Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
 CREDIT AGREEMENT 

Dated as of May 14, 2018, 

Among 
 RED LION HOTELS
CORPORATION 
 as the Borrower, 

THE OTHER GUARANTORS PARTY HERETO FROM TIME TO TIME 

DEUTSCHE BANK AG NEW YORK BRANCH, 

as Administrative Agent and Collateral Agent and Sole Bookrunner and 

THE OTHER LENDERS PARTY HERETO FROM TIME TO TIME 
  

 
 DEUTSCHE BANK
SECURITIES INC., CAPITAL ONE, NATIONAL ASSOCIATION and 
 RAYMOND JAMES BANK, N.A., 

as Joint Lead Arrangers 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	  			
	 DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	 
			
	 SECTION 1.01
	 	Defined Terms	  	 	1	 
	 SECTION 1.02
	 	Other Interpretive Provisions	  	 	47	 
	 SECTION 1.03
	 	Accounting Terms	  	 	48	 
	 SECTION 1.04
	 	Rounding	  	 	48	 
	 SECTION 1.05
	 	References to Agreements, Laws, Etc.	  	 	48	 
	 SECTION 1.06
	 	Times of Day	  	 	48	 
	 SECTION 1.07
	 	Timing of Payment or Performance	  	 	48	 
		
	 ARTICLE II
	  			
	 THE COMMITMENTS AND CREDIT EXTENSIONS
	  	 	49	 
			
	 SECTION 2.01
	 	The Loans	  	 	49	 
	 SECTION 2.02
	 	Borrowings, Conversions and Continuations of Loans	  	 	50	 
	 SECTION 2.03
	 	[reserved]	  	 	51	 
	 SECTION 2.04
	 	[reserved]	  	 	51	 
	 SECTION 2.05
	 	Prepayments	  	 	51	 
	 SECTION 2.06
	 	Termination or Reduction of Commitments	  	 	54	 
	 SECTION 2.07
	 	Repayment of Loans	  	 	54	 
	 SECTION 2.08
	 	Interest	  	 	55	 
	 SECTION 2.09
	 	Fees	  	 	55	 
	 SECTION 2.10
	 	Computation of Interest and Fees	  	 	56	 
	 SECTION 2.11
	 	Evidence of Indebtedness	  	 	56	 
	 SECTION 2.12
	 	Payments Generally	  	 	56	 
	 SECTION 2.13
	 	Sharing of Payments	  	 	58	 
	 SECTION 2.14
	 	Incremental Credit Extensions	  	 	59	 
	 SECTION 2.15
	 	[reserved]	  	 	62	 
	 SECTION 2.16
	 	Extension of Term Loans; Extension of Revolving Credit Loans	  	 	62	 
	 SECTION 2.17
	 	Defaulting Lenders	  	 	65	 
		
	 ARTICLE III
	  			
	 TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY
	  	 	66	 
			
	 SECTION 3.01
	 	Taxes	  	 	66	 
	 SECTION 3.02
	 	Illegality	  	 	69	 
	 SECTION 3.03
	 	Inability to Determine Rates	  	 	70	 
	 SECTION 3.04
	 	Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurocurrency Rate Loans	  	 	70	 
	 SECTION 3.05
	 	Funding Losses	  	 	71	 
	 SECTION 3.06
	 	Matters Applicable to All Requests for Compensation	  	 	72	 
	 SECTION 3.07
	 	Replacement of Lenders under Certain Circumstances	  	 	73	 
	 SECTION 3.08
	 	Survival	  	 	74	 

  
 i 

							
	 ARTICLE IV
	  			
	 CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
	  	 	74	 
			
	 SECTION 4.01
	 	Conditions to Closing Date	  	 	74	 
	 SECTION 4.02
	 	Conditions to All Credit Extensions	  	 	77	 
		
	 ARTICLE V
	  			
	 REPRESENTATIONS AND WARRANTIES
	  	 	77	 
			
	 SECTION 5.01
	 	Existence, Qualification and Power; Compliance with Laws	  	 	77	 
	 SECTION 5.02
	 	Authorization; No Contravention	  	 	78	 
	 SECTION 5.03
	 	Governmental Authorization; Other Consents	  	 	78	 
	 SECTION 5.04
	 	Binding Effect	  	 	78	 
	 SECTION 5.05
	 	Financial Statements; No Material Adverse Effect	  	 	79	 
	 SECTION 5.06
	 	Litigation	  	 	79	 
	 SECTION 5.07
	 	[reserved]	  	 	79	 
	 SECTION 5.08
	 	Ownership of Property; Liens; Real Property	  	 	79	 
	 SECTION 5.09
	 	Environmental Matters	  	 	80	 
	 SECTION 5.10
	 	Taxes	  	 	81	 
	 SECTION 5.11
	 	ERISA Compliance	  	 	81	 
	 SECTION 5.12
	 	Subsidiaries; Equity Interests	  	 	81	 
	 SECTION 5.13
	 	Margin Regulations; Investment Company Act	  	 	82	 
	 SECTION 5.14
	 	Disclosure	  	 	82	 
	 SECTION 5.15
	 	Labor Matters	  	 	82	 
	 SECTION 5.16
	 	[reserved]	  	 	82	 
	 SECTION 5.17
	 	Intellectual Property; Licenses, Etc.	  	 	82	 
	 SECTION 5.18
	 	Solvency	  	 	83	 
	 SECTION 5.19
	 	Subordination of Junior Financing; First Lien Obligations	  	 	83	 
	 SECTION 5.20
	 	Sanctions; Anti-Corruption; USA PATRIOT Act	  	 	83	 
	 SECTION 5.21
	 	Security Documents	  	 	84	 
		
	 ARTICLE VI
	  			
	 AFFIRMATIVE COVENANTS
	  	 	85	 
			
	 SECTION 6.01
	 	Financial Statements and Budget	  	 	85	 
	 SECTION 6.02
	 	Certificates; Other Information	  	 	86	 
	 SECTION 6.03
	 	Notices	  	 	88	 
	 SECTION 6.04
	 	Payment of Obligations	  	 	88	 
	 SECTION 6.05
	 	Preservation of Existence, Etc.	  	 	88	 
	 SECTION 6.06
	 	Maintenance of Properties	  	 	89	 
	 SECTION 6.07
	 	Maintenance of Insurance	  	 	89	 
	 SECTION 6.08
	 	Compliance with Laws	  	 	89	 
	 SECTION 6.09
	 	Books and Records	  	 	90	 
	 SECTION 6.10
	 	Inspection Rights	  	 	90	 
	 SECTION 6.11
	 	Additional Collateral; Additional Guarantors	  	 	90	 
	 SECTION 6.12
	 	Compliance with Environmental Laws	  	 	92	 
	 SECTION 6.13
	 	Further Assurances	  	 	92	 
	 SECTION 6.14
	 	Maintenance of Ratings	  	 	93	 

  
 ii 

							
	 ARTICLE VII
	  			
	 NEGATIVE COVENANTS
	  	 	94	 
			
	 SECTION 7.01
	 	Liens	  	 	94	 
	 SECTION 7.02
	 	Investments	  	 	98	 
	 SECTION 7.03
	 	Indebtedness	  	 	101	 
	 SECTION 7.04
	 	Fundamental Changes	  	 	104	 
	 SECTION 7.05
	 	Dispositions	  	 	105	 
	 SECTION 7.06
	 	Restricted Payments	  	 	107	 
	 SECTION 7.07
	 	Change in Nature of Business	  	 	108	 
	 SECTION 7.08
	 	Transactions with Affiliates	  	 	108	 
	 SECTION 7.09
	 	Burdensome Agreements	  	 	109	 
	 SECTION 7.10
	 	Use of Proceeds	  	 	110	 
	 SECTION 7.11
	 	Financial Covenant	  	 	110	 
	 SECTION 7.12
	 	Accounting Changes	  	 	110	 
	 SECTION 7.13
	 	Prepayments, Etc. of Indebtedness	  	 	110	 
	 SECTION 7.14
	 	Permitted Activities	  	 	111	 
		
	 ARTICLE VIII
	  			
	 EVENTS OF DEFAULT AND REMEDIES
	  	 	111	 
			
	 SECTION 8.01
	 	Events of Default	  	 	111	 
	 SECTION 8.02
	 	Remedies Upon Event of Default	  	 	113	 
	 SECTION 8.03
	 	Exclusion of Immaterial Subsidiaries	  	 	114	 
	 SECTION 8.04
	 	Application of Funds	  	 	114	 
		
	 ARTICLE IX
	  			
	 ADMINISTRATIVE AGENT AND OTHER AGENTS
	  	 	115	 
			
	 SECTION 9.01
	 	Appointment and Authorization of Agents	  	 	115	 
	 SECTION 9.02
	 	Delegation of Duties	  	 	116	 
	 SECTION 9.03
	 	Liability of Agents	  	 	116	 
	 SECTION 9.04
	 	Reliance by Agents	  	 	117	 
	 SECTION 9.05
	 	Notice of Default	  	 	117	 
	 SECTION 9.06
	 	Credit Decision; Disclosure of Information by Agents	  	 	117	 
	 SECTION 9.07
	 	Indemnification of Agents	  	 	118	 
	 SECTION 9.08
	 	Agents in Their Individual Capacities	  	 	118	 
	 SECTION 9.09
	 	Successor Agents	  	 	119	 
	 SECTION 9.10
	 	Administrative Agent May File Proofs of Claim	  	 	120	 
	 SECTION 9.11
	 	Collateral and Guaranty Matters	  	 	120	 
	 SECTION 9.12
	 	Other Agents; Lead Arrangers and Managers	  	 	122	 
	 SECTION 9.13
	 	Withholding Tax Indemnity	  	 	122	 
	 SECTION 9.14
	 	Appointment of Supplemental Agents	  	 	122	 
		
	 ARTICLE X
	  			
	 MISCELLANEOUS
	  	 	123	 
			
	 SECTION 10.01
	 	Amendments, Etc.	  	 	123	 
	 SECTION 10.02
	 	Notices and Other Communications; Facsimile Copies	  	 	126	 

  
 iii 

							
	 SECTION 10.03
	 	 No Waiver; Cumulative Remedies
	  	 	126	 
	 SECTION 10.04
	 	 Attorney Costs and Expenses
	  	 	127	 
	 SECTION 10.05
	 	 Indemnification by the Borrower
	  	 	127	 
	 SECTION 10.06
	 	 Payments Set Aside
	  	 	129	 
	 SECTION 10.07
	 	 Successors and Assigns
	  	 	129	 
	 SECTION 10.08
	 	 Confidentiality
	  	 	134	 
	 SECTION 10.09
	 	 Setoff
	  	 	135	 
	 SECTION 10.10
	 	 Interest Rate Limitation
	  	 	136	 
	 SECTION 10.11
	 	 Counterparts
	  	 	136	 
	 SECTION 10.12
	 	 Integration; Termination
	  	 	137	 
	 SECTION 10.13
	 	 Survival of Representations and Warranties
	  	 	137	 
	 SECTION 10.14
	 	 Severability
	  	 	137	 
	 SECTION 10.15
	 	 GOVERNING LAW
	  	 	137	 
	 SECTION 10.16
	 	 WAIVER OF RIGHT TO TRIAL BY JURY
	  	 	138	 
	 SECTION 10.17
	 	 Binding Effect
	  	 	138	 
	 SECTION 10.18
	 	 USA PATRIOT Act
	  	 	138	 
	 SECTION 10.19
	 	 No Advisory or Fiduciary Responsibility
	  	 	139	 
	 SECTION 10.20
	 	 Electronic Execution of Assignments
	  	 	140	 
	 SECTION 10.21
	 	 Effect of Certain Inaccuracies
	  	 	140	 
	 SECTION 10.22
	 	 Judgment Currency
	  	 	140	 
	 SECTION 10.23
	 	 Acknowledgement and Consent to Bail-In of EEA Financial
Institutions
	  	 	141	 
		
	 ARTICLE XI
	  			
	 GUARANTY
	  	 	141	 
			
	 SECTION 11.01
	 	 The Guaranty
	  	 	141	 
	 SECTION 11.02
	 	 Obligations Unconditional
	  	 	142	 
	 SECTION 11.03
	 	 Reinstatement
	  	 	143	 
	 SECTION 11.04
	 	 Subrogation; Subordination
	  	 	143	 
	 SECTION 11.05
	 	 Remedies
	  	 	143	 
	 SECTION 11.06
	 	 Instrument for the Payment of Money
	  	 	144	 
	 SECTION 11.07
	 	 Continuing Guaranty
	  	 	144	 
	 SECTION 11.08
	 	 General Limitation on Guarantee Obligations
	  	 	144	 
	 SECTION 11.09
	 	 Information
	  	 	144	 
	 SECTION 11.10
	 	 Release of Guarantors
	  	 	144	 
	 SECTION 11.11
	 	 Right of Contribution
	  	 	145	 
	 SECTION 11.12
	 	 Cross-Guaranty
	  	 	145	 

  
 iv 

 SCHEDULES 
  

			
	 1.01A
	 	 Commitments

	 1.01B
	 	 Disqualified Lenders

	 1.01C
	 	 Collateral Documents

	 1.01D
	 	 Excluded Subsidiaries

	 1.01F
	 	 Material Real Property

	 1.08
	 	 Subsidiary Compliance

	 5.05
	 	 Certain Liabilities

	 5.06
	 	 Litigation

	 5.08
	 	 Ownership of Property

	 5.09(a)
	 	 Environmental Matters

	 5.10
	 	 Taxes

	 5.11(a)
	 	 ERISA Compliance

	 5.12
	 	 Subsidiaries and Other Equity Investments

	 6.13(f)
	 	 Equity Interests in JV Subsidiaries

	 6.15
	 	 Post-Closing Covenants

	 7.01(b)
	 	 Existing Liens

	 7.02(f)
	 	 Existing Investments

	 7.03(b)
	 	 Existing Indebtedness

	 7.05
	 	 Dispositions

	 7.08
	 	 Transactions with Affiliates

	 7.09
	 	 Certain Contractual Obligations

	 10.02
	 	 Administrative Agent’s Office, Certain Addresses for Notices

 EXHIBITS 

Form of 
  

			
	 A
	 	Committed Loan Notice
	 D-1
	 	Term Note
	 D-2
	 	Revolving Credit Note
	 E-1
	 	Compliance Certificate
	 E-2
	 	Solvency Certificate
	 F
	 	Assignment and Assumption
	 G
	 	Security Agreement
	 H
	 	Perfection Certificate
	 I
	 	Intercompany Note
	 J-1
	 	First Lien Intercreditor Agreement
	 J-2
	 	Junior Lien Intercreditor Agreement
	 K-1
	 	United States Tax Compliance Certificate (Foreign Non-Partnership Lenders)
	 K-2
	 	United States Tax Compliance Certificate (Foreign Non-Partnership Participants)
	 K-3
	 	United States Tax Compliance Certificate (Foreign Partnership Lenders)
	 K-4
	 	United States Tax Compliance Certificate (Foreign Partnership Participants)
	 L
	 	Administrative Questionnaire

  
 v 

 CREDIT AGREEMENT 

This CREDIT AGREEMENT (as the same may be amended, modified, refinanced and/or restated from time to time, this “Agreement”)
is entered into as of May 14, 2018, among RED LION HOTELS CORPORATION, a Washington corporation (the “Borrower”), the Guarantors party hereto from time to time, DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent and
Collateral Agent, and each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”). 

PRELIMINARY STATEMENTS 

The Borrower, through Red Lion Hotels Franchising, Inc., a Washington corporation (“Purchaser”), intends to consummate the
acquisition of all of the issued and outstanding shares of capital stock of Knights Franchise Systems, Inc., a Delaware corporation (the “Target”) from Wyndham Hotel Group, LLC, a Delaware limited liability company and the sole
stockholder of the Target (the “Stockholder”) and certain properties, rights and assets in respect of the business of franchising Knights Inn branded hotels to hotel owners from the Stockholder and certain other entities in
accordance with that certain Acquisition Agreement dated as of April 3, 2018 (the “Acquisition Agreement”), by and among the Purchaser, the Target, the Stockholder and other parties thereto (the “Acquisition”).

 The Borrower has requested that the Lenders extend credit to the Borrower in the form of (i) the Initial Term Loans on the Closing
Date in an initial aggregate principal amount of $30,000,000 and (ii) a Revolving Credit Facility in an initial aggregate principal amount of $10,000,000. 

The proceeds of the Initial Term Loans will be used by the Borrower on or around the Closing Date to directly or indirectly consummate the
Acquisition and pay the Transaction Expenses. 
 The applicable Lenders have indicated their willingness to lend on the terms and subject to
the conditions set forth herein. 
 In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant
and agree as follows: 
 ARTICLE I 

Definitions and Accounting Terms 

SECTION 1.01 Defined Terms. 
 As
used in this Agreement, the following terms shall have the meanings set forth below: 
 “Acquired EBITDA” means, with
respect to any Acquired Entity or Business for any period, the amount for such period of Consolidated EBITDA of such Acquired Entity or Business (determined as if references to the Borrower and the Subsidiaries in the definition of Consolidated
EBITDA were references to such Acquired Entity or Business and its Subsidiaries), as applicable, all as determined on a consolidated basis for such Acquired Entity or Business, as applicable. 

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

  
 1 

 “Acquisition” has the meaning specified in the preliminary statements of this
Agreement. 
 “Acquisition Agreement” has the meaning specified in the preliminary statements of this Agreement. 

“Additional Lender” has the meaning set forth in Section 2.14(c). 

“Administrative Agent” means Deutsche Bank AG New York Branch, in its capacity as administrative agent under any of the Loan
Documents, or any successor administrative agent. 
 “Administrative Agent’s Office” means the Administrative
Agent’s address and account as set forth on Schedule 10.02, or such other address or account as the Administrative Agent may from time to time notify the Borrower and the Lenders. 

“Administrative Questionnaire” means an Administrative Questionnaire in the form of Exhibit L or such other form as
may be supplied from time to time by the Administrative Agent. 
 “Affiliate” means, with respect to any Person, another
Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. “Control” means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative
thereto. 
 “Agent-Related Persons” means the Agents, together with their respective Affiliates, and the officers,
directors, employees, partners, agents, advisors, attorneys-in-fact and other representatives of such Persons and Affiliates. 

“Agents” means, collectively, the Administrative Agent, the Collateral Agent and the Supplemental Agents (if any). 

“Aggregate Commitments” means the Commitments of all the Lenders. 

“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. 

“Anaheim Property” means that certain leasehold estate of Borrower or its Subsidiary in that certain property, and any
buildings and improvements erected thereon, located at 1850 South Harbor Boulevard, Anaheim, CA 92802. 
 “Anti-Corruption
Laws” has the meaning set forth in Section 5.20(a). 

  
 2 

 “Applicable Period” has the meaning set forth in Section 10.21. 

“Applicable Rate” means a percentage per annum equal to (A) for Eurocurrency Rate Loans, 3.00% and (B) for Base
Rate Loans, 2.00% 
 “Appropriate Lender” means, at any time, with respect to Loans of any Class, the Lenders of such
Class. 
 “Approved Counterparty” means any Agent, Lender or any Affiliate of an Agent or Lender at the time it
entered into a Secured Hedge Agreement or a Treasury Services Agreement, as applicable, in its capacity as a party thereto. 

“Approved Fund” means, with respect to any Lender, any Fund that is administered, advised or managed by (a) such Lender,
(b) an Affiliate of such Lender or (c) an entity or an Affiliate of an entity that administers, advises or manages such Lender. 

“Assignees” has the meaning set forth in Section 10.07(b). 

“Assignment and Assumption” means an Assignment and Assumption substantially in the form of Exhibit F. 

“Assignment Taxes” has the meaning specified in Section 3.01(b). 

“Attorney Costs” means and includes all reasonable and documented fees, expenses and disbursements of any law firm or other
external legal counsel. 
 “Attributable Indebtedness” means, on any date, in respect of any Capitalized Lease of any
Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP. 

“Audited Financial Statements” means the audited consolidated balance sheets and related consolidated statements of
operations and cash flows for the Borrower and the Target for the fiscal years ended December 31, 2018, December 31, 2017, December 31, 2016 and December 31, 2015. 

“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 1.00%, (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;
it being understood that, for the avoidance of doubt, the Base Rate shall be deemed to be not less than 0% per annum solely with respect to the Term Loans. If the Administrative Agent shall have determined (which determination shall be conclusive
absent 

  
 3 

 
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. 

“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”. 
 “Brand Standard Equipment Loans”
means loans made by the Borrower, at its discretion, to Persons signing with the Borrower or any Subsidiary either a new franchise agreement or new management agreement in connection with a change of brand of the hotel property owned or operated by
any such Person to a brand owned by the Borrower or any Subsidiary, or a change in management of a hotel property owned or operated by any such Person to the Borrower or any Subsidiary as manager, to facilitate the acquisition of equipment
necessitated by the change in brand or management. 
 “Borrower” has the meaning set forth in the introductory paragraph to
this Agreement. 
 “Borrower Materials” has the meaning set forth in Section 6.02. 

“Borrowing” means a Revolving Credit Borrowing or a Term Borrowing of a particular Class, as the context may require. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close
under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and if such day relates to any interest rate settings as to a Eurocurrency Rate Loan, any fundings, disbursements, settlements and
payments in respect of any such Eurocurrency Rate Loan, or any other dealings to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means a day on which dealings in deposits in Dollars are conducted by and
between banks in the applicable London interbank market. 
 “Capitalized Leases” means all leases that have been or are
required to be, in accordance with GAAP, recorded as capitalized or financing leases; provided that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability on a
balance sheet in accordance with GAAP; provided, further, that for purposes of calculations made pursuant to the terms of this Agreement, GAAP will be deemed to treat leases in a manner consistent with its current treatment under
generally accepted accounting principles as of the Closing Date, notwithstanding any modifications or interpretive changes thereto that may occur thereafter. 

  
 4 

 “Capitalized Lease Obligation” means, at the time any determination thereof is
to be made, the amount of the liability in respect of a Capitalized Lease; provided that any obligations of the Borrower or its Subsidiaries either existing on the Closing Date or created prior to any recharacterization described below
(i) that were not included on the consolidated balance sheet of Borrower as financing or capital lease obligations and (ii) that are subsequently recharacterized as financing or capital lease obligations or indebtedness due to a change in
accounting treatment or otherwise, shall for all purposes under this Agreement (including, without limitation, the calculation of Consolidated Net Income and Consolidated EBITDA) not be treated as financing or capital lease obligations, Capitalized
Lease Obligations or Indebtedness. 
 “Cash Collateral Account” means a blocked account at a commercial bank specified by
the Administrative Agent in the name of the Administrative Agent and under the sole dominion and control of the Administrative Agent, and otherwise established in a manner reasonably satisfactory to the Administrative Agent. 

“Cash Equivalents” means any of the following types of Investments, to the extent owned by the Borrower or any Subsidiary:

 (1) Dollars; 
 (2) securities
issued or directly and fully and unconditionally guaranteed or insured by the U.S. government or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government
with maturities of 24 months or less from the date of acquisition; 
 (3) certificates of deposit, time deposits and eurodollar time deposits
with maturities of 24 months or less from the date of acquisition, demand deposits, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any domestic or foreign commercial bank having
capital and surplus of not less than $250,000,000 in the case of U.S. banks and $100,000,000 in the case of non-U.S. banks; 

(4) repurchase obligations for underlying securities of the types described in clauses (2), (3), (6) and (7) entered into with any
financial institution or recognized securities dealer meeting the qualifications specified in clause (3) above; 
 (5) commercial paper
and variable or fixed rate notes rated at least P-2 by Moody’s or at least A-2 by S&P (or, if at any time neither Moody’s nor S&P shall be rating such
obligations, an equivalent rating from another nationally recognized statistical rating agency) and in each case maturing within 24 months after the date of creation thereof; 

(6) marketable short-term money market and similar funds having a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating
agency); 
 (7) readily marketable direct obligations issued by any state, commonwealth or territory of the United States or any political
subdivision or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally
recognized statistical rating agency) with maturities of 24 months or less from the date of acquisition; 

  
 5 

 (8) readily marketable direct obligations issued by any foreign government or any political
subdivision or public instrumentality thereof, in each case having an Investment Grade Rating from either Moody’s or S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from
another nationally recognized statistical rating agency) with maturities of 24 months or less from the date of acquisition; 
 (9)
Investments with average maturities of 12 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or
better by Moody’s (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency); 

(10) securities with maturities of 12 months or less from the date of acquisition backed by standby letters of credit issued by any financial
institution or recognized securities dealer meeting the qualifications specified in clause (4) above; 
 (11) Indebtedness or preferred
stock issued by Persons with a rating of “A” or higher from S&P or “A2” or higher from Moody’s with maturities of 24 months or less from the date of acquisition; and 

(12) investment funds investing at least 90% of their assets in securities of the types described in clauses (1) through (11) above.

 In the case of Investments by any Foreign Subsidiary that is a Subsidiary or Investments made in a country outside the United States of
America, Cash Equivalents shall also include (a) investments of the type and maturity described in clauses (1) through (7) and clauses (9), (10), (11) and (12) above of foreign obligors, which Investments or obligors (or the
parents of such obligors) have ratings described in such clauses or equivalent ratings from comparable foreign rating agencies and (b) other short-term investments utilized by Foreign Subsidiaries that are Subsidiaries in accordance with normal
investment practices for cash management in investments analogous to the foregoing investments in clauses (1) through (12) and in this paragraph. 

Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in clauses
(1) and (2) above; provided that such amounts are converted into any currency listed in clauses (1) and (2) as promptly as practicable and in any event within ten (10) Business Days following the receipt of such
amounts. 
 For the avoidance of doubt, any items identified as Cash Equivalents under this definition will be deemed to be Cash Equivalents
for all purposes regardless of the treatment of such items under GAAP. 
 “Casualty Event” means any event that gives rise
to the receipt by the Borrower or any Subsidiary of any insurance proceeds or condemnation awards in respect of any equipment, fixed assets or real property (including any improvements thereon) to replace or repair such equipment, fixed assets or
real property. 

  
 6 

 “CERCLA” means the Comprehensive Environmental Response, Compensation, and
Liability Act of 1980, as subsequently amended, and the regulations promulgated thereunder. 
 “Change of Control” shall be
deemed to occur if: 
 (a) any “person” or “group” (as those terms are used in Section 13(d)(3) of
the Exchange Act, it being agreed that an employee of the Borrower or any of its Subsidiaries for whom shares are held under an employee stock ownership, employee retirement, employee savings or similar plan and whose shares are voted in accordance
with the instructions of such employee shall not be a member of a “group” (as that term is used in Section 13(d)(3) of the Exchange Act) solely because such employee’s shares are held by a trustee under said plan) becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of Equity Interests of Borrower (or other securities
convertible into such Equity Interests) representing 35% or more of the combined voting power of all Equity Interests of Borrower entitled (without regard to the occurrence of any contingency) to vote for the election of members of the board of
directors of Borrower; 
 (b) a “change of control” (or similar event) shall occur under any Indebtedness for
borrowed money permitted under Section 7.03 with an aggregate outstanding principal amount in excess of the Threshold Amount or any Permitted Refinancing in respect of any of the foregoing with an aggregate outstanding principal amount in
excess of the Threshold Amount; or 
 (c) a majority of the members of the board of directors of Borrower are not Continuing
Directors. 
 Notwithstanding the foregoing, the Acquisition shall be deemed not to constitute a Change of Control. 

“Class” (a) when used with respect to any Lender, refers to whether such Lender has a Loan or Commitment with respect to a
particular Class of Loans or Commitments, (b) when used with respect to Commitments, refers to whether such Commitments are Revolving Credit Commitments, Extended Revolving Credit Commitments of a given Extension Series, Revolving
Commitment Increases, Initial Term Commitments, or Incremental Term Commitments and (c) when used with respect to Loans or a Borrowing, refers to whether such Loans, or the Loans comprising such Borrowing, are Revolving Credit Loans, Revolving
Credit Loans under Extended Revolving Credit Commitments of a given Extension Series, Initial Term Loans, Incremental Term Loans or Extended Term Loans of a given Extension Series. Revolving Credit Commitments, Incremental Revolving Credit
Commitments, Extended Revolving Credit Commitments, Initial Term Commitments or Incremental Term Commitments (and in each case, the Loans made pursuant to such Commitments) that have different terms and conditions shall be construed to be in
different Classes. Commitments (and, in each case, the Loans made pursuant to such Commitments) that have the same terms and conditions shall be construed to be in the same Class. There shall be no more than an aggregate of three Classes of
revolving credit facilities and five Classes of term loan facilities under this Agreement. 
 “Closing Date” means
May 14, 2018, the first date on which all conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 4.01. 

  
 7 

 “Closing Fees” means those fees required to be paid on the Closing Date pursuant
to the Engagement Letter dated as of April 19, 2018, among Deutsche Bank Securities Inc. and the Borrower. 
 “Code”
means the U.S. Internal Revenue Code of 1986, as amended from time to time. 
 “Collateral” means (i) the
“Collateral” as defined in the Security Agreement, (ii) all the “Collateral” or “Pledged Assets” as defined in any other Collateral Document and (iii) any other assets pledged or in which a Lien is granted, in
each case, pursuant to any Collateral Document; provided, however, that, notwithstanding anything in this Agreement, the Security Agreement or any Collateral Document to the contrary, the Collateral shall not include, and the Collateral and
Guarantee Requirement shall not apply to, the Excluded Collateral. 
 “Collateral Agent” means Deutsche Bank AG New York
Branch, in its capacity as collateral agent or pledgee in its own name under any of the Loan Documents, or any successor collateral agent. 

“Collateral and Guarantee Requirement” means, at any time, the requirement that: 

(a) the Administrative Agent shall have received each Collateral Document required to be delivered on the Closing Date pursuant
to Section 4.01(a) or from time to time pursuant to Section 6.11, Section 6.13 or Section 6.15, subject to the limitations and exceptions of this Agreement, duly executed by each Loan Party party thereto; 

(b) the Obligations and the Guaranty shall have been secured by a first-priority security interest in (i) all Equity
Interests of each Subsidiary (that is not an Excluded Subsidiary) directly owned by any Loan Party and (ii) 65% of the Equity Interests in each Subsidiary (that is not an Excluded Subsidiary (other than any Subsidiary that is an Excluded Subsidiary
solely pursuant to clause (f) or (j) of the definition thereof)) directly owned by any Loan Party, which Subsidiary (x) is a Foreign Subsidiary or (y) substantially all of the assets of which consist of the Equity Interests and/or
Indebtedness of one or more Foreign Subsidiaries that are “controlled foreign corporations” within the meaning of Section 957 of the Code, in each case, subject to exceptions and limitations otherwise set forth in this Agreement and
the Collateral Documents (to the extent appropriate in the applicable jurisdiction); 
 (c) the Obligations and the Guaranty
shall have been secured by a perfected security interest in, and Mortgages on, substantially all now owned or at any time hereafter acquired (i) Material Real Property and (ii) tangible and intangible assets of each Loan Party (other than
Real Property but including Equity Interests, material intercompany debt, accounts, inventory, equipment, investment property, contract rights, intellectual property in the United States of America, other general intangibles and proceeds of the
foregoing), in each case, subject to exceptions, exclusions and limitations otherwise set forth in this Agreement and the Collateral Documents (to the extent appropriate in the applicable jurisdiction); provided, however, that the Mortgage on
the Anaheim Property shall be released by Collateral Agent (and the Collateral Agent will execute such release documentation and record, or authorize the recordation of, the same to effectuate the full release of such Mortgage) upon the satisfaction
of the following (i) the Obligations attributable to the Term Loans have been paid in full, (ii) no default or Event of Default shall have occurred and be continuing and (iii) Consolidated EBITDA for a trailing period of twelve months
shall be at least $17,500,000; 

  
 8 

 (d) to the extent a security interest in and Mortgages on any Material Real
Property are required pursuant to clause (c) above or under Sections 6.11, 6.13 or 6.15. the Administrative Agent shall have received: 

(i) counterparts of a Mortgage with respect to such Material Property duly executed and delivered by the record owner or lessee, as
applicable, of such property, together with evidence such Mortgage has been duly executed, acknowledged and delivered by a duly authorized officer of each party thereto, in form suitable for filing or recording in all filing or recording offices
that the Administrative Agent may reasonably deem necessary or desirable in order to create a valid and subsisting perfected Lien (subject only to Liens described in clause (ii) below) on the property and/or rights described therein in favor of
the Collateral Agent for the benefit of the Secured Parties, and evidence that all filing and recording taxes and fees have been paid or otherwise provided for in a manner reasonably satisfactory to the Administrative Agent (it being understood that
if a mortgage tax will be owed on the entire amount of the indebtedness evidenced hereby, then the amount secured by the Mortgage shall be limited to 100% of the fair market value of the property at the time the Mortgage is entered into if such
limitation results in such mortgage tax being calculated based upon such fair market value); 
 (ii) fully paid American Land Title
Association Lender’s policies of title insurance (or marked-up title insurance commitments having the effect of policies of title insurance) on the Material Real Property naming the Collateral Agent as
the insured for its benefit and that of the Secured Parties and their respective successors and assigns (the “Mortgage Policies”) issued by a nationally recognized title insurance company reasonably acceptable to the Administrative
Agent in form and substance and in an amount reasonably acceptable to the Administrative Agent (not to exceed 100% of the fair market value of the real properties covered thereby), insuring the Mortgages to be valid subsisting first priority Liens
on the property described therein, free and clear of all Liens other than Liens permitted pursuant to Section 7.01 and other Liens reasonably acceptable to the Administrative Agent, each of which shall (A) to the
extent reasonably necessary, include such coinsurance and reinsurance arrangements (with provisions for direct access, if reasonably necessary) as shall be reasonably acceptable to the Collateral Agent, (B) contain a “tie-in” or “cluster” endorsement, if available under applicable law (i.e., policies which insure against losses regardless of location or allocated value of the insured property up to a
stated maximum coverage amount), and (C) have been supplemented by such endorsements as shall be reasonably requested by the Collateral Agent (including endorsements on matters relating to usury, first loss, last dollar, zoning, contiguity,
doing business, non-imputation, public road access, variable rate, environmental lien, subdivision, mortgage recording tax, separate tax lot, revolving credit and
so-called comprehensive coverage over covenants and restrictions, to the extent such endorsements are available in the applicable jurisdiction at commercially reasonable rates); 

(iii) an opinion of local counsel to the applicable Loan Party in the state in which the Material Real Property is located, with respect to
the enforceability and perfection of such Mortgage and any related fixture filings, in form and substance reasonably satisfactory to the Administrative Agent; 

  
 9 

 (iv) no later than ten Business Days prior to the date on which a Mortgage is executed and
delivered pursuant to this Agreement, a completed “life of the loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to the Material Real Property (together with a notice about special flood hazard area
status and flood disaster assistance, which, if applicable, shall be duly executed by the applicable Loan Party relating to such Material Real Property), and, if any “building” (as defined in the Flood Insurance Laws) comprising a part of
such Material Real Property is located in a special flood hazard area, evidence of flood insurance as and to the extent required under Section 6.07(c) hereof 

(v) a new or updated survey (or an existing survey together with a “no-change” affidavit)
for such Material Real Property sufficient for the title insurance company to issue the applicable Mortgage Policy without the standard survey exception; and 

(vi) such other evidence that all other actions that the Administrative Agent may reasonably deem necessary or desirable in order to create
valid and subsisting Liens on the Material Real Property described in the Mortgages have been taken; and 
 (e) after the
Closing Date, each Subsidiary of the Borrower that is not then a Guarantor and not an Excluded Subsidiary shall become a Guarantor and signatory to this Agreement pursuant to a joinder agreement in accordance with Sections 6.11 or 6.13 and a party
to the Collateral Documents in accordance with Section 6.11; provided that notwithstanding the foregoing provisions, any Subsidiary of the Borrower that Guarantees Indebtedness incurred under Section 7.03(s) or Section 7.03(w),
any Junior Financing, or any Permitted Refinancing of any of the foregoing, shall be a Guarantor hereunder for so long as it Guarantees such Indebtedness. 

Notwithstanding the foregoing provisions of this definition or anything in this Agreement or any other Loan Document to the contrary: 

(A) the foregoing definition shall not require, unless otherwise stated in this clause (A), the creation or perfection of
pledges of, security interests in, or the obtaining of title insurance or taking other actions with respect to, (i) in excess of 65% of the Equity Interests of any direct Foreign Subsidiary of a Loan Party or a Domestic Subsidiary substantially
all of whose assets consist of Equity Interests and/or Indebtedness of one or more Foreign Subsidiaries that are treated as controlled foreign corporations within the meaning of Section 957 of the Code, (ii) any property or assets owned by
any Foreign Subsidiary, (iii) any lease, license or agreement or any property subject to a purchase money security interest or similar arrangement to the extent that a grant of a security interest therein would violate or invalidate such lease,
license or agreement or purchase money arrangement or create a right of termination in favor of any other party thereto after giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code or other applicable Law, other
than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the Uniform Commercial Code or other applicable Law notwithstanding such prohibition, (iv) any real property other than Material Real Property,
(v) Excluded Contracts and Excluded Equipment, (vi) motor vehicles and other assets subject to certificates of title except to the extent perfection of a security interest therein may be accomplished by filing of financing statements in
appropriate form in the applicable jurisdiction under the Uniform Commercial Code, (vii) Margin Stock, (viii) any trademark application filed in the United States Patent and Trademark Office on the basis of the

  
 10 

 
Borrower’s or any Guarantor’s “intent to use” such mark and for which and only for so long as a form evidencing use of the mark has not yet been filed with the United States
Patent and Trademark Office, to the extent that granting a security interest in such trademark application prior to such filing would impair the enforceability or validity of such trademark application or any registration that issues therefrom under
applicable federal Law, (ix) the creation or perfection of pledges of, or security interests in, any property or assets that would result in material adverse tax consequences to the Borrower or any of its Subsidiaries, as determined in the
reasonable judgment of the Borrower and communicated in writing delivered to the Collateral Agent, (x) any governmental licenses or state or local franchises, charters and authorizations, to the extent a security in any such license, franchise,
charter or authorization is prohibited or restricted thereby after giving effect to the Uniform Commercial Code and other applicable Law, (xi) pledges and security interests prohibited or restricted by applicable Law (including any requirement
to obtain the consent of any governmental authority or third party), (xii) all commercial tort claims in an amount less than $500,000, (xiii) [reserved], (xiv) letter of credit rights, except to the extent constituting a supporting obligation
for other Collateral as to which perfection of the security interest in such other Collateral is accomplished solely by the filing of a Uniform Commercial Code financing statement (it being understood that no actions shall be required to perfect a
security interest in letter of credit rights, other than the filing of a Uniform Commercial Code financing statement), (xv) any particular assets if, in the reasonable judgment of the Administrative Agent and the Borrower, the burden, cost or
consequences of creating or perfecting such pledges or security interests in such assets is excessive in relation to the benefits to be obtained therefrom by the Lenders under the Loan Documents and (xvi) proceeds from any and all of the
foregoing assets described in clauses (i) through (xv) above to the extent such proceeds would otherwise be excluded pursuant to clauses (i) through (xv) above, except to the extent perfection can be achieved by filing a Uniform Commercial
Code financing statement; 
 (B) (i) [reserved]; (ii) no actions in any non-U.S.
jurisdiction or required by the laws of any non-U.S. jurisdiction shall be required in order to create any security interests in assets located or titled outside of the U.S., including any intellectual
property registered in any non-U.S. jurisdiction, or to perfect such security interests (it being understood that there shall be no security agreements or pledge agreements governed under the laws of any non-U.S. jurisdiction) and (iii) except to the extent that perfection and priority may be achieved by the filing of a financing statement under the Uniform Commercial Code with respect to the Borrower or a
Guarantor, the Loan Documents shall not contain any requirements as to perfection or priority with respect to any assets or property described in this clause (B); 

(C) after the Closing Date, the Administrative Agent in its discretion may grant extensions of time for the creation or
perfection of security interests in and Mortgages on, or obtaining title insurance or taking other actions with respect to, particular assets or any other compliance with the requirements of this definition where it reasonably determines in writing,
in consultation with the Borrower, that the creation or perfection of security interests or taking other actions, or any other compliance with the requirements of this definition cannot be accomplished without undue delay, burden or expense by the
time or times at which it would otherwise be required by this Agreement or the Collateral Documents; and 
 (D) Liens
required to be granted from time to time pursuant to the Collateral and Guarantee Requirement shall be subject to exceptions and limitations set forth in this Agreement and the Collateral Documents. 

  
 11 

 “Collateral Documents” means, collectively, the Security Agreement, the
Intellectual Property Security Agreements, each of the Mortgages, collateral assignments, security agreements, pledge agreements or other similar agreements delivered to the Administrative Agent or the Collateral Agent pursuant to Section 4.01,
Section 6.11, Section 6.13 or Section 6.15, and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Administrative Agent or the Collateral Agent for the benefit of the
Secured Parties. 
 “Commitment” means a Revolving Credit Commitment, Incremental Revolving Credit Commitment, Extended
Revolving Credit Commitment of a given Extension Series, Initial Term Commitment or Incremental Term Commitment as the context may require. 

“Committed Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or
(c) a continuation of Eurocurrency Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.). 

“Company Parties” means the collective reference to Borrower and its Subsidiaries, and “Company Party” means
any one of them. 
 “Compensation Period” has the meaning set forth in Section 2.12(c)(ii). 

“Compliance Certificate” means a certificate substantially in the form of Exhibit
E-1. 
 “Connection Income Taxes” means, with respect to a Lender, Taxes that
are imposed on or measured by net income (however denominated), that are franchise Taxes or that are branch profits Taxes, in each case imposed as a result of a present or former connection between such Lender and the jurisdiction imposing such Tax
(other than connections arising from such Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to
or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 
 “Consolidated EBITDA”
means, for any period, the Consolidated Net Income for such period: 
 (1) increased (without duplication) by the following,
in each case (other than with respect to clauses (h) and (k)) to the extent deducted (and not added back) in determining Consolidated Net Income for such period: 

(a) provision for taxes based on income, profits or capital gains of the Borrower and the Subsidiaries, including, without
limitation, federal, state, franchise and similar taxes and foreign withholding taxes (including any future taxes or other levies which replace or are intended to be in lieu of such taxes and any penalties and interest related to such taxes or
arising from tax examinations) and the net tax expense associated with any adjustments made pursuant to clauses (1) through (17) of the definition of “Consolidated Net Income”; plus 

(b) consolidated interest expense (net of interest income) for such period; plus 

  
 12 

 (c) the total amount of depreciation and amortization expense for such period on
a consolidated basis and otherwise determined in accordance with GAAP; plus 
 (d) the amount of any restructuring charges
or reserves, equity-based or non-cash compensation charges or expenses including any such charges or expenses arising from grants of stock appreciation or similar rights, stock options, restricted stock or
other rights, retention charges (including charges or expenses in respect of incentive plans) provided, that the aggregate amount of any such restructuring charges or reserves, equity-based or non-cash
compensation charges or expenses added back pursuant to this clause (d) for any applicable period, taken together with the aggregate amount (if any) added back pursuant to clause (h) below for such period, shall not exceed in the aggregate
15% of Consolidated EBITDA for such period (as calculated before giving effect to such adjustments); plus 
 (e) any other non-cash charges, including any write-offs or write-downs reducing Consolidated Net Income for such period (provided that if any such non-cash charges represent an
accrual or reserve for potential cash items in any future period, (A) the Borrower may elect not to add back such non-cash charge in the current period and (B) to the extent the Borrower elects to
add back such non-cash charge, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was
paid in a prior period); plus 
 (f) Transaction Expenses; plus 

(g) [reserved]; plus 

(h) the amount of “run-rate” cost savings, operating expense reductions and
synergies projected by the Borrower in good faith to result from actions taken, committed to be taken or expected in good faith to be taken no later than six (6) months after the end of such period (calculated on a pro forma basis as though
such cost savings, operating expense reductions and synergies had been realized on the first day of such period for which Consolidated EBITDA is being determined and as if such cost savings, operating expense reductions and synergies were realized
during the entirety of such period), net of the amount of actual benefits realized during such period from such actions; provided, that such cost savings and synergies are reasonably identifiable and factually supportable (it is understood
and agreed that “run-rate” means the full recurring benefit for a period that is associated with any action taken, committed to be taken or expected to be taken, net of the amount of actual
benefits realized during such period from such actions) provided, that the aggregate amount of any such cost savings, operating expense reductions and synergies added back pursuant to this clause (h) for any applicable period, taken
together with the aggregate amount (if any) added back pursuant to clause (d) above for such period, shall not exceed in the aggregate 15% of Consolidated EBITDA for such period (as calculated before giving effect to such adjustments); plus

  
 13 

 (i) [reserved]; plus 

(j) any costs or expense incurred by the Borrower or a Subsidiary of the Borrower pursuant to any management equity plan or
stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of the Borrower or
net cash proceeds of an issuance of Equity Interest of the Borrower (other than Disqualified Equity Interest); plus 
 (k)
cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such
income were deducted in the calculation of Consolidated EBITDA pursuant to clause (2) below for any previous period and not added back; plus 

(2) decreased (without duplication) by the following, in each case to the extent included in determining Consolidated Net
Income for such period: 
 (a) non-cash gains increasing Consolidated Net Income of
the Borrower for such period, excluding any non-cash gains to the extent they represent the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period and
any non-cash gains with respect to cash actually received in a prior period so long as such cash did not increase Consolidated EBITDA in such prior period; plus 

(b) any net income from disposed, abandoned or discontinued operations; 

There shall be included in determining Consolidated EBITDA for any period, without duplication, (A) the Acquired EBITDA of any Person, property, business
or asset acquired by the Borrower or any Subsidiary during such period (but not the Acquired EBITDA of any related Person, property, business or assets to the extent not so acquired), to the extent not subsequently sold, transferred or otherwise
disposed by the Borrower or such Subsidiary during such period (each such Person, property, business or asset acquired and not subsequently so disposed of, an “Acquired Entity or Business”), based on the actual Acquired EBITDA of
such Acquired Entity or Business for such period (including the portion thereof occurring prior to such acquisition) and (B) for the purposes of the definition of the term “Permitted Acquisition”, compliance with the covenants set
forth in Section 7.11 and the calculation of Consolidated Fixed Charge Coverage Ratio and Consolidated Total Net Leverage Ratio, an adjustment in respect of each Acquired Entity or Business equal to the amount of the Pro Forma Adjustment with
respect to such Acquired Entity or Business for such period (including the portion thereof occurring prior to such acquisition) as specified in a certificate executed by a Responsible Officer and delivered to the Lenders and the Administrative
Agent. There shall be excluded in determining Consolidated EBITDA for any period the Disposed EBITDA of any Person, property, business or asset sold, transferred or otherwise disposed of or, closed or classified as discontinued operations (but if
such operations are classified as discontinued due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations are actually disposed of) by the Borrower or any Subsidiary during such
period (each such Person, property, business or asset so sold or disposed of, a “Sold Entity or Business”), based on the actual Disposed EBITDA of such Sold Entity or Business for such period (including the portion thereof occurring
prior to such sale, transfer or disposition). 

  
 14 

 “Consolidated First Lien Net Debt” means Consolidated Total Net Debt minus the
sum of (i) the portion of Indebtedness of the Borrower or any Subsidiary included in Consolidated Total Net Debt that is not secured by any Lien on property or assets of the Borrower or any Subsidiary and (ii) the portion of Indebtedness
of the Borrower or any Subsidiary included in Consolidated Total Net Debt that is secured by Liens on property or assets of the Borrower or any Subsidiary, which Liens are expressly subordinated or junior to the Liens securing the Obligations. 

“Consolidated Fixed Charge Coverage Ratio” means, for any Test Period, the ratio of Consolidated EBITDA to Fixed Charges for
the Borrower and its Subsidiaries for such Test Period. 
 “Consolidated Interest Expense” means, for any period, the sum,
without duplication, of (1) consolidated interest expense of the Borrower and its Subsidiaries for such period, to the extent such expense was deducted (and not added back) in computing Consolidated Net Income (including (a) amortization
of original issue discount resulting from the issuance of Indebtedness at less than par, (b) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances,
(c) non-cash interest payments (but excluding any non-cash interest expense attributable to the movement in the mark to market valuation of Swap Obligations or
other derivative instruments pursuant to GAAP), (d) the interest component of Capitalized Lease Obligations, and (e) net payments, if any made (less net payments, if any, received), pursuant to interest rate Swap Obligations with respect
to Indebtedness, and excluding (q) any additional interest owing pursuant to the registration rights agreements with respect to any securities, (r) costs associated with obtaining Swap Obligations, (s) any expense resulting from the
discounting of any Indebtedness in connection with the application of recapitalization accounting or, if applicable, purchase accounting in connection with any acquisition, (t) penalties and interest relating to taxes, (u) any
“additional interest” or “liquidated damages” with respect to other securities for failure to timely comply with registration rights obligations, (v) amortization or expensing of deferred financing fees, amendment and
consent fees, debt issuance costs, commissions, fees and expenses and discounted liabilities, (w) any expensing of commitment and other financing fees and any other fees related to the Acquisition or any acquisitions after the Closing Date, (x)
[reserved], (y) any accretion of accrued interest on discounted liabilities and any prepayment premium or penalty) and (z) interest expense attributable to a parent entity resulting from push-down accounting; plus 

(2) consolidated capitalized interest of the Borrower and its Subsidiaries for such period, whether paid or accrued; less 

(3) interest income of the Borrower and its Subsidiaries for such period. 

For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably
determined by the Borrower to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. 

“Consolidated Net Income” means, for any period, the net income (loss) of the Borrower and its Subsidiaries for such period
determined on a consolidated basis in accordance with GAAP; provided, however, that, without duplication, 

  
 15 

 (1) any after-tax effect of extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto), charges or expenses (including relating to the Acquisition or any multi-year strategic initiatives) and Transaction Expenses
shall be excluded; 
 (2) the cumulative effect of a change in accounting principles and changes as a result of the adoption or modification
of accounting policies during such period shall be excluded; 
 (3) any net after-tax effect of gains
or losses on disposal, abandonment or discontinuance of disposed, abandoned or discontinued operations, as applicable, shall be excluded; 

(4) any net after-tax effect of gains or losses (less all fees, expenses and charges relating thereto)
attributable to asset dispositions or abandonments or the sale or other disposition of any Equity Interests of any Person other than in the ordinary course of business shall be excluded; 

(5) the net income for such period of any Person that is not a Subsidiary of the Borrower, or that is accounted for by the equity method of
accounting shall be excluded; provided that Consolidated Net Income of the Borrower shall be increased by the amount of dividends or distributions or other payments (other than Excluded Contributions) that are actually paid in cash (or to the
extent converted into cash) to the Borrower or a Subsidiary thereof in respect of such period; 
 (6) the net income for such period of any
Subsidiary (other than any Guarantor) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by that Subsidiary of its net income is not at the date of determination permitted without any prior
governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule, or governmental regulation applicable to that
Subsidiary or its stockholders (other than restrictions in this Agreement), unless such restriction with respect to the payment of dividends or similar distributions has been legally waived; provided that the Consolidated Net Income of the
Borrower and its Subsidiaries will be increased by the amount of dividends or other distributions or other payments actually paid in cash (or to the extent converted into cash) to the Borrower or a Guarantor thereof in respect of such period, to the
extent not already included therein; 
 (7) effects of adjustments (including the effects of such adjustments pushed down to the Borrower and
its Subsidiaries) in the Borrower’s consolidated financial statements pursuant to GAAP (including in the inventory (including any impact of changes to inventory valuation policy methods, including changes in capitalization of variances),
property and equipment, software, goodwill, intangible assets, in-process research and development, deferred revenue and debt line items thereof) resulting from the application of recapitalization accounting
or purchase accounting, as the case may be, in relation to the Acquisition or any consummated acquisition or joint venture investment or the amortization or write-off or write-down of any amounts thereof, net
of taxes, shall be excluded; 
 (8) any after-tax effect of income (loss) from the early
extinguishment or conversion of (i) Indebtedness, (ii) Swap Obligations or (iii) other derivative instruments shall be excluded; 

(9) any impairment charge or asset write-off or write-down, including impairment charges or asset
write-offs or write-downs related to intangible assets, long-lived assets, investments in debt and equity securities and investments recorded using the equity method or as a result of a change in law or regulation, in each case, pursuant to GAAP,
and the amortization of intangibles arising pursuant to GAAP shall be excluded; 

  
 16 

 (10) any equity-based or non-cash compensation charge or
expense including any such charge or expense arising from grants of stock appreciation or similar rights, stock options, restricted stock, profits interests or other rights or equity or equity-based incentive programs (“equity
incentives”), any one-time cash charges associated with the equity incentives or other long-term incentive compensation plans (including under the deferred compensation arrangements of the Borrower),
roll-over, acceleration, or payout of Equity Interests by management, other employees or business partners of the Borrower, shall be excluded; 

(11) any fees, expenses or charges incurred during such period, or any amortization thereof for such period, in connection with any
acquisition, recapitalization, investment, disposition, incurrence or repayment of Indebtedness (including such fees, expenses or charges related to the offering and issuance of any securities and the syndication and incurrence of any Facility),
issuance of Equity Interests, refinancing transaction or amendment or modification of any debt instrument (including any amendment or other modification of any securities and any Facility) and including, in each case, any such transaction
consummated on or prior to the Closing Date and any such transaction undertaken but not completed, and any charges or non-recurring merger costs incurred during such period as a result of any such transaction,
in each case whether or not successful or consummated (including, for the avoidance of doubt the effects of expensing all transaction related expenses in accordance with Financial Accounting Standards Board Accounting Standards Codification 805),
shall be excluded; 
 (12) accruals and reserves that are established or adjusted within twelve months after the Closing Date that are so
required to be established or adjusted as a result of the Acquisition (or within twenty-four months after the closing of any acquisition that are so required to be established as a result of such acquisition) in accordance with GAAP or changes as a
result of modifications of accounting policies shall be excluded; 
 (13) any expenses, charges or losses to the extent covered by insurance
or indemnity and actually reimbursed, or, so long as the Borrower has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying party and only to the extent that such amount
is in fact reimbursed within 365 days of the date of the insurable or indemnifiable event (net of any amount so added back in any prior period to the extent not so reimbursed within the applicable 365-day
period), shall be excluded; 
 (14) any non-cash compensation expense resulting from the application
of Accounting Standards Codification Topic No. 718, Compensation—Stock Compensation, shall be excluded; 
 (15) the
following items shall be excluded: 
 (a) any net unrealized gain or loss (after any offset) resulting in such period from Swap Obligations
and the application of Accounting Standards Codification Topic No. 815, Derivatives and Hedging, 
 (b) any net unrealized gain
or loss (after any offset) resulting in such period from currency translation gains or losses including those related to currency remeasurements of Indebtedness (including any net loss or gain resulting from Swap Obligations for currency exchange
risk) and any other foreign currency translation gains and losses, to the extent such gain or losses are non-cash items, 

  
 17 

 (c) any adjustments resulting for the application of Accounting Standards Codification Topic
No. 460, Guarantees, or any comparable regulation, 
 (d) effects of adjustments to accruals and reserves during a prior period
relating to any change in the methodology of calculating reserves for returns, rebates and other chargebacks, and 
 (e) earn-out and contingent consideration obligations (including to the extent accounted for as bonuses or otherwise) and adjustments thereof and purchase price adjustments; and 

(16) [reserved]; and 
 (17) if
such Person is treated as a disregarded entity or partnership for U.S. federal, state and/or local income tax purposes for such period or any portion thereof, the amount of distributions actually made to any direct or indirect parent company of such
Person in respect of such period in accordance with Section 7.06(i)(iii) shall be included in calculating Consolidated Net Income as though such amounts had been paid as taxes directly by such Person for such period. 

In addition, to the extent not already included in the Consolidated Net Income of the Borrower and its Subsidiaries, notwithstanding anything
to the contrary in the foregoing, Consolidated Net Income shall include the amount of proceeds received from business interruption insurance and reimbursements of any expenses and charges that are covered by indemnification or other reimbursement
provisions in connection with any acquisition, investment or any sale, conveyance, transfer or other disposition of assets permitted under this Agreement. 

“Consolidated Total Net Debt” means, as of any date of determination, the aggregate principal amount of Indebtedness of the
Borrower and its Subsidiaries (including, for the avoidance of doubt, JV Level Debt) outstanding on such date, in an amount that would be reflected on a balance sheet prepared as of such date on a consolidated basis in accordance with GAAP (but
excluding the effects of any discounting of Indebtedness resulting from the application of purchase accounting in connection with the Acquisition or any Permitted Acquisition), consisting of Indebtedness for borrowed money, Attributable
Indebtedness, debt obligations evidenced by promissory notes or similar instruments and the amount of any Guarantees provided by any Loan Party in respect of Indebtedness of any non-Loan Party, minus
(x) the aggregate amount of all unrestricted cash and Cash Equivalents on the balance sheet of the Borrower and its Subsidiaries as of such date; provided that (i) Consolidated Total Net Debt shall not include Indebtedness in
respect of letters of credit, except to the extent of unreimbursed amounts thereunder, (ii) the aggregate amount of all cash restricted in favor of the Collateral Agent for the benefit of the Secured Parties held in the Cash Collateral Account
shall be deemed to constitute unrestricted cash and (ii) for the avoidance of doubt, obligations under Swap Contracts do not constitute Consolidated Total Net Debt. 

“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. 

  
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 “Continuing Director” means, as of any date of determination, any member of the
applicable board of directors who: (1) was a member of such board of directors on the Closing Date or (2) was nominated for election, elected or appointed to such board of directors with the approval of a majority of the Continuing
Directors who were members of such board of directors at the time of such nomination, election or appointment (either by a specific vote or by approval of a proxy statement in which such member was named as a nominee for election as a director).

 “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.” 

“Credit Extension” means a Borrowing. 

“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 Credit 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.

 “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.” 
 “Disposed EBITDA” means, with respect to any Sold Entity or
Business for any period, the amount for such period of Consolidated EBITDA of such Sold Entity or Business (determined as if references to the Borrower and the Subsidiaries in the definition of Consolidated EBITDA (and in the component definitions
used therein) were references to such Sold Entity or Business and its Subsidiaries), all as determined on a consolidated basis for such Sold Entity or Business. 

“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale
and leaseback transaction and any sale or issuance of Equity Interests in a Subsidiary) of any asset by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any
rights and claims associated therewith; provided that “Disposition” and “Dispose” shall not be deemed to include any issuance by Borrower of any of its Equity Interests to another Person. 

“Disqualified Equity Interests” means any Equity Interest that, by its terms (or by the terms of any security or other Equity
Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund
obligation or otherwise (except as a 

  
 19 

 
result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in
full of the Loans and all other Obligations that are accrued and payable and the termination of the Commitments), (b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests and other than as a result of a
change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and
payable and the termination of the Commitments), in whole or in part, (c) provides for the scheduled payments of dividends in cash, or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that
would constitute Disqualified Equity Interests, in each case, prior to the date that is ninety-one (91) days after the Latest Maturity Date at the time of issuance of such Equity Interests;
provided that if such Equity Interests are issued pursuant to a plan for the benefit of employees of the Borrower or the Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Equity
Interests solely because it may be required to be repurchased by the Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations. 

“Disqualified Lenders” means the Persons listed on Schedule 1.01B. 

“Distressed Person” has the meaning set forth in the definition of “Lender-Related Distress Event.” 

“Dollar” and “$” mean lawful money of the United States. 

“Dollar Denominated Loan” means any Loan incurred in Dollars. 

“Domestic Subsidiary” means any Subsidiary that is organized under the Laws of the United States, any state thereof or the
District of Columbia. 
 “EEA Financial Institution” means (a) any credit institution or investment firm established
in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or
(c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent; 

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

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

“Effective Yield” means, as to any Loans of any Class, the effective yield on such Loans, taking into account the applicable
interest rate margins, any interest rate floors or similar devices and all fees, including upfront or similar fees or OID (amortized over the shorter of (x) the original stated life of such Loans and (y) the four years following the date
of incurrence thereof) payable generally to Lenders making such Loans, but excluding 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. 

  
 20 

 “Eligible Assignee” has the meaning set forth in Section 10.07(a). 

“Engagement Letter” means that certain Engagement Letter dated April 19, 2018, among the Borrower and Deutsche Bank
Securities Inc., 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) 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. 
 “ERISA Affiliate” means any trade or business (whether or not
incorporated) that, together with a Loan Party or any 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 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 Subsidiary or any ERISA Affiliate from a Multiemployer Plan or a
notification or determination that a 

  
 21 

 
Multiemployer Plan is in reorganization; (d) the filing by the PBGC of a notice of intent to terminate any Pension Plan, the treatment of a Pension Plan or Multiemployer Plan amendment as a
termination under Sections 4041 or 4041A of ERISA, respectively, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) appointment of a trustee to administer any Pension Plan or Multiemployer
Plan; (f) with respect to a Pension Plan, the failure to satisfy the minimum funding standard of Section 412 of the Code or Section 302, 303 or 304 of ERISA, whether or not waived; (g) any Foreign Benefit Event; or (h) the
imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon a Loan Party, any Subsidiary or any ERISA Affiliate. 

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

“Eurocurrency Rate” means, for any Interest Period with respect to any Eurocurrency Rate Loan denominated in Dollars, the
rate per annum equal to the London Interbank Offered Rate (“LIBOR”) or such comparable or successor rate which is approved by the Administrative Agent, as published on the applicable Reuters screen page (or such other commercially
available source providing such quotations as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m. (London time) on the date which is two Business Days prior to the beginning of such Interest Period for
deposits in Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; provided that to the extent that an interest rate is not ascertainable pursuant to the foregoing provision of this
definition, the “Eurocurrency Rate” with respect to Eurocurrency Rate Loans denominated in Dollars shall be the interest rate per annum, determined by the Administrative Agent to be the average of the rates per annum at which deposits in
Dollars are offered for such relevant Interest Period to major banks in the London interbank market in London, England at approximately 11:00 a.m. (London time) on the date which is two Business Days prior to the beginning of such Interest Period;
provided that if the Eurocurrency Rate is negative, it shall be deemed to be 0.00%. 
 “Eurocurrency Rate Loan”
means a Loan that bears interest at a rate based on the Eurocurrency Rate. 
 “Event of Default” has the meaning set forth
in Section 8.01. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Collateral” means, collectively, (a) all of the property set forth in clause (A) in the definition of
“Collateral and Guarantee Requirement”, (b) the SeaTac Property, (c) the Kalispell Property and (d) the Spokane Property. 

“Excluded Contract” means, at any date, any rights or interest of the Borrower or any Guarantor under any agreement,
contract, license, instrument, document or other general intangible (referred to solely for purposes of this definition as a “Contract”) to the extent that such Contract by the terms of a restriction in favor of a Person who
is not the Borrower or any Guarantor, or any requirement of law, prohibits, or requires any consent or establishes any other condition for or would terminate because of an assignment thereof or a grant of a security interest therein by the Borrower
or a Guarantor; provided that (i) rights under any such Contract otherwise constituting an Excluded Contract by virtue of this definition shall be included in the Collateral to the extent permitted thereby or by Section 9-406 or Section 9-408 of the Uniform Commercial Code and (ii) all proceeds paid or payable to any of the Borrower or any Guarantor from any sale,
transfer or assignment of such Contract and all rights to receive such proceeds shall be included in the Collateral. 

