTED BY THE SELLER TO THE COLLATERAL AGENT HEREUNDER WITHOUT THE PRIOR WRITTEN CONSENT OF EACH PURCHASER AND PURCHASER AGENT; PROVIDED, FURTHER, THAT THE CONSENT OF ADT AND THE SELLER SHALL NOT BE REQUIRED FOR THE EFFECTIVENESS OF ANY AMENDMENT WHICH MODIFIES ON A PROSPECTIVE BASIS, THE REPRESENTATIONS, WARRANTIES, COVENANTS, OR RESPONSIBILITIES OF THE SERVICER AT ANY TIME WHEN THE SERVICER IS NOT AN AFFILIATE OF ADT OR THE FEES AND EXPENSES PAYABLE TO ANY SUCH SERVICER.  NOTWITHSTANDING ANYTHING IN ANY TRANSACTION DOCUMENT TO THE CONTRARY, NONE OF THE SELLER OR ADT SHALL  AMEND, WAIVE, OR OTHERWISE MODIFY ANY OTHER TRANSACTION DOCUMENT, OR CONSENT TO ANY SUCH AMENDMENT OR MODIFICATION, WITHOUT THE PRIOR 

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WRITTEN CONSENT OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, AND THE REQUIRED PURCHASERS.
(b)    TO THE EXTENT THAT THE SELLER AND ADT CONSENT TO AN INITIAL SYNDICATION, AND IT OR ANY OTHER ASSIGNMENT IS TO A CONDUIT PURCHASER, THE PARTIES HERETO AGREE TO NEGOTIATE IN GOOD FAITH TO AMEND OR AMEND AND RESTATE THIS AGREEMENT TO REFLECT PREVAILING TERMS IN RECEIVABLES FINANCING TRANSACTIONS WHICH INCLUDE CONDUIT PURCHASERS; PROVIDED, THAT NOTHING IN THIS SECTION 13.1(B) SHALL REQUIRE ANY PARTY TO THIS AGREEMENT TO CONSENT TO AN AMENDMENT THAT ADVERSELY AFFECTS SUCH PARTY IN ANY SIGNIFICANT MANNER.
SECTION 13.2    Notices, Etc.  All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including facsimile and email communication) and shall be personally delivered or sent by express mail or nationally recognized overnight courier or by certified mail, first class postage prepaid, or by facsimile or email, to the intended party at the address, facsimile number, or email address of such party set forth in Schedule I or at such other address, facsimile number, or email address as shall be designated by such party in a written notice to the other parties hereto.  All such notices and communications shall be effective, (a) if personally delivered or sent by express mail or courier or if sent by certified mail, when received, and (b) if transmitted by facsimile or email, when receipt is confirmed by telephonic or electronic means.
SECTION 13.3    Successors and Assigns; Participations; Assignments.
(a)    SUCCESSORS AND ASSIGNS.  THIS AGREEMENT SHALL BE BINDING UPON AND INURE TO THE BENEFIT OF THE PARTIES HERETO AND THEIR RESPECTIVE SUCCESSORS AND ASSIGNS.  EXCEPT AS OTHERWISE PROVIDED HEREIN, THE SELLER AND ADT MAY NOT ASSIGN OR TRANSFER ANY OF THEIR RIGHTS OR DELEGATE ANY OF THEIR DUTIES HEREUNDER OR UNDER ANY TRANSACTION DOCUMENT WITHOUT THE PRIOR CONSENT OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT AND EACH PURCHASER AGENT.
(b)    PARTICIPATIONS.  ANY PURCHASER MAY SELL TO ONE OR MORE PERSONS (EACH A “PARTICIPANT”) PARTICIPATING INTERESTS IN THE INTERESTS OF SUCH PURCHASER HEREUNDER; PROVIDED, HOWEVER, THAT NO PURCHASER SHALL GRANT ANY PARTICIPATION UNDER WHICH THE PARTICIPANT SHALL HAVE RIGHTS TO APPROVE ANY AMENDMENT, WAIVER OR OTHER MODIFICATION OF THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT.  SUCH PURCHASER SHALL REMAIN SOLELY RESPONSIBLE FOR PERFORMING ITS OBLIGATIONS HEREUNDER, AND THE SELLER, ADT, THE SERVICER, THE COLLATERAL AGENT, EACH PURCHASER AGENT, EACH OTHER PURCHASER AND THE ADMINISTRATIVE AGENT SHALL CONTINUE TO DEAL SOLELY AND DIRECTLY WITH SUCH PURCHASER IN 

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CONNECTION WITH SUCH PURCHASER’S RIGHTS AND OBLIGATIONS HEREUNDER.  EACH PARTICIPANT SHALL BE SUBJECT TO THE REQUIREMENTS UNDER SECTION 3.3(E)(V) AS IF SUCH PARTICIPANT WERE A PURCHASER, IT BEING UNDERSTOOD THAT THE DOCUMENTATION REQUIRED UNDER SUCH SECTION SHALL BE DELIVERED TO THE PARTICIPATING PURCHASER.  A PURCHASER SHALL NOT AGREE WITH A PARTICIPANT TO RESTRICT SUCH PURCHASER’S RIGHT TO AGREE TO ANY AMENDMENT HERETO, EXCEPT AMENDMENTS THAT REQUIRE THE CONSENT OF ALL PURCHASERS OR ALL PURCHASER AGENTS.  EACH PURCHASER THAT SELLS A PARTICIPATION SHALL, ACTING SOLELY FOR THIS PURPOSE AS A NON-FIDUCIARY AGENT OF THE SELLER, MAINTAIN A REGISTER ON WHICH IT ENTERS THE NAME AND ADDRESS OF EACH PARTICIPANT AND THE PURCHASES (AND YIELD, FEES, AND OTHER SIMILAR AMOUNTS UNDER THIS AGREEMENT) OF EACH PARTICIPANT’S INTEREST IN THE INTERESTS OF SUCH PURCHASER UNDER THE TRANSACTION DOCUMENTS (THE “PARTICIPANT REGISTER”); PROVIDED THAT NO PURCHASER 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 POOL RECEIVABLES OR RELATED ASSETS OR OTHER OBLIGATIONS UNDER ANY TRANSACTION DOCUMENT) TO ANY PERSON EXCEPT TO THE EXTENT THAT SUCH DISCLOSURE IS NECESSARY TO ESTABLISH THAT SUCH INTEREST 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 PURCHASER 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, NEITHER THE COLLATERAL AGENT NOR THE ADMINISTRATIVE AGENT (IN ITS CAPACITY AS ADMINISTRATIVE AGENT) SHALL HAVE ANY RESPONSIBILITY FOR MAINTAINING A PARTICIPANT REGISTER.
(c)    ASSIGNMENT BY CONDUIT PURCHASERS.  THIS AGREEMENT AND EACH CONDUIT PURCHASER’S RIGHTS AND OBLIGATIONS UNDER THIS AGREEMENT (INCLUDING ITS INTEREST IN THE POOL RECEIVABLES OR RELATED ASSETS) OR ANY OTHER TRANSACTION DOCUMENT SHALL BE FREELY ASSIGNABLE IN WHOLE OR IN PART BY SUCH CONDUIT PURCHASER AND ITS SUCCESSORS AND PERMITTED ASSIGNS TO ANY ELIGIBLE ASSIGNEE WITHOUT THE CONSENT OF ADT, THE SERVICER OR THE SELLER EXCEPT TO THE EXTENT SUCH CONSENT MAY BE REQUIRED SOLELY IN ACCORDANCE WITH CLAUSE (IV) OF THE DEFINITION OF ELIGIBLE ASSIGNEE.  EACH ASSIGNOR OF ALL OR A PORTION OF ITS INTEREST IN THE POOL RECEIVABLES OR RELATED ASSETS SHALL NOTIFY THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, EACH PURCHASER AGENT, AND ADT (ON ITS AND 

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THE SELLER’S BEHALF) OF ANY SUCH ASSIGNMENT.  EACH ASSIGNOR OF ALL OR A PORTION OF ITS INTEREST IN THE POOL RECEIVABLES OR RELATED ASSETS MAY, IN CONNECTION WITH SUCH ASSIGNMENT AND SUBJECT TO SECTION 13.8, DISCLOSE TO THE ASSIGNEE ANY INFORMATION RELATING TO THE POOL RECEIVABLES OR RELATED ASSETS, FURNISHED TO SUCH ASSIGNOR BY OR ON BEHALF OF THE SELLER, THE SERVICER, THE COLLATERAL AGENT, OR THE ADMINISTRATIVE AGENT.  FURTHERMORE, NOTWITHSTANDING ANYTHING TO THE CONTRARY SET FORTH HEREIN (OTHER THAN SECTION 13.3(F)), EACH CONDUIT PURCHASER MAY AT ANY TIME PLEDGE, GRANT A SECURITY INTEREST IN, OR OTHERWISE TRANSFER ALL OR ANY PORTION OF ITS INTEREST IN THE POOL RECEIVABLES OR RELATED ASSETS OR UNDER THIS AGREEMENT TO A COLLATERAL TRUSTEE, IN EACH CASE WITHOUT NOTICE TO OR THE CONSENT OF ANY OTHER PARTY HERETO, BUT SUCH PLEDGE, GRANT, OR TRANSFER SHALL NOT RELIEVE ANY PERSON FROM ITS OBLIGATIONS HEREUNDER.
(d)    ASSIGNMENT BY NON-CONDUIT PURCHASERS.  EACH PURCHASER WHICH DOES NOT CONSTITUTE A CONDUIT PURCHASER MAY FREELY ASSIGN TO ANY ELIGIBLE ASSIGNEE WITHOUT THE CONSENT OF THE SELLER, ADT OR THE SERVICER EXCEPT AS REQUIRED PURSUANT TO CLAUSE (IV) OF THE DEFINITION OF ELIGIBLE ASSIGNEE ALL OR A PORTION OF ITS RIGHTS AND OBLIGATIONS UNDER THIS AGREEMENT OR IN ANY OTHER TRANSACTION DOCUMENT (INCLUDING ALL OR A PORTION OF ITS INTEREST IN THE POOL RECEIVABLES OR RELATED ASSETS) IN EACH CASE, WITH PRIOR WRITTEN CONSENT (SUCH CONSENT NOT TO BE UNREASONABLY WITHHELD) OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, THE RELATED PURCHASER AGENT AND WITH PRIOR WRITTEN NOTICE TO SERVICER (ON ITS AND THE SELLERS’ BEHALF); PROVIDED, HOWEVER, THE PARTIES TO EACH SUCH ASSIGNMENT (OTHER THAN AN ASSIGNMENT DESCRIBED IN CLAUSE (B) ABOVE) SHALL EXECUTE AND DELIVER TO THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, EACH PURCHASER AGENT AND THE SERVICER (ON ITS AND THE SELLER’S BEHALF), FOR ITS RECORDING IN THE REGISTER, A DULY EXECUTED AND ENFORCEABLE JOINDER TO THIS AGREEMENT IN SUBSTANTIALLY THE FORM OF EXHIBIT F HERETO (“JOINDER”).
From and after the effective date specified in such Joinder, (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 Joinder, have the rights of a Purchaser thereunder and (y) the assigning Purchaser shall, to the extent that rights and obligations have been assigned by it pursuant to such Joinder, relinquish such rights and be released from such obligations under this Agreement.  In addition, any Purchaser that constitutes a banking institution may assign all or any portion of its rights (including its interest in the Pool Receivables or Related Assets) under this Agreement to any Federal Reserve Bank or any central bank having jurisdiction over such Purchaser without notice 

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to or consent of the Seller, the Servicer, any other Purchaser, the Collateral Agent, or the Administrative Agent.
Notwithstanding anything to the contrary in this Section 13.3, but subject to Section 13.1(b), the Initial Syndication shall require the prior written consent of the Seller and ADT, which may be withheld in their sole respective discretions.
(e)    REGISTER.
(i)    THE ADMINISTRATIVE AGENT (ON BEHALF OF THE SELLERS) SHALL IN RESPECT OF THE RECEIVABLE POOL MAINTAIN A REGISTER FOR THE RECORDATION OF THE NAMES AND ADDRESSES OF THE PURCHASERS, AND THE PURCHASES (AND YIELD, FEES, AND OTHER SIMILAR AMOUNTS UNDER THIS AGREEMENT) PURSUANT TO THE TERMS HEREOF FROM TIME TO TIME (THE “REGISTER”).  THE ENTRIES IN THE REGISTER SHALL BE CONCLUSIVE ABSENT MANIFEST ERROR, AND THE SELLER, THE SERVICER, THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT, AND THE PURCHASERS SHALL BE ENTITLED TO CONCLUSIVELY RELY ON THE INFORMATION CONTAINED IN THE REGISTER FOR ALL PURPOSES HEREUNDER (INCLUDING WITH RESPECT TO THE IDENTITIES OF THE PURCHASERS AND THE AMOUNT OF THEIR INVESTMENT) AND OTHERWISE TREAT EACH PERSON WHOSE NAME IS RECORDED IN THE REGISTER PURSUANT TO THE TERMS HEREOF AS A PURCHASER FOR ALL PURPOSES HEREUNDER AND UNDER THE OTHER TRANSACTION DOCUMENTS.  THE REGISTER SHALL BE AVAILABLE FOR INSPECTION BY THE SELLER, THE SERVICER AND ANY PURCHASER, AT ANY REASONABLE TIME AND FROM TIME TO TIME UPON REASONABLE PRIOR NOTICE.
(ii)    THE ADMINISTRATIVE AGENT SHALL ALSO MAINTAIN IN THE REGISTER EACH ASSIGNEE’S INTEREST OR OBLIGATIONS UNDER THE TRANSACTION DOCUMENTS WITH RESPECT TO EACH ASSIGNMENT PURSUANT TO SECTION 13.3(C) OR 13.3(D) AND SHALL RECORD SUCH ASSIGNMENT UPON NOTICE FROM THE APPLICABLE PURCHASER.  THE ENTRIES IN THE REGISTER SHALL BE CONCLUSIVE ABSENT MANIFEST ERROR.
(f)    STATUS OF RECEIVABLES.  NOTWITHSTANDING THE FOREGOING, UNLESS DISPOSED OF OR ASSIGNED BY THE SERVICER OR THE COLLATERAL AGENT IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT (INCLUDING PURSUANT TO SECTION 10.2), EACH PURCHASER’S INTEREST IN THE POOL RECEIVABLES OR RELATED ASSETS SHALL REMAIN SUBJECT TO THE PROVISIONS OF THIS AGREEMENT, INCLUDING THE PROVISIONS RELATING TO THE RE-CONVEYANCE OF RECEIVABLES TO THE SELLER OR THE 

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SERVICER, NOTWITHSTANDING ANY SALE OR ASSIGNMENT OF SUCH INTEREST BY SUCH PURCHASER.
(g)    STATUS OF CONDUIT PURCHASERS.  SO LONG AS ANY CONDUIT PURCHASER HOLDS ANY INVESTMENT, SUCH CONDUIT PURCHASER SHALL BE A MULTI-SELLER ASSET-BACKED COMMERCIAL PAPER CONDUIT.
SECTION 13.4    No Waiver; Remedies; Set-Off.  No failure on the part of the Collateral Agent, the Administrative Agent, any Liquidity Provider, any Enhancement Provider, any Affected Party, any Purchaser, any Purchaser Agent, or any Indemnified Party to exercise, and no delay in exercising, any right, power, or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power, or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power, or remedy.  The rights and remedies herein provided are cumulative and not exclusive of any rights, or remedies provided by Law.  Any waiver of this Agreement shall be effective only in the specific instance and for the specific purpose for which given.  Without limiting the foregoing, each Purchaser, each Purchaser Agent, the Administrative Agent, the Collateral Agent, each Enhancement Provider, each Liquidity Provider, each Affected Party, and any of their Affiliates (each a “Set-off Party”) are each hereby authorized at any time during the continuance of an Event of Termination, (in addition to any other rights it may have) to setoff, appropriate, and apply (without presentment, demand, protest, or (subject to the last sentence hereof) any other notice, each of which are hereby expressly waived) any deposits and any other indebtedness held or owing by such Set-off Party (including by any branches or agencies of such Set-off Party) to, or for the account of, any ADT Entity against amounts owing by any ADT Entity under this Agreement or the other Transaction Documents (even if contingent or unmatured).  For the avoidance of doubt, the applicable Set-off Party shall not set off against any deposits of ADT with respect to any obligations of the Seller or against the Seller for any obligations of ADT.  Each Set-off Party (or its related Purchaser Agent, if applicable) shall promptly notify the Administrative Agent, the Collateral Agent, each Purchaser Agent, the Seller and the Servicer of its exercise of set-off rights pursuant to this Section 13.4, which notice shall specify (i) the amount of the Obligations setoff, (ii) whether such Obligations constitute Seller Obligations or ADT Obligations, (iii) if the setoff was against amounts payable to any ADT Entity (other than the Seller), the type of  ADT Obligation to which such setoff relates, and (iv) the effective date of such setoff.
Following the Administrative Agent’s receipt of any such notice from a Set-off Party (or its related Purchaser Agent, if applicable) in respect of an ADT Obligation which had been setoff, the Administrative Agent shall, if it had received a Demand Collection in respect of such ADT Obligation, make appropriate adjustments to the amounts distributable by it pursuant to Section 3.3(a) to reflect such setoff to the extent that such ADT Obligation Payments were not previously applied pursuant to Section 3.3(a).
Following the Collateral Agent’s receipt of any such notice from a Set-off Party (or its related Purchaser Agent, if applicable) in respect of a Seller Obligation which had been setoff, the Collateral Agent shall make appropriate adjustments to the amounts allocated and distributed pursuant to Section 3.1(d) to reflect such setoff of such Seller Obligation by such Set-off Party; provided that the Collateral Agent shall have no obligation to make any 

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such adjustment in respect of a Settlement Date unless, it has received the applicable notice of setoff on or prior to the Reporting Date immediately preceding such Settlement Date.  For purposes of the above adjustments by the Collateral Agent, all setoff, effected by a Set-off Party shall be deemed to have been applied to Seller Obligations in the reverse order of application of the Seller Obligations as set forth in Section 3.1(d).
SECTION 13.5    Binding Effect; Survival.
(a)    THIS AGREEMENT SHALL BE BINDING UPON AND INURE TO THE BENEFIT OF THE SELLER, ADT, THE SERVICER, THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, EACH PURCHASER, AND THE PROVISIONS OF SECTION 4.2 AND ARTICLE XII SHALL INURE TO THE BENEFIT OF THE AFFECTED PARTIES AND INDEMNIFIED PARTIES, RESPECTIVELY, AND THEIR RESPECTIVE SUCCESSORS AND ASSIGNS.
(b)    EACH LIQUIDITY PROVIDER, EACH ENHANCEMENT PROVIDER, AND EACH OTHER AFFECTED PARTY ARE EXPRESS THIRD PARTY BENEFICIARIES HEREOF.  SUBJECT TO CLAUSE (I) OF SECTION B OF APPENDIX A HERETO, THIS AGREEMENT SHALL NOT CONFER ANY RIGHTS OR REMEDIES UPON ANY OTHER PERSON, OTHER THAN THE THIRD PARTY BENEFICIARIES SPECIFIED IN THIS SECTION 13.5(B).
(c)    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.  THE RIGHTS AND REMEDIES WITH RESPECT TO ANY BREACH OF ANY REPRESENTATION AND WARRANTY MADE BY THE SELLER PURSUANT TO ARTICLE VI AND THE INDEMNIFICATION AND PAYMENT PROVISIONS OF ARTICLE XII AND SECTIONS 1.2(E), 3.2, 3.3, 4.1, 4.2, 4.3, 11.7, 13.4, 13.5, 13.6, 13.7, 13.8, 13.11, 13.12, 13.13, AND 13.16 SHALL BE CONTINUING AND SHALL SURVIVE ANY TERMINATION OF THIS AGREEMENT.
SECTION 13.6    Costs and Expenses.  The Seller shall promptly pay, (x) on the Closing Date, with respect to all such costs and expenses incurred on or prior to the Closing Date and for which invoices have been provided reasonably prior to the Closing Date and (y) by remittance to the Collateral Agent’s Account within three (3) Business Days of demand, with respect to all other such costs and expenses, all reasonable and documented out-of-pocket costs and expenses incurred by or on behalf of the Collateral Agent, the Administrative Agent, each Purchaser and each Purchaser Agent in connection with:
(a)    THE NEGOTIATION, PREPARATION, EXECUTION, AND DELIVERY OF THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS AND ANY AMENDMENT OF OR CONSENT OR WAIVER UNDER ANY OF THE TRANSACTION DOCUMENTS (WHETHER OR NOT CONSUMMATED), OR THE ENFORCEMENT OF, OR ANY ACTUAL OR CLAIMED BREACH OF, THIS AGREEMENT OR ANY OF THE OTHER TRANSACTION DOCUMENTS 

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INCLUDING REASONABLE AND DOCUMENTED ACCOUNTANTS’, AUDITORS’, CONSULTANTS’, AND ATTORNEYS’ FEES AND EXPENSES TO ANY OF SUCH PERSONS AND THE REASONABLE AND DOCUMENTED FEES AND CHARGES OF ANY NATIONALLY RECOGNIZED STATISTICAL RATING AGENCY OR ANY INDEPENDENT ACCOUNTANTS, AUDITORS, CONSULTANTS, OR OTHER AGENTS INCURRED IN CONNECTION WITH ANY OF THE FOREGOING OR IN ADVISING SUCH PERSONS AS TO THEIR RESPECTIVE RIGHTS AND REMEDIES UNDER ANY OF THE TRANSACTION DOCUMENTS IN CONNECTION WITH ANY OF THE FOREGOING; AND
(b)    SUBJECT ONLY TO THE LIMITATIONS IN SECTIONS 7.1(C) AND 7.4(C), THE ADMINISTRATION (INCLUDING PERIODIC AUDITING AND INSPECTIONS AS PROVIDED FOR HEREIN) OF THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS AND THE TRANSACTIONS CONTEMPLATED THEREBY, INCLUDING ALL REASONABLE AND DOCUMENTED EXPENSES AND ACCOUNTANTS’, CONSULTANTS’, AND ATTORNEYS’ FEES INCURRED IN CONNECTION WITH THE ADMINISTRATION AND MAINTENANCE OF THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS AND THE TRANSACTIONS CONTEMPLATED THEREBY;
PROVIDED,  THAT SO LONG AS NO UNMATURED EVENT OF TERMINATION OR EVENT OF TERMINATION HAS OCCURRED AND REMAINS CONTINUING, THE SELLER’ OBLIGATION TO PAY THE REASONABLE AND DOCUMENTED ATTORNEYS’ FEES AND EXPENSES INCURRED BY THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, THE PURCHASERS AND THE PURCHASER AGENTS SHALL BE LIMITED TO PAYING THE REASONABLE AND DOCUMENTED FEES AND EXPENSES OF TWO (ONE IF THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT ARE  AFFILIATES OR THE SAME PERSON) LAW FIRMS, EACH ONE SELECTED BY THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT IN ITS SOLE DISCRETION; PROVIDED, HOWEVER, THAT SUCH LIMITATION SHALL NOT BE APPLICABLE IN RESPECT OF ANY PERSON IF SUCH LIMITATION ON REPRESENTATION WOULD BE INAPPROPRIATE DUE TO AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST BETWEEN THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, ANY PURCHASER AGENT OR ANY PURCHASER, INCLUDING SITUATIONS IN WHICH THERE ARE ONE OR MORE LEGAL DEFENSES AVAILABLE TO ONE SUCH PERSON THAT ARE DIFFERENT FROM OR ADDITIONAL TO THOSE AVAILABLE TO ANY OTHER SUCH PERSON; PROVIDED, FURTHER, THAT, FOR THE AVOIDANCE OF DOUBT, NO LIMITATION ON THE REASONABLE AND DOCUMENTED ATTORNEYS’ FEES AND EXPENSES INCURRED BY THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, ANY PURCHASER, OR ANY PURCHASER AGENT DURING THE CONTINUANCE OF AN UNMATURED EVENT OF TERMINATION OR EVENT OF TERMINATION SHALL BE APPLICABLE EVEN IF SUCH EVENT SUBSEQUENTLY CEASES TO BE CONTINUING.

