Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 6 TO THE CREDIT AGREEMENT 

AMENDMENT NO. 6 TO THE CREDIT AGREEMENT (this “Amendment”), dated as of June 21, 2019, among HILTON WORLDWIDE
FINANCE LLC, a Delaware limited liability company (the “Borrower”), HILTON WORLDWIDE PARENT LLC, a Delaware limited liability company ( “Intermediate Parent”), HILTON WORLDWIDE HOLDINGS INC., a Delaware corporation
(“Parent”), the other Loan Parties party hereto, DEUTSCHE BANK AG NEW YORK BRANCH (“DB”), as Administrative Agent (in such capacity, the “Administrative Agent”), the L/C Issuers, the Swing Line
Lender and each Lender party hereto. 
 PRELIMINARY STATEMENTS: 

(1) The Borrower, Intermediate Parent, Parent, the Administrative Agent, the other Lenders party thereto and the other Agents party thereto are
party to a Credit Agreement, dated as of October 25, 2013 (as the same may have been amended, supplemented or otherwise modified prior to the date hereof, including pursuant to Amendment No. 1 dated as of August 18, 2016, Amendment
No. 2 dated as of November 21, 2016, Amendment No. 3 dated as of March 16, 2017, Amendment No. 4 dated as of April 19, 2018 and Amendment No. 5 dated as of June 5, 2019), among the Borrower, Parent,
Intermediate Parent, the other Loan Parties party thereto, the Administrative Agent, the L/C Issuers, the Swing Line Lender and each Lender party thereto (the “Credit Agreement”). Capitalized terms not otherwise defined in this
Amendment have the same meanings as specified in the Credit Agreement (as amended by this Amendment). 
 (2) Pursuant to
Section 2.15 of the Credit Agreement, the Borrower has requested Refinancing Term Loans (the “Refinancing Term Loans”; and the Person making such loans, the “Refinancing Term Lender”) to refinance in
full the Series B-2 Term Loans outstanding on the Amendment No. 6 Effective Date (immediately prior to the effectiveness of this Amendment) (collectively, the “Refinanced Series B-2 Term Loans”). 

(3) The Borrower, the Administrative Agent, the Refinancing Term Lender, the Revolving Credit Lenders (which, together with the Refinancing
Term Lender, constitute all Lenders under the Credit Agreement), the L/C Issuers and the Swing Line Lender have agreed to amend the Credit Agreement to effect the changes described above and other changes as hereinafter set forth. 

NOW THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which is hereby
acknowledged), the parties hereto hereby agree as follows: 
 SECTION 1. Amendments to Credit Agreement. 

The Credit Agreement is, effective as of the Amendment No. 6 Effective Date and subject to the satisfaction of the conditions precedent
set forth in Section 2 hereof, hereby amended as follows: 
 (a) The Credit Agreement is 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 of the Credit Agreement attached as Exhibit A hereto. 
 (b) Schedule
1.01A to the Credit Agreement as it relates to the Term Lenders and their Term Commitments is hereby deleted in its entirety and replaced with Schedule 1.01A to this Amendment. 

  
 1 

 SECTION 2. Conditions of Effectiveness to Amendment No. 6 . Section 1 of
this Amendment shall become effective on the date (the “Amendment No. 6 Effective Date”) when, and only when, the following conditions shall have been satisfied: 

(a) The Administrative Agent shall have received counterparts of this Amendment executed by each Loan Party, the Refinancing Term Lender, each
Revolving Credit Lender, the Swing Line Lender, each L/C Issuer and the Administrative Agent or, as to any of the Lenders, written evidence reasonably satisfactory to the Administrative Agent that such Lender has executed this Amendment. 

(b) The Administrative Agent shall have received, for the account of the persons entitled to thereto, evidence of payment of (a) all
reasonable and documented out of pocket costs and expenses of the Administrative Agent for which, in the case of expenses, reasonably detailed invoices have been presented (including the reasonable fees and expenses of Davis Polk & Wardwell
LLP) and (b) all fees required to be paid by the Borrower in connection with this Amendment. 
 (c) (1) The representations and
warranties of each Loan Party contained in Section 4 of this Amendment, Article V of the Credit Agreement and in any other Loan Document, are true and correct in all material respects (except that any representation and warranty that is
qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects as so qualified) on and as of the Amendment No. 6 Effective Date, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date (except that any representation and warranty that is qualified as to “materiality” or “Material
Adverse Effect” shall be true and correct in all respects as so qualified) and (2) no Default or Event of Default has occurred and is continuing, or would result from the occurrence of the Amendment No. 6 Effective Date, and the
Administrative Agent shall have received a certificate of the Borrower dated as of the Amendment No. 6 Effective Date signed on behalf of the Borrower by a Responsible Officer of the Borrower, certifying on behalf of the Borrower thereto. 

(d) The Administrative Agent shall have received such certificates of good standing (to the extent such concept exists) from the applicable
secretary of state of the state of organization of each Loan Party, certificates or memorandums and articles of incorporation, certificates of limited partnership or certificates of formation, including all amendments thereto, of each Loan Party,
certified (as of a recent date), if applicable, by the secretary of state (or other similar official) of the jurisdiction of its organization or incorporation, as the case may be (or, if applicable, confirming no change to such documents since the
date last delivered to the Administrative Agent), certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may reasonably require evidencing
the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Amendment and the other Loan Documents to which such Loan Party is a party or is to be a party on the
Amendment No. 6 Effective Date. 
 (e) The Administrative Agent shall have received a favorable opinion of Simpson Thacher &
Bartlett LLP, New York counsel to the Borrower, in form and substance reasonably satisfactory to the Administrative Agent. 
 (f) The
aggregate outstanding amount of principal, interest and fees accrued under the Credit Agreement with respect to the Refinanced Series B-2 Term Loans on or prior to the Amendment No. 6 Effective Date (immediately prior to the effectiveness of
this Amendment) shall have been paid in full. 
 (g) The Refinancing Term Lender shall have received, if requested at least two Business Days
in advance of the Amendment No. 6 Effective Date, a Term Note payable to the order of the Refinancing Term Lender duly executed by the Borrower in substantially the form of Exhibit D-1 to the Credit Agreement, as applicable, in each case
as modified by this Amendment. 

  
 2 

 (h) The Refinancing Term Lender and the Administrative Agent shall have received at least 3
days prior to the Amendment No. 6 Effective Date all documentation and other information about the Borrower and the Guarantors required under applicable “know your customer” and anti-money laundering rules and regulations, including
the USA PATRIOT Act that has been requested in writing at least 10 days prior to the Amendment No. 6 Effective Date. 
 (i) At least
three Business Days prior to the Amendment No. 6 Effective Date, to the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, the Borrower shall deliver, to the Refinancing Term Lender
that so requests in writing at least 10 days prior to the Amendment No. 6 Effective Date, a Beneficial Ownership Certification. 
 (j)
The Administrative Agent shall have received a payment in the amount of $500,000,000 to effect the voluntary prepayment of the Refinancing Term Loans in accordance with Section 2.05 of the Credit Agreement (such amount, the “Prepayment
Amount”), which shall be applied first to scheduled amortization of the Series B-2 Term Loans. 
 SECTION 3. Amendment
Transactions. 
 (a) Subject to the terms and conditions set forth herein, the Refinancing Term Lender severally agrees to make
Refinancing Term Loans to the Borrower on the Amendment No. 6 Effective Date in an aggregate amount equal to $3,119,286,250, which Refinancing Term Loans shall be applied to the prepayment and refinancing in full of the entire outstanding
amount of the Refinanced Series B-2 Term Loans, together with accrued and unpaid interest thereon, as of the date hereof (immediately prior to the effectiveness of this Amendment) (the “Refinancing”). 

(b) Immediately after giving effect to the Refinancing, the Borrower shall effect the prepayment of a portion of the Refinancing Term Loans in
the amount of the Prepayment Amount (the transactions in this clause (b), the “Prepayment”). 
 (c) The Refinancing Term
Lender and the Administrative Agent acknowledge and agree that (i) certain of the Series B-2 Term Lenders who hold Refinanced Series B-2 Term Loans may agree, by executing and delivering a Series B-2 Lender Agreement in the form of Annex I
hereto and selecting the “Cashless Settlement Option”, to convert, exchange or “cashlessly roll” all of their Refinanced Series B-2 Term Loans to or for Refinancing Term Loans (immediately after giving effect to the Prepayment)
(the “Cashless Roll”) and immediately after giving effect to the Cashless Roll, the Series B-2 Lenders who hold Refinancing Term Loans will be as set forth in Schedule 1.01A (after giving effect this Amendment), (ii) all notice
requirements set forth in the Credit Agreement with respect to the refinancing contemplated by this Amendment have been satisfied and (iii) and no payment under Section 3.05 of the Credit Agreement shall be required as a result of any
payment or deemed payment of any outstanding Series B-2 Term Loans on the Amendment No. 6 Effective Date. 
 SECTION 4.
Representations and Warranties. Each Loan Party represents and warrants to the Agents and the Lenders that: 
 (a) Each Loan Party and
each Restricted Subsidiary (i) is a Person duly organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or organization and (ii) has all requisite power and authority to execute
and deliver this Amendment and perform its obligations under this Amendment and the Loan Documents to which it is a party. 

  
 3 

 (b) The execution and delivery by each Loan Party of this Amendment and the performance
under this Amendment and the Loan Documents to which such Person is a party, are within such Loan Party’s corporate or other powers, have been duly authorized by all necessary corporate or other organizational action, and do not and will not
(i) contravene the terms of any of such Person’s Organization Documents, (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than as permitted by Section 7.01 of the Credit
Agreement), or require any payment to be made under (x) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (y) any material order, injunction,
writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (iii) violate any applicable Law; except with respect to any conflict, breach or contravention or payment (but not creation
of Liens) referred to in clause (ii)(x), to the extent that such conflict, breach, contravention or payment could not reasonably be expected to have a Material Adverse Effect. 

(c) No material approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or
any other Person is necessary or required in connection with the execution and delivery of this Amendment or performance by, or enforcement against, any Loan Party of this Amendment or any Loan Document. 

(d) This Amendment has been duly executed and delivered by each Loan Party that is party hereto. This Amendment constitutes a legal, valid and
binding obligation of such Loan Party, enforceable against such Loan Party that is party hereto in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity. 

SECTION 5. Reference to and Effect on the Credit Agreement and the Loan Documents. 

(a) On and after the Amendment No. 6 Effective Date, (i) each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the Notes and each of the other Loan Documents to “the Credit Agreement”, “thereunder”,
“thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment, (ii) each reference to “Term Loans” and “Series B-2 Term
Loans” in the Credit Agreement shall be deemed to include a reference to the Refinancing Term Loans made available hereunder and (iii) the Refinancing Term Lender (or its successors and assigns, as applicable) shall be a “Series B-2
Term Lender” and a “Term Lender” for the purposes of the Credit Agreement. This Amendment constitutes a “Refinancing Amendment” and a “Loan Document” under and for all purposes of the Loan Documents. 

(b) The Credit Agreement, as specifically amended by this Amendment, is and shall continue to be in full force and effect and is hereby in all
respects ratified and confirmed. Without limiting the generality of the foregoing, the Collateral Documents and all of the Collateral described therein do and shall continue to secure the payment of all Obligations (including, for the avoidance of
doubt, all Obligations in respect of the Refinancing Term Loans made available hereunder) of the Loan Parties under the Loan Documents, in each case as amended by this Amendment. 

(c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any
right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 

  
 4 

 (d) Each Loan Party hereby (i) ratifies and reaffirms all of its payment and
performance obligations, contingent or otherwise, under each of the Loan Documents to which it is a party, (ii) ratifies and reaffirms each grant of a lien on, or security interest in, its property made pursuant to the Loan Documents
(including, without limitation, the grant of security made by such Loan Party pursuant to the Security Agreement) and confirms that such liens and security interests continue to secure the Obligations under the Loan Documents (including, for the
avoidance of doubt, all Obligations in respect of the Refinancing Term Loans made available hereunder), subject to the terms thereof and (iii) in the case of each Guarantor, ratifies and reaffirms its guaranty of the Obligations (including, for
the avoidance of doubt, all Obligations in respect of the Refinancing Term Loans made available hereunder) pursuant to the Guaranty. 

SECTION 6. Costs and Expenses. The Borrower agrees to pay all reasonable and documented out-of-pocket costs and expenses of the
Administrative Agent in connection with the preparation, execution, delivery and administration of this Amendment and the other instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and expenses of
counsel for the Administrative Agent) in accordance with the terms of Section 10.04 of the Credit Agreement. 
 SECTION 7. Execution
in Counterparts. This 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 taken together shall
constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by telecopier or other electronic delivery (e.g., “pdf”) shall be effective as delivery of a manually executed counterpart
of this Amendment. 
 SECTION 8. Governing Law. This Amendment shall be governed by, and construed in accordance with, the law of the
State of New York. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 5 

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

			
	HILTON WORLDWIDE FINANCE LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President
	
	HILTON WORLDWIDE HOLDINGS INC.
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President
	
	HILTON WORLDWIDE PARENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  

  
 Hilton - Amendment
No. 6 to Credit Agreement 

 
	
	90210 BILTMORE MANAGEMENT, LLC
	90210 DESERT RESORTS MANAGEMENT CO., LLC
	90210 GRAND WAILEA MANAGEMENT CO., LLC
	90210 LLC
	90210 MANAGEMENT COMPANY, LLC
	ANDIAMO’S O’HARE, LLC
	BALLY’S GRAND PROPERTY SUB I, LLC
	BLUE BONNET SECURITY, LLC
	CANOPY BRAND MANAGEMENT LLC
	CHESTERFIELD VILLAGE HOTEL, LLC
	CONRAD INTERNATIONAL (BELGIUM) LLC
	CONRAD INTERNATIONAL (EGYPT) RESORTS CORPORATION
	CONRAD INTERNATIONAL (INDONESIA) CORPORATION
	CONRAD INTERNATIONAL MANAGE (CIS) LLC
	CONRAD MANAGEMENT LLC
	CURIO BRAND MANAGEMENT LLC
	CURIO MANAGEMENT LLC
	DESTINATION RESORTS LLC
	DOUBLETREE HOTEL SYSTEMS LLC
	DOUBLETREE HOTELS LLC
	DOUBLETREE LLC
	DOUBLETREE MANAGEMENT LLC
	DT MANAGEMENT LLC
	DT REAL ESTATE, LLC
	DTM ATLANTA/LEGACY, INC.
	DTR FCH HOLDINGS, INC.
	EMBASSY DEVELOPMENT LLC
	EMBASSY SUITES CLUB NO. 1, INC.
	EMBASSY SUITES CLUB NO. THREE, INC.
	EMBASSY SUITES CLUB NO. TWO, INC.
	EMBASSY SUITES MANAGEMENT LLC
	FLORIDA CONRAD INTERNATIONAL CORP.
	HAMPTON INNS MANAGEMENT LLC
	HIC FIRST LLC
	HIC GAMING CALIFORNIA, INC.
	HIC HOLDINGS LLC
	HIC HOTELS U.S.A. LLC
	HIC RACING CORPORATION
	HIC SAN PABLO, L.P.
	HIC SAN PABLO LIMITED, INC.
	HIC SECOND LLC
	HILTON BEVERAGE LLC
	HILTON CHICAGO BEVERAGE I LLC
	HILTON CHICAGO BEVERAGE II LLC
	HILTON CHICAGO BEVERAGE III LLC
	HILTON CHICAGO BEVERAGE IV LLC
	HILTON CORPORATE DIRECTOR LLC