  
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 “Excluded Contribution” means net cash proceeds, marketable securities or
Qualified Proceeds received by the Borrower from: 
 (1) contributions to its common equity capital; 

(2) [reserved]; and 

(3) the sale (other than to a Subsidiary of the Borrower or to any management equity plan or stock option plan or any other
management or employee benefit plan or agreement of the Borrower) of Equity Interest (other than Disqualified Equity Interests and preferred stock) of the Borrower; 

in each case to the extent designated as Excluded Contributions by the Borrower pursuant to an officer’s certificate executed by the
principal financial officer of the Borrower. 
 “Excluded Equipment” means, at any date, any equipment or other assets of
the Borrower or any Guarantor which is subject to, or secured by, a Capitalized Lease Obligation or a purchase money obligation if and to the extent that (i) a restriction in favor of a Person who is not the Borrower or a Subsidiary contained
in the agreements or documents granting or governing such Capitalized Lease Obligation or purchase money obligation prohibits, or requires any consent or establishes any other conditions for or would result in the termination of such agreement or
document because of an assignment thereof, or a grant of a security interest therein, by the Borrower or any Guarantor and (ii) such restriction relates only to the asset or assets acquired by the Borrower or any Guarantor with the proceeds of
such Capitalized Lease Obligation or purchase money obligation and attachments thereto, improvements thereof or substitutions therefor; provided that all proceeds paid or payable to any of the Borrower or any Guarantor from any sale, transfer
or assignment or other voluntary or involuntary disposition of such assets and all rights to receive such proceeds shall be included in the Collateral to the extent not otherwise required to be paid to the holder of any Capitalized Lease Obligations
or purchase money obligations secured by such assets. 
 “Excluded Subsidiary” means (a) any Subsidiary that is not a
wholly owned Subsidiary of the Borrower or a Guarantor including, without limitation, the JV Subsidiaries, (b) any Subsidiary of a Guarantor that does not have total assets in excess of 1.0% of Total Assets, individually or in the aggregate
with all other Subsidiaries excluded via this clause (b), (c) [reserved], (d) any Subsidiary that is prohibited by applicable Law or Contractual Obligations existing on the Closing Date (or, in the case of any newly acquired Subsidiary, in existence
at the time of acquisition but not entered into in contemplation thereof) from guaranteeing the Obligations or if guaranteeing the Obligation would require governmental (including regulatory) consent, approval, license or authorization (unless such
consent, approval, license or authorization has been obtained), (e) any other Subsidiary with respect to which, in the reasonable judgment of the Administrative Agent, in consultation with the Borrower, the burden or cost or other consequences
(including any material adverse tax consequences) of providing a Guarantee shall be excessive in view of the benefits to be obtained by the Lenders therefrom, (f) any direct or indirect Foreign Subsidiary of the Borrower, (g) any not-for-profit Subsidiaries, (h) [reserved], (i) any direct or indirect Domestic Subsidiary substantially all of the assets of which consist of the Equity Interests of one or
more Foreign Subsidiaries that are “controlled foreign corporations” within the meaning of Section 957 of the Code, (j) any Domestic 

  
 23 

 
Subsidiary that is a direct or indirect Subsidiary of a Foreign Subsidiary and (k) any captive insurance subsidiaries (such Subsidiaries are listed on Schedule 1.01D). For the
avoidance of doubt, the term “Excluded Subsidiary” shall, at all times and for all purposes, include any JV Subsidiary. 

“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 JV Indebtedness” has the meaning set forth in Section 6.13(d). 

“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). 

“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). 

“Extension Request” means any Term Loan Extension Request or a Revolver Extension Request, as the case may be. 

  
 24 

 “Extension Series” means any Term Loan Extension Series or a Revolver Extension
Series, as the case may be. 
 “Facility” means a given Class of Initial Term Loans or Incremental Term Loans, a given
Extension Series of Extended Term Loans, the Revolving Credit Facility, a given Class of Incremental Revolving Credit Commitments or a given Extension Series of Extended Revolving Credit Commitments, as the context may require. 

“FATCA” means Sections 1471 through 1474 of the Code (including, for the avoidance of doubt, any agreements entered into
pursuant to Section 1471(b)(1) of the Code), as of the Closing Date (and any amended or successor version thereof that is substantively comparable and not materially more onerous to comply with), any current or future Treasury Regulations or
other official administrative guidance promulgated thereunder and any intergovernmental agreements entered into in connection with the implementation thereof. 

“FCPA” means the U.S. Foreign Corrupt Practices Act of 1977, as amended. 

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal
funds transactions with members of the Federal Reserve System on such day, as published on the next succeeding Business Day by the Federal Reserve Bank of New York; provided that (a) if such day is not a Business Day, the Federal Funds
Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published for any day that is a Business Day, the average of the
rate charged to the Administrative Agent on such day for such transactions as determined by the Administrative Agent; provided that if such rate as determined above is negative, it shall be deemed to be 0.00%. 

“First Lien Intercreditor Agreement” means an intercreditor agreement substantially in the form of Exhibit J-1 (which agreement in such form or with immaterial changes thereto the Collateral Agent is authorized to enter into) among the Borrower, the subsidiaries of the Borrower from time to time party thereto, the
Collateral Agent and one or more collateral agents or representatives for the holders of Indebtedness that is permitted under Section 7.03 to be, and intended to be, secured on a pari passu basis with the Obligations. 

“Fiscal Year” means the fiscal year of Borrower and its Subsidiaries, which as of the Closing Date ends on December 31
of each calendar year. 
 “Fixed Charges” means, with respect to the Borrower and its Subsidiaries for any period, the sum
of, without duplication: 
 (1) Consolidated Interest Expense for such period; 

(2) all scheduled principal amortization payments that were paid or payable in cash during such period with respect to Indebtedness for
borrowed money of the Borrower and its Subsidiaries (limited, in the case of any consolidated non-wholly owned Subsidiary (and any direct or indirect subsidiary thereof) of a Loan Party, to the pro rata share
of any such payments calculated in accordance with such Loan Party’s ownership percentage of such consolidated non-wholly owned Subsidiary’s Equity Interests), including payments in respect of
Capitalized Lease Obligations, but excluding payments with respect to intercompany Indebtedness; 

  
 25 

 (3) all cash dividends or other distributions paid (excluding items eliminated in consolidation)
on any series of preferred stock during such period; and 
 (4) all cash dividends or other distributions paid (excluding items eliminated in
consolidation) on any series of Disqualified Equity Interests during such period. 
 “Flood Insurance Laws” means,
collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto,
(iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto and (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto. 

“Foreign Benefit Event” means, with respect to any Foreign Pension Plan, (a) the existence of unfunded liabilities in
excess of the amount permitted under any applicable law or in excess of the amount that would be permitted absent a waiver from applicable governmental authority or (b) the failure to make the required contributions or payments, under any
applicable law, on or before the due date for such contributions or payments. 
 “Foreign Pension Plan” means any benefit
plan that under applicable Law is required to be funded through a trust or other funding vehicle other than a trust or funding vehicle maintained exclusively by a Governmental Authority. 

“Foreign Subsidiary” means any direct or indirect Subsidiary of the Borrower that is not a Domestic Subsidiary. 

“Franchisee Incentive Finance Program” means, collectively, all undertakings related to Key Money, Brand Standard Equipment
Loans and Franchisee Loans utilized by the Borrower in connection with its franchisee relationships. 
 “Franchisee Loans”
means loans made by the Borrower, at its discretion, to Persons signing with Borrower or a Subsidiary either a new franchise agreement or new management agreement in connection with a change of brand of the hotel property owned or operated by any
such Person to a brand owned by the Borrower or any Subsidiary, or a change in management of a hotel property owned or operated by any such Person to the Borrower or any Subsidiary as manager, to facilitate the acquisition of furniture, fixtures and
equipment necessitated by the change in brand or management. 
 “FRB” means the Board of Governors of the Federal Reserve
System of the United States. 
 “Fund” means any Person (other than a natural person) that is engaged in making,
purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course. 

“GAAP” means generally accepted accounting principles in the United States of America, as in effect from time to time;
provided, however, that (i) if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the
application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given
before or after such change in GAAP or in the application thereof, then such provision 

  
 26 

 
shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended
in accordance herewith, (ii) GAAP shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under FASB ASC Topic 825 (or any other Financial Accounting Standard having
a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any of its Subsidiaries at “fair value,” as defined therein, and Indebtedness shall be measured at the aggregate principal amount thereof, and
(iii) the accounting for operating leases and financing or capital leases under GAAP as in effect on the Closing Date (including, without limitation, Accounting Standards Codification 840) shall apply for the purposes of determining compliance
with the provisions of this Agreement, including the definition of Capitalized Leases and obligations in respect thereof. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof, any agency,
authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 

“Granting Lender” has the meaning set forth in Section 10.07(i). 

“Guarantee” means, as to any Person, without duplication, (a) any obligation, contingent or otherwise, of such Person
guaranteeing or having the economic effect of guaranteeing any Indebtedness or other monetary obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any
obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other monetary obligation, (ii) to purchase or lease property, securities or services
for the purpose of assuring the obligee in respect of such Indebtedness or other monetary obligation of the payment or performance of such Indebtedness or other monetary obligation, (iii) to maintain working capital, equity capital or any other
financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other monetary obligation, or (iv) entered into for the purpose of assuring in any
other manner the obligee in respect of such Indebtedness or other monetary obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such
Person securing any Indebtedness or other monetary obligation of any other Person, whether or not such Indebtedness or other monetary obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to
obtain any such Lien); provided that the term “Guarantee” shall not include endorsements for collection or deposit, in either case in the ordinary course of business, or customary and reasonable indemnity obligations in effect on
the Closing Date or entered into in connection with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with respect to Indebtedness), or non-recourse carve out
guarantees customarily given in otherwise non-recourse loan transactions. The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary
obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term
“Guarantee” as a verb has a corresponding meaning. 
 “Guaranteed Obligations” has the meaning set forth in
Section 11.01. 

  
 27 

 “Guarantors” means, collectively, (i) the wholly owned Domestic
Subsidiaries of the Borrower (other than any Excluded Subsidiary), (ii) those wholly owned Domestic Subsidiaries that issue a Guaranty of the Obligations after the Closing Date pursuant to Section 6.11 or otherwise, at the option of the
Borrower, issues a Guaranty of the Obligations after the Closing Date and (vi) solely in respect of any Secured Hedge Agreement or Treasury Services Agreement to which the Borrower is not a party, the Borrower, in each case, until the Guaranty
thereof is released in accordance with this Agreement. 
 “Guaranty” means, collectively, the guaranty of the Obligations
by the Guarantors pursuant to this Agreement. 
 “Hazardous Materials” means all materials, pollutants, contaminants,
chemicals, compounds, constituents, substances or wastes, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, lead, radon gas, pesticides, fungicides, fertilizers, or toxic mold that
are regulated pursuant to, or which could give rise to liability under, applicable Environmental Law. 
 “Immaterial
Subsidiary” has the meaning set forth in Section 8.03. 
 “Incremental Amendment” has the meaning set forth
in Section 2.14(f). 
 “Incremental Commitments” has the meaning set forth in Section 2.14(a). 

“Incremental Facility Closing Date” has the meaning set forth in Section 2.14(d). 

“Incremental Lenders” has the meaning set forth in Section 2.14(c). 

“Incremental Loan” has the meaning set forth in Section 2.14(b). 

“Incremental Loan Request” has the meaning set forth in Section 2.14(a). 

“Incremental Revolving Credit Commitments” has the meaning set forth in Section 2.14(a). 

“Incremental Revolving Credit Lender” has the meaning set forth in Section 2.14(c). 

“Incremental Revolving Credit Loan” has the meaning set forth in Section 2.14(b). 

“Incremental Term Commitments” has the meaning set forth in Section 2.14(a). 

“Incremental Term Lender” has the meaning set forth in Section 2.14(c). 

“Incremental Term Loan” has the meaning set forth in Section 2.14(b). 

“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following: 

(a) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes,
loan agreements or other similar instruments; 

  
 28 

 (b) the maximum amount (after giving effect to any prior drawings or reductions
which may have been reimbursed) of all outstanding letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds, performance bonds and similar instruments issued or created by or for the account of
such Person; 
 (c) net obligations of such Person under any Swap Contract; 

(d) all obligations of such Person to pay the deferred purchase price of property or services (other than (i) trade
accounts and accrued expenses payable in the ordinary course of business, (ii) any earn-out obligation until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP
and (iii) accruals for payroll and other liabilities accrued in the ordinary course); 
 (e) indebtedness (excluding
prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond, industrial development
bond and similar financings), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; 

(f) all Attributable Indebtedness; 

(g) all obligations of such Person in respect of Disqualified Equity Interests; 

if and to the extent that the foregoing would constitute indebtedness or a liability in accordance with GAAP; and 

(h) to the extent not otherwise included above, all Guarantees of such Person in respect of any of the foregoing. 

For all purposes hereof, the Indebtedness of any Person shall (A) include the Indebtedness of any partnership or joint venture (other
than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, except to the extent such Person’s liability for such Indebtedness is otherwise expressly limited and
only to the extent such Indebtedness would be included in the calculation of Consolidated Total Net Debt and (B) exclude obligations under or in respect of operating leases or sale lease-back transactions (except any resulting Capitalized Lease
Obligations). The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of Indebtedness of any Person for purposes of clause (e) shall be deemed to
be equal to the lesser of (i) the aggregate unpaid amount of such Indebtedness and (ii) the fair market value of the property encumbered thereby as determined by such Person in good faith. Notwithstanding anything in this definition to the
contrary, Indebtedness shall be calculated without giving effect to the effects of Financial Accounting Standards Board Accounting Standards Codification 815 and related interpretations to the extent such effects would otherwise increase or decrease
an amount of Indebtedness for any purpose hereunder as a result of accounting for any embedded derivatives created by the terms of such Indebtedness. 

“Indemnified Liabilities” has the meaning set forth in Section 10.05. 

  
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 “Indemnified Taxes” means, with respect to any Agent or any Lender, all Taxes
other than (i) Taxes imposed on or measured by its net income, however denominated, and franchise (and similar) Taxes imposed in lieu of net income Taxes by a jurisdiction (A) as a result of such recipient being organized in or having its
principal office (or, in the case of any Lender, its applicable Lending Office) in such jurisdiction (or any political subdivision thereof), or (B) as a result of any other connection between such Lender or Agent and such jurisdiction other
than any connections arising from executing, delivering, being a party to, engaging in any transactions pursuant to, performing its obligations under, receiving payments under, or enforcing, any Loan Document, (ii) Taxes attributable to the
failure by any Agent or Lender to deliver the documentation required to be delivered pursuant to Section 3.01(d), (iii) any branch profits Taxes imposed by the United States or any similar Tax, imposed by any jurisdiction described in clause
(i) above, (iv) in the case of any Lender (other than an assignee pursuant to a request by the Borrower under Section 3.07), any U.S. federal withholding Tax that is in effect on the date such Lender becomes a party to this Agreement, or
designates a new Lending Office, except to the extent such Lender (or its assignor, if any) was entitled immediately prior to the time of designation of a new Lending Office (or assignment) to receive additional amounts with respect to such
withholding Tax pursuant to Section 3.01, (v) any withholding Taxes imposed under FATCA, and (vi) any U.S. federal backup withholding imposed as a result of a failure by a Lender that is a United States person as defined in
Section 7701(a)(30) of the Code to deliver the form described in Section 3.01(d)(i). 
 “Indemnitees” has the
meaning set forth in Section 10.05. 
 “Information” has the meaning set forth in Section 10.08. 

“Initial Term Commitment” means, as to each Term Lender, its obligation to make an Initial Term Loan to the Borrower pursuant
to Section 2.01(a) in an aggregate amount not to exceed the amount set forth opposite such Term Lender’s name in Schedule 1.01A under the caption “Initial 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). The initial aggregate amount of the Initial Term Commitments is $30,000,000.

 “Initial Term Loans” means the term loans made by the Lenders on the Closing Date to the Borrower under this Agreement
in an aggregate principal amount of $30,000,000. 
 “Intellectual Property Security Agreements” has the meaning set forth
in the Security Agreement. 
 “Intercompany Note” means a promissory note substantially in the form of Exhibit I.

 “Intercreditor Agreements” means the First Lien Intercreditor Agreement and the Junior Lien Intercreditor Agreement,
collectively, in each case to the extent in effect. 
 “Interest Payment Date” means, (a) as to any Eurocurrency Rate
Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date of the Facility under which such Loan was made; provided that if any Interest Period for a Eurocurrency Rate Loan exceeds three months, the respective
dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates and (b) as to any Base Rate Loan, the last Business Day of each March, June, September and December and the Maturity Date of the
Facility under which such Loan was made. 

  
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 “Interest Period” means, as to each Eurocurrency Rate Loan, the period
commencing on the date such Eurocurrency Rate Loan is disbursed or converted to or continued as a Eurocurrency Rate Loan and ending on the date one, two, three or six months thereafter or, to the extent agreed by each Lender of such Eurocurrency
Rate Loan, twelve months or, to the extent agreed by the Administrative Agent, less than one month thereafter, as selected by the Borrower in its Committed Loan Notice; provided that: 

(i) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding
Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 

(ii) any Interest Period (other than an Interest Period having a duration of less than one month) that begins on the last
Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period;
and 
 (iii) no Interest Period shall extend beyond the Maturity Date of the Facility under which such Loan was made. 

“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 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. 

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

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

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

  
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 “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 indebtedness issued or incurred pursuant to Section 7.03 that is 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 Subsidiary to be secured
by a Lien on a basis junior to the Liens securing the Obligations, then the Borrower, the Guarantors, the Administrative Agent and the Other Debt Representative for such Indebtedness shall execute and deliver the Junior Lien Intercreditor Agreement.

 “JV Borrowers” has the meaning set forth in Section 6.13(d). 

“JV Level Debt” means the pro rata share of any Indebtedness of a consolidated
non-wholly owned Subsidiary (or any direct or indirect subsidiary thereof) of a Loan Party that is non-recourse to any Loan Party calculated in accordance with such Loan
Party’s ownership percentage of such non-wholly owned Subsidiary’s Equity Interests. 

“JV Subsidiary” means any means a corporation, partnership, joint venture, limited liability company or other business entity
which is wholly-owned by RL Venture Holding. 
 “Kalispell Property” means that certain leasehold estate of Borrower or its
Subsidiary in that certain property, and any buildings and improvements erected thereon, located at 20 N. Main St., Kalispell, MT 59901. 

“Key Money” means funds made available by the Borrower, at its discretion, to Persons signing with Borrower or a Subsidiary
either a new franchise agreement or new management agreement in connection with a change of brand of the hotel property owned or operated by any such Person to a brand owned by Borrower or a Subsidiary, or a change in management of a hotel property
owned or operated by any such Person to Borrower or a Subsidiary as manager, to facilitate the change in brand or management. 

“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 Extended Term Loan, any Extended Revolving Credit Commitment, any Incremental Term Loans or any Incremental 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 laws
(including common laws), 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. 
 “Lead Arrangers” means Deutsche Bank Securities Inc., Capital One, National Association and Raymond James
Bank, N.A., in their respective capacities as joint lead arrangers under this Agreement. 

  
 32 

 “Lender” has the meaning set forth in the introductory paragraph to this
Agreement and, as the context requires, their 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 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 Business Days after request by the Administrative Agent, to confirm that it will comply with its funding obligations under the
Revolving Credit Facility (provided that such Lender shall cease to be a Defaulting Lender upon the Administrative Agent’s receipt of such confirmation in form and substance reasonably satisfactory to the Administrative Agent); or (v) a
Lender has admitted in writing that it is insolvent or such Lender becomes subject to a Lender-Related Distress Event or a Bail-in Action. Any determination by the Administrative Agent that a Lender Default
has occurred under any one or more of clauses (i) through (v) above shall be conclusive and binding absent manifest error, and the applicable Lender shall be deemed to be a Defaulting Lender (subject to Section 2.17(b)) upon delivery of
written notice of such determination to the Borrower and each Lender. 
 “Lender-Related Distress Event” means, with
respect to any Lender or any person that directly or indirectly controls such Lender (each, a “Distressed Person”), as the case may be, a voluntary or involuntary case with respect to such Distressed Person under any Debtor Relief
Law, or a custodian, conservator, receiver or similar official is appointed for such Distressed Person or any substantial part of such Distressed Person’s assets, or such Distressed Person or any person that directly or indirectly controls such
Distressed Person is subject to a forced liquidation, or such Distressed Person makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any Governmental Authority having regulatory authority over such
Distressed Person or its assets to be, insolvent or bankrupt; provided that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any equity interests in any Lender or any
person that directly or indirectly controls such Lender by a Governmental Authority or an instrumentality thereof, so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the
United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. 

“Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s
Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent. 

“LIBOR” has the meaning set forth in the definition of “Eurocurrency Rate.” 

  
 33 

 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any
easement, right of way or other encumbrance on title to Real Property, and any Capitalized Lease having substantially the same economic effect as any of the foregoing). 

“Loan” means an extension of credit by a Lender to the Borrower under Article II in the form of a Term Loan, a Revolving
Credit Loan (including any Incremental Term Loan and any extensions of credit under any Revolving Commitment Increase). 
 “Loan
Documents” means, collectively, (i) this Agreement, (ii) the Collateral Documents, (iii) each Intercreditor Agreement to the extent then in effect and (iv) any Incremental Amendment or Extension Amendment. 

“Loan Parties” means, collectively, the Borrower and each Guarantor. 

“Margin Stock” has the meaning set forth in Regulation U issued by the FRB. 

“Master Agreement” has the meaning set forth in the definition of “Swap Contract.” 

“Material Adverse Effect” means a (a) material adverse effect on the business, operations, assets, liabilities (actual
or contingent) or financial condition of the Borrower and its Subsidiaries, taken as a whole; (b) material adverse effect on the ability of the Loan Parties (taken as a whole) to fully and timely perform any of their payment obligations under
any Loan Document to which the Borrower or any of the Loan Parties is a party; or (c) material adverse effect on the rights and remedies available to the Lenders or any Agent under any Loan Document. 

“Material Real Property” means (x) any fee-owned or leased real property located
in the United States that is owned or leased by a Loan Party and is set forth on Schedule 1.01F, (y) any fee-owned real property located in the United States acquired by a Loan Party after the Closing
Date with an individual fair market value in excess of $2,000,000 (as determined by the Borrower acting in good faith) and (z) any leased real property located in the United States and newly leased by a Loan Party after the Closing Date which
real property is material to the operations of the Borrower and its Subsidiaries as reasonably determined by the Administrative Agent and which the granting of a leasehold mortgage in favor of the Administrative Agent on such property is not
prohibited by the terms of the underlying lease or require the approval of a Person whose approval can be withheld in its sole and exclusive discretion or without a requirement of reasonableness. 

“Maturity Date” means (i) with respect to the Initial Term Loans and the Revolving Credit Commitments, the date that is
five years after the Closing Date, (ii) 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,(iii) [reserved] and (iv) 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 specified in clause (d)(ii) in the definition of “Collateral and Guarantee
Requirement”. 

  
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 “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 in form and substance reasonably satisfactory to the Administrative Agent, executed, delivered and filed or
recorded, as applicable, pursuant to Sections 6.11, 6.13 or 6.15. 
 “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 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 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 banking fees, payments made in order to obtain a necessary consent or required by applicable law, and brokerage and
sales commissions, any relocation expenses incurred as a result thereof, other customary fees and expenses, including title and recordation expenses and taxes paid or payable as a result thereof (after taking into account any available tax credits
or deductions and any tax sharing arrangements), amounts required to be applied to the repayment of principal, premium, if any, and interest on amounts required to be applied to the repayment of Indebtedness secured by a Lien (other than a Lien that
ranks pari passu with or subordinated to the Liens securing the Obligations) on such assets and required (other than Indebtedness under the Loan Documents) to be paid (and is timely repaid) as a result of such transaction and any deduction of
appropriate amounts to be provided by the Borrower or any of its Subsidiaries as a reserve in accordance with GAAP against any liabilities (other than any taxes deducted pursuant to the foregoing) associated with the asset disposed of in such
transaction and retained by the Borrower or any of its Subsidiaries after such sale or other disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any
indemnification obligations associated with such transaction (however, the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Proceeds of such
Disposition or Casualty Event occurring on the date of such reduction); provided that in the case of any Disposition or Casualty Event by a non-wholly owned Subsidiary, the pro rata portion of the Net
Proceeds thereof attributable to minority interests and not available for distribution to or for the account of the Borrower or a wholly-owned Subsidiary shall be deducted for the calculation of such Net Proceeds; and 

(b) 100% of the cash proceeds from the incurrence, issuance or sale by the Borrower or any of the Subsidiaries of any
Indebtedness, net of all taxes paid or reasonably estimated to be payable as a result thereof and fees (including investment banking fees and discounts), commissions, costs and other expenses, in each case incurred in connection with such
incurrence, issuance or sale. 
 For purposes of calculating the amount of Net Proceeds, fees, commissions and other costs and expenses
payable to the Borrower or any Subsidiary shall be disregarded. 

  
 35 

 “Non-Consenting Lender” has the meaning
set forth in Section 3.07(c). 
 “Non-Defaulting Lender” means, at any time, a
Lender that is not a Defaulting Lender. 
 “Not Otherwise Applied” means, with reference to any amount of Net Proceeds of
any transaction or event, that such amount (a) was not required to be applied to prepay the Loans pursuant to Section 2.05(b), (b) was not previously (and is not concurrently being) applied in determining the permissibility of a
transaction under the Loan Documents where such permissibility was or is (or may have been) contingent on receipt of such amount or utilization of such amount for a specified purpose and (c) was not utilized pursuant to Section 8.05. The
Borrower shall promptly notify the Administrative Agent of any application of such amount as contemplated by (b) above. 

“Note” means a Term Note or a Revolving Credit Note, as the context may require. 

“Obligations” means all (x) advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party
and its Subsidiaries arising under any Loan Document or otherwise with respect to any Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and
including interest and fees that accrue after the commencement by or against any Loan Party or Subsidiary of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and
fees are allowed claims in such proceeding and (y) obligations of any Loan Party arising under any Secured Hedge Agreement or any Treasury Services Agreement. Without limiting the generality of the foregoing, the Obligations of the Loan Parties
under the Loan Documents (and of their Subsidiaries to the extent they have obligations under the Loan Documents) include (a) the obligation (including guarantee obligations) to pay principal, interest, reimbursement obligations, charges,
expenses, fees, Attorney Costs, indemnities and other amounts payable by any Loan Party under any Loan Document and (b) the obligation of any Loan Party to reimburse any amount in respect of any of the foregoing that any Lender, in its sole
discretion, may elect to pay or advance on behalf of such Loan Party. foregoing that any Lender, in its sole discretion, may elect to pay or advance on behalf of such Loan Party. Notwithstanding the foregoing, the obligations of the Borrower or any
Subsidiary under any Secured Hedge Agreement or any Treasury Services Agreement shall be secured and guaranteed pursuant to the Collateral Documents and the Guaranty only to the extent that, and for so long as, the other Obligations are so secured
and guaranteed. Notwithstanding the foregoing, Obligations of any Guarantor shall in no event include any Excluded Swap Obligations of such Guarantor. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“OID” means original issue discount. 

“Organization Documents” means (a) with respect to any corporation, the certificate or articles of incorporation and the
bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or
organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement,
instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles
of formation or organization of such entity. 

  
 36 

 “Other Taxes” has the meaning set forth in Section 3.01(b). 

“Outstanding Amount” means, with respect to the Term Loans and Revolving Credit Loans on any date, the aggregate outstanding
Principal Amount thereof after giving effect to any borrowings and prepayments or repayments of Term Loans and Revolving Credit Loans, as the case may be, occurring on such date. 

“Overnight Rate” means, for any day, with respect to any amount denominated in Dollars, the Federal Funds Rate. 

“Participant” has the meaning set forth in Section 10.07(f). 

“Participant Register” has the meaning set forth in Section 10.07(f). 

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

“PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA),
other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Loan Party or any ERISA Affiliate or to which any Loan Party or any ERISA Affiliate contributes or has an obligation to contribute, or in the
case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding six years. 

“Perfection Certificate” means a certificate in the form of Exhibit H hereto or any other form reasonably approved by
the Collateral Agent, as the same shall be supplemented from time to time. 
 “Permitted Acquisition” has the meaning set
forth in Section 7.02(i). 
 “Permitted Other Debt Conditions” means that such applicable debt (i) does not
mature or have scheduled amortization payments of principal or payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligations (except customary asset sale or change of control provisions that
provide for the prior repayment in full of the Loans and all other Obligations), in each case on or prior to the Latest Maturity Date at the time such Indebtedness is incurred, (ii) is not at any time guaranteed by any Subsidiaries other than
Subsidiaries that are Guarantors, and (iii) to the extent secured, the security agreements relating to such Indebtedness are substantially the same as or more favorable to the Loan Parties than the Collateral Documents (with such differences as
are reasonably satisfactory to the Administrative Agent). 
 “Permitted Refinancing” means, with respect to any Person, any
modification, refinancing, refunding, renewal, replacement or extension of any Indebtedness of such Person; provided that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or
accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed, replaced or extended except by an amount equal to unpaid accrued interest and premium thereon plus other reasonable amounts paid, and fees and expenses
reasonably incurred, in connection with such 

  
 37 

 
modification, refinancing, refunding, renewal, replacement or extension and by an amount equal to any existing commitments unutilized thereunder, (b) other than with respect to a Permitted
Refinancing in respect of Indebtedness permitted pursuant to Section 7.03(e), such modification, refinancing, refunding, renewal, replacement or extension has a final maturity date equal to or later than the final maturity date of, and has a
Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended, (c) other than with respect to a Permitted Refinancing in
respect of Indebtedness permitted pursuant to Section 7.03(e), at the time thereof, no Event of Default shall have occurred and be continuing and (d) if such Indebtedness being modified, refinanced, refunded, renewed, replaced or extended
is Junior Financing, (i) to the extent such Indebtedness being modified, refinanced, refunded, renewed, replaced or extended is subordinated in right of payment to the Obligations, such modification, refinancing, refunding, renewal, replacement
or extension is subordinated in right of payment to the Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended,
(ii) such modification, refinancing, refunding, renewal, replacement or extension is incurred by the Person who is the obligor of the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended and (iii) if the
Indebtedness being modified, refinanced, refunded, renewed, replaced or extended was subject to an Intercreditor Agreement, the holders of such modified, refinanced, refunded, renewed, replaced or extended Indebtedness (if such Indebtedness is
secured) or their representative on their behalf shall become party to such Intercreditor Agreement. 
 “Person” means any
natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) sponsored,
maintained or contributed to by any Loan Party or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate. 

“Plan Asset Regulations” means 29 CFR § 2510.3-101, as modified by
Section 3(42) of ERISA, as amended from time to time. 
 “Platform” has the meaning set forth in Section 6.02.

 “Pledged Debt” has the meaning set forth in the Security Agreement. 

“Pledged Equity” has the meaning set forth in the Security Agreement. 

“Post-Acquisition Period” means, with respect to any Permitted Acquisition, the period beginning on the date such Permitted
Acquisition or conversion is consummated and ending on the first anniversary of the date on which such Permitted Acquisition or conversion is consummated. 

“Prime Rate” means the rate of interest per annum determined from time to time by the Administrative Agent as its prime rate
in effect at its principal office in New York City and notified to the Borrower. 
 “Principal Amount” means the stated or
principal amount of each Dollar Denominated Loan. 

  
 38 

 “Pro Forma Adjustment” means, for any Test Period that includes all or any part
of a fiscal quarter included in any Post-Acquisition Period, with respect to the Acquired EBITDA of the applicable Acquired Entity or Business or the Consolidated EBITDA of the Borrower, the pro forma increase or decrease in such Acquired EBITDA or
such Consolidated EBITDA, as the case may be, projected by the Borrower in good faith as a result of (a) actions taken during such Post-Acquisition Period for the purposes of realizing reasonably identifiable and factually supportable cost
savings or (b) any additional costs incurred during such Post-Acquisition Period, in each case in connection with the combination of the operations of such Acquired Entity or Business with the operations of the Borrower and the Subsidiaries;
provided that, so long as such actions are taken during such Post-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 limited to the extent set forth in and 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
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 Subsidiaries and (z) factually supportable or (ii) otherwise consistent with the definition of Pro Forma Adjustment;
provided, further, that when calculating (i) the Consolidated Total Net Leverage Ratio for purposes of the definition of “Applicable Rate” and (ii) Consolidated Total Net Leverage Ratio or Consolidated Fixed Charge
Coverage Ratio for purposes of 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 

  
 39 

 
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. 
 “Public
Lender” has the meaning set forth in Section 6.02. 
 “Purchaser” has the meaning specified in the
preliminary statements of this Agreement. 
 “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 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. 
 “Real Property” means, collectively, all right, title and
interest (including any leasehold, mineral or other estate) in and to any and all parcels of or interests in real property (including, without limitation, any vacation ownership intervals) owned or leased by any Person, whether by lease, license or
other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures and equipment, all general intangibles and contract rights and other property and rights incidental
to the ownership, lease or operation thereof. 
 “Refinancing” means the repayment in full of all third party Indebtedness
of (x) the Borrower and its Subsidiaries and (y) the Target, in each case existing prior to the consummation of the Acquisition (other than existing financing or capital leases and letters of credit and any Indebtedness of the Borrower and
its Subsidiaries set forth on Schedule 7.03(b)) with the proceeds of the Initial Term Loans, the Revolving Credit Loans and the termination and release of all commitments, security interests and guarantees in connection therewith. 

“Register” has the meaning set forth in Section 10.07(d). 

“Registered Equivalent Notes” means, with respect to any notes originally issued in an offering pursuant to Rule 144A under
the Securities Act or other private placement transaction under the Securities Act of 1933, substantially identical notes (having the same guarantees) issued in a
dollar-for-dollar exchange therefor pursuant to an exchange offer registered with the SEC. 

  
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 “Release” means any releasing, spilling, leaking, pumping, pouring, emitting,
emptying, discharging, injecting, escaping, leaching, dumping, disposing or migrating in into, onto or through the Environment. 

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA or the regulations issued thereunder,
other than events for which the thirty (30) day notice period has been waived. 
 “Request for Credit Extension” means
with respect to a Borrowing, continuation or conversion of Term Loans or Revolving Credit Loans, a Committed Loan Notice. 

“Required Class Lenders” means, with respect to any Class on any date of determination, Lenders
having more than 50% of the sum of (i) the outstanding Loans under such Class and (ii) the aggregate unused Commitments under such Facility. 

“Required Facility Lenders” mean, as of any date of determination, with respect to any Facility, Lenders having more than 50%
of the sum of (a) the Total Outstandings under such Facility and (b) the aggregate unused Commitments under such Facility; provided that the unused Commitments of, and the portion of the Total Outstandings under such Facility held
or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of the Required Facility Lenders. 

“Required Lenders” means, as of any date of determination, Lenders having more than 50% of the sum of the (a) Total
Outstandings, (b) aggregate unused Term Commitments and (c) aggregate unused Revolving Credit Commitments; provided that the unused Term Commitment and unused Revolving Credit Commitment of, and the portion of the Total Outstandings
held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 

“Required Revolving Credit Lenders” means, as of any date of determination, Revolving Credit Lenders having more than 50% of
the sum of the (a) Outstanding Amount of all Revolving Credit Loans and (b) aggregate unused Revolving Credit Commitments; provided that unused Revolving Credit Commitment of, and the portion of the Outstanding Amount of all
Revolving Credit Loans held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Revolving Credit Lenders. 

“Responsible Officer” means the chief executive officer, president, vice president, chief financial officer, treasurer or
assistant treasurer or other similar officer of a Loan Party and, as to any document delivered on the Closing Date, any secretary or assistant secretary of such Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of
a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, limited liability company, partnership and/or other action on the part of such Loan Party, and such Responsible Officer shall be conclusively presumed to
have acted on behalf of such Loan Party. 
 “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any Equity Interest of the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, defeasance, acquisition, cancellation or termination of any such Equity Interest, or on account of any return of capital to the Borrower’s or a Subsidiary’s stockholders, partners or members (or the equivalent
Persons thereof). 

  
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 “Revolver Extension Request” has the meaning set forth in Section 2.16(b).

 “Revolver Extension Series” has the meaning set forth in Section 2.16(b). 

“Revolving Commitment Increase” has the meaning set forth in Section 2.14(a). 

“Revolving Credit Borrowing” means a borrowing consisting of simultaneous Revolving Credit Loans of the same Type, in
Dollars, and, in the case of Eurocurrency Rate Loans, having the same Interest Period made by each of the Revolving Credit Lenders pursuant to Section 2.01(b). 

“Revolving Credit Commitment” means, as to each Revolving Credit Lender, its obligation to make Revolving Credit Loans to the
Borrower pursuant to Section 2.01(b), in an aggregate Principal Amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 1.01A under the caption “Revolving Credit
Commitments” or in the Assignment and Assumption pursuant to which such 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). The
aggregate Revolving Credit Commitments of all Revolving Credit Lenders shall be $10,000,000 on the Closing Date, as such amount may be adjusted from time to time in accordance with the terms of this Agreement. 

“Revolving Credit Exposure” means, as to each Revolving Credit Lender, the amount of the outstanding Principal Amount of such
Revolving Credit Lender’s Revolving Credit Loans. 
 “Revolving Credit Facility” means, at any time, the aggregate
amount of the Revolving Credit Commitments at such time. 
 “Revolving Credit Lender” means, at any time, any Lender that
has a Revolving Credit Commitment at such time or, if the Revolving Credit Commitments have terminated, Revolving Credit Exposure. 

“Revolving Credit Loans” means any Revolving Credit Loan made pursuant to Section 2.01(b), Incremental Revolving Credit
Loans or Extended Revolving Credit Commitments, as the context may require. 
 “Revolving Credit Note” means a promissory
note of the Borrower payable to any Revolving Credit Lender or its registered assigns, in substantially the form of Exhibit D-2 hereto, evidencing the aggregate Indebtedness of the Borrower to such
Revolving Credit Lender resulting from the Revolving Credit Loans made by such Revolving Credit Lender to the Borrower. 
 “RL
Venture Holding” means RL Venture Holding LLC, a Delaware limited liability company. 
 “S&P” means
Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and any successor thereto. 
 “Same Day
Funds” means immediately available funds. 

  
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 “Sanction(s)” means any international economic sanction administered or
enforced by the United States government (including without limitation, OFAC), the United Nations Security Council, the European Union or Her Majesty’s Treasury. 

“SeaTac Property” means that certain leasehold estate of Borrower or its Subsidiary in that certain property, and any
buildings and improvements erected thereon, located at 18220 International Blvd., Seattle, WA 98188. 
 “SEC” means the
Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions. 
 “Secured Hedge
Agreement” means any Swap Contract that is entered into by and between the Borrower or any Subsidiary and any Approved Counterparty. 

“Secured Parties” means, collectively, the Administrative Agent, the Collateral Agent, the Lenders, any Approved Counterparty
party to a Secured Hedge Agreement or Treasury Services Agreement, the Supplemental Agents and each co-agent or sub-agent appointed by the Administrative Agent or
Collateral Agent from time to time pursuant to Section 9.02. 
 “Securities Act” means the Securities Act of 1933, as
amended. 
 “Security Agreement” means the Security Agreement substantially in the form of Exhibit G, dated as of
the Closing Date, among the Borrower, certain subsidiaries of the Borrower and the Collateral Agent. 
 “Security Agreement
Supplement” has the meaning set forth in the Security Agreement. 
 “Similar Business” means (1) any business
conducted or proposed to be conducted by the Borrower or any of its 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 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. 

“Sole Bookrunner” means Deutsche Bank Securities Inc., in its capacity as sole bookrunner under this Agreement. 

“Solvent” and “Solvency” mean, with respect to any Person on any date of determination, that on such date
(a) the fair value of the assets of such Person and its Subsidiaries, on a consolidated basis, exceeds, on a consolidated basis, their debts and liabilities, subordinated, contingent or otherwise, (b) the present fair saleable value of the
property of such Person and its Subsidiaries, on a consolidated basis, is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of their debts and other liabilities, subordinated, contingent or
otherwise, as such debts and other liabilities become absolute and matured, (c) such Person and its Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, subordinated, contingent or otherwise, as such liabilities
become absolute and matured and (d) such Person and its Subsidiaries, on a 

  
 43 

 
consolidated basis, are not engaged in, and are not about to engage in, business for which they have unreasonably small capital. The amount of any contingent liability at any time shall be
computed as the amount that would reasonably be expected to become an actual and matured liability. 
 “SPC” has the
meaning set forth in Section 10.07(i). 
 “Specified Guarantor” means any Guarantor that is not an “eligible
contract participant” under the Commodity Exchange Act (determined prior to giving effect to Section 11.12). 
 “Specified
Transaction” means any Investment, Disposition, incurrence or repayment of Indebtedness, Restricted Payment, Subsidiary designation, Incremental Term Loan or Revolving Commitment Increase in respect of which the terms of this Agreement
require any test to be calculated on a “Pro Forma Basis” or after giving “Pro Forma Effect”; provided that a Revolving Commitment Increase, for purposes of this “Specified Transaction” definition, shall be deemed
to be fully drawn. 
 “Spokane Property” means that certain leasehold estate of Borrower or its Subsidiary in that certain
property, and any buildings and improvements erected thereon, located at 700 N. Division, Spokane, WA 99201. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity
of which (i) a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a
contingency) are at the time beneficially owned, (ii) more than half of the issued share capital is at the time beneficially owned or (iii) the management of which is otherwise controlled, directly or indirectly, through one or more
intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower. For the avoidance of doubt, any entity
that is owned at a 50.0% or less level (as described above) shall not be a “Subsidiary” for any purpose under this Agreement, regardless of whether such entity is consolidated on the Borrower’s or any Subsidiary’s financial
statements. 
 “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. 
 “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 

  
 44 

 
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). 

“Target” has the meaning specified in the preliminary statements of this Agreement. 

“Taxes” has the meaning set forth in Section 3.01(a). 

“Term Borrowing” means a borrowing consisting of simultaneous Term Loans of the same Class and Type and, in the case of
Eurocurrency Rate Loans, having the same Interest Period made by each of the Term Lenders pursuant to Section 2.01. 
 “Term
Commitment” means, as to each Term Lender, its obligation to make a Term Loan to the Borrower hereunder, expressed as an amount representing the maximum principal amount of the Term Loan to be made by such Term Lender under this Agreement,
as such commitment may be (a) reduced from time to time pursuant to Section 2.06 and (b) reduced or increased from time to time pursuant to (i) assignments by or to such Term Lender pursuant to an Assignment and Assumption,
(ii) an Incremental Amendment or (iii) an Extension. 
 “Term Lender” means, at any time, any Lender that has a
Term Commitment or a Term Loan at such time. 
 “Term Loans” means any Initial Term Loans or any Incremental Term Loan or
Extended Term Loan designated as a “Term Loan”, as the context may require. 
 “Term Loan Extension Request” has
the meaning set forth in Section 2.16(a). 
 “Term Loan Extension Series” has the meaning set forth in
Section 2.16(a). 
 “Term Loan Increase” has the meaning set forth in Section 2.14(a). 

“Term Note” means a promissory note of the Borrower payable to any Term Lender or its registered assigns, in substantially
the form of Exhibit D-1 hereto, evidencing the aggregate Indebtedness of the Borrower to such Term Lender resulting from the Term Loans of each Class made by such Term Lender. 

  
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 “Test Period” means, for any date of determination under this Agreement, the
latest four consecutive fiscal quarters of the Borrower for which financial statements have been delivered to the Administrative Agent on or prior to the Closing Date and/or for which financial statements are required to be delivered pursuant to
Section 6.01, as applicable. 
 “Threshold Amount” means $2,500,000. 

“Total Assets” means the total assets of the Borrower and the Subsidiaries on a consolidated basis in accordance with GAAP,
as shown on the most recent balance sheet of Borrower delivered pursuant to Sections 6.01(a) or (b). 
 “Total
Outstandings” means the aggregate Outstanding Amount of all Loans. 
 “Transaction Agreements” means each other
instrument or agreement to be entered into in connection with, or as contemplated by, the Acquisition. 
 “Transaction
Expenses” means any fees or expenses incurred or paid by the Borrower or any of its (or their) Subsidiaries in connection with the Transactions (including expenses in connection with hedging transactions related to the Facilities and any
OID or upfront fees), this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby. 

“Transactions” means, collectively, (a) the funding of the Initial Term Loans on the Closing Date and the execution and
delivery of Loan Documents entered into on the Closing Date, (b) the Refinancing and (c) the payment of Transaction Expenses. 

“Transferred Guarantor” has the meaning set forth in Section 11.10. 

“Treasury Services Agreement” means any agreement between the Borrower and any Approved Counterparty relating to treasury,
depository, credit card, debit card, stored value cards, purchasing or procurement cards and cash management services or automated clearinghouse transfer of funds or any similar services. 

“Type” means, with respect to a Loan, its character as a Base Rate Loan or a Eurocurrency Rate Loan. 

“Unaudited Financial Statements” means quarterly financial statements filed on Form
10-Q in compliance with the SEC. 
 “Uniform Commercial Code” or
“UCC” means the Uniform Commercial Code as the same may from time to time be in effect in the State of New York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be required to
apply to any item or items of Collateral. 
 “United States” and “U.S.” mean the United States of America.

 “United States Tax Compliance Certificate” means a certificate substantially in the form of Exhibits K-1, K-2, K-3 and K-4 hereto, as applicable. 

  
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 “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. 

“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. 
 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. 
 (e) The term “documents” includes any and all instruments, documents, agreements, certificates, notices,
reports, financial statements and other writings, however evidenced, whether in physical or electronic form. 
 (f) In the computation of
periods of time from a specified date to a later specified date, the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding”; and the word “through”
means “to and including.” 
 (g) Section headings herein and in the other Loan Documents are included for convenience of reference
only and shall not affect the interpretation of this Agreement or any other Loan Document. 

  
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 SECTION 1.03 Accounting Terms. 

(a) All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including
financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as
otherwise specifically prescribed herein. 
 (b) Notwithstanding anything to the contrary herein, for purposes of determining compliance with
any test or covenant contained in this Agreement with respect to any period during which any Specified Transaction occurs (other than determining “Applicable Rate” or actual compliance with Section 7.11), the Consolidated Total Net
Leverage Ratio and Consolidated Fixed Charge Coverage Ratio shall be calculated with respect to such period and such Specified Transaction on a Pro Forma Basis. 

SECTION 1.04 Rounding. 
 Any
financial ratios required to be maintained by the Borrower pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the
other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding up if there is no nearest number). 

SECTION 1.05 References to Agreements, Laws, Etc. 

Unless otherwise expressly provided herein, (a) references to Organization Documents, agreements (including the Loan Documents) and other
contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other
modifications are permitted by the Loan Documents; and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law. 

SECTION 1.06 Times of Day. 

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

 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. 

  
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 SECTION 1.08 Subsidiary Compliance. 

The Agents and Lenders acknowledge and agree that, although the Borrower or any Loan Party may have a majority equity interest in any
Subsidiary that is not wholly-owned by the Borrower or any Loan Party, if the Borrower or Loan Party does not have the voting power, either as an owner or party appointing members of a governing board of such Subsidiary, so as to give the Borrower
or Loan Party Control of such Subsidiary with regard to an action of such Subsidiary so as to compel, or such that it could compel, such Subsidiary to take an action or not take an action for such Subsidiary (any such Subsidiary, a “Non-Controlled Subsidiary”) to comply with any of the sections of the Agreement listed on Schedule 1.08, the failure of the Subsidiary to take such
action or not take an action to comply with any of the sections of the Agreement listed in Schedule 1.08 shall not constitute a Default or an Event of Default thereunder, provided the Borrower or Loan Party uses its reasonable efforts to cause the
Subsidiary to comply with the applicable section of the Agreement; provided, that (i) the compliance or non-compliance by any non-wholly-owned Subsidiary
with respect to any provision of this Agreement other than the sections listed in Schedule 1.08 shall not be subject to this Section 1.08 and (ii) this Section 1.08 shall in no way modify the requirements of the Borrower under
Section 7.11. 
 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, each Term Lender severally agrees to make to the Borrower on the Closing Date loans denominated in Dollars in an aggregate amount not to exceed the amount of such Term
Lender’s Initial Term Commitment. 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 Dollars 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 such Revolving Credit Lender’s applicable Revolving Credit Commitment, in an aggregate Principal Amount not to exceed at any time outstanding the
amount of such Lender’s Revolving Credit Commitment at such time; provided that after giving effect to any Revolving Credit Borrowing, the aggregate Outstanding Amount of the Revolving Credit Loans of any Lender shall not exceed such
Lender’s Revolving Credit Commitment. Within the limits of each Lender’s Revolving Credit Commitments, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01(b), prepay under
Section 2.05, and reborrow under this Section 2.01(b). Revolving Credit Loans denominated in Dollars may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein. 

  
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 SECTION 2.02 Borrowings, Conversions and Continuations of Loans. 

(a) Each Term Borrowing, each Revolving Credit Borrowing, each conversion of Term Loans or Revolving Credit Loans from one Type to the other,
and each continuation of Eurocurrency Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent not later than
1:00 p.m. New York City time (i) three Business Days prior to the requested date of any Borrowing or continuation of Eurocurrency Rate Loans or any conversion of Base Rate Loans to Eurocurrency Rate Loans, (ii) solely with respect to Term
Borrowings, one (1) Business Day before the requested date of any Borrowing of Base Rate Loans and (iii) solely with respect to Revolving Credit Borrowings, on or before 10:00 am New York City Time on the requested date of any Borrowing of
Base Rate Loans. Each telephonic notice by the Borrower pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the Administrative Agent of a written Committed Loan Notice, appropriately completed and signed by a Responsible
Officer of the Borrower. Except as provided in Section 2.14(a), each Borrowing of, conversion to or continuation of Eurocurrency Rate Loans shall be in a minimum principal amount of, if such Eurocurrency Rate Loan is denominated in Dollars,
$1,000,000. Except as provided in Sections 2.03(c), 2.14(a) or the last sentence of this paragraph, each Borrowing of or conversion to Base Rate Loans shall be in a minimum principal amount of $1,000,000 or a whole multiple of $500,000 in excess
thereof. Each Committed Loan Notice (whether telephonic or written) shall specify (i) whether the Borrower is requesting a Term Borrowing of a particular Class, a Revolving Credit Borrowing, a conversion of Term Loans of any Class or
Revolving Credit Loans from one Type to the other, or a continuation of Eurocurrency Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal
amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Term Loans of a Class or Revolving Credit Loans are to be converted, (v) in the case of a Revolving Credit Borrowing,
the relevant amount of Dollars in which such Revolving Credit Borrowing is to be denominated and (vi) if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Loan in a Committed Loan
Notice or fails to give a timely notice requesting a conversion or continuation, then the applicable Term Loans or Revolving Credit Loans shall be made as or converted to Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be
effective as of the last day of the Interest Period then in effect with respect to the applicable Eurocurrency Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Eurocurrency Rate Loans in any such Committed Loan
Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one (1) month. 
 (b)
Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Pro Rata Share or other applicable share provided for under this Agreement of the applicable Class of Loans, and if no
timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each Lender of the details of any automatic conversion or continuation described in Section 2.02(a). In the case of each Borrowing,
each Appropriate Lender shall make the amount of its Loan available to the Administrative Agent in Same Day Funds at the Administrative Agent’s Office not later than 1:00 p.m. (New York City time) on the Business Day specified in the applicable
Committed Loan Notice. The Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent by wire transfer of such funds in accordance with instructions provided to (and
reasonably acceptable to) the Administrative Agent by the Borrower. 
 (c) Except as otherwise provided herein, a Eurocurrency Rate Loan may
be continued or converted only on the last day of an Interest Period for such Eurocurrency Rate Loan unless the Borrower pays the amount due, if any, under Section 3.05 in connection therewith. During the

  
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existence of an Event of Default, the Administrative Agent or the Required Lenders may require that no Loans may be converted to or continued as Eurocurrency Rate Loans and the Required Lenders
may demand that any or all of the then outstanding Eurocurrency Rate Loans be prepaid on the last day of the then current Interest Period with respect thereto. 

(d) The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period for
Eurocurrency Rate Loans upon determination of such interest rate. The determination of the Eurocurrency Rate by the Administrative Agent shall be conclusive in the absence of manifest error. At any time that Base Rate Loans are outstanding, the
Administrative Agent shall notify the Borrower and the Lenders of any change in the Prime Rate used in determining the Base Rate promptly following the announcement of such change. 

(e) After giving effect to all Term Borrowings, all Revolving Credit Borrowings, all conversions of Term Loans or Revolving Credit Loans from
one Type to the other, and all continuations of Term Loans or Revolving Credit Loans as the same Type, there shall not be more than ten (10) Interest Periods in effect. 

(f) The failure of any Lender to make the Loan to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation,
if any, hereunder to make its Loan on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Loan to be made by such other Lender on the date of any Borrowing. 

SECTION 2.03 [reserved]. 

SECTION 2.04 [reserved]. 

SECTION 2.05 Prepayments. 
 (a)
Optional. (i) The Borrower may, upon, subject to clause (iii) below, written notice to the Administrative Agent by the Borrower, at any time or from time to time voluntarily prepay Term Loans and Revolving Credit Loans in whole or
in part without premium or penalty; provided that (1) such notice must be received by the Administrative Agent not later than 1:00 p.m. New York City time (A) three Business Days prior to any date of prepayment of Eurocurrency Rate
Loans and (B) one (1) Business Day prior to any prepayment of Base Rate Loans; (2) any prepayment of Eurocurrency Rate Loans shall be in a minimum Principal Amount of $1,000,000; and (3) any prepayment of Base Rate Loans shall be in a
minimum Principal Amount of $1,000,000 or a whole multiple of $500,000 in excess thereof or, in each case, if less, the entire Principal Amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the
Class(es) and Type(s) of Loans to be prepaid. The Administrative Agent will promptly notify each Appropriate Lender of its receipt of each such notice, and of the amount of such Lender’s Pro Rata Share or other applicable share provided for
under this Agreement 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. Any prepayment of a
Eurocurrency Rate Loan shall be accompanied by all accrued interest thereon to such date, together with any additional amounts required pursuant to Section 3.05. In the case of each prepayment of the Loans pursuant to this Section 2.05(a),
the Borrower may in its sole discretion select the Borrowing or Borrowings and, subject to the pro rata application within any Class of Loans, any Class to be repaid, 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. 

  
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 (ii) [reserved]. 

(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 either (a) a refinancing of all or a portion of the applicable Facility, which
refinancing shall not be consummated or shall otherwise be delayed, or (b) a Disposition, which Disposition 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 to 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) Notwithstanding anything to the contrary contained in this Agreement, the
Borrower may, at any time subject to the notice provisions set forth in this Section 2.05(a), prepay the Term Loans with amounts held in the Cash Collateral Account. 

(b) Mandatory.  

(i) [reserved]. 

(ii) If (x) the Borrower or any Subsidiary of the Borrower Disposes of any property or assets (other than any Disposition
of any property or assets permitted by Sections 7.05(a), (b), (d), (e), (g), (h), (i), (k), (l) or (p)), or (y) any Casualty Event occurs, which results in the realization or receipt by the Borrower or Subsidiary of Net Proceeds, the Borrower
shall cause to be offered to be prepaid in accordance with clause (b)(x) below, on or prior to the date which is ten (10) Business Days after the date of the realization or receipt by the Borrower or any Subsidiary of such Net Proceeds, subject
to clause (b)(xi) below, an aggregate principal amount of Term Loans in an amount equal to 100% of all such Net Proceeds received. 

(iii) [reserved]. 

(iv) If the Borrower or any Subsidiary incurs or issues any Indebtedness after the Closing Date (other than Indebtedness not
prohibited under Section 7.03), the Borrower shall cause to be offered to be prepaid in accordance with clause (b)(ix) below an aggregate principal amount of Term Loans in an amount equal to 100% of all Net Proceeds received therefrom on or
prior to the date which is five (5) Business Days after the receipt by the Borrower or such Subsidiary of such Net Proceeds. 

(v) If for any reason the aggregate Revolving Credit Exposures at any time exceeds the aggregate Revolving Credit Commitments
then in effect (including, for the avoidance of doubt, as a result of the termination of any Class of Revolving Credit Commitments on the Maturity Date with respect thereto), the Borrower shall promptly prepay or cause to be promptly prepaid
Revolving Credit Loans in an aggregate amount equal to such excess. 

  
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 (vi) Except with respect to Loans incurred in connection with any Term Loan
Extension Request, Revolver Extension Request or any Incremental Amendment (which may be prepaid on a less than pro rata basis in accordance with its terms), (A) each prepayment of Term Loans pursuant to this Section 2.05(b) shall be
applied ratably to each Class of Term Loans then outstanding (provided that any Class of Incremental Term Loans may specify that one or more other Classes of Term Loans and Incremental Term Loans may be prepaid prior to such
Class of Incremental Term Loans); (B) with respect to each Class of Term Loans, each prepayment pursuant to clauses (i) through (iv) of this Section 2.05(b) shall be applied to the scheduled installments of principal thereof
following the date of prepayment pursuant to Section 2.07(a) in direct order of maturity; and (C) each such prepayment shall be paid to the Lenders in accordance with their respective Pro Rata Shares of such prepayment. 

(vii) The Borrower shall notify the Administrative Agent in writing of any mandatory prepayment of Term Loans required to be
made pursuant to clauses (i) through (iv) of this Section 2.05(b) at least four (4) Business Days prior to the date of such prepayment. Each such notice shall specify the date of such prepayment and provide a reasonably detailed
calculation of the amount of such prepayment. The Administrative Agent will promptly notify each Appropriate Lender of the contents of the Borrower’s prepayment notice and of such Appropriate Lender’s Pro Rata Share of the prepayment. 

(viii) Funding Losses, Etc. All prepayments under this Section 2.05 shall be made together with, in the case of any
such prepayment of a Eurocurrency Rate Loan on a date other than the last day of an Interest Period therefor, any amounts owing in respect of such Eurocurrency Rate Loan pursuant to Section 3.05. Upon the occurrence and during the continuance
of any Event of Default, the Administrative Agent shall also be authorized (without any further action by or notice to or from the Borrower or any other Loan Party) to apply such amount to the prepayment of the outstanding Loans in accordance with
this Section 2.05(b). 
 (ix) [reserved]. 

(x) In connection with any mandatory prepayments by the Borrower of the Term Loans pursuant to this Section 2.05(b), such
prepayments shall be applied on a pro rata basis to the then outstanding Term Loans of the applicable Class or Classes being prepaid irrespective of whether such outstanding Term Loans are Base Rate Loans or Eurocurrency Rate Loans;
provided that if no Lenders exercise the right to waive a given mandatory prepayment of the Term Loans pursuant to Section 2.05(b)(ix), then, with respect to such mandatory prepayment, the amount of such mandatory prepayment within any
tranche of Term Loans shall be applied first to Term Loans of such tranche that are Base Rate Loans to the full extent thereof before application to Term Loans of such tranche that are Eurocurrency Rate Loans in a manner that minimizes the amount of
any payments required to be made by the Borrower pursuant to Section 3.05. 
 (xi) Starting with the full fiscal quarter
ending March 31, 2019, the Borrower shall prepay the Term Loans on a quarterly basis with (x) 50% of all distributions received by the Borrower and the other Loan Parties, without duplication, from their respective Subsidiaries and joint
venture interests during any such fiscal quarter minus (y) the amount of the amortization payment required to be made for such fiscal quarter under Section 2.07; provided, that the amount of such prepayment required pursuant
to this paragraph for any given fiscal quarter plus the amount of such amortization payment, shall not exceed $5,000,000. 

  
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 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 $1,000,000, 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 exceeds the amount of the Revolving Credit Facility, such sublimit shall be automatically reduced by the amount of such excess. Notwithstanding the foregoing, the Borrower may rescind or postpone any notice of
termination of the Commitments if such termination would have resulted from (i) a refinancing of all of the applicable Facility, which refinancing shall not be consummated or otherwise shall be delayed, or (ii) a Disposition, which
Disposition shall not be consummated or shall otherwise be delayed. 
 (b) Mandatory. The Initial Term Commitment of each Term Lender
shall be automatically and permanently reduced to $0 upon the funding of the Initial Term Loans to be made by it on the Closing Date. The Revolving Credit Commitment shall automatically and permanently terminate on the Maturity Date with respect to
the 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 unused Commitments of any Class under this Section 2.06. Upon any reduction of unused Commitments of any Class, the Commitment 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) on the last Business Day of each March, June, September and December, commencing with the first full fiscal quarter after the Closing Date until the fiscal quarter ending prior to the fifth anniversary of the Closing Date, an
aggregate principal amount equal to 1.25% of the aggregate principal amount of all Initial Term Loans outstanding on the Closing Date (which payments shall be reduced as a result of the application of prepayments in accordance with the order of
priority set forth in Section 2.05) and (ii) on the Maturity Date for the Initial Term Loans, the aggregate principal amount of all Initial Term Loans outstanding on such date. In the event any Incremental Term Loans or Extended Term Loans
are made, such Incremental Term Loans or Extended Term Loans, as applicable, shall be repaid by the Borrower in the amounts and on the dates set forth in the Incremental Amendment or Extension Amendment with respect thereto and on the applicable
Maturity Date thereof. 
 (b) Revolving Credit Loans. The Borrower shall repay to the Administrative Agent for the ratable account of
the Appropriate Lenders on the applicable Maturity Date for the Revolving Credit Facilities of a given Class the aggregate principal amount of all of its Revolving Credit Loans of such Class outstanding on such date. 

  
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 SECTION 2.08 Interest. 

(a) Subject to the provisions of Section 2.08(b), (i) each Eurocurrency Rate Loan shall bear interest on the outstanding principal amount
thereof for each Interest Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period plus the Applicable Rate and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the
applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate. 
 (b) During the continuance of a Default or
Event of Default under Section 8.01(a), the Borrower shall pay interest on past due amounts owing by it hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable
Laws; provided that no interest at the Default Rate shall accrue or be payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender. Accrued and unpaid interest on such amounts (including interest on past due interest)
shall be due and payable upon demand. 
 (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date
applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any
Debtor Relief Law. 
 SECTION 2.09 Fees. 

In addition to certain fees described in Sections 2.03(h) and (i): 

(a) Commitment Fee. The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Credit Lender under each
Facility in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, a commitment fee in Dollars equal to 0.375% per annum of the actual daily amount by which the aggregate Revolving Credit Commitment for the
applicable Facility exceeds the Outstanding Amount of Revolving Credit Loans for such Facility; provided that any commitment fee accrued with respect to any of the Commitments of a Defaulting Lender during the period prior to the time such
Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such Lender shall be a Defaulting Lender, except to the extent that such commitment fee shall otherwise have been due and payable by the
Borrower prior to such time; and provided, further, that no commitment fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The commitment fee on each Revolving Credit
Facility shall accrue at all times from the Closing Date until the Maturity Date for the Revolving Credit Commitments, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly
in arrears on the last Business Day of each March, June, September and December, commencing with the first such date during the first full fiscal quarter to occur after the Closing Date and on the Maturity Date for the Revolving Credit Commitments.
The commitment fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such
quarter that such Applicable Rate was in effect. 
 (b) Other Fees. The Borrower shall pay to the Agents such fees as shall have been
separately agreed upon in writing in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever (except as expressly agreed between the Borrower and the applicable
Agent). 