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SECTION 13.7    No Proceedings; Limited Recourse.
(a)    THE SELLER, ADT, THE SERVICER, THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, EACH PURCHASER, AND EACH PURCHASER AGENT, EACH HEREBY AGREES THAT IT WILL NOT INSTITUTE AGAINST ANY CONDUIT PURCHASER, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST ANY CONDUIT PURCHASER, ANY PROCEEDING OF THE TYPE REFERRED TO IN THE DEFINITION OF EVENT OF BANKRUPTCY FROM THE CLOSING DATE UNTIL ONE YEAR PLUS ONE DAY FOLLOWING THE LAST DAY ON WHICH ALL COMMERCIAL PAPER NOTES AND OTHER PUBLICLY OR PRIVATELY PLACED INDEBTEDNESS OF SUCH CONDUIT PURCHASER SHALL HAVE BEEN INDEFEASIBLY PAID IN FULL.  THE FOREGOING SHALL NOT LIMIT ANY SUCH PERSON’S RIGHT TO FILE ANY CLAIM IN OR OTHERWISE TAKE ANY ACTION WITH RESPECT TO ANY INSOLVENCY PROCEEDING THAT WAS INSTITUTED BY ANY PERSON OTHER THAN SUCH PARTIES.
(b)    THE SERVICER, ADT, THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, EACH PURCHASER, AND EACH PURCHASER AGENT, EACH HEREBY AGREES, AND EACH AFFECTED PARTY, INDEMNIFIED PARTY, SET-OFF PARTY AND EACH OTHER PERSON (OTHER THAN THE SELLER) OBTAINING ANY BENEFITS FROM THIS AGREEMENT AND THE TRANSACTION DOCUMENTS, BY ITS ACCEPTANCE OF SUCH BENEFITS, SHALL BE DEEMED TO HAVE AGREED, THAT IT WILL NOT INSTITUTE AGAINST THE SELLER, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST THE SELLER, ANY PROCEEDING OF THE TYPE REFERRED TO IN THE DEFINITION OF EVENT OF BANKRUPTCY.  THE FOREGOING SHALL NOT LIMIT THE RIGHT OF ANY SUCH PERSON (EACH, A “SELLER CREDITOR”) RIGHT TO FILE ANY CLAIM IN OR OTHERWISE TAKE ANY ACTION WITH RESPECT TO ANY INSOLVENCY PROCEEDING THAT WAS INSTITUTED BY ANY PERSON OTHER THAN SUCH SELLER CREDITOR, TO THE EXTENT SUCH SELLER CREDITOR HAS NOT OTHERWISE CAUSED THE INSTITUTION OF SUCH PROCEEDING.  ALL CLAIMS AGAINST THE SELLER OF ANY SELLER CREDITOR THAT HAS INSTITUTED OR HAS CAUSED THE INSTITUTION OF SUCH A PROCEEDING SHALL BE SUBORDINATED TO THE CLAIMS OF EACH SELLER CREDITOR THAT HAS NOT INSTITUTED OR CAUSED THE INSTITUTION OF SUCH A PROCEEDING, AND THE FOREGOING AGREEMENT SHALL CONSTITUTE A “SUBORDINATION AGREEMENT” WITHIN THE MEANING OF SECTION 510 OF THE BANKRUPTCY CODE.  NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN OR IN ANY OTHER TRANSACTION DOCUMENT, THE OBLIGATIONS OF THE SELLER HEREUNDER AND THEREUNDER ARE SOLELY THE OBLIGATIONS OF THE SELLER, PAYABLE SOLELY FROM THE SELLER’S OWN ASSETS.
(c)    NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, THE OBLIGATIONS OF ANY CONDUIT PURCHASER UNDER THIS AGREEMENT ARE SOLELY THE OBLIGATIONS OF SUCH CONDUIT PURCHASER 

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AND SHALL BE PAYABLE AT SUCH TIME AS FUNDS ARE RECEIVED BY OR ARE AVAILABLE TO SUCH CONDUIT PURCHASER IN EXCESS OF FUNDS NECESSARY TO PAY IN FULL ALL OUTSTANDING COMMERCIAL PAPER NOTES OF SUCH CONDUIT PURCHASER AND, IF APPLICABLE, ALL OBLIGATIONS AND LIABILITIES OF SUCH CONDUIT PURCHASER TO ANY RELATED COMMERCIAL PAPER NOTE ISSUER, AND, TO THE EXTENT FUNDS ARE NOT AVAILABLE TO PAY SUCH OBLIGATIONS, THE CLAIMS RELATING THERETO SHALL NOT CONSTITUTE A CLAIM AGAINST SUCH CONDUIT PURCHASER BUT SHALL CONTINUE TO ACCRUE.  EACH PARTY HERETO AGREES THAT THE PAYMENT OF ANY CLAIM (AS DEFINED IN SECTION 101 OF TITLE 11, OF THE BANKRUPTCY CODE) OF ANY SUCH PARTY SHALL BE SUBORDINATED TO THE PAYMENT IN FULL OF ALL COMMERCIAL PAPER NOTES; PROVIDED, HOWEVER, THAT EACH PARTY HERETO AGREES THAT FOR PURPOSES OF THIS SECTION 13.7(C), A CONDUIT PURCHASER DOES NOT OWN A DIRECT INTEREST IN THE POOL RECEIVABLES, THE RELATED ASSETS, COLLECTIONS AND THE PROCEEDS THEREFROM, BUT ONLY A RIGHT TO THE AMOUNTS SET FORTH AS PAYABLE TO IT HEREIN, AND ACCORDINGLY THIS SECTION 13.7(C) DOES NOT CONTEMPLATE THAT AMOUNTS PAYABLE TO THE SELLER OR SERVICERS FROM THE PROCEEDS OF POOL RECEIVABLES AND RELATED ASSETS, INCLUDING COLLECTIONS, ALL AS SET FORTH HEREIN, WOULD BE SUBORDINATED TO THE PAYMENT OF A CONDUIT PURCHASER’S COMMERCIAL PAPER NOTES.
(d)    NO RECOURSE UNDER ANY OBLIGATION, COVENANT OR AGREEMENT OF ANY CONDUIT PURCHASER CONTAINED IN THIS AGREEMENT SHALL BE HAD AGAINST ANY MEMBER, MANAGER, OFFICER, DIRECTOR, EMPLOYEE OR AGENT OF SUCH CONDUIT PURCHASER OR ANY OF THEIR AFFILIATES (SOLELY BY VIRTUE OF SUCH CAPACITY) BY THE ENFORCEMENT OF ANY ASSESSMENT OR BY ANY LEGAL OR EQUITABLE PROCEEDING, BY VIRTUE OF ANY STATUTE OR OTHERWISE; IT BEING EXPRESSLY AGREED AND UNDERSTOOD THAT THIS AGREEMENT IS SOLELY AN OBLIGATION OF EACH CONDUIT PURCHASER INDIVIDUALLY, AND THAT NO PERSONAL LIABILITY WHATEVER SHALL ATTACH TO OR BE INCURRED BY ANY INCORPORATOR, STOCKHOLDER, OFFICER, DIRECTOR, MEMBER, EMPLOYEE OR AGENT OF ANY CONDUIT PURCHASER OR ANY OF THEIR AFFILIATES (SOLELY BY VIRTUE OF SUCH CAPACITY) OR ANY OF THEM UNDER OR BY REASON OF ANY OF THE OBLIGATIONS, COVENANTS OR AGREEMENTS OF SUCH CONDUIT PURCHASER CONTAINED IN THIS AGREEMENT, OR IMPLIED THEREFROM, AND THAT ANY AND ALL PERSONAL LIABILITY FOR BREACHES BY ANY CONDUIT PURCHASER OF ANY OF SUCH OBLIGATIONS, COVENANTS OR AGREEMENTS, EITHER AT COMMON LAW OR AT EQUITY, OR BY STATUTE, RULE OR REGULATION, OF EVERY SUCH MEMBER, MANAGER, OFFICER, DIRECTOR, EMPLOYEE OR AGENT IS HEREBY EXPRESSLY WAIVED AS A CONDITION OF AND IN CONSIDERATION FOR THE EXECUTION OF THIS AGREEMENT; PROVIDED THAT THE FOREGOING SHALL 

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NOT RELIEVE ANY SUCH PERSON FROM ANY LIABILITY IT MIGHT OTHERWISE HAVE AS A RESULT OF FRAUDULENT ACTIONS TAKEN OR OMISSIONS MADE BY THEM.
(e)    EXCEPT AS EXPRESSLY PROVIDED IN ANY TRANSACTION DOCUMENT, NO RECOURSE SHALL BE HAD FOR THE PAYMENT OF ANY AMOUNT OWING BY THE SELLER IN RESPECT OF THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS OR FOR THE PAYMENT OF ANY FEE HEREUNDER OR FOR ANY OTHER OBLIGATION OR CLAIM ARISING OUT OF OR BASED UPON THIS AGREEMENT AGAINST THE SERVICER, ANY OTHER ADT ENTITY OR ANY AFFILIATE OF ANY OF THE FOREGOING (OTHER THAN THE SELLER), OR ANY STOCKHOLDER, EMPLOYEE, OFFICER, DIRECTOR, INCORPORATOR OR BENEFICIAL OWNER OF ANY OF THE FOREGOING; PROVIDED, HOWEVER, THAT THE FOREGOING SHALL NOT IN ANY MANNER AFFECT, LIMIT OR WAIVE ANY OF THE OBLIGATIONS OF THE SERVICER, ANY OTHER ADT ENTITY OR ANY AFFILIATE OF ANY OF THE FOREGOING THAT SUCH PERSON MAY HAVE UNDER ANY TRANSACTION DOCUMENT.
SECTION 13.8    Confidentiality.
(a)    EACH PARTY HERETO ACKNOWLEDGES THAT THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, EACH PURCHASER, AND EACH PURCHASER AGENT REGARDS THE TERMS OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT TO BE PROPRIETARY AND CONFIDENTIAL, AND EACH SUCH PARTY SEVERALLY AGREES THAT:
(i)    IT WILL NOT DISCLOSE WITHOUT THE PRIOR CONSENT OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT (OTHER THAN TO ITS COLLATERAL TRUSTEE (IF ANY), AND ITS AND ITS AFFILIATES’ DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, ACCOUNTANTS, AUDITORS, AND COUNSEL OR OTHER ADVISORS (COLLECTIVELY, “REPRESENTATIVES”) OF SUCH PARTY, EACH OF WHOM SHALL BE INFORMED BY SUCH PARTY OF THE CONFIDENTIAL NATURE OF THE PROGRAM INFORMATION (AS DEFINED BELOW) AND OF THE TERMS OF THIS SECTION 13.8), (1) ANY INFORMATION REGARDING THE PRICING TERMS IN, OR COPIES OF, THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY, (2) ANY INFORMATION REGARDING THE ORGANIZATION, BUSINESS, OR OPERATIONS OF ANY PURCHASER GENERALLY OR THE SERVICES PERFORMED BY THE COLLATERAL AGENT OR THE ADMINISTRATIVE AGENT FOR ANY PURCHASER, OR (3) ANY INFORMATION WHICH IS FURNISHED BY THE COLLATERAL AGENT OR THE ADMINISTRATIVE AGENT TO SUCH PARTY AND IS DESIGNATED BY THE COLLATERAL AGENT OR THE ADMINISTRATIVE AGENT TO SUCH PARTY IN WRITING AS 

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CONFIDENTIAL (THE INFORMATION REFERRED TO IN CLAUSES (1), (2), AND (3) IS COLLECTIVELY REFERRED TO AS THE “PROGRAM INFORMATION”); PROVIDED THAT SUCH PARTY MAY DISCLOSE ANY SUCH PROGRAM INFORMATION:  (A) TO ANY OTHER PARTY TO THIS AGREEMENT (AND ANY REPRESENTATIVES SO LONG AS THEY ARE INFORMED THAT SUCH INFORMATION IS CONFIDENTIAL AND AGREE TO KEEP SUCH INFORMATION CONFIDENTIAL) FOR THE PURPOSES CONTEMPLATED HEREBY, (B) TO THE EXTENT REQUESTED BY ANY REGULATORY AUTHORITY OR BY APPLICABLE LAWS, (C) AS MAY BE REQUIRED BY ANY GOVERNMENTAL AUTHORITY HAVING JURISDICTION OVER SUCH PARTY, (X) IN ORDER TO COMPLY WITH ANY LAW APPLICABLE TO SUCH PARTY OR (Y) SUBJECT TO SUBSECTION (C), IN THE EVENT SUCH PARTY IS LEGALLY COMPELLED (BY INTERROGATORIES, REQUESTS FOR INFORMATION OR COPIES, SUBPOENA, CIVIL INVESTIGATIVE DEMAND, OR SIMILAR PROCESS) TO DISCLOSE ANY SUCH PROGRAM INFORMATION, (D) TO ANY PERMITTED ASSIGNEE OF SUCH PARTY’S RIGHTS AND OBLIGATIONS HEREUNDER TO THE EXTENT THEY AGREE TO BE BOUND BY THIS SECTION 13.8, (E) IN CONNECTION WITH THE EXERCISE OF ANY REMEDIES HEREUNDER OR ANY SUIT, ACTION, OR PROCEEDING RELATING TO THIS AGREEMENT OR THE ENFORCEMENT OF RIGHTS HEREUNDER, OR (F) TO ANY NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION AS CONTEMPLATED BY SECTION 17G-5 OF THE 1934 ACT OR IN CONNECTION WITH OBTAINING OR MONITORING A RATING ON ANY COMMERCIAL PAPER NOTES, OR (G) IN CONNECTION WITH FILINGS (INCLUDING EXHIBIT FILINGS) REQUIRED UNDER THE 1934 ACT, AS REASONABLY DETERMINED BY THE APPLICABLE FILING PARTY TO BE NECESSARY OR APPROPRIATE FOR THE PURPOSES OF COMPLYING WITH APPLICABLE LAW;
(ii)    IT, AND ANY PERSON TO WHICH IT DISCLOSES SUCH INFORMATION, WILL USE THE PROGRAM INFORMATION SOLELY FOR THE PURPOSES OF EVALUATING, ADMINISTERING, PERFORMING AND ENFORCING THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT AND MAKING ANY NECESSARY BUSINESS JUDGMENTS WITH RESPECT THERETO; AND
(iii)    IT, AND ANY PERSON TO WHICH IT DISCLOSES SUCH INFORMATION, WILL, UPON WRITTEN DEMAND FROM THE COLLATERAL AGENT OR THE ADMINISTRATIVE AGENT, RETURN (AND CAUSE EACH OF ITS REPRESENTATIVES TO RETURN) TO THE COLLATERAL AGENT OR THE ADMINISTRATIVE AGENT OR DESTROY (WHETHER TO RETURN OR DESTROY BEING IN THE SOLE DISCRETION OF SUCH PARTY), ALL DOCUMENTS OR OTHER WRITTEN MATERIAL RECEIVED FROM THE COLLATERAL AGENT OR THE ADMINISTRATIVE 

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AGENT, AS THE CASE MAY BE, PURSUANT TO CLAUSES (2) OR (3) OF SUBSECTION (I) ABOVE AND ALL COPIES THEREOF MADE BY SUCH PARTY WHICH CONTAIN ALL PROGRAM INFORMATION; PROVIDED HOWEVER THAT IT MAY RETAIN ONE COPY OF SUCH DOCUMENT OR MATERIAL AND ANY PROGRAM INFORMATION INCORPORATED INTO ANY OF ITS CREDIT REVIEW DOCUMENTATION, OR AS IT OTHERWISE DEEM NECESSARY IN ORDER TO COMPLY WITH ORDINARY AND CUSTOMARY RETENTION REQUIREMENTS OF FINANCIAL INSTITUTIONS, SOUND BANKING PRACTICES AND AUDIT AND EXAMINATION REQUIREMENTS OR AS OTHERWISE MAY BE REQUIRED BY APPLICABLE LAW.  ANY PERSON REQUIRED TO MAINTAIN THE CONFIDENTIALITY OF ANY INFORMATION AS PROVIDED IN THIS SECTION 13.8(A) SHALL BE CONSIDERED TO HAVE COMPLIED WITH ITS OBLIGATION TO DO SO IF SUCH PERSON HAS EXERCISED THE SAME DEGREE OF CARE TO MAINTAIN THE CONFIDENTIALITY OF SUCH INFORMATION AS SUCH PERSON WOULD ACCORD TO ITS OWN CONFIDENTIAL INFORMATION.
(b)    AVAILABILITY OF CONFIDENTIAL INFORMATION.  SECTION 13.8(A) SHALL BE INOPERATIVE AS TO SUCH PORTIONS OF THE PROGRAM INFORMATION WHICH ARE OR BECOME GENERALLY AVAILABLE TO THE PUBLIC OR SUCH PARTY ON A NONCONFIDENTIAL BASIS FROM A SOURCE OTHER THAN THE COLLATERAL AGENT OR THE ADMINISTRATIVE AGENT OR WERE KNOWN TO SUCH PARTY ON A NONCONFIDENTIAL BASIS PRIOR TO ITS DISCLOSURE BY THE COLLATERAL AGENT OR THE ADMINISTRATIVE AGENT.
(c)    LEGAL COMPULSION TO DISCLOSE.  IN THE EVENT THAT ANY PARTY OR ANYONE TO WHOM SUCH PARTY OR ITS REPRESENTATIVES TRANSMITS THE PROGRAM INFORMATION IS REQUESTED OR BECOMES LEGALLY COMPELLED (BY INTERROGATORIES, REQUESTS FOR INFORMATION OR DOCUMENTS, SUBPOENA, CIVIL INVESTIGATIVE DEMAND, OR SIMILAR PROCESS) TO DISCLOSE ANY OF THE PROGRAM INFORMATION, TO THE EXTENT PERMITTED BY APPLICABLE LAW AND IF PRACTICAL TO DO SO UNDER THE CIRCUMSTANCES, SUCH PARTY SHALL PROVIDE THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, EACH PURCHASER AGENT, AND ADT WITH PROMPT WRITTEN NOTICE SO THAT THE COLLATERAL AGENT OR THE ADMINISTRATIVE AGENT MAY AT THE EXPENSE OF ADT SEEK A PROTECTIVE ORDER OR OTHER APPROPRIATE REMEDY AND/OR IF IT SO CHOOSES, AGREE THAT SUCH PARTY MAY DISCLOSE SUCH PROGRAM INFORMATION PURSUANT TO SUCH REQUEST OR LEGAL COMPULSION.  IN THE EVENT THAT SUCH PROTECTIVE ORDER OR OTHER REMEDY IS NOT OBTAINED, OR THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT WAIVE COMPLIANCE WITH THE PROVISIONS OF THIS SECTION 13.8(C), SUCH PARTY WILL FURNISH ONLY THAT PORTION OF THE PROGRAM INFORMATION WHICH (IN SUCH PARTY’S GOOD FAITH JUDGMENT) IS LEGALLY REQUIRED 