  

  
 Hilton - Amendment
No. 6 to Credit Agreement 

 
	
	HILTON DOMESTIC MANAGEMENT LLC
	HILTON DOMESTIC FRANCHISE LLC
	HILTON DOMESTIC OPERATING COMPANY INC.
	HILTON EL CON MANAGEMENT LLC
	HILTON EL CON OPERATOR LLC
	HILTON FRANCHISE HOLDING LLC
	HILTON GARDEN INNS MANAGEMENT LLC
	HILTON HAWAII CORPORATION
	HILTON HONORS WORLDWIDE LLC
	HILTON HOLDINGS, LLC
	HILTON HOSPITALITY, LLC
	HILTON ILLINOIS, LLC
	HILTON ILLINOIS HOLDINGS LLC
	HILTON INTERNATIONAL HOLDING LLC
	HILTON MANAGEMENT LLC
	HILTON NUS HSS, INC.
	HILTON SAN DIEGO LLC
	HILTON SUPPLY MANAGEMENT LLC
	HILTON SYSTEMS SOLUTIONS, LLC
	HILTON WORLDWIDE FINANCE CORP.
	HLT AUDUBON LLC
	HLT CONRAD DOMESTIC LLC
	HLT ESP INTERNATIONAL FRANCHISE LLC
	HLT ESP INTERNATIONAL FRANCHISOR CORPORATION
	HLT ESP INTERNATIONAL MANAGE LLC
	HLT ESP INTERNATIONAL MANAGEMENT CORPORATION
	HLT ESP MANAGE LLC
	HLT EXISTING FRANCHISE HOLDING LLC
	HLT HSM HOLDING LLC
	HLT HSS HOLDING LLC
	HLT JV ACQUISITION LLC
	HLT LIFESTYLE INTERNATIONAL FRANCHISE LLC
	HLT LIFESTYLE INTERNATIONAL FRANCHISOR CORPORATION
	HLT LIFESTYLE INTERNATIONAL MANAGE LLC
	HLT LIFESTYLE INTERNATIONAL MANAGEMENT CORPORATION
	HLT LIFESTYLE MANAGE LLC
	HLT PALMER LLC
	HOME2 BRAND MANAGEMENT LLC
	HOMEWOOD SUITES MANAGEMENT LLC
	HOTEL CLUBS OF CORPORATE WOODS, INC.
	HOTELS STATLER COMPANY, INC.
	HPP HOTELS USA LLC
	HPP INTERNATIONAL LLC
	INNVISION, LLC

  

  
 Hilton - Amendment
No. 6 to Credit Agreement 

 
			
	INTERNATIONAL RIVERCENTER LESSEE, L.L.C.
	LXR MANAGEMENT LLC
	PEACOCK ALLEY SERVICE COMPANY, LLC
	POTTER’S BAR PALMER HOUSE, LLC
	PROMUS HOTEL SERVICES, INC.
	PROMUS HOTELS FLORIDA LLC
	PROMUS HOTELS LLC
	PROMUS HOTELS PARENT LLC
	SALC, INC.
	TAPESTRY MANAGEMENT LLC
	TRU BRAND MANAGEMENT LLC
	WA COLLECTION INTERNATIONAL, LLC
	WALDORF=ASTORIA MANAGEMENT LLC
	WASHINGTON HILTON, L.L.C.
	HOME2 MANAGEMENT LLC
	MOTTO MANAGEMENT LLC
	SIGNIA HOTEL MANAGEMENT LLC
		
	By:	 	 /s/ W. Steven Standefer

		 	Name: W. Steven Standefer
		 	Title: Senior Vice President

  

  
 Hilton - Amendment
No. 6 to Credit Agreement 

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH,
	as the Refinancing Term Lender, Administrative Agent, Swing Line Lender, an L/C Issuer and a Revolving Credit Lender
		
	By:	 	 /s/ Marguerite Sutton

		 	Name: Marguerite Sutton
		 	Title: Vice President
		
	By:	 	 /s/ Michael Strobel

		 	Name: Michael Strobel
		 	Title: Vice President

  

  
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No. 6 to Credit Agreement 

 
			
	Goldman Sachs Lending Partners,
	as a Revolving Credit Lender and a L/C Issuer
		
	By:	 	 /s/ Thomas M. Manning

		 	Name: Thomas M. Manning
		 	Title: Authorized Signatory

  

  
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No. 6 to Credit Agreement 

 
			
	Wells Fargo Bank, National Association,
	as a Revolving Credit Lender and a L/C Issuer
		
	By:	 	 /s/ Mark F. Monahan

		 	Name: Mark. F. Monahan
		 	Title: Senior Vice President

  
 Hilton - Amendment
No. 6 to Credit Agreement 

 
			
	Bank of America, N.A.,
	as a Revolving Credit Lender and a L/C Issuer
		
	By:	 	 /s/ Suzanne E. Pickett

		 	Name: Suzanne E. Pickett
		 	Title: Senior Vice President

  
 Hilton - Amendment
No. 6 to Credit Agreement 

 
			
	JPMorgan Chase Bank, N.A.,
	as a Revolving Credit Lender and a L/C Issuer
		
	By:	 	 /s/ Mohammad Hasan

		 	Name: Mohammad Hasan
		 	Title: Executive Director

  
 Hilton - Amendment
No. 6 to Credit Agreement 

 
			
	Barclays Bank PLC,
	as a Revolving Credit Lender and a L/C Issuer
		
	By:	 	 /s/ Craig Malloy

		 	Name: Craig Malloy
		 	Title: Director

  
 Hilton - Amendment
No. 6 to Credit Agreement 

 
			
	Citibank, N.A.,
	as a Revolving Credit Lender and a L/C Issuer
		
	By:	 	 /s/ Harry Kramer

		 	Name: Harry Kramer
		 	Title: Vice President

  
 Hilton - Amendment
No. 6 to Credit Agreement 

 
			
	Morgan Stanley Bank, N.A.,
	as a Revolving Credit Lender and a L/C Issuer
		
	By:	 	 /s/ Emanuel Ma

		 	Name: Emanuel Ma
		 	Title: Authorized Signatory

  
 Hilton - Amendment
No. 6 to Credit Agreement 

 
			
	Capital One, National Association,
	as a Revolving Credit Lender
		
	By:	 	 /s/ Benjamin Lucas

		 	Name: Benjamin Lucas
		 	Title: Vice President

  
 Hilton - Amendment
No. 6 to Credit Agreement 

 
			
	Credit Agricole Corporate and Investment Bank,
	as a Revolving Credit Lender
		
	By:	 	 /s/ Adam Jenner

		 	Name: Adam Jenner
		 	Title: Director

  
 Hilton - Amendment
No. 6 to Credit Agreement 

 
			
	HSBC Bank USA, National Association,
	as a Revolving Credit Lender
		
	By:	 	 /s/ Alan Vitulich

		 	Name: Alan Vitulich
		 	Title: Director

  
 Hilton - Amendment
No. 6 to Credit Agreement 

 
			
	MUFG Bank, Ltd.,
	as a Revolving Credit Lender
		
	By:	 	 /s/ Stephen Hall

		 	Name: Stephen Hall
		 	Title: Director

  
 Hilton - Amendment
No. 6 to Credit Agreement 

 
			
	National Westminster Bank PLC,
	as a Revolving Credit Lender
		
	By:	 	 /s/ Luke Simpson

		 	Name: Luke Simpson
		 	Title: Associate Director

  
 Hilton - Amendment
No. 6 to Credit Agreement 

 
			
	PNC Bank, National Association,
	as a Revolving Credit Lender
		
	By:	 	 /s/ David Notaro

		 	Name: David Notaro
		 	Title: SVP

  
 Hilton - Amendment
No. 6 to Credit Agreement 

 
			
	Standard Chartered Bank,
	as a Revolving Credit Lender
		
	By:	 	 /s/ Daniel Mattern

		 	Name: Daniel Mattern
		 	Title: Associate Director

  
 Hilton - Amendment
No. 6 to Credit Agreement 

 
			
	SunTrust Bank,
	as a Revolving Credit Lender
		
	By:	 	 /s/ Katie Lundin

		 	Name: Katie Lundin
		 	Title: Director

  
 Hilton - Amendment
No. 6 to Credit Agreement 

 
			
	U.S. Bank National Association,
	as a Revolving Credit Lender
		
	By:	 	 /s/ Steven L. Sawyer

		 	Name: Steven L. Sawyer
		 	Title: Senior Vice President

  
 Hilton - Amendment
No. 6 to Credit Agreement 

 Schedule 1.01A 

[On file with the Administrative Agent] 
  

  
 2 

 EXHIBIT A 
  

 
 CREDIT AGREEMENT 

Dated as of October 25, 2013, 

As amended by Amendment No. 1 dated as of August 18, 2016 

As amended by Amendment No. 2 dated as of November 21, 2016 

As amended by Amendment No. 3 dated as of March 16, 2017 

As amended by Amendment No. 4 dated as of April 19, 2018 

As amended by Amendment No. 5 dated as of June 5, 2019 

As amended by Amendment
No. 6 dated as of June 21, 2019 
 Among 

HILTON WORLDWIDE HOLDINGS INC., 
 as
Parent, 
 HILTON WORLDWIDE PARENT LLC, 

as Intermediate Parent, 
 HILTON
WORLDWIDE FINANCE LLC, 
 as the Borrower, 

THE OTHER GUARANTORS PARTY HERETO FROM TIME TO TIME 

DEUTSCHE BANK AG NEW YORK BRANCH, 

as Administrative Agent, Collateral Agent, Swing Line Lender and L/C Issuer, and 

THE OTHER LENDERS PARTY HERETO FROM TIME TO TIME 
  

 
 MERRILL LYNCH,
PIERCE, FENNER & SMITH INCORPORATED, 
 and 

GOLDMAN SACHS LENDING PARTNERS LLC, 

as Co-Syndication Agents, 
 J.P.
MORGAN SECURITIES LLC, 
 MORGAN STANLEY SENIOR FUNDING, INC., 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

CREDIT SUISSE SECURITIES (USA) LLC, 

CITIGROUP GLOBAL MARKETS INC., 

BARCLAYS BANK PLC, 
 MACQUARIE
CAPITAL (USA) INC. 
 HSBC SECURITIES (USA) INC., 

THE ROYAL BANK OF SCOTLAND PLC, 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 

and 
 SUMITOMO MITSUI BANKING
CORPORATION, 
 as Co-Documentation Agents 

DEUTSCHE BANK SECURITIES INC., 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

J.P. MORGAN SECURITIES LLC, 
 MORGAN
STANLEY SENIOR FUNDING, INC., and 
 GOLDMAN SACHS LENDING PARTNERS LLC, 

as Joint Lead Arrangers and Joint Bookrunners 

and 
 WELLS FARGO SECURITIES, LLC

 as Joint Bookrunner 
  

 

  
 Hilton - Amendment
No. 6 to Credit Agreement 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I
	  			
	 DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	 
		
	 SECTION 1.01 Defined Terms
	  	 	1	 
	 SECTION 1.02 Other Interpretive Provisions
	  	 	7071	 
	 SECTION 1.03 Accounting Terms 
	  	 	7072	 
	 SECTION 1.04 Rounding
	  	 	7172	 
	 SECTION 1.05 References to Agreements, Laws, Etc.
	  	 	7172	 
	 SECTION 1.06 Times of Day
	  	 	7172	 
	 SECTION 1.07 Timing of Payment or Performance
	  	 	7174	 
	 SECTION 1.08 Cumulative Credit Transactions
	  	 	7174	 
	 SECTION 1.09
Divisions.
	  	 	74	 
		
	 ARTICLE II
	  			
	 THE COMMITMENTS AND CREDIT EXTENSIONS
	  	 	7174	 
		
	 SECTION 2.01 The Loans
	  	 	7174	 
	 SECTION 2.02 Borrowings, Conversions and Continuations of Loans
	  	 	7274	 
	 SECTION 2.03 Letters of Credit
	  	 	7476	 
	 SECTION 2.04 Swing Line Loans
	  	 	8485	 
	 SECTION 2.05 Prepayments
	  	 	8789	 
	 SECTION 2.06 Termination or Reduction of Commitments
	  	 	99102	 
	 SECTION 2.07 Repayment of Loans
	  	 	100102	 
	 SECTION 2.08 Interest
	  	 	100101	 
	 SECTION 2.09 Fees
	  	 	101102	 
	 SECTION 2.10 Computation of Interest and Fees
	  	 	101103	 
	 SECTION 2.11 Evidence of Indebtedness
	  	 	101103	 
	 SECTION 2.12 Payments Generally
	  	 	102104	 
	 SECTION 2.13 Sharing of Payments
	  	 	104106	 
	 SECTION 2.14 Incremental Credit Extensions
	  	 	105106	 
	 SECTION 2.15 Refinancing Amendments
	  	 	111112	 
	 SECTION 2.16 Extension of Term Loans; Extension of Revolving Credit Loans
	  	 	112113	 
	 SECTION 2.17 Defaulting Lenders
	  	 	115117	 
		
	 ARTICLE III
	  			
	 TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY
	  	 	117119	 
		
	 SECTION 3.01 Taxes
	  	 	117119	 
	 SECTION 3.02 Illegality
	  	 	120122	 
	 SECTION 3.03 Inability to Determine Rates
	  	 	121124	 
	 SECTION 3.04 Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurocurrency Rate
Loans
	  	 	121124	 
	 SECTION 3.05 Funding Losses
	  	 	122124	 
	 SECTION 3.06 Matters Applicable to All Requests for Compensation
	  	 	123125	 
	 SECTION 3.07 Replacement of Lenders under Certain Circumstances
	  	 	124126	 
	 SECTION 3.08 Survival
	  	 	125127	 

  
 i 

					
		
	 ARTICLE IV
	  			
	 CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
	  	 	126128	 
		
	 SECTION 4.01 Conditions to Initial Credit Extension
	  	 	126128	 
	 SECTION 4.02 Conditions to All Credit Extensions
	  	 	128130	 
		
	 ARTICLE V
	  			
	 REPRESENTATIONS AND WARRANTIES
	  	 	128130	 
		
	 SECTION 5.01 Existence, Qualification and Power; Compliance with Laws
	  	 	128130	 
	 SECTION 5.02 Authorization; No Contravention
	  	 	129131	 
	 SECTION 5.03 Governmental Authorization; Other Consents
	  	 	129131	 
	 SECTION 5.04 Binding Effect
	  	 	129131	 
	 SECTION 5.05 Financial Statements; No Material Adverse Effect
	  	 	130132	 
	 SECTION 5.06 Litigation
	  	 	130132	 
	 SECTION 5.07 [Reserved]
	  	 	130132	 
	 SECTION 5.08 Ownership of Property; Liens; Real Property; Management Agreements and Franchise
Agreements
	  	 	130132	 
	 SECTION 5.09 Environmental Matters
	  	 	131133	 
	 SECTION 5.10 Taxes
	  	 	132134	 
	 SECTION 5.11 ERISA Compliance
	  	 	132134	 
	 SECTION 5.12 Subsidiaries; Equity Interests
	  	 	132134	 
	 SECTION 5.13 Margin Regulations; Investment Company Act
	  	 	133135	 
	 SECTION 5.14 Disclosure
	  	 	133135	 
	 SECTION 5.15 Labor Matters
	  	 	133135	 
	 SECTION 5.16 [Reserved]
	  	 	134136	 
	 SECTION 5.17 Intellectual Property; Licenses, Etc.
	  	 	134136	 
	 SECTION 5.18 Solvency
	  	 	134136	 
	 SECTION 5.19 Subordination of Junior Financing; First Lien Obligations
	  	 	134136	 
	 SECTION 5.20 OFAC; USA PATRIOT Act; FCPA
	  	 	134136	 
	 SECTION 5.21 Security Documents
	  	 	135137	 
		