  
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 SECTION 2.10 Computation of Interest and Fees. 

All computations of interest for Base Rate Loans when the Base Rate is determined by the Prime Rate shall be made on the basis of a year of
three hundred and sixty-five (365) days, or three hundred and sixty-six (366) days, as applicable, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a
three hundred and sixty (360) day year and actual days elapsed. Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is
paid; provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one (1) day. Each determination by the Administrative Agent of an interest rate or fee hereunder
shall be conclusive and binding for all purposes, absent manifest error. 
 SECTION 2.11 Evidence of Indebtedness. 

(a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and evidenced by
one or more entries in the Register maintained by the Administrative Agent, acting solely for purposes of Treasury Regulation Section 5f.103-1(c), as agent for the Borrower, in each case in the ordinary
course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be prima facie evidence absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower and the interest
and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict
between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon
the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note payable to such Lender, which shall evidence such Lender’s Loans in addition to
such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount, currency and maturity of its Loans and payments with respect thereto. 

(b) [reserved]. 
 (c) Entries made
in good faith by the Administrative Agent in the Register pursuant to Sections 2.11(a) , and by each Lender in its account or accounts pursuant to Sections 2.11(a), shall be prima facie evidence of the amount of principal and interest due and
payable or to become due and payable from the Borrower to, in the case of the Register, each Lender and, in the case of such account or accounts, such Lender, under this Agreement and the other Loan Documents, absent manifest error; provided
that the failure of the Administrative Agent or such Lender to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrower under this
Agreement and the other Loan Documents. 
 SECTION 2.12 Payments Generally. 

(a) All payments to be made by the Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff.
Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable

  
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Administrative Agent’s Office for Dollar-denominated payments and in Same Day Funds not later than 1:00 p.m. New York City time on the date specified herein. The Administrative Agent will
promptly distribute to each Appropriate Lender its Pro Rata Share (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s applicable Lending Office. All payments received by the
Administrative Agent after the time specified above shall in each case be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. 

(b) Except as otherwise provided herein, if any payment to be made by the Borrower shall come due on a day other than a Business Day, payment
shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be; provided that if such extension would cause payment of interest on or principal of Eurocurrency
Rate Loans to be made in the next succeeding calendar month, such payment shall be made on the immediately preceding Business Day. 
 (c)
Unless the Borrower or any Lender has notified the Administrative Agent, prior to the date any payment is required to be made by it to the Administrative Agent hereunder, that the Borrower or such Lender, as the case may be, will not make such
payment, the Administrative Agent may assume that the Borrower or such Lender, as the case may be, has timely made such payment and may (but shall not be so required to), in reliance thereon, make available a corresponding amount to the Person
entitled thereto. If and to the extent that such payment was not in fact made to the Administrative Agent in Same Day Funds, then: 

(i) if the Borrower failed to make such payment, each Lender shall forthwith on demand repay to the Administrative Agent the
portion of such assumed payment that was made available to such Lender in Same Day Funds, together with interest thereon in respect of each day from and including the date such amount was made available by the Administrative Agent to such Lender to
the date such amount is repaid to the Administrative Agent in Same Day Funds at the applicable Overnight Rate, plus any reasonable administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the
foregoing; and 
 (ii) if any Lender failed to make such payment, such Lender shall forthwith on demand pay to the
Administrative Agent the amount thereof in Same Day Funds, together with interest thereon for the period from the date such amount was made available by the Administrative Agent to the Borrower to the date such amount is recovered by the
Administrative Agent (the “Compensation Period”) at a rate per annum equal to the applicable Overnight Rate, plus any reasonable administrative, processing or similar fees customarily charged by the Administrative Agent in
connection with the foregoing. When such Lender makes payment to the Administrative Agent (together with all accrued interest thereon), then such payment amount (excluding the amount of any interest which may have accrued and been paid in respect of
such late payment) shall constitute such Lender’s Loan included in the applicable Borrowing. If such Lender does not pay such amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent may make a demand
therefor upon the Borrower, and the Borrower shall pay such amount to the Administrative Agent, together with interest thereon for the Compensation Period at a rate per annum equal to the rate of interest applicable to the applicable Borrowing.
Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights which the Administrative Agent or the Borrower may have against any Lender as a result of any default by such Lender
hereunder. 

  
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 A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this
Section 2.12(c) shall be conclusive, absent manifest error. 
 (d) If any Lender makes available to the Administrative Agent funds for
any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in
Article IV or in the applicable Incremental Amendment, or Extension Amendment are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such
Lender, without interest. 
 (e) The obligations of the Lenders hereunder to make Loans are several and not joint. The failure of any Lender
to make any Loan or to fund any such participation on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so
make its Loan or purchase its participation. 
 (f) Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in
any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 

(g) Whenever any payment received by the Administrative Agent under this Agreement or any of the other Loan Documents is insufficient to pay in
full all amounts due and payable to the Administrative Agent and the Lenders under or in respect of this Agreement and the other Loan Documents on any date, such payment shall be distributed by the Administrative Agent and applied by the
Administrative Agent and the Lenders in the order of priority set forth in Section 8.04. If the Administrative Agent receives funds for application to the Obligations of the Loan Parties under or in respect of the Loan Documents under
circumstances for which the Loan Documents do not specify the manner in which such funds are to be applied, the Administrative Agent may (to the fullest extent permitted by mandatory provisions of applicable Law), but shall not be obligated to,
elect to distribute such funds to each of the Lenders in accordance with such Lender’s Pro Rata Share of the Outstanding Amount of all Loans outstanding at such time, in repayment or prepayment of such of the outstanding Loans or other
Obligations then owing to such Lender. 
 SECTION 2.13 Sharing of Payments. 

If, other than as expressly provided elsewhere herein, any Lender shall obtain on account of the Loans made by it, any payment (whether
voluntary, involuntary, through the exercise of any right of setoff, or otherwise) in excess of its ratable share (or other share contemplated hereunder) thereof, such Lender shall immediately (a) notify the Administrative Agent of such fact,
and (b) purchase from the other Lenders such participations in the Loans made by them as shall be necessary to cause such purchasing Lender to share the excess payment in respect of such Loans or such participations, as the case may be, pro
rata with each of them; provided that if all or any portion of such excess payment is thereafter recovered from the purchasing Lender under any of the circumstances described in Section 10.06 (including pursuant to any settlement entered
into by the purchasing Lender in its discretion), such purchase shall to that extent be rescinded and each other Lender shall 

  
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repay to the purchasing Lender the purchase price paid therefor, together with an amount equal to such paying Lender’s ratable share (according to the proportion of (i) the amount of
such paying Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered, without further
interest thereon. For avoidance of doubt, the provisions of this paragraph shall not be construed to apply to (A) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement as in effect from time to
time (including the application of funds arising from the existence of a Defaulting Lender) or (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or
participant permitted hereunder. The Borrower agrees that any Lender so purchasing a participation from another Lender may, to the fullest extent permitted by applicable Law, exercise all its rights of payment (including the right of setoff, but
subject to Section 10.09) with respect to such participation as fully as if such Lender were the direct creditor of the Borrower in the amount of such participation. The Administrative Agent will keep records (which shall be conclusive and
binding in the absence of manifest error) of participations purchased under this Section 2.13 and will in each case notify the Lenders following any such purchases or repayments. Each Lender that purchases a participation pursuant to this
Section 2.13 shall from and after such purchase have the right to give all notices, requests, demands, directions and other communications under this Agreement with respect to the portion of the Obligations purchased to the same extent as
though the purchasing Lender were the original owner of the Obligations purchased. 
 SECTION 2.14 Incremental Credit Extensions. 

(a) Incremental Commitments. The Borrower may at any time or from time to time after the Closing Date, by notice to the Administrative
Agent (an “Incremental Loan Request”), request (A) one or more new commitments which may be in the same Facility as any outstanding Term Loans of an existing Class of Term Loans (a “Term Loan Increase” or
the “Incremental Term Commitments”) and/or (B) one or more increases in the amount of the Revolving Credit Commitments (a “Revolving Commitment Increase” or the “Incremental Revolving Credit
Commitments” and the Incremental Revolving Credit Commitments, collectively with any Incremental Term Commitments, the “Incremental Commitments”), whereupon the Administrative Agent shall promptly deliver a copy to each of
the Lenders. 
 (b) Incremental Loans. On any Incremental Facility Closing Date on which any Incremental Term Commitments of any
Class are effected, subject to the satisfaction of the terms and conditions in this Section 2.14, (i) each Incremental Term Lender of such Class shall make a Loan to the Borrower (or any Loan Party organized under the laws of the
United States, any state thereof, the District of Columbia or any territory thereof, may be designated as a borrower in respect thereof) (an “Incremental Term Loan”) in an amount equal to its Incremental Term Commitment of such
Class and (ii) each Incremental Term Lender of such Class shall become a Lender hereunder with respect to the Incremental Term Commitment of such Class and the Incremental Term Loans of such Class made pursuant thereto. On
any Incremental Facility Closing Date on which any Incremental Revolving Credit Commitments of any Class are effected through the establishment of one or more new revolving credit commitments, subject to the satisfaction of the terms and
conditions in this Section 2.14, (i) each Incremental Revolving Credit Lender of such Class shall make its Commitment available to the Borrower (or any Loan Party organized under the laws of the United States, any state thereof, the
District of Columbia or any territory thereof, that may be designated as a borrower in respect thereof) (when borrowed, an “Incremental Revolving Credit Loan” and collectively with any Incremental Term Loan, an
“Incremental Loan”) in an amount equal to its Incremental 

  
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Revolving Credit Commitment of such Class and (ii) each Incremental Revolving Credit Lender of such Class shall become a Lender hereunder with respect to the Incremental Revolving
Credit Commitment of such Class and the Incremental Revolving Credit Loans of such Class made pursuant thereto. Notwithstanding the foregoing, Incremental Term Loans shall have identical terms to any of the Term Loans and be treated as the
same Class as any of such Term Loans. 
 (c) Incremental Loan Request. Each Incremental Loan Request from the Borrower pursuant
to this Section 2.14 shall set forth the requested amount and proposed terms of the relevant Incremental Term Loans or Incremental Revolving Credit Commitments. Incremental Term Loans may be made, and Incremental Revolving Credit Commitments
may be provided, by any existing Lender (but each existing Lender will not have an obligation to make any Incremental Commitment, nor will the Borrower have any obligation to approach any existing lenders to provide any Incremental Commitment) or by
any other bank or other financial institution (any such other bank or other financial institution being called an “Additional Lender”) (each such existing Lender or Additional Lender providing such, an “Incremental Revolving
Credit Lender” or “Incremental Term Lender,” as applicable, and, collectively, the “Incremental Lenders”); provided that the Administrative Agent shall have consented (not to be unreasonably withheld
or delayed) to such Lender’s or Additional Lender’s making such Incremental Term Loans or providing such Revolving Commitment Increases to the extent such consent, if any, would be required under Section 10.07(b) for an assignment of
Loans or Revolving Credit Commitments, as applicable, to such Lender or Additional Lender,. 
 (d) Effectiveness of Incremental
Amendment. The effectiveness of any Incremental Amendment, and the Incremental Commitments thereunder, shall be subject to the satisfaction on the date thereof (the “Incremental Facility Closing Date”) of each of the following
conditions: 
 (i) no Event of Default shall have occurred and be continuing or would exist after giving effect to such
Incremental Commitments; 
 (ii) after giving effect to such Incremental Commitments, the conditions of Sections 4.02(i)
and (ii) shall be satisfied (it being understood that all references to “the date of such Credit Extension” or similar language in such Section 4.02 shall be deemed to refer to the effective date of such Incremental Amendment);

 (iii) the Borrower and its Subsidiaries shall be in compliance with the covenants set forth in Section 7.11,
determined on a Pro Forma Basis as of the Incremental Facility Closing Date and the last day of the most recently ended Test Period, as if any Incremental Term Loans or Incremental Revolving Credit Commitments, as applicable, available under such
Incremental Commitments had been outstanding on the last day of such fiscal quarter of the Borrower for testing compliance therewith, and, in each case (x) with respect to any Incremental Revolving Credit Commitment, assuming a borrowing of the
maximum amount of Loans available thereunder, and (y) without netting the cash proceeds of any such Incremental Loans; 

(iv) [reserved]; 

(v) the aggregate amount of the Incremental Term Loans and the Incremental Revolving Credit Commitments shall not exceed an
amount equal to 100% of Consolidated EBITDA of the Borrower at the time of incurrence, calculated on a pro form basis as of the most recently ended four consecutive fiscal quarter period for which financial statements have been delivered; and 

  
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 (vi) such other conditions as the Borrower, each Incremental Lender providing
such Incremental Commitments and the Administrative Agent shall agree. 
 (e) Required Terms. The terms, provisions and documentation
of the Incremental Term Loans and Incremental Term Commitments or the Incremental Revolving Credit Loans and Incremental Revolving Credit Commitments, as the case may be, of any Class shall be identical to the Term Loans or Revolving Credit
Commitments, as applicable. 
 (f) Incremental Amendment. Commitments in respect of Incremental Term Loans and Incremental Revolving
Credit Commitment shall become Commitments (or in the case of an Incremental Revolving Credit Commitment to be provided by an existing Revolving Credit Lender, an increase in such Lender’s applicable Revolving Credit Commitment), under this
Agreement pursuant to an amendment (an “Incremental Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, any Loan Party organized under the laws of the United States, any state
thereof, the District of Columbia or any territory thereof, that may be designated as a borrower in respect thereof (if any), each Incremental Lender providing such Commitments and the Administrative Agent. The Incremental Amendment may, without the
consent of any other Loan Party, Agent or Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the
provisions of this Section 2.14. The Borrower (or any Loan Party organized under the laws of the United States, any state thereof, the District of Columbia or any territory thereof, that may be designated as a borrower in respect thereof) will
use the proceeds of the Incremental Term Loans and Incremental Revolving Credit Commitments for any purpose not prohibited by this Agreement. No Lender shall be obligated to provide any Incremental Term Loans or Incremental Revolving Credit
Commitments, unless it so agrees. 
 (g) Reallocation of Revolving Credit Exposure. Upon any Incremental Facility Closing Date on
which Incremental Revolving Credit Commitments are effected through an increase in the Revolving Credit Commitments pursuant to this Section 2.14, (a) if the increase relates to the Revolving Credit Facility, each of the Revolving Credit
Lenders shall assign to each of the Incremental Revolving Credit Lenders, and each of the Incremental Revolving Credit Lenders shall purchase from each of the Revolving Credit Lenders, at the principal amount thereof, such interests in the
Incremental Revolving Credit Loans outstanding on such Incremental Facility Closing Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Credit Loans will be held by existing Revolving
Credit Lenders and Incremental Revolving Credit Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such Incremental Revolving Credit Commitments to the Revolving Credit Commitments,
(b) each Incremental Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder shall be deemed, for all purposes, a Revolving Credit Loan and (c) each Incremental Revolving
Credit Lender shall become a Lender with respect to the Incremental Revolving Credit Commitments and all matters relating thereto. The Administrative Agent and the Lenders hereby agree that the minimum borrowing and prepayment requirements in
Sections 2.02 and 2.05(a) of this Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentence. 

  
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 (h) This Section 2.14 shall supersede any provisions in Section 2.13 or 10.01 to the
contrary. 
 SECTION 2.15 [reserved]. 

SECTION 2.16 Extension of Term Loans; Extension of Revolving Credit Loans. 

(a) Extension of Term Loans. The Borrower may at any time and from time to time request that all or a portion of the Term Loans of a
given Class (each, an “Existing Term Loan Tranche”) be amended to extend the scheduled maturity date(s) with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so amended,
“Extended Term Loans”) and to provide for other terms consistent with this Section 2.16. In order to establish any Extended Term Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy
of such notice to each of the Lenders under the applicable Existing Term Loan Tranche) (each, a “Term Loan Extension Request”) setting forth the proposed terms of the Extended Term Loans to be established, which shall (x) be
identical as offered to each Lender under such Existing Term Loan Tranche (including as to the proposed interest rates and fees payable) and offered pro rata to each Lender under such Existing Term Loan Tranche and (y) be identical to the Term
Loans under the Existing Term Loan Tranche from which such Extended Term Loans are to be amended, except that: (i) all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the
scheduled amortization payments of principal of the Term Loans of such Existing Term Loan Tranche, to the extent provided in the applicable Extension Amendment; (ii) the Effective Yield with respect to the Extended Term Loans (whether in the
form of interest rate margin, upfront fees, original issue discount or otherwise) may be different than the Effective Yield for the Term Loans of such Existing Term Loan Tranche, in each case, to the extent provided in the applicable Extension
Amendment; (iii) the Extension Amendment may provide for other covenants and terms that apply solely to any period after the Latest Maturity Date that is in effect on the effective date of the Extension Amendment (immediately prior to the
establishment of such Extended Term Loans); and (iv) Extended Term Loans may have call protection as may be agreed by the Borrower and the Lenders thereof; provided that no Extended Term Loans may be optionally prepaid prior to the date
on which the Term Loans under the Existing Term Loan Tranche from which such Extended Term Loans were amended are repaid in full, unless such optional prepayment is accompanied by at least a pro rata optional prepayment of such Existing Term Loan
Tranche; provided, however, that (A) no Default shall have occurred and be continuing at the time a Term Loan Extension Request is delivered to Lenders, (B) in no event shall the final maturity date of any Extended Term Loans
of a given Term Loan Extension Series at the time of establishment thereof be earlier than the then Latest Maturity Date of any then existing Term Loans hereunder, (C) the Weighted Average Life to Maturity of any Extended Term Loans of a given
Term Loan Extension Series at the time of establishment thereof shall be no shorter (other than by virtue of amortization or prepayment of such Indebtedness prior to the time of incurrence of such Extended Term Loans) than the remaining Weighted
Average Life to Maturity of any Existing Term Loan Tranche, (D) any such Extended Term Loans (and the Liens securing the same) shall be permitted by the terms of the Intercreditor Agreements (to the extent any Intercreditor Agreement is then in
effect), (E) all documentation in respect of such Extension Amendment shall be consistent with the foregoing and (F) any Extended Term Loans may participate on a pro rata basis or less than a pro rata basis (but not greater than a pro rata
basis) in any voluntary or mandatory repayments or prepayments hereunder, in each case as specified in the respective Term Loan Extension Request. Any Extended Term Loans amended pursuant to any Term Loan Extension Request shall be designated a
series (each, a “Term Loan Extension Series”) of Extended Term Loans for all 

  
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purposes of this Agreement; provided that any Extended Term Loans amended from an Existing Term Loan Tranche may, to the extent provided in the applicable Extension Amendment, be
designated as an increase in any previously established Term Loan Extension Series with respect to such Existing Term Loan Tranche. Each Term Loan Extension Series of Extended Term Loans incurred under this Section 2.16 shall be in an aggregate
principal amount that is not less than $2,000,000. 
 (b) Extension of Revolving Credit Commitments. The Borrower may at any time and
from time to time request that all or a portion of the Revolving Credit Commitments of a given Class (each, an “Existing Revolver Tranche”) be amended to extend the Maturity Date with respect to all or a portion of any principal
amount of such Revolving Credit Commitments (any such Revolving Credit Commitments which have been so amended, “Extended Revolving Credit Commitments”) and to provide for other terms consistent with this Section 2.16. In order
to establish any Extended Revolving Credit Commitments, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under the applicable Existing Revolver Tranche) (each, a
“Revolver Extension Request”) setting forth the proposed terms of the Extended Revolving Credit Commitments to be established, which shall (x) be identical as offered to each Lender under such Existing Revolver Tranche
(including as to the proposed interest rates and fees payable) and offered pro rata to each Lender under such Existing Revolver Tranche and (y) be identical to the Revolving Credit Commitments under the Existing Revolver Tranche from which such
Extended Revolving Credit Commitments are to be amended, except that: (i) the Maturity Date of the Extended Revolving Credit Commitments may be delayed to a later date than the Maturity Date of the Revolving Credit Commitments of such Existing
Revolver Tranche, to the extent provided in the applicable Extension Amendment; (ii) the Effective Yield with respect to extensions of credit under the Extended Revolving Credit Commitments (whether in the form of interest rate margin, upfront
fees, commitment fees, original issue discount or otherwise) may be different than the Effective Yield for extensions of credit under the Revolving Credit Commitments of such Existing Revolver Tranche, in each case, to the extent provided in the
applicable Extension Amendment; (iii) the Extension Amendment may provide for other covenants and terms that apply solely to any period after the Latest Maturity Date that is in effect on the effective date of the Extension Amendment
(immediately prior to the establishment of such Extended Revolving Credit Commitments); and (iv) all borrowings under the applicable Revolving Credit Commitments (i.e., the Existing Revolver Tranche and the Extended Revolving Credit
Commitments of the applicable Revolver Extension Series) and repayments thereunder shall be made on a pro rata basis (except for (I) payments of interest and fees at different rates on Extended Revolving Credit Commitments (and related
outstandings) and (II) repayments required upon the Maturity Date of the non-extending Revolving Credit Commitments); provided, further, that (A) no Default shall have occurred and be
continuing at the time a Revolver Extension Request is delivered to Lenders, (B) in no event shall the final maturity date of any Extended Revolving Credit Commitments of a given Revolver Extension Series at the time of establishment thereof be
earlier than the then Latest Maturity Date, (C) any such Extended Revolving Credit Commitments (and the Liens securing the same) shall be permitted by the terms of the Intercreditor Agreements (to the extent any Intercreditor Agreement is then
in effect) and (D) all documentation in respect of such Extension Amendment shall be consistent with the foregoing. Any Extended Revolving Credit Commitments amended pursuant to any Revolver Extension Request shall be designated a series (each,
a “Revolver Extension Series”) of Extended Revolving Credit Commitments for all purposes of this Agreement; provided that any Extended Revolving Credit Commitments amended from an Existing Revolver Tranche may, to the extent
provided in the applicable Extension Amendment, be designated as an increase in any previously established Revolver Extension Series with respect to such Existing Revolver Tranche. Each Revolver Extension Series of Extended Revolving Credit
Commitments incurred under this Section 2.16 shall be in an aggregate principal amount that is not less than $2,000,000. 

  
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 (c) Extension Request. The Borrower shall provide the applicable Extension Request at
least five (5) Business Days prior to the date on which Lenders under the Existing Term Loan Tranche or Existing Revolver Tranche, as applicable, are requested to respond, and shall agree to such procedures, if any, as may be established by, or
acceptable to, the Administrative Agent, in each case acting reasonably to accomplish the purposes of this Section 2.16. No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Tranche amended into
Extended Term Loans or any of its Revolving Credit Commitments amended into Extended Revolving Credit Commitments, as applicable, pursuant to any Extension Request. Any Lender holding a Loan under an Existing Term Loan Tranche (each, an
“Extending Term Lender”) wishing to have all or a portion of its Term Loans under the Existing Term Loan Tranche subject to such Extension Request amended into Extended Term Loans and any Revolving Credit Lender (each, an
“Extending Revolving Credit Lender”) wishing to have all or a portion of its Revolving Credit Commitments under the Existing Revolver Tranche subject to such Extension Request amended into Extended Revolving Credit Commitments, as
applicable, shall notify the Administrative Agent (each, an “Extension Election”) on or prior to the date specified in such Extension Request of the amount of its Term Loans under the Existing Term Loan Tranche or Revolving Credit
Commitments under the Existing Revolver Tranche, as applicable, which it has elected to request be amended into Extended Term Loans or Extended Revolving Credit Commitments, as applicable (subject to any minimum denomination requirements imposed by
the Administrative Agent). In the event that the aggregate principal amount of Term Loans under the Existing Term Loan Tranche or Revolving Credit Commitments under the Existing Revolver Tranche, as applicable, in respect of which applicable Term
Lenders or Revolving Credit Lenders, as the case may be, shall have accepted the relevant Extension Request exceeds the amount of Extended Term Loans or Extended Revolving Credit Commitments, as applicable, requested to be extended pursuant to the
Extension Request, Term Loans or Revolving Credit Commitments, as applicable, subject to Extension Elections shall be amended to Extended Term Loans or Revolving Credit Commitments, as applicable, on a pro rata basis (subject to rounding by the
Administrative Agent, which shall be conclusive) based on the aggregate principal amount of Term Loans or Revolving Credit Commitments, as applicable, included in each such Extension Election. 

(d) Extension Amendment. Extended Term Loans and Extended Revolving Credit Commitments shall be established pursuant to an amendment
(each, an “Extension Amendment”) to this Agreement among the Borrower, the Administrative Agent and each Extending Term Lender or Extending Revolving Credit Lender, as applicable, providing an Extended Term Loan or Extended
Revolving Credit Commitment, as applicable, thereunder, which shall be consistent with the provisions set forth in Sections 2.16(a) or (b) above, respectively (but which shall not require the consent of any other Lender). The effectiveness of
any Extension Amendment shall be subject to the satisfaction on the date thereof of each of the conditions set forth in Section 4.02 and, to the extent reasonably requested by the Administrative Agent, receipt by the Administrative Agent of
(i) legal opinions, board resolutions and officers’ certificates consistent with those delivered on the Closing Date other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel’s form
of opinion reasonably satisfactory to the Administrative Agent and (ii) reaffirmation agreements and/or such amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent in order to ensure that the Extended
Term Loans or Extended Revolving Credit Commitments, as applicable, are provided with the benefit of the applicable Loan Documents. The Administrative Agent shall promptly notify each Lender as to the effectiveness of

  
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each Extension Amendment. Each of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to an Extension Amendment, without the consent of any
other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, incurred pursuant thereto, (ii) modify the scheduled
repayments set forth in Section 2.07 with respect to any Existing Term Loan Tranche subject to an Extension Election to reflect a reduction in the principal amount of the Term Loans thereunder in an amount equal to the aggregate principal
amount of the Extended Term Loans amended pursuant to the applicable Extension (with such amount to be applied ratably to reduce scheduled repayments of such Term Loans required pursuant to Section 2.07), (iii) modify the prepayments set forth
in Section 2.05 to reflect the existence of the Extended Term Loans and the application of prepayments with respect thereto, (iv) make such other changes to this Agreement and the other Loan Documents consistent with the provisions and
intent of the second paragraph of Section 10.01 (without the consent of the Required Lenders called for therein) and (v) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the
reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.16, and the Required Lenders hereby expressly authorize the Administrative Agent to enter into any such Extension Amendment. 

(e) No conversion of Loans pursuant to any Extension in accordance with this Section 2.16 shall constitute a voluntary or mandatory
payment or prepayment for purposes of this Agreement. 
 SECTION 2.17 Defaulting Lenders. 

(a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then,
until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law: 
 (i) Waivers
and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 10.01. 

(ii) Reallocation of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative
Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise), shall be applied at such time or times as may be determined by the Administrative Agent as follows: first,
to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder; second, [reserved]; third, [reserved]; fourth, as the Borrower may request (so long as no Default or Event of Default has
occurred and is continuing), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the
Administrative Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund Loans under this Agreement;
sixth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against that Defaulting Lender as a result of that Defaulting Lender’s breach of its
obligations under this Agreement; seventh, so long as no Default or Event of Default has occurred and is continuing, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained
by the Borrower against that 

  
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Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court of
competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Loans were made at a time
when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to
the payment of any Loans of that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender pursuant to this Section 2.17(a)(ii)
shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto. 
 (iii)
Certain Fees. That Defaulting Lender shall not be entitled to receive any commitment fee pursuant to Section 2.09(a) for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such
fee that otherwise would have been required to have been paid to that Defaulting Lender). 
 (b) Defaulting Lender Cure. If the
Borrower and the Administrative Agent agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective
date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may
determine to be necessary to cause the Revolving Credit Loans to be held on a pro rata basis by the Lenders in accordance with their Pro Rata Share (without giving effect to Section 2.17(a)(iv)), whereupon that Lender will cease to be a
Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that
except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a
Defaulting Lender. 
 ARTICLE III 

Taxes, Increased Costs Protection and Illegality 

SECTION 3.01 Taxes. 
 (a) Except
as provided in this Section 3.01, any and all payments made by or on account of the Borrower or any Guarantor under any Loan Document shall be made free and clear of and without deduction for any and all present or future taxes, duties, levies,
imposts, assessments or withholdings (including backup withholding) or similar charges imposed by any Governmental Authority including interest, penalties and additions to tax (collectively “Taxes”), except as required by applicable
Law. If the Borrower, any Guarantor or other applicable withholding agent shall be required by any Laws to deduct any Taxes from or in respect of any sum payable under any Loan Document to any Agent or any Lender, (A) to the extent such Tax is
an Indemnified Tax, the sum payable by the Borrower or such Guarantor shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 3.01), each of
such Agent and such Lender receives an amount equal to the sum it would have received had no such deductions been made, (B) the applicable withholding agent shall make such 

  
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deductions, (C) the applicable withholding agent shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable Laws, and (D) within thirty
(30) days after the date of such payment (or, if receipts or evidence are not available within thirty (30) days, as soon as possible thereafter), if the Borrower or any Guarantor is the applicable withholding agent, shall furnish to such
Agent or Lender (as the case may be) the original or a copy of a receipt evidencing payment thereof or other evidence reasonably acceptable to such Agent or Lender. 

(b) In addition, each Loan Party agrees to pay any and all present or future stamp, court or documentary taxes and any other excise, property,
intangible or mortgage recording taxes, or charges or levies of the same character, imposed by any Governmental Authority, which arise from any payment made under any Loan Document or from the execution, delivery, performance, enforcement or
registration of, or otherwise with respect to, any Loan Document (including additions to tax, penalties and interest related thereto) excluding, in each case, such amounts that result from an Agent or Lender’s Assignment and Assumption, grant
of a participation, transfer or assignment to or designation of a new applicable Lending Office or other office for receiving payments under any Loan Document (collectively, “Assignment Taxes”) to the extent such Assignment Taxes
result from a connection that the Agent or Lender has with the taxing jurisdiction other than the connection arising out of the Loan Documents or the transactions therein, except for such Assignment Taxes resulting from assignment or participation
that is requested or required in writing by the Borrower (all such non-excluded Taxes described in this Section 3.01(b) being hereinafter referred to as “Other Taxes”). 

(c) Each Loan Party agrees to indemnify each Agent and each Lender for (i) the full amount of Indemnified Taxes and Other Taxes payable by
such Agent or such Lender and (ii) any reasonable expenses arising therefrom or with respect thereto, in each case whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as
to the amount of such payment or liability prepared in good faith by such Agent or Lender (or by an Agent on behalf of such Lender), accompanied by a written statement thereof setting forth in reasonable detail the basis and calculation of such
amounts shall be conclusive absent manifest error. 
 (d) Each Lender shall, at such times as are reasonably requested by the Borrower or the
Administrative Agent, provide the Borrower and the Administrative Agent with any documentation prescribed by Law certifying as to any entitlement of such Lender to an exemption from, or reduction in, withholding Tax with respect to any payments to
be made to such Lender under the Loan Documents. Each such Lender shall, whenever a lapse in time or change in circumstances renders such documentation obsolete or inaccurate in any material respect, deliver promptly to the Borrower and the
Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the applicable withholding agent) or promptly notify the Borrower and the Administrative Agent in writing of its inability to do
so. Unless the applicable withholding agent has received forms or other documents satisfactory to it indicating that payments under any Loan Document to or for a Lender are not subject to withholding Tax or are subject to such Tax at a rate reduced
by an applicable tax treaty, the Borrower, the Administrative Agent or other applicable withholding agent shall withhold amounts required to be withheld by applicable Law from such payments at the applicable statutory rate. Notwithstanding any other
provision of this clause (d), a Lender shall not be required to deliver any form pursuant to this clause (d) that such Lender is not legally able to deliver. Without limiting the foregoing: 

  
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 (i) Each Lender that is a United States person (as defined in
Section 7701(a)(30) of the Code)(a “Foreign Lender”) shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement two properly completed and duly signed original
copies of Internal Revenue Service Form W-9 (or any successor form) certifying that such Lender is exempt from federal backup withholding. 

(ii) Each Lender that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the
Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement whichever of the following is applicable: 

(A) two properly completed and duly signed original copies of Internal Revenue Service Form
W-8BEN or W-8BEN-E (or any successor forms) claiming eligibility for the benefits of an income tax treaty to which the United
States is a party, and such other documentation as required under the Code, 
 (B) two properly completed and duly signed
original copies of Internal Revenue Service Form W-8ECI (or any successor forms), 

(C) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Code, (a) a United States Tax Compliance Certificate and (b) two properly completed and duly signed original copies of Internal Revenue Service Form W-8BEN or W-8BEN-E (or any successor form), 
 (D) to the extent a Foreign Lender is not the
beneficial owner (for example, where the Lender is a partnership or a participating Lender), Internal Revenue Service Form W-8IMY (or any successor forms) of the Lender, accompanied by a Form W-8ECI, W-8BEN, W-8BEN-E United States Tax Compliance Certificate, Form W-9, Form W-8IMY and/or any other required information from each beneficial owner, as applicable (provided that if the Lender is a partnership, and one or more
beneficial partners of such Foreign Lender are claiming the portfolio interest exemption, the United States Tax Compliance Certificate may be provided by such Lender on behalf of such partner), or 

(E) two properly completed and duly signed copies of any other documentation prescribed by applicable U.S. federal income tax
laws (including the Treasury Regulations) as a basis for claiming a complete exemption from, or a reduction in, U.S. federal withholding tax on any payments to such Foreign Lender under the Loan Documents. 

(iii) If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA
if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative
Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of
the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA, to determine whether such
Lender has or has 

  
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not complied with such Lender’s obligations under FATCA and, as necessary, to determine the amount to deduct and withhold from such payment. Solely for purposes of this
Section 3.01(d)(iii), “FATCA” shall include any amendments made to FATCA after the Closing Date. 
 (e) Any Lender claiming
any additional amounts payable pursuant to this Section 3.01 and Section 3.04(a) shall, if requested by the Borrower, use its reasonable efforts to change the jurisdiction of its Lending Office (or take any other measures reasonably
requested by the Borrower) if such a change or other measures would reduce any such additional amounts (including any such additional amounts that may thereafter accrue) and would not, in the sole determination of such Lender, result in any
unreimbursed cost or expense or be otherwise materially disadvantageous to such Lender. 
 (f) If any Lender or Agent receives a refund in
respect of any Indemnified Taxes or Other Taxes as to which indemnification or additional amounts have been paid to it by any Loan Party pursuant to this Section 3.01, it shall promptly remit such refund to such Loan Party (but only to the
extent of indemnification or additional amounts paid by such Loan Party under this Section 3.01 with respect to Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) of the Lender or Agent, as the case may be, and without interest (other than any interest paid by the relevant taxing authority with respect to such refund);
provided that such Loan Party, upon the request of the Lender or Agent, as the case may be, agrees promptly to return such refund (plus any penalties, interest or other charges imposed by the relevant taxing authority) to such party in the
event such party is required to repay such refund to the relevant taxing authority. This section shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to Taxes
that it deems confidential) to the Borrower or any other person. 
 SECTION 3.02 Illegality. 

If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender
or its applicable Lending Office to make, maintain or fund Eurocurrency Rate Loans, or to determine or charge interest rates based upon the Eurocurrency Rate, then, on notice thereof by such Lender to the Borrower through the Administrative Agent,
any obligation of such Lender to make or continue Eurocurrency Rate Loans in the affected currency or currencies, or, in the case of Eurocurrency Rate Loans denominated in Dollars, to convert Base Rate Loans to Eurocurrency Rate Loans shall be
suspended until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with a copy to
the Administrative Agent), prepay or, if applicable and such Loans are denominated in Dollars, convert all applicable Eurocurrency Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender
may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or promptly, if such Lender may not lawfully continue to maintain such Eurocurrency Rate Loans. Upon any such prepayment or conversion, the Borrower shall also pay accrued
interest on the amount so prepaid or converted and all amounts due, if any, in connection with such prepayment or conversion under Section 3.05. Each Lender agrees to designate a different Lending Office if such designation will avoid the need
for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender. 

  
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 SECTION 3.03 Inability to Determine Rates. 

If the Administrative Agent or 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, or that the Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan does not adequately
and fairly reflect the cost to such Lenders of funding such Loan, or that deposits 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, 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 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
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. 

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

(a) If any Lender reasonably determines that as a result of the introduction of or any change in or in the interpretation of any Law, in each
case after the Closing Date, or such Lender’s compliance therewith, there shall be any increase in the cost to such Lender of agreeing to make or making, funding or maintaining any Eurocurrency Rate Loans, or a reduction in the amount received
or receivable by such Lender in connection with any of the foregoing (excluding for purposes of this Section 3.04(a) any such increased costs or reduction in amount resulting from (i) Indemnified Taxes or Other Taxes, or any Taxes excluded
from the definition of Indemnified Taxes under exceptions (i)(B) through (vi) thereof or Connection Income Taxes, or (ii) reserve requirements contemplated by Section 3.04(c)) and the result of any of the foregoing shall be to
increase the cost to such Lender of making or maintaining the Eurocurrency Rate Loan (or of maintaining its obligations to make any Loan), or to reduce the amount of any sum received or receivable by such Lender, then from time to time within
fifteen (15) days after demand by such Lender setting forth in reasonable detail such increased costs (with a copy of such demand to the Administrative Agent given in accordance with Section 3.06), the Borrower shall pay to such Lender
such additional amounts as will compensate such Lender for such increased cost or reduction. Notwithstanding anything herein to the contrary, for all purposes under this Agreement, (x) the Dodd-Frank Wall Street Reform and Consumer Protection
Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a change in law, regardless of the date enacted, adopted or issued;
provided that to the extent any increased costs or reductions are incurred by any Lender as a result of any requests, rules, guidelines or directives promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act or pursuant
to Basel III after the Closing Date, then such Lender shall be compensated pursuant to this Section 3.04 only if such Lender imposes such charges under other syndicated credit facilities involving similarly situated borrowers that such Lender
is a lender under. 

  
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 (b) If any Lender determines that the introduction of any Law regarding capital adequacy or
liquidity or any change therein or in the interpretation thereof, in each case after the Closing Date, or compliance by such Lender (or its Lending Office) therewith, has the effect of reducing the rate of return on the capital of such Lender or any
corporation controlling such Lender as a consequence of such Lender’s obligations hereunder (taking into consideration its policies with respect to capital adequacy or liquidity and such Lender’s desired return on capital), then from time
to time upon demand of such Lender setting forth in reasonable detail the charge and the calculation of such reduced rate of return (with a copy of such demand to the Administrative Agent given in accordance with Section 3.06), the Borrower
shall pay to such Lender such additional amounts as will compensate such Lender for such reduction within fifteen (15) days after receipt of such demand. 

(c) The Borrower shall pay to each Lender, (i) as long as such Lender shall be required to maintain reserves, capital or liquidity with
respect to liabilities or assets consisting of or including Eurocurrency funds or deposits, additional interest on the unpaid principal amount of each applicable Eurocurrency Rate Loan of the Borrower equal to the actual costs of such reserves,
capital or liquidity allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive in the absence of manifest error), and (ii) as long as such Lender shall be required to comply with
any reserve ratio, capital or liquidity requirement or analogous requirement of any other central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of any Eurocurrency Rate Loans of the
Borrower, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender
in good faith, which determination shall be conclusive absent manifest error) which in each case shall be due and payable on each date on which interest is payable on such Loan; provided the Borrower shall have received at least fifteen
(15) days’ prior notice (with a copy to the Administrative Agent) of such additional interest or cost from such Lender. If a Lender fails to give notice fifteen (15) days prior to the relevant Interest Payment Date, such additional
interest or cost shall be due and payable fifteen (15) days from receipt of such notice. 
 (d) Failure or delay on the part of any
Lender to demand compensation pursuant to this Section 3.04 shall not constitute a waiver of such Lender’s right to demand such compensation. 

(e) If any Lender requests compensation under this Section 3.04, then such Lender will, if requested by the Borrower, use commercially
reasonable efforts to designate another Lending Office for any Loan affected by such event; provided that such efforts are made on terms that, in the reasonable judgment of such Lender, cause such Lender and its Lending Office(s) to suffer no
material economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section 3.04(e) shall affect or postpone any of the Obligations of the Borrower or the rights of such Lender pursuant to Sections 3.04(a),
(b), (c) or (d). 
 SECTION 3.05 Funding Losses. 

Upon written demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower shall promptly compensate such
Lender for and hold such Lender harmless from any loss, cost or expense actually incurred by it as a result of: 
 (a) any continuation,
conversion, payment or prepayment of any Eurocurrency Rate Loan of the Borrower on a day other than the last day of the Interest Period for such Loan; or 

  
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 (b) any failure by the Borrower (for a reason other than the failure of such Lender to make a
Loan) to prepay, borrow, continue or convert any Eurocurrency Rate Loan of the Borrower on the date or in the amount notified by the Borrower, including any loss or expense (excluding loss of anticipated profits) arising from the liquidation or
reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. 

For purposes of calculating amounts payable by the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have
funded each Eurocurrency Rate Loan made by it at the Eurocurrency Rate for such Loan by a matching deposit or other borrowing in the offshore interbank market for the applicable currency for a comparable amount and for a comparable period, whether
or not such Eurocurrency Rate Loan was in fact so funded. 
 SECTION 3.06 Matters Applicable to All Requests for Compensation. 

(a) Any Agent or any Lender claiming compensation under this Article III shall deliver a certificate to the Borrower setting forth the
additional amount or amounts to be paid to it hereunder which shall be conclusive in the absence of manifest error. In determining such amount, such Agent or such Lender may use any reasonable averaging and attribution methods. 

(b) With respect to any Lender’s claim for compensation under Sections 3.01, 3.02, 3.03 or 3.04, the Borrower shall not be required to
compensate such Lender for any amount incurred more than one hundred and eighty (180) days prior to the date that such Lender notifies the Borrower of the event that gives rise to such claim; provided that if the circumstance giving rise
to such claim is retroactive, then such 180-day period referred to above shall be extended to include the period of retroactive effect thereof. If any Lender requests compensation by the Borrower under
Section 3.04, the Borrower may, by notice to such Lender (with a copy to the Administrative Agent), suspend the obligation of such Lender to make or continue from one Interest Period to another applicable Eurocurrency Rate Loan, or, if
applicable, to convert Base Rate Loans into Eurocurrency Rate Loans, until the event or condition giving rise to such request ceases to be in effect (in which case the provisions of Section 3.06(c) shall be applicable); provided that
such suspension shall not affect the right of such Lender to receive the compensation so requested. 
 (c) If the obligation of any Lender to
make or continue any Eurocurrency Rate Loan, or to convert Base Rate Loans into Eurocurrency Rate Loans shall be suspended pursuant to Section 3.06(b) hereof, such Lender’s applicable Eurocurrency Rate Loans shall be automatically
converted into Base Rate Loans (or, if such conversion is not possible, repaid) on the last day(s) of the then current Interest Period(s) for such Eurocurrency Rate Loans (or, in the case of an immediate conversion required by Section 3.02, on
such earlier date as required by Law) and, unless and until such Lender gives notice as provided below that the circumstances specified in Sections 3.02, 3.03 or 3.04 hereof that gave rise to such conversion no longer exist: 

(i) to the extent that such Lender’s Eurocurrency Rate Loans have been so converted, all payments and prepayments of
principal that would otherwise be applied to such Lender’s applicable Eurocurrency Rate Loans shall be applied instead to its Base Rate Loans; and 

(ii) all Loans that would otherwise be made or continued from one Interest Period to another by such Lender as Eurocurrency
Rate Loans shall be made or continued instead as Base Rate Loans (if possible), and all Base Rate Loans of such Lender that would otherwise be converted into Eurocurrency Rate Loans shall remain as Base Rate Loans. 

  
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 (d) If any Lender gives notice to the Borrower (with a copy to the Administrative Agent) that the
circumstances specified in Sections 3.02, 3.03 or 3.04 hereof that gave rise to the conversion of any of such Lender’s Eurocurrency Rate Loans pursuant to this Section 3.06 no longer exist (which such Lender agrees to do promptly upon such
circumstances ceasing to exist) at a time when Eurocurrency Rate Loans made by other Lenders under the applicable Facility are outstanding, if applicable, such Lender’s Base Rate Loans shall be automatically converted, on the first day(s) of
the next succeeding Interest Period(s) for such outstanding Eurocurrency Rate Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding Eurocurrency Rate Loans under such Facility and by such Lender
are held pro rata (as to principal amounts, interest rate basis, and Interest Periods) in accordance with their respective Commitments for the applicable Facility. 

SECTION 3.07 Replacement of Lenders under Certain Circumstances. 

(a) If at any time (i) the Borrower becomes obligated to pay additional amounts or indemnity payments described in Section 3.01 (with
respect to Indemnified Taxes) or 3.04 as a result of any condition described in such Sections or any Lender ceases to make any Eurocurrency Rate Loans as a result of any condition described in Section 3.02 or Section 3.04, (ii) any Lender
becomes a Defaulting Lender or (iii) any Lender becomes a Non-Consenting Lender, then the Borrower may so long as no Event of Default has occurred and is continuing, at its sole cost and expense, on ten
(10) Business Days’ prior written notice to the Administrative Agent and such Lender, (x) replace such Lender by causing such Lender to (and such Lender shall be obligated to) assign pursuant to Section 10.07(b) (with the
assignment fee to be paid by the Borrower in such instance) all of its rights and obligations under this Agreement (in respect of any applicable Facility only in the case of clause (i) or, with respect to a Class vote, clause (iii)) to one
or more Eligible Assignees; provided that neither the Administrative Agent nor any Lender shall have any obligation to the Borrower to find a replacement Lender or other such Person; and provided, further, that (A) in the case of
any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to Section 3.01 (with respect to Indemnified Taxes), such assignment will result in a reduction in such compensation or
payments and (B) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable Eligible Assignees shall have agreed to, and shall be sufficient (together with
all other consenting Lenders) to cause the adoption of, the applicable departure, waiver or amendment of the Loan Documents; or (y) terminate the Commitment of such Lender (in respect of any applicable Facility only in the case of clause
(i) or clause (iii)), as the case may be, and in the case of a Lender, repay all Obligations of the Borrower owing to such Lender relating to the Loans and participations held by such Lender as of such termination date; provided that in
the case of any such termination of a Non-Consenting Lender such termination shall be sufficient (together with all other consenting Lenders) to cause the adoption of the applicable departure, waiver or
amendment of the Loan Documents and such termination shall be in respect of any applicable Facility only in the case of clause (i) or, with respect to a Class vote, clause (iii). 

(b) Any Lender being replaced pursuant to Section 3.07(a)(x) above shall (i) execute and deliver an Assignment and Assumption with
respect to such Lender’s applicable Commitment and outstanding Loans, and (ii) deliver any Notes evidencing such Loans to the Borrower or Administrative Agent. Pursuant to such Assignment and Assumption, (A) the assignee Lender shall
acquire all or a portion, as the case may be, of the assigning Lender’s Commitment and outstanding Loans, (B) all obligations of the Borrower owing to the assigning Lender relating to the Loans, Commitments and participations so assigned
shall be paid in full by the assignee Lender to such 

  
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assigning Lender concurrently with such Assignment and Assumption and (C) upon such payment and, if so requested by the assignee Lender, delivery to the assignee Lender of the appropriate
Note or Notes executed by the Borrower, the assignee Lender shall become a Lender hereunder and the assigning Lender shall cease to constitute a Lender hereunder with respect to such assigned Loans, Commitments and participations, except with
respect to indemnification provisions under this Agreement, which shall survive as to such assigning Lender. In connection with any such replacement, if any such Non-Consenting Lender or Defaulting Lender does
not execute and deliver to the Administrative Agent a duly executed Assignment and Assumption reflecting such replacement within five (5) Business Days of the date on which the assignee Lender executes and delivers such Assignment and
Assumption to such Non-Consenting Lender or Defaulting Lender, then such Non-Consenting Lender or Defaulting Lender shall be deemed to have executed and delivered such
Assignment and Assumption without any action on the part of the Non-Consenting Lender or Defaulting Lender. 

(c) In the event that (i) the Borrower or the Administrative Agent has requested that the Lenders consent to a departure or waiver of any
provisions of the Loan Documents or agree to any amendment thereto, (ii) the consent, waiver or amendment in question requires the agreement of each Lender, each affected Lender or each affected Lender of a certain Class in accordance with
the terms of Section 10.01 or all the Lenders with respect to a certain Class of the Loans and (iii) the Required Lenders (or, in the case of a consent, waiver or amendment involving all affected Lenders of a certain Class, the
Required Class Lenders as applicable) have agreed to such consent, waiver or amendment, then any Lender who does not agree to such consent, waiver or amendment shall be deemed a “Non-Consenting
Lender.” 
 SECTION 3.08 Survival. 

All of the Borrower’s obligations under this Article III shall survive termination of the Aggregate Commitments and repayment of all other
Obligations hereunder. 
 ARTICLE IV 

Conditions Precedent to Credit Extensions 

SECTION 4.01 Conditions to Closing Date. 

The effectiveness of this Agreement on the Closing Date is subject to satisfaction of the following conditions precedent, except as otherwise
agreed between the Borrower and the Administrative Agent: 
 (a) The Administrative Agent’s receipt of the following,
each of which shall be originals or .pdf copies or other facsimiles (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, as applicable, each in form and substance
reasonably satisfactory to the Administrative Agent and its legal counsel: 
 (i) a Committed Loan Notice in accordance with
the requirements hereof; 
 (ii) executed counterparts of this Agreement and any Notes requested by a Lender prior to the
Closing Date; 

  
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 (iii) each Collateral Document set forth on Schedule 1.01C required to be
executed on the Closing Date as indicated on such schedule, duly executed by each Loan Party thereto, together with: 
 (A)
certificates, if any, representing the Pledged Equity referred to therein accompanied by undated stock or membership interest powers executed in blank and instruments evidencing the Pledged Debt indorsed in blank (or confirmation in lieu thereof
that such certificates, powers and instruments have been sent for overnight delivery to the Collateral Agent or its counsel); and 

(B) evidence that all other actions, recordings and filings required by the Collateral Documents as of the Closing Date or that
the Administrative Agent may deem reasonably necessary to satisfy the Collateral and Guarantee Requirement shall have been taken, completed or otherwise provided for in a manner reasonably satisfactory to the Administrative Agent; 

(iv) evidence of all insurance required to be maintained pursuant to Section 6.07, and evidence that the Administrative
Agent shall have been named as an additional insured or loss payee, as applicable, on all insurance policies covering loss or damage to Collateral and on all liability insurance policies as to which the Administrative Agent has reasonably requested
to be so named; 
 (v) 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, 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 Agreement and the other Loan Documents to which such Loan Party is a party or is to be a party on the Closing Date; 

(vi) an opinion from (x) Duane Morris, LLP, counsel to the Loan Parties, in form and substance reasonably acceptable to
the Administrative Agent and (y) Fox Rothschild LLP, in form and substance reasonably acceptable to the Administrative Agent; 

(vii) a solvency certificate from the chief financial officer, chief accounting officer or other officer with equivalent duties
of the Borrower (after giving effect to the Acquisition) substantially in the form attached hereto as Exhibit E-2; 

(viii) a certificate, dated the Closing Date and signed by a Responsible Officer of the Borrower, confirming
(x) satisfaction of the conditions set forth in Section 4.02(i) and (ii), (y) the Borrower is in pro forma compliance with the financial covenants set forth in Section 7.11 and (z) the conditions in Section 4.01(c) have been
satisfied; and 
 (ix) the Perfection Certificate, duly completed and executed by the Loan Parties. 

  
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 (b) The Closing Fees and all fees and expenses due to the Lead Arrangers and
their Affiliates required to be paid on the Closing Date and (in the case of expenses) invoiced at least three Business Days before the Closing Date (except as otherwise reasonably agreed by the Borrower) shall have been paid from the proceeds of
the initial funding under the Facilities. 
 (c) The Acquisition shall have been consummated or, substantially simultaneously
with the initial Borrowings hereunder, in all material respects in accordance with the terms of the Acquisition Agreement, without giving effect to any modifications, amendments, consents or waivers thereto that in the aggregate that are material
and adverse to the Lenders or the Lead Arrangers without the prior consent of the Lead Arrangers (which consent shall not be unreasonably withheld, delayed or conditioned), it being understood that any change to the definition of “Material
Adverse Effect” contained in the Acquisition Agreement shall be deemed to be material and adverse to the Lead Arrangers. For purposes of the foregoing condition, it is hereby understood and agreed that any change in the purchase price (or
amendment to the Acquisition Agreement related thereto) in connection with the Acquisition shall not be deemed to be material and adverse to the interests of the Lenders and the Lead Arrangers. 

(d) The Lead Arrangers shall have received the Audited Financial Statements and the Unaudited Financial Statements. 

(e) [reserved]. 

(f) The Administrative Agent shall have received at least 3 days prior to the Closing 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 by the Administrative Agent in writing
at least 10 days prior to the Closing Date. 
 (g) [reserved]. 

(h) Since December 31, 2017, there shall have been no Material Adverse Effect. 

(i) The Administrative Agent shall have received the results of a recent Lien and judgment search in each relevant jurisdiction
with respect to the Loan Parties, and such search shall reveal no Liens on any of the assets of the Loan Parties except for Liens permitted under Section 7.01. 

(j) the Borrower is in pro forma compliance with the financial covenant levels set forth in Section 7.11, whether or not
such financial covenant is then in effect. 
 Without limiting the generality of the provisions of Section 9.03(b), for purposes of
determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required
thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 

  
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 SECTION 4.02 Conditions to All Credit Extensions. 

The obligation of each Lender to honor any Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of
Loans to the other Type, or a continuation of Eurocurrency Rate Loans and other than a Request for Credit Extension for an Incremental Term Loan which shall be governed by Section 2.14(d)) including on the Closing Date is subject to the
following conditions precedent: 
 (i) The representations and warranties of each Loan Party set forth in Article V and in
each other Loan Document shall be 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 date of such Credit Extension with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be
true and correct in all material respects as of such earlier date. 
 (ii) No Default shall exist or would result from such
proposed Credit Extension or from the application of the proceeds therefrom. 
 (iii) The Administrative Agent and shall have
received a Request for Credit Extension in accordance with the requirements hereof. 
 (iv) the Borrower is in pro forma
compliance with the financial covenant level set forth in Section 7.11 then in effect. 
 (v) The Revolving Credit
Exposure does not, and after making any such proposed Credit Extension would not, exceed the Revolving Credit Commitments; 
 Each Request
for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the
conditions specified in Sections 4.02(i) and (ii) (or, in the case of a Request for Credit Extension for an Incremental Facility, the conditions specified in Section 2.14(d)) have been satisfied on and as of the date of the applicable Credit
Extension. 
 ARTICLE V 

Representations and Warranties 

The Borrower and each of the Guarantors party hereto represent and warrant to the Agents and the Lenders, after giving effect to the
Acquisition, at the time of each Credit Extension that: 
 SECTION 5.01 Existence, Qualification and Power; Compliance with Laws. 

Each Loan Party and each Subsidiary (a) is a Person duly organized or formed, validly existing and in good standing (where relevant) under
the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority to (i) own or lease its assets and carry on its business as currently conducted and (ii) in the case of the Loan Parties,
execute, deliver and perform its obligations under the Loan Documents to which it is a party, (c) is duly qualified and in good standing (where relevant) under the Laws of each jurisdiction where its ownership, lease or operation

  
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of properties or the conduct of its business requires such qualification, (d) is in compliance with all Laws, orders, writs and injunctions and (e) has all requisite governmental
licenses, authorizations, consents and approvals to operate its business as currently conducted; except in each case, referred to in clause (a) (other than with respect to the Borrower), (b)(i) (other than with respect to the Borrower), (c), (d) and
(e), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 SECTION 5.02 Authorization;
No Contravention. 
 The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is a party, and
the consummation of the Acquisition (to the extent any Loan Party is a party or otherwise subject thereto), are within such Loan Party’s corporate or other powers, (a) have been duly authorized by all necessary corporate or other
organizational action, and (b) do 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), 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 (b)(ii)(x), to the extent that such violation, conflict, breach, contravention or payment could not reasonably be expected to have a Material Adverse Effect. 

SECTION 5.03 Governmental Authorization; Other Consents. 

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 (a) the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, or for the consummation of the Acquisition (to the
extent such Loan Party is a party or otherwise subject thereto), (b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection or maintenance of the Liens created under the Collateral
Documents (including the priority thereof) or (d) the exercise by the Administrative Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents, except for
(i) filings, recordings and registrations with Governmental Authorities necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties, (ii) the approvals, consents, exemptions, authorizations,
actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect (except to the extent not required to be obtained, taken, given or made or be in full force and effect pursuant to the Collateral and
Guarantee Requirement) and (iii) those approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to obtain or make could not reasonably be expected to have a Material Adverse Effect. 

SECTION 5.04 Binding Effect. 

This Agreement and each other Loan Document has been duly executed and delivered by each Loan Party that is a party thereto. This Agreement and
each other Loan Document constitutes, a legal, valid and binding obligation of such Loan Party, enforceable against and each Loan Party that is a party thereto in accordance with its terms, except as such enforceability may be limited by
(i) Debtor Relief Laws and by general principles of equity, (ii) the need for filings, recordations and registrations necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties and
(iii) the effect of foreign Laws, rules and regulations as they relate to pledges, if any, of Equity Interests in Foreign Subsidiaries. 

  
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 SECTION 5.05 Financial Statements; No Material Adverse Effect. 

(a) (i) The Audited Financial Statements fairly present in all material respects the financial condition of the Borrower and its
Subsidiaries as of the dates thereof and their results of operations for the periods covered thereby in accordance with GAAP consistently applied throughout the periods covered thereby, except as otherwise expressly noted therein. 

(ii) The Unaudited Financial Statements fairly present in all material respects the financial condition of the Borrower and its
Subsidiaries as of the dates thereof and their results of operations for the periods covered thereby in accordance with GAAP consistently applied throughout the periods covered thereby, except as otherwise expressly noted therein. 

(b) The forecasts of consolidated balance sheets and consolidated statements of income and cash flow of Borrower and its Subsidiaries which
have been furnished to the Administrative Agent prior to the Closing Date have been prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed to be reasonable at the time of preparation of such forecasts,
it being understood that actual results may vary from such forecasts and that such variations may be material. 
 (c) Since December 31,
2017, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect. 

(d) As of the Closing Date, none of the Borrower and its Subsidiaries has any Indebtedness or other obligations or liabilities, direct or
contingent (other than (i) the liabilities reflected on Schedule 5.05, (ii) obligations arising under the Loan Documents and (iii) liabilities incurred in the ordinary course of business that, either individually or in the aggregate, have
not had nor could reasonably be expected to have a Material Adverse Effect). 
 SECTION 5.06 Litigation. 

Except as set forth on Schedule 5.06, there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the
Borrower, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any of its Subsidiaries, or against any of their properties or revenues that either individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect. 
 SECTION 5.07 [reserved]. 

SECTION 5.08 Ownership of Property; Liens; Real Property. 

(a) The Borrower and each of its Subsidiaries has good record title to, or valid leasehold interests in, or easements or other limited property
interests in, all Real Property necessary in the ordinary conduct of its business, free and clear of all Liens except as set forth on Schedule 5.08 hereto and except for minor defects in title that do not materially interfere with its ability to
conduct its business or to utilize such assets for their intended purposes and Liens permitted by Section 7.01 and except where the failure to have such title or other interest could not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect. 

  
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 (b) As of the Closing Date, Schedule 8 to the Perfection Certificate contains a true and complete
list of each Real Property owned or leased by the Borrower, each of its Subsidiaries as of the Closing Date. 
 (c) Except as would not have
a Material Adverse Effect, (i) none of the management agreements relating to Real Property owned or leased by any Loan Party requires or will require any Loan Party to pay any material property improvement plan fees or charges or requires or
will require any Loan Party to renovate, update, upgrade, repair, enhance, or improve such Real Property as a result of the Acquisition, and (ii) all management agreements to which any Loan Party is a party, relating to Real Property are in
full force and effect and no consent is required in connection with any such agreements for the consummation of the Acquisition (to the extent any Loan Party is a party or otherwise subject thereto), except as shall have been obtained prior to the
Closing Date. 
 SECTION 5.09 Environmental Matters. 

Except as specifically disclosed in documents filed by the Borrower with the SEC, or except as would not be reasonably expected to have,
individually or in the aggregate, a Material Adverse Effect: 
 (a) the Borrower, each Subsidiary and their respective properties and
operations are and, other than any matters which have finally resolved, with no further obligations, have been in compliance with all Environmental Laws, which includes obtaining, maintaining and complying with all applicable Environmental Permits;

 (b) the Borrower and each Subsidiary have not received any written notice that alleges any actual or potential Environmental Liability or
that any of them is in violation of any Environmental Law and none of the Loan Parties, their respective Subsidiaries nor any of the Real Property owned, leased or operated by either the Borrower or any Subsidiary is the subject of any claims,
investigations, liens, demands, or judicial, administrative or arbitral proceedings pending or, to the knowledge of the Borrower and its Subsidiaries, threatened, under or relating to any Environmental Law; 

(c) there has been no Release of Hazardous Materials on, at, under or from any Real Property or facilities currently or formerly owned, leased
or operated by the Borrower or any Subsidiary, or arising out of the conduct of the Borrower or any Subsidiary that could reasonably be expected to require investigations, remedial activity or corrective action or cleanup by, or on behalf of the
Borrower or any Subsidiary or could reasonably be expected to result in any Environmental Liability; 
 (d) there are no facts, circumstances
or conditions arising out of or relating to the Borrower, any Subsidiary or any of their respective operations or any facilities currently or, to the knowledge of the Borrower or any Subsidiary, formerly owned, leased or operated by any of the
Borrower or its Subsidiaries, that could reasonably be expected to require investigation, remedial activity or corrective action or cleanup by, or on behalf of, the Borrower or any Subsidiary or could reasonably be expected to result in any
Environmental Liability; and 

  
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 (e) the Borrower has made available to the Administrative Agent all environmental reports,
studies, assessments, audits, or other similar documents containing information regarding Environmental Laws, Hazardous Materials or any Environmental Liability that are in the possession or control of the Borrower or any Subsidiary. 

SECTION 5.10 Taxes. 
 Except as
would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each of the Loan Parties and their Subsidiaries have filed all Tax returns required to be filed, and have paid all Taxes levied or
imposed upon them or their properties, that are due and payable (including in their capacity as a withholding agent), except those that are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves
have been provided in accordance with GAAP. Except as described on Schedule 5.10, there is no proposed Tax deficiency or assessment known to any Loan Parties against the Loan Parties that would, if made, individually or in the aggregate, have a
Material Adverse Effect. 
 SECTION 5.11 ERISA Compliance. 

(a) Except as set forth on Schedule 5.11(a) or as would not, either individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect, each Plan maintained by a Loan Party or ERISA Affiliate is in compliance with the applicable provisions of ERISA and the Code and the regulations and published interpretations thereunder and other federal or state Laws.