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TO BE FURNISHED AND WILL EXERCISE COMMERCIALLY REASONABLE EFFORTS TO OBTAIN RELIABLE ASSURANCE THAT CONFIDENTIAL TREATMENT WILL BE ACCORDED THE PROGRAM INFORMATION.
(d)    DISCLOSURE OF TAX TREATMENT AND STRUCTURE.  NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, EACH PARTY (AND EACH EMPLOYEE, REPRESENTATIVE, OR OTHER AGENT OF EACH PARTY) HERETO MAY DISCLOSE TO ANY AND ALL PERSONS, WITHOUT LIMITATION OF ANY KIND, ANY INFORMATION WITH RESPECT TO THE UNITED STATES FEDERAL INCOME “TAX TREATMENT” AND “TAX STRUCTURE” (IN EACH CASE, WITHIN THE MEANING OF U.S. TREASURY REGULATION SECTION 1.6011-4) OF THE TRANSACTIONS CONTEMPLATED HEREBY AND ALL MATERIALS OF ANY KIND (INCLUDING OPINIONS OR OTHER TAX ANALYSES) THAT ARE PROVIDED TO SUCH PARTIES (OR THEIR REPRESENTATIVES) RELATING TO SUCH TAX TREATMENT AND TAX STRUCTURE; PROVIDED, THAT WITH RESPECT TO ANY DOCUMENT OR SIMILAR ITEM THAT IN EITHER CASE CONTAINS INFORMATION CONCERNING THE TAX TREATMENT OR TAX STRUCTURE OF THE TRANSACTION AS WELL AS OTHER INFORMATION, THIS SENTENCE SHALL ONLY APPLY TO SUCH PORTIONS OF THE DOCUMENT OR SIMILAR ITEM THAT RELATE TO THE UNITED STATES FEDERAL INCOME TAX TREATMENT OR TAX STRUCTURE OF THE TRANSACTIONS CONTEMPLATED HEREBY.
(e)    CONFIDENTIALITY OF THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, AND PURCHASERS.  THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, EACH PURCHASER, EACH PURCHASER AGENT, EACH AFFECTED PARTY, AND THEIR SUCCESSORS AND ASSIGNS AGREES TO MAINTAIN THE CONFIDENTIALITY OF THE INFORMATION (AS DEFINED BELOW), EXCEPT THAT INFORMATION MAY BE DISCLOSED (I) TO ITS COLLATERAL TRUSTEE (IF ANY) AND ITS AND ITS AFFILIATES’ DIRECTORS, OFFICERS, EMPLOYEES, AND AGENTS, INCLUDING ACCOUNTANTS, AUDITORS, LEGAL COUNSEL, AND OTHER ADVISORS (IT BEING UNDERSTOOD THAT THE PERSONS TO WHOM SUCH DISCLOSURE IS MADE WILL BE INFORMED OF THE CONFIDENTIAL NATURE OF SUCH INFORMATION AND BE INSTRUCTED AND AGREE OR BE OTHERWISE BOUND TO KEEP SUCH INFORMATION CONFIDENTIAL ON TERMS AT LEAST AS RESTRICTIVE AS THIS SECTION 13.8(E)), (II) TO THE EXTENT REQUESTED BY ANY REGULATORY AUTHORITY OR BY APPLICABLE LAWS, (III) TO THE EXTENT REQUIRED BY ANY SUBPOENA OR SIMILAR LEGAL PROCESS, PROVIDED, HOWEVER, TO THE EXTENT PERMITTED BY APPLICABLE LAW AND IF PRACTICAL TO DO SO UNDER THE CIRCUMSTANCES, THAT THE PERSON RELYING ON THIS CLAUSE (III) SHALL PROVIDE ADT AND THE SELLER WITH PROMPT NOTICE OF ANY SUCH REQUIRED DISCLOSURE SO THAT ADT OR THE SELLER, AS APPLICABLE, MAY SEEK A PROTECTIVE ORDER OR OTHER APPROPRIATE REMEDY, AND IN THE EVENT THAT SUCH PROTECTIVE ORDER OR OTHER REMEDY IS NOT 

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OBTAINED, SUCH PERSON WILL FURNISH ONLY THAT PORTION OF THE INFORMATION WHICH IS LEGALLY REQUIRED, (IV) TO ANY OTHER AFFECTED PARTY (IT BEING UNDERSTOOD THAT THE PERSONS TO WHOM SUCH DISCLOSURE IS MADE WILL BE INFORMED OF THE CONFIDENTIAL NATURE OF SUCH INFORMATION AND BE INSTRUCTED AND AGREE OR BE OTHERWISE BOUND TO KEEP SUCH INFORMATION CONFIDENTIAL ON TERMS AT LEAST AS RESTRICTIVE AS THIS SECTION 13.8(E)), (V) IN CONNECTION WITH THE EXERCISE OF ANY REMEDIES HEREUNDER OR ANY SUIT, ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR THE ENFORCEMENT OF RIGHTS HEREUNDER, (VI) TO ANY PROSPECTIVE PARTICIPANT OR ASSIGNEE PROVIDED SUCH PERSON AGREES TO BE BOUND BY THIS SECTION 13.8(E), (VII) WITH THE CONSENT OF THE SELLER AND ADT, (VIII) TO THE EXTENT SUCH INFORMATION (1) BECOMES PUBLICLY AVAILABLE OTHER THAN AS A RESULT OF A BREACH OF THIS SECTION 13.8(E) OR ANY AGREEMENT CONTEMPLATED BY THIS SECTION 13.8(E) OR (2) BECOMES AVAILABLE TO SUCH PERSON ON A NONCONFIDENTIAL BASIS FROM A SOURCE OTHER THAN ADT, OR ANY OF ITS AFFILIATES (AND NOT IN BREACH OF THIS SECTION 13.8(E) OR ANY AGREEMENT CONTEMPLATED BY THIS SECTION 13.8(E)) OR (IX) TO ANY NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION AS CONTEMPLATED BY SECTION 17G-5 OF THE 1934 ACT OR IN CONNECTION WITH OBTAINING OR MONITORING A RATING ON ANY COMMERCIAL PAPER NOTES.  FOR THE PURPOSES OF THIS SECTION, “INFORMATION” MEANS ALL INFORMATION RECEIVED FROM ADT OR ANY AFFILIATE OF ADT, INCLUDING ANY BORROWER INFORMATION (AND TO THE EXTENT APPLICABLE, ANY NON-PUBLIC BORROWER DATA, WHICH SHALL REMAIN SUBJECT TO THE APPLICABLE PROVISIONS OF SECTION 13.8(F)), OTHER THAN ANY SUCH INFORMATION THAT IS AVAILABLE TO SUCH PERSON ON A NONCONFIDENTIAL BASIS PRIOR TO DISCLOSURE BY ADT OR ANY AFFILIATE OF ADT.
(f)    PRIVACY REQUIREMENTS. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, IN NO EVENT SHALL ANY ADT ENTITY BE REQUIRED TO PROVIDEMIZUHO, AS ADMINISTRATIVE AGENT, THE COLLATERAL AGENT, PURCHASER AND PURCHASER AGENT AGREES THAT IT IS, AND WILL REMAIN, IN COMPLIANCE WITH THE PRIVACY REQUIREMENTS, WILL NOT UTILIZE, AND WILL NOT PERMIT ANY AFFILIATE OR ANY REPRESENTATIVE TO UTILIZE, NON-PUBLIC BORROWER DATA FOR ANY PURPOSE NOT IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED UNDER THIS AGREEMENT OR THE RELATED TRANSACTION DOCUMENTS, AND WILL MAINTAIN REASONABLE AND ADEQUATE SAFEGUARDS FOR THE PROTECTION OF ALL NON-PUBLIC BORROWER DATA, IN ACCORDANCE WITH ITS INTERNAL PRIVACY POLICIES AND AS REQUIRED BY THE PRIVACY REQUIREMENTS AND OTHER APPLICABLE LAW. MIZUHO HAS PROVIDED ADT WITH A TRUE AND CORRECT COPY OF ITS INFORMATION SECURITY POLICIES AND PROCEDURES AS IN EFFECT ON MARCH 12, 2020.  NONE OF THE 

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ADMINISTRATIVE AGENT, THE COLLATERAL AGENT, ANY PURCHASER, OR ANY PURCHASER AGENT OR ANY OTHER PERSON WITH ANY BORROWER INFORMATION THAT MAY CONSTITUTE NONPUBLIC AND/OR PERSONAL INFORMATION PROTECTED UNDER THE PRIVACY REQUIREMENTS (COLLECTIVELY, “NON-PUBLIC BORROWER DATA”) UNLESS THE CONDITION SET FORTH IN SECTION 5.1(N) IS SATISFIED.SHALL PROVIDE ANY NON-PUBLIC BORROWER DATA TO ANY OTHER PURCHASER, PURCHASER AGENT, SUCCESSOR COLLATERAL AGENT OR ADMINISTRATIVE AGENT, OR ANY OTHER PROSPECTIVE PARTICIPANT OR ASSIGNEE THEREOF, UNLESS ADT SHALL HAVE PROVIDED ITS CONSENT THERETO TO THE ADMINISTRATIVE AGENT.  FOR THE AVOIDANCE OF DOUBT, ONCE ADT PROVIDES ITS CONSENT IN RESPECT OF A PERSON, NO ADDITIONAL ADT CONSENT SHALL BE REQUIRED FOR FUTURE DISCLOSURE OF NON-PUBLIC BORROWER DATA TO SUCH PERSON.  UPON RECEIPT OF SUCH CONSENT, THE ADMINISTRATIVE AGENT SHALL FORWARD A COPY THEREOF TO THE PURCHASERS AND THE PURCHASER AGENTS. IN RESPECT OF EACH SUCH PERSON, ADT SHALL PROVIDE THE CONSENT CONTEMPLATED ABOVE IF SUCH PERSON HAS AGREED TO MAINTAIN REASONABLE AND ADEQUATE SAFEGUARDS FOR THE PROTECTION OF ALL NON-PUBLIC BORROWER DATA IN A MANNER REASONABLY SATISFACTORY TO ADT.  NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN OR IN ANY OTHER TRANSACTION DOCUMENT, (I) SUBJECT TO CLAUSE (III) BELOW, EACH ADT ENTITY SHALL BE ENTITLED TO REMOVE ANY NON-PUBLIC BORROWER DATA FROM ANY REPORT, DOCUMENT OR INFORMATION REQUIRED TO BE DELIVERED HEREUNDER, INCLUDING THE INFORMATION PACKAGE, AND SHALL NOT BE LIABLE TO ANY PERSON BY REASON THEREOF, (II) DELIVERY BY THE ADMINISTRATIVE AGENT OR THE COLLATERAL AGENT OF ANY NOTICE OR INFORMATION REQUIRED TO BE PROVIDED BY IT UNDER THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS, INCLUDING THE INFORMATION PACKAGE, SHALL NOT BE DEEMED TO BE A BREACH OF THIS SECTION 13.8(F), AND (III) UPON REQUEST BY THE COLLATERAL AGENT OR THE ADMINISTRATIVE AGENT, EACH ADT ENTITY SHALL SEPARATELY PROVIDE TO THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT WITH EACH REPORT, DOCUMENT AND INFORMATION FROM WHICH ANY NON-PUBLIC BORROWER DATA HAS BEEN REMOVED, WITHOUT SUCH NON-PUBLIC BORROWER DATA REMOVED; PROVIDED, THAT NEITHER THE COLLATERAL AGENT NOR THE ADMINISTRATIVE AGENT SHALL PROVIDE (AND SHALL NOT BE DEEMED TO BE REQUIRED TO PROVIDE) SUCH NON-PUBLIC BORROWER DATA TO ANY OTHER PURCHASER, PURCHASER AGENT, SUCCESSOR COLLATERAL AGENT OR ADMINISTRATIVE AGENT, OR ANY OTHER PROSPECTIVE PARTICIPANT OR ASSIGNEE THEREOF EXCEPT IN ACCORDANCE WITH THIS SECTION 13.8(F) OR WITH ADT’S CONSENT, AND IN NO EVENT SHALL MIZUHO, AS THE COLLATERAL AGENT OR THE ADMINISTRATIVE AGENT, BE OBLIGATED TO PROVIDE (OR BE LIABLE FOR NOT PROVIDING) ANY NON-PUBLIC BORROWER DATA TO ANY OTHER PERSON. EACH OF THE ADMINISTRATIVE AGENT, 

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COLLATERAL AGENT, EACH PURCHASER AND EACH PURCHASER AGENT ALSO AGREE THAT IT WILL NOT, AND WILL NOT PERMIT ANY AFFILIATE OR REPRESENTATIVE OTHER THAN THE SERVICER OR ITS AUTHORIZED DELEGEES TO, CONTACT ANY OBLIGOR FOR ANY PURPOSE; PROVIDED, HOWEVER, THAT SUCH IT (OR ITS AGENTS) MAY CONTACT AN OBLIGOR FOLLOWING AN EVENT OF TERMINATION, TO THE EXTENT EXPRESSLY SET FORTH HEREIN, OR IF ADT IS TERMINATED AS THE SERVICER AND A SUCCESSOR SERVICER IS ACTING AS SERVICER OR A COLLECTION AGENT IN RESPECT OF THE APPLICABLE POOL RECEIVABLES.  EXCEPT TO THE EXTENT EXPRESSLY SET FORTH HEREIN FOLLOWING AN EVENT OF TERMINATION, EACH THE ADMINISTRATIVE AGENT, COLLATERAL AGENT, EACH PURCHASER AND EACH PURCHASER AGENT (OR ITS AGENTS) SHALL NOT TAKE ANY ACTION TO SERVICE, COLLECT OR ADMINISTER ANY POOL RECEIVABLE DURING THE PERIOD THAT ADT HAS THE RIGHT TO ACT AS THE SERVICER UNDER THIS AGREEMENT.
SECTION 13.9    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, Article, Appendix, Schedule, or Exhibit are to such Section or Article of, or Appendix, 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.
SECTION 13.10    Integration.  This Agreement, together with the other Transaction Documents, contains a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire understanding among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings.
SECTION 13.11    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 THE COLLATERAL AGENT, THE ADMINISTRATIVE AGENT, OR ANY PURCHASER IN THE POOL RECEIVABLES, OR RELATED ASSETS IS GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK).
SECTION 13.12    Waiver of Jury Trial.  EACH PARTY HERETO HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT, OR UNDER ANY AMENDMENT, INSTRUMENT, OR 

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DOCUMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR ARISING FROM ANY BANKING OR OTHER RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT A JURY.
SECTION 13.13    Consent to Jurisdiction; Waiver of Immunities.  EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT:
(a)    IT IRREVOCABLY (I) SUBMITS TO THE JURISDICTION, FIRST, OF ANY UNITED STATES FEDERAL COURT, AND SECOND, IF FEDERAL JURISDICTION IS NOT AVAILABLE, OF ANY NEW YORK STATE COURT, IN EITHER CASE SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OTHER TRANSACTION DOCUMENT, (II) AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED ONLY IN SUCH NEW YORK STATE OR FEDERAL COURT AND NOT IN ANY OTHER COURT, AND (III) WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING.
(b)    TO THE EXTENT THAT IT HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM THE JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID TO EXECUTION, EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, IT HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER OR IN CONNECTION WITH THIS AGREEMENT.
SECTION 13.14    Execution in Counterparts.  This Agreement may be executed in any number of counterparts and by the different parties hereto in separate 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 13.15    Pledge to a Federal Reserve Bank.  Notwithstanding anything to the contrary set forth herein (including in Section 13.3), (i) each Purchaser that constitutes a banking institution or any assignee or participant thereof other than a Conduit Purchaser, or (ii) in the event that any Conduit Purchaser assigns any of its interest in, to and under the Pool Receivables or Related Assets to any Liquidity Provider or Enhancement Provider, any such Person, may at any time pledge, grant a security interest in or otherwise transfer all or any portion of its interest in the Pool Receivables or Related Assets or under this Agreement to secure the obligations of such Person to a Federal Reserve Bank or otherwise to any other federal Governmental Authority or special purpose entity formed or sponsored by any such federal Governmental Authority or any central bank having jurisdiction over such Person, in each case without notice to or the consent of the Seller, ADT or the Servicer, but such pledge, grant, or transfer shall not relieve any Person from its 

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obligations hereunder, and each of the other parties hereto shall be entitled to treat such Purchaser’s Investment and its interest in the Pool Receivables or Related Assets or under this Agreement as not having been assigned, pledged or otherwise transferred for all purposes under this Agreement.
SECTION 13.16    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.
SECTION 13.17    Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Transaction Document or in any other agreement, arrangement, or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Transaction Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    THE APPLICATION OF ANY WRITE-DOWN AND CONVERSION POWERS BY AN EEA RESOLUTION AUTHORITY TO ANY SUCH LIABILITIES ARISING HEREUNDER WHICH MAY BE PAYABLE TO IT BY ANY PARTY HERETO THAT IS AN EEA FINANCIAL INSTITUTION; AND
(b)    THE EFFECTS OF ANY BAIL-IN ACTION ON ANY SUCH LIABILITY, INCLUDING, IF APPLICABLE:
(i)    A REDUCTION IN FULL OR IN PART OR CANCELLATION OF ANY SUCH LIABILITY;
(ii)    A CONVERSION OF ALL, OR A PORTION OF, SUCH LIABILITY INTO SHARES OR OTHER INSTRUMENTS OF OWNERSHIP IN SUCH EEA FINANCIAL INSTITUTION, ITS PARENT UNDERTAKING, OR A BRIDGE INSTITUTION THAT MAY BE ISSUED TO IT OR OTHERWISE CONFERRED ON IT, AND THAT SUCH SHARES OR OTHER INSTRUMENTS OF OWNERSHIP WILL BE ACCEPTED BY IT IN LIEU OF ANY RIGHTS WITH RESPECT TO ANY SUCH LIABILITY UNDER THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT; OR
(iii)    THE VARIATION OF THE TERMS OF SUCH LIABILITY IN CONNECTION WITH THE EXERCISE OF THE WRITE-DOWN AND CONVERSION POWERS OF ANY EEA RESOLUTION AUTHORITY.
SECTION 13.18    PATRIOT Act Notice.  Each of the Administrative Agent and the Collateral Agent (for itself and not on behalf of any Purchaser or Purchaser Agent) and each Purchaser Agent and Purchaser hereby notifies ADT and the Seller  that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies ADT 

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and the Seller.  Such information includes the name and address of ADT and the Seller and other information that will allow the Administrative Agent, the Collateral Agent, such Purchaser Agent or such Purchaser to identify ADT and the Seller in accordance with the USA PATRIOT Act.

[SIGNATURE PAGES FOLLOW]

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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.
ADT LLC,  
individually and as the Servicer

By:________________________
Name:
Title:

ADT FINANCE LLC, as Seller

By:_________________________
Name:    
Title:

MIZUHO BANK, LTD.,
as Administrative Agent, Arranger, and Structuring Agent

By:_________________________
Name:
Title:
MIZUHO BANK, LTD.,
as Collateral Agent

By:_________________________
Name:
Title:

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MIZUHO BANK, LTD., 
as a Purchaser Agent for Mizuho Bank, Ltd., as Purchaser

By:________________________
Name:
Title:

MIZUHO BANK, LTD.,
as a Purchaser  

By:_________________________
Name:
Title:
 
 

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APPENDIX A 
 
DEFINITIONS
This is Appendix A to the Receivables Purchase Agreement, dated as of March 5, 2020 among ADT LLC, individually and as Servicer, ADT FINANCE LLC, as Seller (the “Seller”), the various Purchasers and Purchaser Agents from time to time party thereto and Mizuho Bank, Ltd. (“Mizuho”), as Administrative Agent, Arranger, Structuring Agent and Collateral Agent (as such terms are defined below).
A.    Defined Terms.
As used in this Agreement, unless the context requires a different meaning, the following terms have the meanings indicated herein below:
“1934 Act” means the Securities Exchange Act of 1934.
“Acceleration Date” means the date specified in Section 10.2 following the occurrence of an Event of Termination.
“Accounts Amendment Effective Date” means the date that is the earlier to occur of (x) the twelve (12) month anniversary of the Closing Date, and (y) the date upon which the conditions set forth in Section 3.5(b) are satisfied.
“Administrative Agent” means Mizuho, in its capacity as administrative agent for the Purchaser Agents and the Purchasers as set forth herein and in the other Transaction Documents.
“Administrative Agent’s Account” means athe special account of the Administrative Agent (Account No. H79-740-005344, ABA No. 026 004 307) maintained at Mizuho Bank, Ltd. or such other account as the Administrative Agent shall designate to the Seller and ADT.
“ADT” is defined in the preamble.
“ADT Certification” is defined in the Payment Direction in respect of the Omnibus Account. 
“ADT Credit Agreement” means the Ninth Amended and Restated First Lien Credit Agreement dated as of July 1, 2015September 23, 2019 among Prime Security Services Holdings, LLC, Prime Security Services Borrower, LLC, Barclays Bank PLC, as administrative agent and the other parties thereto.
“ADT Collateral Agreements” means, each of (i) the Collateral Agreement (First Lien), dated as of July 1, 2015, among Prime Security Services Borrower, LLC, each Subsidiary Loan Party party thereto, and Barclays Bank PLC (as successor in interest to Credit Suisse AG, Cayman Islands Branch, as collateral agent), and (ii) the Collateral Agreement (Second Lien), dated as of January 28, 2020, among Prime Security Services Borrower, LLC, Prime Finance Inc., each Subsidiary Guarantor party thereto, and Wells Fargo Bank, National Association, as collateral agent.