	 ARTICLE VI
	  			
	 AFFIRMATIVE COVENANTS
	  	 	136138	 
		
	 SECTION 6.01 Financial Statements
	  	 	136138	 
	 SECTION 6.02 Certificates; Other Information
	  	 	137139	 
	 SECTION 6.03 Notices
	  	 	139141	 
	 SECTION 6.04 Payment of Obligations
	  	 	139141	 
	 SECTION 6.05 Preservation of Existence, Etc.
	  	 	140142	 
	 SECTION 6.06 Maintenance of Properties
	  	 	140142	 
	 SECTION 6.07 Maintenance of Insurance
	  	 	140142	 
	 SECTION 6.08 Compliance with Laws
	  	 	141143	 
	 SECTION 6.09 Books and Records
	  	 	141143	 
	 SECTION 6.10 Inspection Rights
	  	 	141143	 
	 SECTION 6.11 Additional Collateral; Additional Guarantors
	  	 	141143	 
	 SECTION 6.12 Compliance with Environmental Laws
	  	 	143145	 

  
 ii 

					
	 SECTION 6.13 Further Assurances
	  	 	143145	 
	 SECTION 6.14 Designation of Subsidiaries
	  	 	144146	 
	 SECTION 6.15 Maintenance of Ratings
	  	 	144146	 
		
	 ARTICLE VII
	  			
	 NEGATIVE COVENANTS
	  	 	144146	 
		
	 SECTION 7.01 Liens
	  	 	145147	 
	 SECTION 7.02 Investments
	  	 	149151	 
	 SECTION 7.03 Indebtedness
	  	 	152154	 
	 SECTION 7.04 Fundamental Changes
	  	 	156158	 
	 SECTION 7.05 Dispositions
	  	 	158160	 
	 SECTION 7.06 Restricted Payments
	  	 	160162	 
	 SECTION 7.07 Change in Nature of Business
	  	 	163165	 
	 SECTION 7.08 Transactions with Affiliates
	  	 	163165	 
	 SECTION 7.09 Burdensome Agreements
	  	 	165167	 
	 SECTION 7.10 Use of Proceeds
	  	 	165167	 
	 SECTION 7.11 Financial Covenant
	  	 	166168	 
	 SECTION 7.12 Accounting Changes
	  	 	166168	 
	 SECTION 7.13 Prepayments, Etc. of Indebtedness
	  	 	166168	 
	 SECTION 7.14 Permitted Activities
	  	 	167169	 
		
	 ARTICLE VIII
	  			
	 EVENTS OF DEFAULT AND REMEDIES
	  	 	167169	 
		
	 SECTION 8.01 Events of Default
	  	 	167169	 
	 SECTION 8.02 Remedies Upon Event of Default
	  	 	170172	 
	 SECTION 8.03 Exclusion of Immaterial Subsidiaries
	  	 	170172	 
	 SECTION 8.04 Application of Funds
	  	 	171173	 
	 SECTION 8.05 Borrower’s Right to Cure
	  	 	172174	 
		
	 ARTICLE IX
	  			
	 ADMINISTRATIVE AGENT AND OTHER AGENTS
	  	 	172174	 
		
	 SECTION 9.01 Appointment and Authorization of Agents
	  	 	172174	 
	 SECTION 9.02 Delegation of Duties
	  	 	173175	 
	 SECTION 9.03 Liability of Agents
	  	 	174176	 
	 SECTION 9.04 Reliance by Agents
	  	 	174176	 
	 SECTION 9.05 Notice of Default
	  	 	175177	 
	 SECTION 9.06 Credit Decision; Disclosure of Information by Agents
	  	 	175177	 
	 SECTION 9.07 Indemnification of Agents
	  	 	176177	 
	 SECTION 9.08 Agents in Their Individual Capacities
	  	 	176178	 
	 SECTION 9.09 Successor Agents
	  	 	176178	 
	 SECTION 9.10 Administrative Agent May File Proofs of Claim
	  	 	177179	 
	 SECTION 9.11 Collateral and Guaranty Matters
	  	 	178180	 
	 SECTION 9.12 Other Agents; Lead Arrangers and Managers
	  	 	179181	 
	 SECTION 9.13 Withholding Tax Indemnity
	  	 	180182	 
	 SECTION 9.14 Appointment of Supplemental Agents
	  	 	180182	 
	 SECTION 9.15
Certain ERISA Matters
	  	 	185	 

  
 iii 

					
	 ARTICLE X
	  			
	 MISCELLANEOUS
	  	 	181186	 
		
	 SECTION 10.01 Amendments, Etc.
	  	 	181186	 
	 SECTION 10.02 Notices and Other Communications; Facsimile Copies
	  	 	184189	 
	 SECTION 10.03 No Waiver; Cumulative Remedies
	  	 	185188	 
	 SECTION 10.04 Attorney Costs and Expenses
	  	 	185188	 
	 SECTION 10.05 Indemnification by the Borrower
	  	 	186189	 
	 SECTION 10.06 Payments Set Aside
	  	 	187190	 
	 SECTION 10.07 Successors and Assigns
	  	 	188191	 
	 SECTION 10.08 Confidentiality
	  	 	196199	 
	 SECTION 10.09 Setoff
	  	 	197200	 
	 SECTION 10.10 Interest Rate Limitation
	  	 	198201	 
	 SECTION 10.11 Counterparts
	  	 	198201	 
	 SECTION 10.12 Integration; Termination
	  	 	198201	 
	 SECTION 10.13 Survival of Representations and Warranties
	  	 	198202	 
	 SECTION 10.14 Severability
	  	 	199202	 
	 SECTION 10.15 GOVERNING LAW
	  	 	199202	 
	 SECTION 10.16 WAIVER OF RIGHT TO TRIAL BY JURY
	  	 	200203	 
	 SECTION 10.17 Binding Effect
	  	 	200203	 
	 SECTION 10.18 USA PATRIOT Act
	  	 	200206	 
	 SECTION 10.19 No Advisory or Fiduciary Responsibility
	  	 	200206	 
	 SECTION 10.20 Electronic Execution of Assignments.
	  	 	201205	 
	 SECTION 10.21 Effect of Certain Inaccuracies
	  	 	202205	 
	 SECTION 10.22 Judgment Currency
	  	 	202205	 
	 SECTION 10.23 Acknowledgement and Consent to Bail-In of EEA Financial Institutions
	  	 	202206	 
	 SECTION 10.24
Acknowledgement Regarding Any Supported QFCs
	  	 	209	 
		
	 ARTICLE XI
	  			
	 GUARANTY
	  	 	203207	 
		
	 SECTION 11.01 The Guaranty
	  	 	203207	 
	 SECTION 11.02 Obligations Unconditional
	  	 	203208	 
	 SECTION 11.03 Reinstatement
	  	 	205209	 
	 SECTION 11.04 Subrogation; Subordination
	  	 	205209	 
	 SECTION 11.05 Remedies
	  	 	205209	 
	 SECTION 11.06 Instrument for the Payment of Money
	  	 	205209	 
	 SECTION 11.07 Continuing Guaranty
	  	 	205210	 
	 SECTION 11.08 General Limitation on Guarantee Obligations
	  	 	205210	 
	 SECTION 11.09 Information
	  	 	206210	 
	 SECTION 11.10 Release of Guarantors
	  	 	206210	 
	 SECTION 11.11 Right of Contribution
	  	 	206211	 
	 SECTION 11.12 Cross-Guaranty
	  	 	207211	 

  
 iv 

 “Agreement” means this Credit Agreement, as the same may be amended,
supplemented or otherwise modified from time to time. 
 “All-In Yield” means, as to any Indebtedness, the yield thereof,
whether in the form of interest rate, margin, OID, upfront fees or Eurocurrency Rate or Base Rate floor; provided that OID and upfront fees shall be equated to interest rate assuming a 4-year life to maturity (or, if less, the stated life to
maturity at the time of its incurrence of the applicable Indebtedness); and provided, further, that “All-In Yield” shall not include arrangement fees, structuring fees, commitment fees, underwriting fees or other fees payable to any
lead arranger (or its affiliates) in connection with the commitment or syndication of such Indebtedness. 
 “Amendment
No. 1” means Amendment No. 1 to this Agreement, dated as of August 18, 2016, among the Loan Parties, the Lenders party thereto and the Administrative Agent. 

“Amendment No. 3” means Amendment No. 3 to this Agreement, dated as of March 16, 2017, among the Loan Parties,
the Lenders party thereto and the Administrative Agent. 
 “Amendment No. 4” means Amendment No. 4 to this
Agreement, dated as of April 19, 2018, among the Loan Parties, the Lenders party thereto and the Administrative Agent. 

“Amendment No. 5” means Amendment No. 5 to this Agreement, dated as of June 5, 2019, among the Loan Parties,
the L/C Issuers, the Swing Line Lender, the Lenders party thereto and the Administrative Agent. 
 “Amendment No. 6” means Amendment No. 6 to this Agreement, dated as of June 21, 2019, among the Loan Parties,
the L/C Issuers, the Swing Line Lender, the Lenders party thereto and the Administrative Agent. 

“Amendment No. 1 Effective Date” means August 18, 2016. 

“Amendment No. 2 Effective Date” means November 21, 2016. 

“Amendment No. 3 Effective Date” means March 16, 2017. 

“Amendment No. 4 Effective Date” means April 19, 2018. 

“Amendment No. 5 Effective Date” means June 5, 2019. 

“Amendment
No. 6 Effective Date” means June 21, 2019.  

“Applicable Discount” has the meaning set forth in Section 2.05(a)(v)(C)(2). 

“Applicable ECF Percentage” means, for any fiscal year, (a) 50.0% if the Consolidated First Lien Net Leverage Ratio as
of the last day of such fiscal year is greater than 4.60 to 1.00, (b) 25.0% if the Consolidated First Lien Net Leverage Ratio as of the last day of such fiscal year is less than or equal to 4.60 to 1.00 and greater than 3.85 to 1.00 and
(c) 0.0% if the Consolidated First Lien Net Leverage Ratio as of the last day of such fiscal year is less than or equal to 3.85 to 1.00. 

“Applicable L/C Fronting Sublimit” means (x) with respect to each L/C Issuer on the Amendment No. 5 Effective Date,
the amount set forth opposite such L/C Issuer’s name on Schedule Administrative Agent shall be under no obligation to agree to act as the Auction Agent); provided, further, that neither the Borrower nor any of its Affiliates may
act as the Auction Agent. 

  
 3 

 “Audited Financial Statements” means the audited consolidated balance
sheets of Holdings and its Subsidiaries as of each of December 31, 2012 and 2011 and related consolidated statements of income, stockholders’ equity and cash flows of Holdings and its Subsidiaries for the fiscal years ended
December 31, 2012 and 2011. 
 “Australian Dollars” and “A$” mean lawful money of the Commonwealth of
Australia. 
 “Auto-Extension Letter of Credit” has the meaning set forth in Section 2.03(b)(iii). 

“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. 
 “Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Federal Funds Rate in
effect on such day plus 1/2 of 1%, (b) the Prime Rate in effect for such day and (c) the Eurocurrency Rate for deposits in Dollars for a one-month Interest Period plus 1.00%; provided that for the avoidance of doubt, the
Eurocurrency Rate for any day shall be LIBOR, at approximately 11:00 a.m. (London time) two Business Days prior to such day for deposits in Dollars with a term of one month commencing on such day. If the Administrative Agent shall have determined
(which determination shall be conclusive absent manifest error) that it is unable to ascertain the Federal Funds Rate for any reason, including the inability or failure of the Administrative Agent to obtain sufficient quotations in accordance with
the terms of the definition thereof, the Base Rate shall be determined without regard to clause (a) of the preceding sentence until the circumstances giving rise to such inability no longer exist. Any change in the Base Rate due to a change in
the Prime Rate, the Federal Funds Rate or the Eurocurrency Rate shall be effective on the effective date of such change in the Prime Rate, the Federal Funds Rate or the Eurocurrency Rate, as the case may be. 

“Base Rate Loan” means a Loan denominated in Dollars that bears interest based on the Base Rate. 

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

“Beneficial
Ownership Regulation” means 31 C.F.R. § 1010.230. 
 “Benefit Plan” 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 and subject to 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” has the meaning set forth in Section 10.24. 

  
 6 

 “Consolidated Total Net Leverage Ratio” means, with respect to any Test
Period, the ratio of (a) Consolidated Total Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period. 

“Consolidated Working Capital” means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at
any date of determination, Current Assets at such date of determination minus Current Liabilities at such date of determination; provided that increases or decreases in Consolidated Working Capital shall be calculated without regard to any
changes in Current Assets or Current Liabilities as a result of (a) any reclassification in accordance with GAAP of assets or liabilities, as applicable, between current and noncurrent or (b) the effects of purchase accounting. 

“Contract Consideration” has the meaning set forth in the definition of “Excess Cash Flow.” 

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

“Control” has the meaning set forth in the definition of “Affiliate.” 

“Covered
Entity” has the meaning set forth in Section 10.24. 
 “Covered Party” has the meaning set forth in Section 10.24.

 “Converted Restricted Subsidiary” has the meaning set forth in the definition of “Consolidated EBITDA.”

 “Converted Unrestricted Subsidiary” has the meaning set forth in the definition of “Consolidated EBITDA.” 

“Covenant Termination Event” has the meaning set forth in Article VII. 

“Credit Agreement Refinancing Indebtedness” means (a) Permitted First Priority Refinancing Debt, (b) Permitted
Second Priority Refinancing Debt, (c) Permitted Unsecured Refinancing Debt or (d) other Indebtedness incurred pursuant to a Refinancing Amendment, in each case, issued, incurred or otherwise obtained (including by means of the extension or
renewal of existing Indebtedness) in exchange for, or to extend, renew, replace, repurchase, retire or refinance, in whole or part, existing Term Loans and Revolving Credit Loans (or Revolving Credit Commitments), or any then-existing Credit
Agreement Refinancing Indebtedness (“Refinanced Debt”); provided that (i) subject to the Permitted Earlier Maturity Indebtedness Exception, such Indebtedness has a maturity no earlier, and, in the case of Refinancing
Term Loans, a Weighted Average Life to Maturity equal to or greater, than the Refinanced Debt, (ii) such Indebtedness shall not have a greater principal amount than the principal amount of the Refinanced Debt plus accrued interest, fees,
premiums (if any) and penalties thereon and reasonable fees and expenses associated with the refinancing, (iii) the terms and conditions of such Indebtedness (except as otherwise provided in clause (ii) above and with respect to pricing,
premiums, fees, rate floors and optional prepayment or redemption terms) are substantially identical to, or (taken as a whole) are no more favorable to the lenders or holders providing such Indebtedness, than those applicable to the of
determination, other than amounts related to current or deferred Taxes based on income or profits (but excluding assets held for sale, loans (permitted) to third parties, pension assets, deferred bank fees and derivative financial instruments). 