 (b) (i) No ERISA Event has occurred during the six year period prior to the date on which this representation is made or deemed made
or is reasonably expected to occur; (ii) neither any Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not
delinquent under Section 4007 of ERISA); (iii) neither any Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of
ERISA, would result in such liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (iv) neither any Loan Party nor any ERISA Affiliate has engaged in a transaction that could be subject to Sections 4069 or
4212(c) of ERISA, except, with respect to each of the foregoing clauses of this Section 5.11(b), as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 

(c) With respect to each Pension Plan, the adjusted funding target attainment percentage (as defined in Section 901 of the Code), as
determined by the applicable Pension Plan’s Enrolled Actuary under Sections 436(j) and 430(d)(2) of the Code and all applicable regulatory guidance promulgated thereunder (“AFTAP”), would not reasonably be expected to result,
individually or in the aggregate, in a Material Adverse Effect.” Neither any Loan Party nor any ERISA Affiliate maintains or contributes to a Plan that is, or is expected to be, in at-risk status (as
defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code) in each case, except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

SECTION 5.12 Subsidiaries; Equity Interests. 

As of the Closing Date (after giving effect to the Acquisition), no Loan Party has any Subsidiaries other than those specifically disclosed in
Schedule 5.12, and all of the outstanding Equity Interests owned by the Loan Parties (or a Subsidiary of any Loan Party) in such Subsidiaries 

  
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have been validly issued and are fully paid and all Equity Interests owned by a Loan Party in such material Subsidiaries are owned free and clear of all Liens except (i) those created under
the Collateral Documents and (ii) any Lien that is permitted under Section 7.01. As of the Closing Date, Schedules 1(a) and 10 to the Perfection Certificate (a) set forth the name and jurisdiction of each Domestic Subsidiary that is a
Loan Party and (b) set forth the ownership interest of the Borrower and any other Guarantor in each Subsidiary, including the percentage of such ownership. 

SECTION 5.13 Margin Regulations; Investment Company Act. 

(a) The Borrower is not engaged nor will it engage, principally or as one of its important activities, in the business of purchasing or
carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any Borrowings will be used for any purpose that violates Regulation U of the Board of Governors of the United States Federal
Reserve System. 
 (b) None of the Borrower, any Person Controlling the Borrower, or any of its Subsidiaries is or is required to be
registered as an “investment company” under the Investment Company Act of 1940. 
 SECTION 5.14 Disclosure. 

No report, financial statement, certificate or other written information furnished by or on behalf of any Loan Party (other than projected
financial information, pro forma financial information and information of a general economic or industry nature) to any Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered
hereunder or under any other Loan Document (as modified or supplemented by other information so furnished), when taken as a whole, contains any untrue statement of a material fact or omits to state any material fact necessary to make the statements
therein (when taken as a whole), in the light of the circumstances under which they were made, not materially misleading. With respect to projected financial information and pro forma financial information, the Borrower represents that such
information was prepared in good faith based upon assumptions believed to be reasonable at the time of preparation; it being understood that such projections may vary from actual results and that such variances may be material. 

SECTION 5.15 Labor Matters. 

Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect as of the Closing Date (a) there are no
strikes or other labor disputes against the Borrower or any of its Subsidiaries pending or, to the knowledge of the Borrower, threatened, (b) hours worked by and payment made to employees of the Borrower or any of its Subsidiaries have not been
in violation of the Fair Labor Standards Act or any other applicable Laws, (c) the Borrower and the other Loan Parties have complied with all applicable labor laws including work authorization and immigration and (d) all payments due from
the Borrower or any of its Subsidiaries on account of employee health and welfare insurance have been paid or accrued as a liability on the books of the relevant party. 

SECTION 5.16 [reserved]. 

SECTION 5.17 Intellectual Property; Licenses, Etc. 

  
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 The Borrower and its Subsidiaries own, or validly license or possess the right to use all of the
trademarks, service marks, trade names, domain names, copyrights, patents, patent rights, licenses, technology, software, know-how, trade secrets, database rights, design rights and other intellectual property
or similar proprietary rights throughout the world (collectively, “IP Rights”) that are necessary for or used in the operation of their respective businesses as currently conducted, and such IP Rights do not conflict with the rights
of any Person, except to the extent such failure to own, license or possess or such conflicts, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. The business of any Loan Party or any of
their Subsidiaries as currently conducted does not infringe upon, misappropriate or otherwise violate any IP Rights held by any Person except for such infringements, misappropriations and violations, individually or in the aggregate, which could not
reasonably be expected to have a Material Adverse Effect. No claim or litigation regarding any of the IP Rights, is filed and presently pending or, to the knowledge of the Borrower, presently threatened against any Loan Party or any of its
Subsidiaries, which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 All
registrations listed in Schedule 9 to the Perfection Certificate are valid and subsisting, except, in each case, to the extent failure of such registrations to be valid and subsisting could not reasonably be expected, individually or in the
aggregate, to have a Material Adverse Effect. 
 SECTION 5.18 Solvency. 

On the Closing Date, after giving effect to the Acquisition, the Borrower and its Subsidiaries, on a consolidated basis, are Solvent. 

SECTION 5.19 Subordination of Junior Financing; First Lien Obligations. 

The Obligations are “Senior Debt,” “Senior Indebtedness,” “Guarantor Senior Debt” or “Senior Secured
Financing” (or any comparable term) under, and as defined in, any Junior Financing Documentation. 
 SECTION 5.20 Sanctions;
Anti-Corruption; USA PATRIOT Act. 
 (a) Borrower and each of its Subsidiaries is in compliance, in all material respects, with (i) all
applicable Sanctions, (ii) the FCPA and all other applicable anti-corruption laws (“Anti-Corruption Laws”) and (iii) as applicable, the USA PATRIOT Act. Borrower and its Subsidiaries have implemented and maintain in effect
policies and procedures reasonably designed to promote and achieve compliance by Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 

(b) None of Borrower or any of its Subsidiaries or, to the knowledge of the Borrower and the other Loan Parties, any director, officer,
employee, agent or controlled affiliate of Borrower or any Subsidiary is currently the subject of any Sanctions, nor is Borrower or any of its Subsidiaries located, organized or resident in any country or territory that is the subject of Sanctions.

 (c) No part of the proceeds of the Loans will be used, directly or indirectly, by the Borrower (i) in violation of any
Anti-Corruption Laws or (ii) for the purpose of financing any activities or business of or with any Person, or in any country or territory, that, at the time of such financing, is the subject of any Sanctions. 

  
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 SECTION 5.21 Security Documents. 

(a) Valid Liens. Each Collateral Document delivered pursuant to Section 4.01 and Sections 6.11, 6.13 and 6.15 will, upon execution
and delivery thereof, be effective to create in favor of the Collateral Agent for the benefit of the Secured Parties, legal, valid and enforceable Liens on, and security interests in, the Collateral described therein to the extent intended to be
created thereby and (i) when financing statements and other filings in appropriate form are filed in the offices specified on Schedule 5 to the Perfection Certificate and (ii) upon the taking of possession or control by the Collateral
Agent of such Collateral with respect to which a security interest may be perfected only by possession or control (which possession or control shall be given to the Collateral Agent to the extent possession or control by the Collateral Agent is
required by the Security Agreement), the Liens created by the Collateral Documents shall constitute fully perfected Liens on, and security interests in (to the extent intended to be created thereby), all right, title and interest of the grantors in
such Collateral to the extent perfection can be obtained by filing financing statements, in each case subject to no Liens other than Liens permitted hereunder. 

(b) PTO Filing; Copyright Office Filing. When the Intellectual Property Security Agreements are properly filed in the United States
Patent and Trademark Office and the United States Copyright Office, as applicable, to the extent such filings may perfect such interests, the Liens created by the Security Agreement shall constitute fully perfected Liens on, and security interests
in, all right, title and interest of the grantors thereunder in Patents and Trademarks (each as defined in the Security Agreement) registered or applied for with the United States Patent and Trademark Office, Copyrights (as defined in the Security
Agreement) registered or applied for with the United States Copyright Office and exclusive licenses to Copyrights registered with the United States Copyright Office, as the case may be, in each case subject to no Liens other than Liens permitted
hereunder (it being understood that subsequent recordings in the United States Patent and Trademark Office and the United States Copyright Office may be necessary to establish a Lien on registered or applied for Patents, Trademarks and Copyrights,
and exclusive licenses to registered Copyrights, acquired by the grantors thereof after the Closing Date). 
 (c) Mortgages. Upon
recording thereof in the appropriate recording office, each Mortgage is effective to create, in favor of the Collateral Agent, for its benefit and the benefit of the Secured Parties, legal, valid and enforceable perfected Liens on, and security
interest in, all of the Loan Parties’ right, title and interest in and to the Material Real Property thereunder and the proceeds thereof, subject only to Liens permitted hereunder, and when the Mortgages are filed in the offices specified on
Schedule 5 to the Perfection Certificate dated the Closing Date (or, in the case of any Mortgage executed and delivered after the date thereof in accordance with the provisions of Sections 6.11 and 6.13, when such Mortgage is filed in the offices
specified in the local counsel opinion delivered with respect thereto in accordance with the provisions of Sections 6.11 and 6.13), the Mortgages shall constitute fully perfected Liens on, and security interests in, all right, title and interest of
the Loan Parties in the Material Real Properties and the proceeds thereof, in each case prior and superior in right to any other Person, other than Liens permitted by hereunder. 

Notwithstanding anything herein (including this Section 5.21) or in any other Loan Document to the contrary, neither the Borrower nor any
other Loan Party makes any representation or warranty as to (A) the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest in any Equity
Interests of any Foreign Subsidiary, or as to the rights and remedies of the Agents or any Lender with respect thereto, under foreign Law or (B) the pledge or creation of any security interest, or the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest to the extent such pledge, security interest, perfection or priority is not required pursuant to the Collateral and Guarantee
Requirement. 

  
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 ARTICLE VI 

Affirmative Covenants 
 So long as
any Lender shall have any Commitment hereunder, any Loan or other Obligation (other than obligations under Treasury Services Agreements or obligations under Secured Hedge Agreements) hereunder which is accrued and payable shall remain unpaid or
unsatisfied, then from and after the Closing Date, the Borrower shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02 and 6.03) cause each of its Subsidiaries to: 

SECTION 6.01 Financial Statements and Budget. 

(a) Deliver to the Administrative Agent for prompt further distribution to each Lender, within 90 days after the end of each fiscal year (or
120 days for the first fiscal year ending after the Closing Date), a consolidated balance sheet of Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, stockholders’
equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of
BDO USA, LLP, or any other independent registered public accounting firm of nationally recognized standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any
“going concern” or like qualification or exception or any qualification or exception as to the scope of such audit; 
 (b) Deliver
to the Administrative Agent for prompt further distribution to each Lender, within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower (or 60 days for the first three fiscal quarters ending after the
Closing Date), a consolidated balance sheet of Borrower and its Subsidiaries as at the end of such fiscal quarter and the related consolidated statements of income or operations for such fiscal quarter and the portion of the fiscal year then ended,
setting forth in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, and statements of stockholders’ equity for the current fiscal quarter and
consolidated statement of cash flows for the portion of the fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding portion of the previous fiscal year, all in reasonable detail and certified by a
Responsible Officer of the Borrower as fairly presenting in all material respects the financial condition, results of operations, stockholders’ equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to
normal year-end audit adjustments and the absence of footnotes; and 
 (c) As soon as available, and
in any event within fifteen (15) days prior to (and no later than) the commencement of any Fiscal Year, an annual budget for the Borrower and its Subsidiaries for such Fiscal Year, prepared on a quarterly basis, including a reasonable estimate
of the management fees and expenses expected to be incurred during such period. Each such annual budget for the Borrower and its Subsidiaries shall include, for the following year, estimated income and cash flow, projected usage of the Revolving
Credit Commitments, and an explanation of the assumptions on which such forecasts are based. The annual budget shall be accompanied by a certificate of the Loan Parties certifying that such annual budget is based upon the Borrower’s good faith
reasonable estimates. 

  
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 Notwithstanding the foregoing, the obligations in paragraphs (a) and (b) of this
Section 6.01 may be satisfied with respect to financial information of Borrower and the Subsidiaries by furnishing (A) the applicable financial statements of Borrower or (B) Borrower’s Form
10-K or 10-Q, as applicable, filed with the SEC within the time periods provided above; provided that, to the extent such information is in lieu of information
required to be provided under Section 6.01(a), such materials are accompanied by a report and opinion of BDO USA, LLP, or any other independent registered public accounting firm of nationally recognized standing, which report and opinion shall
be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit. 

Documents required to be delivered pursuant to Section 6.01 and Sections 6.02(b) and (c) may be delivered electronically and if so
delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the website on the Internet at the Borrower’s website address listed on Schedule 10.02; or
(ii) on which such documents are posted on the Borrower’s behalf on IntraLinks/IntraAgency or another relevant website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or
whether sponsored by the Administrative Agent); provided that: (i) upon written request by the Administrative Agent, the Borrower shall deliver paper copies of such documents to the Administrative Agent for further distribution to each
Lender until a written request to cease delivering paper copies is given by the Administrative Agent; and (ii) the Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent of the posting of any such
documents and, in the case of documents required to be delivered pursuant to Section 6.01, provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding anything
contained herein, in every instance the Borrower shall be required to provide paper copies of the Compliance Certificates required by Section 6.02(a) to the Administrative Agent; provided, however, that if such Compliance
Certificate is first delivered by electronic means, the date of such delivery by electronic means shall constitute the date of delivery for purposes of compliance with Section 6.02(a). Each Lender shall be solely responsible for timely
accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents. 

SECTION 6.02 Certificates; Other Information. 

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

(a) no later than five (5) days after the delivery of the financial statements referred to in Sections 6.01(a) and (b), a duly completed
Compliance Certificate signed by a Responsible Officer of the Borrower; 
 (b) promptly after the same are publicly available, copies of all
annual, regular, periodic and special reports and registration statements which the Borrower or any Subsidiary files with the SEC or with any Governmental Authority that may be substituted therefor (other than amendments to any registration
statement (to the extent such registration statement, in the form it became effective, is delivered), exhibits to any registration statement and, if applicable, any registration statement on Form S-8) and in
any case not otherwise required to be delivered to the Administrative Agent pursuant hereto; provided that notwithstanding the foregoing, the obligations in this Section 6.02(b) may be satisfied as long as such filing is publicly available on
the SEC’s EDGAR website; 

  
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 (c) promptly after the furnishing thereof, copies of any material requests or material notices
received by any Loan Party (other than in the ordinary course of business) or material statements or material reports furnished to any holder of debt securities (other than in connection with any board observer rights) of any Loan Party or of any of
its Subsidiaries pursuant to the terms of any Junior Financing Documentation and, in each case, any Permitted Refinancing thereof, in a principal amount in excess of the Threshold Amount and not otherwise required to be furnished to the Lenders
pursuant to any other clause of this Section 6.02; 
 (d) together with the delivery of each Compliance Certificate pursuant to
Section 6.02(a), (i) in the case of annual Compliance Certificates only, a report setting forth the information required by sections describing the legal name and the jurisdiction of formation of each Loan Party and the location of the chief
executive office of each Loan Party set forth in the Perfection Certificate or confirming that there has been no change in such information since the later of the Closing Date or the date of the last such report, (ii) a description of each
event, condition or circumstance during the last fiscal quarter covered by such Compliance Certificate requiring a mandatory prepayment under Section 2.05(b) and (iii) a list of each Subsidiary of the Borrower that identifies each
Subsidiary as a Subsidiary or an Excluded Subsidiary as of the date of delivery of such Compliance Certificate or confirmation that there has been no change in such information since the later of the Closing Date or the date of the last such list;
and 
 (e) promptly, such additional information regarding the business, legal, financial or corporate affairs of the Loan Parties or any of
their respective Subsidiaries, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender through the Administrative Agent may from time to time reasonably request. 

The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Lead Arrangers will make available to the Lenders materials
and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and
(b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Borrower or its securities) (each, a
“Public Lender”). The Borrower hereby agrees to make all Borrower Materials that the Borrower intends to be made available to Public Lenders clearly and conspicuously designated as “PUBLIC.” By designating Borrower
Materials as “PUBLIC”, the Borrower authorizes such Borrower Materials to be made available to a portion of the Platform designated “Public Investor,” which is intended to contain only information that is either publicly
available or not material information (though it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United States federal and state securities laws. Notwithstanding the foregoing, the Borrower shall not
be under any obligation to mark any Borrower Materials “PUBLIC.” The Borrower agrees that (i) any Loan Documents, (ii) any financial statements delivered pursuant to Section 6.01 and (iii) any Compliance Certificates
delivered pursuant to Section 6.02(a) will be deemed to be “public-side” Borrower Materials and may be made available to Public Lenders. 

Each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the
“Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in 

  
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accordance with such Public Lender’s compliance procedures and applicable law, including United States federal and state securities laws, to make reference to communications that are not
made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes of United
States federal or state securities laws. 
 SECTION 6.03 Notices. 

Promptly after a Responsible Officer of the Borrower or any Subsidiary (other than an Excluded Subsidiary, except to the extent knowledge is
obtained by Borrower or a wholly owned Subsidiary) has obtained knowledge thereof, notify the Administrative Agent: 
 (a) of the occurrence
of any Default; 
 (b) of any matter that has resulted or would reasonably be expected to result in a Material Adverse Effect; and 

(c) of the filing or commencement of any action, suit, litigation or proceeding, whether at law or in equity by or before any Governmental
Authority, (i) against the Borrower or any of its Subsidiaries thereof that would reasonably be expected to result in a Material Adverse Effect or (ii) with respect to any Loan Document. 

Each notice pursuant to this Section 6.03 shall be accompanied by a written statement of a Responsible Officer of the Borrower
(x) that such notice is being delivered pursuant to Sections 6.03(a), (b) or (c) (as applicable) and (y) setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take
with respect thereto. 
 SECTION 6.04 Payment of Obligations. 

Pay, discharge or otherwise satisfy as the same shall become due and payable in the normal conduct of its business, all its obligations and
liabilities in respect of Taxes imposed upon it or upon its income or profits or in respect of its property, except, in each case, (i) to the extent any such Tax is being contested in good faith and by appropriate proceedings for which
appropriate reserves have been established in accordance with GAAP or (ii) if such failure to pay or discharge such obligations and liabilities would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect. 
 SECTION 6.05 Preservation of Existence, Etc. 

(a) Preserve, renew and maintain in full force and effect its legal existence under the Laws of the jurisdiction of its organization except in
a transaction permitted by Sections 7.04 or 7.05 and (b) take all reasonable action to maintain all rights, privileges (including its good standing where applicable in the relevant jurisdiction), permits, licenses and franchises necessary or
desirable in the normal conduct of its business, except, in the case of (a) (other than with respect to the Borrower) or (b), (i) to the extent that failure to do so would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect or (ii) pursuant to a transaction permitted by Article VII. 

  
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 SECTION 6.06 Maintenance of Properties. 

Except if the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, maintain,
preserve and protect all of its material tangible or intangible properties (including IP rights) and equipment necessary in the operation of its business in good working order, repair and condition, ordinary wear and tear excepted and fire, casualty
or condemnation excepted. 
 SECTION 6.07 Maintenance of Insurance. 

(a) Generally. Maintain with financially sound and reputable insurance companies, insurance with respect to its properties and business
against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts (after giving effect to any self-insurance reasonable and customary for similarly situated Persons
engaged in the same or similar businesses as the Borrower and the Subsidiaries) as are customarily carried under similar circumstances by such other Persons. 

(b) Requirements of Insurance. All such insurance shall, to the extent permitted by the issuers of such insurance, (i) provide that
no cancellation, material reduction in amount or material change in coverage thereof shall be effective until at least 10 days (or, to the extent reasonably available, 30 days) after receipt by the Collateral Agent of written notice thereof (the
Borrower shall deliver a copy of the policy (and to the extent any such policy is cancelled or renewed, a renewal or replacement policy) or other evidence thereof to the Administrative Agent and the Collateral Agent, or insurance certificate with
respect thereto) and (ii) name the Collateral Agent as mortgagee (in the case of property insurance) or additional insured on behalf of the Secured Parties (in the case of liability insurance) or loss payee (in the case of property insurance)
(it being understood that, absent an Event of Default, any proceeds of any such property insurance shall be delivered by the insurer(s) to the Borrower or one of its Subsidiaries and applied in accordance with this Agreement), as applicable. 

(c) Flood Insurance. With respect to each Material Real Property, obtain flood insurance in such total amount as the Administrative
Agent or the Required Lenders may from time to time reasonably require, if at any time the area in which any material improvements located on any Material Real Property is designated a “flood hazard area” in any Flood Insurance Rate Map
published by the Federal Emergency Management Agency (or any successor agency), and otherwise comply with the Flood Insurance Laws. Following the Closing Date, the Borrower shall deliver to the Administrative Agent annual renewals of each flood
insurance policy or annual renewals of each force-placed flood insurance policy, as applicable. In connection with any amendment to this Agreement pursuant to which any increase, extension, or renewal of Loans is contemplated, the Borrower shall
cause to be delivered to the Administrative Agent for any Material Real Property, a completed “life of the loan” Federal Emergency Management Agency Standard Flood Hazard Determination (together with a notice about special flood hazard
area status and flood disaster assistance, which, if applicable, shall be duly executed by the applicable Loan Party relating to such Material Real Property), and evidence of flood insurance, as applicable. 

SECTION 6.08 Compliance with Laws. 

Comply with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except
if the failure to comply therewith could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

  
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 SECTION 6.09 Books and Records. 

Maintain proper books of record and account, in which entries that are full, true and correct in all material respects and are in conformity
with GAAP consistently applied and which reflect all material financial transactions and matters involving the assets and business of the Borrower or a Subsidiary, as the case may be (it being understood and agreed that certain Foreign Subsidiaries
maintain individual books and records in conformity with generally accepted accounting principles in their respective countries of organization and that such maintenance shall not constitute a breach of the representations, warranties or covenants
hereunder). 
 SECTION 6.10 Inspection Rights. 

Permit representatives and independent contractors of the Administrative Agent and each Lender to visit and inspect any of its properties, to
examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants (subject to such
accountants’ customary policies and procedures), all at the reasonable expense of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower;
provided that, excluding any such visits and inspections during the continuation of an Event of Default, only the Administrative Agent on behalf of the Lenders may exercise rights of the Administrative Agent and the Lenders under this
Section 6.10 and the Administrative Agent shall not exercise such rights more often than two times during any calendar year and only one (1) such time shall be at the Borrower’s expense; provided, further, that when an Event of
Default exists, the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable
advance notice. The Administrative Agent and the Lenders shall give the Borrower the opportunity to participate in any discussions with the Borrower’s independent public accountants. Notwithstanding anything to the contrary in this
Section 6.10, none of the Borrower nor any Subsidiary shall be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective
representatives or contractors) is prohibited by Law or (iii) is subject to attorney-client or similar privilege or constitutes attorney work-product. 

SECTION 6.11 Additional Collateral; Additional Guarantors. 

At the Borrower’s expense, take all action either necessary or as reasonably requested by the Administrative Agent or the Collateral Agent
to ensure that the Collateral and Guarantee Requirement continues to be satisfied, including: 
 (a) Upon (x) the formation or
acquisition of any new direct or indirect wholly owned Domestic Subsidiary (in each case, other than an Excluded Subsidiary) by the Borrower, (y) any Excluded Subsidiary ceasing to constitute an Excluded Subsidiary or (z) the designation
in accordance with Section 6.14 of an existing direct or indirect wholly owned Domestic Subsidiary (other than an Excluded Subsidiary) as a Subsidiary: 

  
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 (i) within sixty (60) days after such formation, acquisition, cessation or
designation, or such longer period as the Administrative Agent may agree in writing in its discretion: 
 (A) cause each such
Domestic Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement to duly execute and deliver to the Administrative Agent or the Collateral Agent (as appropriate) joinders to this Agreement as
Guarantors, Security Agreement Supplements, Intellectual Property Security Agreements, Mortgages, a counterpart of the Intercompany Note, each Intercreditor Agreement, if applicable, and other security agreements and documents (including, with
respect to Mortgages, the documents required under clause (d) of the definition of “Collateral And Guarantee Requirement”), as reasonably requested by and in form and substance reasonably satisfactory to the Administrative Agent
(consistent with the Security Agreement, Mortgages and other security agreements in effect on the Closing Date), in each case granting Liens required by the Collateral and Guarantee Requirement; 

(B) cause each such Domestic Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee
Requirement (and the parent of each such Domestic Subsidiary that is a Guarantor) to deliver any and all certificates representing Equity Interests (to the extent certificated) and intercompany notes (to the extent certificated) that are required to
be pledged pursuant to the Collateral and Guarantee Requirement, accompanied by undated stock powers or other appropriate instruments of transfer executed in blank; 

(C) take and cause such Subsidiary (and each direct or indirect parent of such Subsidiary) that is required to become a
Guarantor pursuant to the Collateral and Guarantee Requirement to take whatever action (including the recording of Mortgages, the filing of Uniform Commercial Code financing statements and Intellectual Property Security Agreements, and delivery of
stock and membership interest certificates) as may be necessary in the reasonable opinion of the Collateral Agent to vest in the Collateral Agent (or in any representative of the Collateral Agent designated by it) valid and perfected Liens to the
extent required by the Collateral and Guarantee Requirement, and to otherwise comply with the requirements of the Collateral and Guarantee Requirement; 

(ii) if reasonably requested by the Administrative Agent or the Collateral Agent, within sixty (60) days after such
request (or such longer period as the Administrative Agent may agree in writing in its discretion), deliver to the Administrative Agent a signed copy of an opinion, addressed to the Administrative Agent and the Lenders, of counsel for the Loan
Parties reasonably acceptable to the Administrative Agent as to such matters set forth in this Section 6.11(a) as the Administrative Agent may reasonably request; 

(iii) as promptly as practicable after the request therefor by the Administrative Agent or Collateral Agent, deliver to the
Collateral Agent with respect to each Material Real Property, any existing title reports, abstracts or environmental assessment reports, to the extent available and in the possession or control of the Loan Parties or their respective Subsidiaries;
provided, however, that there shall be no obligation to deliver to the Administrative Agent any existing environmental assessment report whose disclosure to the 

  
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Administrative Agent would require the consent of a Person other than the Loan Parties or one of their respective Subsidiaries, where, despite the commercially reasonable efforts of the Loan
Parties or their respective Subsidiaries to obtain such consent, such consent cannot be obtained; and 
 (iv) if reasonably
requested by the Administrative Agent or the Collateral Agent, within sixty (60) days after such request (or such longer period as the Administrative Agent may agree in writing in its discretion), deliver to the Collateral Agent any other items
necessary from time to time to satisfy the Collateral and Guarantee Requirement with respect to perfection and existence of security interests with respect to property of any Guarantor acquired after the Closing Date and subject to the Collateral
and Guarantee Requirement, but not specifically covered by the preceding clauses (i) or (ii). 
 (b) Not later than ninety
(90) days after the acquisition by any Loan Party of any Material Real Property (or such longer period as the Administrative Agent may agree in writing in its discretion), which property would not be automatically subject to another Lien
pursuant to pre-existing Collateral Documents, cause such property to be subject to a Lien and Mortgage in favor of the Collateral Agent for the benefit of the Secured Parties and take, or cause the relevant
Loan Party to take, such actions as shall be necessary or reasonably requested by the Administrative Agent to grant and perfect or record such Lien, in each case to the extent required by, and subject to the limitations and exceptions of, the
Collateral and Guarantee Requirement and to otherwise comply with the requirements of the Collateral and Guarantee Requirement. 
 SECTION
6.12 Compliance with Environmental Laws. 
 Except, in each case, to the extent that the failure to do so could not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect, comply, and take all commercially reasonable actions to cause all lessees and other Persons operating or occupying its properties to comply, with all applicable Environmental Laws
and Environmental Permits; obtain, maintain and renew all applicable Environmental Permits; and, in each case to the extent required by Environmental Laws, conduct any investigation, remedial or other corrective action necessary to remediate or
otherwise address Hazardous Materials at any property or facility in accordance with applicable Environmental Laws. 
 SECTION 6.13 Further
Assurances. 
 (a) Promptly upon reasonable request by the Administrative Agent (i) correct any material defect or error that may be
discovered in the execution, acknowledgment, filing or recordation of any Intercreditor Agreement or any Collateral Document or other document or instrument relating to any Collateral and (ii) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments
(including filings with the United States Patent and Trademark Office, the United States Copyright Office, or any foreign equivalents of the foregoing) as the Administrative Agent may reasonably request from time to time in order to carry out more
effectively the purposes of any Intercreditor Agreement or the Collateral Documents, to the extent required pursuant to the Collateral and Guarantee Requirement. If the Administrative Agent reasonably determines that it is required by applicable Law
to have appraisals prepared in respect of the Material Real Property, the Borrower shall provide to the Administrative Agent appraisals that satisfy the applicable requirements of the Real Estate Appraisal Reform Amendments of the Financial
Institutions Reform, Recovery and Enforcement Act of 1989, as amended. 

  
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 (b) [reserved]. 

(c) [reserved]. 
 (d) Once the
remaining outstanding principal amount of indebtedness under that certain Loan Agreement, dated as of January 15, 2015, by and among the borrowers party thereto (the “JV Borrowers”), the lenders party thereto and Pacific
Western Bank, as Agent thereunder (the “Existing JV Indebtedness”), is equal to or less than $11,000,000, the Borrower shall use its reasonable best efforts to cause the JV Borrowers to reduce the remaining outstanding balance of
such Existing JV Indebtedness to an amount equal to (or less than) the amount of cash or cash equivalents restricted as of the Closing Date in favor of the lenders under such Existing JV Indebtedness. 

(e) Once the remaining outstanding principal amount of indebtedness under the Existing JV Indebtedness is equal to or less than the amount of
cash or cash equivalents restricted as of the Closing Date in favor of the lenders under such Existing JV Indebtedness, the Borrower shall use its reasonable best efforts to cause either (A) such cash or cash equivalents to be applied in full
to the then-outstanding balance of the Existing JV Indebtedness or (B) the then-outstanding balance of the Existing JV Indebtedness to be otherwise repaid by the JV Borrowers in full. 

(f) Upon the repayment in full of the Existing JV Indebtedness, the Borrower shall (i) create a newly-formed domestic wholly-owned
Subsidiary, (ii) use reasonable best efforts to obtain consent to grant a first-priority pledge of 100% of the Equity Interests in such newly created Subsidiary to the Collateral Agent to secure the Obligations and (iii) transfer all
Equity Interests held by the Borrower and identified in Schedule 6.13(f) to such newly created Subsidiary. 
 (g) Notwithstanding any other
provision of this Agreement, each of the SeaTac Property, the Kalispell Property and the Spokane Property shall be excluded from any requirement contained in this Section 6.13, or otherwise in this Agreement, that the SeaTac Property, the
Kalispell Property and the Spokane Property be subjected to a mortgage in favor of the Collateral Agent. 
 SECTION 6.14 [reserved]. 

SECTION 6.15 Post-Closing Covenants. Except as otherwise agreed by the Administrative Agent in its sole discretion, the Borrower shall, and
shall cause each of the other Loan Parties to, deliver each of the documents, instruments and agreements and take each of the actions set forth on Schedule 6.15 within the time periods set forth therein (or such longer time periods as determined by
the Administrative Agent in its sole discretion). 

  
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 SECTION 6.16 Cash Collateral Account. 

The Borrower shall at all times maintain the Cash Collateral Account at a commercial bank specified by the Administrative Agent in the name of
the Administrative Agent and under the sole dominion and control of the Administrative Agent, and otherwise established and maintained in a manner reasonably satisfactory to the Administrative Agent. 

SECTION 6.17 JV Agreements. 
 The
Borrower and each Loan Party shall at all times exercise any and all voting rights in any non-wholly owned Subsidiary including, without limitation, any Non-Controlled
Subsidiary in a manner that (i) is not adverse to the interests of the Lenders or the Administrative Agent and (ii) preserves the value of the Guarantees and the Collateral. 

ARTICLE VII 
 Negative Covenants

 So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other than obligations under Treasury Services
Agreements or obligations under Secured Hedge Agreements) hereunder which is accrued and payable shall remain unpaid or unsatisfied, then from and after the Closing Date: 

SECTION 7.01 Liens. 
 Neither the
Borrower nor the Subsidiaries shall, directly or indirectly, create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following (and, in each case, only
to the extent created, incurred, assumed or suffered to existing in the ordinary course of business): 
 (a) Liens pursuant to any Loan
Document; 
 (b) Liens existing on the Closing Date and listed on Schedule 7.01(b) and any modifications, replacements, renewals,
refinancings or extensions thereof; provided that (i) any such Lien does not extend to any additional property other than (A) after-acquired property that is covered by such Lien or financed by Indebtedness permitted under
Section 7.03, and (B) proceeds and products thereof, and (ii) the replacement, renewal, extension or refinancing of the obligations secured or benefited by such Liens, to the extent constituting Indebtedness, is permitted by
Section 7.03; 
 (c) Liens for Taxes that are not overdue for a period of more than thirty (30) days from the original due date or
the due date established by any applicable extension, or that are being contested in good faith and by appropriate actions diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person to the
extent required in accordance with GAAP; 
 (d) statutory or common law Liens of landlords, sublandlords, carriers, warehousemen, mechanics,
materialmen, repairmen, construction contractors or other like Liens that secure amounts not overdue for a period of more than forty-five (45) days or if more than forty-five (45) days overdue, that are unfiled and no other action has been
taken to enforce such Lien or that are being contested in good faith and by appropriate actions diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person to the extent required in accordance
with GAAP; 

  
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 (e) (i) pledges or deposits in the ordinary course of business in connection with
workers’ compensation, unemployment insurance and other social security legislation and (ii) pledges and deposits in the ordinary course of business securing liability for reimbursement or indemnification obligations of (including
obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any of its Subsidiaries; 

(f) deposits to secure the performance of bids, trade contracts, governmental contracts and leases (other than Indebtedness for borrowed
money), statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including (i) those to secure health, safety and environmental obligations and (ii) letters of credit and bank
guarantees required or requested by any Governmental Authority in connection with any contract or Law) incurred in the ordinary course of business; 

(g) easements, rights-of-way, restrictions, encroachments,
protrusions and other similar encumbrances and minor title defects affecting Real Property that do not in the aggregate materially interfere with the ordinary conduct of the business of the Borrower or any of its Subsidiaries, taken as a whole; 

(h) Liens securing judgments for the payment of money not constituting an Event of Default under Section 8.01(h); 

(i) leases, non-exclusive licenses, subleases or non-exclusive
sublicenses granted to others in the ordinary course of business which do not (i) interfere in any material respect with the business of the Borrower and its Subsidiaries, taken as a whole or (ii) secure any Indebtedness; 

(j) Liens (i) in favor of customs and revenue authorities arising as a matter of Law to secure payment of customs duties in connection
with the importation of goods in the ordinary course of business and (ii) Liens on specific items of inventory or other goods and proceeds thereof of any Person securing such Person’s obligations in respect of bankers’ acceptances or
letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods in the ordinary course of business; 

(k) Liens (i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code
on items in the course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business and (iii) in favor of a banking or other financial institution arising
as a matter of Law or under customary general terms and conditions encumbering deposits or other funds maintained with a financial institution (including the right of set-off) and that are within the general
parameters customary in the banking industry or arising pursuant to such banking institution’s general terms and conditions; 
 (l)
Liens (i) on cash advances in favor of the seller of any property to be acquired in an Investment permitted pursuant to Sections 7.02(i) and (n) or, to the extent related to any of the foregoing, Section 7.02(r) to be applied against
the purchase price for such Investment, or (ii) consisting of an agreement to Dispose of any property in a Disposition permitted under Section 7.05, in each case, solely if such Investment or Disposition, as the case may be, would have
been permitted on the date of the creation of such Lien; 

  
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 (m) Liens (i) in favor of the Borrower or a Subsidiary on assets of a Subsidiary that is not
a Loan Party securing permitted intercompany Indebtedness and (ii) in favor of the Borrower or any Guarantor; 
 (n) any interest or
title of a lessor, sublessor, licensor or sublicensor under leases, subleases, non-exclusive licenses or non-exclusive sublicenses entered into by the Borrower or any of
its Subsidiaries in the ordinary course of business; 
 (o) Liens arising out of conditional sale, title retention, consignment or similar
arrangements for sale of goods entered into by the Borrower or any of its Subsidiaries in the ordinary course of business; 
 (p) [reserved];

 (q) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts
or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes; 
 (r) Liens that are contractual
rights of set-off or rights of pledge (i) relating to the establishment of depository relations with banks not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit
or sweep accounts of the Borrower or any of its Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower or any of its Subsidiaries or (iii) relating to purchase orders
and other agreements entered into with customers of the Borrower or any of its Subsidiaries in the ordinary course of business; 
 (s) Liens
solely on any cash earnest money deposits made by the Borrower or any of its Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder; 

(t) ground leases in respect of Real Property existing on the Closing Date on which facilities owned or leased by the Borrower or any of its
Subsidiaries are located; 
 (u) Liens to secure Indebtedness permitted under Section 7.03(e); provided that (i) such Liens
are created within 365 days of the acquisition, construction, repair, lease or improvement of the property subject to such Liens, (ii) such Liens do not at any time encumber property (except for replacements, additions and accessions to such
property) other than the property financed by such Indebtedness and the proceeds and products thereof and customary security deposits and (iii) with respect to Capitalized Leases, such Liens do not at any time extend to or cover any assets
(except for replacements, additions and accessions to such assets) other than the assets subject to such Capitalized Leases and the proceeds and products thereof and customary security deposits; provided that individual financings of
equipment provided by one lender may be cross collateralized to other financings of equipment provided by such lender; 
 (v) [reserved];

 (w) Liens existing on property at the time of its acquisition or existing on the property of any Person at the time such Person becomes a
Subsidiary (other than by designation as a Subsidiary pursuant to Section 6.14), in each case after the Closing Date (other than Liens on the Equity Interests of any Person that becomes a Subsidiary); provided that (i) such Lien was
not created in 

  
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contemplation of such acquisition or such Person becoming a Subsidiary, (ii) such Lien does not extend to or cover any other assets or property (other than the proceeds or products thereof
and other than after-acquired property subjected to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms at such
time, a pledge of after-acquired property, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition), and (iii) the Indebtedness secured
thereby is permitted under Section 7.03(g); 
 (x) (i) zoning, building, entitlement and other land use regulations by Governmental
Authorities with which the normal operation of the business complies, and (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property that does not materially
interfere with the ordinary conduct of the business of the Borrower and its Subsidiaries, taken as a whole; 
 (y) Liens arising from
precautionary Uniform Commercial Code financing statement or similar filings; 
 (z) Liens on insurance policies and the proceeds thereof
securing the financing of the premiums with respect thereto; 
 (aa) the modification, replacement, renewal or extension of any Lien
permitted by clauses (u) and (w) of this Section 7.01; provided that (i) the Lien does not extend to any additional property, other than (A) after-acquired property that is covered by such Lien and (B) proceeds and
products thereof, and (ii) the renewal, extension or refinancing of the obligations secured or benefited by such Liens is permitted by Section 7.03 (to the extent constituting Indebtedness); 

(bb) [reserved]; 
 (cc)
[reserved]; 
 (dd) [reserved]; 

(ee) Liens on specific items of inventory or other goods and the proceeds thereof securing such Person’s obligations in respect of
documentary letters of credit or banker’s acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or goods; 

(ff) deposits of cash with the owner or lessor of premises leased and operated by the Borrower or any of its Subsidiaries to secure the
performance of the Borrower’s or such Subsidiary’s obligations under the terms of the lease for such premises; 
 (gg) other Liens
with respect to property or assets of the Borrower or any of its Subsidiaries securing obligations in an aggregate principal amount outstanding at any time not to exceed $5,000,000; and 

(hh) Liens with respect to property or assets of the Borrower and its Subsidiaries (including accounts receivable or other revenue streams and
other rights to payment and any other assets related thereto) in connection with a property manager’s obligations in respect of timeshare collection accounts, operating accounts and reserve accounts. 

  
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 Notwithstanding the foregoing, no consensual Liens shall exist on Equity Interests that
constitute Collateral other than pursuant to clause (a) above. 
 SECTION 7.02 Investments. 

Neither the Borrower nor the Subsidiaries shall directly or indirectly, make any Investments, except (in each case, only to the extent made in
the ordinary course of business): 
 (a) Investments by the Borrower or any of its Subsidiaries in assets that were Cash Equivalents when
such Investment was made; 
 (b) [reserved]; 

(c) Investments by the Borrower or any of its Subsidiaries in the Borrower or any of its Subsidiaries or any Person that will, upon such
Investment become a Subsidiary; provided that the aggregate amount of Investments made by Loan Parties in Persons that are not or do not become Loan Parties (except if such Investments are part of a series of substantially concurrent
transactions that result in the proceeds of such Investments ultimately being invested in (or distributed to) Loan Parties), in the aggregate with any Investments made pursuant to Section 7.02(i)(v), shall not exceed at any time outstanding
5.0% of Total Assets; provided further that any Investment made by any Person that is not a Loan Party in any Loan Party pursuant to this clause (c) shall be subordinated in right of payment to the Loans; 

(d) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade
credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of business; 

(e) Investments (excluding loans and advances made in lieu of Restricted Payments pursuant to and limited by Section 7.02(m) below)
consisting of transactions permitted under Sections 7.01, 7.03 (other than 7.03(c) and (d)), 7.04 (other than 7.04(c), (d) and (e)), 7.05 (other than 7.05(d)(ii) or 7.05(e)), 7.06 (other than 7.06(e) and (i)(iv)) and 7.13, respectively; 

(f) Investments (i) existing or contemplated on the Closing Date and set forth on Schedule 7.02(f) and any modification, replacement,
renewal, reinvestment or extension thereof and (ii) existing on the Closing Date by the Borrower or any Subsidiary in the Borrower or any other Subsidiary and any modification, renewal or extension thereof; provided that the amount of
the original Investment is not increased except by the terms of such Investment as of the Closing Date or as otherwise permitted by this Section 7.02; 

(g) Investments in Swap Contracts permitted under Section 7.03; 

(h) promissory notes and other non-cash consideration received in connection with Dispositions
permitted by Section 7.05; 

  
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 (i) any acquisition of one or more assets of a Person, or any Equity Interests in a Person that
becomes a Subsidiary or a division or line of business of a Person (or any subsequent Investment made in a Person, division or line of business previously acquired in a Permitted Acquisition), in a single transaction or series of related
transactions, if immediately after giving effect thereto: (i) no Default or Event of Default has occurred and is continuing, (ii) the Borrower and the Subsidiaries shall be in Pro Forma Compliance with the covenants set forth in
Section 7.11 after giving effect to such acquisition or Investment and any related transactions; (iii) any acquired or newly formed Subsidiary shall not be liable for any Indebtedness except for Indebtedness otherwise permitted by
Section 7.03; (iv) to the extent required by the Collateral and Guarantee Requirement, (A) the property, assets and businesses acquired in such purchase or other acquisition shall constitute Collateral and (B) any such newly created
or acquired Subsidiary (other than an Excluded Subsidiary) shall become a Guarantor, in each case, in accordance with Section 6.11, and (v) the aggregate amount of Investments made by Loan Parties in Persons that do not become Loan Parties
or of assets that do not constitute Collateral, in the aggregate with any Investments made pursuant to the first proviso to Section 7.02(c), shall not exceed at any time outstanding 5.0% of Total Assets (any such acquisition, a
“Permitted Acquisition”); 
 (j) [reserved]; 

(k) Investments in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit and UCC Article 4
customary trade arrangements with customers consistent with past practices; 
 (l) Investments (including debt obligations and Equity
Interests) received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary course of business or upon the
foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment; 
 (m) loans and
advances to the Borrower, and not in excess of the amount of (after giving effect to any other loans, advances or Restricted Payments in respect thereof) Restricted Payments, to the extent permitted to be made to such parent in accordance with
Sections 7.06(g) or (h); 
 (n) other Investments (including for Permitted Acquisitions pursuant to Section 7.02(i)(iv)) in an aggregate
amount outstanding pursuant to this clause (n) (valued at the time of the making thereof, and without giving effect to any write downs or write offs thereof) at any time not to exceed $5,000,000 (net of any return in respect thereof, including
dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts); 
 (o) advances of
payroll payments to employees in the ordinary course of business; 
 (p) Investments to the extent that payment for such Investments is made
solely with Equity Interests (other than Disqualified Equity Interests) of the Borrower; 
 (q) Investments of a Subsidiary acquired after
the Closing Date or of a Person merged or amalgamated or consolidated into the Borrower or merged, amalgamated or consolidated with a Subsidiary in accordance with Section 7.04 after the Closing Date to the extent that such Investments were not
made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger or consolidation; 

  
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 (r) Investments made by any Subsidiary that is not a Loan Party to the extent such Investments
are financed with the proceeds received by such Subsidiary from an Investment in such Subsidiary contemplated pursuant to Section 7.02;(i)(v) or permitted under Section 7.02(n); 

(s) Investments constituting the non-cash portion of consideration received in a Disposition permitted
by Section 7.05; 
 (t) Guarantees by the Borrower or any of its Subsidiaries of leases (other than Capitalized Leases) or of other
obligations that do not constitute Indebtedness, in each case entered into in the ordinary course of business; 
 (u) Investments of the
Borrower in the Franchisee Incentive Finance Program; provided that, the aggregate amount of Investments by the Borrower in the Franchisee Incentive Finance Program made at any time following the Closing Date and prior to the Maturity Date,
taken together with all Investments made pursuant to Section 7.02(v) below, shall not exceed $15,000,000; provided, further, that following the satisfaction in full of all Obligations attributable to the Term Loans, the Borrower
may make additional Investments in the Franchisee Incentive Finance Program equal to 35% of Consolidated EBITDA for the period from the first day of the first full fiscal quarter following the Closing Date to the end of the fiscal quarter of the
Borrower most recently ended at the time of such Investment; provided, further, that the aggregate amount of all Investments made pursuant to this Section 7.02(u) following the satisfaction in full of all Obligations attributable to the
Term Loans, taken together with all other Investments made pursuant to this Section 7.02(u) since the Closing Date and all Investments made pursuant to Section 7.02(v) below, shall not exceed $50,000,000; 

(v) Investments by the Borrower or any of its Subsidiaries in any one or more Persons signing with the Borrower or any Subsidiary either a new
franchise agreement or new management agreement in connection with a change of brand of the hotel property owned or operated by any such Person to a brand owned by the Borrower or any Subsidiary, or a change in management of a hotel property owned
or operated by any such Person to the Borrower or any Subsidiary as manager; provided that (i) the maximum percentage Equity Interest that the Borrower or any Subsidiary may receive in any single Person for an Investment made in that
Person pursuant to this clause (v) shall not exceed twenty percent (20%) of all Equity Interests in such Person, and (ii) the aggregate amount of Investments made pursuant to this clause (v) at any time following the Closing Date and
prior to the Maturity Date, taken together with all Investments made pursuant to Section 7.02(u) above, shall not exceed $15,000,000; provided, further, that following the satisfaction in full of all Obligations attributable to the Term
Loans, the Borrower may make additional Investments pursuant to this Section 7.02(v)(ii) equal to 35% of Consolidated EBITDA for the period from the first day of the first full fiscal quarter following the Closing Date to the end of the fiscal
quarter of the Borrower most recently ended at the time of such Investment; provided, further, that the aggregate amount of all Investments made pursuant to this Section 7.02(v)(ii) following the satisfaction in full of all Obligations
attributable to the Term Loans, taken together with all other Investments made pursuant to this Section 7.02(v) since the Closing Date and all Investments made pursuant to Section 7.02(u) above, shall not exceed $50,000,000; 

(w) [reserved]; 
 (x) [reserved];
and 

  
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 (y) Investments existing on the Closing Date in joint ventures of the Borrower or any of its
Subsidiaries. 
 SECTION 7.03 Indebtedness. 

Neither the Borrower nor any of the Subsidiaries shall directly or indirectly, create, incur, assume or suffer to exist any Indebtedness,
except (in each case, only to the extent created, incurred, assumed or suffered to existing in the ordinary course of business): 
 (a)
Indebtedness of any Loan Party under the Loan Documents; 
 (b) (i) Indebtedness outstanding on the Closing Date and listed on Schedule
7.03(b) and any Permitted Refinancing thereof and (ii) Indebtedness owed to the Borrower or any Subsidiary outstanding on the Closing Date and any refinancing thereof with Indebtedness owed to the Borrower or any Subsidiary in a principal
amount that does not exceed the principal amount (or accreted value, if applicable) of the intercompany Indebtedness so refinanced; provided that (x) any amount owed by a Subsidiary that is not a Loan Party to a Loan Party shall be evidenced by
an Intercompany Note and (y) all such Indebtedness of any Loan Party owed to any Person or Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Obligations pursuant to an Intercompany Note; 

(c) Guarantees by the Borrower and any Subsidiary in respect of Indebtedness of the Borrower or any Subsidiary of the Borrower otherwise
permitted hereunder; provided that (i) a Subsidiary that is not a Loan Party cannot, but virtue of this Section 7.03(c), guarantee Indebtedness that such Subsidiary could not otherwise incur under this Section 7.03 and
(ii) the aggregate principal amount of Indebtedness of non-Loan Parties that is guaranteed by any Loan Party pursuant to this Section 7.03(c) shall not exceed $6,000,000 at any time outstanding;
provided, further that (A) no Guarantee of any Indebtedness constituting Junior Financing shall be permitted unless such guaranteeing party shall have also provided a Guarantee of the Obligations on the terms set forth herein and
(B) if the Indebtedness being Guaranteed is subordinated to the Obligations, such Guarantee shall be subordinated to the Guarantee of the Obligations on terms at least as favorable to the Lenders as those contained in the subordination of such
Indebtedness; 
 (d) Indebtedness of the Borrower or any Subsidiary owing to the Borrower or any Subsidiary (or issued or transferred to any
direct or indirect parent of a Loan Party which is substantially contemporaneously transferred to a Loan Party or any Subsidiary of a Loan Party) to the extent constituting an Investment permitted by Section 7.02; provided that all such
Indebtedness of any Loan Party owed to any Person or Subsidiary that is not a Loan Party shall be evidenced by an Intercompany Note and any such Indebtedness owing to a Subsidiary that is not a Loan Party is subordinated in right of payment to the
Loans (for the avoidance of doubt, any such Indebtedness owing to a Subsidiary that is not a Loan Party shall be deemed to be expressly subordinated in right of payment to the Loans unless the terms of such Indebtedness expressly provide otherwise);

 (e) (i) Attributable Indebtedness and other Indebtedness (including Capitalized Leases) financing an acquisition, construction,
repair, replacement, lease or improvement of a fixed or capital asset incurred by the Borrower or any Subsidiary prior to or within 365 days after the acquisition, construction, repair, replacement, lease or improvement of the applicable asset in an
aggregate amount not to exceed $2,500,000 at any time outstanding and (ii) any Permitted Refinancing of any of the foregoing; 

  
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 (f) Indebtedness in respect of Swap Contracts designed to hedge against the Borrower’s or
any Subsidiary’s exposure to interest rates, foreign exchange rates or commodities pricing risks incurred in the ordinary course of business and not for speculative purposes; 

(g) Indebtedness of the Borrower or any Subsidiary assumed in connection with any Permitted Acquisition so long as such Indebtedness is
not incurred in contemplation of such Permitted Acquisition, and any Permitted Refinancing thereof; provided that after giving pro forma effect to such Permitted Acquisition and the assumption of such Indebtedness, (i) the aggregate
amount of such Indebtedness does not exceed $10,000,000 at any time outstanding and (ii) the Borrower and its Subsidiaries shall be in compliance with the financial covenants set forth in Section 7.11, determined on a Pro Forma Basis as of
the date of incurrence of such Indebtedness; provided that any such Indebtedness of a Subsidiary that is not a Loan Party, together with any Indebtedness of all Subsidiaries that are not Loan Parties pursuant to Sections 7.03(w) and 7.03(v),
does not exceed $5,000,000 in the aggregate at any time outstanding; 
 (h) Indebtedness representing deferred compensation to employees of
the Borrower or any of its Subsidiaries incurred in the ordinary course of business; 
 (i) Indebtedness consisting of promissory notes
issued by the Borrower or any of its Subsidiaries to current or former officers, managers, consultants, directors and employees, their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of the
Borrower permitted by Section 7.06; 
 (j) Indebtedness incurred by the Borrower or any of its Subsidiaries in a Permitted Acquisition,
any other Investment expressly permitted hereunder or any Disposition, in each case, constituting indemnification obligations or obligations in respect of purchase price (including earnouts) or other similar adjustments, other than guarantees of
Indebtedness incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary for the purposes of financing such acquisition; provided, that such Indebtedness is not reflected on the balance sheet of the Borrower
or any of its Subsidiaries (contingent obligations referred to in a footnote to financial statements and not otherwise reflected on the balance sheet will not be deemed to be reflected on such balance sheet for purposes of this clause (j)); 

(k) Indebtedness consisting of obligations of the Borrower or any of its Subsidiaries under deferred compensation or other similar arrangements
incurred by such Person in connection with Permitted Acquisitions or any other Investment expressly permitted hereunder; 
 (l) obligations
in respect of Treasury Services Agreements and other Indebtedness in respect of netting services, automatic clearinghouse arrangements, overdraft protections and similar arrangements in each case in connection with deposit accounts; 

(m) other Indebtedness of the Borrower or any of its Subsidiaries, in an aggregate principal amount that at the time of, and after giving
effect to, the incurrence thereof, would not exceed $5,000,000 at any time outstanding; 
 (n) Indebtedness consisting of (a) the
financing of insurance premiums or (b) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 

  
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 (o) Indebtedness incurred by the Borrower or any of its Subsidiaries in respect of letters of
credit, bank guarantees, bankers’ acceptances or similar instruments issued or created in the ordinary course of business, including in respect of workers’ compensation claims, health, disability or other employee benefits or property,
casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims; provided that any reimbursement obligations in respect thereof are reimbursed within
30 days following the incurrence thereof; 
 (p) obligations in respect of performance, bid, appeal and surety bonds and performance and
completion guarantees and similar obligations provided by the Borrower or any of its Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case in the ordinary course of business
or consistent with past practice; 
 (q) [reserved]; 

(r) [reserved]; 
 (s) [reserved];

 (t) [reserved]; 
 (u)
[reserved]; 
 (v) Indebtedness incurred by all Foreign Subsidiaries which, when aggregated with the principal amount of all other
Indebtedness pursuant to Sections 7.03(g), 7.03(w) and this clause (v) then outstanding, does not exceed $5,000,000; 
 (w) unsecured
Indebtedness of the Borrower or any Subsidiary, so long as the Borrower and its Subsidiaries are in compliance with the covenants set forth in Section 7.11, determined on a Pro Forma Basis as of the date of incurrence of such Indebtedness; and
without duplication, Permitted Refinancings of such Indebtedness; provided that any such Indebtedness of a Subsidiary that is not a Loan Party, together with any Indebtedness of Subsidiaries that are not Loan Parties pursuant to
Sections 7.03(g), 7.03(q) or 7.03(s), does not exceed $5,000,000 in the aggregate at any time outstanding; 
 (x) [reserved]; and 

(y) all premiums (if any), interest (including post-petition interest), fees, expenses, charges and additional or contingent interest on
obligations described in clauses (a) through (x) above. 
 For purposes of determining compliance with this Section 7.03, in the
event that an item of Indebtedness meets the criteria of more than one of the categories of Indebtedness described in clauses (a) through (y) above, the Borrower shall, in its sole discretion, classify such item of Indebtedness (or any portion
thereof) and will only be required to include the amount and type of such Indebtedness in one or more of the above clauses; provided that all Indebtedness outstanding under the Loan Documents and any Permitted Refinancing thereof, will at all
times be deemed to be outstanding in reliance only on the exception in Section 7.03(a). 

  
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 SECTION 7.04 Fundamental Changes. 

Neither the Borrower nor any of the Subsidiaries shall merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of
(whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that: 

(a) any Subsidiary may merge, amalgamate or consolidate with (i) the Borrower (including a merger, the purpose of which is to reorganize
the Borrower into a new jurisdiction); provided that the Borrower shall be the continuing or surviving Person and such merger does not result in the Borrower ceasing to be a corporation, partnership or limited liability company organized
under the Laws of the United States, any state thereof or the District of Columbia or (ii) one or more other Subsidiaries; provided that when any Person that is a Loan Party is merging with a Subsidiary, a Loan Party shall be the
continuing or surviving Person; 
 (b) (i) any Subsidiary that is not a Loan Party may merge, amalgamate or consolidate with or into any
other Subsidiary that is not a Loan Party and (ii) any Subsidiary may liquidate or dissolve or the Borrower or any Subsidiary may change its legal form (x) if the Borrower determines in good faith that such action is in the best interest
of the Borrower and its Subsidiaries and if not materially disadvantageous to the Lenders and (y) to the extent such Subsidiary is a Loan Party, any assets or business not otherwise disposed of or transferred in accordance with Sections 7.02
(other than 7.02(e)) or 7.05 or, in the case of any such business, discontinued, shall be transferred to otherwise owned or conducted by another Loan Party after giving effect to such liquidation or dissolution (it being understood that in the case
of any change in legal form, a Subsidiary that is a Guarantor will remain a Guarantor unless such Guarantor is otherwise permitted to cease being a Guarantor hereunder); 

(c) any Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower or to
another Subsidiary; provided that if the transferor in such a transaction is a Guarantor, then (i) the transferee must be a Guarantor or the Borrower or (ii) to the extent constituting an Investment, such Investment must be a
permitted Investment in or Indebtedness of a Subsidiary that is not a Loan Party in accordance with Sections 7.02 and 7.03, respectively; and 

(d) so long as no Default exists or would result therefrom, the Borrower may merge or consolidate with any other Person; provided that
(i) the Borrower shall be the continuing or surviving corporation or (ii) if the Person formed by or surviving any such merger or consolidation is not the Borrower (any such Person, the “Successor Company”), (A) the
Successor Company shall be an entity organized or existing under the Laws of the United States, any state thereof, the District of Columbia or any territory thereof, (B) the Successor Company shall expressly assume all the obligations of the
Borrower under this Agreement and the other Loan Documents to which the Borrower is a party pursuant to a supplement hereto or thereto in form reasonably satisfactory to the Administrative Agent, (C) each Guarantor, unless it is the other party
to such merger or consolidation, shall have confirmed that its Guaranty shall apply to the Successor Company’s obligations under the Loan Documents, (D) each Guarantor, unless it is the other party to such merger or consolidation, shall
have by a supplement to the Security Agreement and other applicable Collateral Documents confirmed that its obligations thereunder shall apply to the Successor Company’s obligations under the Loan Documents, and (E) the Borrower shall have
delivered to the Administrative Agent an officer’s certificate and an opinion of counsel, each stating that such merger 

  
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or consolidation and such supplement to this Agreement or any Collateral Document preserves the enforceability of this Agreement, the Guaranty and the Collateral Documents and the perfection of
the Liens under the Collateral Documents; provided, further, that if the foregoing are satisfied, the Successor Company will succeed to, and be substituted for, the Borrower under this Agreement; and 

(e) so long as no Default exists or would result therefrom (in the case of a merger involving a Loan Party), any Subsidiary may merge or
consolidate with any other Person in order to effect an Investment permitted pursuant to Section 7.02; provided that the continuing or surviving Person shall be a Subsidiary or the Borrower, which together with each of its Subsidiaries,
shall have complied with the requirements of Section 6.11 to the extent required pursuant to the Collateral and Guarantee Requirement; and 

(f) so long as no Default exists or would result therefrom, a merger, dissolution, liquidation, consolidation or Disposition, the purpose of
which is to effect a Disposition permitted pursuant to Section 7.05. 
 SECTION 7.05 Dispositions. 

Neither the Borrower nor any of the Subsidiaries shall, directly or indirectly, make any Disposition, except: 

(a) (i) Dispositions of obsolete, worn out or surplus property, whether now owned or hereafter acquired, in the ordinary course of
business and Dispositions of property no longer used or useful in the conduct of the business of the Borrower or any of its Subsidiaries and (ii) Dispositions of property no longer used or useful in the good faith determination of the Borrower
in the conduct of the business of the Borrower and its Subsidiaries outside the ordinary course of business (and for consideration complying with the requirements applicable to Dispositions pursuant to clause (j) below); 

(b) Dispositions of inventory (whether developed,
“just-in-time” or fee-for service) or goods (or other assets, including timeshare and residential assets, furniture and
equipment) held for sale and immaterial assets (including allowing any registrations or any applications for registration of any immaterial IP Rights to lapse or go abandoned in the ordinary course of business), in each case, in the ordinary course
of business; 
 (c) [reserved]; 

(d) Dispositions of property to the Borrower or any Subsidiary; provided that if the transferor of such property is a Loan Party,
(i) the transferee thereof must be a Loan Party or (ii) if such transaction constitutes an Investment, such transaction is permitted under Section 7.02; 

(e) to the extent constituting Dispositions, transactions permitted by Sections 7.01, 7.02 (other than Section 7.02(e)), 7.04 (other than
Section 7.04(f)) and 7.06; 
 (f) [reserved]; 

(g) Dispositions of Cash Equivalents; 

  
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 (h) leases, subleases, non-exclusive licenses or non-exclusive sublicenses, in each case in the ordinary course of business and which do not materially interfere with the business of the Borrower or any of its Subsidiaries; 

(i) transfers of property subject to Casualty Events upon receipt of the Net Proceeds of such Casualty Event; 

(j) Dispositions of property other than property identified in Schedule 7.05 and as to which no other clause of this Section 7.05 applies;
provided that (i) at the time of such Disposition (other than any such Disposition made pursuant to a legally binding commitment entered into at a time when no Default exists), no Default shall exist or would result from such Disposition
and (ii) the Borrower or any of its Subsidiaries shall receive not less than 75% of such consideration in the form of cash or Cash Equivalents (in each case, free and clear of all Liens at the time received, other than nonconsensual Liens
permitted by Section 7.01 and Liens permitted by Sections 7.01(a), (f), (k), (p), (q), (r)(i), (r)(ii) and (ee) (only to the extent the Obligations are secured by such cash and Cash Equivalents); 

(k) Dispositions of property identified in Schedule 7.05, the Disposition of Equity Interests in any Subsidiary which directly holds such
property or the disposition of Equity Interests in RL Venture LLC; provided, that 100% of the Net Proceeds of all such asset sales or other dispositions of property received by the Borrower or any Subsidiary pursuant to this
Section 7.05(k) shall be required to be maintained in the Cash Collateral Account, subject to the right of the Borrower to prepay any outstanding Term Loans in whole or in part at any time with such proceeds pursuant to Section 2.05(a);
provided, however, that (i) the Borrower and each Guarantor shall use reasonable best efforts to cause a distribution by a JV Subsidiary to the Borrower or any Guarantor of any such Net Proceeds upon receipt by the JV Subsidiary thereof
and (ii) neither the Borrower nor any Guarantor is required to deposit into the Cash Collateral Account more than its respective pro rata share of the Net Proceeds of the Disposition and asset sales permitted under this clause (k); 

(l) Dispositions or discounts without recourse of accounts receivable in connection with the compromise or collection thereof in the ordinary
course of business; 
 (m) [reserved]; 

(n) [reserved]; 
 (o) [reserved];

 (p) the unwinding of any Swap Contract pursuant to its terms; 

(q) the Acquisition and related transactions; and 

(r) [reserved]; 
 provided that any
Disposition of any property pursuant to this Section 7.05 (except pursuant to Sections 7.05(e), (i), (k), (p) and (r) and except for Dispositions from a Loan Party to any other Loan Party) shall be for no less than the fair market value of
such property at the time of such Disposition. To the extent any Collateral is Disposed of as expressly permitted by this Section 7.05 to any Person other than a Loan Party, such Collateral shall be sold free and clear of the Liens created by
the Loan Documents, and the Administrative Agent or the Collateral Agent, as applicable, shall be authorized to take any actions deemed appropriate in order to effect the foregoing. 