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“ADT Credit Score” means the designated credit score of an Obligor assigned by ADT in accordance with ADT’s internal scoring system and the Credit and Collection Policy.
“ADT Entity” means ADT, the Servicer (if the Servicer is an Affiliate of the Parent), the Seller and the Parent.
“ADT Indentures” means, each of (i) the indentureindentures dated as of April 4, 2019,  among Prime Security Services Borrower, LLC, as issuer, Prime Finance Inc., as Co-Issuer, the guarantors party thereto from time to time, and Wells Fargo Bank, National Association, as trustee, (ii) indenture dated as of July 5, 2012,  between the ADT Corporation, as issuer, and Wells Fargo Bank, National Association, as trustee, (iii) indenture dated as of May 2, 2016,  between Prime Security One MS, Inc., as issuer, and Wells Fargo Bank, National Association, as trustee, and (iv) indenture dated as of January 28, 2020, among Prime Security Services Borrower, LLC, as issuer, Prime Finance Inc., as issuer, the subsidiary guarantors party thereto from time to time, and Wells Fargo Bank, National Association, as trustee and collateral agent.
“ADT Intercreditor” means the First Lien/First Lien Intercreditor Agreement, dated as of May 2, 2016, among Barclays Bank PLC and Wells Fargo Bank, National Association.
“ADT Managed Pool Delinquency Ratio” means, with respect to any Settlement Period, a ratio (expressed as a percentage) calculated by dividing (i) the number of residential customers originated through the direct sales channel (excluding, for the avoidance of doubt, dealers or contracts acquired from dealers or any third parties) with any payment, or part thereof, of any Service Charge Receivable that remains unpaid for 91 to 120 days from the original due date of such payment as of the Cut-off Date for such Settlement Period, by (ii) the total number of residential customers originated through the direct sales channel, with an “active status” in the Records of ADT as of the Cut-off Date for such Settlement Period.
“ADT Obligations” means any obligation owed by any ADT Entity (other than the Seller) to the Collateral Agent, the Administrative Agent, any Purchaser Agent, any Purchaser, any Indemnified Party, any other Affected Party, or any account institution that maintains a Lock-box Account, a Collection Account or the Omnibus Account arising out of or in connection with this Agreement and each other Transaction Document, whether now or hereafter existing, due or to become due, direct or indirect or absolute or contingent, including, all Indemnified Amounts payable pursuant to Section 12.2.
“Advance Rate” means, in respect of any Receivable, the applicable “Advance Rate” set forth in the Advance Rate Matrix corresponding to such Receivable based upon its Product Type and Remaining Term as determined on the Purchase Date in respect of such Receivable.  For the avoidance of doubt, any Receivable with a Product Type other than “Tier 1”, “Tier 2”, Tier 3” or “Burglar Alarm” or with an Original Term exceeding 60 months, will be zero.
“Advance Rate Matrix” means the Advance Rate Matrix attached as Schedule III to this Agreement, as may be amended from time to time with the consent of all Purchasers.

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“Adverse Claim” means any claim of ownership or any Lien other than any Permitted Adverse Claims.
“Affected Party” means the Collateral Agent, the Administrative Agent, each Purchaser, each Purchaser Agent, each Liquidity Provider, each Enhancement Provider and each Program Administrator.
“Affiliate” when used with respect to a Person means any other Person Controlling, Controlled by, or under common Control with, such Person.  “Affiliated” has the meaning correlative to “Affiliate”.
“Agreement” is defined in the preamble.
“Allocated Share” is defined in Section 1.2(a).
“Anti-Corruption Laws” is defined in Section 6.1(y)(iii).
“Applicable Cooling Off Period” means, in respect of a Receivable, the period of time after origination thereof during which the related Obligor shall have the right to cancel or terminate such Contract without fee, premium or penalty whether by Law or under the terms of the related Contract or otherwise.
 “Approval Date” is defined in Section 3.5.
“Arranger” means Mizuho, in its capacity as Arranger for the transactions contemplated by this Agreement and the other Transaction Documents.
“Average Life” means, as of any date of determination, with respect to any Receivable in the Receivable Pool which is an Eligible Receivable, the quotient obtained by dividing (i) the sum of the products of (a) the number of months (rounded to the nearest one hundredth thereof) from such date of determination to the respective dates of each successive unpaid monthly installment owed in respect of such Receivable for the Remaining Term by the applicable Obligor under the Contract giving rise to such Receivable, and (b) the respective monthly installment amounts on such monthly installment dates, by (ii) the Financed Unpaid Balance in respect of such Receivable.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.
“Bank Rate” for any day falling in a particular Yield Period with respect to any Rate Tranche and any Purchaser Group means an interest rate per annum equal to the applicable LIBO Rate for such Yield Period.

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“Bankruptcy Code” means Title 11 of the United States Code.
“Base Rate” means, with respect to any Purchaser, as of any date of determination, a fluctuating rate of interest per annum equal to the highest of:
(a)    the applicable Prime Rate for such date; and
(b)    the Federal Funds Rate for such date, plus 0.50%.
“Benchmark Replacement” means the sum of:  (a) the alternate benchmark rate (which may include Term SOFR) that has been selected by the Administrative Agent and the Seller giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to LIBO Rate for U.S. dollar-denominated syndicated or bilateral credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement.
“Benchmark Replacement Adjustment” means, with respect to any replacement of the LIBO Rate with an Unadjusted Benchmark Replacement for each applicable Yield Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Seller giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated or bilateral credit facilities at such time.
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Yield Period,” the definition of “Bank Rate” timing and frequency of determining rates and making payments of interest and other administrative matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Purchaser Agents in a manner substantially consistent with market practice (provided that, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).
“Benchmark Replacement Date” means the earlier to occur of the following events with respect to the LIBO Rate:

A-4

		
	(i)
	in the case of clause (i) or (ii) of the definition of “Benchmark Transition Event,” the later of (x) the date of the public statement or publication of information referenced therein and (y) the date on which the administrator of the LIBO Rate permanently or indefinitely ceases to provide the LIBO Rate; or

		
	(ii)
	in the case of clause (i) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the LIBO Rate:
		
	(i)
	a public statement or publication of information by or on behalf of the administrator of the LIBO Rate announcing that such administrator has ceased or will cease to provide the LIBO Rate, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBO Rate;

		
	(ii)
	a public statement or publication of information by the regulatory supervisor for the administrator of the LIBO Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for  the LIBO Rate, a resolution authority with jurisdiction over the administrator for the LIBO Rate or a court or an entity with similar insolvency or resolution authority over the administrator for  the LIBO Rate, which states that the administrator of the LIBO Rate has ceased or will cease to provide the LIBO Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBO Rate; or

		
	(iii)
	a public statement or publication of information by the regulatory supervisor for the administrator of the LIBO Rate announcing that the LIBO Rate is no longer representative.

“Benchmark Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent by notice to each Purchaser Agent, the Servicer and the Seller.
“Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the LIBO Rate and solely to the extent that the LIBO Rate has not been replaced with a Benchmark Replacement, the period (x) beginning 

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at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the LIBO Rate for all purposes hereunder in accordance with Section 2.5 and (y) ending at the time that a Benchmark Replacement has replaced the LIBO Rate for all purposes hereunder pursuant to Section 2.5.
“Billing Address” means, the billing address of each Obligor relating to a Receivable specified in the Records of the Servicer.
“Borrower Information” means any personally identifiable information or records in any form (oral, written, graphic, electronic, machine-readable, or otherwise) relating to an Obligor, including but not limited to: an Obligor’s name, address, telephone number, account number, or transactional account history, account status; the fact that the BorrowerObligor has a relationship with ADT or any of its Affiliates; and any other personally identifiable information, in each case, other than any such information provided in a manner that does not personally identify such Obligor and in compliance with applicable Privacy Requirements. 
“Business Day” means a day other than Saturday or Sunday or on which commercial banks in New York City, New York are authorized or required by applicable law to be closed for business; provided, that, when used with respect to a Yield Rate or associated Rate Tranche based on the applicable LIBO Rate, “Business Day” shall also exclude any day on which banks are not open for domestic and international business (including dealings in U.S. Dollar deposits) in London, England.
“Cash Equivalents” means (a) cash, (b) direct general obligations of the United States of America or obligations the prompt payment of the principal of and interest on which is unconditionally guaranteed by the United States of America, (c) U.S. dollar-denominated commercial paper notes which are rated at least “A-1+” by S&P and at least “P-1” by Moody’s, or (d) time deposits at, or certificates of deposit and bankers acceptances issued by, commercial banks located in the United States (including domestic branches or agencies of foreign banks) having short-term deposit ratings of “A-1” by S&P and “P-1” by Moody’s, provided that each such investment specified in clauses (b), (c) and (d) is payable in Dollars, has a maturity of the lesser of (i) ninety-one (91) days, and (ii) the days remaining until the next Payment Date, and is payable in the United States of America, or (e) U.S. Dollar-denominated money market funds of United States issuers that have ratings of at least “AAAm” by S&P and at least “Aaa” by Moody’s (or equivalent long-term ratings) and permit daily liquidation of investments.  Ratings by S&P which include an “r” designation are not eligible to be Cash Equivalents unless approved by S&P or otherwise meet the rating conditions of S&P.
“Cash Purchase Price” is defined in Section 1.1.
“Change in Law” means the occurrence, after the Closing Date, of any of the following:  (a) the adoption or implementation of any Law, or (b) any change in any Law; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, or directives thereunder or issued in connection therewith, and (y) all requests, rules, guidelines, or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority), or the United States or foreign regulatory authorities, in each case pursuant to 

A-6

the agreements reached by the Basel Committee on Banking Supervision in “Basel III:  A Global Regulatory Framework for More Resilient Banks and Banking Systems”, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, or issued.
“Change of Control” means the occurrence of any of the following:
(a)    all of the outstanding Voting Securities of the Seller shall cease to be owned by ADT; or
(b)    all of the outstanding Voting Securities of ADT shall cease to be directly or indirectly owned by the Parent.
“Chattel Paper” has the meaning of “chattel paper” set forth in Section 9-102 of the UCC.
“Closing Date” means March 5, 2020.
“Code” means the Internal Revenue Code of 1986, as amended.
“Collateral” is defined in Section 9.1.
“Collateral Agent” means Mizuho, in its capacity as Collateral Agent, together with its successors and assigns.
“Collateral Agent’s Account” means athe special account of the Collateral Agent (Account No. H10-740-032774, ABA No. 026 004 307) maintained at Mizuho Bank Ltd., New York Branch or such other account as the Collateral Agent shall designate in writing to the other parties hereto.
“Collateral Trustee” means, with respect to any Conduit Purchaser, a collateral trustee for the benefit of the holders of the Commercial Paper Notes of such Conduit Purchaser appointed pursuant to such entity’s program documents.
“Collection Account” means each collection account of the Servicer maintained with an Eligible Bank into which Collections are to be remitted.
“Collection Agent” means any collection agent sub-servicer, special servicer or similar agent which is not an Affiliate of ADT appointed by the Servicer to assist it with its collection duties hereunder.
“Collection Agent Fees” all fees and expenses of any Collection Agent retained by the Servicer to collect any Receivable which are netted against the amount of, or otherwise reduce the amount of the Collections paid by, the Obligor of such Receivable.
“Collections” means with respect to any Receivable and the Related Assets, (a) all cash collections and other cash proceeds of such Receivable or Related Assets, from or on behalf of the related Obligors in payment of any amounts owed in respect of such Receivable or Related Assets, or applied to such other charges in respect of such Receivable or Related Assets, or applied to such amounts owed by such Obligors,  (b) Deemed Collections, (c) amounts treated as Collections in 

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accordance with Section 8.3(d), and (d) all other amounts required to be remitted to the Collateral Agent’s Account pursuant to any Transaction Document.  For the avoidance of doubt the term “Collections” in respect of a Receivable and the Related Assets shall include all amounts allocated to such Receivable in accordance with the related Contract and Section 7.4(n).
“Commercial Paper Notes” means short-term promissory notes issued or to be issued by a Conduit Purchaser to fund its investments in accounts receivable or other financial assets.
“Conditional Service Guaranty” means the conditional service guaranty advertised by ADT to customers as in effect on the Closing Date, which generally provides that refunds for any system-related issues will only be issued after ADT has attempted to resolve the issue, has not been able to resolve such issue within the first six months of the Contract, and any related Equipment has been removed, as the same may be amended with the consent of the Administrative Agent, the Collateral Agent and the Purchasers.
“Conditional Service Guaranty Receivable” means, any Receivable which was originated when the Conditional Service Guaranty was in effect or to which the Conditional Service Guaranty applies, to the extent that the relevant Obligor still has the right to claim a refund for any system or service related concerns, including, without limitation, any Receivable in respect of which the related Obligor has notified any ADT Entity of a system or service concern within the first six (6) months of the effective date of the related Contract and such issue was not conclusively resolved within the first six (6) months of the effected date of the related contract.
“Conditional Service Guaranty Reserve” means, as of any date:  (i) if the Level 1 Ratings Trigger is in effect, the Financed Unpaid Balance of all Conditional Service Guaranty Receivables that are Pool Receivables; and (ii) otherwise, zero
“Conduit Purchaser” means each multi-seller asset-backed commercial paper conduit listed as such as set forth on the signature pages of this Agreement or in any Joinder, other than any such Person that ceases to be a party hereto pursuant to such Joinder.
“Constituent Documents” means, with respect to any Person, the organization documents of such Person, including (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement or limited liability company agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.
“Contract” means, with respect to any Receivable, any retail installment agreement, contract, or other document (including any purchase order or invoice), between ADT and an Obligor, pursuant to which such Receivable arises or governing or evidencing such Receivable.

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“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise, and “Controlling” and “Controlled” have meanings correlative thereto.
“Control Agreement” means an agreement with respect to any Lock-Box Account, Collection Account or, the Omnibus Account, or any other account of the Seller (including the Reserve Account), in form and substance reasonably satisfactory to the Administrative Agent and the Collateral Agent, pursuant to which the Collateral Agent has “control” over such account within the meaning of Article 8 (in the case of a securities account) and/or 9 (in the case of a deposit account) of the UCC, and the related account bank has agreed to comply with the instructions of the Collateral Agent without further consent of the Seller, ADT or any other Person.
“CP Rate” means, for any period and with respect to any Rate Tranche funded by Commercial Paper Notes of any Conduit Purchaser, the per annum rate equivalent to the weighted average cost (as determined by the applicable Purchaser Agent for such Conduit Purchaser and which shall include commissions and fees of placement agents and dealers, incremental carrying costs incurred with respect to Commercial Paper Notes maturing on dates other than those on which corresponding funds are received by such Conduit Purchaser, other borrowings by such Conduit Purchaser (other than under any Liquidity Agreement) and any other costs and expenses associated with the issuance of Commercial Paper Notes) of or related to the issuance of Commercial Paper Notes that are allocated, in whole or in part, by such Conduit Purchaser or the applicable Purchaser Agent to fund or maintain such Rate Tranche and which may be also allocated in part to the funding of other assets of such Conduit Purchaser (determined in the case of Commercial Paper Notes issued on a discount by converting the discount to an interest equivalent rate per annum); provided, that notwithstanding anything in this Agreement or the other Transaction Documents to the contrary, the Seller agrees that any amounts payable to the applicable Conduit Purchaser in respect of Yield for any Settlement Period with respect to any Rate Tranche funded by such Conduit Purchaser at the CP Rate shall include an amount equal to the portion of the face amount of the outstanding Commercial Paper Notes issued by such Conduit Purchaser to fund or maintain such Rate Tranche that corresponds to the portion of the proceeds of such Commercial Paper Notes that was used to pay the interest component of maturing Commercial Paper Notes issued by such Conduit Purchaser to fund or maintain such Rate Tranche, to the extent that such Conduit Purchaser had not received payments of interest in respect of such interest component prior to the maturity date of such maturing Commercial Paper Notes (for purposes of the foregoing, the “interest component” of Commercial Paper Notes equals the excess of the face amount thereof over the net proceeds received by such Conduit Purchaser from the issuance of Commercial Paper Notes, except that if such Commercial Paper Notes are issued on an interest-bearing basis its “interest component” will equal the amount of interest accruing on such Notes through maturity).
“Credit and Collection Policy” means the Servicer’s credit and collection policies, practices and procedures, relating to the Contracts and the Receivables, a copy of which is attached as Exhibit F hereto, as they may modified from time to time after the Closing Date in compliance with this Agreement.

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“CRR”  means Articles 404-410 of the Capital Requirements Regulation (EU) No. 575/2013, as amended, together with the rules and regulations thereunder.
“Cut-off Date” means the last day of each Settlement Period.
“Daily Remittance Amount” is defined in the Payment Direction in respect of the Omnibus Account. 
“Debt” means, with respect to any Person, (i) all obligations (whether secured or unsecured) of such Person for money borrowed and all other obligations (contingent or otherwise) of such Person with respect to surety bonds, letters of credit and bankers’ acceptances, whether or not matured, (ii) all obligations of such Person evidenced by notes, bonds, debentures, loan agreements, reimbursement agreements, or similar instruments (including senior, mezzanine and junior borrowings, (iii) all obligations of such Person created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property); (iv) all capital lease obligations of such Person, (v) all obligations in respect of derivative instruments to the extent required to be reflected as a liability on a balance sheet of such Person under GAAP, (vi) liabilities in respect of unfunded vested benefits under plans covered by Title VI of ERISA, (vii) all indebtedness referred to in clause (i), (ii), (iii) or (iv) above secured by (or for which the holder of such Debt has an existing right, contingent or otherwise, to be secured by) any Lien upon or in property (including accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such indebtedness, and (viii) all indebtedness of others referred to in clause (i), (ii), (iii), (iv), (v) or (vi) above Guaranteed by such Person or for which such Person has otherwise assumed responsibility on, before or after the date such indebtedness is incurred.
“Deemed Collections” is defined in Section 3.2(a).
“Defaulted Receivable” means a Receivable (a) as to which any payment, or part thereof or any payment or part of the related Service Charge Receivable, if any, remains unpaid for 90 days or more afterfrom the original due date hereoffor such payment (b) any ADT Entity or the Servicer has knowledge or notice that the Obligor thereof is subject to an Event of Bankruptcy and the related bankruptcy case, action, or proceeding has not been dismissed by the applicable court, and such Obligor’s obligations with respect to such Receivable have not been reaffirmed by such Obligor with the approval of the applicable court, or (c) which, consistent with the Credit and Collection Policy, is or should have been written off as uncollectible or defaulted.
“Defaulting Purchaser” means all of the Purchasers of a Purchaser Group, (a) that have failed, within two (2) Business Days of the date required to be funded or paid hereunder, to fund any portion of a Purchase hereunder that they have, in accordance with Section 1.2 agreed to fund, unless the Purchaser Agent for such Purchaser Group notifies the Administrative Agent in writing that such failure is the result of the good faith determination by such Purchaser Group that a condition precedent to funding (specifically identified and with supporting facts) has not been satisfied, (b) (i) if any Purchaser in such Purchaser Group has become the subject of an Event of Bankruptcy, or (ii) become the subject of a Bail-in Action.

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“Delinquency Ratio” means, with respect to any Settlement Period, a ratio (expressed as a percentage) calculated as (i) the sum of the Financed Unpaid Balances of all Delinquent Receivables that constitute Pool Receivables as of the Cut-off Date for such Settlement Period, divided by (ii) the aggregate Financed Unpaid Balance of Pool Receivables that constitute Eligible Receivables as of the Cut-off Date for such Settlement Period.
“Delinquent Receivable” means a Receivable that is not a Defaulted Receivable as to which any payment or part thereof, or any payment or part thereof of the related Service Charge Receivable, if any (other than any Service Charge Receivable related to a Defaulted Receivable), remains unpaid for more than 60 days from the original due date for such payment; provided, that once a Receivable has been written off as uncollectible it shall no longer be a Delinquent Receivable.
“Dilution” means, as of any date of determination, with respect to any Pool Receivable, the amount by which the Unpaid Balance of such Pool Receivable is either (a) reduced or canceled as a result of (i) any defective, rejected, or returned merchandise or services, any cash discount, or any failure by any ADT Entity to deliver any merchandise or services or otherwise perform under the underlying contract or invoice, (ii) any change in or cancellation of any of the terms of such contract or invoice or any other adjustment by ADT which reduces the amount payable by the Obligor on the related Receivable, or (iii) any setoff in respect of any claim by the Obligor thereof (whether such claim arises out of the same or a related transaction or an unrelated transaction), or (b) subject to any specific dispute, offset, counterclaim, or defense whatsoever between the Obligor and the Seller, ADT, the Servicer, or any Affiliate thereof, in each case, other than to the extent arising from the bankruptcy or insolvency of the related Obligor, or the financial or credit condition or financial default, of such related Obligor.
“Direct Deposit Obligor” means, as of any date of determination and with respect to any Receivable, an Obligor which has pursuant to the Contract authorized ADT to, from time to time, withdraw from the bank account of such Obligor and/or charge from the credit or debit card of such Obligor all amounts necessary to pay the Unpaid Balance of such Receivable when due and payable, to the extent such authorization has not been revoked or rescinded by such Obligor as of such date of determination.
“Early Opt-in Election” means the occurrence of:
		
	(i)
	a determination by the Administrative Agent that U.S. dollar-denominated syndicated or bilateral credit facilities at such time contain (as a result of amendment or as originally executed) as a benchmark interest rate, in lieu of the LIBO Rate, a new benchmark interest rate to replace the LIBO Rate, and

		
	(ii)
	the election by the Administrative Agent to declare that an Early Opt-in Election has occurred and the provision by the Administrative Agent of written notice of such election to each Purchaser Agent, the Servicer and the Seller.