  
 23 

 “Current Liabilities” means, with respect to the Borrower and the
Restricted Subsidiaries on a consolidated basis at any date of determination, all liabilities of the Borrower and the Restricted Subsidiaries that would, in accordance with GAAP, be classified on a consolidated balance sheet of Holdings and its
Restricted Subsidiaries as current liabilities at such date of determination, other than (a) the current portion of any Indebtedness, (b) accruals of Consolidated Interest Expense (excluding Consolidated Interest Expense that is past due
and unpaid), (c) accruals for current or deferred Taxes based on income or profits, (d) accruals of any costs or expenses related to restructuring reserves, and (e) any Revolving Credit Exposure or Revolving Credit Loans. 

“Debt Fund Affiliate” means any fund managed by, or under common management with GSO Capital Partners LP, Blackstone Tactical
Opportunities Fund L.P. or Blackstone Real Estate Debt Strategies L.P. and (ii) any fund managed by GSO Debt Funds Management LLC, Blackstone Debt Advisors L.P., Blackstone Distressed Securities Advisors L.P., Blackstone Mezzanine Advisors L.P.
or Blackstone Mezzanine Advisors II L.P., and (iii) any other Affiliate of Holdings that is a bona fide debt fund or an investment vehicle that is engaged in the making, purchasing, holding or otherwise investing in commercial loans, bonds and
similar extensions of credit in the ordinary course. 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States
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 and affecting the rights of creditors generally. 
 “Default” means any event or condition that
constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. 

“Default Rate” means an interest rate equal to (a) the Base Rate plus (b) the Applicable Rate, if any, applicable
to Revolving Loans that are Base Rate Loans plus (c) 2.0% per annum; provided that with respect to the overdue principal or interest in respect of a Eurocurrency Rate Loan, the Default Rate shall be an interest rate equal to the
interest rate (including any Applicable Rate) otherwise applicable to such Loan, plus 2.0% per annum, in each case to the fullest extent permitted by applicable Laws. 

“Default
Right” has the meaning set forth in Section 10.24.  

“Defaulting Lender” means any Lender whose acts or failure to act, whether directly or indirectly, cause it to meet any part
of the definition of “Lender Default.” 
 “Designated Equity Contribution” has the meaning set forth in
Section 8.05(a). 
 “Discount Prepayment Accepting Lender” has the meaning set forth in Section 2.05(a)(v)(B)(2).

  
 26 

 
compared to the Employee Matters Agreement as in effect immediately prior to such amendment, supplement, waiver or modification. 

“Engagement Letter” means that certain Second Amended and Restated Engagement Letter dated October 24, 2013, among the
Borrower, Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Goldman Sachs Lending Partners LLC, Morgan Stanley Senior Funding, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as amended,
supplemented, modified or restated from time to time. 
 “Environment” means indoor air, ambient air, surface water,
groundwater, drinking water, land surface, subsurface strata and natural resources such as wetlands, flora and fauna. 

“Environmental Laws” means any applicable Law relating to pollution, protection of the Environment and natural resources,
pollutants, contaminants, or chemicals or any toxic or otherwise hazardous substances, wastes or materials, or the protection of human health and safety as it relates to any of the foregoing, including any applicable provisions of CERCLA. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
investigation and remediation, fines, penalties or indemnities), of or relating to the Loan Parties or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of, or liability under or relating to
any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the actual or alleged presence, Release or threatened
Release of any Hazardous Materials or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Environmental Permit” means any permit, approval, identification number, license or other authorization required under any
Environmental Law. 
 “Equity Interests” means, with respect to any Person, all of the shares, interests, rights,
participations or other equivalents (however designated) of capital stock of (or other ownership or profit interests or units in) such Person and all of the warrants, options or other rights for the purchase, acquisition or exchange from such Person
of any of the foregoing (including through convertible securities). 
 “ERISA” means the Employee Retirement Income
Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated)
that, together with a Loan Party or any Restricted Subsidiary, 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 of the Code. 
 “ERISA Event” means (a) a Reportable Event with respect to a
Pension Plan; (b) a withdrawal by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in
Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate from
a Multiemployer Plan or a notification or corporations” within the meaning of Section 957 of the Code, (k) any Domestic Subsidiary that is a direct or indirect Subsidiary of a Foreign Subsidiary and (l) any captive insurance
subsidiaries (such Subsidiaries are listed on Schedule 1.01D). 

  
 30 

 “Excluded Swap Obligation” means, with respect to any Guarantor,
(a) any Swap Obligation if, and to the extent that, all or a portion of the Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guaranty 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) (i) by virtue of such Guarantor’s failure to constitute an
“eligible contract participant,” as defined in the Commodity Exchange Act and the regulations thereunder (determined after giving effect to Section 11.12 and any other applicable agreement for the benefit of such Guarantor and any and
all applicable guarantees of such Guarantor’s Swap Obligations by other Loan Parties), at the time the guarantee of (or grant of such security interest by, as applicable) such Guarantor becomes or would become effective with respect to such
Swap Obligation or (ii) in the case of a Swap Obligation that is subject to a clearing requirement pursuant to section 2(h) of the Commodity Exchange Act, because such Guarantor is a “financial entity,” as defined in section
2(h)(7)(C) of the Commodity Exchange Act, at the time the guarantee of (or grant of such security interest by, as applicable) such Guarantor becomes or would become effective with respect to such Swap Obligation or (b) any other Swap Obligation
designated as an “Excluded Swap Obligation” of such Guarantor as specified in any agreement between the relevant Loan Parties and the Approved Counterparty applicable to such Swap Obligations. If a Swap Obligation arises under a master
agreement governing more than one Swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to the Swap for which such guarantee or security interest is or becomes excluded in accordance with the first
sentence of this definition. 
 “Existing Credit Agreement” means this Agreement as of the Amendment No. 46
Effective Date prior to giving effect to Amendment
No. 46. 
 “Existing Revolver Tranche” has the meaning set forth in
Section 2.16(b). 
 “Existing Term Loan Tranche” has the meaning set forth in Section 2.16(a). 

“Expiring Credit Commitment” has the meaning set forth in Section 2.04(g). 

“Extended Revolving Credit Commitments” has the meaning set forth in Section 2.16(b). 

“Extended Term Loans” has the meaning set forth in Section 2.16(a). 

“Extending Revolving Credit Lender” has the meaning set forth in Section 2.16(c). 

“Extending Term Lender” has the meaning set forth in Section 2.16(c). 

“Extension” means the establishment of an Extension Series by amending a Loan pursuant to Section 2.16 and the
applicable Extension Amendment. 
 “Extension Amendment” has the meaning set forth in Section 2.16(d). 

“Extension Election” has the meaning set forth in Section 2.16(c). 

  
 35 

 “Investment” means, as to any Person, any direct or indirect acquisition or
investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of Indebtedness
of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person excluding, in the case of the Borrower and its Restricted
Subsidiaries, intercompany loans, advances, or Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business consistent with past practice) or (c) the purchase
or other acquisition (in one transaction or a series of transactions) of all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person. For
purposes of covenant compliance, the amount of any Investment at any time shall be the amount actually invested (measured at the time made), without adjustment for subsequent increases or decreases in the value of such Investment. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the
equivalent) by S&P, or if the applicable securities or loans are not then rated by Moody’s or S&P, an equivalent rating by any other nationally recognized statistical rating agency. 

“Investor Management Agreement” means an agreement among the Borrower and/or Holdings (or any direct or indirect parent
entity of Holdings) and Affiliates of (or management entities associated with) one or more of the Investors, as in effect from time to time and as the same may be amended, supplemented or otherwise modified in a manner not materially adverse to the
Lenders; provided that, notwithstanding any provision to the contrary contained in Section 7.08 or otherwise, any management, monitoring, consulting and advisory fees payable in arrears by the Borrower and/or Holdings and its
Subsidiaries shall not exceed 2.0% of Consolidated EBITDA for such fiscal year. 
 “Investors” means one or more investment
funds, investment partnerships or managed accounts controlled or managed by The Blackstone Group L.P. or one of its Affiliates (other than any portfolio operating companies). 

“IP Rights” has the meaning set forth in Section 5.17. 

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

“Joint Bookrunners” means (i) Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding, Inc. and Goldman Sachs Lending Partners LLC, in their respective capacities as joint bookrunners under this Agreement and under Amendment No. 1, (ii) Deutsche Bank
Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, Barclays Bank PLC, Goldman Sachs Lending Partners LLC, Morgan Stanley Senior Funding, Inc. and Wells Fargo Bank, National Association, in their
respective capacities as joint bookrunners under Amendment No. 2, (iii) Deutsche Bank Securities Inc. and Goldman Sachs Lending Partners LLC in their respective capacities as joint bookrunners under Amendment No. 3, (iv) Deutsche
Bank Securities Inc. and Goldman Sachs Lending Partners LLC in their respective capacities as joint bookrunners under Amendment No. 4 and, (v) Deutsche Bank Securities Inc., BofA Securities, Inc., JPMorgan Chase 

  
 44 

 Bank, N.A., Wells Fargo Securities, LLC, Barclays Bank plc, Citibank, N.A., Goldman Sachs Lending Partners
LLC and Morgan Stanley Senior Funding, Inc. in their respective capacities as joint bookrunners under Amendment No. 5 and
(vi) Deutsche Bank Securities Inc. and Goldman Sachs Lending Partners LLC in their respective capacities as joint bookrunners under Amendment No. 6. 

“Junior Financing” has the meaning set forth in Section 7.13(a). 

“Junior Financing Documentation” means any documentation governing any Junior Financing. 

“Junior Lien Intercreditor Agreement” means an intercreditor agreement substantially in the form of Exhibit J-2 hereto
(which agreement in such form or with immaterial changes thereto the Collateral Agent is authorized to enter into) between the Collateral Agent and one or more collateral agents or representatives for the holders of Permitted Ratio Debt issued or
incurred pursuant to Sections 7.03 (q) or (s) that are intended to be secured on a basis junior to the Obligations. Wherever in this Agreement, an Other Debt Representative is required to become party to the Junior Lien Intercreditor
Agreement, if the related Indebtedness is the initial Indebtedness incurred by the Borrower or any Restricted Subsidiary to be secured by a Lien on a basis junior to the Liens securing the Obligations, then the Borrower, Holdings, the Subsidiary
Guarantors, the Administrative Agent and the Other Debt Representative for such Indebtedness shall execute and deliver the Junior Lien Intercreditor Agreement. 

“Latest Maturity Date” means, at any date of determination, the latest Maturity Date applicable to any Loan or Commitment
hereunder at such time, including the latest maturity date of any Refinancing Term Loan, any Refinancing Term Commitment, any Extended Term Loan, any Extended Revolving Credit Commitment, any Incremental Term Loans, any Incremental Revolving Credit
Commitments or any Other Revolving Credit Commitments, in each case as extended in accordance with this Agreement from time to time. 

“Laws” means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents, orders, decrees, injunctions 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. 

“L/C Advance” means, with respect to each Revolving Credit Lender, such Lender’s funding of its participation in any L/C
Borrowing in accordance with its Pro Rata Share or other applicable share provided for under this Agreement. All L/C Advances shall be denominated in Dollars. 

“L/C Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which has not been
reimbursed on the applicable Honor Date or refinanced as a Revolving Credit Borrowing. All L/C Borrowings shall be denominated in Dollars. 

“L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date
thereof, or the renewal or increase of the amount thereof. 

  
 45 

 “L/C Disbursement” means any payment made by an L/C Issuer pursuant to a
Letter of Credit. 
 “L/C Issuer” means Deutsche Bank AG New York Branch, any other Revolving Credit Lender listed on
Schedule 1.01A as an L/C Issuer and any other Lender that becomes an L/C Issuer in accordance with Sections 2.03(k) or 10.07(k), in each case, in its capacity as an issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit
hereunder. If there is more than one L/C Issuer at any given time, the term L/C Issuer shall refer to the relevant L/C Issuers. 

“L/C Obligations” means, as at any date of determination, the aggregate amount available to be drawn under all outstanding
Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. 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 2.03(l). 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. 
 “Lead
Arrangers” means (i) Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding, Inc. and Goldman Sachs Lending Partners LLC, in their
respective capacities as joint lead arrangers under this Agreement and under Amendment No. 1, (ii) Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, Barclays Bank PLC,
Goldman Sachs Lending Partners LLC, Morgan Stanley Senior Funding, Inc. and Wells Fargo Bank, National Association, in their respective capacities as joint lead arrangers under Amendment No. 2, (iii) Deutsche Bank Securities Inc. and
Goldman Sachs Lending Partners LLC in their respective capacities as joint lead arrangers under Amendment No. 3, (iv) Deutsche Bank Securities Inc. and Goldman Sachs Lending Partners LLC in their respective capacities as joint lead
arrangers under Amendment No. 4 and, (v) Deutsche Bank
Securities Inc., BofA Securities, Inc., JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC, Barclays Bank plc, Citibank, N.A., Goldman Sachs Lending Partners LLC and Morgan Stanley Senior Funding, Inc. in their respective capacities as joint
lead arrangers under Amendment No. 5 and (vi) Deutsche Bank Securities Inc. and Goldman Sachs Lending Partners LLC in
their respective capacities as joint lead arrangers under Amendment No. 6. 

“Lender” has the meaning set forth in the introductory paragraph to this Agreement and, as the context requires, includes an
L/C Issuer and the Swing Line Lender, and their respective successors and assigns as permitted hereunder, each of which is referred to herein as a “Lender.” 

“Lender Default” means (i) the refusal (which may be given verbally or in writing and has not been retracted) or failure
of any Lender to make available its portion of any incurrence of revolving loans or reimbursement obligations required to be made by it, which refusal or failure is not cured within two Business Days after the date of such refusal or failure;
(ii) the failure of any Lender to pay over to the Administrative Agent, any L/C Issuer or any other Lender any other amount required to be paid by it hereunder within two business days of the date when due, unless subject to a good faith
dispute; (iii) a Lender has notified the Borrower or the Administrative Agent that it does not intend to comply with its funding obligations, or has made a public statement to that effect with respect to its funding obligations, under the
Revolving Credit Facility or under other agreements generally in which it commits to extend credit; (iv) a Lender has failed, within three 

  
 46 

 
and remedies available to the Lenders or any Agent under any Loan Document. 

“Material Real Property” means any fee owned real property located in the United States that is owned by any Loan Party where
the greater of (x) the cost and (y) the net book value for such real property is in excess of $25,000,000 (at the Closing Date or, with respect to real property acquired after the Closing Date, at the time of acquisition, in each case, as
reasonably estimated by the Borrower in good faith, but excluding for the avoidance of doubt any real property owned in connection with the timeshare business of the Borrower and its Restricted Subsidiaries). 