  
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 Notwithstanding anything in this Agreement to the contrary, neither the Borrower nor any of the Subsidiaries
shall directly or indirectly, make any Disposition of Equity Interests held by such Borrower or Subsidiary in any Subsidiary that is wholly-owned by the Borrower or a Guarantor such that such Subsidiary becomes
non-wholly owned, other than a Disposition of all such Equity Interests of such Subsidiary or all or substantially all of its assets, in each case, to the extent otherwise permitted under this
Section 7.05. 
 SECTION 7.06 Restricted Payments. 

Neither the Borrower nor any of the Subsidiaries shall declare or make, directly or indirectly, any Restricted Payment, except: 

(a) each Subsidiary may make Restricted Payments to the Borrower, and other Subsidiaries of the Borrower (and, in the case of a Restricted
Payment by a non-wholly owned Subsidiary, to the Borrower and any other Subsidiary and to each other owner of Equity Interests of such Subsidiary based on their relative ownership interests of the relevant
class of Equity Interests); 
 (b) the Borrower and each Subsidiary may declare and make Restricted Payments payable solely in accordance
with the Equity Interests (other than Disqualified Equity Interests not otherwise permitted by Section 7.03) of such Person; 
 (c)
[reserved]; 
 (d) [reserved]; 

(e) to the extent constituting Restricted Payments, the Borrower and its Subsidiaries may enter into and consummate transactions expressly
permitted by any provision of Sections 7.02 (other than 7.02(e) and (m)), 7.04 or 7.08 (other than Section 7.08(e)); 
 (f) repurchases
of Equity Interests in the Borrower or any Subsidiary of the Borrower deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; 

(g) the Borrower and each Subsidiary may pay (or make Restricted Payments to allow the Borrower to pay) for the repurchase, retirement or other
acquisition or retirement for value of Equity Interests of such Subsidiary (or of the Borrower) from any future, present or former employee, officer, director, manager or consultant of such Subsidiary (or the Borrower or any other direct or indirect
parent of such Subsidiary) or any of its Subsidiaries upon the death, disability, retirement or termination of employment of any such Person or pursuant to any employee or director equity plan, employee, manager or director stock option plan or any
other employee or director benefit plan or any agreement (including any stock subscription or shareholder agreement) with any employee, manager, director, officer or consultant of such Subsidiary (or the Borrower) or any of its Subsidiaries;
provided that the aggregate amount of Restricted Payments made pursuant to this clause (g) shall not exceed $2,500,000 in any calendar year (with unused amounts in any calendar year being carried over to the next succeeding calendar
year; provided, further, that such amount in any calendar year may be increased by an amount not to exceed: 

  
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 (i) the Net Proceeds of key man life insurance policies received by the Borrower
or its Subsidiaries; less 
 (ii) the amount of any Restricted Payments previously made with the cash proceeds described in
clause (i) and (ii) of this Section 7.06(g); 
 (h) the Borrower may make such other Restricted Payments not otherwise specified in
this Section 7.05 in an aggregate amount not to exceed, when combined with prepayment of Indebtedness pursuant to Section 7.13(a)(iv), $2,500,000; 

(i) [reserved]: 
 (j) payments
made or expected to be made by the Borrower or any of the Subsidiaries in respect of required withholding or similar Taxes payable upon exercise of Equity Interests by any future, present or former employee, director, manager or consultant of the
Borrower or any Subsidiaries and any repurchases of Equity Interests deemed to occur upon the exercise of stock options; 
 (k) the Borrower
or any Subsidiary may (i) pay cash in lieu of fractional Equity Interests in connection with any dividend, split or combination thereof or any Permitted Acquisition and (ii) honor any conversion request by a holder of convertible
Indebtedness and make cash payments in lieu of fractional shares in connection with any such conversion and may make payments on convertible Indebtedness in accordance with its terms; and 

(l) any Restricted Payment by the Borrower to pay listing fees and other costs and expenses attributable to being a publicly traded company
which are reasonable and customary; 
 SECTION 7.07 Change in Nature of Business. 

The Borrower shall not, nor shall the Borrower permit any of the Subsidiaries to, directly or indirectly, engage in any material line of
business substantially different from those lines of business conducted by the Borrower and the Subsidiaries on the Closing Date or any business reasonably related, complementary, synergistic or ancillary thereto or reasonable extensions thereof.

 SECTION 7.08 Transactions with Affiliates. 

Neither the Borrower shall, nor shall the Borrower permit any of the Subsidiaries to, directly or indirectly, enter into any transaction of any
kind with any Affiliate of the Borrower, whether or not in the ordinary course of business, involving aggregate payments or consideration in excess of $1,000,000, other than (a) [reserved], (b) on terms substantially as favorable to the Borrower or
such Subsidiary as would be obtainable by the Borrower or such Subsidiary at the time in a comparable arm’s-length transaction with a Person other than an Affiliate, (c) the Transactions and the
payment of Transaction Expenses as part of or in connection with the Transactions, (d) so long as no Event of Default under Sections 8.01(a) or (f) has occurred and is continuing, transactions pursuant to the Transaction Agreements,
or any amendment thereto or replacement thereof so long as any such amendment or replacement is not materially disadvantageous in the good faith judgment of the board of directors of Borrower to the Lenders when taken as a whole, as compared to the
applicable agreement as in effect immediately prior to such amendment or replacement, (e) Restricted Payments permitted under Section 7.06 and Investments permitted under Section 7.02, (f) employment and

  
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severance arrangements between the Borrower and its Subsidiaries and their respective officers and employees in the ordinary course of business and transactions pursuant to stock option plans and
employee benefit plans and arrangements in the ordinary course of business, (g) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors, managers, officers, employees and consultants
of the Borrower and its Subsidiaries in the ordinary course of business to the extent attributable to the ownership or operation of the Borrower and its Subsidiaries, (h) transactions pursuant to agreements in existence on the Closing Date and
set forth on Schedule 7.08 or any amendment thereto to the extent such an amendment is not adverse to the Lenders in any material respect, (i) [reserved], (j)[reserved], (k) [reserved], (l) [reserved], (m) [reserved], (n) [reserved] or
(o) a joint venture which would constitute a transaction with an Affiliate solely as a result of the Borrower or any Subsidiary owning an equity interest or otherwise controlling such joint venture or similar entity. 

SECTION 7.09 Burdensome Agreements. 

The Borrower shall not, nor shall the Borrower permit any of the Subsidiaries to, enter into or permit to exist any Contractual Obligation
(other than this Agreement or any other Loan Document) that limits the ability of (a) any Subsidiary of the Borrower that is not a Guarantor to make Restricted Payments to the Borrower or any Guarantor or to make or repay intercompany loans and
advances to the Borrower or any Guarantor or (b) any Loan Party to create, incur, assume or suffer to exist Liens on property of such Person for the benefit of the Lenders with respect to the Facilities and the Obligations or under the Loan
Documents; provided that the foregoing clauses (a) and (b) shall not apply) to Contractual Obligations which (i)(x) exist on the Closing Date and (to the extent not otherwise permitted by this Section 7.09) are listed on Schedule
7.09 hereto and (y) to the extent Contractual Obligations permitted by clause (x) are set forth in an agreement evidencing Indebtedness, are set forth in any agreement evidencing any permitted modification, replacement, renewal, extension
or refinancing of such Indebtedness so long as such modification, replacement, renewal, extension or refinancing does not expand the scope of such Contractual Obligation, (ii) are binding on a Subsidiary at the time such Subsidiary first
becomes a Subsidiary of the Borrower, so long as such Contractual Obligations were not entered into solely in contemplation of such Person becoming a Subsidiary of the Borrower; provided, further, that this clause (ii) shall not apply to
Contractual Obligations that are binding on a Person that becomes a Subsidiary pursuant to Section 6.14, (iii) represent Indebtedness of a Subsidiary of the Borrower which is not a Loan Party which is permitted by Section 7.03, (iv) arise
in connection with any Disposition permitted by Sections 7.04 or 7.05 and relate solely to the assets or Person subject to such Disposition, (v) are customary provisions in joint venture agreements and other similar agreements applicable to
joint ventures permitted under Section 7.02 and applicable solely to such joint venture entered into in the ordinary course of business, (vi) are negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted
under Section 7.03 but solely to the extent any negative pledge relates to the property financed by such Indebtedness, (vii) are customary restrictions on leases, subleases, non-exclusive licenses or
asset sale agreements otherwise permitted hereby so long as such restrictions relate to the assets subject thereto, (viii) comprise restrictions imposed by any agreement relating to secured Indebtedness permitted pursuant to
Section 7.03(e), (g) or (m) and to the extent that such restrictions apply only to the property or assets securing such Indebtedness or to the Subsidiaries incurring or guaranteeing such Indebtedness, (ix) are customary provisions
restricting subletting or assignment of any lease governing a leasehold interest of the Borrower or any Subsidiary, (x) are customary provisions restricting assignment of any agreement entered into in the ordinary course of business,
(xi) are restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business and (xii) arise in connection with cash or other deposits permitted under Sections 7.01 and 7.02 and
limited to such cash or deposit. 

  
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 SECTION 7.10 Use of Proceeds. 

The proceeds of the Term Loans received on the Closing Date shall not be used for any purpose other than to finance the Acquisition and to fund
certain expenses with respect to the Acquisition. After the Closing Date, the proceeds of the Revolving Credit Loans shall be used for working capital, general corporate purposes and any other purpose not prohibited by this Agreement, including
Permitted Acquisitions and other Investments.
 SECTION 7.11 Financial Covenant. 

(a) The Borrower will not permit the Consolidated Fixed Charge Coverage Ratio as of the last day of any Test Period, beginning with the fiscal
quarter ending on September 30, 2018 to be less than 1.50:1.00. 
 (b) The Borrower will not permit the Consolidated Total Net Leverage
Ratio as of the last day of any Test Period, beginning with the fiscal quarter ending on September 30, 2018, to be greater than 3.00:1.00. 

SECTION 7.12 Accounting Changes. 

The Borrower shall not make any change in its fiscal year. 

SECTION 7.13 Prepayments, Etc. of Indebtedness. 

(a) The Borrower shall not, nor shall the Borrower permit any of the Subsidiaries to, directly or indirectly, prepay, redeem, purchase, defease
or otherwise satisfy prior to the scheduled maturity thereof in any manner (it being understood that payments of regularly scheduled principal and interest shall be permitted), any subordinated, junior lien or unsecured Indebtedness incurred under
Section 7.03(g) or any other Indebtedness that is or is required to be subordinated, in right of payment or as to Collateral, to the Obligations pursuant to the terms of the Loan Documents (collectively, “Junior Financing”) or
make any payment in violation of any subordination terms of any Junior Financing Documentation, except (i) the refinancing thereof with the Net Proceeds of any Indebtedness (to the extent such Indebtedness constitutes a Permitted Refinancing
and, if such Indebtedness was originally incurred under Section 7.03(g), is permitted pursuant to Section 7.03(g)), to the extent not required to prepay any Loans pursuant to Section 2.05(b), (ii) the conversion of any Junior
Financing to Equity Interests (other than Disqualified Equity Interests) of Borrower, (iii) the prepayment of Indebtedness of the Borrower or any Subsidiary to the Borrower or any Subsidiary to the extent not prohibited by the subordination
provisions contained in the Intercompany Note and (iv) prepayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings in an aggregate amount not to exceed, when combined with the amount of Restricted
Payments pursuant to Section 7.06(h), $2,500,000. 
 (b) The Borrower shall not, nor shall it permit any of the Subsidiaries to amend,
modify or change in any manner adverse to the interests of the Lenders any term or condition of (i) any Junior Financing Documentation or (ii) any of their respective articles of incorporation (or corporate charter or other similar
organizational documents) or any of their respective bylaws (or joint venture agreements or other similar documents) without the consent of the Administrative Agent (which consent shall not be unreasonably withheld, conditioned or delayed). 

  
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 SECTION 7.14 Permitted Activities. 

Notwithstanding anything to the contrary in Article VII of this Agreement, the Borrower shall not, nor shall it permit any of its Subsidiaries
to, from and after the Closing Date, grant a lien on any Equity Interests held in any of the Borrower, or its Subsidiaries or their respective joint venture and minority interests, other than to secure the Obligations hereunder. For the avoidance of
doubt, the Borrower and its Subsidiaries shall use reasonable best efforts to ensure that no indirectly held joint venture or minority interests, nor any real property or personal property owned by either a joint venture or a Person in which the
Borrower or any Subsidiary owns a minority interest shall be pledged, other than to secure the Obligations hereunder. 
 ARTICLE VIII 

Events of Default and Remedies 

SECTION 8.01 Events of Default. 

Any of the following from and after the Closing Date shall constitute an event of default (an “Event of Default”): 

(a) Non-Payment. Any Loan Party fails to pay (i) when and as required to be paid herein,
any amount of principal of any Loan, or (ii) within five (5) Business Days after the same becomes due, any interest on any Loan or any other amount payable hereunder or with respect to any other Loan Document; or 

(b) Specific Covenants. The Borrower or any Subsidiary fails to perform or observe any term, covenant or agreement contained in any of
Section 6.05(a) (solely with respect to the Borrower), or Article VII; or 
 (c) Other Defaults. The Borrower or any Subsidiary
fails to perform or observe any other covenant or agreement (not specified in Sections 8.01(a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty (30) days after
written notice thereof by the Administrative Agent to the Borrower; or 
 (d) Representations and Warranties. Any representation,
warranty, certification or statement of fact made or deemed made by or on behalf of the Borrower or any Subsidiary herein, in any other Loan Document, or in any document required to be delivered in connection herewith or therewith shall be incorrect
in any material respect when made or deemed made; provided, that if any such representation, warranty, certification or statement of fact made or deemed made by any Non-Controlled Subsidiary under
Section 5.09, 5.10, 5.11, 5.15 or 5.17 shall prove to have been false or misleading when so made as a result of any action or inaction by such
Non-Controlled Subsidiary in the ordinary course of business prior to such date (as to which the Borrower and the other Loan Parties had no knowledge), no Event of Default shall be deemed to have occurred
unless such representation, warranty, certification or statement of fact shall continue to be false, misleading or otherwise unremedied, or shall not be waived, for a period of 30 days after the date such representation, warranty, certification or
statement of fact was made or deemed made; or 

  
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 (e) Cross-Default. Any Loan Party or any Subsidiary (A) fails to make any payment
beyond the applicable grace period with respect thereto, if any, (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness (other than Indebtedness hereunder) having an outstanding
aggregate principal amount of not less than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness, or any other event occurs (other than, with respect to Indebtedness
consisting of Swap Contracts, termination events or equivalent events pursuant to the terms of such Swap Contracts), the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or
agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer
to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity; provided that this clause (e)(B) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of
the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness; or 

(f) Insolvency Proceedings, Etc. Any Loan Party or any Subsidiary institutes or consents to the institution of any proceeding under any
Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar
officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar officer is appointed without the application or consent of
such Person and the appointment continues undischarged or unstayed for sixty (60) calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the
consent of such Person and continues undismissed or unstayed for sixty (60) calendar days, or an order for relief is entered in any such proceeding; or 

(g) Inability to Pay Debts; Attachment. (i) Any Loan Party or any Subsidiary becomes unable or admits in writing its inability or
fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of the Subsidiaries, taken as a whole, and is
not released, vacated or fully bonded within sixty (60) days after its issue or levy; or 
 (h) Judgments. There is entered
against any Loan Party or any Subsidiary a final judgment or order for the payment of money in an aggregate amount exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer has been
notified of such judgment or order and has not denied coverage) and such judgment or order shall not have been satisfied, vacated, discharged or stayed or bonded pending an appeal for a period of sixty (60) consecutive days; or 

(i) Invalidity of Loan Documents. Any material provision of any Loan Document, at any time after its execution and delivery and for any
reason other than as expressly permitted hereunder or thereunder (including as a result of a transaction permitted under Sections 7.04 or 7.05) or as a result of acts or omissions by the Administrative Agent or Collateral Agent or any Lender or the
satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Subsidiary contests in writing the validity or enforceability of any provision of any Loan Document or the validity or priority of a Lien as required by the
Collateral Documents on a material portion of the Collateral; or any Subsidiary denies in writing that it has any or further liability or obligation under any Loan Document (other than as a result of repayment in full of the Obligations and
termination of the Aggregate Commitments), or purports in writing to revoke or rescind any Loan Document; or 

  
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 (j) Change of Control. There occurs any Change of Control; or 

(k) Collateral Documents. (i) Any Collateral Document after delivery thereof pursuant to Section 4.01 or Sections 6.11, 6.13
or 6.15 shall for any reason (other than pursuant to the terms thereof including as a result of a transaction not prohibited under this Agreement) cease to create a valid and perfected Lien, with the priority required by the Collateral Documents and
the Intercreditor Agreements on and security interest in any material portion of the Collateral purported to be covered thereby, subject to Liens permitted under Section 7.01, except to the extent that any such perfection or priority is not
required pursuant to the Collateral and Guarantee Requirement or any loss thereof results from the failure of the Administrative Agent or the Collateral Agent to maintain possession of certificates actually delivered to it representing securities
pledged under the Collateral Documents or to file Uniform Commercial Code continuation statements, or (ii) any of the Equity Interests of the Borrower shall for any reason cease to be pledged pursuant to the Collateral Documents; or 

(l) ERISA. (i) An ERISA Event occurs which has resulted or could reasonably be expected to result in liability of a Loan Party or a
Subsidiary or any ERISA Affiliate in an aggregate amount which could reasonably be expected to result in a Material Adverse Effect, or (ii) a Loan Party, any Subsidiary or any ERISA Affiliate fails to pay when due, after the expiration of any
applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount which could reasonably be expected to result in a Material Adverse Effect;
or 
 (m) Junior Financing Documentation. (i) Any of the Obligations of the Loan Parties under the Loan Documents for any reason
shall cease to be (A) “Senior Debt,” “Senior Indebtedness,” “Guarantor Senior Debt” or “Senior Secured Financing” (or any comparable term) under, and as defined in, any Junior Financing Documentation and (B)
“First Lien Obligations” (or any comparable term) under, and as defined in, the Junior Lien Intercreditor Agreement under, and as defined in any Junior Financing Documentation or (ii) the subordination provisions set forth in any
Junior Financing Documentation shall, in whole or in part, cease to be effective or cease to be legally valid, binding and enforceable against the holders of any Junior Financing, if applicable. 

SECTION 8.02 Remedies Upon Event of Default. 

If any Event of Default occurs and is continuing, the Administrative Agent may and, at the request of the Required Lenders, shall take any or
all of the following actions: 
 (i) declare the commitment of each Lender to make Loans to be terminated, whereupon such
commitments and obligation shall be terminated; 
 (ii) declare the unpaid principal amount of all outstanding Loans, all
interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived by the Borrower; and 

  
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 (iii) exercise on behalf of itself and the Lenders all rights and remedies
available to it and the Lenders under the Loan Documents or applicable Law; 
 provided that upon the occurrence of an actual or deemed entry of an
order for relief with respect to Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other
amounts as aforesaid shall automatically become due and payable without further act of the Administrative Agent or any Lender. 
 SECTION
8.03 Exclusion of Immaterial Subsidiaries. 
 Solely for the purpose of determining whether a Default or Event of Default has occurred under
clause (f) or (g) of Section 8.01, any reference in any such clause to any Subsidiary or Loan Party shall be deemed not to include any Subsidiary (an “Immaterial Subsidiary”) affected by any event or circumstances referred
to in any such clause that did not, as of the last day of the most recent completed fiscal quarter of the Borrower, have assets with a fair market value in excess of 1.0% of Total Assets (it being agreed that all Subsidiaries affected by any event
or circumstance referred to in any such clause shall be considered together, as a single consolidated Subsidiary, for purposes of determining whether the condition specified above is satisfied). 

SECTION 8.04 Application of Funds. 

After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable as
set forth in the proviso to Section 8.02), any amounts received on account of the Obligations shall be applied by the Administrative Agent in the following order (to the fullest extent permitted by mandatory provisions of applicable Law): 

First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (other
than principal and interest, but including Attorney Costs payable under Section 10.04 and amounts payable under Article III) payable to the Administrative Agent or the Collateral Agent in its capacity as such; 

Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than
principal and interest) payable to the Lenders (including Attorney Costs payable under Section 10.04 and amounts payable under Article III), ratably among them in proportion to the amounts described in this clause Second payable to them;

 Third, to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans, and any
fees, premiums and scheduled periodic payments due under Treasury Services Agreements or Secured Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts described in this clause Third payable to them; 

Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, and any breakage,
termination or other payments under Treasury Services Agreements or Secured Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts described in this clause Fourth held by them; 

  
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 Fifth, to the payment of all other Obligations of the Borrower that are
due and payable to the Administrative Agent and the other Secured Parties on such date, ratably based upon the respective aggregate amounts of all such Obligations owing to the Administrative Agent and the other Secured Parties on such date; and

 Last, the balance, if any, after all of the Obligations have been paid in full, to the Borrower or as otherwise
required by Law. 
 ARTICLE IX 

Administrative Agent and Other Agents 

SECTION 9.01 Appointment and Authorization of Agents. 

(a) Each Lender hereby irrevocably appoints, designates and authorizes each of the Administrative Agent and the Collateral Agent to take such
action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document, together with
such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere herein or in any other Loan Document, neither the Administrative Agent nor the Collateral Agent shall have any duties or
responsibilities, except those expressly set forth herein, nor shall the Administrative Agent or the Collateral Agent have or be deemed to have any fiduciary relationship with any Lender or Participant, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent or the Collateral Agent. Without limiting the generality of the foregoing sentence,
the use of the term “agent” herein and in the other Loan Documents with reference to any Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead,
such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. 

(b) Each of the Secured Parties hereby irrevocably appoints and authorizes the Collateral Agent to act as the agent of (and to hold any
security interest created by the Collateral Documents for and on behalf of or on trust for) such Secured Party for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by the Loan Parties to secure any of the
Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Collateral Agent (and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 9.02 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof)
granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the Collateral Agent), shall be entitled to the benefits of all provisions of this Article IX (including Section 9.07, as though
such co-agents, sub-agents and attorneys-in-fact were the Collateral Agent under the Loan
Documents) as if set forth in full herein with respect thereto. 
 (c) Each Lender hereby (i) acknowledges that it has received a copy
of the Intercreditor Agreements, (ii) agrees that it will be bound by and will take no actions contrary to the provisions of the Intercreditor Agreements to the extent then in effect, and (iii) authorizes and instructs the Collateral Agent
to enter into each Intercreditor Agreement as Collateral Agent and on behalf of such Lender. 

  
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 (d) Except as provided in Sections 9.09 and 9.11, the provisions of this Article IX are solely
for the benefit of the Administrative Agent and the Lenders, and neither the Borrower nor any other Loan Party shall have rights as a third-party beneficiary of any of such provisions. 

SECTION 9.02 Delegation of Duties. 

Each of the Administrative Agent and the Collateral Agent may execute any of its duties under this Agreement or any other Loan Document
(including for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents or of exercising any rights and remedies thereunder) by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such duties. The Administrative Agent, the
Collateral Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Agent-Related Persons. The exculpatory provisions of this
Article shall apply to any such sub-agent and to the Agent-Related Persons of the Administrative Agent, the Collateral Agent and any such sub-agent, and shall apply to
their respective activities in connection with the syndication of the Facilities as well as activities as Administrative Agent or Collateral Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any agent or sub-agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct (as determined in the final non-appealable judgment of a court of competent jurisdiction). 
 SECTION 9.03 Liability of Agents. 

No Agent-Related Person shall (a) be liable for any action taken or omitted to be taken by any of them under or in connection with this
Agreement or any other Loan Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct, as determined by the final non-appealable judgment of a court of
competent jurisdiction, in connection with its duties expressly set forth herein), or (b) be responsible in any manner to any Lender or Participant for any recital, statement, representation or warranty made by any Loan Party or any officer
thereof, contained herein or in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent or the Collateral Agent under or in connection with, this
Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, the existence, value or collectability of the Collateral, any failure to monitor or
maintain any part of the Collateral, or the perfection or priority of any Lien or security interest created or purported to be created under the Collateral Documents, or for any failure of any Loan Party or any other party to any Loan Document to
perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Lender or participant to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions
of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party or any Affiliate thereof. Notwithstanding the foregoing, neither the Administrative Agent nor the Collateral Agent shall have any duty to
take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent or Collateral Agent (as applicable) is required to
exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents); provided that the Administrative Agent or Collateral Agent
(as applicable) shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent or Collateral Agent (as applicable) to liability or that is contrary to any Loan Document or applicable
Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any
Debtor Relief Law. 

  
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 SECTION 9.04 Reliance by Agents. 

Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication, signature, resolution,
representation, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail message, statement or other document or conversation believed by it to be genuine and correct and to have been signed,
sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to any Loan Party), independent accountants and other experts selected by such Agent. Each Agent shall be fully justified in failing or
refusing to take any action under any Loan Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders
against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any
other Loan Document in accordance with a request or consent of the Required Lenders (or such greater number of Lenders as may be expressly required hereby in any instance) and such request and any action taken or failure to act pursuant thereto
shall be binding upon all the Lenders. 
 SECTION 9.05 Notice of Default. 

The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default, except with respect to defaults in
the payment of principal, interest and fees required to be paid to the Administrative Agent for the account of the Lenders, unless the Administrative Agent shall have received written notice from a Lender or the Borrower referring to this Agreement,
describing such Default and stating that such notice is a “notice of default.” The Administrative Agent will notify the Lenders of its receipt of any such notice. The Administrative Agent shall take such action with respect to any Event of
Default as may be directed by the Required Lenders in accordance with Article VIII; provided that unless and until the Administrative Agent has received any such direction, the Administrative Agent may (but shall not be obligated to) take
such action, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable or in the best interest of the Lenders. 

SECTION 9.06 Credit Decision; Disclosure of Information by Agents. 

Each Lender acknowledges that no Agent-Related Person has made any representation or warranty to it, and that no act by any Agent hereafter
taken, including any consent to and acceptance of any assignment or review of the affairs of any Loan Party or any Affiliate thereof, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Lender as to any
matter, including whether Agent-Related Persons have disclosed material information in their possession. Each Lender represents to each Agent that it has, independently and without reliance upon any Agent-Related Person and based on such documents
and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties and their Subsidiaries, and all
applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to 

  
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the Borrower hereunder. Each Lender also represents that it will, independently and without reliance upon any Agent-Related Person and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as
to the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties. Except for notices, reports and other documents expressly required to be furnished to the Lenders by any Agent herein, such
Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any of the Loan Parties or any
of their Affiliates which may come into the possession of any Agent-Related Person. 
 SECTION 9.07 Indemnification of Agents. 

Whether or not the transactions contemplated hereby are consummated, the Lenders shall indemnify upon demand each Agent-Related Person (to the
extent not reimbursed by or on behalf of any Loan Party and without limiting the obligation of any Loan Party to do so), pro rata, and hold harmless each Agent-Related Person from and against any and all Indemnified Liabilities incurred by it;
provided that no Lender shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities resulting from such Agent-Related Person’s own gross negligence or willful misconduct, as determined by
the final non-appealable judgment of a court of competent jurisdiction; provided that no action taken in accordance with the directions of the Required Lenders (or such other number or percentage of the
Lenders as shall be required by the Loan Documents) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section 9.07. In the case of any investigation, litigation or proceeding giving rise to any
Indemnified Liabilities, this Section 9.07 applies whether any such investigation, litigation or proceeding is brought by any Lender or any other Person. Without limitation of the foregoing, each Lender shall reimburse each of the
Administrative Agent and the Collateral Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including Attorney Costs) incurred by the
Administrative Agent or the Collateral Agent, as the case may be, in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or
legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that the Administrative Agent or the Collateral Agent, as the case may be, is
not reimbursed for such expenses by or on behalf of the Loan Parties. The undertaking in this Section 9.07 shall survive termination of the Aggregate Commitments, the payment of all other Obligations and the resignation of the Administrative
Agent or the Collateral Agent, as the case may be. 
 SECTION 9.08 Agents in Their Individual Capacities. 

Deutsche Bank AG New York Branch and its Affiliates may make loans to, issue letters of credit for the account of, accept deposits from,
acquire Equity Interests in and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with the Borrower and its respective Affiliates as though Deutsche Bank AG New York Branch were not the Administrative
Agent, the Collateral Agent hereunder and without notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities, Deutsche Bank AG New York Branch or its Affiliates may receive information regarding the Borrower or
its Affiliates (including information that may be subject to confidentiality obligations in favor of the Borrower or such Affiliate) and acknowledge that neither the Administrative Agent nor the Collateral Agent shall be under any obligation to

  
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provide such information to them. With respect to its Loans, Deutsche Bank AG New York Branch and its Affiliates shall have the same rights and powers under this Agreement as any other Lender and
may exercise such rights and powers as though it were not the Administrative Agent, the Collateral Agent, and the terms “Lender” and “Lenders” include Deutsche Bank AG New York Branch in its individual capacity. Any successor to
Deutsche Bank AG New York Branch as the Administrative Agent or the Collateral Agent shall also have the rights attributed to Deutsche Bank AG New York Branch under this paragraph. 

SECTION 9.09 Successor Agents. 

Each of the Administrative Agent and the Collateral Agent may resign as the Administrative Agent or the Collateral Agent, as applicable upon
thirty (30) days’ notice to the Lenders and the Borrower and if either the Administrative Agent or the Collateral Agent is a Defaulting Lender, the Borrower may remove such Defaulting Lender from such role upon ten (10) days’
notice to the Lenders. If the Administrative Agent or the Collateral Agent resigns under this Agreement or is removed by the Borrower, the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent
shall be consented to by the Borrower at all times other than during the existence of an Event of Default (which consent of the Borrower shall not be unreasonably withheld or delayed). If no successor agent is appointed prior to the effective date
of the resignation or removal of the Administrative Agent or the Collateral Agent, as applicable, the Administrative Agent or the Collateral Agent, as applicable, in the case of a resignation, and the Borrower, in the case of a removal may appoint,
after consulting with the Lenders and the Borrower (in the case of a resignation), a successor agent from among the Lenders. Upon the acceptance of its appointment as successor agent hereunder, the Person acting as such successor agent shall succeed
to all the rights, powers and duties of the retiring Administrative Agent or retiring Collateral Agent and the term “Administrative Agent” or “Collateral Agent” shall mean such successor administrative agent or collateral agent
and/or Supplemental Agent, as the case may be, and the retiring Administrative Agent’s or Collateral Agent’s appointment, powers and duties as the Administrative Agent or Collateral Agent shall be terminated. After the retiring
Administrative Agent’s or the Collateral Agent’s resignation or removal hereunder as the Administrative Agent or Collateral Agent, the provisions of this Article IX and the provisions of Sections 10.04 and 10.05 shall inure to its benefit
as to any actions taken or omitted to be taken by it while it was the Administrative Agent or Collateral Agent under this Agreement. If no successor agent has accepted appointment as the Administrative Agent or the Collateral Agent by the date which
is thirty (30) days following the retiring Administrative Agent’s or Collateral Agent’s notice of resignation or ten (10) days following the Borrower’s notice of removal, the retiring Administrative Agent’s or the
retiring Collateral Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of the Administrative Agent or Collateral Agent hereunder until such time, if any, as the Required Lenders
appoint a successor agent as provided for above. Upon the acceptance of any appointment as the Administrative Agent or Collateral Agent hereunder by a successor and upon the execution and filing or recording of such financing statements, or
amendments thereto, and such other instruments or notices, as may be necessary or desirable, or as the Required Lenders may request, in order to (a) continue the perfection of the Liens granted or purported to be granted by the Collateral
Documents or (b) otherwise ensure that Section 6.11 is satisfied, the Administrative Agent or Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges, and duties of the retiring
Administrative Agent or Collateral Agent, and the retiring Administrative Agent or Collateral Agent shall be discharged from its duties and obligations under the Loan Documents. After the retiring Administrative Agent’s or Collateral
Agent’s resignation hereunder as the Administrative Agent or the Collateral Agent, the provisions of this Article IX and Sections 10.04 and 10.05 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by
it while it was acting as the Administrative Agent or the Collateral Agent. 

  
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 SECTION 9.10 Administrative Agent May File Proofs of Claim. 

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the
Administrative Agent shall have made any demand on the Borrower or the Collateral Agent) shall be (to the fullest extent permitted by mandatory provisions of applicable Law) entitled and empowered, by intervention in such proceeding or otherwise:

 (a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Collateral Agent and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Lenders, the Collateral Agent and the Administrative Agent and their respective agents and counsel and all other amounts due to the Lenders, the Collateral Agent and the Administrative Agent
under Sections 2.03(h) and (i), 2.09, 10.04 and 10.05) allowed in such judicial proceeding; and 
 (b) to collect and receive any monies or
other property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, curator, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent or the Collateral Agent and, in the event that the Administrative Agent shall consent to the
making of such payments directly to the Lenders, to pay to the Administrative Agent or the Collateral Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Agents and their respective agents and counsel,
and any other amounts due the Administrative Agent or the Collateral Agent under Sections 2.09, 10.04 and 10.05. 
 Nothing contained herein
shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or
to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding. 
 SECTION 9.11 Collateral and
Guaranty Matters. 
 The Lenders irrevocably agree: 

(a) that any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any Loan Document shall be
automatically released (i) upon termination of the Aggregate Commitments and payment in full of all Obligations (other than (x) obligations under Secured Hedge Agreements and Treasury Services Agreements not yet due and payable and
(y) contingent indemnification obligations not yet accrued and payable), (ii) at the time the property subject to such Lien is Disposed or to be Disposed as part of or in connection with any Disposition

  
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permitted hereunder or under any other Loan Document to any Person other than a Person required to grant a Lien to the Administrative Agent or the Collateral Agent under the Loan Documents (or,
if such transferee is a Person required to grant a Lien to the Administrative Agent or the Collateral Agent on such asset, at the option of the applicable Loan Party, such Lien on such asset may still be released in connection with the transfer so
long as (x) the transferee grants a new Lien to the Administrative Agent or Collateral Agent on such asset substantially concurrently with the transfer of such asset, (y) the transfer is between parties organized under the laws of
different jurisdictions and at least one of such parties is a Foreign Subsidiary and (z) the priority of the new Lien is the same as that of the original Lien), (iii) subject to Section 10.01, if the release of such Lien is approved,
authorized or ratified in writing by the requisite Lenders or (iv) if the property subject to such Lien is owned by a Guarantor, upon release of such Guarantor from its obligations under its Guaranty pursuant to clause (c) below; 

(b) To subordinate any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any Loan Document to
the holder of any Lien on such property that is permitted by Sections 7.01(u) or (w) (in the case of clause (w), to the extent required by the terms of the obligations secured by such Liens); 

(c) That any Guarantor shall be automatically released from its obligations under the Guaranty if such Person ceases to be a Subsidiary or
becomes an Excluded Subsidiary as a result of a transaction or designation permitted hereunder; provided that no such release shall occur if such Guarantor continues to be a guarantor in respect of any Junior Financing; 

(d) [reserved]; and 
 (e) the
Collateral Agent may, without any further consent of any Lender, enter into a Junior Lien Intercreditor Agreement with the collateral agent or other representatives of the holders of Indebtedness permitted under Section 7.03, in each case,
where such Indebtedness is secured by Liens permitted under Section 7.01. The Collateral Agent may rely exclusively on a certificate of a Responsible Officer of the Borrower as to whether any such other Liens are permitted. Any First Lien
Intercreditor Agreement or Junior Lien Intercreditor Agreement entered into by the Collateral Agent in accordance with the terms of this Agreement shall be binding on the Secured Parties. 

Upon request by the Administrative Agent or the Collateral Agent at any time, the Required Lenders will confirm in writing the Administrative
Agent’s or the Collateral Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this Section 9.11. In each
case as specified in this Section 9.11, the Administrative Agent or the Collateral Agent will promptly (and each Lender irrevocably authorizes the Administrative Agent and the Collateral Agent to), at the Borrower’s expense, execute and
deliver to the applicable Loan Party such documents as the Borrower may reasonably request to evidence the release or subordination of such item of Collateral from the assignment and security interest granted under the Collateral Documents, or to
evidence the release of such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this Section 9.11. 

  
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 SECTION 9.12 Other Agents; Lead Arrangers and Managers. 

None of the Lenders or other Persons identified on the facing page or signature pages of this Agreement as a “bookrunner” or
“lead arranger” shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none of the Lenders or other Persons so
identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding to enter into this Agreement
or in taking or not taking action hereunder. 
 SECTION 9.13 Withholding Tax Indemnity. 

To the extent required by any applicable Law, the Administrative Agent may withhold from any payment to any Lender an amount equivalent to any
applicable withholding Tax. If the Internal Revenue Service or any other authority of the United States or other jurisdiction asserts a claim that the Administrative Agent did not properly withhold Tax from amounts paid to or for the account of any
Lender for any reason (including, without limitation, because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption
from, or reduction of withholding Tax ineffective), such Lender shall, within 10 days after written demand therefor, indemnify and hold harmless the Administrative Agent (without limiting or expanding the obligation of the Borrower to do so under
Section 3.01) for all amounts paid, directly or indirectly, by the Administrative Agent as Taxes or otherwise, together with all expenses incurred, including legal expenses and any other out-of-pocket expenses, whether or not such Tax was correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to
any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan
Document against any amount due the Administrative Agent under this Section 9.13. The agreements in this Section 9.13 shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the
replacement of, a Lender and the repayment, satisfaction or discharge of all other Obligations. 
 SECTION 9.14 Appointment of Supplemental
Agents. 
 (a) It is the purpose of this Agreement and the other Loan Documents that there shall be no violation of any Law of any
jurisdiction denying or restricting the right of banking corporations or associations to transact business as agent or trustee in such jurisdiction. It is recognized that in case of litigation under this Agreement or any of the other Loan Documents,
and in particular in case of the enforcement of any of the Loan Documents, or in case the Administrative Agent or the Collateral 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 

  
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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. 

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: 

(a) extend or increase the Commitment of any Lender without the written consent of each Lender holding such Commitment (it being understood
that a waiver of any condition precedent or of any Default, mandatory prepayment or mandatory reduction of the Commitments shall not constitute an extension or increase of any Commitment of any Lender); 

(b) postpone any date scheduled for, or reduce or forgive the amount of, any payment of principal or interest under Sections 2.07 or 2.08
without the written consent of each Lender holding the applicable Obligation (it being understood that the waiver of (or amendment to the terms of) any mandatory prepayment of the Term Loans shall not constitute a postponement of any date scheduled
for the payment of principal or interest; 
 (c) reduce or forgive the principal of, or the rate of interest specified herein on, any Loan,
or (subject to clause (iii) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document (or change the timing of payments of such fees or other amounts) without the written
consent of each Lender holding such Loan or to whom such fee or other amount is owed; provided that only the consent of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of
the Borrower to pay interest at the Default Rate; 

  
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 (d) change any provision of Sections 2.05, 2.13, 8.04 or 10.01 or the definition of
“Required Revolving Credit Lenders,” “Required Lenders,” “Required Facility Lenders,” “Required Class Lenders” or any other provision specifying the number of Lenders or portion of the Loans or
Commitments required to take any action under the Loan Documents, without the written consent of each Lender directly affected thereby; 

(e) other than in connection with a transaction permitted under Sections 7.04 or 7.05, release all or substantially all of the Collateral in
any transaction or series of related transactions, without the written consent of each Lender; 
 (f) other than in connection with a
transaction permitted under Sections 7.04 or 7.05, release all or substantially all of the aggregate value of the Guaranty, without the written consent of each Lender; 

(g) (1) waive any condition set forth in Section 4.02 as to any Credit Extension of Term Loans or under one or more Revolving Credit
Facilities or (2) amend, waive or otherwise modify any term or provision which directly affects Lenders under the Term Loans or one or more Revolving Credit Facilities and does not directly affect Lenders under any other Facility, in each case,
without the written consent of the Required Facility Lenders under such applicable Term Loans or Revolving Credit Facility or Facilities (and in the case of multiple Facilities which are affected, with respect to any such Facility, such consent
shall be effected by the Required Facility Lenders of such Facility); provided, however, that the waivers described in this clause (g) shall not require the consent of any Lenders other than the Required Facility Lenders under
such Facility or Facilities; 
 (h) amend, waive or otherwise modify the portion of the definition of “Interest Period” that
provides for one, two, three or six month intervals to automatically allow intervals in excess of six months, without the written consent of each Lender affected thereby; 

(i) amend, waive or otherwise modify any term or provision (including the availability and conditions to funding under Section 2.14 with
respect to Incremental Term Loans and Incremental Revolving Credit Commitments and under Section 2.16 with respect to Extended Term Loans or Extended Revolving Credit Commitments and, in each case, the rate of interest applicable thereto) which
directly affects Lenders of one or more Incremental Term Loans, Incremental Revolving Credit Commitments, Extended Term Loans or Extended Revolving Credit Commitments and does not directly affect Lenders under any other Facility, in each case,
without the written consent of the requisite Lenders under such applicable Incremental Term Loans, Incremental Revolving Credit Commitments, Extended Term Loans or Extended Revolving Credit Commitments (and in the case of multiple Facilities which
are affected, with respect to any such Facility, such consent shall be effected by the Required Facility Lenders of such Facility); provided, however, that the waivers described in this clause (i) shall not require the consent of
any Lenders other than the requisite Lenders under such applicable Incremental Term Loans, Incremental Revolving Credit Commitments, Extended Term Loans or Extended Revolving Credit Commitments, as the case may be; or 

(j) amend, waive or otherwise modify Section 7.05(k) of this Agreement (including Schedule 7.05(k)), the definition of “Cash
Collateral Account” or Section 2.05(a)(iv) or Section 6.16 of this Agreement with respect to the Cash Collateral Account, without the written consent of each Lender; 

  
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 and provided, further, that (i) no amendment, waiver or consent shall, unless in writing and
signed by the Administrative Agent or the Collateral Agent, as applicable, in addition to the Lenders required above, affect the rights or duties of, or any fees or other amounts payable to, the Administrative Agent or the Collateral Agent, as
applicable, under this Agreement or any other Loan Document; (ii) Section 10.07(h) may not be amended, waived or otherwise modified without the consent of each Granting Lender all or any part of whose Loans are being funded by an SPC at
the time of such amendment, waiver or other modification; and (iii) the consent of Lenders holding more than 50% of any Class of Commitments or Loans shall be required with respect to any amendment that by its terms adversely affects the
rights of such Class in respect of payments or Collateral hereunder in a manner different than such amendment affects other Classes. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or
disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than
Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each
affected Lender that by its terms 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, 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 and Extension Amendment in accordance with Section 2.16 and
such Incremental 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. 

  
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 SECTION 10.02 Notices and Other Communications; Facsimile Copies. 

(a) General. Unless otherwise expressly provided herein, all notices and other communications provided for hereunder or under any other
Loan Document shall be in writing (including by facsimile transmission). All such written notices shall be mailed, faxed or delivered to the applicable address, facsimile number or electronic mail address, and all notices and other communications
expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 
 (i)
if to the Borrower (or any other Loan Party) or the Administrative Agent or the Collateral Agent, to the address, facsimile number, electronic mail address or telephone number specified for such Person on Schedule 10.02 or to such other address,
facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the other parties; and 

(ii) if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its
Administrative Questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the Borrower, the Administrative Agent and the Collateral Agent. 

All such notices and other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the
relevant party hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, four (4) Business Days after deposit in the mails, postage prepaid;
(C) if delivered by facsimile, when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail (which form of delivery is subject to the provisions of Section 10.02(c)), when delivered; provided
that notices and other communications to the Administrative Agent and the Collateral Agent pursuant to Article II shall not be effective until actually received by such Person. In no event shall a voice mail message be effective as a notice,
communication or confirmation hereunder. 
 (b) Effectiveness of Facsimile Documents and Signatures. Loan Documents may be transmitted
and/or signed by facsimile or other electronic communication. The effectiveness of any such documents and signatures shall, subject to applicable Law, have the same force and effect as manually signed originals and shall be binding on all Loan
Parties, the Agents and the Lenders. 
 (c) Reliance by Agents and Lenders. The Administrative Agent, the Collateral Agent and the
Lenders shall be entitled to rely and act upon any notices (including telephonic Committed Loan Notices) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or
were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify each Agent-Related Person and each Lender
from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower in the absence of gross negligence or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction. All telephonic notices to the Administrative Agent or Collateral Agent may be recorded by the Administrative Agent or the Collateral Agent, and each of
the parties hereto hereby consents to such recording. 
 SECTION 10.03 No Waiver; Cumulative Remedies. 

No failure by any Lender or the Administrative Agent or the Collateral Agent to exercise, and no delay by any such Person in exercising, any
right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of 

  
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any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and
privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law. 

SECTION 10.04 Attorney Costs and Expenses. 

The Borrower agrees (a) to pay or reimburse the Administrative Agent, the Collateral Agent, the Lead Arrangers and the Sole Bookrunner for
all reasonable and documented out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, syndication and execution of this Agreement and
the other Loan Documents, and any amendment, waiver, consent or other modification of the provisions hereof and thereof (whether or not the transactions contemplated thereby are consummated), and the consummation and administration of the
transactions contemplated hereby and thereby (including all Attorney Costs, which shall be limited to Davis Polk & Wardwell LLP and one local counsel as reasonably necessary in each relevant jurisdiction material to the interests of the
Lenders taken as a whole) and (b) to pay or reimburse the Administrative Agent, the Collateral Agent, the Lead Arrangers, the Sole Bookrunner and each Lender for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the enforcement (whether through negotiations, legal proceedings or otherwise) of any rights or remedies under this Agreement or the other Loan
Documents (including all such costs and expenses incurred during any legal proceeding, including any proceeding under any Debtor Relief Law, and including all respective Attorney Costs which shall be limited to Attorney Costs of one counsel to the
Administrative Agent and the Lead Arrangers (and one local counsel as reasonably necessary in each relevant jurisdiction material to the interests of the Lenders taken as a whole)). The foregoing costs and expenses shall include all reasonable
search, filing and recording charges relating to Collateral and fees related thereto, and other reasonable and documented out-of-pocket expenses incurred by any Agent.
The agreements in this Section 10.04 shall survive the termination of the Aggregate Commitments and repayment of all other Obligations. All amounts due under this Section 10.04 shall be paid within thirty (30) days of receipt by the
Borrower of an invoice relating thereto setting forth such expenses in reasonable detail including, if requested by the Borrower and to the extent reasonably available, backup documentation supporting such reimbursement request; provided that
with respect to the Closing Date, all amounts due under this Section 10.04 shall be paid on the Closing Date solely to the extent invoiced to the Borrower within three Business Days of the Closing Date. If any Loan Party fails to pay when due
any costs, expenses or other amounts payable by it hereunder or under any Loan Document, such amount may be paid on behalf of such Loan Party by the Administrative Agent in its sole discretion. For the avoidance of doubt, this Section 10.04
shall not apply to Taxes, except any Taxes that represent liabilities, obligations, losses, damages, penalties, claims, demands, actions, prepayments, suits, costs, expenses and disbursements arising from any
non-Tax claims. 
 SECTION 10.05 Indemnification by the Borrower. 

The Borrower shall indemnify and hold harmless each Agent-Related Person, each Lender and their respective Affiliates, and their respective
officers, directors, employees, partners, agents, advisors and other representatives of each of the foregoing (collectively the “Indemnitees”) from and against any and all liabilities (including Environmental Liabilities),
obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including Attorney Costs but limited in the case of legal fees and expenses to the reasonable and documented out-of-pocket fees, disbursements and other charges of one counsel to all Indemnitees taken as a 

  
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whole and, if reasonably necessary, one local counsel for all Indemnitees taken as a whole in each relevant jurisdiction that is material to the interests of the Lenders, and solely in the case
of a conflict of interest, one additional counsel in each relevant jurisdiction to each group of similarly situated affected Indemnitees) of any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against any such
Indemnitee in any way relating to or arising out of or in connection with (a) the execution, delivery, enforcement, performance or administration of any Loan Document or any other agreement, letter or instrument delivered in connection with the
transactions contemplated thereby or the consummation of the transactions contemplated thereby, (b) any Commitment or Loan or the use or proposed use of the proceeds therefrom or (c) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or
proceeding) and regardless of whether any Indemnitee is a party thereto (all the foregoing, collectively, the “Indemnified Liabilities”) in all cases, whether or not caused by or arising, in whole or in part, out of the negligence
of the Indemnitee; provided that, notwithstanding the foregoing, such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments,
suits, costs, expenses or disbursements resulted from (x) the gross negligence, bad faith or willful misconduct of such Indemnitee or any of its Affiliates or their respective directors, officers, employees, partners, agents, advisors or other
representatives, as determined by a final non-appealable judgment of a court of competent jurisdiction, (y) a material breach of any obligations under any Loan Document by such Indemnitee or any of its
Affiliates or their respective directors, officers, employees, partners, agents, advisors or other representatives, as determined by a final non-appealable judgment of a court of competent jurisdiction or
(z) any dispute solely among Indemnitees (other than any claims against an Indemnitee in its capacity or in fulfilling its role as an agent or arranger or any similar role or as a letter of credit issuer under any Facility and other than any
claims arising out of any act or omission of the Borrower or its Affiliates). No Indemnitee shall be liable for any damages arising from the use by others of any information or other materials obtained through IntraLinks or other similar information
transmission systems in connection with this Agreement, nor shall any Loan Party or any Subsidiary have any liability for any special, punitive, indirect or consequential damages relating to this Agreement or any other Loan Document or arising out
of its activities in connection herewith or therewith (whether before or after the Closing Date) (other than in respect of any such damages involuntarily incurred or paid by an Indemnitee to a third party and for any
out-of-pocket expenses); it being agreed that this sentence shall not limit the indemnification obligations of the Borrower or any Subsidiary. In the case of an
investigation, litigation or other proceeding to which the indemnity in this Section 10.05 applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by any Loan Party, any Subsidiary of
any Loan Party, its directors, stockholders or creditors or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise a party thereto and whether or not any of the transactions contemplated hereunder or under any of the other
Loan Documents are consummated. All amounts due under this Section 10.05 shall be paid within thirty (30) days after written demand therefor (together with backup documentation supporting such reimbursement request); provided,
however, that such Indemnitee shall promptly refund the amount of any payment to the extent that there is a final judicial or arbitral determination that such Indemnitee was not entitled to indemnification rights with respect to such payment
pursuant to the express terms of this Section 10.05. The agreements in this Section 10.05 shall survive the resignation of the Administrative Agent or Collateral Agent, the replacement of any Lender, the termination of the Aggregate
Commitments and the repayment, satisfaction or discharge of all the other Obligations. For the avoidance of doubt, this Section 10.05 shall not apply to Taxes, except any Taxes that represent liabilities, obligations, losses, damages,
penalties, claims, demands, actions, prepayments, suits, costs, expenses and disbursements arising from any non-Tax claims. 

  
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 SECTION 10.06 Payments Set Aside. 

To the extent that any payment by or on behalf of the Borrower is made to any Agent or any Lender, or any Agent or any Lender exercises its
right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by such Agent or
such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof
originally intended to be satisfied shall, to the fullest extent possible under provisions of applicable Law, be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each
Lender severally agrees to pay to the Administrative Agent upon demand its applicable share of any amount so recovered from or repaid by any Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per
annum equal to the applicable Overnight Rate from time to time in effect, in the applicable currency of such recovery or payment. 
 SECTION
10.07 Successors and Assigns. 
 (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (except as permitted by
Section 7.04) and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Assignee pursuant to an assignment made in accordance with the provisions of Section 10.07(b) (such an assignee,
an “Eligible Assignee”) in the case of any Assignee that is Borrower or any of its Subsidiaries, Section 10.07(m), (ii) by way of participation in accordance with the provisions of Section 10.07(f), (iii) by way of pledge
or assignment of a security interest subject to the restrictions of Section 10.07(h) or (iv) to an SPC in accordance with the provisions of Section 10.07(i) (and any other attempted assignment or transfer by any party hereto shall be
null and void); provided, however, that notwithstanding anything to the contrary, (x) no Lender may assign or transfer by participation any of its rights or obligations hereunder to (i) any Person that is a Defaulting Lender
or a Disqualified Lender, (ii) a natural Person or (iii) the Borrower or any of their respective Subsidiaries or Affiliates (except, in the case of Borrower and any of their respective Subsidiaries, pursuant to Section 10.07(m)) and
(y) no Lender may assign any Revolving Credit Commitments or Revolving Credit Exposure hereunder without the consent of the Borrower (not to be unreasonably withheld or delayed) unless (i) such assignment is to a Revolving Credit Lender or
to an Affiliate or Approved Fund of a Revolving Credit Lender of similar creditworthiness or (ii) an Event of Default under Section 8.01(a) or Section 8.01(f) has occurred and is continuing; provided that the Borrower shall be
deemed to have consented to any assignment of Term Loans or Revolving Credit Loans unless the Borrower shall have objected thereto within ten (10) Business Days after having received written notice thereof. Nothing in this Agreement, expressed
or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in Section 10.07(f) and, to the extent expressly contemplated
hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

  
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 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may
assign to one or more assignees (“Assignees”) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent
(such consent not to be unreasonably withheld or delayed) of: 
 (A) the Borrower; provided that no consent of the
Borrower shall be required for (i) an assignment of all or any portion of the Term Loans to a Lender, an Affiliate of a Lender or an Approved Fund, (ii) an assignment related to Revolving Credit Commitments or Revolving Credit Exposure to
a Revolving Credit Lender, to an Affiliate of a Revolving Credit Lender or to an Approved Fund of such Revolving Credit Lender, (iii) if an Event of Default under Section 8.01(a) or Section 8.01(f) has occurred and is continuing or
(iv) an assignment of all or a portion of the Loans pursuant to Section 10.07(m); provided, further, that such consent shall be deemed to have been given if the Borrower has not responded within 10 Business Days after notice by the
Administrative Agent; and 
 (B) the Administrative Agent; provided that no consent of the Administrative Agent shall
be required for an assignment (i) of all or any portion of a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund or (ii) all or any portion of the Loans pursuant to Section 10.07(m). 

(ii) Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the
entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent) shall not be less than an amount of $1,000,000 (in the case of a Revolving Credit Loan or Revolving Credit Commitment), $1,000,000 (in the case of a Term Loan), and shall be in
increments of an amount of $1,000,000 (in the case of a Revolving Credit Loan or Revolving Credit Commitment) or $1,000,000 (in the case of Term Loans) in excess thereof (provided that simultaneous assignments to or from two or more Approved
Funds shall be aggregated for purposes of determining compliance with this Section 10.07(b)(ii)(A)), unless each of the Borrower and the Administrative Agent otherwise consents; provided that such amounts shall be aggregated in respect
of each Lender and its Affiliates or Approved Funds, if any; 
 (B) the parties to each assignment shall execute and deliver
to the Administrative Agent an Assignment and Assumption via an electronic settlement system acceptable to the Administrative Agent (or if previously agreed with the Administrative Agent, manually), together with a processing and recordation fee of
$3,500 (which fee may be waived or reduced in the sole discretion of the Administrative Agent); provided that only one such fee shall be payable in the event of simultaneous assignments to or from two or more Approved Funds; and 

  
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 (C) other than in the case of assignments pursuant to Section 10.07(m), the
Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire (in which the Assignee shall designate one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Loan Parties and their Affiliates or their respective securities) will be made available and who may receive such information in accordance with the Assignee’s compliance
procedures and applicable laws, including federal and state securities laws) and all applicable tax forms required pursuant to Section 3.01(d). 

In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless
and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which
may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans
previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the
Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans in accordance with its Pro Rata Share. Notwithstanding the foregoing, in the event that
any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting
Lender for all purposes of this Agreement until such compliance occurs. 
 (c) Subject to acceptance and recording thereof by the
Administrative Agent pursuant to Sections 10.07(d) and (e), from and after the effective date specified in each Assignment and Assumption, (1) other than in connection with an assignment pursuant to Section 10.07(m), the Eligible Assignee
thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and (2) the assigning Lender thereunder shall, to the
extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05, 10.04 and 10.05 with respect to facts and circumstances occurring prior to the effective date of such
assignment). Upon request, and the surrender by the assigning Lender of its Note, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this clause (c) shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 10.07(f). 

(d) The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the Administrative Agent’s
Office a copy of each Assignment and Assumption delivered to it, and each notice of cancellation of any Loans delivered by the Borrower pursuant to Section 10.07(m) and a register for the recordation of the names and addresses of the Lenders,
and the Commitments of, and principal amounts (and related interest amounts) of the Loans owing to each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent
manifest error, and the Borrower, the Agents and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a 

  
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Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, any Agent and, with respect to such
Lender’s own interest only, any Lender, at any reasonable time and from time to time upon reasonable prior notice. This Section 10.07(d) and Section 2.11 shall be construed so that all Loans are at all times maintained in
“registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and any related Treasury regulations (or any other relevant or successor provisions of the Code or of such Treasury regulations).
Notwithstanding the foregoing, in no event shall the Administrative Agent be obligated to ascertain, monitor or inquire as to whether any Lender is an Affiliate of Borrower or any Subsidiary thereof. 

(e) Upon its receipt of, and consent to, a duly completed Assignment and Assumption executed by an assigning Lender and an Assignee, an
Administrative Questionnaire completed in respect of the assignee (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) above, if applicable, and the written consent of the
Administrative Agent, if required, and, if required, the Borrower to such assignment and any applicable tax forms required pursuant to Section 3.01(d), the Administrative Agent shall promptly (i) accept such Assignment and Assumption and
(ii) record the information contained therein in the Register. No assignment shall be effective unless it has been recorded in the Register as provided in this paragraph (e). 

(f) Any Lender may at any time sell participations to any Person, subject to the proviso to Section 10.07(a) (each, a
“Participant”), in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s
obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Agents and the other Lenders shall
continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender
shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement or the other Loan Documents; provided that such agreement or instrument
may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 10.01 that requires the affirmative vote of such Lender. Subject to
Section 10.07(g), the Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 (subject to the requirements and limitations of such Sections) to the same extent as if it were a Lender and had
acquired its interest by assignment pursuant to Section 10.07(c). To the extent permitted by applicable Law, each Participant also shall be entitled to the benefits of Section 10.09 as though it were a Lender; provided that such
Participant agrees to be subject to Section 2.13 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain
a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each participant’s interest in the Loans or other obligations under this Agreement (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant’s
interest in any Commitments, Loans or its other obligations under any Loan Document) except to the extent that such disclosure is necessary in connection with an audit or other proceeding to establish that such Commitment, Loan or other obligation
is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive and such Lender shall treat each person whose name is
recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 

  
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 (g) A Participant shall not be entitled to receive any greater payment under Sections 3.01, 3.04
or 3.05 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent, not
to be unreasonably withheld or delayed. 
 (h) Any Lender may, without the consent of the Borrower or the Administrative Agent, at any time
pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve
Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(i) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose
funding vehicle identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower (an “SPC”) the option to provide all or any part of any Loan that such Granting Lender would
otherwise be obligated to make pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, (ii) if an SPC elects not to exercise such option or otherwise fails to make all
or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof and (iii) such SPC and the applicable Loan or any applicable part thereof, shall be appropriately reflected in the Participant
Register. Each party hereto hereby agrees that (i) an SPC shall be entitled to the benefit of Sections 3.01, 3.04 and 3.05 (subject to the requirements and the limitations of such Section), but neither the grant to any SPC nor the exercise by
any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrower under this Agreement except in the case of Sections 3.01 or 3.04, to the extent that the grant to the SPC was made with the
prior written consent of the Borrower (not to be unreasonably withheld or delayed; for the avoidance of doubt, the Borrower shall have reasonable basis for withholding consent if an exercise by SPC immediately after the grant would result in
materially increased indemnification obligations to the Borrower at such time), (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender
shall for all purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Loan by an SPC hereunder shall utilize the Commitment of the
Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without prior consent of the Borrower and the
Administrative Agent and with the payment of a processing fee of $3,500, assign all or any portion of its right to receive payment with respect to any Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to such SPC. 

(j) Notwithstanding anything to the contrary contained herein, without the consent of the Borrower or the Administrative Agent, (1) any
Lender may in accordance with applicable Law create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it and (2) any Lender that is a Fund may create a security interest in all or any portion of
the Loans owing to it and the Note, if any, held by it to the trustee for holders of obligations owed, or securities issued, by 

  
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such Fund as security for such obligations or securities; provided that unless and until such trustee actually becomes a Lender in compliance with the other provisions of this
Section 10.07, (i) no such pledge shall release the pledging Lender from any of its obligations under the Loan Documents and (ii) such trustee shall not be entitled to exercise any of the rights of a Lender under the Loan Documents even
though such trustee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise. 
 (k)
[reserved]. 
 (l) Any assignment of Commitments or Loans by a Lender or all or a portion of its rights and obligations among the Facilities
shall not be required to be made on a pro rata basis among each of the Facilities. 
 (m) Any Lender may, 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 the consideration for any such assignment, at any time, assign all or a portion of its rights and obligations with respect to Term Loans under
this Agreement to the Borrower through (x) Dutch auctions open to all Lenders on a pro rata basis in accordance with procedures reasonably acceptable to the Administrative Agent or (y) notwithstanding Sections 2.12 and 2.13 or any other
provision in this Agreement, open market purchase on a non-pro rata basis; provided that (A) the principal amount of such Term Loans, along with all accrued and unpaid interest thereon, so
contributed, assigned or transferred to the Borrower shall be deemed automatically cancelled and extinguished on the date of such contribution, assignment or transfer, (B) the aggregate outstanding principal amount of Term Loans of the
remaining Lenders shall reflect such cancellation and extinguishing of the Term Loans then held by the Borrower and (C) the Borrower shall promptly provide notice to the Administrative Agent of such contribution, assignment or transfer of such
Term Loans, and the Administrative Agent, upon receipt of such notice, shall reflect the cancellation of the applicable Term Loans in the Register. 

SECTION 10.08 Confidentiality. 