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“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“Eligible Assignee” means (i) the Administrative Agent, any Purchaser Agent, any Purchaser, or any of their respective Affiliates that are financial institutions or banks, (ii) any Liquidity Provider, any Program Administrator, or any Enhancement Provider, (iii) any commercial paper conduit or similar entity that is managed by the Administrative Agent, any Purchaser or any Purchaser Agent or any of their respective Affiliates, (iv) any other financial or other institution that is acceptable to the Administrative Agent, and solely with respect to this clause (iv) so long as no Unmatured Event of Termination or Event of Termination has occurred and is continuing, with the consent of the Seller (such consent not to be unreasonably withheld, conditioned, or delayed), and (v) a collateral agent, trustee, or similar party which holds the assets of a Conduit Purchaser on behalf of the holders of the Commercial Paper Notes issued by such Conduit Purchaser.
“Eligible Bank” means a financial institution which has a senior short-term unsecured debt rating (or where such financial institution does not have such a rating, the senior short-term unsecured debt rating of the parent of such financial institution) from both Moody’s and S&P of at least P-1 and A-1 respectively or the long-term unsecured debt rating equivalent thereof which, for the avoidance of doubt, is a long-term unsecured debt rating of at least A3, in the case of Moody’s, and at least A-, in the case of S&P.
“Eligible Collateral Agent” means a bank or financial institution which has a long-term unsecured debt credit rating from Moody’s of at least “Baa1” or if such bank or financial institution is not rated by Moody’s, the equivalent rating from another nationally recognized statistical rating organization.
“Eligible Contract” means a Contract governed by the law of the United States of America or of any State thereof that contains an obligation to pay a specified sum of money and that has been duly authorized by each party thereto and that (i) does not require the Obligor thereunder to consent to any transfer, sale, or assignment thereof or of the related Receivable or any proceeds thereof, (ii) is not subject to a confidentiality provision or similar covenant of non-disclosure that would restrict the ability of the Administrative Agent, the Collateral Agent or any Purchaser to fully exercise or enforce its rights under the Transaction Documents (including any rights thereunder assigned or originated to them hereunder), (iii) remains in full force and effect, (iv) provides for a total Original Term of up to 60 months, (v) the first installment in respect of which is required to 

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be paid by the related Obligor upon completion of the installation of the Equipment which is the subject matter of such Contract, (vi) is substantially in the form of Exhibit E heretoE-1, Exhibit E-2, or Exhibit E-3 hereto, as applicable based on the date of origination of such Contract, or which is in such other form approved in writing by the Administrative Agent and, except to the extent resulting from the Conditional Service Guaranty, is not subject to any amendment, supplement or other modification as a result of any promotional activity, advertising or other statement or warranty (including on any ADT Entity's website, except for such amendment, supplement or modification permitted under Section 7.3(b)), and (vii) is not assignable by the related Obligor without the consent of ADT.
“Eligible Receivable” means, as of any date of determination, a Receivable:
(a)    (I) WHICH REPRESENTS ALL OR PART OF THE SALES PRICE OF THE EQUIPMENT AND THE INSTALLATION COST OF SUCH EQUIPMENT (OR IN RESPECT OF AN ELIGIBLE CONTRACT IN THE FORM OF EXHIBIT E-3, THE INSTALLATION COST OF SUCH EQUIPMENT), SOLD AND PROVIDED BY ADT IN THE ORDINARY COURSE OF ITS BUSINESS AND WHICH RECEIVABLE HAS BEEN SOLD OR CONTRIBUTED TO THE SELLER PURSUANT TO THE SALE AGREEMENT, AND (II) WHICH IS NOT OWED TO ADT OR THE SELLER AS A BAILEE OR CONSIGNEE FOR ANOTHER PERSON;
(b)    WHICH CONSTITUTES CHATTEL PAPER, AN “ACCOUNT” (AS DEFINED IN SECTION 9-102(A) OF THE UCC) OR A “PAYMENT INTANGIBLE” (AS DEFINED IN SECTION 9-102(A) OF THE UCC);
(c)    WHICH IS NOT A SERVICE CHARGE RECEIVABLE;
(d)    WHICH IS NOT A DEFAULTED RECEIVABLE;
(e)    WITH REGARD TO WHICH THE REPRESENTATIONS OF THE SELLER IN RESPECT OF SUCH RECEIVABLE ARE TRUE AND CORRECT;
(f)    THE SALE OR CONTRIBUTION OF WHICH PURSUANT TO THE SALE AGREEMENT AND THIS AGREEMENT DOES NOT VIOLATE OR CONTRAVENE ANY LAW OR THE RELATED CONTRACT;
(g)    WHICH IS DENOMINATED AND PAYABLE ONLY IN U.S. DOLLARS IN THE UNITED STATES;
(h)    THE OBLIGOR OF WHICH, AS OF THE DATE OF PURCHASE IS A DIRECT DEPOSIT OBLIGOR WITH RESPECT TO SUCH RECEIVABLE AND HAS BEEN INSTRUCTED BY ADT THAT TO THE EXTENT THAT ITS PAYMENTS WILL NOT BE MADE THROUGH THE WITHDRAWAL FROM ITS BANK ACCOUNT AND/OR THE CHARGE OF ITS CREDIT OR DEBIT CARD, SUCH PAYMENTS SHALL BE MADE TO A LOCK-BOX RELATING TO A LOCK-BOX ACCOUNT THAT IS SUBJECT 

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TO A PAYMENT DIRECTION IN THE FORM OF EXHIBIT G-1 HERETO OR A CONTROL AGREEMENT;
(i)    THE OBLIGOR OF WHICH IS DOMICILED OR ORGANIZED IN THE UNITED STATES OF AMERICA (BUT EXCLUDING A RECEIVABLE THE OBLIGOR OF WHICH IS DOMICILED OR ORGANIZED IN THE COMMONWEALTH OF PUERTO RICO OR THE VIRGIN ISLANDS OF THE UNITED STATES) AND WITH RESPECT TO WHICH ADT HAS A BILLING ADDRESS FOR SUCH OBLIGOR IN THE UNITED STATES;
(j)    WHICH ARISES UNDER AN ELIGIBLE CONTRACT THAT, TOGETHER WITH SUCH RECEIVABLE, (I) IS IN FULL FORCE AND EFFECT AND CONSTITUTES THE LEGAL, VALID, AND BINDING OBLIGATION OF THE RELATED OBLIGOR TO PAY THE FULL UNPAID BALANCE OF SUCH RECEIVABLE, ENFORCEABLE AGAINST SUCH OBLIGOR IN ACCORDANCE WITH ITS TERMS, EXCEPT AS SUCH ENFORCEMENT MAY BE LIMITED BY APPLICABLE BANKRUPTCY, INSOLVENCY, REORGANIZATION, OR SIMILAR LAWS RELATING TO AND LIMITING CREDITORS’ RIGHTS GENERALLY AND BY GENERAL PRINCIPLES OF EQUITY (REGARDLESS OF WHETHER ENFORCEMENT IS SOUGHT IN A PROCEEDING IN EQUITY OR IN LAW), (II) AS OF THE DATE OF ITS PURCHASE, IS NOT SUBJECT TO ANY DISPUTE, OFFSET, NETTING, LITIGATION, COUNTERCLAIM, OR DEFENSE WHATSOEVER (INCLUDING DEFENSES ARISING OUT OF VIOLATIONS OF USURY LAWS) (OTHER THAN POTENTIAL DISCHARGE IN A BANKRUPTCY OF THE RELATED OBLIGOR) OR OTHER EVENT OR CIRCUMSTANCE THAT WOULD GIVE RISE TO A DEEMED COLLECTION, AND (III) IS NOT SUBJECT TO ANY ADVERSE CLAIM;
(k)    THAT TOGETHER WITH THE CONTRACT RELATED THERETO, DOES NOT CONTRAVENE ANY LAW APPLICABLE THERETO (INCLUDING LAWS RELATING TO USURY, CONSUMER PROTECTION, TRUTH IN LENDING, FAIR CREDIT BILLING, FAIR CREDIT REPORTING, EQUAL CREDIT OPPORTUNITY, FAIR DEBT COLLECTION PRACTICES, AND PRIVACY) IN ANY RESPECT, WITH RESPECT TO WHICH THE ORIGINATION THEREOF DID NOT VIOLATE ANY SUCH LAW IN ANY SUCH RESPECT AND WITH RESPECT TO WHICH NO PARTY TO THE CONTRACT RELATED THERETO IS IN VIOLATION OF ANY LAW;
(l)    WHICH (I) WAS ORIGINATED BY ADT IN THE ORDINARY COURSE OF ITS BUSINESS, (II) SATISFIES THE REQUIREMENTS OF THE CREDIT AND COLLECTION POLICY, AND (III) HAS BEEN ACQUIRED BY THE SELLER FROM ADT PURSUANT TO AND IN ACCORDANCE WITH THE TERMS OF THE SALE AGREEMENT;
(m)    THE OBLIGOR OF WHICH IS NOT, ANY ADT ENTITY OR AN AFFILIATE OF ANY ADT ENTITY;
(n)    THE OBLIGOR OF WHICH IS NOT A SANCTIONED PERSON;

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(o)    THE OBLIGOR OF WHICH IS REQUIRED TO MAKE PAYMENTS NO LESS FREQUENTLY THAN MONTHLY UNDER THE RELATED CONTRACT;
(p)    WHICH REPRESENTS THE SALES PRICE OF GOODS OR SERVICES WITHIN THE MEANING OF SECTION 3(C)(5) OF THE INVESTMENT COMPANY ACT;
(q)    THE OBLIGOR OF WHICH (I) IS A RESIDENTIAL CUSTOMER OF ADT IN GOOD STANDING AND LISTED IN THE RECORDS OF ADT AS HAVING AN “ACTIVE STATUS”, (II) EITHER (X) HAS NOT BEEN THE OBLIGOR UNDER A DELINQUENT RECEIVABLE DURING THE TWELVE (12) MONTHS IMMEDIATELY PRECEDING THE DATE OF PURCHASE, OR (Y) HAS A MINIMUM TELCO98 SCORE OF 625 AND AN ADT CREDIT SCORE OF “A”, “B” OR “C”, (III) IS NOT AN OBLIGOR IN RESPECT OF ANY DEFAULTED RECEIVABLE, AND (IV) IS NOT SUBJECT TO CANCELLATION OR DISCONNECTION IN RESPECT OF ADT’S MONITORING SERVICES IN ACCORDANCE WITH THE CREDIT AND COLLECTION POLICY, THE TERMS OF THE CONTRACT OR OTHERWISE;
(r)    WHICH DOES NOT CONSTITUTE A DELINQUENT RECEIVABLE;
(s)    WHICH RELATES TO EQUIPMENT WHICH IS DESIGNATED ON THE RECORDS OF ADT AND IN ACCORDANCE WITH THE CREDIT AND COLLECTION POLICY AS A PRODUCT TYPE “TIER 1”, “TIER 2”, “TIER 3” OR “BURGLAR ALARM” FOR THE PURPOSE OF INSTALLING HOME SECURITY MONITORING EQUIPMENT SYSTEMS FOR A SINGLE SITE;
(t)    WHICH IS NON-EXECUTORY AND HAS BEEN FULLY EARNED BY PERFORMANCE ON THE PART OF ADT;
(u)    IN RESPECT OF WHICH NO FURTHER ACTION IS REQUIRED TO BE PERFORMED BY ADT OR ANY OTHER PERSON WITH RESPECT THERETO PURSUANT TO THE TERMS OF THE CONTRACT, ANY PROMOTIONAL ACTIVITY, ADVERTISING OR ANY OTHER STATEMENT OR WARRANTY OR OTHERWISE (SUBJECT, TO THE EXTENT APPLICABLE WITH RESPECT TO ANY RECEIVABLE, ONLY TO THE CONDITIONAL SERVICE GUARANTY), OTHER THAN PAYMENT THEREON BY THE APPLICABLE OBLIGOR;
(v)    IN RESPECT OF WHICH THE PAYMENT OF THE UNPAID BALANCE THEREOF BY THE RELATED OBLIGOR IS NOT CONTINGENT UPON SUCH OBLIGOR RECEIVING MONITORING SERVICES AND THE TERMINATION OF THE MONITORING SERVICES PROVIDED BY ADT TO THE RELATED OBLIGOR WILL NOT AFFECT THE OBLIGATION OF SUCH OBLIGOR TO PAY THE FULL UNPAID BALANCE OF SUCH RECEIVABLE OR OTHERWISE AFFECT THE RIGHTS OF ADT, THE SELLER OR THE COLLATERAL AGENT UNDER THE RELATED CONTRACT IN RESPECT OF SUCH RECEIVABLE;

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(w)    THE OBLIGOR OF WHICH IS NOT A GOVERNMENTAL AUTHORITY AND IS A RESIDENTIAL CUSTOMER;
(x)    THE RELATED CONTRACT IN RESPECT OF WHICH CANNOT BE CANCELLED OR TERMINATED UNLESS THE RELATED OBLIGOR PAYS THE FULL UNPAID BALANCE OF SUCH RECEIVABLE;
(y)    WHICH HAS BEEN OUTSTANDING BEYOND THE APPLICABLE COOLING OFF PERIOD OR, EXCEPT TO THE EXTENT PROVIDED BY THE CONDITIONAL SERVICE GUARANTY, ANY OTHER PERIOD PRIOR TO WHICH SUCH RECEIVABLE CAN BE CANCELLED OR TERMINATED IN ANY MANNER, WHICH WOULD EXCUSE THE RELATED OBLIGOR OF ITS OBLIGATION TO PAY ALL OR ANY PORTION OF THE UNPAID BALANCE THEREOF, AND WITH RESPECT TO WHICH THE FIRST INSTALLMENT PAYMENT THEREOF HAS BEEN PAID BY THE RELATED OBLIGOR AND COLLECTED AND APPLIED BY THE SERVICER;
(z)    THE UNPAID BALANCE OF WHICH IS NOT, AS OF THE DATE OF PURCHASE, SUBJECT TO REDUCTION, CANCELLATION, SETOFF, OFFSET, SPECIAL REFUNDS, OR CREDITS FOR ANY REASON, INCLUDING WITHOUT LIMITATION AS A RESULT OF DEFECTIVE OR REJECTED EQUIPMENT OR OTHER GOODS;
(a)    IN RESPECT OF WHICH ALL SALES TAXES TO BE PAID IN CONNECTION WITH THE RELATED EQUIPMENT AND INSTALLATION THEREOF HAVE BEEN FULLY PAID BY ADT, OR IF NOT DUE AND PAYABLE AS OF THE PURCHASE DATE IN RESPECT OF SUCH RECEIVABLE, HAS BEEN FULLY PAID BY THE DUE DATE THEREOF (EXCEPT FOR ANY SUCH SALES TAXES THAT ARE BEING APPROPRIATELY CONTESTED IN GOOD FAITH BY APPROPRIATE PROCEEDINGS AND WITH RESPECT TO WHICH ADEQUATE RESERVES IN CONFORMITY WITH GAAP HAVE BEEN PROVIDED);
(b)    THE FINANCED UNPAID BALANCE OF WHICH DOES NOT EXCEED $5,000; 
(c)    WITHOUT LIMITING ANY OF THE FOREGOING, NO PORTION OF WHICH (I) IS SUBJECT TO ANY LIEN IN FAVOR OF ANY GOVERNMENTAL AUTHORITY, OR (II) RESULTS IN (OR, IN THE CASE OF NON-PAYMENT OF ANY SUCH GOVERNMENTAL FEE, SURCHARGE, OR TAX BY ANY PERSON, WOULD RESULT IN) ANY ADVERSE CLAIM ON SUCH RECEIVABLE OR ANY PROCEEDS THEREOF IN FAVOR OF ANY GOVERNMENTAL AUTHORITY (OTHER THAN, FOR THE AVOIDANCE OF DOUBT, ADVERSE CLAIMS THAT MAY BE IMPOSED BY ANY GOVERNMENTAL AUTHORITY FROM TIME TO TIME ON THE ASSETS OF ADT GENERALLY (OR ANY PERSON TREATED AS THE SAME PERSON AS ADT FOR TAX PURPOSES) IN RESPECT OF ANY GOVERNMENTAL FEES, 

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SURCHARGES OR TAXES THAT WILL BE PAID OR CONTESTED IN COMPLIANCE WITH SECTION 7.1(P) AND SECTION 7.4(L));
(d)    WHICH AS OF THE DATE OF PURCHASE, HAS NOT BEEN COMPROMISED, ADJUSTED OR MODIFIED (INCLUDING BY THE EXTENSION OF TIME FOR PAYMENT OR THE GRANTING OF ANY DISCOUNTS, ALLOWANCES, OR CREDIT), INCLUDING AS A RESULT OF ANY PROMOTIONAL ACTIVITY, ADVERTISING OR OTHER STATEMENT OR WARRANTY (INCLUDING ON ANY ADT ENTITY’S WEBSITE), OTHER THAN THE CONDITIONAL SERVICE GUARANTY; 
(e)    IF ANY DEEMED COLLECTION ARISES IN RESPECT OF SUCH RECEIVABLE, THE SELLER IS NOT IN DEFAULT OF ITS OBLIGATION TO PAY THE FULL AMOUNT OF SUCH DEEMED COLLECTION IN ACCORDANCE WITH SECTION 3.2;
(f)    THE OBLIGOR OF WHICH IS RECEIVING MONITORING SERVICES PROVIDED BY ADT COMMENSURATE WITH THE RELATED CONTRACT, EXCEPT PURSUANT TO A VOLUNTARY TERMINATION OF SUCH MONITORING SERVICES BY SUCH OBLIGOR AFTER THE PURCHASE DATE OF SUCH RECEIVABLE; 
(g)    THE UNPAID BALANCE OF WHICH IS PAYABLE BY THE RELATED OBLIGOR IN UP TO 60 EQUAL MONTHLY INSTALLMENTS UNDER THE RELATED CONTRACT; AND
(h)    WHICH IS NOT A WARRANTY RECEIVABLE.
“Enhancement Agreement” means any agreement between a Conduit Purchaser and any other Person(s), entered into to provide (directly or indirectly) credit enhancement to such Conduit Purchaser’s commercial paper facility.
“Enhancement Provider” means any Person providing credit support to a Conduit Purchaser under an Enhancement Agreement, including pursuant to an unfunded commitment, or any similar entity with respect to any permitted assignee of such Conduit Purchaser.
“Equipment” means in respect of a Contract, all alarm system and monitoring equipment installed by ADT pursuant to such Contract.
“ERISA” means the U.S. Employee Retirement Income Security Act of 1974.
“ERISA Affiliate” means, with respect to any Person, any trade or business (whether or not incorporated) that, together with such Person, is treated as a single employer under Section 414(b), or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414(m) or (o) of the Code.