“Maturity Date” means (i) with respect to the Series B-2 Term Loans, October 25, 2023
the date that is seven years after the Amendment No. 6 Effective Date,
(ii) with respect to the Revolving Credit Commitments, the date that is five years after the Amendment No. 5 Effective Date, (iii) with respect to any tranche of Extended Term Loans or Extended Revolving Credit Commitments, the final
maturity date applicable thereto as specified in the applicable Extension Request accepted by the respective Lender or Lenders, (iv) with respect to any Refinancing Term Loans or Other Revolving Credit Commitments, the final maturity date
applicable thereto as specified in the applicable Refinancing Amendment and (v) with respect to any Incremental Term Loans or Incremental Revolving Credit Commitments, the final maturity date applicable thereto as specified in the applicable
Incremental Amendment; provided, in each case, that if such date is not a Business Day, then the applicable Maturity Date shall be the next succeeding Business Day. 

“Maximum Rate” has the meaning set forth in Section 10.10. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 

“Mortgage Policies” has the meaning set forth in the definition of “Collateral and Guarantee Requirement.” 

“Mortgaged Property” has the meaning set forth in the definition of “Collateral and Guarantee Requirement.” 

“Mortgages” means collectively, the deeds of trust, trust deeds, deeds to secure debt, hypothecs and mortgages made by the
Loan Parties in favor or for the benefit of the Collateral Agent on behalf of the Secured Parties creating and evidencing a Lien on a Mortgaged Property in form and substance reasonably satisfactory to the Collateral Agent with such terms and
provisions as may be required by the applicable Laws of the relevant jurisdiction, and any other mortgages executed and delivered pursuant to Sections 6.11 and 6.13, in each case, as the same may from time to time be amended, restated, supplemented,
or otherwise modified. 
 “Multiemployer Plan” means any employee benefit plan of the type described in Sections 3(37) or
4001(a)(3) of ERISA, to which the Borrower, any Restricted Subsidiary or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding six years, has made or been obligated to make contributions. 

“Net Proceeds” means: 

(a) 100% of the aggregate cash proceeds received by the Borrower or any of the Restricted Subsidiaries in respect of any
Disposition or Casualty Event, net of the direct costs relating to such Disposition or Casualty Event, including legal, accounting and investment 

  
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 Acquisition Period or such costs are incurred during such Post-Acquisition Period, as applicable, for
purposes of projecting such pro forma increase or decrease to such Acquired EBITDA or such Consolidated EBITDA, as the case may be, it may be assumed that such cost savings will be realizable during the entirety of such Test Period, or such
additional costs, as applicable, will be incurred during the entirety of such Test Period; provided, further, that any such pro forma increase or decrease to such Acquired EBITDA or such Consolidated EBITDA, as the case may be, shall be
without duplication for cost savings or additional costs already included in such Acquired EBITDA or such Consolidated EBITDA, as the case may be, for such Test Period. 

“Pro Forma Basis”, “Pro Forma Compliance” and “Pro Forma Effect” mean, with respect to
compliance with any test hereunder, that (A) to the extent applicable, the Pro Forma Adjustment shall have been made and (B) all Specified Transactions and the following transactions in connection therewith shall be deemed to have occurred
as of the first day of the applicable period of measurement in such test: (a) income statement items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction, (i) in the case of a
Disposition of all or substantially all Equity Interests in any Subsidiary of the Borrower or any division, product line, or facility used for operations of the Borrower or any of its Subsidiaries, shall be excluded, and (ii) in the case of a
Permitted Acquisition or Investment described in the definition of “Specified Transaction”, shall be included, (b) any retirement of Indebtedness, and (c) any Indebtedness incurred or assumed by the Borrower or any of the
Restricted Subsidiaries in connection therewith and if such Indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate which is or
would be in effect with respect to such Indebtedness as at the relevant date of determination; provided that, without limiting the application of the Pro Forma Adjustment pursuant to (A) above, the foregoing pro forma adjustments may be
applied to any such test solely to the extent that such adjustments are consistent with the definition of Consolidated EBITDA and give effect to events (including operating expense reductions) that are (as determined by the Borrower in good faith)
(i) (x) directly attributable to such transaction, (y) expected to have a continuing impact on the Borrower and the Restricted Subsidiaries and (z) factually supportable or (ii) otherwise consistent with the definition of
Pro Forma Adjustment; provided, further, that when calculating the Consolidated First Lien Net Leverage Ratio for purposes of (i) the definition of “Applicable Rate”, (ii) the Applicable ECF Percentage and
(iii) determining actual compliance (and not Pro Forma Compliance or compliance on a Pro Forma Basis) with Section 7.11, the events that occurred subsequent to the end of the applicable Test Period shall not be given pro forma
effect. 
 “Pro Rata Share” means, with respect to each Lender, at any time a fraction (expressed as a percentage,
carried out to the ninth decimal place), the numerator of which is the amount of the Commitments and, if applicable and without duplication, Term Loans of such Lender under the applicable Facility or Facilities at such time and the denominator of
which is the amount of the Aggregate Commitments under the applicable Facility or Facilities and, if applicable and without duplication, Term Loans under the applicable Facility or Facilities at such time; provided that, in the case of the
Revolving Credit Facility, if such Commitments have been terminated, then the Pro Rata Share of each Lender shall be determined based on the Pro Rata Share of such Lender immediately prior to such termination and after giving effect to any
subsequent assignments made pursuant to the terms hereof. 

“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. 

  
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 “Public Lender” has the meaning set forth in Section 6.02. 

“QFC” has
the meaning set forth in Section 10.24.  
 “QFC Credit Support” has the meaning set forth in Section 10.24.

 “Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Guarantor that, at the time the relevant
Guaranty (or grant of the relevant security interest, as applicable) becomes or would become effective with respect to such Swap Obligation, has total assets exceeding $10,000,000 or otherwise constitutes an “eligible contract participant”
under the Commodity Exchange Act and which may cause another person to qualify as an “eligible contract participant” with respect to such Swap Obligation at such time by entering into an agreement pursuant to the Commodity Exchange Act.

 “Qualified Equity Interests” means any Equity Interests that are not Disqualified Equity Interests. 

“Qualified IPO” means the issuance by Holdings or any direct or indirect parent of Holdings of its common Equity Interests in
an underwritten primary public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission in accordance with the
Securities Act (whether alone or in connection with a secondary public offering). 
 “Qualified Proceeds” means the fair
market value of assets that are used or useful in, or Equity Interests of any Person engaged in, a Similar Business. 
 “Qualified
Securitization Financing” means (a) any timeshare loan backed notes (such as Hilton Grand Vacations Trust 2013-A) and similar facilities, (b) any revolving non-recourse timeshare notes credit facility (such as the receivables loan
agreement, dated May 9, 2013, among Hilton Grand Vacations Trust I LLC, Wells Fargo Bank, National Association, as paying agent, a commercial paper conduit lender, Deutsche Bank AG New York Branch and Bank of America, N.A., as committed lenders
and Deutsche Bank AG New York Branch, as administrative agent) and similar facilities and (c) any other Securitization Financing of a Securitization Subsidiary that meets the following conditions: (x) the board of directors of the Borrower
shall have determined in good faith that such Qualified Securitization Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Borrower and the
Securitization Subsidiary and (y) all sales and/or contributions of Securitization Assets and related assets to the Securitization Subsidiary are made at fair market value (as determined in good faith by the Borrower). The grant of a security
interest in any Securitization Assets of the Borrower or any of its Restricted Subsidiaries (other than a Securitization Subsidiary) to secure Indebtedness under this Agreement prior to engaging in any Securitization Financing shall not be deemed a
Qualified Securitization Financing. 
 “Qualifying Lender” has the meaning set forth in Section 2.05(a)(v)(D)(3). 

“Rating Agencies” means Moody’s and S&P. 

“Rating Categories” means: 

  
 59 

 “Security Agreement” means the Security Agreement substantially in the form
of Exhibit G, dated as of the Closing Date, among Holdings, the Borrower, certain subsidiaries of the Borrower and the Collateral Agent. 

“Security Agreement Supplement” has the meaning set forth in the Security Agreement. 

“Senior Notes Documents” means the Senior Notes Indenture and the other transaction documents referred to therein (including
the related guarantee, the notes, the notes purchase agreement and the registration rights agreements). 
 “Senior Notes
Indenture” means the Indenture for the 5 5/8% Senior Notes, dated as of October 4, 2013, among Hilton Worldwide Finance LLC and Hilton Worldwide Finance Corp. as the issuers, the guarantors listed therein and Wilmington Trust, National
Association, as trustee, as amended or supplemented from time to time. 
 “Series B-2 Term Commitment” means, as to
each Term Lender, its obligation to make a Series B-2 Term Loan to the Borrower pursuant to Section 2.01(a), in an aggregate principal amount not to exceed the amount set forth opposite such Term Lender’s name in Schedule 1.01A under the
caption “Series B-2 Term Commitment” or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement
(including Section 2.14). 
 “Series B-2 Term Lender” means, at any time, any Lender that has a Series B-2 Term
Commitment or a Series B-2 Term Loan at such time. 
 “Series B-2 Term Loans” means a Series B-2 Term Loan (as defined in
and made pursuant to Section 2.01(a) of the Existing Credit Agreement) that has been amended by Amendment No. 46. 

“Similar Business” means (1) any business conducted or proposed to be conducted by the Borrower or any of its Restricted
Subsidiaries on the Closing Date, and any reasonable extension thereof, or (2) any business or other activities that are reasonably similar, ancillary, incidental, complementary or related to, or a reasonable extension, development or expansion
of, the businesses in which the Borrower and its Restricted Subsidiaries are engaged or propose to be engaged on the Closing Date. 

“Sold Entity or Business” has the meaning set forth in the definition of the term “Consolidated EBITDA.” 

“Solicited Discount Proration” has the meaning set forth in Section 2.05(a)(v)(D)(3). 

“Solicited Discounted Prepayment Amount” has the meaning set forth in Section 2.05(a)(v)(D)(1). 

“Solicited Discounted Prepayment Notice” means a written notice of the Borrower of Solicited Discounted Prepayment Offers
made pursuant to Section 2.05(a)(v)(D) substantially in the form of Exhibit M-6. 

  
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 a “Subsidiary” for any purpose under this Agreement, regardless of whether such entity is
consolidated on Holdings’ or any Restricted Subsidiary’s financial statements. 
 “Subsidiary Guarantor” means
any Guarantor other than Holdings. “Successor Company” has the meaning set forth in Section 7.04(d). 

“Supplemental Agent” has the meaning set forth in Section 9.14(a) and “Supplemental Agents” shall have
the corresponding meaning. 

“Supported
QFC” has the meaning set forth in Section 10.24. 

“Swap” means, any agreement, contract, or transaction that constitutes a “swap” within the meaning of
Section 1a(47) of the Commodity Exchange Act. 
 “Swap Contract” means (a) any and all rate swap transactions,
basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or
forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions,
currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master
agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives
Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or
liabilities under any Master Agreement. 
 “Swap Obligation” means, with respect to any Person, any obligation to pay or
perform under any Swap. 
 “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into
account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts 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 Swap Contracts, as determined based upon one or more mid-market or other readily available
quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender). 

“Swing Line Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.04. 

“Swing Line Facility” means the swing line loan facility made available by the Swing Line Lenders pursuant to
Section 2.04. 

  
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 an Unrestricted Subsidiary pursuant to Section 6.14 subsequent to the Closing Date and (iii) any
Subsidiary of an Unrestricted Subsidiary. 
 “USA PATRIOT Act” means the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 10756, as amended or modified from time to time. 
 “U.S. Special Resolution Regimes” has the meaning set forth in Section 10.24. 
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness
at any date, the number of years obtained by dividing: (i) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including
payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (ii) the then outstanding principal amount of such
Indebtedness. 
 “wholly owned” means, with respect to a Subsidiary of a Person, a Subsidiary of such Person all of the
outstanding Equity Interests of which (other than (x) director’s qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable Law) are owned by such Person and/or by one or more wholly owned
Subsidiaries of such Person. 
 “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.

 “Yen” and “¥” mean lawful money of Japan. 

“Yield Differential” has the meaning set forth in Section 2.14(e)(iii). 

SECTION 1.02 Other Interpretive Provisions. 

With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: 

(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 

(b) The words “herein,” “hereto,” “hereof” and “hereunder” and words of similar import when used in any
Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof. 
 (c) Article, Section, Exhibit and
Schedule references are to the Loan Document in which such reference appears. 
 (d) The term “including” is by way of example and
not limitation. 

  
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 SECTION 1.07 Timing of Payment or Performance. 

When the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day
which is not a Business Day, the date of such payment (other than as described in the definition of Interest Period) or performance shall extend to the immediately succeeding Business Day. 

SECTION 1.08 Cumulative Credit Transactions. 

If more than one action occurs on any given date the permissibility of the taking of which is determined hereunder by reference to the amount
of the Cumulative Credit immediately prior to the taking of such action, the permissibility of the taking of each such action shall be determined independently and in no event may any two or more such actions be treated as occurring simultaneously.

 SECTION 1.09
Divisions. 

For all purposes under the
Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset,
right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, (b) if any new Person comes into existence, such new Person shall be deemed to have been
organized on the first date of its existence by the holders of its Equity Interests at such time and (c) such action shall be deemed to be permitted, in each case, if after giving effect to the preceding clauses (a) and (b), such action
would otherwise be permitted under Section 7.04 and Section 7.05 hereunder. 

ARTICLE II 
 The Commitments and
Credit Extensions 
 SECTION 2.01 The Loans. 

(a) The Term Borrowings. Subject to the terms and conditions set forth herein and in Amendment No. 46,
each Series B-2 Term Lender (as defined in the Existing Credit Agreement) consenting to Amendment No. 4 has severally agreed to continue its existing Series B 2 Term Loans (as
defined in the Existing Credit Agreement) as Series B 2agrees to make Series B-2 Term Loans (as defined herein, after giving effect to Amendment No. 46 and the Cashless
Roll
(as defined in Amendment No. 6)) in an aggregate principal amount equal to its Amended Series B-2 Term
Commitment (as defined in Amendment No. 4) on the Amendment No. 46 Effective Date. Amounts borrowed under this Section 2.01(a) and repaid or prepaid
may not be reborrowed. Term Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein. 
 (b) The
Revolving Credit Borrowings. Subject to the terms and conditions set forth herein each Revolving Credit Lender severally agrees to make revolving credit loans denominated in an Approved Currency to the Borrower from its applicable Lending Office
(each such loan, a “Revolving Credit Loan”) from time to time as elected by the Borrower pursuant to Section 2.02, on any Business Day during the period from the Closing Date until the Maturity Date with respect to

  
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and such payment shall be paid to the Appropriate Lenders in accordance with their respective Pro Rata Shares or other applicable share as provided for under this Agreement. 

(ii) The Borrower may, upon, subject to clause (iii) below, written notice to the Swing Line Lender (with a copy to the
Administrative Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided that (1) such notice must be received by the Swing Line Lender and the Administrative
Agent not later than 1:00 p.m. noon New York City time on the date of the prepayment, and (2) any such prepayment shall be in a minimum Principal Amount of $500,000 or a whole multiple of $100,000 in excess thereof or, if less, the entire
principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall
be due and payable on the date specified therein. 
 (iii) Notwithstanding anything to the contrary contained in this
Agreement, subject to the payment of any amounts owing pursuant to Section 3.05, the Borrower may rescind any notice of prepayment under Sections 2.05(a)(i) or 2.05(a)(ii) if such prepayment would have resulted from a refinancing of all or a
portion of the applicable Facility, which refinancing shall not be consummated or shall otherwise be delayed. Each prepayment of any Class of Term Loans pursuant to this Section 2.05(a) shall be applied in an order of priority toto reduce the subsequent
scheduled repayments thereof required pursuant to Section 2.07(a)
as directed by the Borrower and, absent such direction, shall be applied in direct order of maturity to repayments thereof required pursuant to Section 2.07(a). 