Each of the Agents and the Lenders agrees to maintain the confidentiality of the Information and not to disclose such information, except that
Information may be disclosed (a) to its Affiliates and its and its Affiliates’ managers, administrators, directors, officers, employees, trustees, partners, investors, investment advisors and agents, including accountants, legal counsel
and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential); (b) to the extent requested by any
Governmental Authority or self-regulatory authority having or asserting jurisdiction over such Person (including any Governmental Authority or examiner (including the National Association of Insurance Commissioners or any other similar organization)
regulating any Lender or its Affiliates); provided that the Administrative Agent or such Lender, as applicable, agrees that it will notify the Borrower as soon as practicable in the event of any such disclosure by such Person (other than at
the request of a regulatory authority or examiner) unless such notification is prohibited by law, rule or regulation; (c) to the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with
respect to the Facilities or market data collectors, similar services providers to the lending industry and service providers to the Administrative Agent in connection with the administration and management of this Agreement and the Loan Documents;
(d) to the extent required by applicable Laws or regulations or by any subpoena 

  
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or similar legal process; provided that the Administrative Agent or such Lender, as applicable, agrees that it will notify the Borrower as soon as practicable in the event of any such
disclosure by such Person (other than at the request of a regulatory authority or examiner) unless such notification is prohibited by law, rule or regulation; (e) to any other party to this Agreement; (f) subject to an agreement containing
provisions at least as restrictive as those set forth in this Section 10.08 (or as may otherwise be reasonably acceptable to the Borrower), to any pledgee referred to in Section 10.07(h), counterparty to a Swap Contract, Eligible Assignee
of or Participant in, or any prospective Eligible Assignee of or Participant in any of its rights or obligations under this Agreement (provided that the disclosure of any such Information to any Lenders or Eligible Assignees or Participants
shall be made subject to the acknowledgement and acceptance by such Lender, Eligible Assignee or Participant that such Information is being disseminated on a confidential basis (on substantially the terms set forth in this Section 10.08 or as
otherwise reasonably acceptable to the Borrower, including, without limitation, as agreed in any Borrower Materials) in accordance with the standard processes of the Administrative Agent or customary market standards for dissemination of such type
of Information; (g) with the written consent of the Borrower; (h) to the extent such Information becomes publicly available other than as a result of a breach of this Section 10.08 or becomes available to the Administrative Agent, the
Lead Arrangers, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than a Loan Party or their respective Affiliates (so long as such source is not known to the Administrative Agent, the Lead Arrangers,
such Lender or any of their respective Affiliates to be bound by confidentiality obligations to any Loan Party); (i) to any Governmental Authority or examiner (including the National Association of Insurance Commissioners or any other similar
organization) regulating any Lender; (j) to any rating agency when required by it (it being understood that, prior to any such disclosure, such rating agency shall undertake to preserve the confidentiality of any Information relating to Loan
Parties and their Subsidiaries received by it from such Lender) or to the CUSIP Service Bureau or any similar organization; (k) in connection with the exercise of any remedies hereunder, under any other Loan Document or the enforcement of its
rights hereunder or thereunder or (l) to the extent such Information is independently developed by the Administrative Agent, the Lead Arrangers, such Lender or any of their respective Affiliates; provided that no disclosure shall be made
to any Disqualified Lender. In addition, the Agents and the Lenders may disclose publicly available information about this Agreement to market data collectors, similar service providers to the lending industry, and service providers to the Agents
and the Lenders in connection with the administration and management of this Agreement, the other Loan Documents, the Commitments, and the Credit Extensions. For the purposes of this Section 10.08, “Information” means all
information received from the Loan Parties relating to any Loan Party, its Affiliates or its Affiliates’ directors, managers, officers, employees, trustees, investment advisors or agents, relating to the Borrower or any of their Subsidiaries or
its business, other than any such information that is publicly available to any Agent or any Lender prior to disclosure by any Loan Party other than as a result of a breach of this Section 10.08; provided that all information received
after the Closing Date from the Borrower or any of its Subsidiaries shall be deemed confidential unless such information is clearly identified at the time of delivery as not being confidential. 

SECTION 10.09 Setoff. 
 In
addition to any rights and remedies of the Lenders provided by Law, upon the occurrence and during the continuance of any Event of Default, each Lender and its Affiliates (and the Collateral Agent, in respect of any unpaid fees, costs and expenses
payable hereunder) is authorized at any time and from time to time, without prior notice to the Borrower, any such notice being waived by the Borrower (on its own behalf and on behalf of each Loan Party and each of its Subsidiaries) to the

  
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fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held by, and other Indebtedness at any
time owing by, such Lender and its Affiliates or the Collateral Agent to or for the credit or the account of the respective Loan Parties and their Subsidiaries against any and all Obligations owing to such Lender and its Affiliates or the Collateral
Agent hereunder or under any other Loan Document, now or hereafter existing, irrespective of whether or not such Agent or such Lender or Affiliate shall have made demand under this Agreement or any other Loan Document and although such Obligations
may be contingent or unmatured or denominated in a currency different from that of the applicable deposit or Indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so
set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.17 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and
deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such
Defaulting Lender as to which it exercised such right of setoff. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such set off and application made by such Lender; provided that the failure to give
such notice shall not affect the validity of such setoff and application. The rights of the Administrative Agent, the Collateral Agent and each Lender under this Section 10.09 are in addition to other rights and remedies (including other rights
of setoff) that the Administrative Agent, the Collateral Agent and such Lender may have. No amounts set off from any Guarantor shall be applied to any Excluded Swap Obligations of such Guarantor. 

SECTION 10.10 Interest Rate Limitation. 

Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall
not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If any Agent or any Lender shall receive interest in an amount that exceeds the Maximum
Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by an Agent or a Lender exceeds the
Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof,
and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 

SECTION 10.11 Counterparts. 

This Agreement and each other Loan Document may be executed in one or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. Delivery by telecopier or other electronic transmission of an executed counterpart of a signature page to this Agreement and each other Loan Document shall be effective as delivery of an
original executed counterpart of this Agreement and such other Loan Document. The Agents may also require that any such documents and signatures delivered by telecopier or other electronic transmission be confirmed by a manually signed original
thereof; provided that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by telecopier or other electronic transmission. 

  
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 SECTION 10.12 Integration; Termination. 

This Agreement, together with the other Loan Documents, comprises the complete and integrated agreement of the parties on the subject matter
hereof and thereof and supersedes all prior agreements, written or oral, on such subject matter. In the event of any conflict between the provisions of this Agreement and those of any other Loan Document, the provisions of this Agreement shall
control; provided that the inclusion of supplemental rights or remedies in favor of the Agents or the Lenders in any other Loan Document shall not be deemed a conflict with this Agreement. Each Loan Document was drafted with the joint
participation of the respective parties thereto and shall be construed neither against nor in favor of any party, but rather in accordance with the fair meaning thereof. 

SECTION 10.13 Survival of Representations and Warranties. 

All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in
connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by each Agent and each Lender, regardless of any investigation made by any Agent or
any Lender or on their behalf and notwithstanding that any Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other
Obligation hereunder shall remain unpaid or unsatisfied. 
 SECTION 10.14 Severability. 

If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, the legality, validity and
enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.14, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor
Relief Laws, as determined in good faith by the Administrative Agent then such provisions shall be deemed to be in effect only to the extent not so limited. Without limiting the foregoing provisions of this Section 10.14, if and to the extent
that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, then such provisions shall be deemed to be in effect only to
the extent not so limited. 
 SECTION 10.15 GOVERNING LAW. 

(a) THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

(b) ANY LEGAL ACTION OR PROCEEDING ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE
PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF THE
UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH LOAN PARTY, EACH AGENT AND EACH 

  
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LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS AND AGREES THAT IT WILL NOT COMMENCE OR SUPPORT ANY SUCH ACTION OR PROCEEDING IN ANOTHER
JURISDICTION. EACH LOAN PARTY, EACH AGENT AND EACH LENDER IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF
ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN
DOCUMENTS IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN TELECOPIER OR OTHER ELECTRONIC TRANSMISSION) IN SECTION 10.02. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY APPLICABLE LAW. 
 SECTION 10.16 WAIVER OF RIGHT TO TRIAL BY JURY. 

TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN
EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A
JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 10.16 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

SECTION 10.17 Binding Effect. 

This Agreement shall become effective when it shall have been executed by the Loan Parties, the Administrative Agent, the Collateral Agent and
the Administrative Agent shall have been notified by each Lender that each Lender has 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, 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. This notice is given in accordance with the
requirements of the USA PATRIOT Act and is effective as to the Lenders and the Administrative Agent. 

  
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 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 appropriate. Each Loan Party hereby waives and
releases, to the fullest extent permitted by law, any claims that it may have against the Agents, the Lead Arrangers and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty under applicable law relating to agency and
fiduciary obligations. 
 Each Loan Party acknowledges and agrees that each Lender, the Lead Arrangers and any affiliate thereof may lend
money to, invest in, and generally engage in any kind of business with, the Borrower, any Affiliate thereof or any other person or entity that may do business with or own securities of any of the foregoing, all as if such Lender, the Lead Arrangers
or Affiliate thereof were not an Lender or the Lead Arrangers (or an agent or any other person with any similar role under the Facilities) and without any duty to account therefor to any other Lender, the Lead Arrangers, the Borrower, or any
Affiliate of the foregoing. Each Lender, the Lead Arrangers and any affiliate thereof may accept fees and other consideration from the Borrower or any Affiliate thereof for services in connection with this Agreement, the Facilities or otherwise
without having to account for the same to any other Lender, the Lead Arrangers, the Borrower, or any Affiliate of the foregoing. 

  
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Some or all of the Lenders and the Lead Arrangers may have directly or indirectly acquired certain equity interests (including warrants) in the Borrower or an Affiliate thereof or may have
directly or indirectly extended credit on a subordinated basis to the Borrower or an Affiliate thereof. Each party hereto, on its behalf and on behalf of its affiliates, acknowledges and waives the potential conflict of interest resulting from any
such Lender, the Lead Arrangers or an Affiliate thereof holding disproportionate interests in the extensions of credit under the Facilities or otherwise acting as arranger or agent thereunder and such Lender, the Lead Arrangers or Affiliate thereof
directly or indirectly holding equity interests in or subordinated debt issued by the Borrower or an Affiliate thereof. 
 SECTION 10.20
Electronic Execution of Assignments. 
 The words “execution,” “signed,” “signature,” and words of like import
in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use
of a paper-based record keeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and
Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
 SECTION 10.21 Effect of Certain
Inaccuracies. 
 In the event that any financial statement or Compliance Certificate previously delivered pursuant to Section 6.02 was
inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Rate for any period (an
“Applicable Period”) than the Applicable Rate applied for such Applicable Period, then (i) the Borrower shall as soon as practicable deliver to the Administrative Agent a corrected financial statement and a corrected Compliance
Certificate for such Applicable Period, (ii) the Applicable Rate shall be determined based on the corrected Compliance Certificate for such Applicable Period, and (iii) the Borrower shall within 15 days after the delivery of the corrected
financial statements and Compliance Certificate pay to the Administrative Agent the accrued additional interest or fees owing as a result of such increased Applicable Rate for such Applicable Period. This Section 10.21 shall not limit the
rights of the Administrative Agent or the Lenders with respect to Sections 2.08(b) and 8.01. 
 SECTION 10.22 Judgment Currency. 

If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from the Borrower hereunder in the currency
expressed to be payable herein (the “specified currency”) into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance
with normal banking procedures any Lender could purchase the specified currency with such other currency at such Lender’s New York office on the Business Day preceding that on which final judgment is given. The obligations of the Borrower in
respect of any sum due to any Lender hereunder shall, notwithstanding any judgment in a currency other than the specified currency, be discharged only to the extent that on the Business Day following receipt by such Lender of any sum adjudged to be
so due in such other currency such Lender may in accordance with normal banking procedures purchase the specified currency with such other currency; if the amount of the specified currency so purchased is less than the sum originally due to such
Lender in the specified currency, the Borrower agrees, to 

  
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the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify the Lender against such loss, and if the amount of the specified
currency so purchased exceeds the sum originally due to such Lender in the specified currency, such Lender agrees to remit such excess to the Borrower. 

SECTION 10.23 Acknowledgement and Consent to Bail-In of EEA Financial Institutions. 

Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties,
each party hereto acknowledges that any liability of any Lender that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA
Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and
Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto to any Lender that is an EEA Financial Institution; and 

(b) the effects of any Bail-in Action on any such liability, including, if applicable: 

(i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such
liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 
 ARTICLE XI 

Guaranty 
 SECTION 11.01 The
Guaranty. 
 Each Guarantor hereby jointly and severally with the other Guarantors guarantees, as a primary obligor and not merely as a
surety to each Secured Party and their respective successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the principal of and interest
(including any interest, fees, costs or charges that would accrue but for the provisions of (i) Title 11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the United States Code and (ii) any other
Debtor Relief Laws) on the Loans made by the Lenders to, and the Notes held by each Lender of, the Borrower, and all other Obligations (other than with respect to any Guarantor, Excluded Swap Obligations of such Guarantor) from time to time owing to
the Secured Parties by any Loan Party under any Loan Document or any Secured Hedge Agreement or any Treasury Services Agreement, in each case strictly in accordance with the terms thereof (such obligations being herein collectively called the
“Guaranteed Obligations”). The Guarantors hereby jointly and severally agree that if the Borrower or other Guarantor(s) shall fail to pay in full when due (whether 

  
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at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash, without any demand or notice whatsoever, and that in the
case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or
renewal. 
 SECTION 11.02 Obligations Unconditional. 

The obligations of the Guarantors under Section 11.01 shall constitute a guarantee of payment and to the fullest extent permitted by
applicable Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations of the Borrower under this Agreement, the Notes, if any, or
any other agreement or instrument referred to herein or therein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might
otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (except for payment in full). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not
alter or impair the liability of the Guarantors hereunder which shall remain absolute, irrevocable and unconditional under any and all circumstances as described above: 

(i) at any time or from time to time, without notice to the Guarantors, to the extent permitted by Law, the time for any
performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived; 

(ii) any of the acts mentioned in any of the provisions of this Agreement or the Notes, if any, or any other agreement or
instrument referred to herein or therein shall be done or omitted; 
 (iii) the maturity of any of the Guaranteed Obligations
shall be accelerated, or any of the Guaranteed Obligations shall be amended in any respect, or any right under the Loan Documents or any other agreement or instrument referred to herein or therein shall be amended or waived in any respect or any
other guarantee of any of the Guaranteed Obligations or except as permitted pursuant to Section 11.10 any security therefor shall be released or exchanged in whole or in part or otherwise dealt with; 

(iv) any Lien or security interest granted to, or in favor of, any Lender or Agent as security for any of the Guaranteed
Obligations shall fail to be perfected; or 
 (v) the release of any other Guarantor pursuant to Section 11.10. 

The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and, to the extent permitted by Law, all notices
whatsoever, and any requirement that any Secured Party exhaust any right, power or remedy or proceed against the Borrower under this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein, or against any
other person under any other guarantee of, or security for, any of the Guaranteed Obligations. The Guarantors waive, to the extent permitted by Law, any and all notice of the creation, renewal, extension, waiver, termination or accrual of any of the
Guaranteed Obligations and notice of or proof of reliance by any Secured Party upon this Guaranty or acceptance of this Guaranty, and the 

  
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Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Guaranty, and all dealings between the Borrower and the
Secured Parties shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guaranty. This Guaranty shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of payment without regard to
any right of offset with respect to the Guaranteed Obligations at any time or from time to time held by Secured Parties, and the obligations and liabilities of the Guarantors hereunder shall not be conditioned or contingent upon the pursuit by the
Secured Parties or any other person at any time of any right or remedy against the Borrower or against any other person which may be or become liable in respect of all or any part of the Guaranteed Obligations or against any collateral security or
guarantee therefor or right of offset with respect thereto. This Guaranty shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantors and the successors and assigns thereof, and shall
inure to the benefit of the Lenders, and their respective successors and assigns, notwithstanding that from time to time during the term of this Agreement there may be no Guaranteed Obligations outstanding. 

SECTION 11.03 Reinstatement. 

The obligations of the Guarantors under this Article XI shall be automatically reinstated if and to the extent that for any reason any payment
by or on behalf of the Borrower or other Loan Party in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in insolvency,
bankruptcy or reorganization or otherwise. 
 SECTION 11.04 Subrogation; Subordination. 

Each Guarantor hereby agrees that until the payment and satisfaction in full in cash of all Guaranteed Obligations and the expiration and
termination of the Commitments of the Lenders under this Agreement, it shall waive any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by it of its guarantee in Section 11.01, whether
by subrogation or otherwise, against the Borrower or any other Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations. Any Indebtedness of any Loan Party permitted pursuant to Sections 7.03(b)(ii) or
7.03(d) shall be subordinated to such Loan Party’s Obligations in the manner set forth in the Intercompany Note evidencing such Indebtedness. 

SECTION 11.05 Remedies. 
 The
Guarantors jointly and severally agree that, as between the Guarantors and the Lenders, the obligations of the Borrower under this Agreement and the Notes, if any, may be declared to be forthwith due and payable as provided in Section 8.02 (and
shall be deemed to have become automatically due and payable in the circumstances provided in Section 8.02) for purposes of Section 11.01, notwithstanding any stay, injunction or other prohibition preventing such declaration (or such
obligations from becoming automatically due and payable) as against the Borrower and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and
payable by the Borrower) shall forthwith become due and payable by the Guarantors for purposes of Section 11.01. 

  
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 SECTION 11.06 Instrument for the Payment of Money. 

Each Guarantor hereby acknowledges that the guarantee in this Article XI constitutes an instrument for the payment of money, and consents and
agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion-action under New York CPLR Section 3213. 

SECTION 11.07 Continuing Guaranty. 

The guarantee in this Article XI is a continuing guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising. 

SECTION 11.08 General Limitation on Guarantee Obligations. 

In any action or proceeding involving any state corporate limited partnership or limited liability company law, or any applicable state,
federal or foreign bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 11.01 would otherwise be held or determined to be void, voidable, invalid or
unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 11.01, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any
further action by such Guarantor, any Loan Party or any other person, be automatically limited and reduced to the highest amount (after giving effect to the right of contribution established in Section 11.11) that is valid and enforceable and
not subordinated to the claims of other creditors as determined in such action or proceeding. 
 SECTION 11.09 Information. 

Each Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s financial condition and assets, and of
all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that each Guarantor assumes and incurs under this Guaranty, and agrees that none of any Agent or any Lender shall
have any duty to advise any Guarantor of information known to it regarding those circumstances or risks. 
 SECTION 11.10 Release of
Guarantors. 
 If, in compliance with the terms and provisions of the Loan Documents, (i) all or substantially all of the Equity
Interests or property of any Guarantor are sold or otherwise transferred (a “Transferred Guarantor”) to a person or persons, none of which is a Loan Party or (ii) any Guarantor becomes an Excluded Subsidiary, such Transferred
Guarantor shall, upon the consummation of such sale or transfer, be automatically released from its obligations under this Agreement (including under Section 10.05 hereof) and its obligations to pledge and grant any Collateral owned by it
pursuant to any Collateral Document and, in the case of a sale of all or substantially all of the Equity Interests of the Transferred Guarantor, the pledge of such Equity Interests to the Collateral Agent pursuant to the Collateral Documents shall
be automatically released, and, so long as the Borrower shall have provided the Agents such certifications or documents as any Agent shall reasonably request, the Administrative Agent and the Collateral Agent shall, at such Transferred
Guarantor’s expense, take such actions as are necessary to effect each release described in this Section 11.10 in accordance with the relevant provisions of the Collateral Documents. 

  
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 When all Commitments hereunder have terminated, and all Loans or other Obligation (other than
obligations under Treasury Services Agreements or Secured Hedge Agreements) hereunder which are accrued and payable have been paid or satisfied, this Agreement and the guarantees made herein shall terminate with respect to all Obligations, except
with respect to Obligations that expressly survive such repayment pursuant to the terms of this Agreement. The Collateral Agent shall, at each Guarantor’s expense, take such actions as are necessary to release any Collateral owned by such
Guarantor in accordance with the relevant provisions of the Collateral Documents. 
 SECTION 11.11 Right of Contribution. 

Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate share of any payment made
hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor’s right of contribution shall be subject to
the terms and conditions of Section 11.04. The provisions of this Section 11.11 shall in no respect limit the obligations and liabilities of any Guarantor to the Administrative Agent and the Lenders, and each Guarantor shall remain liable
to the Administrative Agent and the Lenders for the full amount guaranteed by such Guarantor hereunder. 
 SECTION 11.12 Cross-Guaranty.

 Each Qualified ECP Guarantor hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide such funds or
other support to each Specified Guarantor as may be needed by such Specified Guarantor from time to time to honor all of its obligations under its Guaranty and the other Loan Documents in respect of any Swap Obligation (provided, however,
that each Qualified ECP Guarantor shall only be liable under this Section 11.12 for up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP Guarantor’s obligations and undertakings under
this Section 11.12 voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and undertakings of each Qualified ECP Guarantor under this Section 11.12 shall
remain in full force and effect until the Obligations have been indefeasibly paid and performed in full and all Commitments have been terminated. Each Qualified ECP Guarantor intends that this Section 11.12 constitute, and this
Section 11.12 shall be deemed to constitute, an agreement for the benefit of each Specified Guarantor for all purposes of the Commodity Exchange Act. 

SECTION 11.13 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, each Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or
for the benefit of the Borrower, that at least one of the following is and will be true: 
 (i) such Lender is not using
“plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection with the Loans or the Commitments; 

  
 145 

 (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions
involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a
class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house
asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, and the conditions for exemptive relief thereunder are and will
continue to be satisfied in connection therewith, 
 (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 Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or 

(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole
discretion, and such Lender. 
 (b) In addition, unless sub-clause (i) in the immediately
preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause
(a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender
party hereto, for the benefit of, the Administrative Agent, each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower, that: 

(i) none of the Administrative Agent, any Lead Arranger or any of their respective Affiliates is a fiduciary with respect to
the assets of such Lender (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 to hereto or thereto), 

(ii) the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in,
administration of and performance of the Loans, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21, as amended from time to time) and is a bank, an insurance
carrier, an investment adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least $50 million, in each case as described in 29 CFR §
2510.3-21(c)(1)(i)(A)-(E), 

  
 146 

 (iii) the Person making the investment decision on behalf of such Lender with
respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is capable of evaluating investment risks independently, both in general and with regard to particular transactions
and investment strategies (including in respect of the obligations), 
 (iv) the Person making the investment decision on
behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Loans, the Commitments
and this Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder, and 

(v) no fee or other compensation is being paid directly to the Administrative Agent, any Lead Arranger or any their respective
Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Commitments or this Agreement. 
 (c) The
Administrative Agent and each Lead Arranger hereby informs the Lenders that each such Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated
hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Commitments and this Agreement,
(ii) may recognize a gain if it extended the Loans or the Commitments for an amount less than the amount being paid for an interest in the Loans or the Commitments by such Lender or (iii) may receive fees or other payments in connection
with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral
agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination
fees or fees similar to the foregoing. 
 [Signature Pages Follow] 

  
 147 

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

			
	 RED LION HOTELS CORPORATION,
 as
Borrower

		
	By:	 	  

		 	Name: Thomas McKiernan
		 	Title: Executive Vice President
	
	RED LION HOTELS HOLDINGS, INC.
	RED LION HOTELS LIMITED PARTNERSHIP
	RED LION HOTELS FRANCHISING, INC.
	RED LION HOTELS MANAGEMENT, INC.
	RED LION ANAHEIM, LLC
	RED LION PROPERTIES, INC.
	KNIGHTS FRANCHISE SYSTEMS, INC.
	 WEST COAST HOTEL PROPERTIES, INC.

each, as a Guarantor

		
	By:	 	  

		 	Name: Thomas McKiernan
		 	Title: Executive Vice President

 [Signature page to Credit Agreement] 

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent, Collateral Agent and a Lender
		
	By:	 	  

		 	Name: Marguerite Sutton
		 	Title: Vice President
		
	By:	 	  

		 	Name: Alicia Schug
		 	Title: Vice President

 [Signature page to Credit Agreement] 

 
			
	 RAYMOND JAMES BANK, N.A.,
 as a
Lender

		
	By:	 	  

		 	Name: Matt Stein
		 	Title: Senior Vice President

 [Signature page to Credit Agreement] 

 
			
	 CAPITAL ONE, NATIONAL ASSOCIATION,

as a Lender

		
	By:	 	  

		 	Name: Benjamin Lucas
		 	Title: Vice President

 [Signature page to Credit Agreement] 

  

DISCLOSURE SCHEDULES 
 TO 

CREDIT AGREEMENT 
 Dated as of
May 14, 2018, 
 Among 

RED LION HOTELS CORPORATION 
 as
the Borrower, 
 THE OTHER GUARANTORS PARTY HERETO FROM TIME TO TIME 

DEUTSCHE BANK AG NEW YORK BRANCH, 

as Administrative Agent and Collateral Agent, and 

THE OTHER LENDERS PARTY HERETO FROM TIME TO TIME 
  

 
 DEUTSCHE BANK
SECURITIES INC. and 
 as Joint Lead Arrangers and Joint Bookrunners 

 
  

 Schedule 1.01A 

Commitments 
  

									
	 	  	Initial Term
Commitments:	 	  	Revolving Credit
Commitments:	 
	 Deutsche Bank AG New York Branch
	  	$	5,000,000.00	 	  	$	5,000,000.00	 
	 Capital One, National Association
	  	$	12,500,000.00	 	  	$	2,500,000.00	 
	 Raymond James Bank, N.A.
	  	$	12,500,000.00	 	  	$	2,500,000.00	 
	 Total:
	  	$	30,000,000.00	 	  	$	10,000,000.00	 

  
 2 

 Schedule 1.01B 

Disqualified Lenders 
 None. 

  
 3 

 Schedule 1.01C 

Collateral Documents 
 1. The Security Agreement,
dated May 14, 2018, among the Borrower, the Guarantors and Deutsche Bank AG New York Branch; 
 2. The Account Control Agreement, dated May 14,
2018, by and among the Borrower, Deutsche Bank Trust Company Americas, and Deutsche Bank AG New York Branch; and 
 3. The Trademark Security Agreement dated
May 14, 2018, by Red Lion Hotels Corporation each of the subsidiaries of the Company party thereto, in favor of Deutsche Bank AG New York Branch. 

  
 4 

 Schedule 1.01D 

Excluded Subsidiaries 
  

									
	Entity Name	  	Jurisdiction	  	Holder	  	% Ownership	 
	 RL Baltimore LLC
	  	Delaware	  	RL Balt Venture LLC	  	 	73.138	% 
	 RLS Balt Venture LLC
	  	Delaware	  	Red Lion Hotel Corporation	  	 	73.138	% 
	 RL Venture Holding LLC
	  	Delaware	  	RL Venture LLC	  	 	55	% 
	 RL Venture LLC
	  	Delaware	  	Red Lion Hotel Corporation	  	 	55	% 
	 RLH Atlanta LLC
	  	Delaware	  	RLS Alta Venture LLC	  	 	55	% 
	 RLS Atla Venture LLC
	  	Delaware	  	Red Lion Hotel Corporation	  	 	55	% 
	 RLH DC LLC
	  	Delaware	  	RLS DC Venture LLC	  	 	55	% 
	 RLS DC Venture LLC
	  	Delaware	  	Red Lion Hotel Corporation	  	 	55	% 
	 RL Bend, LLC
	  	Delaware	  	RL Venture Holding, LLC	  	 	55	% 
	 RL Boise, LLC
	  	Delaware	  	RL Venture Holding, LLC	  	 	55	% 
	 RL Coos Bay, LLC
	  	Delaware	  	RL Venture Holding, LLC	  	 	55	% 
	 RL Eureka, LLC
	  	Delaware	  	RL Venture Holding, LLC	  	 	55	% 
	 RL Olympia, LLC
	  	Delaware	  	RL Venture Holding, LLC	  	 	55	% 
	 RL Pasco, LLC
	  	Delaware	  	RL Venture Holding, LLC	  	 	55	% 
	 RL Port Angeles, LLC
	  	Delaware	  	RL Venture Holding, LLC	  	 	55	% 
	 RL Post Falls, LLC
	  	Delaware	  	RL Venture Holding, LLC	  	 	55	% 
	 RL Redding, LLC
	  	Delaware	  	RL Venture Holding, LLC	  	 	55	% 
	 RL Richland, LLC
	  	Delaware	  	RL Venture Holding, LLC	  	 	55	% 
	 RL Salt Lake, LLC
	  	Delaware	  	RL Venture Holding, LLC	  	 	55	% 
	 RL Spokane, LLC
	  	Delaware	  	RL Venture Holding, LLC	  	 	55	% 

  
 5 

 Schedule 1.01F 

Material Real Property 
  

	1.	Leasehold interest in the real property, and any buildings and improvements erected thereon, located at 1850 S. Harbor Blvd., Anaheim, CA 92802. 

 

	2.	Leasehold interest in the real property, and any buildings and improvements erected thereon, located at 20 N. Main St., Kalispell, MT 59901. 

 

	3.	Leasehold interest in the real property, and any buildings and improvements erected thereon, located at 700 N. Division St., Spokane, WA 99201 

 

	4.	Leasehold interest in the real property, and any buildings and improvements erected thereon, located at 18220 International Blvd., Seattle, WA 98188. 

  
 6 

 Schedule 1.08 

Subsidiary Compliance 
  

	1.	Section 7.08 – Transaction with Affiliates 

  

	2.	Section 7.09 – Burdensome Agreements 

  

	3.	Section 7.12 – Accounting Changes 

  
 7 

 Schedule 5.05 

Certain Liabilities 
  

					
	Guarantees:	  		  	
			
	Beneficiary	  	Purpose	  	                Amount
	RLH DC LLC	  	Red Lion Hotels Corporation	  	                $4,500,000.00

  

											
	 Lender
	  	 Lender

Entity
 Type
	  	 Borrower
	  	 Borrower

Entity
 Type
	  	 Currency
	  	 Principal

Balance

	Pacific Western Bank	  	CA state-chartered bank	  	RL VENTURE HOLDING LLC; RL BEND, LLC; RL BOISE, LLC; RL COOS BAY, LLC; RL EUREKA, LLC; RL OLYMPIA, LLC; RL PASCO, LLC; RL PORT ANGELES, LLC; RL POST FALLS, LLC; RL REDDING, LLC; RL RICHLAND, LLC; RL SALT LAKE, LLC;
and RL SPOKANE, LLC	  	LLC	  	USD	  	$31,078,117.35 (as of May 10, 2018)
	Pacific Western Bank	  	CA state-chartered bank	  	RLH DC LLC	  	LLC	  	USD	  	$16,562,229.15 (as of May 10, 2018)
	PFP Holding Company IV, LLC	  	Delaware LLC	  	RL Baltimore, LLC	  	LLC	  	USD	  	$13,300,000.00 (as of May 10, 2018)
	PFP Holding Company IV, LLC	  	Delaware LLC	  	RLH Atlanta LLC	  	LLC	  	USD	  	 $9,330,000.00
 (as of May 10,
2018)

 Intercompany Indebtedness: 

See Attachment I to this Schedule 5.05. 

  
 8 

 Attachment I to Schedule 5.05 

Intercompany Indebtedness to be Remain Outstanding 

Following the Consummation of the Acquisition 
  

											
	 Lender
	  	 Lender

Entity
 Type
	  	 Borrower
	  	 Borrower

Entity
 Type
	  	 Currency
	  	 Principal

Balance

	Red Lion Hotels Corporation	  	Corporation	  	RLH Atlanta LLC	  	LLC	  	USD	  	$2,383,444.88 (as of May 10, 2018)
	Red Lion Hotels Corporation	  	Corporation	  	RL Baltimore, LLC	  	LLC	  	USD	  	$2,649,830.91 (as of May 10, 2018)
	Red Lion Hotels Corporation	  	Corporation	  	RLH DC LLC	  	LLC	  	USD	  	$2,138,102.88 (as of May 10, 2018)
	Red Lion Hotels Corporation	  	Corporation	  	RL Venture Holding LLC	  	LLC	  	USD	  	$2,098,721.32 (as of May 10, 2018)

  
 9 

 Schedule 5.06 

Litigation 
 None. 

  
 10 

 Schedule 5.08 

Ownership of Property 
 Refer to Schedule 7.01(b)
Existing Liens 

  
 11 

 Schedule 5.09(a) 

Environmental Matters 
 See disclosures made in 10-Q filed on May 9, 2018 with SEC. 

  
 12 

 Schedule 5.10 

Taxes 
 None. 

  
 13 

 Schedule 5.11(a) 

ERISA Compliance 
 None. 

  
 14 

 Schedule 5.12 

Subsidiaries and Other Equity Investments 

[See attached] 

  
 15 

											
	 Issuer
	  	 Record

Owner
	  	 Jurisdiction

of Issuer
	  	 Certificate

No. (to the
 extent

certificated)1
	  	 No.

Shares/Share

Class
	  	 Percentage

of

Ownership

	Red Lion Hotels Holdings, Inc.	  	Red Lion Hotels Corporation	  	DE	  	None	  	313.875 /common stock	  	100%
						
	Red Lion Properties, Inc.	  	Red Lion Hotels Holdings, Inc.	  	DE	  	None	  	1,000 /common stock	  	100%
						
	Red Lion Hotels Franchising, Inc.	  	Red Lion Hotels Corporation	  	WA	  	None	  	 80,000 – Class A common stock

20,000 – Class B common stock
	  	100%
						
	Red Lion Hotels Canada Franchising, Inc.	  	Red Lion Hotels Franchising, Inc.	  	WA	  	None	  	1,000 /common stock	  	100%
						
	WestCoast Hotel Properties, Inc.	  	Red Lion Hotels Franchising, Inc.	  	WA	  	None	  	50,000 / common stock	  	100%
						
	Red Lion Hotels Management, Inc.	  	Red Lion Hotels Corporation	  	WA	  	None	  	1,000	  	100%

  

	1 	Pursuant to Schedule 6.15, Red Lion Hotels, Inc., Red Lion Properties, Inc., Red Lion Hotels Franchising Inc., Red Lion Hotels Canada Franchising, Inc., WestCoast Hotel Properties, Inc. and Red Lion Hotels Management,
Inc. will be certificated on a post-Closing basis. 

  
 16 

											
	 Issuer
	  	 Record

Owner
	  	 Jurisdiction

of Issuer
	  	 Certificate

No. (to the
 extent

certificated)1
	  	 No.

Shares/Share

Class
	  	 Percentage

of

Ownership

	Red Lion Hotels Limited Partnership	  	Red Lion Hotels Corporation	  	DE	  	None	  	 . 0.53765% / General Partnership Interest

99.46229% / Limited Partnership Interest
	  	100%
						
	Red Lion Anaheim, LLC	  	Red Lion Hotels Corporation	  	WA	  	None	  	100 / Class A Units	  	100%
						
	Knights Franchise Systems, Inc.	  	Red Lion Hotels Franchising, Inc.	  	DE	  	6	  	200 / common stock	  	100%
						
	RLS Alta Venture LLC	  	Red Lion Hotels Corporation	  	DE	  	None	  		  	55%
						
	RLH Atlanta, LLC	  	RLS Alta Venture LLC	  	DE	  	None	  		  	100%
						
	RLS Balt Venture LLC	  	Red Lion Hotels Corporation	  	DE	  	None	  		  	73.138%
						
	RL Baltimore, LLC	  	RLS Balt Venture LLC	  	DE	  	None	  		  	100%
						
	RLS DC Venture LLC	  	Red Lion Hotels Corporation	  	DE	  	None	  		  	55%
						
	RLH DC, LLC	  	RLS DC Venture LLC	  	DE	  	None	  		  	100%

  
 17 

											
	 Issuer
	  	 Record

Owner
	  	 Jurisdiction

of Issuer
	  	 Certificate No.

(to the
 extent

certificated)1
	  	 No.

Shares/Share

Class
	  	 Percentage

of

Ownership

	RL Venture, LLC	  	Red Lion Hotels Corporation	  	DE	  	None	  		  	55%
						
	RL Venture Holding, LLC	  	RL Venture, LLC	  	DE	  	None	  		  	100%
						
	RL Bend, LLC	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%
						
	RL Boise, LLC	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%
						
	RL Coos Bay, LLC	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%
						
	RL Eureka, LLC	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%
						
	RL Olympia, LLC	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%
						
	RL Pasco, LLC	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%
						
	RL Port Angeles, LLC	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%
						
	RL Post Falls, LLC	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%

  
 18 

											
	 Issuer
	  	 Record

Owner
	  	 Jurisdiction

of Issuer
	  	 Certificate No.

(to the
 extent

certificated)1
	  	 No.

Shares/Share

Class
	  	 Percentage

of

Ownership

	RL Redding, LLC	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%
						
	RL Richland LLC	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%
						
	RL Salt Lake, LLC	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%
						
	RL Spokane, LLC	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%

  
 19 

 Schedule 6.13(f) 

Equity Interest in JV Subsidiaries 
  

					
	 RL Venture LLC
	  	 	55	% 

  
 20 

 Schedule 6.15 

Post-Closing Covenants 
  

	1.	Within sixty (60) days of the Closing Date (or such longer period as may be agreed to by the Administrative Agent in its reasonable discretion), the Borrower shall deliver, or cause to be delivered, to
Administrative Agent a fully executed Mortgage, in form and substance reasonably satisfactory to the Administrative Agent, together with all such related documentation to the extent required in accordance with Sections 6.11 and 6.13 of the
Agreement, including, but not limited to, a legal opinion issued by applicable local counsel to the applicable Loan Party and a mortgagee insurance endorsement, for the following owned locations: 

 

	 	•	 	That certain real property, and any buildings and improvements erected thereon, located at 1850 S. Harbor Blvd., Anaheim, CA 92802 

  

	2.	Within five (5) days of the Closing Date (or such longer period as may be agreed to by the Administrative Agent in its reasonable discretion), the Borrower shall deliver, or cause to be delivered, to Administrative
Agent the stock certificate from Knights Franchise Systems, Inc. 

  

	3.	Within ten (10) days of the Closing Date (or such longer period as may be agreed to by the Administrative Agent in its reasonable discretion), the Borrower shall deliver, or cause to be delivered, to Administrative
Agent newly certificated stock certificates issued by the following entities: 

  

	 	•	 	Red Lion Hotels, Inc.; 

  

	 	•	 	Red Lion Properties, Inc.; 

  

	 	•	 	Red Lion Hotels Franchising Inc.; 

  

	 	•	 	Red Lion Hotels Canada Franchising, Inc.; 

  

	 	•	 	WestCoast Hotel Properties, Inc.; and 

  

	 	•	 	Red Lion Hotels Management, Inc. 

  

	4.	Intercompany Note by and among certain Loan Parties and JV Subsidiaries to be executed on a best-efforts basis. 

  
 21 

 Schedule 7.01(b) 

Existing Liens 
 Mortgage liens securing the
following: 
  

											
	 Lender
	  	 Lender

Entity
 Type
	  	 Borrower
	  	 Borrower
Entity
Type
	  	 Currency
	  	 Principal

Balance

	Pacific Western Bank	  	CA state-chartered bank	  	RL VENTURE HOLDING LLC; RL BEND, LLC; RL BOISE, LLC; RL COOS BAY, LLC; RL EUREKA, LLC; RL OLYMPIA, LLC; RL PASCO, LLC; RL PORT ANGELES, LLC; RL POST FALLS, LLC; RL REDDING, LLC; RL RICHLAND, LLC; RL SALT LAKE, LLC;
and RL SPOKANE, LLC	  	LLC	  	USD	  	$31,078,117.35 (as of May 10, 2018)
						
	Pacific Western Bank	  	CA state-chartered bank	  	RLH DC LLC	  	LLC	  	USD	  	$16,562,229.15 (as of May 10, 2018)
						
	PFP Holding Company IV, LLC	  	Delaware LLC	  	RL Baltimore, LLC	  	LLC	  	USD	  	$13,300,000.00 (as of May 10, 2018)
						
	PFP Holding Company IV, LLC	  	Delaware LLC	  	RLH Atlanta LLC	  	LLC	  	USD	  	 $9,330,000.00
 (as of May 10,
2018)

  
 22 

 Schedule 7.02(f) 

Existing Investments 
 [See
attached] 

  
 23 

											
	 Issuer
	  	 Record

Owner
	  	 Jurisdiction

of Issuer
	  	 Certificate

No. (to the
 extent

certificated)2
	  	 No.

Shares/Share

Class
	  	 Percentage

of

Ownership

	Red Lion Hotels Holdings, Inc.	  	Red Lion Hotels Corporation	  	DE	  	None	  	313.875 /common stock	  	100%
						
	Red Lion Properties, Inc.	  	Red Lion Hotels Holdings, Inc.	  	DE	  	None	  	1,000 /common stock	  	100%
						
	Red Lion Hotels Franchising, Inc.	  	Red Lion Hotels Corporation	  	WA	  	None	  	 80,000 – Class A common stock

20,000 – Class B common stock
	  	100%
						
	Red Lion Hotels Canada Franchising, Inc.	  	Red Lion Hotels Franchising, Inc.	  	WA	  	None	  	1,000 /common stock	  	100%
						
	WestCoast Hotel Properties, Inc.	  	Red Lion Hotels Franchising, Inc.	  	WA	  	None	  	50,000 / common stock	  	100%
						
	Red Lion Hotels Management, Inc.	  	Red Lion Hotels Corporation	  	WA	  	None	  	1,000	  	100%

  

	2 	Pursuant to Schedule 6.15, Red Lion Hotels, Inc., Red Lion Properties, Inc., Red Lion Hotels Franchising Inc., Red Lion Hotels Canada Franchising, Inc., WestCoast Hotel Properties, Inc. and Red Lion Hotels Management,
Inc. will be certificated on a post-Closing basis. 

  
 24 

											
	 Issuer
	  	 Record Owner
	  	 Jurisdiction

of Issuer
	  	 Certificate

No. (to the
 extent

certificated)2
	  	 No.

Shares/Share

Class
	  	 Percentage

of

Ownership

	Red Lion Hotels Limited Partnership	  	Red Lion Hotels Corporation	  	DE	  	None	  	 . 0.53765% / General Partnership Interest

99.46229% / Limited Partnership Interest
	  	100%
						
	Red Lion Anaheim, LLC	  	Red Lion Hotels Corporation	  	WA	  	None	  	100 / Class A Units	  	100%
						
	Knights Franchise Systems, Inc.	  	Red Lion Hotels Franchising, Inc.	  	DE	  	6	  	200 / common stock	  	100%
						
	RLS Alta Venture LLC	  	Red Lion Hotels Corporation	  	DE	  	None	  		  	55%
						
	RLH Atlanta, LLC	  	RLS Alta Venture LLC	  	DE	  	None	  		  	100%
						
	RLS Balt Venture LLC	  	Red Lion Hotels Corporation	  	DE	  	None	  		  	73.138%
						
	RL Baltimore, LLC3	  	RLS Balt Venture LLC	  	DE	  	None	  		  	100%
						
	RLS DC Venture LLC	  	Red Lion Hotels Corporation	  	DE	  	None	  		  	55%

	 	

  

	3 	RLS Balt Venture LLC has a preferred equity position in this entity valued at $4,968,292.68 

  
 25 

											
	 Issuer
	  	 Record Owner
	  	 Jurisdiction

of Issuer
	  	 Certificate

No. (to the
 extent

certificated)2
	  	 No.

Shares/Share

Class
	  	 Percentage

of

Ownership

	 RLH DC, LLC4
	  	RLS DC Venture LLC	  	DE	  	None	  		  	100%
						
	 RL Venture, LLC
	  	Red Lion Hotels Corporation	  	DE	  	None	  		  	55%
						
	 RL Venture Holding, LLC
	  	RL Venture, LLC	  	DE	  	None	  		  	100%
						
	 RL Bend, LLC
	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%
						
	 RL Boise, LLC
	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%
						
	 RL Coos Bay, LLC
	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%
						
	 RL Eureka, LLC
	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%
						
	 RL Olympia, LLC
	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%
						
	 RL Pasco, LLC
	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%
						
	 RL Port Angeles, LLC
	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%

  

	4 	RLS DC Venture LLC has a preferred equity position in this entity valued at $1,035,499.98 

  
 26 

											
	 Issuer
	  	 Record Owner
	  	 Jurisdiction

of Issuer
	  	 Certificate

No. (to the
 extent

certificated)2
	  	 No.

Shares/Share

Class
	  	 Percentage

of

Ownership

	RL Post Falls, LLC	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%
						
	RL Redding, LLC	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%
						
	RL Richland LLC	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%
						
	RL Salt Lake, LLC	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%
						
	RL Spokane, LLC	  	RL Venture Holding, LLC	  	DE	  	None	  		  	100%

  
 27 

 Schedule 7.03(b) 

Existing Indebtedness 
  

					
	Guarantees:
			
	Beneficiary	  	Purpose	  	Amount
	RLH DC LLC	  	Red Lion Hotels Corporation	  	$4,500,000.00
			
	Indebtedness:	  		  	

  

											
	 Lender
	  	 Entity Type
	  	 Borrower
	  	 Entity Type
	  	 Currency
	  	 Amount

	Pacific Western Bank	  	CA state-chartered bank	  	RL VENTURE HOLDING LLC; RL BEND, LLC; RL BOISE, LLC; RL COOS BAY, LLC; RL EUREKA, LLC; RL OLYMPIA, LLC; RL PASCO, LLC; RL PORT ANGELES, LLC; RL POST FALLS, LLC; RL REDDING, LLC; RL RICHLAND, LLC; RL SALT LAKE, LLC;
and RL SPOKANE, LLC, each a Delaware limited liability company	  	LLC	  	USD	  	$31,078,117.35
	Pacific Western Bank	  	CA state-chartered bank	  	RLH DC LLC	  	LLC	  	USD	  	$16,562,229.15
	PFP Holding Company IV, LLC	  	Delaware LLC	  	RL Baltimore, LLC	  	LLC	  	USD	  	$13,300,000.00
	PFP Holding Company IV, LLC	  	Delaware LLC	  	RLH Atlanta LLC	  	LLC	  	USD	  	$9,330,000.00

  
 28 

 Schedule 7.05 

Dispositions of Property 
 1.
  Property located at 414 E. 1st Avenue, Post Falls, ID 83854. 
 2.   Property located at 221 N. Lincoln, Port Angeles,
WA 98362. 
 3.   Property located at 161 W. 600 South, Salt Lake City, UT 84101. 

4.   Property located at 2300 Evergreen Park Drive, Olympia, WA 98502. 

5.   Property located at 303 W. North River Drive, Spokane, WA 99201. 

6.   Property located at 1419 Virginia Avenue, Atlanta, GA 30337. 

7.   Property located at 207 E. Redwood St., Baltimore, MD 21202. 

8.   Property located at 1823 L. Street NW, Washington DC, 20036. 

9.   Property located at 18220 International Blvd., Seattle, WA 98188 

10. Property located at 20 N. Main St., Kalispell, MT 59901. 

11. Property located at 700 North Division Street, Spokane, WA 99202. 

  
 29 

 Schedule 7.08 

Transactions with Affiliates 
 1. Amended and
Restated Limited Liability Company Agreement of RL Venture LLC effective January 16, 2015. Our partner in RL Venture is Shelbourne Falcon RLHC Hotel Investors LLC (“Shelbourne Falcon”). Shelbourne Falcon is an entity led by Shelbourne
Capital LLC (“Shelbourne”) and includes several other institutional real estate investors, including Columbia Pacific Real Estate Fund II, LP (the “Real Estate Fund”), an affiliate of Columbia Pacific Opportunity Fund, LP, one of
our company’s largest shareholders (“Columbia Pacific”). The Real Estate Fund is the majority equity investor in Shelbourne Falcon. Alexander Washburn, one of our directors, is a managing member of Columbia Pacific Advisors, LLC,
which serves as the investment manager of the Real Estate Fund, and he also serves as one of three representatives of Shelbourne Falcon on the seven-person board of directors that governs RL Venture. RL Venture has agreed to pay to Shelbourne an
investor relations fee each month equal to 0.50% of RL Venture’s total aggregate revenue. 
 2. Warrant held by Selbourne Falcon dated January 16,
2015. In connection with Shelbourne Falcon’s investment in the joint venture, RLHC issued to Shelbourne five-year warrants to acquire 442,533 shares of common stock at $6.78 per share. The warrant expires in 2020. 

3. RL Venture Management Agreement. All hotels owned by RL Venture LLC are managed by our wholly owned subsidiary, Red Lion Hotels Management, Inc., under an
initial five-year management contract effective January 15, 2015, with three five-year extensions. 
 4. Columbia Woodlake LLC Management Agreement. In
May 2015, Red Lion Hotels Management, Inc. entered into a management agreement with Columbia Woodlake LLC, the owner of Red Lion Hotel Woodlake Conference Center Sacramento. Alexander Washburn, a member of our Board, is a manager and 50% owner of
Columbia Pacific Advisors, LLC, the entity that serves as the managing member of Columbia Woodlake LLC. 
 5. Hudson Valley Resort and Spa Management
Agreement. Effective March 29, 2016, Red Lion Hotels Management, Inc., entered into a one-year contract to manage the Hudson Valley Resort and Spa, a hotel located in Kerhonkson, New York. The hotel is
owned by HNA Hudson Valley Resort & Training Center LLC, an affiliate of HNA RLH Investments LLC, one of our largest shareholder, and is controlled by HNA Group North America LLC. Enrico Marini Fichera, one of our directors, serves as the
Head of Investments for HNA Group North America LLC. The unpaid balance due on May 9, 2018 from HNA Hudson Valley was $1,472,256. 
 6. Vantage Asset
Purchase Agreement effective September 13, 2016 (“APA”). Pursuant to the APA, we acquired operating assets and assumed certain liabilities from Thirty-Eight Street, Inc. (“TESI”), Vantage Hospitality Group, Inc. and certain
other parties. In connection with the acquisition, our board appointed Bernard T. Moyle, 58, as our Executive Vice President and Chief Operating Officer and Roger J. Bloss as our Executive Vice President and President of Global Development. Messrs.
Bloss and Moyle holds 50% of the outstanding common shares of TESI, and are entitled, pursuant to the APA, to earn additional consideration if certain performance measures have been met as of the second anniversary of the closing date in an
aggregate amount of up to (i) $3 million in cash and (ii) 276,000 shares of the Company’s common stock. The minimum cash payout at the second anniversary is $1 million. 

  
 30 

 7. Intercompany Note dated as of May 14, 2018, by and between the Borrower and certain Affiliates thereof.

 8. Amended and Restated Purchase Agreement, dated as of May 1, 2018, by and among Red Lion Hotels Franchising, Inc., Knights Franchise Systems, Inc.,
Wyndham Hotel Group, LLC, Wyndham Hotel Group Canada, ULC and Wyndham Hotel Group Europe Limited.
 9. Assignment and Assumption Agreement, dated as of
May 14, 2018, by and between Knights Franchise Systems, Inc. and Red Lion Hotels Franchising, Inc. 
 10. Assignment and Assumption Agreement, dated as
of May 14, 2018, by and between Red Lion Hotels Franchising, Inc. and Red Lion Hotels Canada Franchising, Inc. 

  
 31 

 Schedule 7.09 

Certain Contractual Obligations 
  

	 	1.	ATLANTA JV 

  

	 	a.	Amended and Restated Limited Liability Company Agreement of RLS Atla Venture LLC dated September 4, 2015. 

  

	 	b.	Guaranty of Recourse Obligations made by Red Lion Hotels Corporation as Guarantor in favor of PFP Holding Company IV, LLC, dated September 3, 2015. 

 

	 	c.	Operating Agreement between RLH Atlanta LLC and Red Lion Hotels Management, Inc, dated September 3, 2015 (Hotel Management Agreement). 

 

	 	2.	BALTIMORE JV 

  

	 	a.	Operating Agreement between RL Baltimore LLC and Red Lion Hotels Management, Inc. April 24, 2014. (Hotel Management Agreement). 

 

	 	b.	Amended and Restated LLC Agreement for RLS Balt Venture LLC. 

  

	 	c.	Guaranty of Recourse Obligations made by Red Lion Hotels Corporation as Guarantor in favor of PFP Holding Company IV, LLC, dated April 23, 2015. 

 

	 	d.	Preferred Equity Agreement dated May 3, 2017. 

  

	 	e.	Preferred Equity Agreement dated October 21, 2015. 

  

	 	3.	WASHINGTON DC JV 

  

	 	a.	Operating Agreement between RLH DC LLC and Red Lion Hotels Management, Inc. dated October 29, 2015 (Hotel Management Agreement). 

 

	 	b.	Limited Liability Company Agreement of RLS DC Venture LLC dated October 29, 2015. 

  

	 	c.	Preferred Equity Agreement dated May 1, 2017. 

  

	 	4.	RL VENTURE JV 

  

	 	a.	Amended and Restated LLC Agreement of RL Venture LLC dated January 16, 2015. 

  

	 	b.	Second Amended and Restated Operating Agreement of RL Venture Holding LLC dated January 16, 2015. 

  

	 	c.	Operating Agreement between Port Angeles LLC and Red Lion Hotels Management, Inc. dated January 15, 2015 (Hotel Management Agreement). 

 

	 	d.	Operating Agreement between RLS Salt Lake LLC and Red Lion Hotels Management, Inc. dated January 15, 2015 (Hotel Management Agreement). 

 

	 	e.	Operating Agreement between RL Spokane, LLC and Red Lion Hotels Management, Inc. dated January 15, 2015 (Hotel Management Agreement). 

 

	 	f.	Operating Agreement between RL Olympia LLC and Red Lion Hotels Management, Inc. dated January 15, 2015 (Hotel Management Agreement). 

 

	 	5.	That certain Lease by and between Red Lion Hotels Corporation and WSPGB MALL L.L.C. for the property located at 20 N. Main St., Kalispell, MT 59901. 

  
 32 

	 	6.	That certain Lease by and between Frederick Boysen and Ted Boysen, and WestCoast Hotel Properties, Inc. for the property located at 18220 International Blvd., Seattle, WA 98188. 

 

	 	7.	That certain Lease by and between WestCoast Hospitality Corporation (now known as Red Lion Hotels Corporation), and GVD Commercial Properties, Inc. for the property located at 700 North Division Street, Spokane, WA
99202, dated November 3, 2003. 

  
 33 

 Schedule 10.02 

Administrative Agent’s Office, Certain Addresses for Notices 

If to the Borrower: 
 Red Lion Hotels Corporation 

1550 Market Street #350 
 Denver, CO 80202 

Attn: Douglas L. Ludwig, C.F.O. 
 Email: doug.ludwig@rlhco.com

 With a copy to: 
 Red Lion Hotels Corporation 

201 W North River Drive #100 
 Spokane, WA 99201 

Attn: Thomas L. McKeirnan, General Counsel 
 Email:
tom.mckeirnan@rlhco.com 
 If to the Administrative Agent: 

Deutsche Bank AG New York Branch 
 c/o Yumi Okabe 

60 Wall Street 
 New York, NY 10005 

with electronic copies to: yumi.okabe@db.com 
 With a copy to:

 Deutsche Bank AG New York Branch 
 c/o Sara Pelton 

5022 Gate Parkway, Suite 400 
 Jacksonville, FL 32256 

with electronic copies to: sara.pelton@db.com and Agency.Transactions@DB.com 

  
 34 

 EXHIBIT A 

[FORM OF] 
 COMMITTED LOAN NOTICE

  

			
	To:	  	Deutsche Bank AG New York Branch, as Administrative Agent
		  	Attn: [    ]
		  	60 Wall Street, 2nd Floor
		  	New York, NY 10005
		  	Fax: [    ]
		  	 Email: [    ]
  

		  	Attn: [    ]
		  	60 Wall Street, 2nd Floor
		  	New York, NY 10005
		  	Fax: [    ]
		  	Email: Agency.Transactions@DB.com

 [Date] 
 Ladies
and Gentlemen: 
 Reference is made to the Credit Agreement, dated as of [ ] (as amended, modified, refinanced and/or restated from time to time, the
“Credit Agreement”), among Red Lion Hotels Corporation, a Washington corporation (the “Borrower”), the other Guarantors party thereto from time to time, the lenders party thereto from time to time and Deutsche Bank
AG New York Branch, as Administrative Agent and Collateral Agent. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such teams in the Credit Agreement. 

The undersigned Borrower hereby requests (select one): 
  

					
	☐	  	A Borrowing of new Loans	  	                                     
               
			
	☐	  	A conversion of Loans made on	  	                                     
               
			
	☐	  	A continuation of Eurocurrency Rate Loans made on	  	                                     
                

  
 A-1 

 to be made on the terms set forth below: 

 

					
	(A)	  	Class of Borrowing1	  	                                     
               
			
	(B)	  	Date of Borrowing, conversion or continuation (which is a Business Day)	  	                                     
               
			
	(C)	  	Principal amount2	  	                                     
               
			
	(D)	  	Type of Loan3	  	                                     
               
			
	(E)	  	Interest Period and the last day thereof4	  	                                     
               
			
	(F)	  	Location and number of Borrower’s account to which proceeds of Borrowings are to be disbursed:	  	                                     
               

 The above request complies with the notice requirements set forth in the Credit Agreement. 

[The undersigned Borrower hereby represents and warrants to the Administrative Agent and the Lenders that, on the date of this Committed Loan Notice and on
the date of the related Borrowing, the conditions to lending specified in Section 4.02(i) and (ii) of the Credit Agreement have been satisfied.]5 

[The undersigned Borrower hereby represents and warrants to the Administrative Agent and the Lenders that, on the date of this Committed Loan Notice and on
the date of the related Borrowing, the conditions to lending specified in Section 2.14(d) of the Credit Agreement have been satisfied.]6 

 

	1 	E.g., “Initial Term Loans”, “Incremental Term Loans” , “Extended Term Loans”, “Revolving Credit Loans”, “Incremental Revolving Credit Loans”, “Revolving Credit
Loans under Extended Revolving Credit Commitments”, “Other Revolving Credit Commitments”. 

	2 	Each Borrowing (other than Borrowings of Incremental Loans) of, conversion to or continuation of Eurocurrency Rate Loans in Dollars shall be in a minimum of $1,000,000. Each Borrowing (other than Borrowings of
Incremental Loans) of, conversion to or continuation of Base Rate Loans shall be in a minimum of $1,000,000, or a whole multiple of $500,000, in excess thereof. 

	3 	Specify Eurocurrency Rate or Base Rate. 

	4 	Applicable for Eurocurrency Borrowings only. 

	5 	Insert bracketed language if the Borrower is making a Request for Credit Extension (unless requesting only (i) a conversion of Loans to the other Type, (ii) a continuation of Eurocurrency Loans or (iii) a
Credit Extension for an Incremental Loan) after the Closing Date. 

	6 	Insert bracketed language if the Borrower is making a Request for Credit Extension of Incremental Loans. 

  
 A-2 

 
			
	RED LION HOTELS CORPORATION
		
	By:	 	
                     
    

		 	Name:
		 	Title:

  
 A-3 

 EXHIBIT D-1 

LENDER: [•] 
 PRINCIPAL AMOUNT: $[•] 

[FORM OF] 
 TERM NOTE 

New York, New York 
 [Date] 

FOR VALUE RECEIVED, the undersigned, RED LION HOTELS CORPORATION, a Washington corporation (the “Borrower”), hereby promises to pay to the
Lender set forth above (the “Lender”) or its registered assigns, in lawful money of the United States of America in immediately available funds at the relevant Administrative Agent’s Office (such term, and each other
capitalized term used but not defined herein, having the meaning assigned to it in the Credit Agreement, dated as of [ ] (as amended, modified, refinanced and/or restated from time to time, the “Credit Agreement”), among the
Borrower, the other Guarantors party thereto from time to time, the lenders party thereto from time to time and Deutsche Bank AG New York Branch, as Administrative Agent and Collateral Agent (i) on the dates set forth in the Credit Agreement,
the principal amounts set forth in the Credit Agreement with respect to Term Loans made by the Lender to the Borrower pursuant to the Credit Agreement and (ii) on each Interest Payment Date, interest at the rate or rates per annum as provided
in the Credit Agreement on the unpaid aggregate principal amount of all Term Loans made by the Lender to the Borrower pursuant to the Credit Agreement. 

The Borrower promises to pay interest, on demand, on any overdue principal and, to the extent permitted by law, overdue interest from their due dates at the
rate or rates provided in (and to the extent required by) the Credit Agreement. 
 The Borrower hereby waives diligence, presentment, demand, protest and
notice of any kind whatsoever. The nonexercise by the holder hereof of any of its rights hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent instance. 

All borrowings evidenced by this note and all payments and prepayments of the principal hereof and interest hereon and the respective dates thereof shall be
endorsed by the holder hereof on the schedule attached hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof, or otherwise recorded by such holder in its internal records; provided,
however, that the failure of the holder hereof to make such a notation or any error in such notation shall not affect the obligations of the Borrower under this note. 

This note is one of the Term Notes referred to in the Credit Agreement that, among other things, contains provisions for the acceleration of the maturity
hereof upon the happening of certain events, for optional and mandatory prepayment of the principal hereof prior to the maturity hereof and for the amendment or waiver of certain provisions of the Credit Agreement, all upon the terms and conditions
therein specified. 

  
 D-1-1 

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

  
 D-1-2 

 
			
	RED LION HOTELS CORPORATION
		
	By:	 	          

		 	Name:
		 	Title:

  
 D-1-3 

 LOANS AND PAYMENTS 
  

											
	 Date
	  	 Amount of
Loan
	  	 Maturity Date
	  	 Payments of

Principal/Interest
	  	 Principal

Balance of
Note
	  	 Name of
Person

Making the

Notation

  
 D-1-4 

 EXHIBIT D-2 

LENDER: [•] 
 PRINCIPAL AMOUNT: $[•] 

[FORM OF] 
 REVOLVING CREDIT NOTE

 New York, New York 
 [Date] 

FOR VALUE RECEIVED, the undersigned, RED LION HOTELS CORPORATION, a Washington corporation (the “Borrower”), hereby severally promises to pay
to the Lender set forth above (the “Lender”) or its registered assigns, in immediately available funds at the relevant Administrative Agent’s Office (such term, and each other capitalized term used but not defined herein,
having the meaning assigned to it in the Credit Agreement, dated as of [ ] (as amended, modified, refinanced and/or restated from time to time, the “Credit Agreement”), among the Borrower, the other Guarantors party thereto from
time to time, the lenders party thereto from time to time and Deutsche Bank AG New York Branch, as Administrative Agent and Collateral Agent (A) on the dates set forth in the Credit Agreement, the lesser of (i) the principal amount set
forth above and (ii) the aggregate unpaid principal amount of all Revolving Credit Loans made by the Lender to the Borrower pursuant to the Credit Agreement, and (B) interest from the date hereof on the principal amount from time to time
outstanding on each such Revolving Credit Loan at the rate or rates per annum and payable on such dates, as provided in the Credit Agreement. 
 The
Borrower promises to pay interest, on demand, on any overdue principal and, to the extent permitted by law, overdue interest from their due dates at a rate or rates provided in (and to the extent required by) the Credit Agreement. 

The Borrower hereby waives diligence, presentment, demand, protest and notice of any kind whatsoever. The nonexercise by the holder hereof of any of its
rights hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent instance. 
 All borrowings evidenced by this
note and all payments and prepayments of the principal hereof and interest hereon and the respective dates thereof shall be endorsed by the holder hereof on the schedule attached hereto and made a part hereof or on a continuation thereof which shall
be attached hereto and made a part hereof, or otherwise recorded by such holder in its internal records; provided, however, that the failure of the holder hereof to make such a notation or any error in such notation shall not affect
the obligations of the Borrower under this note. 
 This note is one of the Revolving Credit Notes referred to in the Credit Agreement that, among other
things, contains provisions for the acceleration of the maturity hereof upon the happening of certain events, for optional and mandatory prepayment of the principal hereof prior to the maturity hereof and for the amendment or waiver of certain
provisions of the Credit Agreement, all upon the terms and conditions therein specified. 