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“ERISA Event” means (a) any “reportable event”, as defined in Section 4043(c)(1), (6) or (10) of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period referred to in Section 4043(a) is waived), (b) any failure by any Plan to satisfy the minimum funding standards (within the meaning of Sections 412 or 430 of the Code or Section 302 of ERISA) applicable to such Plan, whether or not waived, (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan, (d) the incurrence by any ADT Entity, or any ERISA Affiliate thereof of any liability under Title IV of ERISA with respect to the termination of any Plan, (e) the receipt by any ADT Entity, or any ERISA Affiliate thereof from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan under Section 4042 of ERISA, (f) the incurrence by any ADT Entity, or any ERISA Affiliate thereof of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan, or (g) the receipt by any ADT Entity, or any ERISA Affiliate thereof of any notice, or the receipt by any Multiemployer Plan from ADT, the Servicer, the Parent, the Seller, or any ERISA Affiliate thereof 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 Section 4245 of ERISA, or is in reorganization within the meaning of Section 4241 of ERISA, or in endangered or critical status (within the meaning of Section 432 of the Code or Section 305 or Title IV of ERISA).
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.
“EU Retention Effective Date” means the first date upon which a Purchaser notifies ADT and the Seller that the transaction contemplated by this Agreement must comply with the EU Securitization Rules.
“EU Securitization Rules” means the Securitization Regulation, together with any relevant regulatory and/or implementing technical standards adopted by the European Commission in relation thereto, any relevant regulatory and/or implementing technical standards applicable in relation thereto pursuant to any transitional arrangements made pursuant to the Securitization Regulation, and, in each case, any relevant guidance (having a binding effect or with which European Union institutions or competent authorities of European Union member states are accustomed to comply) published by the European Banking Authority, the European Securities and Markets Authority (or, in either case, any predecessor or successor authority) or by the European Commission.
“Event of Bankruptcy” shall be deemed to have occurred with respect to a Person if either:  (a) (i) a case or other proceeding shall be commenced, without the application or consent of such Person, in any court, seeking the liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator (or other similar official) for such Person or all or substantially all of its assets, or any similar action with respect to such Person under any Law relating to bankruptcy, insolvency, reorganization, winding up, or composition or adjustment of debts, and such case or proceeding shall continue unstayed or undismissed for a period of sixty (60) consecutive 

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days (or, for purposes of Section 10.1(c), if such case or proceeding is in respect of the Seller, zero (0) days); or (ii) an order for relief in respect of such Person shall be entered in an involuntary case under federal bankruptcy laws or other similar Laws now or hereafter in effect; or
(b)    such Person (i) shall commence a voluntary case or other proceeding under any applicable bankruptcy, insolvency, reorganization, debt arrangement, dissolution, or other similar Law now or hereafter in effect, (ii) shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for, such Person or for any substantial part of its property, or (iii) shall make any general assignment for the benefit of creditors, or shall fail to, or admit in writing its inability to, pay its debts generally as they become due, or, if a corporation or similar entity, its board of directors (or any board or Person holding similar rights to control the activities of such Person) shall vote to implement any of the foregoing.
“Event of Termination” is defined in Section 10.1.
“Excess ADT Credit Score B Concentration Amount” means, as of any date of determination, the amount, if any, by which (a) the aggregate Financed Unpaid Balances of all Eligible Receivables in the Receivable Pool related to Obligors with an ADT Credit Score of “B”, as of such date of determination, exceeds (b) 30.00% of the aggregate Financed Unpaid Balances of all Eligible Receivables in the Receivable Pool, as of such date of determination.
“Excess ADT Credit Score B, C, Q, W, Z and Null Concentration Amount” means, as of any date of determination, the amount, if any, by which (a) the aggregate Financed Unpaid Balances of all Eligible Receivables in the Receivable Pool related to Obligors with an ADT Credit Score of “B”, “C”, “Q”, “W”, “Z” and “Null” as of such date of determination, exceeds (b) 50.00% of the aggregate Financed Unpaid Balances of all Eligible Receivables in the Receivable Pool, as of such date of determination.
“Excess ADT Credit Score C Concentration Amount” means, as of any date of determination, the amount, if any, by which (a) the aggregate Financed Unpaid Balances of all Eligible Receivables in the Receivable Pool related to Obligors with an ADT Credit Score of “C”, as of such date of determination, exceeds (b) 15.00% of the aggregate Financed Unpaid Balances of all Eligible Receivables in the Receivable Pool, as of such date of determination.
“Excess ADT Credit Score C, Q, W, Z and Null Concentration Amount” means, as of any date of determination, the amount, if any, by which (a) the aggregate Financed Unpaid Balances of all Eligible Receivables in the Receivable Pool related to Obligors with an ADT Credit Score of “C”, “Q”, “W”, “Z” and “Null” as of such date of determination, exceeds (b) 35.00% of the aggregate Financed Unpaid Balances of all Eligible Receivables in the Receivable Pool, as of such date of determination.
“Excess Concentration Amount” means, as of any date of determination, the sum, as calculated without duplication for any Eligible Receivable that falls into more than one of the following, of (a) the Excess Single State Unpaid Balance Concentration Amount, as determined as of the last day of the most recently ended Settlement Period, (b) the Excess Third State Obligor 

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Concentration Amount, as determined as of the last day of the most recently ended Settlement Period, (c) the Excess Second Largest State Obligor Concentration Amount, as determined as of the last day of the most recently ended Settlement Period, (d) the Excess Largest State Obligor Concentration Amount, as determined as of the last day of the most recently ended Settlement Period, (e) the Excess ADT B Credit Score Concentration Amount, as determined as of the last day of the most recently ended Settlement Period, (f) the Excess ADT C Credit Score Concentration Amount, as determined as of the last day of the most recently ended Settlement Period, (g) the Excess Q, W, Z and Null ADT Credit Score Concentration Amount, as determined as of the last day of the most recently ended Settlement Period, (h) the Excess ADT B, C, Q, W, Z and Null Credit Score Concentration Amount, as determined as of the last day of the most recently ended Settlement Period, and (i) the Excess ADT C, Q, W, Z and Null Credit Score Concentration Amount, as determined as of the last day of the most recently ended Settlement Period; provided, that if such date of determination occurs in any month upon and after the completion of application of Collections in accordance with Section 3.1(d) with respect to any Settlement Date occurring in such month, each of the amounts calculated above shall also include the Eligible Receivables (if any) purchased on such Settlement Date.  In order to avoid duplication in calculating the Excess Concentration Amount, each component of the Excess Concentration Amount shall be determined in the order set forth above, and the aggregate Financed Unpaid Balances of any Eligible Receivables that are included in the Excess Concentration Amount in any prior step shall be deemed not to constitute Eligible Receivables in the numerator of any otherwise applicable subsequent step.
“Excess Largest State Obligor Concentration Amount” means as of any date of determination, the amount, if any, by which (a) the aggregate Financed Unpaid Balances of all Eligible Receivables in the Receivable Pool which relate to Obligors with Billing Addresses in the Largest State, as of such date of determination, exceeds (b) 20.00% of the aggregate Financed Unpaid Balances of all Eligible Receivables in the Receivable Pool, as of such date of determination.
“Excess Second Largest State Obligor Concentration Amount” means, as of any date of determination, the amount, if any, by which (a) the aggregate Financed Unpaid Balances of all Eligible Receivables in the Receivable Pool which relate to Obligors with Billing Addresses in the Second Largest State, as of such date of determination, exceeds (b) 20.00% of the aggregate Financed Unpaid Balances of all Eligible Receivables in the Receivable Pool, as of such date of determination.
“Excess Single State Unpaid Balance Concentration Amount” means, as of any date of determination, the amount, if any, by which (a) the aggregate Financed Unpaid Balances of all Eligible Receivables in the Receivable Pool which relate to an Obligor with a Billing Address in any single State (or commonwealth) in the United States, as of such date of determination, other than the Obligors in the Largest State, the Second Largest State or the Third Largest State, exceeds (b) 10.00% of the aggregate Financed Unpaid Balances of all Eligible Receivables in the Receivable Pool, as of such date of determination.
“Excess Third Largest State Obligor Concentration Amount” means, as of any date of determination, the amount, if any by which (a) the aggregate Financed Unpaid Balances of all Eligible Receivables in the Receivable Pool which relate to Obligors with Billing Addresses in the 

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Third Largest State, as of such date of determination, exceeds (b) 20.00% of the aggregate Financed Unpaid Balances of all Eligible Receivables in the Receivable Pool, as of such date of determination.
“Excess Q, W, Z and Null ADT Credit Score Concentration Amount” means, as of any date of determination, the amount, if any, by which (a) the aggregate Financed Unpaid Balances of all Eligible Receivables in the Receivable Pool related to Obligors with an ADT Credit Score of “Q”, “W”, “Z” and “Null”, as of such date of determination, exceeds (b) 20.00% of the aggregate Financed Unpaid Balances of all Eligible Receivables in the Receivable Pool, as of such date of determination.
“Excluded Taxes” means (i) any Taxes based upon, or measured by, any Affected Party’s net income, net receipts, net profits, net worth or capital (including franchise or similar Taxes imposed in lieu of such Taxes), but only to the extent such Taxes are imposed by a taxing authority (a) in a jurisdiction (or political subdivision thereof) in which such Affected Party has its principal office or under the laws of which such Affected Party is organized or incorporated, (b) in a jurisdiction (or political subdivision thereof) in which such Affected Party does business, or (c) in a jurisdiction (or political subdivision thereof) in which such Affected Party maintains a lending office (or branch), (ii) any franchise Taxes, branch Taxes or branch profits Taxes imposed by the United States, or any similar Taxes imposed by any jurisdiction (or political subdivision thereof) described in clause (i) or in which any of the Seller, ADT or the Servicer is located, (iii) with regard to any Affected Party, any withholding Tax to the extent it is (a) imposed on amounts payable to such Affected Party because such Affected Party designates a new lending office, except to the extent that such Affected Party was entitled, at the time of designation of a new lending office, to receive amounts in respect of such Taxes from any of the Seller, ADT or the Servicer, as applicable, pursuant to Section 3.3, (b) attributable to such Affected Party’s failure to comply with Section 3.3(e)(v), or (c) imposed on amounts payable to such Affected Party with respect to an applicable interest in Pool Receivables or Related Assets pursuant to a law in effect on the date on which such Affected Party acquires such interest, except to the extent that, in the case of an assignment to such Affected Party, such Affected Party’s assignor was entitled, immediately before the time of such assignment, to receive amounts in respect of such Taxes from the Seller, ADT or the Servicer, as applicable, pursuant to Section 3.3, (iv) any Tax that is found in a final, non-appealable judgment by a court of competent jurisdiction to have been imposed solely as a result of any Affected Party’s gross negligence or willful misconduct, and (v) any FATCA Withholding Tax.  For the avoidance of doubt, Excluded Taxes shall include any backup withholding in respect of income or branch profits under Section 3406 of the Code or any similar provision of state, local or foreign law.
“Exiting Purchaser” is defined in Section 3.5.
“Extension Request” is defined in Section 3.5.
“FATCA” means Sections 1471 through 1474 of the Code and the current or future U.S. Treasury Regulations issued thereunder, as the same may be amended, modified, or supplemented from time to time (so long as any future, amended, modified, supplemented, or successor version is substantively comparable and not materially more onerous to comply with), corresponding provisions of successor Law, official interpretations thereof, and any agreements entered into pursuant to Section 1471(b) of the Code and any published intergovernmental agreements entered 

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into in connection with the implementation of such Sections of the Code and any fiscal or regulatory legislation, rules, or practices adopted pursuant to any such intergovernmental agreement.
“FATCA Withholding Tax” means any withholding Tax imposed under FATCA.
“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum, determined by the Administrative Agent, equal (for each day during such period) to:
(a)    the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York; or
(b)    if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the applicable Liquidity Provider or Purchaser Agent from three federal funds brokers of recognized standing selected by it.
“Federal Reserve Bank” means the Board of Governors of the Federal Reserve System, or any successor thereto or to the functions thereof.
“Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.
“Fee Letters” means any fee letter among any of the Seller or ADT, on the one hand, and the Administrative Agent, the Collateral Agent, or the Purchaser Agents, on the other hand, setting out the fees and expenses payable in connection with this Agreement or other Transaction Documents.
“Fees” means all fees payable by the Seller pursuant to any Fee Letter, including the Funded Fee.
“Final Payout Date” means the date following the Purchase Termination Date on which Purchasers’ Pool Investment shall have been reduced to zero and all other amounts then accrued or payable to any of the Affected Parties under the Transaction Documents shall have been paid in full in cash.
“Financed Unpaid Balance” means, as of any time of determination with respect to a Pool Receivable, the sum of all remaining unpaid monthly installment payments (up to a maximum of the next 36 such monthly installment payments in the case of a Pool Receivable with a Product Type “Burglar Alarm” or in respect of which no credit check was performed in connection with its origination), owed by the related Obligor in respect of such Pool Receivable as of such time of determination.
“Funded Fee” is defined in the Fee Letter.
“Funded Fee Percentage” is defined in the Fee Letter.

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“GAAP” means generally accepted accounting principles in the United States of America as 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, regional 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).
“Guarantee” by any Person means any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Debt or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other obligation (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise), or (ii) entered into for the purpose of assuring in any other manner the obligee of such Debt or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business or customary and reasonable indemnity obligations incurred in the ordinary course of business.  The term “Guarantee” used as a verb has a corresponding meaning.
“Hedge Rate” means, for any date of determination, the sum of (i) the Weighted Average Swap Rate,  (ii) 2.0%, (iii) the Funded Fee Percentage, and (iv) the Servicing Fee Rate.
 “Indemnified Amounts” is defined in Section 12.1(a).
“Indemnified Party” is defined in Section 12.1(a).
“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made or deemed made by or on account of any obligation of the Seller (or the Servicer on behalf of the Seller) under any Transaction Document, and (b) Other Taxes.
“Independent Manager” means a natural person who (I) is not at the time of initial appointment, or at any time while serving as Independent Manager of the Seller, and has not been at any time during the preceding five (5) years:  (a) a member, partner, equityholder, manager, director, officer or employee of ADT or the Parent, or any of their respective Affiliates (other than as special member, independent director, independent manager, or similar capacity, of the Seller or any Affiliate of the Seller that is a securitization vehicle or is similarly structured to be a special purpose bankruptcy remote entity); (b) a creditor, supplier, service provider (including a provider of professional services) or any other Person who derives any material portion of its revenues from its activities with the Seller, the Parent, or ADT or any of their respective Affiliates (other than as a provider of corporate services in the ordinary course of business or as special member, independent director, independent manager, or similar capacity, of the Seller or any Affiliate of the Seller that is a securitization vehicle or is similarly structured to be a special purpose bankruptcy remote entity); 

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or (c) a member of the immediate family of any such disqualified Person described in clauses (a) or (b) above and (II) (1) has prior experience as a special member, independent director, independent manager or similar capacity for an entity that is a securitization vehicle or is similarly structured to be a special purpose bankruptcy remote entity whose Constituent Documents required the unanimous consent of all independent managers before such entity 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 (2) has 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, including, without limitation, Citadel SPV (USA) LLC, Corporation Service Company, CT Corporation, Lord Securities Corporation, Wilmington Trust, National Association or Wilmington Trust SP Services, Inc.
“Information” is defined in Section 13.8(e).
“Information Package” is defined in Section 3.1(a).
“Initial Syndication” means the first assignment by Mizuho, as the initial Purchaser, of all or any portion of its interest under this Agreement to any (i) any Conduit Purchaser or (ii) any Person other than its own Affiliates.
“Investment” means as of any date of determination, with respect to any Purchaser, the aggregate of all Cash Purchase Price paid to, or for the account of, the Seller in connection with all Purchases allocated to such Purchaser pursuant to Section 1.2, as reduced from time to time by Collections distributed to such Purchaser (or to its Purchaser Agent for such Purchaser’s account) and applied on account of such Purchaser’s Investment pursuant to Sections 3.1(d); provided, that if such Purchaser’s Investment shall have been reduced by any distribution and thereafter all or a portion of such distribution is rescinded or must otherwise be returned for any reason, such Purchaser’s Investment in respect of such Receivable Pool shall be increased by the amount of such rescinded or returned distribution as though it had not been made.
“Investment Company Act” means the Investment Company Act of 1940.
“Joinder” is defined in Section 13.3(d).
“Largest State” means, as of any date of determination, the state (or commonwealth) in the United States, in respect of which the largest amount of aggregate Financed Unpaid Balances of Eligible Receivables in the Receivable Pool in respect of Obligors with Billing Addresses in such state (or commonwealth) relate.
“Law” means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, order, injunction, writ, decree, judgment, award, or similar item of or by a Governmental Authority or any interpretation, implementation or application thereof.
“Legal Final” means the earliest of (a) the Acceleration Date, and (b) the date which is 60 months after the Purchase Termination Date.

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“Level 1 Ratings Trigger” means a condition that is in effect at any time when ADT Inc.: (i) has a long-term “corporate family rating” of “B3” or less by Moody’s and a long-term “issuer rating” of “B-” or less by S&P, (ii) has a long-term “corporate family rating” of “B1” with negative outlook or “B2” or less by Moody’s and a long-term “issuer rating” of less than “B-” or “B-” with negative outlook by S&P, (iii) has a long-term “corporate family rating” of less than “B3” or “B3” with negative outlook by Moody’s and a long-term “issuer rating” of “B+” with negative outlook or “B” or less by S&P, (iv) has a long-term “corporate family rating” of “Caa1” or less by Moody’s, (v) has a long-term “issuer rating” of “CCC+” or less by S&P, or (vi) is not rated by either S&P or Moody’s.
“LIBO Rate” means for any Yield Period, the rate per annum equal to the greater of (i) 0.00% and (ii) (a) the interest rate per annum designated as the LIBO Rate by the applicable Purchaser Agent for a period of time comparable to such Yield Period that appears on the Reuters Screen LIBO Page (or on any successor or substitute page of such service providing rate quotations comparable to those currently provided on such page of such service, as determined by such Purchaser Agent from time to time) for purposes of providing quotations of the London interbank offered rate or, if for any reason such rate is not available, the rate determined by the applicable Purchaser Agent from another recognized source or interbank quotation for deposits in U.S. dollars as of 11:00 a.m. (London, England time) with respect to such Purchaser Agent or related Purchaser on the second Business Day preceding the first day of such Yield Period or (b) if a rate cannot be determined under the foregoing clause, an annual rate equal to the average (rounded upwards if necessary to the nearest 1/100th of 1%) of the rates per annum at which deposits in U.S. Dollars with a duration comparable to such Yield Period in a principal amount substantially equal to the principal amount of the applicable Rate Tranche are offered to the principal London office of the applicable Purchaser Agent (or its related Purchaser) by three London banks, selected by the Administrative Agent in good faith, at about 11:00 a.m. London time on the second Business Day preceding the first day of such Yield Period.
“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), preference, priority, or other security agreement or preferential arrangement of any kind or nature whatsoever, including any conditional sale or other title retention agreement and any financing lease having substantially the same economic effect as any of the foregoing.
“Liquidation Fee” means, as of any date of determination, for each Rate Tranche (or portion thereof), the amount, if any (without duplication of any amounts payable pursuant to Section 4.3), by which:
(a)    the additional Yield which would have accrued on the reductions of such Purchaser’s Tranche Investment on any day which is not a Settlement Date determined in accordance with clause (a) of the definition of Settlement Date with respect to such Rate Tranche during such if such reductions had not been made until the Settlement Date determined in accordance with clause (a) of the definition of Settlement Date exceeds,
(b)    the income, if any, received for such day during such Settlement Period by the affected Purchaser from investing the proceeds of such reductions of such Purchaser’s Tranche Investment.

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“Liquidity Advance” means a loan, advance, purchase, or other similar action made by a Liquidity Provider pursuant to a Liquidity Agreement.
“Liquidity Agreement” means any agreement entered into, directly or indirectly, in connection with or related to, this Agreement pursuant to which a Liquidity Provider agrees to make loans or advances to, or purchase assets from, a Conduit Purchaser (directly or indirectly) in order to provide liquidity or other enhancement for such Conduit Purchaser’s Commercial Paper Notes or other senior indebtedness.
“Liquidity Provider” means any lender, credit enhancer, or liquidity provider that is at any time party to a Liquidity Agreement or any successor or assign of such lender, credit enhancer, or liquidity provider or any similar entity with respect to any permitted assignee of a Conduit Purchaser.
“Lock-box” means a post office box maintained by a Lock-box Bank relating to a Lock-box Account.
“Lock-box Accounts” means each of the accounts (and any related Lock-box) specified in Schedule V (or such as have been notified to and approved by the Collateral Agent and the Administrative Agent in accordance with Section 7.3(d)) maintained at a Lock-box Bank in the name of the Seller.
“Lock-box Bank” means any of the banks party to a Lock-box agreement.
“Loss Ratio” means, with respect to any Settlement Period, a ratio (expressed as a percentage) calculated as (i) the sum of the Financed Unpaid Balances of all Defaulted Receivables (other than any Defaulted Receivables that have been written off) that constitute Pool Receivables as of the Cut-off Date for such Settlement Period, plus, without duplication, the sum of all Losses during such Settlement Period, divided by (ii) the aggregate Financed Unpaid Balance of all Pool Receivables that constitute Eligible Receivables as of the Cut-off Date for such Settlement Period.
“Loss Reserve” means as of any time of determination, the product of (i) the result of (A) one (1) minus (B) the Weighted Average Advance Rate for the Receivables Pool as of such time of determination, multiplied by (ii) the Net Portfolio Balance on such time of determination.
“Losses” means the  Financed Unpaid Balance (net of recoveries) of any Pool Receivables that have been, or should have been, written-off as uncollectible by the Servicer in accordance with the Credit and Collection Policies.
“Material Subsidiary” means, in respect of any Person, any Subsidiary of such Person that satisfies (or would have satisfied) the definition of “Material Subsidiary” in the ADT Credit Agreement as such definition is in effect on the Closing Date.
“Material Adverse Effect” means with respect to any event or circumstance, a material adverse effect on:
(a)    (i) if a particular Person is specified, the ability of such Person to perform its obligations under this Agreement or any other Transaction Document, or (ii) if a particular 

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Person is not specified, the ability of any ADT Entity or the Servicer to perform its respective obligations under this Agreement or any other Transaction Document;
(b)    (i) the validity or enforceability of any Transaction Document, or (ii) the value, validity, enforceability, or collectability of all or any portion of Pool Receivables, or the Related Assets with respect thereto;
(c)    the assets, operations, business or financial condition of any ADT Entity; or
(d)    the status, existence, perfection, priority, enforceability, or other rights and remedies of any Purchaser, the Collateral Agent or the Administrative Agent associated with its respective interest in the Pool Receivables, or the Related Assets;
provided, that no Material Adverse Effect shall be deemed to have occurred if any event or circumstance, individually or in the aggregate, has a material adverse effect as set forth above on only an insignificant portion of the Pool Receivables and the Related Assets, and after the occurrence of such event or circumstance, the sum of the aggregate Purchasers’ Pool Investment and the Required Reserves does not exceed the Net Portfolio Balance.
“Missing Collections” is defined in Section 3.6(b).
“Mizuho” is defined in the preamble.
“Monitoring Services”  means the monitoring and notification services provided by ADT under any contract which give rise to the Service Charge Receivables.
“Monthly Collections” means, with respect to each Settlement Date, the aggregate amount of Collections deposited to the Collateral Agent’s Account during the immediately preceding Settlement Period, plus any Deemed Collections with respect to such Settlement Period deposited to the Collateral Agent’s Account three (3) Business Days prior to such Settlement Date as required pursuant to Section 3.33.2.  
“Moody’s” means Moody’s Investors Service, Inc.
“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.
“Net Portfolio Balance” means, at any time in any calendar month, (A) if such time is prior to the completion of the application of Collections in accordance with Section 3.1(d) with respect to the Settlement Date occurring in such calendar month, an amount equal to (x) the aggregate Financed Unpaid Balance of Pool Receivables that constitute Eligible Receivables as of the end of the last day of the most recently ended Settlement Period, minus (y) the sum of (a) the Excess Concentration Amount as of the end of the last day of the most recently ended Settlement Period, plus (b) without duplication of any amounts already removed from the Net Portfolio Balance (including as a result of the related Pool Receivable no longer constituting an Eligible Receivable), all cash Collections and security deposits which have been allocated to the reduction of the Financed Unpaid Balance of such Eligible Receivables but have not yet been applied to reduce such Financed 

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Unpaid Balance, as of the last day of the end of the last day of the most recently ended Settlement Period, plus (c) without duplication of any such amounts already removed from the Net Portfolio Balance (including as result of the related Pool Receivable no longer constituting an Eligible Receivable), the aggregate amount, as of the end of the last day of the most recently ended Settlement Period, for all Pool Receivables that are Eligible Receivables of all Dilutions and discounts, rebates or other credits that reduce the Financed Unpaid Balance in respect of such Pool Receivables; and (B) if such time is upon and after the completion of application of Collections in accordance with Section 3.1(d) with respect to any Settlement Date occurring in such calendar month, the amount determined pursuant to clause (A)(x) hereof plus, upon the completion of any Purchase occurring upon and after such time, pursuant to the terms of this Agreement, an amount equal to the aggregate Financed Unpaid Balance of the Pool Receivables of such Purchase that constitute Eligible Receivables as of the end of the last day of the most recently ended Settlement Period, minus the sum of (a) the Excess Concentration Amount as of the end of the last day of the most recently ended Settlement Period with respect to the combined Receivables Pool including any such Purchase, plus (b) without duplication of any amounts already removed from the Net Portfolio Balance (including as a result of the related Pool Receivable no longer constituting an Eligible Receivable), all cash Collections and security deposits which have been allocated to the reduction of the Financed Unpaid Balance of such Eligible Receivables but have not yet been applied to reduce such Financed Unpaid Balance, as of the last day of the end of the last day of the most recently ended Settlement Period with respect to the combined Receivables Pool including any such Purchase, plus (c) without duplication of any such amounts already removed from the Net Portfolio Balance (including as result of the related Pool Receivable no longer constituting an Eligible Receivable), the aggregate amount, as of the end of the last day of the most recently ended Settlement Period with respect to the combined Receivables Pool including any such Purchase, for all Pool Receivables that are Eligible Receivables of all Dilutions and discounts, rebates or other credits that reduce the Financed Unpaid Balance in respect of such Pool Receivables.
“Non-Cash Purchase” means a Purchase or proposed Purchase of Eligible Receivables, pursuant to a Purchase Request, where the Cash Purchase Price set forth in such Purchase Request is zero.
“Non-Public Borrower Data” is defined in Section 13.8(e)means all Borrower Information that may constitute nonpublic and/or personal information protected under the Privacy Requirements. 
“Obligations” means Seller Obligations and ADT Obligations.
“Obligor” means a Person obligated to make payments under a Contract with respect to a Receivable, including any guarantor thereof.
“OFAC”  is defined in Section 6.1(y)(ii).
“Omnibus Account” means the Omnibus Account of the Servicer maintained with an Eligible Bank into which Collections shall be deposited.