(iv) In the event that, on or prior to the six-month anniversary of the Amendment No. 46
Effective Date, the Borrower (x) prepays, refinances, substitutes or replaces any Series B-2 Term Loans pursuant to a Repricing Transaction (including, for avoidance of doubt, any prepayment made pursuant to Section 2.05(b)(iv) that
constitutes a Repricing Transaction), or (y) effects any amendment, amendment and restatement or other modification of this Agreement resulting in a Repricing Transaction, the Borrower shall pay to the Administrative Agent, for the ratable
account of each of the applicable Term Lenders, (I) in the case of clause (x), a prepayment premium of 1.00% of the aggregate principal amount of the Series B-2 Term Loans so prepaid, refinanced, substituted or replaced and (II) in the case of
clause (y), a fee equal to 1.00% of the aggregate principal amount of the Series B-2 Term Loans outstanding immediately prior to such amendment. If, on or prior to the six-month anniversary of the Amendment No. 46
Effective Date, any Term Lender in respect of any Series B-2 Term Loans that is a Non-Consenting Lender and is replaced pursuant to Section 3.07(a) in connection with any amendment, amendment and restatement or other modification of this
Agreement resulting in a Repricing Transaction, such Term Lender (and not any Person who replaces such Term Lender pursuant to Section 3.07(a)) shall receive its pro rata portion (as determined immediately prior to it being so replaced) of the
prepayment premium or fee described in the preceding sentence. Such amounts shall be due and payable on the date of effectiveness of such Repricing Transaction. 

(v) Notwithstanding anything in any Loan Document to the contrary, so long as no Default or Event of Default has occurred and
is continuing and no proceeds of Revolving Credit Borrowings are applied to fund any such repayment, any Company Party may prepay the outstanding Term Loans (which shall, for the avoidance of doubt, be automatically and

  
 91 

 
otherwise have been required to be applied to reinvestments or prepayments pursuant to Section 2.05(b) or any such Excess Cash Flow would have been required to be applied to prepayments
pursuant to Section 2.05(b), the Borrower applies an amount equal to such Net Proceeds or Excess Cash Flow to such reinvestments or prepayments, as applicable, as if such Net Proceeds or Excess Cash Flow had been received by the Borrower rather
than such Foreign Subsidiary, less the amount of additional taxes that would have been payable or reserved against if such Net Proceeds or Excess Cash Flow had been repatriated (or, if less, the Net Proceeds or Excess Cash Flow that would be
calculated if received by such Foreign Subsidiary). 
 SECTION 2.06 Termination or Reduction of Commitments. 

(a) Optional. The Borrower may, upon written notice to the Administrative Agent, terminate the unused Commitments of any Class, or from
time to time permanently reduce the unused Commitments of any Class, in each case without premium or penalty; provided that (i) any such notice shall be received by the Administrative Agent three Business Days prior to the date of
termination or reduction, (ii) any such partial reduction shall be in a minimum aggregate amount of $5,000,000, or any whole multiple of $1,000,000, in excess thereof or, if less, the entire amount thereof and (iii) if, after giving effect
to any reduction of the Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Revolving Credit Facility, such sublimit shall be automatically reduced by the amount of such excess. The amount of any such
Commitment reduction shall not otherwise be applied to the Letter of Credit Sublimit or the Swing Line Sublimit unless otherwise specified by the Borrower. Notwithstanding the foregoing, the Borrower may rescind or postpone any notice of termination
of the Commitments if such termination would have resulted from a refinancing of all of the applicable Facility, which refinancing shall not be consummated or otherwise shall be delayed. 

(b) Mandatory. The Series B-2 Term Commitment of each Term Lender of each Class shall be automatically and permanently reduced to $0
upon the conversions or deemed conversions of Term Loans of such Class as set forth in Section 2.01(a). The Revolving Credit Commitment of each Class shall automatically and permanently terminate on the Maturity Date with respect to such Class
of Revolving Credit Commitments. 
 (c) Application of Commitment Reductions; Payment of Fees. The Administrative Agent will
promptly notify the Appropriate Lenders of any termination or reduction of unused portions of the Letter of Credit Sublimit or the Swing Line Sublimit or the unused Commitments of any Class of each Lender of such Class shall be reduced by such
Lender’s Pro Rata Share of the amount by which such Commitments are reduced (other than the termination of the Commitment of any Lender as provided in Section 3.07). All commitment fees accrued until the effective date of any termination
of the Aggregate Commitments shall be paid on the effective date of such termination. 
 SECTION 2.07 Repayment of Loans. 

(a) Term Loans. The Borrower shall repay to the Administrative Agent for the ratable account of the Term Lenders, (i) with respect
to Series B-2 Term Loans, on the last Business Day of each March, June, September and December, commencing with June 30, 20182019, an aggregate principal amount equal to 0.25% of the aggregate principal amount of
all Series B-2 Term Loans outstanding on the Amendment
No. 46 Effective Date (which payments shall be reduced as a result 

  
 102 

 SECTION 3.03 Inability to Determine Rates. 

(a) If the Required Lenders determine that for any reason adequate and reasonable means do not exist for determining the applicable
Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan in a given Approved Currency, or that the Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan in
such Approved Currency does not adequately and fairly reflect the cost to such Lenders of funding such Loan, or that deposits in the applicable Approved Currency in which such proposed Eurocurrency Rate Loan is to be denominated are not being
offered to banks in the applicable offshore interbank market for the applicable amount and the Interest Period of such Eurocurrency Rate Loan in the applicable Approved Currency, the Administrative Agent will promptly so notify the Borrower and each
Lender. Thereafter, the obligation of the Lenders to make or maintain Eurocurrency Rate Loans in the affected Approved Currency shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice.
Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency Rate Loans denominated in the affected Approved Currency or, failing that, will be deemed to have converted
such request, if applicable, into a request for a Borrowing of Base Rate Loan in the amount specified therein. 
 (b) If prior to the commencement of any Interest Period for a Eurocurrency Rate Loan the Borrower and the Administrative Agent reasonably
determine in good faith that adequate and reasonable means do not exist for ascertaining the Eurocurrency Rate or LIBOR, as applicable, for such Interest Period and that (i) such circumstances are unlikely to be temporary or (ii) such
circumstances have not arisen but the supervisor for the administrator of LIBOR or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which LIBOR 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 LIBOR 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 which
shall include a method for determining adjustments to such alternate rate of interest and this Agreement to not increase or decrease pricing in effect for the Interest Period on the Business Day immediately preceding the Business Day on which such
alternate rate is selected pursuant to this provision (but for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Rate). Notwithstanding anything to the contrary in Section 10.01, such amendment shall
become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date that such amendment is provided to the Lenders, a written
notice from the Required Lenders of each Class stating that such Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this clause (b), (x) any Committed Loan Notice that requests
the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurocurrency Rate Loan shall be ineffective and (y) if any Committed Loan Notice requests a Eurocurrency Rate Loan, such Borrowing shall be made as a Base Rate Loan;
provided that, if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.  

SECTION 3.04 Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurocurrency Rate Loans. 

  
 124 

 Agent deems that by reason of any present or future Law of any jurisdiction it may not exercise any of the
rights, powers or remedies granted herein or in any of the other Loan Documents or take any other action which may be desirable or necessary in connection therewith, the Administrative Agent and the Collateral Agent are hereby authorized to appoint
an additional individual or institution selected by the Administrative Agent or the Collateral Agent in its sole discretion as a separate trustee, co-trustee, administrative agent, collateral agent, administrative sub-agent or administrative
co-agent (any such additional individual or institution being referred to herein individually as a “Supplemental Agent” and collectively as “Supplemental Agents”). 

(b) In the event that the Collateral Agent appoints a Supplemental Agent with respect to any Collateral, (i) each and every right, power,
privilege or duty expressed or intended by this Agreement or any of the other Loan Documents to be exercised by or vested in or conveyed to the Collateral Agent with respect to such Collateral shall be exercisable by and vest in such Supplemental
Agent to the extent, and only to the extent, necessary to enable such Supplemental Agent to exercise such rights, powers and privileges with respect to such Collateral and to perform such duties with respect to such Collateral, and every covenant
and obligation contained in the Loan Documents and necessary to the exercise or performance thereof by such Supplemental Agent shall run to and be enforceable by either the Collateral Agent or such Supplemental Agent, and (ii) the provisions of
this Article IX and of Sections 10.04 and 10.05 that refer to the Administrative Agent shall inure to the benefit of such Supplemental Agent and all references therein to the Collateral Agent shall be deemed to be references to the Collateral Agent
and/or such Supplemental Agent, as the context may require. 
 Should any instrument in writing from any Loan Party be required by any
Supplemental Agent so appointed by the Administrative Agent or the Collateral Agent for more fully and certainly vesting in and confirming to him or it such rights, powers, privileges and duties, such Loan Party shall execute, acknowledge and
deliver any and all such instruments promptly upon request by the Administrative Agent or the Collateral Agent. In case any Supplemental Agent, or a successor thereto, shall die, become incapable of acting, resign or be removed, all the rights,
powers, privileges and duties of such Supplemental Agent, to the extent permitted by Law, shall vest in and be exercised by the Administrative Agent until the appointment of a new Supplemental Agent. 

SECTION 9.15 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 and the Borrower, that at least one of the following is and will be true: 

(i)
 such Lender is not using “plan assets” (within the meaning of
Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this
Agreement, 
 (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 

  
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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, the Borrower and
such Lender, which agreement will not be unreasonably withheld. 
 (b) In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or
(2) a Lender has provided another representation, warranty and covenant in accordance with 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 and the Borrower, that the Administrative
Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including
in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto). 

ARTICLE X 
 Miscellaneous 

SECTION 10.01 Amendments, Etc. 

Except as otherwise set forth in this Agreement, no amendment or waiver of any provision of this Agreement or any other Loan Document, and no
consent to any departure by any Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders, or by the Administrative Agent with the consent of the Required Lenders, and such Loan Party and each such waiver or consent
shall be effective only in the specific instance and for the specific purpose for which given; provided that any amendment or waiver contemplated in clauses (g) or (i) below, shall only require the consent of such Loan Party and the
Required Revolving Credit Lenders or the Required Facility Lenders under the applicable Facility, as applicable; provided, further, that no such amendment, waiver or consent shall: 

  
 186 

 such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each
affected Lender that by its terms materially and adversely affects any Defaulting Lender (if such Lender were not a Defaulting Lender) to a greater extent than other affected Lenders shall require the consent of such Defaulting Lender. 

Notwithstanding the foregoing, no Lender consent is required to effect any amendment or supplement to any First Lien Intercreditor Agreement,
any Junior Lien Intercreditor Agreement or other intercreditor agreement or arrangement permitted under this Agreement that is for the purpose of adding the holders of Permitted First Priority Refinancing Debt, or Permitted Second Priority
Refinancing Debt, as expressly contemplated by the terms of such First Lien Intercreditor Agreement, such Junior Lien Intercreditor Agreement or such other intercreditor agreement or arrangement permitted under this Agreement, as applicable (it
being understood that any such amendment or supplement may make such other changes to the applicable intercreditor agreement as, in the good faith determination of the Administrative Agent, are required to effectuate the foregoing and provided
that such other changes are not adverse, in any material respect, to the interests of the Lenders); provided, further, that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent
hereunder or under any other Loan Document without the prior written consent of the Administrative Agent. 
 Notwithstanding the foregoing,
this Agreement and any other Loan Document may be amended solely with the consent of the Administrative Agent and the Borrower without the need to obtain the consent of any other Lender if such amendment is delivered in order (x) to correct or
cure ambiguities, errors, omissions, defects, (y) to effect administrative changes of a technical or immaterial nature or (z) to fix incorrect cross references or similar inaccuracies in this Agreement or the applicable Loan Document. The
Collateral Documents and related documents in connection with this Agreement and the other Loan Documents may be in a form reasonably determined by the Administrative Agent and may be, together with this Agreement, amended, supplemented and waived
with the consent of the Administrative Agent at the request of the Borrower without the need to obtain the consent of any other Lender if such amendment, supplement or waiver is delivered in order (i) to comply with local Law or advice of local
counsel, (ii) to cure ambiguities, omissions, mistakes or defects or (iii) to cause such Collateral Documents or other document to be consistent with this Agreement and the other Loan Documents. 

Notwithstanding anything in this Agreement or any other Loan Document to the contrary, the Borrower and the Administrative Agent may enter
into any Incremental Amendment in accordance with Section 2.14, Refinancing Amendment in accordance with Section 2.15 and Extension Amendment in accordance with Section 2.16 and such Incremental Amendments, Refinancing Amendments and
Extension Amendments shall be effective to amend the terms of this Agreement and the other applicable Loan Documents, in each case, without any further action or consent of any other party to any Loan Document. 

Notwithstanding anything in
this Agreement or any other Loan Document to the contrary, the Borrower and the Administrative Agent may enter into any amendment, waiver, consent or supplement to this Agreement and such other related changes to this Agreement as may be applicable
to amend the definition of “Eurocurrency Rate” with the consents, if any, and in the manner, as set forth in Section 3.03(b). 

SECTION 10.02 Notices and Other Communications; Facsimile Copies. 

  
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 Swing Line Lender and the L/C Issuers have executed it and thereafter shall be binding upon and inure to the
benefit of the Loan Parties, each Agent and each Lender and their respective successors and assigns, in each case in accordance with Section 10.07 (if applicable) and except that no Loan Party shall have the right to assign its rights hereunder
or any interest herein without the prior written consent of the Lenders except as permitted by Section 7.04. 
 SECTION 10.18 USA
PATRIOT Act. 
 Each Lender that is subject to the USA PATRIOT Act and the Administrative Agent (for itself and not on behalf of any Lender)
hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act and the Beneficial Ownership
Regulation, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name, address and tax identification number of such Loan Party
and other information regarding such Loan Party that will allow such Lender or the Administrative Agent, as applicable, to identify, such Loan Party in accordance with the USA PATRIOT
Act, and the Borrower in accordance with the Beneficial Ownership
Regulation. This notice is given in accordance with the requirements of the USA PATRIOT Act
and the Beneficial Ownership Regulation and is effective as to the Lenders
and the Administrative Agent. 
 SECTION 10.19 No Advisory or Fiduciary Responsibility. 

(a) In connection with all aspects of each transaction contemplated hereby, each Loan Party acknowledges and agrees, and acknowledges its
Affiliates’ understanding, that (i) the facilities 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
Loan Document) are an arm’s-length commercial transaction between the Borrower and its Affiliates, on the one hand, and the Agents, the Lead Arrangers and the Lenders, on the other hand, and the Borrower is capable of evaluating and
understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof), (ii) in connection with
the process leading to such transaction, each of the Agents, the Lead Arrangers and the Lenders is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for the Borrower or any of its Affiliates,
stockholders, creditors or employees or any other Person, (iii) none of the Agents, the Lead Arrangers or the Lenders has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Borrower with respect to any of the
transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of whether any Agent or Lender has advised or is currently
advising the Borrower or any of its Affiliates on other matters) and none of the Agents, the Lead Arrangers or the Lenders has any obligation to the Borrower or any of its Affiliates with respect to the financing transactions contemplated hereby
except those obligations expressly set forth herein and in the other Loan Documents, (iv) the Agents, the Lead Arrangers and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that
differ from, and may conflict with, those of the Borrower and its Affiliates, and none of the Agents, the Lead Arrangers or the Lenders has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship
and (v) the Agents, the Lead 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 contemplated hereby (including any amendment, waiver or other
modification hereof or of any other Loan Document) and the Loan Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent they have deemed 

  
 206 

SECTION 10.24 Acknowledgement Regarding Any Supported QFCs. 