  
 D-2-1 

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

  
 D-2-2 

 
			
	RED LION HOTELS CORPORATION
		
	By:	 	
                     
        

		 	Name:
		 	Title:

  
 D-2-3 

 LOANS AND PAYMENTS 
  

											
	 Date
	  	 Amount of
Loan
	  	 Maturity Date
	  	 Payments of

Principal/Interest
	  	 Principal

Balance of
Note
	  	 Name of
Person

Making the

Notation

  
 D-2-4 

 EXHIBIT E-1 

[FORM OF] 
 COMPLIANCE CERTIFICATE

 Reference is made to the Credit Agreement, dated as of [ ] (as amended, modified, refinanced and/or restated from time to time, the “Credit
Agreement”), among Red Lion Hotels Corporation, a Washington corporation (the “Borrower”), the other Guarantors party thereto from time to time, the lenders party thereto from time to time and Deutsche Bank AG New York
Branch, as Administrative Agent and Collateral Agent. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. Pursuant to Section 6.02(a) of the Credit Agreement,
the undersigned, in his/her capacity as a Responsible Officer of the Borrower, certifies as follows: 
  

	 	(a)	[Attached hereto as Exhibit A is the consolidated balance sheet of Borrower and its Subsidiaries as of December 31, 20[ ], and the related consolidated statements of income or operations, stockholders’ equity
and cash flows for the fiscal year then ended, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of
[ ] or any other independent registered public accounting firm of nationally recognized standing, prepared in accordance with generally accepted auditing standards and not subject to any “going concern” or like qualification or exception
or any qualification or exception as to the scope of such audit other than a going concern qualification resulting solely from an upcoming maturity date under the Facilities occurring within one year from the time such opinion is delivered.

  

	 	(b)	[Attached hereto as Exhibit A is the consolidated balance sheet of Borrower and its Subsidiaries as of [                ], 20[ ] and the
related consolidated statements of income or operations for such fiscal quarter and the portion of the fiscal year then ended, setting forth in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the
corresponding portion of the previous fiscal year, and statements of stockholders’ equity for the current fiscal quarter and consolidated statement of cash flows for the portion of the fiscal year then ended, setting forth in each case in
comparative form the figures for the corresponding portion of the previous fiscal year, all in reasonable detail. These financial statements present fairly in all material respects the financial condition, results of operations, stockholders’
equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes. 

 

	 	(c)	To my knowledge, except as otherwise disclosed to the Administrative Agent pursuant to the Credit Agreement, no Default has occurred. If unable to provide the foregoing certification, fully describe the reasons therefor
and circumstances thereof and any action taken or proposed to be taken with respect thereto on Annex A attached hereto. 

  

	 	(d)	The following represent true and accurate calculations, as of [                ], 20[ ], to be used to determine compliance with the
covenants set forth in Section 7.11 of the Credit Agreement: 

  
 E-1-1 

					
	 Consolidated Fixed Charge Coverage Ratio:
	  			
		
	 Consolidated EBITDA=
	  	 	[                ]	 
	 Consolidated Interest Expense=
	  	 	[                ]	 
	 Actual Ratio=
	  	 	[                ] to 1.00	 
	 Required Ratio=
	  	 	1.50 to 1.00	 
		
	 Consolidated Total Net Leverage Ratio:
	  			
		
	 Consolidated Total Net Debt=
	  	 	[                ]	 
	 Consolidated EBITDA=
	  	 	[                ]	 
	 Actual Ratio=
	  	 	[                ] to 1.00	 
	 Required Ratio=
	  	 	3.00 to 1.00	 

 Supporting detail showing the calculations of Consolidated Fixed Charge Coverage Ratio and Consolidated First
Lien Net Leverage Ratio is attached hereto as Schedule 1.1 
  

	 	(e)	[Attached hereto is the information required by Section 6.02(d) of the Credit Agreement.]2 

 

                    
                             

 

	1 	Which calculations shall be in reasonable detail satisfactory to the Administrative Agent and shall include, among other things, an explanation of the methodology used in such calculations and a breakdown of the
components of such calculations. 

	2 	To be included only in annual compliance certificate. 

  
 E-1-2 

 SCHEDULE I 
  

			
	 (A)  Consolidated Fixed Charge Coverage Ratio: Consolidated EBITDA to
Fixed Charges

		
	 (1)   Consolidated EBITDA:
	  	
		
	 (a)   Consolidated Net Income:
	  	
		
	 (i)  the net income (loss) of the Borrower and its Subsidiaries for such period
determined on a consolidated basis in accordance with GAAP, excluding, without duplication:
	  	                        
		
	 (A)  any after tax-effect of extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto), charges or expenses (including relating to the Acquisition or any multi-year strategic initiatives) and Transaction
Expenses,
	  	                        
		
	 (B)  the cumulative effect of a change in accounting principles and changes as a
result of the adoption or modification of accounting policies during such period,
	  	                        
		
	 (C)  any net after-tax effect of gains or
losses on disposal, abandonment or discontinuance of disposed, abandoned or discontinued operations, as applicable,
	  	                        
		
	 (D)  any net after-tax effect of gains or
losses (less all fees, expenses and charges relating thereto) attributable to asset dispositions or abandonments or the sale or other disposition of any Equity Interests of any Person other than in the ordinary course of business,
	  	                        
		
	 (E)  the net income for such period of any Person that is not a Subsidiary of the
Borrower or that is accounted for by the equity method of accounting shall be excluded; provided that Consolidated Net Income of the Borrower shall be increased by the amount of dividends or distributions or other payments (other than Excluded
Contributions) that are actually paid in cash (or to the extent converted into cash) to the Borrower or a Subsidiary thereof in respect of such period,
	  	                        
		
	 (F)  the net income for such period of any Subsidiary (other than any Guarantor)
shall be excluded to the extent that the declaration or payment of dividends or similar distributions by that Subsidiary of its net income is not at the date of determination permitted without any prior governmental approval (which has
	  	                        

  
 E-1-3 

			
	        not been obtained) or, directly or indirectly, by
the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule, or governmental regulation applicable to that Subsidiary or its stockholders (other than restrictions in this Agreement), unless such
restriction with respect to the payment of dividends or similar distributions has been legally waived; provided that the Consolidated Net Income of the Borrower and its Subsidiaries will be increased by the amount of dividends or other distributions
or other payments actually paid in cash (or to the extent converted into cash) to the Borrower or a Subsidiary thereof in respect of such period, to the extent not already included therein,
	  	
		
	 (G)  effects of adjustments (including the effects of such adjustments pushed down to
the Borrower and its Subsidiaries) in the Borrower’s consolidated financial statements pursuant to GAAP (including in the inventory (including any impact of changes to inventory valuation policy methods, including changes in capitalization of
variances), property and equipment, software, goodwill, intangible assets, in-process research and development, deferred revenue and debt line items thereof) resulting from the application of recapitalization
accounting or purchase accounting, as the case may be, in relation to the Acquisition or any consummated acquisition or joint venture investment or the amortization or write-off or write-down of any amounts
thereof, net of taxes,
	  	                        
		
	 (H)  any after-tax effect of income (loss)
from the early extinguishment or conversion of (i) Indebtedness, (ii) Swap Obligations or (iii) other derivative instruments,
	  	                        
		
	 (I)   any impairment charge or asset
write-off or write-down, including impairment charges or asset write-offs or write-downs related to intangible assets, long-lived assets, investments in debt and equity securities and investments recorded
using the equity method or as a result of a change in law or regulation, in each case, pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP,
	  	                        
		
	 (J)   any equity-based or non-cash
compensation charge or expense including any such charge or expense arising from grants of stock appreciation or similar rights, stock options, restricted stock, profits interests or other rights or equity or equity-based incentive programs
(“equity incentives”), any one-time cash
	  	                        

  
 E-1-4 

			
	        charges associated with the equity incentives or
other long-term incentive compensation plans (including under the deferred compensation arrangements of the Borrower), roll-over, acceleration, or payout of Equity Interests by management, other employees or business partners of the
Borrower,
	  	
		
	 (K)  any fees, expenses or charges incurred during such period, or any amortization
thereof for such period, in connection with any acquisition, recapitalization, investment, disposition, incurrence or repayment of Indebtedness (including such fees, expenses or charges related to the offering and issuance of any securities and the
syndication and incurrence of any Facility), issuance of Equity Interests, refinancing transaction or amendment or modification of any debt instrument (including any amendment or other modification of any securities and any Facility) and including,
in each case, any such transaction consummated on or prior to the Closing Date and any such transaction undertaken but not completed, and any charges or non-recurring merger costs incurred during such period
as a result of any such transaction, in each case whether or not successful or consummated (including, for the avoidance of doubt the effects of expensing all transaction related expenses in accordance with Financial Accounting Standards Board
Accounting Standards Codification 805),
	  	                        
		
	 (L)  accruals and reserves that are established or adjusted within twelve months
after the Closing Date that are so required to be established or adjusted as a result of the Acquisition (or within twenty-four months after the closing of any acquisition that are so required to be established as a result of such acquisition) in
accordance with GAAP or changes as a result of modifications of accounting policies,
	  	                        
		
	 (M)   any expenses, charges or losses to the extent covered by insurance or
indemnity and actually reimbursed, or, so long as the Borrower has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying party and only to the extent that such amount is
in fact reimbursed within 365 days of the date of the insurable or indemnifiable event (net of any amount so added back in any prior period to the extent not so reimbursed within the applicable 365-day
period),
	  	                        

  
 E-1-5 

			
		
	 (N)  any non-cash compensation expense
resulting from the application of Accounting Standards Codification Topic No. 718, Compensation—Stock Compensation,
	  	                        
		
	 (O)  any net unrealized gain or loss (after any offset) resulting in such period from
Swap Obligations and the application of Accounting Standards Codification Topic No. 815, Derivatives and Hedging,
	  	                        
		
	 (P)  any net unrealized gain or loss (after any offset) resulting in such period from
currency translation gains or losses including those related to currency remeasurements of Indebtedness (including any net loss or gain resulting from Swap Obligations for currency exchange risk) and any other foreign currency translation gains and
losses, to the extent such gain or losses are non-cash items,
	  	                        
		
	 (Q)  any adjustments resulting for the application of Accounting Standards
Codification Topic No. 460, Guarantees, or any comparable regulation,
	  	                        
		
	 (R)  effects of adjustments to accruals and reserves during a prior period relating
to any change in the methodology of calculating reserves for returns, rebates and other chargebacks,
	  	                        
		
	 (S)  earn-out and contingent consideration
obligations (including to the extent accounted for as bonuses or otherwise) and adjustments thereof and purchase price adjustments,
	  	                        
		
	 (T)  if such Person is treated as a disregarded entity or partnership for U.S.
federal, state and/or local income tax purposes for such period or any portion thereof, the amount of distributions actually made to any direct or indirect parent company of such Person in respect of such period in accordance with
Section 7.06(i)(iii) of the Credit Agreement shall be included in calculating Consolidated Net Income as though such amounts had been paid as taxes directly by such Person for such period
	  	                        
		
	 (b)   plus, to the extent not already included in the Consolidated Net
Income of the Borrower and its Subsidiaries, notwithstanding anything to the contrary in the foregoing, the amount of proceeds received from business interruption insurance and reimbursements of any expenses and charges that are covered by
indemnification or other reimbursement provisions in connection with any acquisition, investment or any sale, conveyance, transfer or other disposition of assets permitted under the Credit Agreement.
	  	                        

  
 E-1-6 

			
		
	 (c)   plus, without duplication and, except with respect to clauses
(viii) and (xi), to the extent already deducted (and not added back) in arriving at such Consolidated Net Income, the sum of the following amounts for such period with respect to the Borrower and its Subsidiaries:
	  	                        
		
	 (i)  provision for taxes based on income, profits or capital gains of the Borrower and
the Subsidiaries, including, without limitation, federal, state, franchise and similar taxes and foreign withholding taxes (including any future taxes or other levies which replace or are intended to be in lieu of such taxes and any penalties and
interest related to such taxes or arising from tax examinations) and the net tax expense associated with any adjustments made pursuant to items (A) through (T) of the calculation of “Consolidated Net Income” above,
	  	                        
		
	 (ii)  consolidated interest expense (net of interest income) for such period,
	  	                        
		
	 (iii)   the total amount of depreciation and amortization expense for such
period on a consolidated basis and otherwise determined in accordance with GAAP,
	  	                        
		
	 (iv) the amount of any restructuring charges or reserves, equity-based or non-cash compensation charges or expenses including any such charges or expenses arising from grants of stock appreciation or similar rights, stock options, restricted stock or other rights, retention charges
(including charges or expenses in respect of incentive plans), provided, that the aggregate amount of any such restructuring charges or reserves, equity-based or non-cash compensation charges or
expenses added back pursuant to this clause (iv) for any applicable period, taken together with the aggregate amount (if any) added back pursuant to clause (vi) below for such period, shall not exceed in the aggregate 15% of Consolidated
EBITDA for such period (as calculated before giving effect to such adjustments),
	  	                        
		
	 (v)   any other non-cash charges,
including any write-offs or write-downs reducing Consolidated Net Income for such period (provided that if any such non-cash charges represent an accrual or reserve for potential cash items in any future
period, (A) the Borrower may elect not to add back such non-cash charge in the current period and (B) to the extent the Borrower elects to add back such
non-cash charge, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a
prior period),
	  	                        

  
 E-1-7 

			
		
	 (vi) Transaction Expenses,
	  	                        
		
	 (vii)  the amount of “run-rate” cost
savings, operating expense reductions and synergies projected by the Borrower in good faith to result from actions taken, committed to be taken or expected in good faith to be taken no later than six (6) months after the end of such period
(calculated on a pro forma basis as though such cost savings, operating expense reductions and synergies had been realized on the first day of such period for which Consolidated EBITDA is being determined and as if such cost savings, operating
expense reductions and synergies were realized during the entirety of such period), net of the amount of actual benefits realized during such period from such actions; provided, that such cost savings and synergies are reasonably identifiable and
factually supportable (it is understood and agreed that “run-rate” means the full recurring benefit for a period that is associated with any action taken, committed to be taken or expected to be
taken, net of the amount of actual benefits realized during such period from such actions), provided, that the aggregate amount of any such cost savings, operating expense reductions and synergies added back pursuant to this clause
(vi) for any applicable peeriod, taken together with the aggregate amount (if any) added back pursuant to clause (iv) above for such period, shall not exceed in the aggregate 15% of Consolidated EBITDA for such period (as calculated before
giving effect to such adjustments),
	  	                        
		
	 (viii)  any costs or expense incurred by the Borrower or a Subsidiary of the Borrower
pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds
contributed to the capital of the Borrower or net cash proceeds of an issuance of Equity Interest of the Borrower (other than Disqualified Equity Interest), and
	  	                        
		
	 (ix) cash receipts (or any netting arrangements resulting in reduced cash expenditures) not
representing Consolidated EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA pursuant to item
(d) below for any previous period and not added back,
	  	                        

  
 E-1-8 

			
		
	 (d)   minus, without duplication and to the extent included in
determining Consolidated Net Income for such period, the sum of the following:
	  	
		
	 (i)  non-cash gains increasing Consolidated
Net Income of the Borrower for such period, excluding any non-cash gains to the extent they represent the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any
prior period and any non-cash gains with respect to cash actually received in a prior period so long as such cash did not increase Consolidated EBITDA in such prior period, and
	  	                        
		
	 (ii)  any net income from disposed, abandoned or discontinued operations
	  	                        
		
	 There shall be included in determining Consolidated EBITDA for any period, without duplication, (i) the Acquired
EBITDA of any Person, property, business or asset acquired by the Borrower or any Subsidiary during such period (but not the Acquired EBITDA of any related Person, property, business or assets to the extent not so acquired), to the extent not
subsequently sold, transferred or otherwise disposed by the Borrower or such Subsidiary during such period (each such Person, property, business or asset acquired and not subsequently so disposed of, an “Acquired Entity or
Business”) based on the actual Acquired EBITDA of such Acquired Entity or Business for such period (including the portion thereof occurring prior to such acquisition) and (ii) for the purposes of the definition of the term
“Permitted Acquisition”, compliance with the covenants set forth in Section 7.11 of the Credit Agreement and the calculation of Consolidated Fixed Charge Coverage Ratio and Consolidated Total Net Leverage Ratio, an adjustment in
respect of each Acquired Entity or Business equal to the amount of the Pro Forma Adjustment with respect to such Acquired Entity or Business for such period (including the portion thereof occurring prior to such acquisition) as specified in a
certificate executed by a Responsible Officer and delivered to the Lenders and the Administrative Agent.
	  	
		
	 There shall be excluded in determining Consolidated EBITDA for any period the Disposed EBITDA of any Person, property,
business or asset sold, transferred or otherwise disposed of or closed or classified as discontinued operations (but if such operations are classified as discontinued due to the fact that they are subject to an agreement to dispose of such
operations, only when and to the extent such operations are actually disposed of) by the Borrower or any Subsidiary during such period (each such Person, property, business or asset so sold or disposed of, a “Sold Entity or
Business”), based on the actual Disposed EBITDA of such Sold Entity or Business for such period (including the portion thereof occurring prior to such sale, transfer or disposition).
	  	
		
	 Consolidated EBITDA
	  	                        

  
 E-1-9 

			
	 (2)   Fixed Charges

 
 The sum, without duplication, of:
	  	
		
	 (a)   Consolidated Interest Expense:
	  	
		
	 (i)  the sum, without duplication, of:
	  	
		
	 (A)  consolidated interest expense of the Borrower and its Subsidiaries for such
period, to the extent such expense was deducted (and not added back) in computing Consolidated Net Income (including (a) amortization of original issue discount resulting from the issuance of Indebtedness at less than par, (b) all
commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances, (c) non-cash interest payments (but excluding any
non-cash interest expense attributable to the movement in the mark to market valuation of Swap Obligations or other derivative instruments pursuant to GAAP), (d) the interest component of Capitalized Lease
Obligations, and (e) net payments, if any made (less net payments, if any, received), pursuant to interest rate Swap Obligations with respect to Indebtedness, and excluding (q) any additional interest owing pursuant to the registration
rights agreements with respect to any securities, (r) costs associated with obtaining Swap Obligations, (s) any expense resulting from the discounting of any Indebtedness in connection with the application of recapitalization accounting
or, if applicable, purchase accounting in connection with any acquisition, (t) penalties and interest relating to taxes, (u) any “additional interest” or “liquidated damages” with respect to other securities for failure to
timely comply with registration rights obligations, (v) amortization or expensing of deferred financing fees, amendment and consent fees, debt issuance costs, commissions, fees and expenses and discounted liabilities, (w) any expensing of
commitment and other financing fees and any other fees related to the Acquisition or any acquisitions after the Closing Date, (x) [reserved], (y) any accretion of accrued interest on discounted liabilities and any prepayment premium or penalty) and
(z) interest expense attributable to a parent entity resulting from push-down accounting,
	  	                        
		
	 plus
	  	

  
 E-1-10 

			
		
	 (B)  consolidated capitalized interest of the Borrower and its Subsidiaries for such
period, whether paid or accrued
	  	                        
		
	 minus 
	  	
		
	 (C)  interest income of the Borrower and its Subsidiaries for such period
	  	                        
		
	 For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest
rate reasonably determined by the Borrower to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.
	  	
		
	 Consolidated Interest Expense3; plus 
	  	                        
		
	 (b) all cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of
preferred stock during such period; plus 
	  	
		
	 (c) all cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of
Disqualified Equity Interests during such period.
	  	
		
	 Consolidated EBITDA to Fixed Charges
	  	[    ]:1.00
		
	 Covenant Requirement
	  	 No more than

1.50:1.00

		
	 (B)  Consolidated Total Net Leverage Ratio: Consolidated Total Net Debt to
Consolidated EBITDA
	  	
		
	 (1)   Consolidated Total Net Debt:
	  	
		
	 (a)   Consolidated Total Net Debt as of [ ], 20[•]:
	  	
		
	 (i)  As of any date of determination, the aggregate principal amount of Indebtedness
of the Borrower and its Subsidiaries (including, for the avoidance of doubt, JV Level Debt) outstanding on such date, in an amount that would be reflected on a balance sheet prepared as of such date on a consolidated basis in accordance with GAAP
(but excluding the effects of any discounting of Indebtedness resulting from the application of purchase accounting in connection with the Acquisition or any Permitted Acquisition) consisting of the sum of the following:
	  	

  

	3 	For purposes of determining the amount of Consolidated Interest Expense included in the calculation of the Consolidated Fixed Charge Coverage Ratio for the Test Period ending (a) the first fiscal quarter ended
after the Closing Date, such amount shall equal such item for such fiscal quarter multiplied by four; (b) the second fiscal quarter ended after the Closing Date, such amount shall equal such item for the two fiscal quarters then ended
multiplied by two; and (c) the third fiscal quarter ended after the Closing Date, such amount shall equal such item for the three fiscal quarters then ended multiplied by 4/3. 

  
 E-1-11 

			
		
	 (A)  Indebtedness for borrowed money
	  	                        
		
	 (B)  Attributable Indebtedness
	  	                        
		
	 (C)  debt obligations evidenced by promissory notes or similar instruments
	  	                        
		
	 (d)   the amount of any Guarantees provided by any Loan Party in respect of
Indebtedness of any non-Loan Party
	  	                        
		
	 minus 
	  	
		
	 (ii)  the aggregate amount of all unrestricted cash and Cash Equivalents on the
balance sheet of the Borrower and its Restricted Subsidiaries as of such date; provided, that (x) Consolidated Total Net Debt shall not include Indebtedness in respect of letters of credit, except to the extent of unreimbursed amounts
thereunder, (y) the aggregate amount of all cash restricted in favor of the Collateral Agent for the benefit of the Secured Parties held in the Cash Collateral Account shall be deemed to constitute unrestricted cash and (ii) for the
avoidance of doubt, obligations under Swap Contracts do not constitute Consolidated Total Net Debt.
	  	                        
		
	 Consolidated Total Net Debt
	  	                        
		
	 (2)   Consolidated EBITDA
	  	                        
		
	 Consolidated Total Net Debt to Consolidated EBITDA
	  	[    ]:1.00
		
	 Covenant Requirement
	  	 No more than

3.00:1.00

  
 E-1-12 

 IN WITNESS WHEREOF, the undersigned, in his/her capacity as a Responsible Officer of Red Lion
Hotels Corporation, has executed this certificate for and on behalf of Red Lion Hotels Corporation, and has caused this certificate to be delivered this             day
of                , 20[    ]. 
  

			
	RED LION HOTELS CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 E-1-1 

 EXHIBIT E-2 

[FORM OF] 
 SOLVENCY CERTIFICATE

 of 
 RED LION HOTELS
CORPORATION 
 AND ITS SUBSIDIARIES 

[Date] 
 Pursuant to the Credit
Agreement, dated as of [ ] (as amended, modified, refinanced and/or restated from time to time, the “Credit Agreement”), among Red Lion Hotels Corporation, a Washington corporation (the “Borrower”), the other
Guarantors party thereto from time to time, the lenders party thereto from time to time and Deutsche Bank AG New York Branch, as Administrative Agent and Collateral Agent, the undersigned hereby certifies, solely in such undersigned’s capacity
as president of the Borrower, and not individually, as follows: 
 As of the date hereof, after giving effect to the consummation of the
Acquisition, including the making of the Loans under the Credit Agreement on the date hereof, and after giving effect to the application of the proceeds of such Loans: 
  

	 	a.	The fair value of the assets of the Borrower and its Subsidiaries, on a consolidated basis, exceeds, on a consolidated basis, their debts and liabilities, subordinated, contingent or otherwise; 

 

	 	b.	The present fair saleable value of the property of the Borrower and its Subsidiaries, on a consolidated basis, is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of
their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; 

  

	 	c.	The Borrower and its Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, subordinated, contingent or otherwise, as such liabilities become absolute and matured; and 

 

	 	d.	The Borrower and its Subsidiaries, on a consolidated basis, are not engaged in, and are not about to engage in, business for which they have unreasonably small capital. 

For purposes of this Certificate, the amount of any contingent liability at any time shall be computed as the amount that would reasonably be
expected to become an actual and matured liability. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. 

The undersigned is familiar with the business and financial position of the Borrower and its Subsidiaries. In reaching the conclusions set
forth in this Certificate, the undersigned has made such other investigations and inquiries as the undersigned has deemed appropriate, having taken into account the nature of the particular business anticipated to be conducted by the Borrower and
its Subsidiaries after consummation of the Transactions. 
 [Signature Page Follows] 

  
 E-2-1 

 IN WITNESS WHEREOF, the undersigned has executed this Certificate in such undersigned’s
capacity as president of the Borrower, on behalf of the Borrower, and not individually, as of the date first stated above. 
  

			
	RED LION HOTELS CORPORATION

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
 E-2-2 

 EXHIBIT F 

[FORM OF] 
 ASSIGNMENT AND
ASSUMPTION 
 This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is
entered into by and between the Assignor (as defined below) and the Assignee (as defined below). Capitalized terms used in this Assignment and Assumption and not otherwise defined herein shall have the meanings specified in the Credit Agreement
identified below (as amended, modified, refinanced and/or restated from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1
attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from
the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below, (i) all of the Assignor’s rights and
obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and
obligations of the Assignor under the respective facilities identified below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a
Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related
to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause
(i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor
and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 
  

	1.	Assignor (the “Assignor”): 

  

	2.	Assignee (the “Assignee”): 

 Assignee is an Affiliate of [Name of Lender] 

Assignee is an Approved Fund of: [Name of Lender] 
  

	3.	Borrower: Red Lion Hotels Corporation 

  

	4.	Administrative Agent: Deutsche Bank AG New York Branch 

  
 F-1 

 5. Credit Agreement: The Credit Agreement, dated as of [ ], among Red Lion Hotels Corporation, a Washington
corporation (the “Borrower”), the Guarantors party thereto, the Lenders from time to time party thereto, Deutsche Bank AG New York Branch, as Administrative Agent and Collateral Agent and the other parties from time to time party thereto.

 6. Assigned Interest: 
  

													
	 Facility Assigned1
	  	Aggregate Amount of
Commitment/Loans of
all Lenders2	 	  	Amount of
Commitment/Loans
Assigned3	 	  	Percentage Assigned
of Aggregate
Commitment/Loans
of all
Lenders4	 
		  	$		 	  	$		 	  	 	%	 
		  	$		 	  	$		 	  	 	%	 
		  	$		 	  	$		 	  	 	%	 

 [7. Trade
Date:                            ]5 

Effective Date:
                            , 20         [TO BE
INSERTED BY THE ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
  

 
  
  

 
  

	1 	Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment and Assumption (e.g. “Initial Term Loans”, “Incremental Term
Loans” , “Extended Term Loans”, “Revolving Credit Commitments”, “Incremental Revolving Credit Commitments”, “Extended Revolving Credit Commitments”, “ Other Revolving Credit Commitments”, etc.).
Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date. 

	2 	Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date

	3 	Except in the cases of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans of any class, the amount
shall not be less than $1,000,000 (in the case of a Revolving Credit Loan or Revolving Credit Commitment) or, $1,000,000 (in the case of a Term Loan), and shall be in increments of $1,000,000 (in the case of each Revolving Credit Loan or Revolving
Credit Commitment) or $1,000,000 (in the case of Term Loans) in excess thereof. 

	4 	Set forth, to at least 8 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

	5 	To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date. 

  
 F-2 

 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	[NAME OF ASSIGNOR], as Assignor
		
	By:	 	  

		 	Name:
		 	Title:
	
	[NAME OF ASSIGNEE], as Assignee
		
	By:	 	  

		 	Name:
		 	Title:

  
 F-3 

			
	[Consented to and]6 Accepted:
	
	DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
  

	6 	No consent of the Administrative Agent shall be required for an assignment (i) of all or any portion of a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund or (ii) all or any portion of the
Loans pursuant to Section 10.07(m) of the Credit Agreement. 

  
 F-4 

			
	
	[Consented to:
	
	RED LION HOTELS CORPORATION]7
		
	By:	 	  

		 	Name:
		 	Title:

  
  

	7 	No consent of the Borrower shall be required for (i) an assignment of all or any portion of the Term Loans to a Lender, an Affiliate of a Lender or an Approved Fund, (ii) an assignment related to Revolving
Credit Commitments or Revolving Credit Exposure to a Revolving Credit Lender, to an Affiliate of a Revolving Credit Lender or to an Approved Fund of such Revolving Credit Lender, (iii) if an Event of Default under Section 8.01(a) or
Section 8.01(f) has occurred and is continuing or (iv) an assignment of all or a portion of the Loans pursuant to Section 10.07(m); provided, further, that such consent shall be deemed to have been given if the Borrower has not
responded within 10 Business Days after notice by the Administrative Agent. 

  
 F-5 

 ANNEX I 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1.
Representations and Warranties. 
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial
owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this
Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any
other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of Parent, the Borrower, or any of their
respective Subsidiaries or Affiliates or any other Person obligated in respect of the Credit Agreement or (iv) the performance or observance by Parent, the Borrower, or any of their respective Subsidiaries or Affiliates or any other Person of
any of their respective obligations under any Loan Document. 
 1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full
power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the
requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender thereunder, (iii) it is not a Defaulting Lender, a Disqualified Lender, a natural
person or an Affiliated Lender, (iv) from and after the Effective Date, it shall be bound by the Credit Agreement and, to the extent provided in this Assignment and Assumption, have the rights and obligations of a Lender under the Credit
Agreement, (v) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the person exercising discretion in making its decision to acquire the Assigned Interest, is
experienced in acquiring assets of such type, (vi) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Sections 5.05 or 6.01 of the Credit Agreement, as applicable,
and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and
decision independently and without reliance on the Administrative Agent, the Assignor or any other Lender, (vii) if it is not already a Lender under the Credit Agreement, attached to this Assignment and Assumption is an Administrative
Questionnaire as required by the Credit Agreement and (viii) the Administrative Agent has received a processing and recordation fee of $3,500 (unless waived or reduced in the sole discretion of the Administrative Agent) as of the Effective Date
and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its
own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a
Lender, including its obligations pursuant to Section 3.01 of the Credit Agreement. 
 2. Payments. From and after the Effective Date, the
Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the
Assignee for amounts which have accrued from and after the Effective Date. 

  
 F-6 

 3. General Provisions. 

3.1 In accordance with Section 10.07 of the Credit Agreement, upon execution, delivery, acceptance and recording of this Assignment and Assumption, from
and after the Effective Date, (a) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this Assignment and Assumption, have the rights and obligations of a Lender under the Credit Agreement with a Commitment/Loan
as set forth herein and (b) the Assignor shall, to the extent of the Assigned Interest assigned pursuant to this Assignment and Assumption, be released from its obligations under the Credit Agreement (and, in the case that this Assignment and
Assumption covers all of the Assignor’s rights and obligations under the Credit Agreement, the Assignor shall cease to be a party to the Credit Agreement but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05, 10.04 and
10.05 thereof). 
 3.2 This Assignment and Assumption shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns. This Assignment and Assumption may be executed by one or more of the parties to this Assignment and Assumption on any number of separate counterparts (including by facsimile or other electronic transmission), and all of said
counterparts taken together shall be deemed to constitute one and the same instrument. This Assignment and Assumption and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by and interpreted under
the law of the state of New York. 
  

  
 F-7 

 EXHIBIT G 

[FORM OF] 
 SECURITY AGREEMENT

 [See separately executed document] 
  

  
 G-1 

 EXECUTION VERSION 

 
  
  

SECURITY AGREEMENT 
 dated as of

 May 14, 2018 
 among

 THE GRANTORS IDENTIFIED HEREIN 

and 
 DEUTSCHE BANK AG NEW YORK
BRANCH, 
 as Collateral Agent 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	 ARTICLE I

 

DEFINITIONS
	  
 

 

	 Section 1.01.
	 	 Credit Agreement
	  	 	1	 
	 Section 1.02.
	 	 Other Defined Terms
	  	 	1	 
	
	 ARTICLE II

 

PLEDGE OF SECURITIES
	  
 

 

	 Section 2.01.
	 	 Pledge
	  	 	5	 
	 Section 2.02.
	 	 Delivery of the Pledged Equity
	  	 	6	 
	 Section 2.03.
	 	 Representations, Warranties and Covenants
	  	 	6	 
	 Section 2.04.
	 	 Certification of Limited Liability Company and Limited Partnership Interests
	  	 	8	 
	 Section 2.05.
	 	 Registration in Nominee Name; Denominations
	  	 	8	 
	 Section 2.06.
	 	 Voting Rights; Dividends and Interest
	  	 	9	 
	
	 ARTICLE III

 

SECURITY INTERESTS IN PERSONAL
PROPERTY
	  
 

 

	 Section 3.01.
	 	 Security Interest
	  	 	11	 
	 Section 3.02.
	 	 Representations and Warranties
	  	 	12	 
	 Section 3.03.
	 	 Covenants
	  	 	14	 
	
	 ARTICLE IV

 

REMEDIES
	  
 

 

	 Section 4.01.
	 	 Remedies Upon Default
	  	 	17	 
	 Section 4.02.
	 	 Application of Proceeds
	  	 	19	 
	 Section 4.03.
	 	 Grant of License to Use Intellectual Property
	  	 	20	 
	
	 ARTICLE V

 

SUBORDINATION
	  
 

 

	 Section 5.01.
	 	 Subordination
	  	 	21	 

  
 -i- 

							
	 	 	 	  	Page	 
	
	 ARTICLE VI

 

MISCELLANEOUS
	  
 

 

	 Section 6.01.
	 	 Notices
	  	 	21	 
	 Section 6.02.
	 	 Waivers; Amendment
	  	 	21	 
	 Section 6.03.
	 	 Collateral Agent’s Fees and Expenses; Indemnification
	  	 	22	 
	 Section 6.04.
	 	 Successors and Assigns
	  	 	22	 
	 Section 6.05.
	 	 Survival of Agreement
	  	 	22	 
	 Section 6.06.
	 	 Counterparts; Effectiveness; Several Agreement
	  	 	22	 
	 Section 6.07.
	 	 Severability
	  	 	23	 
	 Section 6.08.
	 	 Governing Law; Jurisdiction; Venue; Waiver of Jury Trial; Consent to Service of Process
	  	 	23	 
	 Section 6.09.
	 	 Headings
	  	 	23	 
	 Section 6.10.
	 	 Security Interest Absolute
	  	 	23	 
	 Section 6.11.
	 	 Termination or Release
	  	 	24	 
	 Section 6.12.
	 	 Additional Grantors
	  	 	25	 
	 Section 6.13.
	 	 Collateral Agent Appointed
Attorney-in-Fact
	  	 	25	 
	 Section 6.14.
	 	 General Authority of the Collateral Agent
	  	 	25	 
	 Section 6.15.
	 	 Reasonable Care
	  	 	26	 
	 Section 6.16.
	 	 Delegation; Limitation
	  	 	26	 
	 Section 6.17.
	 	 Reinstatement
	  	 	26	 
	 Section 6.18.
	 	 Miscellaneous
	  	 	26	 
	 Section 6.19.
	 	 Mortgages
	  	 	26	 

  
 -ii- 

			
	 Schedule I
	  	 Subsidiary Parties

	 Schedule II
	  	 Pledged Equity and Pledged Debt

	 Schedule III
	  	 Commercial Tort Claims

		
	 Exhibits
	  	
		
	 Exhibit I
	  	 Form of Security Agreement Supplement

	 Exhibit II
	  	 Form of Patent Security Agreement

	 Exhibit III
	  	 Form of Trademark Security Agreement

	 Exhibit IV
	  	 Form of Copyright Security Agreement

  
 -iii- 

 SECURITY AGREEMENT dated as of May 14, 2018, among the Grantors (as defined below) and
Deutsche Bank AG New York Branch, as Collateral Agent for the Secured Parties (in such capacity, the “Collateral Agent”). 

Reference is made to the Credit Agreement dated as of May 14, 2018 (as amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”), among Red Lion Hotels Corporation, a Washington corporation (“Borrower”), the other Guarantors party thereto from time to time, each lender from time to time party thereto
(collectively, the “Lenders” and individually, a “Lender”), and Deutsche Bank AG New York Branch, as Administrative Agent and Collateral Agent. The Lenders have agreed to extend credit to the Borrower subject to the
terms and conditions set forth in the Credit Agreement. The obligations of the Lenders to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement. Parent and the Subsidiary Parties are affiliates of
the Borrower, will derive substantial benefits from the extension of credit to the Borrower pursuant to the Credit Agreement, and are willing to execute and deliver this Agreement in order to induce the Lenders to extend such credit. Accordingly,
the parties hereto agree as follows: 
 ARTICLE I 

Definitions 

Section 1.01. Credit Agreement.  

(a) Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Credit Agreement. All terms
defined in the UCC (as defined herein) and not defined in this Agreement have the meanings specified therein; the term “instrument” shall have the meaning specified in Article 9 of the UCC. 

(b) The rules of construction specified in Article I of the Credit Agreement also apply to this Agreement. 

Section 1.02. Other Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“Account Debtor” means any Person who is or who may become obligated to any Grantor under, with respect to or on account of
an Account. 
 “Accounts” has the meaning specified in Article 9 of the UCC. 

“Agreement” means this Security Agreement, as amended, restated, supplemented or otherwise modified from time to time. 

“Article 9 Collateral” has the meaning assigned to such term in Section 3.01(a). 

“Borrower” has the meaning assigned to such term in the recitals of this Agreement. 

“Collateral” means the Article 9 Collateral and the Pledged Collateral. 

 “Collateral Agent” has the meaning assigned to such term in the recitals of this
Agreement. 
 “Control” has the meaning specified in UCC Section 8-106, 9-104, 9-105, 9-106 or 9-107, as may be applicable to the relevant Collateral. 

“Controlled Deposit Account” means a deposit account (i) that is subject to a Deposit Account Control Agreement or
(ii) as to which the Administrative Agent is the Depositary Bank’s “customer” (as defined in UCC Section 4-104). 

“Copyright License” means any written agreement, now or hereafter in effect, granting any right to any third party under any
Copyright now or hereafter owned by any Grantor or that such Grantor otherwise has the right to license, or granting any right to any Grantor under any Copyright now or hereafter owned by any third party, and all rights of such Grantor under any
such agreement. 
 “Copyrights” means all of the following now owned or hereafter acquired by any Grantor: (a) all
copyright rights in any work subject to the copyright laws of the United States, whether as author, assignee, transferee or otherwise, and (b) all registrations and applications for registration of any such copyright in the United States,
including registrations, recordings, supplemental registrations and pending applications for registration in the USCO. 
 “Credit
Agreement” has the meaning assigned to such term in the preliminary statement of this Agreement. 
 “Deposit Account
Control Agreement” means with respect to any Deposit Account of any Grantor, a Deposit Account Control Agreement among such Grantor, the Administrative Agent and the relevant Depositary Bank in form and substance reasonably satisfactory to
the Administrative Agent. 
 “Depositary Bank” means a bank at which a Controlled Deposit Account is maintained. 

“Excluded Accounts” means (i) payroll and other employee wage and benefit accounts, (ii) accounts used to pay Taxes
required to be collected, remitted or withheld (including, without limitation, federal and state withholding taxes (including the employer’s share thereof)), (iii) escrow, fiduciary or trust accounts in which funds are held for another person
who is not a Loan Party in the ordinary course of business and (iv) accounts having an average weekly balance of not more than $3,000,000 per month (provided that the aggregate amounts on deposit and the value of the securities in all accounts
pursuant to this clause (iv) shall not exceed $10,000,000 at any one time), and, in the case of clauses (i) through (iv), the funds or other property held in or maintained in any such account. 

“Excluded Collateral” has the meaning assigned to such term in the Credit Agreement. 

“General Intangibles” has the meaning specified in Article 9 of the UCC. 

  
 -2- 

 “Grantor” means the Borrower, each Guarantor that is a party hereto, and each
Guarantor that becomes a party to this Agreement after the Closing Date. 
 “Intellectual Property” means all United States
intellectual and similar property of every kind and nature now owned or hereafter acquired by any Grantor, including inventions, designs, Patents, Copyrights, Licenses, Trademarks, trade secrets, the intellectual property rights in software and
databases and related documentation and all additions and improvements to the foregoing. 
 “Intellectual Property Security
Agreements” means the short-form Patent Security Agreement, short-form Trademark Security Agreement, and short-form Copyright Security Agreement, each substantially in the form attached hereto as Exhibits II,
III and IV, respectively. 
 “Lenders” has the meaning assigned to such term in the recitals of this
Agreement. 
 “License” means any (i) Patent License, (ii) Trademark License, (iii) Copyright License or
other Intellectual Property license or sublicense agreement to which any Grantor is a party, together with any and all (i) renewals, extensions, supplements and continuations of any of the foregoing, (ii) income, fees, royalties, damages,
claims and payments now and hereafter due and/or payable under or with respect to any of the foregoing including damages and payments for past, present or future infringements or violations of any of the foregoing, and (iii) rights to sue for
past, present and future violations of any of the foregoing. 
 “Patent License” means any written agreement, now or
hereafter in effect, granting to any third party any right to make, have made, use, import, offer to sell and/or sell any invention covered by a Patent, now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, or
granting to any Grantor any right to make, use or sell any invention covered by a Patent, now or hereafter owned by any third party, and all rights of any Grantor under any such agreement. 

“Patents” means all of the following now owned or hereafter acquired by any Grantor: (a) all letters Patent of the
United States in or to which any Grantor now or hereafter has any right, title or interest therein, all registrations and recordings thereof, and all applications for letters Patent of the United States, including registrations, recordings and
pending applications in the USPTO, and (b) all reissues, continuations, divisions, continuations-in-part, renewals, reexaminations, improvements or extensions of
any of the foregoing, and the inventions disclosed or claimed in any of the foregoing, including the right to make, have made, use, import, offer to sell and/or sell the inventions disclosed or claimed therein. 

“Perfection Certificate” means a certificate substantially in the form of Exhibit H to the Credit Agreement, completed
and supplemented with the schedules and attachments contemplated thereby, and duly executed by a Responsible Officer of each of the Grantors. 

  
 -3- 

 “Permitted Liens” means (i) the Transaction Liens and (ii) any other
Liens on the Collateral permitted to be created or assumed or to exist pursuant to Section 7.01 of the Credit Agreement. 

“Pledged Collateral” has the meaning assigned to such term in Section 2.01. 

“Pledged Debt” has the meaning assigned to such term in Section 2.01. 

“Pledged Equity” has the meaning assigned to such term in Section 2.01. 

“Pledged Securities” means the Pledged Equity and Pledged Debt. 

“Secured Approved Counterparty” means an Approved Counterparty party to a Secured Hedge Agreement or Treasury Services
Agreement. 
 “Secured Obligations” means the “Obligations” (as defined in the Credit Agreement). 

“Secured Parties” means, collectively, the Administrative Agent, the Collateral Agent, the Lenders, each Secured Approved
Counterparty, the Supplemental Agents and each co-agent or sub-agent appointed by the Administrative Agent or Collateral Agent from time to time pursuant to
Section 9.02 of the Credit Agreement. 
 “Security Agreement Supplement” means an instrument substantially in the form
of Exhibit I hereto. 
 “Security Interest” has the meaning assigned to such term in
Section 3.01. 
 “Subsidiary Parties” means (a) the Subsidiaries identified on
Schedule I and (b) each other Subsidiary that becomes a party to this Agreement as a Subsidiary Party after the Closing Date. 

“Trademark License” means any written agreement, now or hereafter in effect, granting to any third party any right to use any
Trademark now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, or granting to any Grantor any right to use any Trademark now or hereafter owned by any third party, and all rights of any Grantor under any such
agreement. 
 “Trademarks” means all of the following now owned or hereafter acquired by any Grantor: (a) all
trademarks, service marks, trade names, corporate names, trade dress, logos, designs, fictitious business names and other source or business identifiers, now existing or hereafter adopted or acquired, all registrations and recordings of any of the
foregoing, and all registration and recording applications filed in connection with any of the foregoing, including registrations and registration applications in the USPTO or any similar offices in any State of the United States or any political
subdivision thereof, and all extensions or renewals of any of the foregoing, as well as any unregistered trademarks and service marks used by a Grantor, and (b) all goodwill connected with the use of and symbolized by any of the foregoing. 

  
 -4- 

 “Transaction Liens” means the first priority Liens granted by the Grantors under
the Security Documents. 
 “UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York;
provided that, if perfection or the effect of perfection or non-perfection or the priority of the security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a
jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority. 
 “USCO” means the United States Copyright Office. 

“USPTO” means the United States Patent and Trademark Office. 

ARTICLE II 
 Pledge
of Securities 
 Section 2.01. Pledge. As security for the payment or performance, as the case may be, in full of the
Secured Obligations, including the Guarantees, each of the Grantors hereby assigns and pledges to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and
assigns, for the benefit of the Secured Parties, a security interest in all of such Grantors’ right, title and interest in, to and under: 

(i) all Equity Interests held by it that are listed on Schedule II and any other Equity Interests obtained in the future
by such Grantor and the certificates, if any, representing all such Equity Interests (the “Pledged Equity”); provided that the Pledged Equity shall not include Excluded Collateral; 

(ii) (A) the debt securities owned by it and listed opposite the name of such Grantor on
Schedule II, (B) any debt securities obtained in the future by such Grantor and (C) the promissory notes and any other instruments evidencing such debt securities (the “Pledged Debt”);
provided that the Pledged Debt shall not include any Excluded Collateral; 
 (iii) all other property that may be
delivered to and held by the Collateral Agent pursuant to the terms of this Section 2.01; 
 (iv) subject to
Section 2.06, all payments of principal or interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other
Proceeds received in respect of, the securities referred to in clauses (i) and (ii) above; 
 (v) subject to
Section 2.06, all rights and privileges of such Grantor with respect to the securities and other property referred to in clauses (i), (ii), (iii) and (iv) above; and 

  
 -5- 

 (vi) all Proceeds of any of the foregoing 

(the items referred to in clauses (i) through (vi) above being collectively referred to as the “Pledged Collateral”). 

TO HAVE AND TO HOLD the Pledged Collateral, together with all right, title, interest, powers, privileges and preferences pertaining or incidental thereto,
unto the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, forever, subject, however, to the terms, covenants and conditions hereinafter set forth. 

Section 2.02. Delivery of the Pledged Equity. 

(a) Each Grantor agrees promptly (but in any event within 60 days after receipt by such Grantor or such longer period as the Collateral Agent
may agree in its reasonable discretion) to deliver or cause to be delivered to the Collateral Agent, for the benefit of the Secured Parties, any and all (i) Pledged Equity to the extent certificated and (ii) to the extent required to be
delivered pursuant to paragraph (b) of this Section 2.02, Pledged Debt. 
 (b) Each Grantor will cause any Indebtedness for
borrowed money having an aggregate principal amount in excess of $500,000 owed to such Grantor by any Person that is evidenced by a duly executed promissory note to be pledged and delivered to the Collateral Agent (except to the extent already
represented by and superseded by the Intercompany Note delivered to the Collateral Agent), for the benefit of the Secured Parties, pursuant to the terms hereof. 

(c) Upon delivery to the Collateral Agent, any Pledged Securities shall be accompanied by stock or security powers duly executed in blank or
other instruments of transfer reasonably satisfactory to the Collateral Agent and by such other instruments and documents as the Collateral Agent may reasonably request (subject to the Collateral and Guarantee Requirement). Each delivery of Pledged
Securities shall be accompanied by a schedule describing the securities, which schedule shall be deemed to supplement Schedule II and made a part hereof; provided that failure to supplement Schedule II shall not affect the
validity of such pledge of such Pledged Equity. Each schedule so delivered shall supplement any prior schedules so delivered. 

Section 2.03. Representations, Warranties and Covenants. Each Grantor represents, warrants and covenants to and with the
Collateral Agent, for the benefit of the Secured Parties, that: 
 (a) as of the date hereof, Schedule II includes all Equity
Interests, debt securities and promissory notes required to be pledged by such Grantor hereunder in order to satisfy the Collateral and Guarantee Requirement; 

(b) the Pledged Equity issued by the Borrower or a wholly-owned Subsidiary have been duly and validly authorized and issued by the issuers
thereof and are fully paid and nonassessable; 
 (c) except for the security interests granted hereunder, such Grantor (i) is,

  
 -6- 

 
subject to any transfers made in compliance with the Credit Agreement, the direct owner, beneficially and of record, of the Pledged Equity indicated on Schedule II,
(ii) holds the same free and clear of all Liens, other than (A) Liens created by the Collateral Documents and (B) Liens expressly permitted pursuant to Section 7.01 of the Credit Agreement, and (iii) if requested by the
Collateral Agent, will defend its title or interest thereto or therein against any and all Liens (other than the Liens permitted pursuant to this Section 2.03(c)), however arising, of all Persons whomsoever; 

(d) except for restrictions and limitations (i) imposed or permitted by the Loan Documents or securities laws generally, (ii) in the
case of Pledged Equity of Persons that are not Subsidiaries, transfer restrictions that exist at the time of acquisition of Equity Interests in such Persons, and (iii) except as described in the Perfection Certificate, the Pledged Collateral is
freely transferable and assignable, and none of the Pledged Collateral is subject to any option, right of first refusal, shareholders agreement, charter or by-law provisions or contractual restriction of any
nature that might prohibit, impair, delay or otherwise affect in any manner material and adverse to the Secured Parties the pledge of such Pledged Collateral hereunder, the sale or disposition thereof pursuant hereto or the exercise by the
Collateral Agent of rights and remedies hereunder; 
 (e) the execution and performance by the Grantors of this Agreement are within each
Grantor’s corporate, limited liability company or limited partnership powers and have been duly authorized by all necessary corporate, limited liability company or limited partnership action or other organizational action; 

(f) no consent or approval of any Governmental Authority, any securities exchange or any other Person was or is necessary to the validity of
the pledge effected hereby, except for (i) filings and registrations necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Collateral Agent for the benefit of the Secured Parties and (ii) the
approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect (except to the extent not required to be obtained, taken, given, or made or to be in
full force and effect pursuant to the Collateral and Guarantee Requirement); 
 (g) by virtue of the execution and delivery by each Grantor
of this Agreement, and delivery of the Pledged Securities in accordance with this Agreement to and continued possession by the Collateral Agent in the State of New York, the Collateral Agent for the benefit of the Secured Parties has a legal, valid
and perfected lien upon and security interest in such Pledged Security as security for the payment and performance of the Secured Obligations to the extent such perfection is governed by the UCC, subject only to Liens permitted by Section 7.01
of the Credit Agreement; and 
 (h) the pledge effected hereby is effective to vest in the Collateral Agent, for the benefit of the Secured
Parties, the rights of the Collateral Agent in the Pledged Collateral to the extent intended hereby. 
 Subject to the terms of this
Agreement, each Grantor hereby agrees that upon the occurrence and during the continuance of an Event of Default, it will comply with instructions of 

  
 -7- 

 
the Collateral Agent with respect to the Equity Interests in such Grantor that constitute Pledged Equity hereunder that are not certificated without further consent by the applicable owner
or holder of such Equity Interests. 
 Notwithstanding anything to the contrary in this Agreement, to the extent any provision of this
Agreement or the Credit Agreement excludes any assets from the scope of the Pledged Collateral, or from any requirement to take any action to perfect any security interest in favor of the Collateral Agent for the benefit of the Secured Parties in
the Pledged Collateral, the representations, warranties and covenants made by any relevant Grantor in this Agreement with respect to the creation, perfection or priority (as applicable) of the security interest granted in favor of the Collateral
Agent for the benefit of the Secured Parties (including, without limitation, this Section 2.03) shall be deemed not to apply to such excluded assets. 

Section 2.04. Certification of Limited Liability Company and Limited Partnership Interests. No interest in any limited liability
company or limited partnership controlled by any Grantor that constitutes Pledged Equity shall be represented by a certificate unless (i) the limited liability company agreement or partnership agreement expressly provides that such interests
shall be a “security” within the meaning of Article 8 of the UCC of the applicable jurisdiction, and (ii) such certificate shall be delivered to the Collateral Agent in accordance with Section 2.02. Any limited
liability company and any limited partnership controlled by any Grantor shall either (a) not include in its operative documents any provision that any Equity Interests in such limited liability company or such limited partnership be a
“security” as defined under Article 8 of the UCC or (b) certificate any Equity Interests in any such limited liability company or such limited partnership. To the extent an interest in any limited liability company or limited
partnership controlled by any Grantor and pledged under Section 2.01 is certificated or becomes certificated, (i) each such certificate shall be delivered to the Collateral Agent, pursuant to Section 2.02(a) and
(ii) such Grantor shall fulfill all other requirements under Section 2.02 applicable in respect thereof. Such Grantor hereby agrees that if any of the Pledged Collateral are at any time not evidenced by certificates of
ownership, then each applicable Grantor shall, to the extent permitted by applicable Law, if necessary or, upon the reasonable request of the Collateral Agent, desirable to perfect a security interest in such Pledged Collateral, cause such pledge to
be recorded on the equity holder register or the books of the issuer, execute any customary pledge forms or other documents necessary or appropriate to complete the pledge and give the Collateral Agent the right to transfer such Pledged Collateral
under the terms hereof. 
 Section 2.05. Registration in Nominee Name; Denominations. If an Event of Default shall have occurred
and be continuing and the Collateral Agent shall have given the Borrower prior written notice of its intent to exercise such rights, (a) the Collateral Agent, on behalf of the Secured Parties, shall have the right to hold the Pledged Securities in
its own name as pledgee, the name of its nominee (as pledgee or as sub-agent) or the name of the applicable Grantor, endorsed or assigned in blank or in favor of the Collateral Agent and each Grantor will promptly give to the Collateral Agent copies
of any written notices or other written communications received by it with respect to Pledged Equity registered in the name of such Grantor and (b) the Collateral Agent shall have the right to exchange the certificates representing Pledged
Equity for certificates of smaller or larger denominations for any purpose consistent with this Agreement, to the extent permitted by the documentation governing such Pledged Securities and applicable Laws. 

  
 -8- 

 Section 2.06. Voting Rights; Dividends and Interest. 

(a) Unless and until an Event of Default shall have occurred and be continuing and the Collateral Agent shall have provided prior notice to
the Borrower that the rights of the Grantors under this Section 2.06 are being suspended: 
 (i) Each Grantor shall be
entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner of Pledged Securities or any part thereof and each Grantor agrees that it shall exercise such rights as permitted under the Credit Agreement and
the other Loan Documents. 
 (ii) The Collateral Agent shall promptly (after reasonable advance notice) execute and deliver
to each Grantor, or cause to be executed and delivered to such Grantor, all such proxies, powers of attorney and other instruments as such Grantor may reasonably request for the purpose of enabling such Grantor to exercise the voting and/or
consensual rights and powers it is entitled to exercise pursuant to subparagraph (i) above. 
 (iii) Each Grantor shall
be entitled to receive and retain any and all dividends, interest, principal and other distributions paid on or distributed in respect of the Pledged Securities to the extent and only to the extent that such dividends, interest, principal and other
distributions are permitted by, and otherwise paid or distributed in accordance with, the terms and conditions of the Credit Agreement, the other Loan Documents and applicable Laws; provided that any noncash dividends, interest, principal or
other distributions that would constitute Pledged Equity or Pledged Debt, whether resulting from a subdivision, combination or reclassification of the outstanding Equity Interests of the issuer of any Pledged Securities or received in exchange for
Pledged Securities or any part thereof, or in redemption thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged
Collateral, and, if received by any Grantor, shall not be commingled by such Grantor with any of its other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Collateral Agent and the
Secured Parties and shall be promptly (and in any event within 10 Business Days or such longer period as the Collateral Agent may agree in its reasonable discretion) delivered to the Collateral Agent in the same form as so received (with any
necessary endorsement reasonably requested by the Collateral Agent). So long as no Default or Event of Default has occurred and is continuing, the Collateral Agent shall promptly deliver to each Grantor any Pledged Securities in its possession if
requested to be delivered to the issuer thereof in connection with any exchange or redemption of such Pledged Securities permitted by the Credit Agreement in accordance with this Section 2.06(a)(iii). 

(b) Upon the occurrence and during the continuance of an Event of Default, after the Collateral Agent shall have notified the Borrower of the
suspension of the Grantors’ rights under paragraph (a)(iii) of this Section 2.06, then all rights of any Grantor to dividends, 

  
 -9- 

 
interest, principal or other distributions that such Grantor is authorized to receive pursuant to paragraph (a)(iii) of this Section 2.06 shall cease, and all such rights shall thereupon
become vested in the Collateral Agent, which shall have the sole and exclusive right and authority to receive and retain such dividends, interest, principal or other distributions. All dividends, interest, principal or other distributions received
by any Grantor contrary to the provisions of this Section 2.06 shall be held in trust for the benefit of the Collateral Agent, shall be segregated from other property or funds of such Grantor and shall be promptly (and in any event within 10
days or such longer period as the Collateral Agent may agree in its reasonable discretion) delivered to the Collateral Agent upon demand in the same form as so received (with any necessary endorsement reasonably requested by the Collateral Agent).
Any and all money and other property paid over to or received by the Collateral Agent pursuant to the provisions of this paragraph (b) shall be retained by the Collateral Agent in an account to be established by the Collateral Agent upon
receipt of such money or other property and shall be applied in accordance with the provisions of Section 4.02. After all Events of Default have been cured or waived, the Collateral Agent shall promptly repay to each Grantor (without interest)
all dividends, interest, principal or other distributions that such Grantor would otherwise be permitted to retain pursuant to the terms of paragraph (a)(iii) of this Section 2.06 and that remain in such account. 

(c) Upon the occurrence and during the continuance of an Event of Default, after the Collateral Agent shall have provided the Borrower with
notice of the suspension of its rights under paragraph (a)(i) of this Section 2.06, then all rights of any Grantor to exercise the voting and consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this
Section 2.06, and the obligations of the Collateral Agent under paragraph (a)(ii) of this Section 2.06, shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall have the sole and exclusive right
and authority to exercise such voting and consensual rights and powers; provided that, unless otherwise directed by the Required Lenders, the Collateral Agent shall have the right from time to time following and during the continuance of an
Event of Default to permit the Grantors to exercise such rights. After all Events of Default have been cured or waived, each Grantor shall have the exclusive right to exercise the voting and/or consensual rights and powers that such Grantor would
otherwise be entitled to exercise pursuant to the terms of paragraph (a)(i) above, and the obligations of the Collateral Agent under paragraph (a)(ii) of this Section 2.06 shall be reinstated. 

(d) Any notice given by the Collateral Agent to the Borrower under Section 2.05 or Section 2.06 (i) shall be given in writing,
(ii) may be given with respect to one or more Grantors at the same or different times and (iii) may suspend the rights of the Grantors under paragraph (a)(i) or paragraph (a)(iii) of this Section 2.06 in part without suspending all
such rights (as specified by the Collateral Agent in its sole and absolute discretion) and without waiving or otherwise affecting the Collateral Agent’s rights to give additional notices from time to time suspending other rights so long as an
Event of Default has occurred and is continuing. 

  
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 ARTICLE III 

Security Interests in Personal Property 

Section 3.01. Security Interest. 

(a) As security for the payment or performance, as the case may be, in full of the Secured Obligations, including the Guarantees, each Grantor
hereby pledges to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest (the
“Security Interest”) in, all right, title or interest in or to any and all of the following assets and properties now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the
future may acquire any right, title or interest (collectively, the “Article 9 Collateral”): 
 (i) all
Accounts; 
 (ii) all Chattel Paper; 

(iii) all Documents; 

(iv) all Equipment; 

(v) all General Intangibles; 

(vi) all Goods; 

(vii) all Instruments; 

(viii) all Inventory; 

(ix) all Investment Property; 

(x) all books and records pertaining to the Article 9 Collateral; 

(xi) all Fixtures; 

(xii) all Letter-of-Credit Rights, but only to
the extent constituting a supporting obligation for other Article 9 Collateral as to which perfection of security interests in such Article 9 Collateral is accomplished by the filing of a UCC financing statement; 

(xiii) all Intellectual Property; 

(xiv) all Commercial Tort Claims listed on Schedule III and on any supplement thereto received by the
Collateral Agent pursuant to Section 3.03(g); 
 (xv) all cash and deposit accounts; and 

(xvi) to the extent not otherwise included, all Proceeds and products of any and all of the foregoing and all Supporting
Obligations, collateral security and guarantees given by any Person with respect to any of the foregoing; 
 provided that, notwithstanding anything
to the contrary in this Agreement, this Agreement shall not constitute a grant of a security interest in any Excluded Collateral and the term “Article 9 Collateral” shall not include any Excluded Collateral. 

  
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 (b) Subject to Section 3.01(e), each Grantor hereby irrevocably authorizes the Collateral
Agent for the benefit of the Secured Parties at any time and from time to time to file in any relevant jurisdiction any initial financing statements with respect to the Article 9 Collateral or any part thereof and amendments thereto that
(i) indicate the Article 9 Collateral as “all assets” or “all personal property” of such Grantor or words of similar effect as being of an equal or lesser scope or with greater detail and (ii) contain the information
required by Article 9 of the UCC or the analogous legislation of each applicable jurisdiction for the filing of any financing statement or amendment, including whether such Grantor is an organization, the type of organization and, if required, any
organizational identification number issued to such Grantor. Each Grantor agrees to provide such information to the Collateral Agent promptly upon any reasonable request. 

(c) The Security Interest is granted as security only and shall not subject the Collateral Agent or any other Secured Party to, or in any way
alter or modify, any obligation or liability of any Grantor with respect to or arising out of the Article 9 Collateral. 
 (d) The
Collateral Agent is authorized to file with the USPTO or the USCO (or any successor office) such documents as may be necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing or protecting the Security Interest in
Intellectual Property of each Grantor in which a security interest has been granted by each Grantor, without the signature of any Grantor, and naming any Grantor or the Grantor as debtors and the Collateral Agent as secured party. 

(e) Notwithstanding anything to the contrary in the Loan Documents, none of the Grantors shall be required, nor is the Collateral Agent
authorized, (i) to perfect the Security Interests granted by this Agreement (including Security Interests in Investment Property and Fixtures) by any means other than by (A) filings pursuant to the UCC in the office of the secretary of
state (or similar central filing office) of the relevant State(s), (B) filings in United States government offices with respect to Intellectual Property of Grantor as expressly required elsewhere herein, (C) delivery to the Collateral Agent to
be held in its possession of all Collateral consisting of Instruments and certificated Pledged Equity as expressly required elsewhere herein, (D) entry into control agreements with respect to any deposit account, securities account, cash
collateral account or any other Collateral that requires perfection by “control” or (E) other methods expressly provided herein, (ii) to take any action (other than the actions listed in clauses (i)(A) and (C) above) with
respect to any assets located outside of the United States, (iii) to perfect in any assets subject to a certificate of title statute or (iv) to deliver any Equity Interests except as expressly provided in Section 2.01. 