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“Original Term” means, with respect to any Receivable, the total number of months over which monthly installment payments are due under the related Contract.
“Other Connection Taxes” means, with respect to an Affected Party, Taxes imposed as a result of a present or former connection between the Affected Party and the jurisdiction imposing such Tax (other than connections arising from the Affected Party having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in any Pool Receivables (or Related Assets) or Transaction Document).
“Other Permitted Amounts” means (i) as of any date of determination on or prior to the Accounts Amendment Effective Date, any cash of any ADT Entity or their respective Affiliates (other than Collections in respect of Pool Receivables remitted to any Lock-box Account, Collection Account or the Omnibus Account), and (ii) as of any date of determination after the Accounts Amendment Effective Date, none.
“Other Taxes” means all present or future stamp and other similar Taxes payable or determined to be payable in connection with the execution, delivery, filing, and recording of this Agreement or the other Transaction Documents, except any such Taxes that are (i) Other Connection Taxes imposed with respect to an assignment, or (ii) Excluded Taxes.
“Parent” means ADT Inc. a Delaware Corporation.
“Participant Register” is defined in Section 13.3(b).
“Participant” is defined in Section 13.3(b).
“Payment Direction” means (i) in respect of any Lock-box Account, the Irrevocable Payment Direction in the form of Exhibit G-1 hereto, from ADT to the applicable Lock-box Bank, as consented and agreed to by the applicable Lock-box Bank and acknowledged by the Collateral Agent, (ii) in respect of any Collection Account, the Irrevocable Payment Direction in substantially the form of Exhibit G-2 hereto from ADT to the applicable account bank, as consented and agreed to by such account bank and acknowledged by the Collateral Agent, and (iii) in respect of the Omnibus Account, the Irrevocable Payment Direction in the form of Exhibit G-3 hereto, from ADT to the account bank of maintaining such account, as consented and agreed to by such account bank and acknowledged by the Collateral Agent.
“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.
“Performance Support Agreement” means the Performance Support Agreement, dated on or about the Closing Date or the initial Purchase Date, among the Parent, the Administrative Agent and the Collateral Agent, in form and substance acceptable to the Collateral Agent, the Administrative Agent and the Required Purchasers.

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“Permitted Adverse Claims” means any Lien (a) created under the Transaction Documents to the Purchasers, the “Collateral Agent, the Administrative Agent, the Affected Parties, and the Purchaser Agents, (b) granted pursuant to the ADT Credit Agreement, the ADT Indentures or the ADT Collateral Agreements with respect to any assets or property other than the Seller, the Pool Receivables and the Collections and Related Assets in respect thereof and the other Collateral, (c) created under the Sale Agreement in favor of the Seller, or (d) as to which no enforcement collection, execution, levy, or foreclosure proceeding shall have been commenced or threatened and that solely secure the payment of taxes, assessments and/or governmental charges or levies, if and to the extent the same are either (x) not yet due and payable, or (y) being contested in good faith and as to which adequate reserves have been provided in accordance with GAAP, but, in any case, only to the extent that such Lien securing payment of such taxes or assessments or other governmental charges constitutes an inchoate tax lien.
“Person” means a natural individual, partnership, sole proprietorship, corporation (including a business trust), joint stock company, trust, unincorporated association, joint venture, limited liability company, any Governmental Authority, or any other entity of whatever nature.
“Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which any ADT Entity or any ERISA Affiliate thereof is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.
“Pool Limit” means in respect of each Purchaser, the maximum amount corresponding to such Purchaser specified as its “Pool Limit” on Schedule IV to this Agreement.
“Pool Deficiency Amount” means as of any time of determination, an amount equal to the sum, without duplication, of (i) the amount, if any, necessary to reduce, the sum of the Purchasers’ Pool Investment and the Required Reserves at such time to an amount equal to the Net Portfolio Balance at such time, plus (ii) the amount, if any which is necessary to reduce the aggregate Investment of all Exiting Purchasers to zero, plus (iii) the amount, if any, necessary to reduce the Pool Investment to an amount equal to the Purchasers’ Pool Limit, plus (iv) the amount, if any, necessary to reduce each Purchaser Group Investment to an amount equal to the related Purchaser Group Limit.
“Pool Receivable” means a Receivable in the Receivable Pool.
“Prime Rate” means a rate per annum equal to the rate of interest quoted in the print edition of The Wall Street Journal, Money Rates Section as the USA “Prime Rate”, as published for such day (or, if such day is not a Business Day, for the preceding Business Day), or, if such rate is not so published for any day which is a Business Day, the rate announced by the Administrative Agent from time to time as its prime rate of interest at its principal office in New York, New York, such rate to change as and when such designated rate changes.
“Privacy Requirements” means (i) Title V of the Gramm-Leach-Bliley Act, 15 U.S.C. § 6801 et seq.; (ii) federal regulations implementing such act and codified at 12 C.F.R. Part 1016 and 

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16 C.F.R. Part 313; (iii) Interagency Guidelines Establishing Standards For Safeguarding Obligor Information and codified at 12 C.F.R. Parts 30, 208, 211, 225, 263, 308, 364, 568, and 570, and 16 C.F.R. Part 314; (iv) the Health Insurance Portability and Accountability Act of 1996, 29 U.S.C. § 1181 et seq.; (v) the California Consumer Privacy Act of 2018, CAL. CIV. CODE § 1798.100 et seq. and implementing regulations, and (vi) other applicable federal, state and local laws, rules, regulations, and orders relating to the privacy and security of Borrower Information including, but not limited to, information security requirements promulgated by the Massachusetts Office of Consumer Affairs and Business Regulation and codified at 201 C.M.R. Part 17.00. 
“Product Type” means the type of product sold to the Obligor under the Contract, including “Tier 1”, “Tier 2”, “Tier 3” or “Burglar Alarm”, each as defined in ADT’s Credit & Collection Policy.
“Program Administration Agreement” means that certain administration agreement between a Conduit Purchaser and Program Administrator governing certain aspects of the administration of such Conduit Purchaser’s commercial paper facility or any other agreement having similar purposes, as in effect from time to time.
“Program Administrator” means, with respect to any Conduit Purchaser, the administrator designated for such Conduit Purchaser under its Program Administration Agreement.
“Program Information” is defined in Section 13.8(a)(i).
“Proportionate Share” means at any time, for any Purchaser Group, a percentage equal to the quotient of (a) the Purchaser Group Investment of such Purchaser Group at such time, divided by (b) the Purchasers’ Pool Investment at such time.
“Purchase” is defined in Section 1.1.
“Purchase Date” is defined in Section 1.2(a).
“Purchase Facility” means the receivables purchase facility evidenced by this Agreement.
“Purchase Limit” means in respect of a Purchaser Group, the unused portion of the Pool Limit of such Purchaser Group.
“Purchase Request” is defined in Section 1.2(a).
“Purchase Termination Date” means the earliest of (a) March 5, 2021, and (b) the occurrence of an Event of Termination.
“Purchaser” means each Conduit Purchaser (if any) and each other Person listed as such as set forth on the signature pages of this Agreement or in any Joinder as a “Purchaser”, other than any such Person that ceases to be a party hereto pursuant to such Joinder.

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“Purchaser Agent” means each Person acting as agent on behalf of a Purchaser Group and listed as such as set forth on the signature pages of this Agreement or any other Person who becomes a party to this Agreement as a Purchaser Agent in accordance with this Agreement.
“Purchaser Group” means each group consisting of a Purchaser Agent, its related Purchasers, including any related Conduit Purchaser, if any, administered or represented by such Purchaser Agent and each Liquidity Provider and Enhancement Provider related to any such Conduit Purchaser.
“Purchaser Group Limit” means, at any time, with respect to any Purchaser Group, the aggregate Pool Limits of all Purchasers at such time in such Purchaser Group.
“Purchaser Group Investment” means at any time with respect to any Purchaser Group, the aggregate Investments of all Purchasers at such time in such Purchaser Group.
“Purchasers’ Pool Investment” means, at any time, the aggregate Investments of all Purchasers.
“Purchasers’ Pool Limit” means, the aggregate Pool Limits of all Purchaser Groups at such time.
“Purchasers’ Tranche Investment” means in relation to any Rate Tranche the amount of Purchasers’ Pool Investment allocated by the Administrative Agent to such Rate Tranche; provided, that at all times the aggregate amounts allocated to all Rate Tranches shall equal Purchasers’ Pool Investment.
“Ratable Share” means, for any Purchaser Group, (x) at any time prior to the Purchase Termination Date, a percentage equal to (a) the Purchase Limit of such Purchaser Group divided by (b) the Purchase Limit of all Purchaser Groups and (y) at any time from and after the Purchaser Termination Date, zero.
“Rate Tranche” means, at any time, a portion of a Purchaser’s Investment relating to a Receivable Pool selected by the applicable Purchaser Agent pursuant to Section 2.1 and designated as a Rate Tranche solely for purposes of computing Yield.
“Ratio Effective Date” means the first date, upon which the Purchasers’ Pool Investment exceeds $50,000,000.
“Receivable” means any right to payment from a Person, whether constituting an account, chattel paper, instrument, or a general intangible (as such terms are defined under the UCC), arising from the financing of the sale and installation costs of Equipment by ADT pursuant to a Contract and including any payment obligations of such Person with respect thereto; provided, however that no right to payment or other indebtedness owing by a Sanctioned Person shall (i) constitute a Receivable, (ii) be deemed to have been sold or contributed to the Seller by ADT pursuant to the Sale Agreement, or (iii) sold or pledged hereunder by the Seller.
“Receivable Pool” means at any time all of the outstanding Receivables sold or, purported to be sold to the Collateral Agent (on behalf of the Purchasers) pursuant to this Agreement.

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“Records” means all Contracts and other documents, instruments, books, records, purchase orders, agreements, reports, and other information (including computer programs, tapes, disks, other information storage media, data processing software, and related property and rights) prepared or maintained by ADT, the Servicer, or the Seller, respectively, with respect to the Pool Receivables, the Related Assets, the related Service Charge Receivables and the Obligors of such Pool Receivables.  For the avoidance of doubt, “Records” shall include any Chattel Paper (tangible or electronic) evidencing any Pool Receivables.
“Register” is defined in Section 13.3(e).
“Related Assets” means (a) with respect to any Pool Receivable, (x) all security interests, hypothecations, reservations of ownership, liens, or other Adverse Claims, and property subject thereto from time to time purporting to secure payment of such Pool Receivable, including pursuant to the Contract pursuant to which such Pool Receivable was originated, together with all financing statements, registrations, hypothecations, charges, or other similar filings or instruments against an Obligor and all security agreements describing any collateral securing such Pool Receivable, if any, (y) all interest in any Equipment relating to theany Contract giving rise to such Pool Receivable in respect of which such Equipment is sold or purported to be sold by ADT, including without limitation, the right to repossess such Equipment, and (z) all guarantees, insurance policies, and other agreements or arrangements of whatsoever character from time to time supporting of such Pool Receivable whether pursuant to the Contract pursuant to which such Pool Receivable was originated, including any obligation of any party under the Transaction Documents to promptly deposit amounts received in respect of Collections to an account, (b) all Collections in respect of, and other proceeds of, such Pool Receivable in respect of the period from and after the Cut-off Date immediately preceding the Purchase Date relating to such Pool Receivables, (c) all rights and remedies (but none of the obligations) of the Seller under the Sale Agreement and the other Transaction Documents and any other rights or assets pledged, sold, or otherwise transferred to the Seller thereunder, and (d) all the products and proceeds of any of the foregoing; provided, that the term “Related Assets” when used to refer to the Related Assets sold, assigned, contributed or transferred to the Seller under the Sale Agreement shall refer to such term as defined in the Sale Agreement.
“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.
“Remaining Term” means, as of any date of determination, with respect to any Receivable, the number of remaining unpaid monthly installment payments due under the related Contract for the payment of the Financed Unpaid Balance following such date of determination.
“Remittance Notice” is defined in the Payment Direction in respect of the Omnibus Account.
“Reporting Date” is defined in Section 3.1(a).
“Required Purchasers” means, at any time, Purchasers whose aggregate Investments at such time aggregate to more than 50.00% of the Purchasers’ Pool Investment at such time; provided, however, that if at such time any Purchaser is a Defaulting Purchaser, the Investments of such 

A-33
SK 28677 0004 8494650 v112 

Defaulting Purchaser shall be disregarded for purposes of determining the Required Purchasers unless such Defaulting Purchaser is the sole Purchaser.
“Required Reserves” means the sum of (i) the Loss Reserve, (ii) the Yield and Fee Reserve, and (iii) the Conditional Service Guaranty Reserve.
“Reserve Account” means the segregated account of the Seller (Account No. 910-0956, ABA No. 043000261) maintained at The Bank of New York Mellon. 
“Response Date” is defined in Section 3.5.
“Responsible Officer” shall mean in respect of an ADT Entity or the Servicer any executive officer, assistant treasurer, treasurer, or controller of such ADT Entity, and any other officer of such ADT Entity or the Servicer, as the case may be, responsible for the administration of this Agreement.
“Retained Interest” means a material net economic interest of not less than five percent (5%) of the then current aggregate Purchasers’ Pool Investment, which takes the form of the first loss tranche in accordance with Article 6(3)(d) of the Securitization Regulation represented by ADT’s direct or indirect equity interest in the Seller.
“RPA Deferred Purchase Price” is defined in Section 1.1.
“Sale Agreement” means the Receivables Sale and Contribution Agreement, dated on or about the Closing Date or the initial Purchase Date, between ADT and the Seller.
“Sanctioned Country” means, at any time, a country or territory which is the subject or target of any Sanctions, including, without limitation, as of the date hereof, Cuba, Crimea (Ukraine), Iran, Sudan, Syria, and North Korea.
“Sanctioned Person” means, at any time, (a) any Person currently the subject or the target of any Sanctions, including any Person listed in any Sanctions-related list of designated Persons maintained by OFAC (or any successor thereto) or the U.S. Department of State, available at:  http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or as otherwise published from time to time; (b) that is fifty-percent or more owned, directly or indirectly, in the aggregate by one or more Persons described in clause (a) above; (c) that is operating, organized or resident in a Sanctioned Country; (d) with whom engaging in trade, business, or other activities is otherwise prohibited or restricted by Sanctions; or (e) (i) an agency of the government of a Sanctioned Country, (ii) an organization controlled by a Sanctioned Country, or (iii) a person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by OFAC.
“Sanctions” is defined in Section 6.1(y)(ii).
“Sanctions Laws” is defined in Section 6.1(y)(ii).
“SEC” means the Securities and Exchange Commission or any successor governmental authority.

A-34

“Second Largest State” means as of any date of determination, the state (or commonwealth) in the United States, in respect of which the second largest amount of aggregate Financed Unpaid Balances of Eligible Receivables in the Receivable Pool in respect of Obligors with Billing Addresses in such state (or commonwealth) relate.
“Securities Act” means the Securities Act of 1933.
“Securitization Regulation” means Regulation (EU) 2017/2402.
“Security” is defined in Section 2(a)(1) of the Securities Act.
“Seller” is defined in the preamble.
“Seller Creditor” is defined in Section 13.7(b).
“Seller Obligations” means any obligation owed by the Seller to the Collateral Agent, the Administrative Agent, any Purchaser Agent, any Purchaser, any Indemnified Party, any other Affected Party, or any account institution that maintains a Lock-box Account, a Collection Account or the Omnibus Account arising in connection with this Agreement, and each other Transaction Document, whether now or hereafter existing, due or to become due, direct or indirect, or absolute or contingent, including, all Indemnified Amounts payable pursuant to Section 12.1.
“Service Charge Receivable” means any right to payment from a Person, whether constituting an account, chattel paper, instrument, a payment intangible or a general intangible (as such terms are defined under the UCC), arising from ADT’s providing the Monitoring Services pursuant to a contract and including any payment obligations of such Person with respect thereto.
“Servicer” is defined in Section 8.1(a).
“Servicing Fee” means in respect of the Receivable Pool, for any day, an amount equal to the product of (i) the Servicing Fee Rate, times the Financed Unpaid Balance of all Pool Receivables at the end of such day, and (ii) 1/360.
“Servicing Fee Rate” means 0.50%.
“Set-off Party” is defined in Section 13.4.
“Settlement Date” means (a) the twentieth (20th) day of each calendar month (or, if such day is not a Business Day, the immediately succeeding Business Day), and (b) on and after the Acceleration Date, each additional day selected from time to time by the Administrative Agent (it being understood that the Administrative Agent may select such Settlement Date to occur daily); provided, that the first Settlement Date shall be April 22, 2020; provided, further, that the last Settlement Date shall be the Final Payout Date.
“Settlement Period” means:

A-35
SK 28677 0004 8494650 v112 

(a)    the period from  the Closing Date, to the end of the calendar month immediately succeeding the calendar month in which such date occurs; and
(b)    thereafter, each subsequent calendar month;
provided, that the last Settlement Period shall end on the Final Payout Date.
“S&P” means Standard & Poor’s Ratings Services.”
“SOFR” with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.
“Structuring Agent” means Mizuho, in its capacity as structuring agent for the transactions contemplated by this Agreement and the other Transaction Documents.
“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise Controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.
“Successor Notice” is defined in Section 8.1(b).
“Taxes” means all income, gross receipts, rental, escheat, franchise, excise, stamp, occupational, capital, value added, sales, use, ad valorem (real and personal), property (real and personal), and taxes, fees, levies, imposts, charges, or withholdings of any nature whatsoever (including backup withholding), together with any assessments, penalties, fines, additions to tax and interest thereon, howsoever imposed, by any Governmental Authority or other taxing authority in the United States or by any foreign government, foreign governmental subdivision or other foreign or international taxing authority.
“Telco98” means the numeric credit modeling score developed by Equifax. 
“Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
“Third Largest State” means, as of any date of determination, the state (or commonwealth) in the United States, in respect of which the third largest amount of aggregate Financed Unpaid Balances of Eligible Receivables in the Receivable Pool in respect of Obligors with Billing Addresses in such state (or commonwealth) relate.
“Tranche Investment” means in relation to any Rate Tranche and any Purchaser, the amount of such Purchaser’s Investment allocated by the related Purchaser Agent to such  Rate Tranche pursuant to Section 2.1; provided, that at all times the aggregate amounts allocated to all Rate Tranches of all Purchasers in respect of the Receivable Pool shall equal the Purchasers’ Pool 

A-36

Investment; provided, further, that at all times the aggregate amounts allocated to all Rate Tranches in respect of a Receivable Pool of any Purchaser shall equal the aggregate Investment of such Purchaser.
“Transaction Documents” means (i) this Agreement, the Sale Agreement, the Fee Letters, the Lock-box agreements, each applicable Payment Direction, each applicable Control Agreement entered into in connection with the Omnibus Account, each Lock-box Account and, each Collection Account, and any other account of the Seller (including the Reserve Account), the limited liability company agreement of the Seller, the Performance Support Agreement, all amendments, waivers and other modification to any of the above-referenced agreements or documents, executed and delivered by any ADT Entity, and (ii) each other agreement entered into in connection with any Transaction Document which either (x) is expressly designated as a “Transaction Document” by the Administrative Agent, the Seller and ADT or (y) in respect of which counsel to any ADT Entity has provided an opinion of counsel as to enforceability.
“True Sale” shall mean, with respect to any Receivable, the sale, contribution or transfer of an ownership interest in such Receivable (not the granting of a security interest therein), within the meaning of all applicable Law, including the United States Bankruptcy Code, which sale or transfer was not made with the intent to hinder, delay or defraud any present or future creditors and is not voidable or subject to avoidance under the United States Bankruptcy Code.
“UCC” means, in respect of each state in the United States of America, the Uniform Commercial Code as from time to time in effect in such state.
“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.
“Unmatured Event of Termination” means any event which, with the giving of notice or lapse of time, or both, would become an Event of Termination.
“Unpaid Balance” means, as of any time with respect to a Receivable, an amount equal to the sum of all remaining unpaid monthly installment payments owed by the related Obligor in respect of such Receivable under the related Contract as of such time of determination.
“USA PATRIOT Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107 56 (signed into law October 26, 2001)).
“U.S. Dollars” means dollars in lawful money of the United States of America.
“Voting Securities” of any Person means the stock or other ownership or equity interests, of whatever class or classes, the holders of which ordinarily have the power to vote for the election of the members of the board of directors, managers, trustees, or other voting members of the governing body of such Person (other than stock or other ownership or equity interests having such power only by reason of the happening of a contingency).