To the extent that the Loan
Documents provide support, through a guarantee or otherwise, for Swap Contracts 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 Loan 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): 

(a) 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 Loan 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 Loan 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. 

(b) As used in this Section 10.24, the following terms have the following
meanings: 

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

“Covered
Entity” means 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).

 “Default
Right” has 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. 

“QFC” has
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). 

  
 209 

 Annex I 

SERIES B-2 TERM LENDER AGREEMENT 

[Check ONLY ONE of the two boxes below] 

CASHLESS SETTLEMENT OPTION 
 ☐ The
undersigned Lender hereby commits an amount equal to 100% of the outstanding principal amount of the Refinanced Series B-2 Term Loans held by such Lender on the Amendment No. 6 Effective Date to the making of the Refinancing Term Loan and
agrees to exchange (on a cashless basis) 100% of the outstanding principal amount of the Refinanced Series B-2 Term Loans held by such Lender (as set forth below) for Refinancing Term Loans in an equal principal amount. By choosing this option the
undersigned Lender hereby acknowledges and agrees that the Administrative Agent may, in its sole discretion, elect not to exchange any amount of such Lender’s Refinanced Series B-2 Term Loans for Refinancing Term Loans or to exchange (on a
cashless basis) less than 100% of the principal amount of such Lender’s Refinanced Series B-2 Term Loans for Refinancing Term Loans, in which case the difference between the current principal amount of such Lender’s Refinanced
Series B-2 Term Loans and the allocated principal amount of Refinancing Term Loans will be prepaid on the Amendment No. 6 Effective Date. 

ASSIGNMENT SETTLEMENT OPTION 
 ☐ The
undersigned Lender hereby agrees to have an amount equal to 100% of the outstanding principal amount of the Refinanced Series B-2 Term Loans held by such Lender on the Amendment No. 6 Effective Date prepaid on the Amendment No. 6 Effective
Date and to purchase by assignment Series B-2 Term Loans under the Credit Agreement in an equal principal amount. By choosing this option, the undersigned Lender hereby acknowledges and agrees that the Administrative Agent may, in its sole
discretion, elect not to allocate any Series B-2 Term Loans to such Lender or to allocate to such Lender less than 100% of the principal amount of such Lender’s Refinanced Series B-2 Term Loans for Series B-2 Term Loans. 

 

			
	Name of Lender:
	
	  

		
	By	 	  

		 	Name:
		 	Title:
	
	For any Lender requiring a second signature line:
		
	By	 	  

		 	Name:
		 	Title:Exhibit 10.1

 

EXECUTION VERSION

 

SUPPORT AGREEMENT

 

This SUPPORT AGREEMENT (this “Agreement”) is made and entered into as of June 23, 2019 by and among US Ecology, Inc., a Delaware corporation (“Parent”), US Ecology Parent, Inc., a Delaware corporation and a wholly-owned subsidiary of Parent (“Holdco”), Rooster Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Holdco (“Rooster Merger Sub”), and the undersigned stockholders (the “Stockholders”) of NRC Group Holdings Corp., a Delaware corporation (the “Company”).

 

RECITALS

 

WHEREAS, Parent, Holdco, Rooster Merger Sub, ECOL Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Holdco (“Parent Merger Sub”) and the Company have entered into an Agreement and Plan of Merger of even date herewith (the “Merger Agreement”), which provides for, among other things, the merger of Rooster Merger Sub with and into the Company, with the Company continuing as the surviving corporation (the “Rooster Merger”), pursuant to which each share of Company common stock, par value $0.0001 per share (“Company Common Stock”), and Company 7.00% Series A Convertible Cumulative Preferred Stock, par value 0.0001 per share (the “Company Series A Preferred Stock”) that is not a Dissenting Share will thereupon be cancelled and converted into the right to receive the Common Merger Consideration or the Preferred Merger Consideration, as applicable;

 

WHEREAS, the Stockholders are record holders and/or beneficial owners (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), of such number of shares of the Company Capital Stock as is indicated on Schedule I of this Agreement; and

 

WHEREAS, as a condition to their willingness to enter into the Merger Agreement, Parent, Holdco Parent Merger Sub and Rooster Merger Sub have required the Stockholders, and in order to induce Parent, Holdco Parent Merger Sub and Rooster Merger Sub to enter into the Merger Agreement, each Stockholder (solely in each Stockholder’s capacity as such) has agreed, to enter into this Agreement.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the mutual covenants and promises contained in this Agreement and for other good and valuable consideration and intending legally to be bound, the receipt and adequacy of which are hereby acknowledged, the parties to this Agreement agree as follows:

 

1.                                      Certain Definitions. All capitalized terms that are used but not defined herein shall have the respective meanings ascribed to them in the Merger Agreement. For all purposes of and under this Agreement, the following terms shall have the following respective meanings:

 

(a)                                 “Encumbrance” shall mean any lien, hypothecation, adverse claim, charge, security interest, pledge or option, proxy, right of first refusal, voting trust or any other similar right.

 

 

(b)                                 “Expiration Date” shall mean the earlier to occur of (i) such date and time as the Merger Agreement shall have been validly terminated pursuant to Article VII thereof, (ii) the Effective Time, (iii) such date that a Company Adverse Recommendation Change pursuant to Section 5.04(e) of the Merger Agreement has been made and (iv) the termination of this Agreement by mutual written consent of the parties.

 

(c)                                  “Permitted Encumbrance” shall mean any Encumbrance arising under securities Laws.

 

(d)                                 “Subject Shares” shall mean (i) all shares of Company Common Stock and Company Series A Preferred Stock beneficially owned by such Stockholder as of the date hereof and (ii) all additional shares of Company Common Stock and Company Series A Preferred Stock of which such Stockholder acquires beneficial ownership during the Support Period (including by way of stock dividend or distribution, split-up, recapitalization, combination, exchange of shares or issued upon the exercise of any options, the settlement of any restricted stock or other conversion of any convertible securities).

 

(e)                                  “Support Period” means that period from the date of this Agreement through the Expiration Date.

 

(f)                                   “Transfer” means to, directly or indirectly, (i) sell, pledge, create an Encumbrance with respect to (other than Permitted Encumbrances), assign, exchange, grant an option with respect to, transfer, gift, dispose of or enter into any derivative arrangement with respect to any subject property or any interest therein; or (ii) enter into an agreement or commitment providing for the sale, pledge, creation of an Encumbrance (other than Permitted Encumbrances), assignment, exchange, transfer, gift, disposition of or any derivative arrangement with respect to, or grant of an option with respect to, such subject property or any interest therein.

 

2.                                      Transfer of Subject Shares.

 

(a)                                 Transfer Restrictions. Except as expressly contemplated by this Agreement, during the Support Period, each Stockholder shall not cause or voluntarily consent to any Transfer of any of the Subject Shares to be effected.  Notwithstanding the foregoing, (x) direct or indirect transfers of equity or other interests in such Stockholder by its equityholders is not prohibited by this Section 2(a) and (y) each Stockholder may make Transfers of Subject Shares as Parent may agree in advance in writing.

 

(b)                                 Transfer of Voting Rights. During the Support Period, each Stockholder shall not (i) deposit any Subject Shares in a voting trust or grant any proxy or power of attorney or enter into any voting agreement or similar agreement with respect to any of the Subject Shares or (ii) take (or knowingly refrain from taking) any other action that would in any way restrict, limit or interfere with the performance of such Stockholder’s obligations hereunder. Any action taken in violation of the foregoing 

 

 

sentence shall be null and void ab initio and such Stockholder agrees that any such prohibited action may and should be enjoined.

 

(c)                                  Exceptions. Nothing in this Section 2 shall prohibit a Transfer of Subject Shares by a Stockholder to one or more partners, or members of a Stockholder or to an affiliated entity under common control with a Stockholder; provided, however, that a Transfer referred to in this Section 2(c) shall be permitted only if the transferee agrees in advance in writing, reasonably satisfactory in form and substance to Parent, to be bound by the terms of this Agreement.

 

(d)                                 Involuntary Transfer. If any involuntary Transfer of any of the Subject Shares shall occur (including, but not limited to, a sale by such Stockholder’s trustee in any bankruptcy, or a sale to a purchaser at any creditor’s or court sale), the transferee (which term, as used herein, shall include any and all transferees and subsequent transferees of the initial transferee) shall take and hold such Subject Shares subject to all of the restrictions, liabilities and rights under this Agreement, which shall continue in full force and effect until valid termination of this Agreement.

 

3.                                      Voting Agreement.

 

a.              During the Support Period, each Stockholder irrevocably and unconditionally hereby agrees that at any meeting (whether annual or special and each postponement, recess, adjournment or continuation thereof) of the Company’s stockholders, however called, and in connection with any written consent of the Company’s stockholders, if applicable, each Stockholder shall (i) appear at such meeting or otherwise cause all of the Subject Shares entitled to vote thereat, as applicable, to be counted as present thereat for purposes of calculating a quorum, and (ii) vote or cause to be voted (including by proxy or written consent, if applicable) all such Subject Shares entitled to vote thereat, as applicable, (A) in favor of the adoption of the Merger Agreement, (B) in favor of any proposal to adjourn or postpone such meeting of the Company’s stockholders to a later date if there are not sufficient votes to adopt the Merger Agreement, (C) against any action or proposal in favor of a Takeover Proposal, without regard to the terms of such Takeover Proposal, and (D) against any action, proposal, transaction, agreement or amendment of the Company’s Governing Documents, in each case of this clause (D) which would reasonably be expected to (1) result in a breach of any covenant, representation or warranty or any other obligation or agreement of the Company contained in the Merger Agreement, or of such Stockholder contained in this Agreement, or (2) prevent, impede, interfere with, delay, postpone, or adversely affect the consummation of the transactions contemplated by the Merger Agreement, including the Rooster Merger. For the avoidance of doubt, the foregoing commitments apply to any Subject Shares held by any trust, limited partnership or other entity directly or indirectly holding Subject Shares for which such Stockholder serves in any partner, stockholder, trustee or similar capacity. Each Stockholder represents, covenants and agrees that, (x) except for this Agreement, it has not entered into, and shall not enter into during the Support Period, any voting agreement or voting trust with respect to any Subject Shares and 

 

 

(y) except as expressly set forth herein, each Stockholder has not granted, and shall not grant during the Support Period, a proxy, consent or power of attorney with respect to any Subject Shares. Each Stockholder agrees not to enter into any agreement or commitment with any person the effect of which would violate the provisions of this Agreement.

 

b.              In furtherance and not in limitation of the foregoing, until the termination of this Agreement in accordance with its terms, each Stockholder hereby appoints each of Jeffrey R. Feeler and Wayne R. Ipsen or any other person acting as Chief Executive Officer or General Counsel of Parent and any designee thereof, and each of them individually, its proxy and attorney-in-fact, with full power of substitution and resubstitution, to vote or act by written consent during the Support Period with respect to any and all of the Subject Shares in accordance with this Section 3. This proxy and power of attorney are given to secure the performance of the duties of each Stockholder under this Agreement. Each Stockholder hereby agrees that this proxy and power of attorney granted by each Stockholder shall be irrevocable during the term of this Agreement, shall be deemed to be coupled with an interest sufficient under applicable Law to support an irrevocable proxy and shall revoke any and all prior proxies granted by such Stockholder with respect to any Subject Shares regarding the matters set forth in this first sentence of this paragraph. The power of attorney granted by each Stockholder herein is a durable power of attorney and shall survive the bankruptcy, death or incapacity of such Stockholder.

 

4.                                      Non-Solicitation. Each Stockholder hereby agrees, and agrees to cause its controlled affiliates (which, for the avoidance of doubt, does not include the Company) and its and their representatives not to, take any action which, were it taken by the Company or its Representatives, would violate Section 5.04 (No Solicitation) of the Merger Agreement.

 

5.                                      Directors and Officers. Notwithstanding any provision of this Agreement to the contrary, nothing in this Agreement shall (or shall require a Stockholder to attempt to) limit or restrict a Stockholder in his or her capacity as a director or officer of the Company or any designee of, or Person affiliated with, such Stockholder who is a director or officer of the Company from acting in such capacity and exercising his or her rights or fiduciary duties as a director or officer of the Company or voting in such person’s sole discretion on any matter (it being understood that this Agreement shall apply to such Stockholder solely in such Stockholder’s capacity as a stockholder of the Company and that any director or officer of the Company who signs this Agreement on behalf of a Stockholder is signing only as an individual and not in any other capacity). No action (or inaction) taken by a Stockholder or any designee of, or Person affiliated with, such Stockholder who is a director or officer of the Company in their capacity as a director or officer of the Company shall be deemed to constitute a breach of this Agreement.

 

6.                                      No Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in Parent, Holdco, Parent Merger Sub or Rooster Merger Sub any direct or indirect ownership or incidence of ownership of or with respect to any Subject Shares. All rights, ownership and economic benefits of and relating to the Subject Shares shall remain vested in and belong to each Stockholder, and neither Parent, Holdco, Parent Merger Sub nor Rooster Merger Sub shall have the authority by virtue of this Agreement or the transactions to be consummated pursuant hereto 

 

 

to manage, direct, superintend, restrict, regulate, govern, or administer any of the policies or operations of the Company or exercise any power or authority to direct such Stockholder in the voting of any of the Subject Shares to the extent such Subject Shares are entitled to be voted, except as otherwise provided herein.

 

7.              Representations and Warranties of the Stockholders. Each Stockholder on its own behalf hereby represents and warrants to Parent, Holdco, Parent Merger Sub and Rooster Merger Sub, severally and not jointly, as follows:

 

(a)                                 Power; Binding Agreement. Such Stockholder has full power and authority to execute and deliver this Agreement, to perform such Stockholder’s obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery by such Stockholder of this Agreement, the performance by such Stockholder of its obligations hereunder and the consummation by such Stockholder of the transactions contemplated hereby have been duly and validly authorized by such Stockholder and no other actions or proceedings on the part of such Stockholder are necessary to authorize the execution and delivery by such Stockholder of this Agreement, the performance by such Stockholder of its obligations hereunder or the consummation by such Stockholder of the transactions contemplated hereby. This Agreement has been duly executed and delivered by such Stockholder, and, assuming this Agreement constitutes a valid and binding obligation of Parent, Holdco and Rooster Merger Sub and the Company constitutes a valid and binding obligation of such Stockholder, enforceable against such Stockholder in accordance with its terms, subject to: (i) laws of general application relating to bankruptcy, insolvency and the relief of debtors; and (ii) rules of law governing specific performance and other equitable remedies.

 

(b)                                 No Conflicts. Except for filings under the Exchange Act, the Securities Act and filings under the HSR Act, no filing with, and no permit, authorization, consent, or approval of, any Governmental Authority is necessary for the execution and delivery by such Stockholder of this Agreement, the performance by such Stockholder of its obligations hereunder and the consummation by such Stockholder of the transactions contemplated hereby. None of the execution and delivery by such Stockholder of this Agreement, the performance by such Stockholder of its obligations hereunder or the consummation by such Stockholder of the transactions contemplated hereby will (i) conflict with or result in any breach of any Governing Documents of such Stockholder; (ii) result in a violation or breach of, or constitute (with or without notice or lapse of time or both) a default (or give rise to any third party right of termination, cancellation, material modification or acceleration) under any of the terms, conditions or provisions of any note, loan agreement, bond, mortgage, indenture, commitment, arrangement, understanding or other agreement to which such Stockholder is a party or by which such Stockholder or any of such Stockholder’s properties or assets may be bound; or (iii) violate any order, writ, injunction, decree, judgment, order, statute, rule, or regulation applicable to such Stockholder or any of such Stockholder’s properties or assets, except, in the case of each of the foregoing clauses (i) - (iii), as would not, individually or in the aggregate, reasonably be expected to prevent or 

 

 

materially delay the consummation by such Stockholder of the transactions contemplated hereby.

 

(c)                                  Ownership of Shares. Each Stockholder is the record and/or beneficial owner of the shares of Company Common Stock and Company Series A Preferred Stock as of the date hereof set forth opposite such Stockholder’s name on Schedule I of this Agreement, all of which are free and clear of any Encumbrances (other than Permitted Encumbrances) other than any Encumbrances that would not prevent or delay such Stockholders’ ability to perform such Stockholder’s obligations hereunder.  Each Stockholder does not own, of record or beneficially, any securities of the Company other than those securities set forth opposite such Stockholders’ name on Schedule I of this Agreement (except that such Stockholder may be deemed to beneficially own the shares of Company Common Stock underlying the conversion of the Company Series A Preferred Stock in accordance with Rule 13d-3 of the Exchange Act).

 

(d)                                 Voting and Disposition Power. Each Stockholder has sole voting power with respect to the Subject Shares and sole power of disposition, sole power to issue instructions with respect to the matters set forth herein and sole or shared power to agree to all of the matters set forth in this Agreement, in each case with respect to all of the Subject Shares. None of the shares of Company Common Stock and Company Series A Preferred Stock indicated on Schedule I of this Agreement are subject to any stockholders’ agreement, proxy, voting trust or other agreement or arrangement with respect to the voting of such Subject Shares except as would not, individually or in the aggregate, reasonably be expected to prevent or materially delay the consummation by such Stockholder of the transactions contemplated hereby.

 

(e)                                  Reliance. Each Stockholder has been represented by or had the opportunity to be represented by, independent counsel of its own choosing, and that it has had the full right and opportunity to consult with its attorney, that to the extent, if any, that it desired, it availed itself of this right and opportunity, that it or its authorized officers (as the case may be) have carefully read and fully understand this Agreement and the Merger Agreement in its entirety and have had it fully explained to them by its counsel, that it is fully aware of the contents thereof and its meaning, intent and legal effect, and that it or its authorized officer (as the case may be) is competent to execute this Agreement and has executed this Agreement free from coercion, duress or undue influence. Each Stockholder understands and acknowledges that the Company, Parent, Holdco, Parent Merger Sub and Rooster Merger Sub are entering into the Merger Agreement in reliance upon such Stockholder’s execution, delivery and performance of this Agreement.

 

(f)                                   Absence of Litigation. With respect to each Stockholder, as of the date hereof, there is no action, suit, claim, proceeding, charge, arbitration or investigation pending against, or, to the actual knowledge of such Stockholder, threatened in writing against such Stockholder or any of such Stockholder’s properties or assets (including the Subject Shares) before or by any Governmental Authority that could 

 

 

reasonably be expected to prevent or materially delay or impair the consummation by such Stockholder of the transactions contemplated by this Agreement or otherwise materially impair the Stockholder’s ability to perform its obligations hereunder.

 

(g)                                  Brokers. No broker, finder, financial advisor, investment banker or other Person is entitled to any brokerage, finder’s, financial advisor’s or other similar fee or commission from Parent, Holdco, Parent Merger Sub, Rooster Merger Sub or the Company in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of the Stockholders.

 

8.              Representations and Warranties of Parent, Holdco and Rooster Merger Sub. Parent, Holdco and Rooster Merger Sub represent and warrant to the Stockholders as follows:

 

(a)                                 Organization and Qualification. Each of Parent, Holdco and Rooster Merger Sub is a duly organized and validly existing corporation in good standing under the applicable Laws of the jurisdiction of its organization. All of the issued and outstanding capital stock of Holdco and Rooster Merger Sub is owned directly or indirectly by Parent.

 

(b)                                 Power; Binding Agreement. Each of Parent, Holdco and Rooster Merger Sub has full power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery by Parent, Holdco and Rooster Merger Sub of this Agreement, the performance by each of Parent, Holdco and Rooster Merger Sub of its obligations hereunder and the consummation by Parent, Holdco and Rooster Merger Sub of the transactions contemplated hereby have been duly and validly authorized by each of Parent, Holdco and Rooster Merger Sub and no other actions or proceedings on the part of Parent, Holdco or Rooster are necessary to authorize the execution and delivery by Parent, Holdco or Rooster Merger Sub, the performance by either Parent, Holdco or Rooster Merger Sub of its obligations hereunder or the consummation by Parent, Holdco or Rooster Merger Sub of the transactions contemplated hereby. This Agreement has been duly executed and delivered by each of Parent, Holdco and Rooster Merger Sub, and, assuming this Agreement constitutes a valid and binding obligation of the Stockholders, constitutes a valid and binding obligation of each of Parent, Holdco and Rooster Merger Sub, enforceable against each of Parent, Holdco and Rooster Merger Sub in accordance with its terms, subject to: (i) laws of general application relating to bankruptcy, insolvency and the relief of debtors; and (ii) rules of law governing specific performance and other equitable remedies.

 

9.              Disclosure. Each Stockholder shall permit the Company, Parent, Holdco, Parent Merger Sub and Rooster Merger Sub to publish and disclose (in all documents and schedules filed with the SEC, and any press release or other disclosure document that the Company, Parent, Holdco, Parent Merger Sub or Rooster Merger Sub determines to be necessary or desirable in connection with the Rooster Merger and any transactions related thereto) such Stockholder’s identity and ownership of Subject Shares and the nature of the commitments, 

 

 

arrangements and understandings under this Agreement. Parent, Holdco, Parent Merger Sub and Rooster Merger Sub shall permit the Stockholders to publish and disclose in all disclosure documents required by Law (including any registration statement / proxy statement on Form S-4), the nature of the commitments, arrangements and understandings under this Agreement.

 

10.       Waiver of Appraisal Rights. Each Stockholder hereby waives, to the full extent permitted by Law, and agrees not to assert any, appraisal rights pursuant to Section 262 of the DGCL or otherwise in connection with the Rooster Merger with respect to any and all Subject Shares held by the undersigned of record or beneficially owned and entitled to appraisal rights pursuant to Section 2.04 (Appraisal Rights) of the Merger Agreement.

 

11.       Further Assurances. Subject to the terms and conditions of this Agreement, each party shall use commercially reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to be done, all things necessary to fulfill such party’s obligations under this Agreement.

 

12.       Termination. This Agreement shall terminate and shall have no further force or effect as of the Expiration Date; provided that this Section 12 and Section 13 shall survive such termination and remain in full force and effect.  Notwithstanding the foregoing, nothing set forth in this Section 12 shall relieve any party hereto from liability for any willful breach of this Agreement that is material prior to such termination.

 

13.       Miscellaneous Provisions.

 

(a)                                 Amendment or Supplement. This Agreement may be amended or supplemented in any and all respects by written agreement signed by Parent and the Stockholders.

 

(b)                                 Entire Agreement; No Third Party Beneficiary. This Agreement (including the Schedule to this Agreement) constitutes the entire agreement among the parties with respect to the subject matter of this Agreement and supersede all other prior agreements and understandings, both written and oral, among the parties to this Agreement with respect to the subject matter of this Agreement.  This Agreement is for the sole benefit of the parties hereto and their permitted assigns and respective successors and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit, or remedy of any nature whatsoever under or by reason of this Agreement.

 

(c)                                  Governing Law  This Agreement and all Legal Actions (whether based on contract, tort, or statute) arising out of or relating to this Agreement or the actions of any of the parties hereto in the negotiation, administration, performance, or enforcement hereof, shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of State of Delaware or any other jurisdiction) that would cause the application of Laws of any jurisdiction other than those of the State of Delaware.

 

 

(d)                                 Jurisdiction.  Each of the parties hereto irrevocably agrees that any Legal Action with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by any other party hereto or its successors or assigns shall be brought and determined exclusively in the Court of Chancery in and for New Castle County, Delaware, or in the event (but only in the event) that such court does not have subject matter jurisdiction over such Legal Action, in the United States District Court for the District of Delaware. Each of the parties hereto agrees that mailing of process or other papers in connection with any such Legal Action in the manner provided in Section 13(g) or in such other manner as may be permitted by applicable Laws, will be valid and sufficient service thereof. Each of the parties hereto hereby irrevocably submits with regard to any such Legal Action for itself and in respect of its property, generally and unconditionally, to the personal jurisdiction of the aforesaid courts and agrees that it will not bring any Legal Action relating to this Agreement or any of the transactions contemplated by this Agreement in any court or tribunal other than the aforesaid courts. Each of the parties hereto hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim, or otherwise, in any Legal Action with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder: (a) any claim that it is not personally subject to the jurisdiction of the above named courts for any reason other than the failure to serve process in accordance with this Section 13(d); (b) any claim that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise); and (c) to the fullest extent permitted by the applicable Law, any claim that (i) the suit, action, or proceeding in such court is brought in an inconvenient forum, (ii) the venue of such suit, action, or proceeding is improper, or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT.

 

(e)                                  Specific Enforcement. The parties hereto agree that the rights of each party to consummate the transactions contemplated by this Agreement are special, unique and of extraordinary character and that irreparable damage would occur if any provision of this Agreement are not performed in accordance with the terms hereof or are otherwise breached, and that the parties shall be entitled to an injunction or injunctions to prevent breaches or threatened breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof in the Court of Chancery of the State of Delaware without necessity of posting a bond or other form of security. In the event that any action or proceeding should be brought in equity to enforce the provisions of this Agreement, no party shall allege, and each party hereby waives the defense, that there is an adequate remedy at Law.

 

 

(f)                                   Assignment. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. Except as provided in Section 2(c), neither the Stockholders nor Parent nor Holdco nor Rooster Merger Sub may assign their rights or obligations hereunder without the prior written consent of the other parties, which consent shall not be unreasonably withheld, conditioned, or delayed. No assignment shall relieve the assigning party of any of its obligations hereunder.

 

(g)                                  Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by email (with confirmation of transmission); or (d) on the third (3rd) day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 13(g)):

 

if to Parent, Holdco, Parent Merger Sub or Rooster Merger Sub:

 

c/o US Ecology, Inc.

US Ecology, Inc.

101 S. Capitol Blvd., Suite 1000

Boise, ID 83702

Attention: Wayne Ipsen, General Counsel

Email:        wayne.ipsen@usecology.com

 

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

 

Dechert LLP

Cira Centre

2929 Arch Street

Philadelphia, PA 19104

Attention: Stephen M. Leitzell

Email:       stephen.leitzell@dechert.com

 

if to the Stockholders:

 

c/o J.F. Lehman & Company

110 East 59th Street, 27th Floor

New York, NY 10022

Attention: C. Alexander Harman, Glenn M. Shor and David L. Rattner

Email: cah@jflpartners.com, gms@jflpartners.com, and dlr@jflpartners.com

 

 

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

 

Jones Day

2727 North Harwood Street, Suite 500

Dallas, TX 75201

Attention: Alain A. Dermarkar

Email: adermarkar@jonesday.com

 

(h)                                 Severability. The provisions of this Agreement shall be deemed severable and if any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal, or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

 

(i)                                     Stockholder Obligation Several and Not Joint. The obligations of each Stockholder hereunder shall be several and not joint, and no Stockholder shall be liable for any breach of the terms of this Agreement by any other Stockholder.

 

(j)                                    Construction.

 

a.              For purposes of this Agreement, whenever the context requires: (A) the singular number shall include the plural, and vice versa; (B) the masculine gender shall include the feminine and neuter genders; (C) the feminine gender shall include the masculine and neuter genders; and (D) the neuter gender shall include the masculine and feminine genders.

 

b.              The parties hereto agree that any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be applied in the construction or interpretation of this Agreement.

 

c.               As used in this Agreement, the words “include” and “including,” and variations thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be followed by the words “without limitation.”

 

(k)                                 Descriptive Headings. The descriptive headings herein are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement.

 

(l)                                     Counterparts; Signatures. This Agreement may be executed in any number of counterparts, all of which will be one and the same agreement. This Agreement will become effective when each party to this Agreement shall have received counterparts signed by all of the other parties.  This Agreement may be executed and delivered by facsimile transmission, by electronic mail in “portable document format” (“.pdf”) form, or by any other electronic means intended to preserve the 

 

 

original graphic and pictorial appearance of a document, or by combination of such means, each of which shall be deemed an original.

 

[Remainder of Page Intentionally Left Blank]

 

 

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed to be effective as of the date first above written.

 

	
 
    	
US   ECOLOGY, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jeffrey R. Feeler
    
	
 
    	
 
    	
Name:   Jeffrey R. Feeler
    
	
 
    	
 
    	
Title:   President
    
	
 
    	
 
    	
 
    
	
 
    	
US   ECOLOGY PARENT, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jeffrey R. Feeler
    
	
 
    	
 
    	
Name:   Jeffrey R. Feeler
    
	
 
    	
 
    	
Title:   President
    
	
 
    	
 
    	
 
    
	
 
    	
ROOSTER   MERGER SUB, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jeffrey R. Feeler
    
	
 
    	
 
    	
Name:   Jeffrey R. Feeler
    
	
 
    	
 
    	
Title:   President
    
	
 
    	
 
    	
 
    
	
 
    	
JFL-NRC-SES   PARTNERS, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   C. Alexander Harman
    
	
 
    	
 
    	
Name:   C. Alexander Harman
    
	
 
    	
 
    	
Title:   President and Assistant Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
JFL-NRCG   HOLDINGS III, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David L. Rattner
    
	
 
    	
 
    	
Name:   David L. Rattner
    
	
 
    	
 
    	
Title:   Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
JFL-NRCG   HOLDINGS IV, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David L. Rattner
    
	
 
    	
 
    	
Name:   David L. Rattner
    
	
 
    	
 
    	
Title:   Secretary
    

 

 

SCHEDULE I

 

	
NAME AND ADDRESS
    	
 
    	
COMPANY
   COMMON
   STOCK
    	
 
    	
COMPANY SERIES A
   PREFERRED STOCK
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
JFL-NRC-SES Partners, LLC
    	
 
    	
23,021,521
    	
 
    	
—
    	
 
    
	
JFL-NRCG Holdings III, LLC
    	
 
    	
165,568
    	
 
    	
24,133
    	
 
    
	
JFL-NRCG Holdings IV, LLC
    	
 
    	
1,892,605
    	
 
    	
275,867
    	
 
    
	
(see notices section for address)
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
TOTAL
    	
 
    	
25,079,694
    	
 
    	
300,000

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