A-37
SK 28677 0004 8494650 v112 

“Weighted Average Advance Rate” means, as of any date of determination, the lesser of (A) 85.00%, and (B) the percentage obtained by (i) multiplying the Advance Rate applicable to each Eligible Receivable in the Receivable Pool with a fraction, (x) the numerator of which is the Financed Unpaid Balance of such Eligible Receivable, and (y) the denominator of which is the aggregate Financed Unpaid Balance of all Eligible Receivables in the Receivable Pool, and (ii) summing all of the products calculated pursuant to clause (i).
“Weighted Average Swap Rate” means, as of any date of determination, the result of (I) the sum of (x) the product of (i) the 5-year USD Libor Swap Rate (USSW) as of such date of determination, and (ii) the Financed Unpaid Balance of all Eligible Receivables with an Original Term greater than 36 months, plus (y) the product of (i) the 3-year USD Libor Swap Rate (USSW) as of such date of determination, and (ii) the Financed Unpaid Balance of all Eligible Receivables with an Original Term of 36 months or less, divided by (II)  the aggregate Financed Unpaid Balance of all Eligible Receivables in the Receivable Pool. 
 “Weighted Average TermLife” means, as of any date of determination, with respect to all Receivables in the Receivable Pool which are Eligible Receivables, the number of months following such date of determination obtained by:
(a)    summing the products obtained by: (a)    multiplying (i) the number of remaining unpaid monthly installment payments at such time in respect of each Pool Receivable due from the applicable Obligor under the Contract which payments give rise toAverage Life as of such date of determination of each such Receivable, by (ii) the Financed Unpaid Balance of such Pool Receivable;
and dividing such sum by:
(b)    the aggregate Financed Unpaid Balances at such time of all Pool Receivables which are Eligible Receivables.
“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.
“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.
“Yield” means, for any day with respect to any Rate Tranche for the Receivable Pool:

A-38

	
			
	{(PTI x YR)/360} + LF

	where:
	 
	 

	YR
	=
	the Yield Rate for such Rate Tranche on such day;

	PTI
	=
	Purchasers’ Tranche Investment in such Rate Tranche on such day; and

	LF
	=
	the Liquidation Fee, if any, for such day.

“Yield and Fee Reserve” means as of any date of determination, the product of:
(a)    the Weighted Average TermLife divided by 12; times
(b)    the Hedge Rate; times
(c)    the Financed Unpaid Balance of all Pool Receivables; times
(d)    the Weighted Average Advance Rate; times
(e)    one (1) minus the Hedge Rate.
“Yield Period” means for any Rate Tranche, the period from and including the Closing Date to and excluding the first Settlement Date occurring hereunder, and thereafter, each period from and including each Settlement Date and to but excluding the immediately following Settlement Date.
“Yield Rate” means for any Rate Tranche on any day:
(a)    in the case of a Rate Tranche funded by a Conduit Purchaser through the issuance of Commercial Paper Notes, the applicable CP Rate; and
(b)    in the case of a Rate Tranche not funded by Commercial Paper Notes, the applicable Bank Rate for such Rate Tranche;
provided, that:
(i)    on any day as to any Rate Tranche which is funded by Commercial Paper Notes, the Yield Rate shall equal the applicable Base Rate if (A) the Administrative Agent does not receive notice or determines, by 12:00 noon (New York City time) on the third Business Day prior to the first day of the related Yield Period or Settlement Period, as applicable, that such Rate Tranche shall not be funded by Commercial Paper Notes, or (B) the Administrative Agent determines that (I) funding that Rate Tranche on a basis consistent with pricing based on the applicable Bank Rate would violate any applicable Law, or (II) that deposits of a type and maturity appropriate to match fund such Rate Tranche based on the applicable Bank Rate are not available; and

A-39
SK 28677 0004 8494650 v112 

(ii)    on any day when any Event of Termination, shall have occurred that remains continuing the applicable Yield Rate for each Rate Tranche means a rate per annum equal to the higher of (A) the applicable Base Rate, plus 2.00% per annum and (B) the rate per annum otherwise applicable to such Rate Tranche during the current Yield Period or Settlement Period, as applicable plus 2.00% per annum.
B.  Other Interpretive Matters.
(a)    All accounting terms defined directly or by incorporation in this Agreement or the Sale Agreement shall have the defined meanings when used in any certificate or other document delivered pursuant thereto unless otherwise defined therein.  For purposes of this Agreement, the Sale Agreement and all such certificates and other documents, unless the context otherwise requires:  (a) except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; (b) terms defined in Article 9 of the UCC and not otherwise defined in such agreement are used as defined in such Article; (c) references to any amount as on deposit or outstanding on any particular date means such amount at the close of business on such day; (d) 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); (e) the term “including” means “including without limitation”; (f) references to any Law refer to that Law as amended from time to time and include any successor Law; (g) references to any agreement refer to that agreement as from time to time amended, restated, extended, or supplemented or as the terms of such agreement are waived or modified in accordance with its terms; (h) references to any Person include that Person’s permitted successors and assigns; (i) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof; (j) 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”; (k) if any calculation to be made hereunder refers to a Settlement Period (or any portion thereof) that would have occurred prior to the Closing Date, such reference shall be deemed to be a reference to a calendar month; (l) terms in one gender include the parallel terms in the neuter and opposite gender; and (m) the term “or” is not exclusive.
		
	(b)
	Each of the ADT Entities, the Collateral Agent, each Purchaser, and the Administrative Agent agree that no party hereto shall be deemed to be the drafter of this Agreement.

A-40

ANNEX B

EXHIBITS

Exhibit A-1
SK 28677 0004 8494650 v112 

EXHIBIT A
FORM OF PURCHASE REQUEST
____________________, 20___
Mizuho Bank, Ltd.
1251 Avenue of the Americas
New York, NY  10020
Attention:
Ladies and Gentlemen:
Reference is hereby made to the Receivables Purchase Agreement, dated as of March 5, 2020 (as amended, restated, supplemented or otherwise modified, the “Receivables Purchase Agreement”), among ADT FINANCE LLC (the “Seller”), ADT LLC, as Servicer, the various Purchasers and Purchaser Agents from time to time party thereto, Mizuho Bank, Ltd., as collateral agent,  administrative agent, arranger, and structuring agent.  Capitalized terms used in this Purchase Request and not otherwise defined herein shall have the meanings assigned thereto in the Receivables Purchase Agreement.
This letter constitutes a Purchase Request pursuant to Section 1.2(a) of the Receivables Purchase Agreement.  The Servicer (on behalf of the Seller) hereby requests that the Purchasers make a Purchase of the Receivables set forth on Annex A hereto on the Settlement Date to occur on [l], [20_____], effective on the Cut-off Date that occurred on [l], [20_____] with a proposed aggregate Cash Purchase Price of $___________ .  The Seller and the Servicer hereby represents and warrants that each Receivable set forth on Annex A is an Eligible Receivable.  Attached hereto as Annex B is the Information Package in respect of the Settlement Period and Yield Period, as applicable immediately preceding the proposed date of Purchase.
The Servicer hereby directs the Purchasers to pay the Cash Purchase Price to the account of the Seller [specified on Schedule II of the Receivables Purchase Agreement][designated below:
Holder  Name: 
Bank Name: 
Branch: 
SWIFT:

Exhibit A-2

Address: 
Account Number: 
ABA Number:]
  

Exhibit A-3
SK 28677 0004 8494650 v112 

IN WITNESS WHEREOF, the undersigned has caused this Purchase Request to be executed by its duly authorized officer as of the date first above written.
ADT LLC, as Servicer and on behalf of the Seller 
 
 
By:         
Name:         
Title:        

Exhibit A-4
SK 28677 0004 8494650 v112 

Annex A
	
																			
	 
	Obligor Name & Billing Address
	Account Number
	ADT Credit Score of Obligor
	Date of Origination
	Unpaid Balance
	Financed 
Unpaid 
Balance
	Remaining Term For Payment of Unpaid Balance
	Remaining 
Term For 
Payment of Financed Unpaid Balance
	

Product Type; Credit Check (Y/N)

	 

	1.
	 
	 
	 
	 
	 
	 
	 
	 

	2.
	 
	 
	 
	 
	 
	 
	 
	 

	3.
	 
	 
	 
	 
	 
	 
	 
	 

	4.
	 
	 
	 
	 
	 
	 
	 
	 

	5.
	 
	 
	 
	 
	 
	 
	 
	 

 
 
Receivables

Annex A
SK 28677 0004 8494650 v112 

EXHIBIT B
FORM OF PAYDOWN NOTICE
____________________, 20_____
[SPECIFY NAME AND ADDRESS OF THE ADMINISTRATIVE AGENT] 
 
 

Ladies and Gentlemen:
Reference is hereby made to the Receivables Purchase Agreement, dated as of March 5, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Receivables Purchase Agreement”), among ADT FINANCE LLC, as Seller (“Seller”), ADT LLC., as Servicer, the various Purchasers and Purchaser Agents from time to time party thereto and Mizuho Bank, Ltd., as collateral agent, administrative agent, arranger and structuring agent.  Capitalized terms used in this notice and not otherwise defined herein shall have the meanings assigned thereto in the Receivables Purchase Agreement.
This letter constitutes a notice of the Seller’s optional reduction of Purchasers’ Pool Investment in the Receivable Pool pursuant to Section 3.2(b)(i) of the Receivables Purchase Agreement.  The Seller desires to reduce the Purchasers’ Pool Investment in the Receivable Pool on [SPECIFY SETTLEMENT DATE], _____ by $____________________.  Subsequent to such reduction, the Purchasers’ Pool Investment in the Receivable Pool will be $________________.

Exhibit B-1
SK 28677 0004 8494650 v112 

IN WITNESS WHEREOF, the undersigned has caused this paydown notice to be executed by its duly authorized officer as of the date first above written.
ADT LLC, on behalf of the Seller 
 
 
By:         
Name:         
Title:        

Exhibit B-1
SK 28677 0004 8494650 v112 

EXHIBIT C
FORM OF COMPLIANCE CERTIFICATE
This Compliance Certificate is furnished pursuant to that certain Receivables Purchase Agreement, dated as of March 5, 2020 among ADT LLC (“Servicer”), ADT FINANCE LLC as Seller (the “Seller”), the various Purchasers and Purchaser Agents from time to time party thereto, and Mizuho Bank, Ltd., as collateral agent, administrative agent, Arranger and structuring agent (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”).  Capitalized terms used and not otherwise defined herein are used with the meanings attributed thereto in the Agreement (including those incorporated by reference therein).
THE UNDERSIGNED HEREBY CERTIFIES THAT:
1.    I am the duly elected ________________ of Servicer.
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 review of the transactions and conditions of Servicer, ADT, and each Seller during the accounting period covered by the attached financial statements.
3.    [Except as set forth in paragraph 4, the][T]he examinations described in paragraph 2 above did not disclose, and I have no actual knowledge of, the existence of any condition or event which constitutes an Event of Termination or an Unmatured Event of Termination, as each such terms are 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 Compliance Certificate.
4.    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 the Seller or the Servicer on its behalf has taken, is taking, or proposes to take with respect to each such condition or event:
The foregoing certifications and the financial statements delivered with this Compliance Certificate in support thereof, are made and delivered as of the _____ day of _____________, 20__.
By:  ____________________________ 
Name: 
Title:

	
			
	

	Exhibit C
	 

SK 28677 0004 8494650 v112 

EXHIBIT D
FORM OF INFORMATION PACKAGE
(attached)

	
			
	

	Exhibit D
	 

SK 28677 0004 8494650 v112 

EXHIBIT EE-1
FORMSFORM OF CUSTOMER-OWNED EQUIPMENT CONTRACT ORIGINATED ON OR PRIOR TO DECEMBER 15, 2019
(attached)

EXHIBIT E-2
FORM OF CUSTOMER-OWNED EQUIPMENT CONTRACT ORIGINATED AFTER DECEMBER 15, 2019 

EXHIBIT E-3
FORM OF ADT-OWNED EQUIPMENT CONTRACT ORIGINATED AFTER APRIL 17, 2020

EXHIBIT F
CREDIT AND COLLECTION POLICY
(attached)

EXHIBIT G-1
FORM OF LOCK-BOX ACCOUNT PAYMENT DIRECTION

EXHIBIT G-2
FORM OF COLLECTION ACCOUNT PAYMENT DIRECTION

EXHIBIT G-3
FORM OF OMNIBUS ACCOUNT PAYMENT DIRECTION

EXHIBIT H
FORM OF JOINDER
[see attached]

SCHEDULE I
ADDRESSES FOR NOTICES
If to any ADT Entity:
c/o ADT LLC
1501 Yamato Road 
Boca Raton, FL 33431 
Attention:  Chief Legal Officer 
Facsimile:  (561) 226-2856
with copies to: 
Apollo Management VIII, L.P. 
9 West 57th Street, 43rd Floor 
New York, NY 10019 
Attention:  Chief Legal Officer 
Telephone:  (212) 515-3484 
Facsimile:  (646) 607-0539 
 
Paul, Weiss, Rifkind, Wharton & Garrison LLP 
1285 Avenue of the Americas 
New York, NY 10019 
Attention:  Gregory A. Ezring, T. Robert Zochowski 
Telephone:  (212) 373-3762 
Facsimile:  (212) 492-0762

If to Mizuho:
Mizuho Bank, Ltd. 
1251 Avenue of the Americas 
New York, NY 10020 
Attention:    Johan Andreasson 
Tel:    (212) 282-3544
Fax:    (212) 282-4105
Email:    Johan.Andreasson@mizuhogroup.com

SCHEDULE II
PAYMENT INSTRUCTIONS
With respect to Mizuho:
Destination Bank: Mizuho Bank Ltd., New York Branch
ABA Number: 026 004 307
Account Name: ISA Loan Agency
Account No.: H79-740-005344
Reference: ADT Finance LLC
With respect to the Seller:
BNY Mellon Bank 
500 Ross Street 
Pittsburgh, PA 15262
Contact:    Brina Hilliard 
412.234.3359 
brina.hilliard@bnymellon.com 

Routing/ABA #:    043000261
Swift:            MELNUS3P
Account #:        132-3080

SCHEDULE III
ADVANCE RATE MATRIX

	
									
	Advance Rate1)
	 
	 
	 
	 

	Remaining Term2)
	Tier 1-3  
w/ Credit Check
	Tier 1-3  
wo/ Credit Check
	Burglar Alarm w/ Credit Check
	Burglar Alarm wo/ Credit Check

	60
	71.55
	%
	 
	 
	 

	59
	72.14
	%
	 
	 
	 

	58
	72.73
	%
	 
	 
	 

	57
	73.32
	%
	 
	 
	 

	56
	73.90
	%
	 
	 
	 

	55
	74.49
	%
	 
	 
	 

	54
	75.08
	%
	 
	 
	 

	53
	75.67
	%
	 
	 
	 

	52
	76.25
	%
	 
	 
	 

	51
	76.84
	%
	 
	 
	 

	50
	77.43
	%
	 
	 
	 

	49
	78.02
	%
	 
	 
	 

	48
	78.60
	%
	 
	 
	 

	47
	79.19
	%
	 
	 
	 

	46
	79.78
	%
	 
	 
	 

	45
	80.37
	%
	 
	 
	 

	44
	80.95
	%
	 
	 
	 

	43
	81.54
	%
	 
	 
	 

	42
	82.13
	%
	 
	 
	 

	41
	82.72
	%
	 
	 
	 

	40
	83.30
	%
	 
	 
	 

	39
	83.89
	%
	 
	 
	 

	38
	84.48
	%
	 
	 
	 

	37
	85.07
	%
	 
	 
	 

	36
	85.67
	%
	69.59
	%
	84.29
	%
	64.64
	%

	35
	85.70
	%
	69.65
	%
	84.39
	%
	64.77
	%

	34
	85.74
	%
	69.72
	%
	84.48
	%
	64.90
	%

	33
	85.79
	%
	69.78
	%
	84.56
	%
	65.06
	%

	32
	85.83
	%
	69.86
	%
	84.67
	%
	65.20
	%

	31
	85.88
	%
	70.01
	%
	85.22
	%
	65.44
	%

	30
	86.24
	%
	71.01
	%
	85.61
	%
	66.63
	%

	29
	86.61
	%
	72.01
	%
	86.00
	%
	67.81
	%

	28
	86.97
	%
	73.01
	%
	86.39
	%
	68.99
	%

	27
	87.34
	%
	74.01
	%
	86.78
	%
	70.17
	%

	26
	87.70
	%
	75.01
	%
	87.17
	%
	71.36
	%

	25
	88.07
	%
	76.00
	%
	87.56
	%
	72.54
	%

	24
	88.43
	%
	77.00
	%
	87.96
	%
	73.72
	%

	23
	88.80
	%
	78.00
	%
	88.35
	%
	74.90
	%

	22
	89.16
	%
	79.00
	%
	88.74
	%
	76.08
	%

	21
	89.53
	%
	80.00
	%
	89.13
	%
	77.27
	%

	20
	89.89
	%
	81.00
	%
	89.52
	%
	78.45
	%

	19
	90.26
	%
	82.00
	%
	89.91
	%
	79.63
	%

	18
	90.62
	%
	83.00
	%
	90.30
	%
	80.81
	%

	17
	90.99
	%
	84.00
	%
	90.70
	%
	82.00
	%

	16
	91.35
	%
	85.00
	%
	91.09
	%
	83.18
	%

	15
	91.72
	%
	86.00
	%
	91.48
	%
	84.36
	%

	14
	92.08
	%
	87.00
	%
	91.87
	%
	85.54
	%

	13
	92.45
	%
	88.00
	%
	92.26
	%
	86.72
	%

	12
	92.81
	%
	89.00
	%
	92.65
	%
	87.91
	%

	11
	93.18
	%
	90.00
	%
	93.04
	%
	89.09
	%

	10
	93.54
	%
	91.00
	%
	93.43
	%
	90.27
	%

	9
	93.91
	%
	92.00
	%
	93.83
	%
	91.45
	%

	8
	94.27
	%
	93.00
	%
	94.22
	%
	92.64
	%

	7
	94.64
	%
	94.00
	%
	94.61
	%
	93.82
	%

	6
	95.00
	%
	95.00
	%
	95.00
	%
	95.00
	%

	5
	95.00
	%
	95.00
	%
	95.00
	%
	95.00
	%

	4
	95.00
	%
	95.00
	%
	95.00
	%
	95.00
	%

	3
	95.00
	%
	95.00
	%
	95.00
	%
	95.00
	%

	2
	95.00
	%
	95.00
	%
	95.00
	%
	95.00
	%

	1
	95.00
	%
	95.00
	%
	95.00
	%
	95.00
	%

1) Subject to 85% maximum advance rate in aggregate                
2) The number of remaining installments at the time such Eligible Receivable is acquired by the Seller

SCHEDULE IV
POOL LIMITS

	
			
	 
	Pool Limit
	 

	Mizuho Bank, Ltd.
	$200,000,000
	 

SCHEDULE V
LOCK-BOX AND ACCOUNT INFORMATION
	
				
	Bank
	Address
	Lock-box #
	Account #(s)

	BNY Mellon
	ADT LLC, PO Box 371878, Pittsburgh, PA 15250
	371878
	192-5363

	BNY Mellon
	BNY Mellon
One Wall240 Greenwich Street
New York, NY 1028610007
	Virtual LB #66
	022-2615

	BNY Mellon
	BNY Mellon
One Wall240 Greenwich Street
New York, NY 1028610007
	Virtual LB #20 and #55
	008-8452

COLLECTION ACCOUNT INFORMATION
	
			
	Bank
	Address
	Account #(s)

	BNY Mellon
	BNY Mellon
One Wall240 Greenwich Street
New York, NY 1028610007
	192-5865

	BNY Mellon
	BNY Mellon
One Wall240 Greenwich Street
New York, NY 1028610007
	192-6243

OMNIBUS ACCOUNT 
	
			
	Bank
	Address
	Account #(s)

	BNY Mellon
	BNY Mellon
One Wall240 Greenwich Street
New York, NY 1028610007
	132-3080

SCHEDULE VI
UCC DETAILS

	
						
	Legal Name
	Other Names
	Location of Physical Records
	Jurisdiction of Organization / Entity Type
	FEIN
	Organizational ID

	ADT FINANCE LLC
	None
	1501 Yamato Road, Boca Raton, FL 33431
	DE
	45-4517261
	7705696

	
			
	

	Exhibit EE-1
	 

SK 28677 0004 8494650 v112

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