Section 3.02. Representations and Warranties. Each Grantor jointly and severally represents and warrants, as to itself and the
other Grantors, to the Collateral Agent and the Secured Parties that: 
 (a) Subject to Liens permitted by Section 7.01 of the Credit
Agreement, each Grantor has good and valid rights in and title (except as otherwise permitted by the Loan Documents) to the Article 9 Collateral with respect to which it has purported to grant a Security Interest hereunder and has full power and
authority to grant to the Collateral Agent the Security Interest in such Article 9 Collateral pursuant hereto and to execute, deliver and perform its 

  
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obligations in accordance with the terms of this Agreement, without the consent or approval of any other Person other than any consent or approval that has been obtained and those consents or
approvals, the failure of which to be obtained or to be made could not reasonably be expected to have a Material Adverse Effect. 
 (b) The
Perfection Certificate has been duly prepared, completed and executed and the information set forth therein is correct and complete in all material respects (except the information therein with respect to the exact legal name of each Grantor shall
be correct and complete in all respects) as of the Closing Date. Subject to Section 3.01(e), the UCC financing statements or other appropriate filings, recordings or registrations prepared by the Collateral Agent based upon the information
provided to the Collateral Agent in the Perfection Certificate for filing in the applicable filing office (or specified by notice from the Borrower to the Collateral Agent after the Closing Date in the case of filings, recordings or registrations
(other than filings required to be made in the USPTO and the USCO in order to perfect the Security Interest in Article 9 Collateral consisting of Patents, Trademarks and Copyrights), in each case, as required by Section 6.11 of the Credit
Agreement), are all the filings, recordings and registrations that are necessary to establish a legal, valid and perfected security interest in favor of the Collateral Agent (for the benefit of the Secured Parties) in respect of all Article 9
Collateral in which the Security Interest may be perfected by filing, recording or registration in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the UCC, and no further or subsequent filing,
re-filing, recording, rerecording, registration or re-registration is necessary in any such jurisdiction, except as provided under applicable Law with respect to the
filing of continuation statements. 
 (c) Each Grantor represents and warrants that short-form Intellectual Property Security Agreements
containing a description of all Article 9 Collateral consisting of material registered Patents (and Patents for which registration applications are pending), registered Trademarks (and Trademarks for which registration applications are pending) and
registered Copyrights, respectively (other than, in each case, any Excluded Collateral), have been delivered to the Collateral Agent for recording by the USPTO and the USCO pursuant to 35 U.S.C. § 261, 15 U.S.C. § 1060 or 17
U.S.C. § 205 and the regulations thereunder, as applicable, (for the benefit of the Secured Parties) in respect of all Article 9 Collateral consisting of registrations and applications for Patents, Trademarks and Copyrights. To the extent
a security interest may be perfected by filing, recording or registration in USPTO or USCO under the applicable Laws, then no further or subsequent filing, re-filing, recording, rerecording, registration or re-registration is necessary (other than (i) such filings and actions as are necessary to perfect the Security Interest with respect to any Article 9 Collateral consisting of Patents, Trademarks and Copyrights
(or registration or application for registration thereof) acquired or developed by any Grantor after the date hereof and (ii) the UCC financing and continuation statements contemplated in Section 3.02(b)). 

(d) The Security Interest constitutes (i) a legal and valid security interest in all the Article 9 Collateral securing the payment and
performance of the Secured Obligations and (ii) subject to the filings described in Sections 3.02(b) and 3.02(c), a perfected security interest in all Article 9 Collateral in which a security interest may be perfected by filing, recording or
registering a financing statement or analogous document in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the UCC or other applicable 

  
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Law. Subject to Section 3.01(e) of this Agreement, the Security Interest is and shall be prior to any other Lien on any of the Article 9 Collateral, other than any Liens expressly permitted
pursuant to Section 7.01 of the Credit Agreement. 
 (e) The Article 9 Collateral is owned by the Grantors free and clear of any Lien,
except for Liens expressly permitted pursuant to Section 7.01 of the Credit Agreement. None of the Grantors has filed or consented to the filing of (i) any financing statement or analogous document under the UCC or any other applicable
Laws covering any Article 9 Collateral, (ii) any assignment in which any Grantor assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral with the USPTO or the USCO or (iii) any
assignment in which any Grantor assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral with any foreign governmental, municipal or other office, which financing statement or analogous
document, assignment, security agreement or similar instrument is still in effect, except, in each case, for Liens expressly permitted pursuant to Section 7.01 of the Credit Agreement and assignments permitted by the Credit Agreement. 

(f) As of the date hereof, no Grantor has any Commercial Tort Claim in excess of $500,000, other than the Commercial Tort Claims listed on
Schedule III. 
 Section 3.03. Covenants. 

(a) The Borrower agrees to notify the Collateral Agent in writing promptly, but in any event within 60 days (or such longer period as the
Collateral Agent may agree in its reasonable discretion), after any change in (i) the legal name of any Grantor, (ii) the identity or type of organization or corporate structure of any Grantor, (iii) the jurisdiction of organization
of any Grantor or (iv) the organizational identification number of such Grantor, if any. 
 (b) Subject to the Collateral and Guarantee
Requirement, Section 3.01(e) and Section 3.03(f)(iv), each Grantor shall, at its own expense, upon the reasonable request of the Collateral Agent, use commercially reasonable efforts necessary to defend title to the Article 9 Collateral
against all Persons and to defend the Security Interest of the Collateral Agent in the Article 9 Collateral and the priority thereof against any Lien not expressly permitted pursuant to Section 7.01 of the Credit Agreement; provided
that, nothing in this Agreement shall prevent any Grantor from discontinuing the operation or maintenance of any of its assets or properties if such discontinuance is (x) determined by such Grantor to be desirable in the conduct of its business
and (y) permitted by the Credit Agreement. 
 (c) Subject to the Collateral and Guarantee Requirement and Section 3.01(e), each
Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and documents and take all such actions as the Collateral Agent may from time to time reasonably request to better assure,
preserve, protect and perfect the Security Interest and the rights and remedies created hereby, including the payment of any fees and taxes required in connection with the execution and delivery of this Agreement, the granting of the Security
Interest and the filing of any financing statements or other documents in connection herewith or therewith. If any amount payable under or in connection with any of the Article 9 Collateral that is in excess of $500,000 shall be or become evidenced
by any 

  
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promissory note, other instrument or debt security, such note, instrument or debt security shall be promptly (and in any event within 60 days of its acquisition or such longer period as the
Collateral Agent may agree in its reasonable discretion) pledged and delivered to the Collateral Agent, for the benefit of the Secured Parties, duly endorsed in a manner reasonably satisfactory to the Collateral Agent. 

(d) At its option, the Collateral Agent may discharge past due taxes, assessments, charges, fees, Liens, security interests or other
encumbrances at any time levied or placed on the Article 9 Collateral and not permitted pursuant to Section 7.01 of the Credit Agreement, and may pay for the maintenance and preservation of the Article 9 Collateral to the extent any Grantor
fails to do so as required by the Credit Agreement or any other Loan Document and within a reasonable period of time after the Collateral Agent has requested that it do so, and each Grantor jointly and severally agrees to reimburse the Collateral
Agent within 10 Business Days after demand for any payment made or any reasonable expense incurred by the Collateral Agent pursuant to the foregoing authorization; provided, however, the Grantors shall not be obligated to reimburse the
Collateral Agent with respect to any Intellectual Property that any Grantor has failed to maintain or pursue, or otherwise allowed to lapse, terminate or be put into the public domain in accordance with Section 3.03(f)(iv). Nothing in this
paragraph shall be interpreted as excusing any Grantor from the performance of, or imposing any obligation on the Collateral Agent or any Secured Party to cure or perform, any covenants or other promises of any Grantor with respect to taxes,
assessments, charges, fees, Liens, security interests or other encumbrances and maintenance as set forth herein or in the other Loan Documents. 

(e) If at any time any Grantor shall take a security interest in any property of an Account Debtor or any other Person the value of which is
in excess of $500,000 to secure payment and performance of an Account, such Grantor shall promptly (but in any event within 60 days after such action by such Grantor or such longer period as the Collateral Agent may agree in its reasonable
discretion) assign such security interest to the Collateral Agent for the benefit of the Secured Parties provided that, notwithstanding anything to the contrary in this Agreement, this Agreement shall not constitute a grant of a security
interest in any Excluded Collateral. Such assignment need not be filed of public record unless necessary to continue the perfected status of the security interest against creditors of and transferees from the Account Debtor or other Person granting
the security interest. 
 (f) Intellectual Property Covenants. 

(i) Other than to the extent not prohibited herein or in the Credit Agreement or with respect to registrations and applications
no longer used or useful, except to the extent failure to act would not, as deemed by the applicable Grantor in its reasonable business judgment, reasonably be expected to have a Material Adverse Effect, with respect to registration or pending
application of each item of its Intellectual Property for which such Grantor has standing to do so, each Grantor agrees to take, at its expense, all reasonable steps, including, without limitation, in the USPTO, the USCO and any other Governmental
Authority located in the United States, to pursue the registration and maintenance of each Patent, Trademark, or Copyright registration or application now or hereafter included in the Intellectual Property of such Grantor that are not Excluded
Collateral. 

  
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 (ii) Other than to the extent not prohibited herein or in the Credit Agreement,
or with respect to registrations and applications no longer used or useful, or except as would not, as deemed by the applicable Grantor in its reasonable business judgment, reasonably be expected to have a Material Adverse Effect, no Grantor shall
do or permit any act or knowingly omit to do any act whereby any of its Intellectual Property, excluding Excluded Collateral, may lapse, be terminated, or become invalid or unenforceable or placed in the public domain (or in the case of a trade
secret, become publicly known). 
 (iii) Other than as excluded or as not prohibited herein or in the Credit Agreement, or
with respect to Patents, Copyrights or Trademarks which are no longer used or useful in the applicable Grantor’s business operations or except where failure to do so would not, as deemed by the applicable Grantor in its reasonable business
judgment, reasonably be expected to have a Material Adverse Effect, each Grantor shall take all reasonable steps to preserve and protect each item of its Intellectual Property, including, without limitation, maintaining the quality of any and all
products or services used or provided in connection with any of the Trademarks, consistent with the quality of the products and services as of the date hereof, and taking reasonable steps necessary to ensure that all licensed users of any of the
Trademarks and any sublicensed users, if applicable, of any of the Trademarks under any Trademark License abide by the applicable license’s terms with respect to standards of quality. 

(iv) Notwithstanding any other provision of this Agreement, nothing in this Agreement or any other Loan Document prevents or
shall be deemed to prevent any Grantor from disposing of, discontinuing the use or maintenance of, failing to pursue, or otherwise allowing to lapse, terminate or be put into the public domain, any of its Intellectual Property to the extent
permitted by the Credit Agreement if such Grantor determines in its reasonable business judgment that such discontinuance is desirable in the conduct of its business. 

(v) Within the same delivery period as required for the delivery of the annual Compliance Certificate required to be delivered
under Section 6.02(a) of the Credit Agreement the Borrower shall provide a list of any additional registrations and applications of Intellectual Property owned by or exclusively licensed to all Grantors not previously disclosed to the
Collateral Agent including such information as is necessary for such Grantor to make appropriate filings in the USPTO and USCO. 
 (g)
Commercial Tort Claims. If the Grantors shall at any time hold or acquire a Commercial Tort Claim in an amount reasonably estimated by such Grantor to exceed $500,000 for which this clause has not been satisfied and for which a complaint in a
court of competent jurisdiction has been filed, such Grantor shall within 60 days (or such longer period as the Collateral Agent may agree in its reasonable discretion) after the end of the fiscal quarter in which such complaint was filed notify the
Collateral Agent thereof in a writing signed by such Grantor including a summary description of such claim and grant to the Collateral Agent, for the benefit of the Secured Parties, in such writing a security interest therein and in the proceeds
thereof, all upon the terms of this Agreement. 

  
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 Section 3.04. Deposit Accounts. Each Grantor represents, warrants and covenants as
follows: 
 (a) Within ninety (90) days (or such longer period agreed to by the Administrative Agent in its discretion) of the Closing
Date (in the case of any Grantor that grants a lien on any of its assets hereunder on the Closing Date) or the date on which it signs and delivers its first Security Agreement Supplement (in the case of any other Grantor), such Grantor will, with
respect to each deposit account then owned by it, enter into (and cause the relevant Depositary Bank to enter into) a Deposit Account Control Agreement in respect of such deposit account and will deliver such Deposit Account Control Agreement to the
Administrative Agent (which shall enter into the same); provided, however, that obligations set forth in this Section shall not apply to Excluded Accounts. 

(b) All cash owned by such Grantor will be deposited, upon or promptly after the receipt thereof, in one or more Controlled Deposit Accounts
or in an Excluded Account. 
 (c) In respect of each Controlled Deposit Account, the Depositary Bank’s jurisdiction (determined as
provided in UCC Section 9-304) will at all times be a jurisdiction in which Article 9 of the Uniform Commercial Code is in effect. 

(d) So long as the Administrative Agent has Control of a Controlled Deposit Account, the Transaction Lien on such Controlled Deposit Account
will be perfected, subject to no prior Liens or rights of others (except any Permitted Liens and the Depositary Bank’s right to deduct its normal operating charges and any uncollected funds previously credited thereto). 

(e) Cash Distributions with respect to any Pledged Equity of Pledged Debt that is not held in a Collateral Account (whether held in the name
of a Grantor or in the name of the Administrative Agent or its nominee) shall be deposited, promptly upon receipt thereof, in a Controlled Deposit Account of the relevant Grantor. 

ARTICLE IV 
 Remedies

 Section 4.01. Remedies Upon Default. Upon the occurrence and during the continuance of an Event of Default, it is
agreed that the Collateral Agent shall have the right to exercise any and all rights afforded to a secured party with respect to the Secured Obligations, including the Guarantees, under the UCC or other applicable Law and also may (i) require
each Grantor to, and each Grantor agrees that it will at its expense and upon request of the Collateral Agent, promptly assemble all or part of the Collateral as directed by the Collateral Agent and make it available to the Collateral Agent at a
place and time to be designated by the Collateral Agent that is reasonably convenient to both parties; (ii) occupy any premises owned or, to the extent lawful and permitted, leased (it being acknowledged and agreed that the Grantors are
not required to obtain any waiver or consent from any owner of such leased premises in connection with such occupancy or attempted occupancy) by any of the Grantors where the Collateral or any part thereof is assembled or located for a reasonable
period in order to effectuate its rights and remedies hereunder or under Law, without obligation to such Grantor in respect of such 

  
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occupation; provided that the Collateral Agent shall provide the applicable Grantor with reasonable prior notice thereof which in any event shall be at least 10 days prior to such
occupancy; (iii) exercise any and all rights and remedies of any of the Grantors under or in connection with the Collateral, or otherwise in respect of the Collateral (including all rights to sue or otherwise recover for past, present or
future infringements or other violations of any Intellectual Property included in the Collateral); provided that the Collateral Agent shall provide the applicable Grantor with notice thereof prior to such exercise; and
(iv) subject to the mandatory requirements of applicable Law and the notice requirements described below, sell or otherwise dispose of all or any part of the Collateral securing the Secured Obligations (including all rights to sue or
otherwise recover for past, present or future infringements or other violations of any Intellectual Property included in the Collateral) at a public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit
or for future delivery as the Collateral Agent shall deem appropriate. The Collateral Agent shall be authorized at any such sale of securities (if it deems it advisable to do so) to restrict the prospective bidders or purchasers to Persons who will
represent and agree that they are purchasing the Collateral for their own account for investment and not with a view to the distribution or sale thereof, and upon consummation of any such sale the Collateral Agent shall have the right to assign,
transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any sale of Collateral shall hold the property sold absolutely, free from any claim or right on the part of any Grantor, and each Grantor
hereby waives (to the extent permitted by Law) all rights of redemption, stay and appraisal which such Grantor now has or may at any time in the future have under any Law now existing or hereafter enacted. 

The Collateral Agent shall give the applicable Grantors 10 days’ written notice (which each Grantor agrees is reasonable notice within
the meaning of Section 9-611 of the UCC or its equivalent in other jurisdictions) of the Collateral Agent’s intention to make any sale of Collateral. Such notice, in the case of a public sale, shall
state the time and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the day on which the Collateral, or portion thereof, will
first be offered for sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the Collateral Agent may fix and state in the notice (if any) of such sale.
At any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Collateral Agent may (in its sole and absolute discretion) determine. The Collateral Agent shall not be obligated
to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Collateral Agent may, without notice or publication, adjourn any public or private sale
or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned. In case any sale of all or any
part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Collateral Agent until the sale price is paid by the purchaser or purchasers thereof, but the Collateral Agent shall not incur any
liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold again upon like notice. At any public (or, to the extent permitted by Law,
private) sale made pursuant to this Agreement, any Secured Party may bid for or purchase, free (to the extent permitted by Law) from any right of redemption, stay, valuation or appraisal on the part of any Grantor (all said rights being also

  
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hereby waived and released to the extent permitted by Law), the Collateral or any part thereof offered for sale and may make payment on account thereof by using any claim then due and payable to
such Secured Party from any Grantor as a credit against the purchase price, and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability to any Grantor therefor. For
purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Collateral Agent shall be free to carry out such sale pursuant to such agreement and no Grantor shall be entitled to the
return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Collateral Agent shall have entered into such an agreement all Events of Default shall have been remedied and the Secured Obligations paid in
full. As an alternative to exercising the power of sale herein conferred upon it, the Collateral Agent may proceed by a suit or suits at Law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a
judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section 4.01 shall be deemed to conform to the commercially reasonable
standards as provided in Section 9-610(b) of the UCC or its equivalent in other jurisdictions. 

Each Grantor irrevocably makes, constitutes and appoints the Collateral Agent (and all officers, employees or agents designated by the
Collateral Agent) as such Grantor’s true and lawful agent (and attorney-in-fact) during the continuance of an Event of Default (provided that the Collateral
Agent shall provide the applicable Grantor with notice thereof prior to, to the extent reasonably practicable, or otherwise promptly after, exercising such rights), for the purpose of (i) making, settling and adjusting claims in respect of
Article 9 Collateral under policies of insurance, endorsing the name of such Grantor on any check, draft, instrument or other item of payment for the proceeds of such policies if insurance, (ii) making all determinations and decisions with
respect thereto and (iii) obtaining or maintaining the policies of insurance required by Section 6.07 of the Credit Agreement or to pay any premium in whole or in part relating thereto. All sums disbursed by the Collateral Agent in
connection with this paragraph, including reasonable attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable, within 10 days of demand, by the Grantors to the Collateral Agent and shall be additional Secured
Obligations secured hereby. 
 Section 4.02. Application of Proceeds. The Collateral Agent shall apply the proceeds of any
collection or sale of Collateral, including any Collateral consisting of cash in accordance with Section 8.04 of the Credit Agreement. 

The Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with
this Agreement. Upon any sale of Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Collateral Agent or of the officer making the sale shall be a
sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such officer or be
answerable in any way for the misapplication thereof. 

  
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 The Collateral Agent shall have no liability to any of the Secured Parties for actions taken in
reliance on information supplied to it as to the amounts of unpaid principal and interest and other amounts outstanding with respect to the Secured Obligations, provided that nothing in this sentence shall prevent any Grantor from contesting
any amounts claimed by any Secured Party in any information so supplied. All distributions made by the Collateral Agent pursuant to this Section 4.02 shall be (subject to any decree of any court of competent jurisdiction) final (absent manifest
error). 
 Section 4.03. Grant of License to Use Intellectual Property. For the exclusive purpose of enabling the Collateral
Agent to exercise rights and remedies under this Agreement at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies at any time after and during the continuance of an Event of Default, each Grantor hereby
grants to the Collateral Agent, effective as of an Event of Default, a non-exclusive, royalty-free, limited license (until the waiver or cure of the Event of Default) for cash, upon credit or for future
delivery as the Collateral Agent shall deem appropriate to use, license or sublicense any of the Intellectual Property now owned or hereafter acquired by such Grantor, and wherever the same may be located, and including in such license reasonable
access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof; provided, however, that all of the foregoing rights of the
Collateral Agent to use such licenses, sublicenses and other rights, and (to the extent permitted by the terms of such licenses and sublicenses) all licenses and sublicenses granted thereunder, shall expire immediately upon the waiver or cure of all
Events of Default and shall be exercised by the Collateral Agent solely during the continuance of an Event of Default and upon 10 Business Days’ prior written notice to the applicable Grantor, and nothing in this Section 4.03 shall
require Grantors to grant any license that is prohibited by any rule of law, statute or regulation, or is prohibited by, or constitutes a breach or default under or results in the termination of any contract, license, agreement, instrument or other
document evidencing, giving rise to or theretofore granted, to the extent permitted by the Credit Agreement, with respect to such property or otherwise unreasonably prejudices the value thereof to the relevant Grantor; provided,
further, that any such license and any such license granted by the Collateral Agent to a third party shall include reasonable and customary terms and conditions necessary to preserve the existence, validity and value of the affected
Intellectual Property, including without limitation, provisions requiring the continuing confidential handling of trade secrets, requiring the use of appropriate notices and prohibiting the use of false notices, quality control and inurement
provisions with regard to Trademarks, patent designation provisions with regard to Patents, copyright notices and restrictions on decompilation and reverse engineering of copyrighted software (it being understood and agreed that, without limiting
any other rights and remedies of the Collateral Agent under this Agreement, any other Loan Document or applicable Law, nothing in the foregoing license grant shall be construed as granting the Collateral Agent rights in and to such Intellectual
Property above and beyond (x) the rights to such Intellectual Property that each Grantor has reserved for itself and (y) in the case of Intellectual Property that is licensed to any such Grantor by a third party, the extent
to which such Grantor has the right to grant a sublicense to such Intellectual Property hereunder). For the avoidance of doubt, the use of such license by the Collateral Agent may be exercised, at the option of the Collateral Agent, only during the
continuation of an Event of Default. Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent may also exercise the rights afforded under Section 4.01 of this Agreement with respect to Intellectual Property
contained in the Article 9 Collateral. 

  
 -20- 

 ARTICLE V 

Subordination 

Section 5.01. Subordination. 

(a) Notwithstanding any provision of this Agreement to the contrary, all rights of the Grantors to indemnity, contribution or subrogation
under applicable Law or otherwise shall be fully subordinated to the payment in full in cash of the Secured Obligations. No failure on the part of the Borrower or any Grantor to make the payments required under applicable Law or otherwise shall in
any respect limit the obligations and liabilities of any Grantor with respect to its obligations hereunder, and each Grantor shall remain liable for the full amount of the obligations of such Grantor hereunder. 

(b) Each Grantor hereby agrees that upon the occurrence and during the continuance of an Event of Default and after notice from the Collateral
Agent, all Indebtedness owed to it by any other Grantor shall be fully subordinated to the payment in full in cash of the Secured Obligations. 

ARTICLE VI 

Miscellaneous 

Section 6.01. Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in
writing and given as provided in Section 10.02 of the Credit Agreement. All communications and notices hereunder to the Borrower or any other Grantor shall be given to it in care of the Borrower as provided in Section 10.02 of the
Credit Agreement. 
 Section 6.02. Waivers; Amendment. 

(a) No failure or delay by any Secured Party in exercising any right, remedy, power or privilege hereunder or under any other Loan Document
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The
rights, remedies, powers and privileges of the Secured Parties herein provided, and provided under each other Loan Document, are cumulative and are not exclusive of any rights, remedies, powers and privileges provided by Law. No waiver of any
provision of this Agreement or consent to any departure by any Grantor therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 6.02, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan, the provision of services under Treasury Services Agreements or Secured Hedge Agreements shall not be
construed as a waiver of any Default, regardless of whether any Secured Party may have had notice or knowledge of such Default at the time. 

  
 -21- 

 (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by the Collateral Agent and the Grantor or Grantors with respect to which such waiver, amendment or modification is to apply, subject to any consent required in accordance with
Section 10.01 of the Credit Agreement. 
 Section 6.03. Collateral Agent’s Fees and Expenses;
Indemnification. 
 (a) The parties hereto agree that the Collateral Agent shall be entitled to reimbursement of its reasonable out-of-pocket expenses incurred hereunder and indemnity for its actions in connection herewith as provided in Sections 10.04 and 10.05 of the Credit Agreement; provided
that each reference therein to the “Borrower” shall be deemed to be a reference to “each Grantor” and each reference therein to the “Administrative Agent” shall be deemed to be a reference to the “Collateral
Agent”. 
 (b) Any such amounts payable as provided hereunder shall be additional Secured Obligations secured hereby and by the other
Collateral Documents. The provisions of this Section 6.03 shall remain operative and in full force and effect regardless of the termination of this Agreement or any other Loan Document, the consummation of the transactions contemplated hereby,
the repayment of any of the Secured Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Collateral Agent or any other Secured Party.
All amounts due under this Section 6.03 shall be payable within 30 days of written demand therefor. 
 Section 6.04. Successors
and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

Section 6.05. Survival of Agreement. All covenants, agreements, representations and warranties made by the Grantors hereunder and
in the other Loan Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the Secured Parties and shall survive the execution and
delivery of the Loan Documents, the making of any Loans and the provision of services under Treasury Services Agreements or Secured Hedge Agreements, regardless of any investigation made by any Secured Party or on its behalf and notwithstanding that
any Secured Party may have had notice or knowledge of any Default at the time any credit is extended under the Credit Agreement, and shall continue in full force and effect as long as this Agreement has not been terminated or released pursuant to
Section 6.11 below. 
 Section 6.06. Counterparts; Effectiveness; Several Agreement. This Agreement may be executed
in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or other electronic communication of an executed counterpart of a signature page to
this Agreement shall be effective as delivery of an original executed counterpart of this Agreement. This Agreement shall become effective as to any Grantor when a counterpart hereof executed on behalf of such Grantor shall have been delivered to
the Collateral Agent and a counterpart hereof shall have been executed on behalf of the Collateral Agent, and thereafter shall be binding upon such 

  
 -22- 

 
Grantor and the Collateral Agent and their respective permitted successors and assigns, and shall inure to the benefit of such Grantor, the Collateral Agent and the other Secured Parties and
their respective permitted successors and assigns, except that no Grantor shall have the right to assign or transfer its rights or obligations hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall be void)
except as expressly contemplated by this Agreement or the Credit Agreement. This Agreement shall be construed as a separate agreement with respect to each Grantor and may be amended, modified, supplemented, waived or released with respect to any
Grantor without the approval of any other Grantor and without affecting the obligations of any other Grantor hereunder. 

Section 6.07. Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable, the legality,
validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. 
 Section 6.08. Governing Law; Jurisdiction; Venue; Waiver of Jury Trial; Consent to Service of
Process.  
 (a) The terms of Sections 10.15 and 10.16 of the Credit Agreement with respect to governing law, submission
of jurisdiction, venue and waiver of jury trial are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms. 

(b) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 6.01. Nothing
in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by Law. 

Section 6.09. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only,
are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

Section 6.10. Security Interest Absolute. To the extent permitted by Law, all rights of the Collateral Agent hereunder, the
Security Interest, the grant of a security interest in the Pledged Collateral and all obligations of each Grantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Credit Agreement,
any other Loan Document, any agreement with respect to any of the Secured Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all
or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document or any other agreement or instrument, (c) any exchange, release or non-perfection of any Lien on other collateral, or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of the Secured Obligations or
(d) subject only to termination of a Grantor’s obligations hereunder in accordance with the terms of Section 6.11, any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Grantor in
respect of the Secured Obligations or this Agreement. 

  
 -23- 

 Section 6.11. Termination or Release.  

(a) This Agreement, the Security Interest and all other security interests granted hereby shall terminate with respect to all Secured
Obligations and any Liens arising therefrom shall be automatically released upon termination of the Aggregate Commitments and payment in full of all Secured Obligations (other than (i) in respect of a release by any Secured Approved
Counterparty, if obligations under any Secured Hedge Agreement or Treasury Services Agreement, as applicable, are due and payable at such time and (ii) contingent indemnification obligations not yet accrued and payable). 

(b) A Subsidiary Party shall automatically be released from its obligations hereunder and the Security Interest in the Collateral of such
Subsidiary Party shall be automatically released upon the consummation of any transaction permitted by the Credit Agreement as a result of which such Subsidiary Party ceases to be a Subsidiary of the Borrower or becomes an Excluded Subsidiary;
provided that the Required Lenders shall have consented to such transaction (if and to the extent required by the Credit Agreement) and the terms of such consent did not provide otherwise. 

(c) Upon any sale or transfer by any Grantor of any Collateral that is permitted under the Credit Agreement (other than a sale or transfer to
another Loan Party), or upon the effectiveness of any written consent to the release of the security interest granted hereby in any Collateral pursuant to Section 10.01 of the Credit Agreement, the security interest in such Collateral shall be
automatically released. 
 (d) In connection with any termination or release pursuant to paragraph (a), (b) or (c) of this
Section 6.11, the Collateral Agent shall execute and deliver to any Grantor, at such Grantor’s expense, all documents that such Grantor shall reasonably request to evidence such termination or release and shall perform such other actions
reasonably requested by such Grantor to effect such release, including delivery of certificates, securities and instruments. Any execution and delivery of documents pursuant to this Section 6.11 shall be without recourse to or warranty by the
Collateral Agent. 
 (e) Notwithstanding anything to contrary set forth in this Agreement, each Secured Approved Counterparty by the
acceptance of the benefits under this Agreement hereby acknowledges and agrees that (i) the Security Interests granted under this Agreement of the Secured Obligations of any Grantor and its Subsidiaries under any Secured Hedge Agreement and any
Treasury Services Agreement shall be automatically released upon termination of the Aggregate Commitments and payment in full of all other Secured Obligations, in each case, unless the Secured Obligations under the Secured Hedge Agreement or the
Treasury Services Agreement are due and payable at such time (it being understood and agreed that this Agreement and the Security Interests granted herein shall survive solely as to such due and payable Secured Obligations and until such time as
such due and payable Secured Obligations have been paid in full) and (ii) any release of Collateral or of a Grantor, as the case may be, effected in the manner permitted by this Agreement shall not require the consent of any Secured Approved
Counterparty. 

  
 -24- 

 Section 6.12. Additional Grantors. Pursuant to Section 6.11 of the Credit
Agreement, certain additional Subsidiaries of the Borrower may be required to enter in this Agreement as Grantors. Upon execution and delivery by the Collateral Agent and a Subsidiary of a Security Agreement Supplement, such Subsidiary shall become
a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution and delivery of any such instrument shall not require the consent of any other Grantor hereunder. The rights and obligations of each Grantor
hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this Agreement. 

Section 6.13. Collateral Agent Appointed
Attorney-in-Fact. Each Grantor hereby appoints the Collateral Agent the
attorney-in-fact of such Grantor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that the Collateral
Agent may deem necessary or advisable to accomplish the purposes hereof at any time after and during the continuance of an Event of Default, which appointment is irrevocable and coupled with an interest. Without limiting the generality of the
foregoing, the Collateral Agent shall have the right, upon the occurrence and during the continuance of an Event of Default and notice by the Collateral Agent to the applicable Grantor of the Collateral Agent’s intent to exercise such rights,
with full power of substitution either in the Collateral Agent’s name or in the name of such Grantor (a) to receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other
evidences of payment relating to the Collateral or any part thereof; (b) to demand, collect, receive payment of, give receipt for and give discharges and releases of all or any of the Collateral; (c) to sign the name of any
Grantor on any invoice or bill of lading relating to any of the Collateral; (d) to send verifications of Accounts to any Account Debtor; (e) to commence and prosecute any and all suits, actions or proceedings at Law or in equity in
any court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any Collateral; (f) to settle, compromise, compound, adjust or defend any actions, suits or
proceedings relating to all or any of the Collateral; (g) to notify, or to require any Grantor to notify, Account Debtors to make payment directly to the Collateral Agent; and (h) to use, sell, assign, transfer, pledge,
license, make any agreement with respect to or otherwise deal with all or any of the Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as fully and completely as though the Collateral Agent were
the absolute owner of the Collateral for all purposes; provided that nothing herein contained shall be construed as requiring or obligating the Collateral Agent to make any commitment or to make any inquiry as to the nature or sufficiency of
any payment received by the Collateral Agent, or to present or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby.
The Collateral Agent and the other Secured Parties shall be accountable only for amounts actually received as a result of the exercise of the powers granted to them herein, and neither they nor their officers, directors, employees or agents shall be
responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence, bad faith, or willful misconduct or that of any of their Affiliates, directors, officers, employees, counsel, agents or attorneys-in-fact, in each case, as determined by a final non-appealable judgment of a court of competent jurisdiction. 

Section 6.14. General Authority of the Collateral Agent. By acceptance of the benefits of this Agreement and any other Collateral
Documents, each Secured Party (whether or not a signatory hereto) shall be deemed irrevocably (a) to consent to the appointment of the 

  
 -25- 

 
Collateral Agent as its agent hereunder and under such other Collateral Documents, (b) to confirm that the Collateral Agent shall have the authority to act as the exclusive agent of such
Secured Party for the enforcement of any provisions of this Agreement and such other Collateral Documents against any Grantor, the exercise of remedies hereunder or thereunder and the giving or withholding of any consent or approval hereunder or
thereunder relating to any Collateral or any Grantor’s obligations with respect thereto, (c) to agree that it shall not take any action to enforce any provisions of this Agreement or any other Collateral Document against any
Grantor, to exercise any remedy hereunder or thereunder or to give any consents or approvals hereunder or thereunder except as expressly provided in this Agreement or any other Collateral Document and (d) to agree to be bound by the
terms of this Agreement and any other Collateral Documents. 
 Section 6.15. Reasonable Care. The Collateral Agent is required
to use reasonable care in the custody and preservation of any of the Collateral in its possession; provided, that the Collateral Agent shall be deemed to have used reasonable care in the custody and preservation of any of the Collateral, if such
Collateral is accorded treatment substantially similar to that which the Collateral Agent accords its own property. 
 Section 6.16.
Delegation; Limitation. The Collateral Agent may execute any of the powers granted under this Agreement and perform any duty hereunder either directly or by or through agents or
attorneys-in-fact, and shall not be responsible for the gross negligence or willful misconduct of any agents or attorneys-in-fact selected by it with reasonable care and without gross negligence or willful misconduct. 

Section 6.17. Reinstatement. The obligations of the Grantors under this Agreement shall be automatically reinstated if and to the
extent that for any reason any payment by or on behalf of the Borrower or other Loan Party in respect of the Secured Obligations is rescinded or must be otherwise restored by any holder of any of the Secured Obligations, whether as a result of any
proceedings in bankruptcy or reorganization or otherwise. 
 Section 6.18. Miscellaneous. The Collateral Agent shall not be
deemed to have actual, constructive, direct or indirect notice or knowledge of the occurrence of any Event of Default unless and until the Collateral Agent shall have received a notice of Event of Default or a notice from the Grantor or the Secured
Parties to the Collateral Agent in its capacity as Collateral Agent indicating that an Event of Default has occurred. 
 Section 6.19.
Mortgages. In the event that any of the Collateral hereunder is also subject to a valid and enforceable Lien under the terms of a Mortgage and the terms thereof are inconsistent with the terms of this Agreement, then with respect to such
Collateral, the terms of such Mortgage shall control in the case of Fixtures and real estate leases, letting and licenses of, and contracts and agreements relating to the lease of, real property, and the terms of this Agreement shall control in the
case of all other Collateral. 
 [Signature Pages Follow] 

  
 -26- 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year
first above written. 
  

			
	
	RED LION HOTELS CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
	
	 RED LION HOTELS HOLDINGS, INC.

RED LION HOTELS LIMITED
 PARTNERSHIP

RED LION HOTELS CANADA
 FRANCHISING, INC.

RED LION HOTELS MANAGEMENT, INC.
 RED LION ANAHEIM,
LLC
 RED LION PROPERTIES, INC.
 KNIGHTS FRANCHISE
SYSTEMS, INC.
 WEST COAST HOTEL PROPERTIES, INC.

		
	By:	 	  

		 	Name:
		 	Title:

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH, as Collateral Agent
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 2 

 Schedule I 

to the Security Agreement 

SUBSIDIARY PARTIES 
  

	 	1.	Red Lion Hotels Holdings, Inc. 

	 	2.	Red Lion Hotels Limited Partnership 

	 	3.	Red Lion Hotels Franchising, Inc. 

	 	4.	Red Lion Hotels Canada Franchising, Inc. 

	 	5.	Red Lion Hotels Management, Inc. 

	 	6.	Red Lion Anaheim, LLC 

	 	7.	Red Lion Properties, Inc. 

	 	8.	Knights Franchise Systems, Inc. 

	 	9.	West Coast Hotel Properties, Inc. 

 Schedule II 

to the Security Agreement 

PLEDGED EQUITY AND PLEDGED DEBT 

1. Pledged Equity: 
  

															
	 Record Owner
	  	 Issuer
	  	Certificate No.
(to the extent
certificated)
1	  	 No.

Shares/Share

Class
	  	Percentage of
Ownership	 	 	Percent
Pledged	 
	 Red Lion Hotels Corporation
	  	Red Lion Hotels Holdings, Inc.	  	None	  	313.875 /common stock	  	 	100	% 	 	 	100	% 
	 Red Lion Hotels Holdings, Inc.
	  	Red Lion Properties, Inc.	  	None	  	1,000 /common stock	  	 	100	% 	 	 	100	% 
	 Red Lion Hotels Corporation
	  	Red Lion Hotels Franchising, Inc.	  	None	  	 80,000 — Class A common stock

20,000 — Class B common stock
	  	 	100	% 	 	 	100	% 
	 Red Lion Hotels Franchising, Inc.
	  	Red Lion Hotels Canada Franchising, Inc.	  	None	  	1,000 /common stock	  	 	100	% 	 	 	100	% 
	 Red Lion Hotels Franchising, Inc.
	  	WestCoast Hotel Properties, Inc.	  	None	  	50,000 / common stock	  	 	100	% 	 	 	100	% 
	 Red Lion Hotels Corporation
	  	Red Lion Hotels Limited Partnership	  	None	  	 . 0.53765% / General Partnership Interest

99.46229% / Limited Partnership Interest
	  	 	100	% 	 	 	100	% 
	 Red Lion Hotels Corporation
	  	Red Lion Hotels Management, Inc.	  	None	  	1,000	  	 	100	% 	 	 	100	% 
	 Red Lion Hotels Corporation
	  	Red Lion Anaheim, LLC	  	None	  	100 / Class A Units	  	 	100	% 	 	 	100	% 
	 Red Lion Hotels Franchising, Inc.
	  	Knights Franchise Systems, Inc.	  	6	  	200 / common stock	  	 	100	% 	 	 	100	% 

  

	1 	Pursuant to Schedule 6.15 to the Credit Agreement, Red Lion Hotels, Inc., Red Lion Properties, Inc., Red Lion Hotels Franchising Inc., Red Lion Hotels Canada Franchising, Inc., WestCoast Hotel Properties, Inc. and Red
Lion Hotels Management, Inc. will be certificated on a post-Closing basis. 

 2. Pledged Debt: 

Intercompany Note. 

  
 2 

 Schedule III 

to the Security Agreement 

COMMERCIAL TORT CLAIMS 
  

	1.	Red Lion Hotels Franchising, Inc. v. Century-Omaha Land, LLC; and Edwin W. Leslie, Case No. 2:18-cv-00131 (United States District
Court for the Eastern District of Washington). On April 20, 2018, we filed a lawsuit against a former franchisee and its individual guarantor as a result of the franchisee’s failure to comply with its post-termination obligations under the
franchise agreement and failure to timely pay franchise fees and loan payments. Specifically, we have brought claims for trademark and service mark infringement, breach of the franchise license agreement and guarantee of the franchise license
agreement, breach of financing agreement and guarantee of financing agreement, and breach of PIP financing agreement and promissory note for PIP financing. The Defendants have yet to file a response to our initial complaint. Defendant Leslie has
requested an extension to respond, which we have stipulated to, and we expect him to file a response no later than May 31, 2018. 

  

	2.	Red Lion Hotels Franchising, Inc. v. First Capital Real Estate Investments, LLC et al., Case No. 17-cv-00145, filed April 19,
2017 in the United States District Court for Eastern District of Washington. We filed a complaint alleging breach of the franchise license agreement, breach of guarantee of franchise license agreement, and collection of unpaid fees and liquidated
damages. Mediation is scheduled for May 14, 2018. 

  

	3.	Red Lion Hotels Franchising, Inc. v. Linger Chu and His-Hsieh Chu, Case
No. 16-02-02283-3, Filed June 17, 2016 in Superior Court of the County of Spokane, WA. We filed a complaint against the
guarantors under the guarantee of franchise license agreement alleging breach of the guarantee of franchise license agreement, and collection of liquidated damages. We were awarded a default judgment. We then filed the following case and received a
sister state judgment in the State of CA: Red Lion Hotels Franchising, Inc. v. Linger Chu and His-Hsieh, Case No. ESo21809, Filed August 10, 2017 in the Superior Court of California, County of Los
Angeles. The CA court dismissed the CA County action to register the judgement and found that service was not sufficient despite the Spokane County Court’s prior decision that service was sufficient. Subsequently, the defendants continued to
dispute the default judgement in Spokane County and the default judgement in Spokane County was vacated on January, 18 2018. A joint status report was submitted to the Court on March 14, 2018, and trial is scheduled for April 1, 2019.

	4.	Red Lion Hotels Franchising, Inc. v. Ghazanfar Khan, et al., Case No. 2:17-cv-00094, Case No. 2:17-cv-00155 (United States District Court for the Eastern District of Washington). In March 2017, we filed a lawsuit
against two former franchisees and their guarantors for trademark infringement, false designation of origin and breach of contract as a result of their failure to comply with their post-termination obligations under their franchise agreements (the
“Franchise Agreement Lawsuit”). In May 2017, we filed a second lawsuit against the guarantors for breach of contract as a result of their failure to comply with their post-termination obligations under their guaranties and the underlying
franchise agreements (the “Guaranty Lawsuit”). On May 4, 2017, the court granted our motion for preliminary injunction in the Franchise Agreement Lawsuit requiring defendants to immediately cease all use of our trademarks. On August
9, 2017, the defendants in the Guaranty Lawsuit filed an amended answer and asserted amended counterclaims against us for breach of contract, violation of the Washington Franchise Investment Protection Act and violation of Washington Consumer
Protection Act alleging that we charged additional fees which were not identified in the applicable franchise agreements. In connection with their counterclaims, defendants have requested an unspecified amount of damages. On August 11, 2017, we
filed a motion to dismiss defendants’ counterclaims in the Guaranty Lawsuit. Also on August 11, 2017, defendants in the Franchise Agreement Lawsuit filed an amended answer and asserted amended counterclaims against us for breach of contract,
violation of the Washington Franchise Investment Protection Act and violation of Washington Consumer Protection Act alleging that we charged additional fees which were not identified in the applicable franchise agreements. In connection with their
counterclaims, defendants have requested an unspecified amount of damages. On September 8, 2017, we filed a motion to dismiss defendants’ counterclaims in the Franchise Agreement Lawsuit. On September 19, 2017, the court ordered the parties to
brief the issue of arbitration in both lawsuits. On November 29, 2017, the court issued an order compelling arbitration of defendants’ counterclaims in both the Franchise Agreement Lawsuit and the Guaranty Lawsuit, denying all pending motions
as moot, and staying our pending claims pending the outcome of arbitration. Defendants filed a demand for arbitration on December 22, 2017, and on January 12, 2018, we filed our response. An arbitration hearing has been scheduled for October 29,
2018. 

  
 2 

 Exhibit I to the 

Security Agreement 
 SUPPLEMENT NO.
                 dated as of [●] (the “Supplement”), to the Security Agreement (the “Security Agreement”), dated as of
May 14, 2018, among the Grantors identified therein and Deutsche Bank AG New York Branch, as Collateral Agent. 
 A. Reference is made
to that certain Credit Agreement dated as of May 14, 2018 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), among Red Lion Hotels Corporation, a
Washington corporation (“Borrower”), the other Guarantors party thereto from time to time, each lender from time to time party thereto (collectively, the “Lenders” and individually, a “Lender”), and
Deutsche Bank AG New York Branch, as Administrative Agent, Collateral Agent, and the other agents named therein. 
 B. Capitalized terms
used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement and the Security Agreement. 

C. The Grantors have entered into the Security Agreement in order to induce the Lenders to make Loans. Section 6.12 of the Security
Agreement provides that additional Subsidiaries of the Borrower may become Grantors under the Security Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned (the “New Grantor”) is
executing this Supplement in accordance with the requirements of the Credit Agreement to become a Grantor under the Security Agreement in order to induce the Lenders to make additional Loans and as consideration for Loans previously made. 

Accordingly, the Collateral Agent and the New Grantor agree as follows: 

SECTION 1. In accordance with Section 6.12 of the Security Agreement, the New Grantor by its signature below becomes a Grantor under the
Security Agreement with the same force and effect as if originally named therein as a Grantor and the New Grantor hereby (a) agrees to all the terms and provisions of the Security Agreement applicable to it as a Grantor thereunder and
(b) represents and warrants that the representations and warranties made by it as a Grantor thereunder are true and correct on and as of the date hereof. In furtherance of the foregoing, the New Grantor, as security for the payment and
performance in full of the Secured Obligations, does hereby create and grant to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, their successors and assigns, a security interest in and lien on all of the New
Grantor’s right, title and interest in and to the Collateral (as defined in the Security Agreement) of the New Grantor. Each reference to a “Grantor” in the Security Agreement shall be deemed to include the New Grantor. The Security
Agreement is hereby incorporated herein by reference. 
 SECTION 2. The New Grantor represents and warrants to the Collateral Agent and the
other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be
limited by Debtor Relief Laws and by general principles of equity. 

  
 S-1 

 SECTION 3. This Supplement may be executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the Collateral Agent shall have received a counterpart of this
Supplement that bears the signature of the New Grantor and the Collateral Agent has executed a counterpart hereof. Delivery of an executed signature page to this Supplement by facsimile transmission or other electronic communication shall be as
effective as delivery of a manually signed counterpart of this Supplement. 
 SECTION 4. The New Grantor hereby represents and warrants that
(a) set forth on Schedule I attached hereto is a true and correct schedule of the information required by Schedules II and III to the Security Agreement applicable to it and (b) set forth under its signature hereto is the true and correct
legal name of the New Grantor, its jurisdiction of formation and the location of its chief executive office. 
 SECTION 5. Except as
expressly supplemented hereby, the Security Agreement shall remain in full force and effect. 
 SECTION 6. THIS SUPPLEMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 SECTION 7. If any provision of this Supplement is held to be
illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining provisions of this Supplement shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. 
 SECTION 8. All communications and notices hereunder shall be in writing
and given as provided in Section 6.01 of the Security Agreement. 
 SECTION 9. The New Grantor agrees to reimburse the Collateral Agent
for its reasonable out-of-pocket expenses in connection with the execution and delivery of this Supplement, including the reasonable fees, other charges and
disbursements of counsel for the Collateral Agent. 
 [Signature pages follow.] 

  
 S-2 

 IN WITNESS WHEREOF, the New Grantor and the Collateral Agent have duly executed this Supplement
to the Security Agreement as of the day and year first above written. 
  

			
	[NAME OF NEW GRANTOR]
		
	By:	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 Legal Name:

	Jurisdiction of Formation:
	Location of Chief Executive office:

  
 S-3 

 
			
	 DEUTSCHE BANK AG NEW YORK BRANCH,

as Collateral Agent

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  
 S-4 

 Schedule I 

to the Supplement No          to the 

Security Agreement 
 PLEDGED
EQUITY AND PLEDGED DEBT 
 3. Pledged Equity: 
  

							
	 Current Legal

Entities Owned
	 	 Record Owner
	 	 Certificate No.

(to the extent
certificated)
	 	 No. Shares

		 		 		 	

 4. Pledged Debt: 
 [List] 

  
 S-1 

 Schedule I 

to the Supplement No          to the 

Security Agreement 
 COMMERCIAL
TORT CLAIMS 
 [List] 

  
 S-1 

 Exhibit II to the 

Security Agreement 
 FORM OF

 PATENT SECURITY AGREEMENT (SHORT FORM) 

PATENT SECURITY AGREEMENT 

Patent Security Agreement, dated as of
[                ], by [                ] and
[                ] (individually, a “Grantor”, and, collectively, the “Grantors”), in favor of DEUTSCHE BANK AG NEW YORK BRANCH,
in its capacity as collateral agent pursuant to the Credit Agreement (in such capacity, the “Collateral Agent”). 

W I T N E S S E T H: 

WHEREAS, the Grantors are party to a Security Agreement dated as of May 14, 2018 (as amended, amended and restated, supplemented or
otherwise modified from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Grantors are required to execute and deliver this Patent Security Agreement; 

NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter into the
Credit Agreement, the Grantors hereby agree with the Collateral Agent as follows: 
 SECTION 1. Defined Terms. Unless otherwise
defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 
 SECTION
2. Grant of Security Interest in Patent Collateral. Each Grantor hereby pledges and grants to the Collateral Agent, for the benefit of the Secured Parties, a lien on and security interest in and to all of such Grantor’s right,
title and interest in, to and under all the following Collateral (excluding any Excluded Collateral) of such Grantor: 
 (a) all Patents of
such Grantor, including the Patents listed on Schedule I attached hereto. 
 SECTION 3. The Security Agreement. The security interest
granted pursuant to this Patent Security Agreement is granted in conjunction with the security interest granted to the Collateral Agent pursuant to the Security Agreement and the Grantors hereby acknowledge and affirm that the rights and remedies of
the Collateral Agent with respect to the security interest in the Patents made and granted hereby are more fully set forth in the Security Agreement. In the event that any provision of this Patent Security Agreement is deemed to conflict with the
Security Agreement, the provisions of the Security Agreement shall control unless the Collateral Agent shall otherwise determine. 

  
 S-1 

 SECTION 4. Termination. Upon the termination of the Security Agreement in accordance with
Section 6.11 thereof, the Collateral Agent shall, at the expense of such Grantor, execute, acknowledge, and deliver to the Grantors an instrument in writing in recordable form releasing the lien on and security interest in the Patents
under this Patent Security Agreement. 
 SECTION 5. Counterparts. This Patent Security Agreement may be executed in any number of
counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Patent Security Agreement by signing and delivering one or more counterparts. 

[Signature pages follow.] 

  
 S-2 

 [GRANTOR] 

 

			
		
	 By:
	 	  

		 	Name
		 	Title

  
 S-3 

 
			
	 DEUTSCHE BANK AG NEW YORK BRANCH,

as Collateral Agent

		
	 By:
	 	  

		 	Name:
		 	Title:

  
 S-4 

 Schedule I 

to 
 PATENT SECURITY
AGREEMENT 
 PATENT REGISTRATIONS AND PATENT APPLICATIONS 

[See Attached] 

  
 S-1 

 Exhibit III to the 

Security Agreement 
 FORM OF

 TRADEMARK SECURITY AGREEMENT (SHORT FORM) 

TRADEMARK SECURITY AGREEMENT 

Trademark Security Agreement, dated as of
[                ], by [                ] and
[                ] (individually, a “Grantor”, and, collectively, the “Grantors”), in favor of DEUTSCHE BANK AG NEW YORK BRANCH,
in its capacity as collateral agent pursuant to the Credit Agreement (in such capacity, the “Collateral Agent”). 

W I T N E S S E T H: 

WHEREAS, the Grantors are party to a Security Agreement dated as of May 14, 2018 (as amended, amended and restated, supplemented or
otherwise modified from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Grantors are required to execute and deliver this Trademark Security Agreement; 

NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter into the
Credit Agreement, the Grantors hereby agree with the Collateral Agent as follows: 
 SECTION 1. Defined Terms. Unless otherwise
defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 
 SECTION
2. Grant of Security Interest in Trademark Collateral. Each Grantor hereby pledges and grants to the Collateral Agent, for the benefit of the Secured Parties, a lien on and security interest in and to all of such Grantor’s right, title
and interest in, to and under all the following Collateral (excluding any Excluded Collateral) of such Grantor: 
 (a) all registered
Trademarks and Trademarks with respect to which applications for registration are pending of such Grantor, including the registered Trademarks and Trademark applications listed on Schedule I attached hereto. 

SECTION 3. The Security Agreement. The security interest granted pursuant to this Trademark Security Agreement is granted in
conjunction with the security interest granted to the Collateral Agent pursuant to the Security Agreement and the Grantors hereby acknowledge and affirm that the rights and remedies of the Collateral Agent with respect to the security interest in
the Trademarks made and granted hereby are more fully set forth in the Security Agreement. In the event that any provision of this Trademark Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security
Agreement shall control unless the Collateral Agent shall otherwise determine. 

  
 S-1 

 SECTION 4. Termination. Upon the termination of the Security Agreement in accordance with
Section 6.11 thereof, the Collateral Agent shall, at the expense of such Grantor, execute, acknowledge, and deliver to the Grantors an instrument in writing in recordable form releasing the lien on and security interest in the Trademarks under
this Trademark Security Agreement. 
 SECTION 5. Counterparts. This Trademark Security Agreement may be executed in any number of
counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Trademark Security Agreement by signing and delivering one or more counterparts. 

[Signature pages follow.] 

  
 S-2 

 
			
	[GRANTOR]
		
	By:	 	  

		 	Name
		 	Title

  
 S-3 

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH,
	as Collateral Agent
		
	By:	 	  

		 	Name
		 	Title

  
 S-4 

 Schedule I 

Trademark Registrations and Use Applications 

[See Attached] 

  
 S-1 

 Exhibit IV to the 

Security Agreement 
 FORM OF

 COPYRIGHT SECURITY AGREEMENT (SHORT FORM) 

COPYRIGHT SECURITY AGREEMENT 

Copyright Security Agreement, dated as of
[                ], by [                ] and
[                ] (individually, a “Grantor”, and, collectively, the “Grantors”), in favor of DEUTSCHE BANK AG NEW YORK BRANCH,
in its capacity as collateral agent pursuant to the Credit Agreement (in such capacity, the “Collateral Agent”). 

W I T N E S S E T H: 

WHEREAS, the Grantors are party to a Security Agreement dated as of May 14, 2018 (as amended, amended and restated, supplemented or
otherwise modified from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Grantors are required to execute and deliver this Copyright Security Agreement; 

NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter into the
Credit Agreement, the Grantors hereby agree with the Collateral Agent as follows: 
 SECTION 1. Defined Terms. Unless otherwise
defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 
 SECTION
2. Grant of Security Interest in Copyright Collateral. Each Grantor hereby pledges and grants to the Collateral Agent, for the benefit of the Secured Parties, a lien on and security interest in and to all of such Grantor’s right, title
and interest in, to and under all the following Collateral (excluding any Excluded Collateral) of such Grantor: 
 (a) all registered
Copyrights and exclusive Copyright Licenses of such Grantor, including the Copyrights and exclusive Copyright Licenses listed on Schedule I attached hereto. 

SECTION 3. The Security Agreement. The security interest granted pursuant to this Copyright Security Agreement is granted in
conjunction with the security interest granted to the Collateral Agent pursuant to the Security Agreement and the Grantors hereby acknowledge and affirm that the rights and remedies of the Collateral Agent with respect to the security interest in
the Copyrights made and granted hereby are more fully set forth in the Security Agreement. In the event that any provision of this Copyright Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security
Agreement shall control unless the Collateral Agent shall otherwise determine. 

  
 S-1 

 SECTION 4. Termination. Upon termination of the Security Agreement in accordance with
Section 6.11 thereof, the Collateral Agent shall, at the expense of such Grantor, execute, acknowledge, and deliver to the Grantors an instrument in writing in recordable form releasing the lien on and security interest in the Copyrights under
this Copyright Security Agreement. 
 SECTION 5. Counterparts. This Copyright Security Agreement may be executed in any number of
counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Copyright Security Agreement by signing and delivering one or more counterparts. 

[Signature pages follow.] 

  
 S-2 

 
			
	[GRANTOR]
		
	By:	 	  

		 	Name
		 	Title

  
 S-3 

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH,
	as Collateral Agent
		
	By:	 	  

		 	Name
		 	Title

  
 S-4 

 Schedule I 

Copyright Registrations and Exclusive Copyright Licenses 

[See Attached] 

  
 S-1 

 EXHIBIT H 

[FORM OF] 
 PERFECTION CERTIFICATE

 [See separately executed document] 
  

  
 H-1 

 PERFECTION CERTIFICATE 

Dated: May 14, 2018 

Reference is hereby made to (i) that certain Security Agreement executed in connection with the Credit Agreement (as defined below) dated
as of May 14, 2018, (the “Security Agreement”), among Red Lion Hotels Corporation, a Washington corporation (“Borrower”), the other Grantors party thereto from time to time and Deutsche Bank AG New York Branch,
as collateral agent for the Secured Parties (in such capacity, the “Collateral Agent”) and (ii) that certain Credit Agreement dated as of May 14, 2018 (the “Credit Agreement”) among Borrower, the other
Guarantors party thereto from time to time, each lender from time to time party thereto (collectively, the “Lenders” and individually, a “Lender”), and Deutsche Bank AG New York Branch, as Administrative Agent,
Collateral Agent, and [L/C Issuer]. Capitalized terms used but not defined herein have the meanings assigned in the Credit Agreement or the Security Agreement, as applicable. 

As used herein, the term “Companies” means the Borrower and the other Loan Parties listed on Schedule 1(a).

 As of the date hereof, the undersigned hereby certify to the Collateral Agent as follows: 

1. Names. 
 (a) The exact
legal name of each Company, as such name appears in its respective certificate of formation, incorporation or any other organizational document, is set forth in Schedule 1(a). Each Company is (i) the type of entity disclosed next
to its name in Schedule 1(a) and (ii) a registered organization except to the extent disclosed in Schedule 1(a). Also set forth in
Schedule 1(a) is the organizational identification number, if any, of each Company that is a registered organization, the Federal Taxpayer Identification Number of each Company and the jurisdiction of
formation of each Company. 
 (b) Set forth in Schedule 1(b) hereto is a list of any
other corporate or organizational names each Company has had in the past five years, together with the date of the relevant change. 
 (c)
Set forth in Schedule 1(c) is a list of all other names used by each Company, or any other business or organization to which each Company became the successor by merger, consolidation,
acquisition, change in form, nature or jurisdiction of organization or otherwise, on any filings with the Internal Revenue Service at any time within the five years preceding the date hereof. Except as set forth in
Schedule 1(c), no Company has changed its jurisdiction of organization at any time during the past four months. 

2. Current Locations. The chief executive office of each Company is located at the address set forth in
Schedule 2 hereto. 
 3. Extraordinary Transactions. Except for those purchases,
acquisitions and other transactions described in Schedule 3 attached hereto, during the past five years, all of the Collateral has been originated by each Company in the ordinary course of business or
consists of goods which have been acquired by such Company in the ordinary course of business from a person in the business of selling goods of that kind. 

 4. File Search Reports. Attached hereto as
Schedule 4 are true and accurate results of file search reports from the Uniform Commercial Code filing offices (i) in each jurisdiction identified in Section 1(a) or Section 2 with
respect to each legal name set forth in Section 1 and (ii) in each jurisdiction described in Schedule 1(c) or Schedule 3 relating to any
of the transactions described in Schedule (1)(c) or Schedule 3 with respect to each legal name of the person or entity from which each Company purchased or
otherwise acquired any of the Collateral. 
 5. Schedule of Filings. Attached hereto as
Schedule 5 is a schedule of (i) the appropriate filing offices for the financing statements attached hereto as Schedule 6 , (ii) the appropriate
filing offices for the filings described in Schedule 9(d) and (iii) any other actions required to create, preserve, protect and perfect the security interests in the Collateral granted to the
Collateral Agent pursuant to the Collateral Documents. No other filings or actions are required to create, preserve, protect and perfect the security interests in the Collateral granted to the Collateral Agent pursuant to the applicable Collateral
Documents. 
 6. UCC Filings. The financing statements (duly authorized by each Company constituting the debtor therein), including
the indications of the collateral, have been prepared by counsel to the Lenders and are attached as Schedule 6 relating to the Security Agreement, and are in the appropriate forms for filing in the
filing offices in the jurisdictions identified in Schedule 5 hereof. 
 7. Termination
Statements. Attached hereto as Schedule 7(a) are the duly authorized termination statements in the appropriate form for filing in each applicable jurisdiction identified in
Schedule 7(b) hereto with respect to each Lien described therein. 
 8. Real Property.
Attached hereto as Schedule 8 is a list of all (i) Real Property (as defined in the Credit Agreement) owned by the Borrower and its Subsidiaries (as defined in the Credit Agreement) as of the
Closing Date, (ii) common names, addresses and uses of such Real Property (stating improvements located thereon) and (iii) other information relating thereto required by such Schedule. 

9. Intellectual Property. 

(a) Attached hereto as Schedule 9(a) is a schedule setting forth all of each Company’s
Patents and Trademarks (each as defined in the Security Agreement) applied for or registered with the United States Patent and Trademark Office (the “USPTO”), and all other Patents and Trademarks (each as defined in the Security
Agreement), including the name of the registered owner or applicant and the registration, application, or publication number, as applicable, of each Patent or Trademark owned by each Company. 

(b) Attached hereto as Schedule 9(b) is a schedule setting forth all of each Company’s
United States Copyrights (as defined in the Security Agreement) applied for or registered with the United States Copyright Office (the “USCO”), including the name of the registered owner and the registration number of each Copyright
owned by each Company. 
 (c) Attached hereto as Schedule 9(c) is a schedule setting forth all
exclusive (i) Patent Licenses, (ii) Trademark Licenses and (iii) Copyright Licenses, whether or not recorded with the USPTO and the USCO, as applicable for which a Company is the exclusive licensee thereunder, including, but not
limited to, the relevant signatory parties to each license along with the date of execution thereof and, if applicable, a recordation number or other such evidence of recordation, at either the USPTO or the USCO, as applicable. 

  
 2 

 (d) Attached hereto as Schedule 9(d) in proper
form for filing with the USPTO and USCO are the filings necessary to preserve, protect and perfect the security interests in the (i) United States registered Trademarks, Patents and Copyrights set forth in
Schedule 9(a) and Schedule 9(b) and (ii) Trademark Licenses, Patent Licenses and Copyright Licenses set forth in Schedule 9(c). 

10. Stock Ownership and Other Equity Interests. Attached hereto as Schedule 10(a) is a
true and correct list of each of all of the authorized, and the issued and outstanding, stock, partnership interests, limited liability company membership interests or other equity interest of each Company and its Subsidiaries and, except with
respect to the Borrower, the record and beneficial owners of such stock, partnership interests, membership interests or other equity interests setting forth the percentage of such equity interests pledged under the Security Agreement. 

11. Instruments and Tangible Chattel Paper. Attached hereto as Schedule 11 is a true and correct list of all promissory
notes, instruments (other than checks to be deposited in the ordinary course of business), tangible chattel paper, electronic chattel paper and other evidence of indebtedness held by each Company as of the date hereof, including all intercompany
notes between or among any two or more Companies or any of their Subsidiaries, stating if such instruments, chattel paper or other evidence of indebtedness is pledged under the Security Agreement. 

12. Commercial Tort Claims. Attached hereto as Schedule 12 is a true and correct list of
all Commercial Tort Claims (as defined in the Security Agreement) held by each Company, including a brief description thereof. 
 13.
Insurance. Attached hereto as Schedule 13 is a true and correct list of all insurance policies of the Companies. 

[The Remainder of this Page has been intentionally left blank] 

  
 3 

 IN WITNESS WHEREOF, we have hereunto signed this Perfection Certificate as of the date
first stated above. 
  

			
	RED LION HOTELS CORPORATION
	 RED LION HOTELS CORPORATION
 as
Borrower

		
	By:	 	
                     

		 	Name:
		 	Title:
	
	RED LION HOTELS HOLDINGS, INC.
	RED LION HOTELS LIMITED PARTNERSHIP
	RED LION HOTELS FRANCHISING, INC.
	RED LION HOTELS CANADA FRANCHISING, INC.
	RED LION HOTELS MANAGEMENT, INC.
	RED LION ANAHEIM, LLC
	RED LION PROPERTIES, INC.
	KNIGHTS FRANCHISE SYSTEMS, INC.
	WEST COAST HOTEL PROPERTIES, INC. each as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:

 Schedule 1(a) 

Loan Parties 
  

											
	 Legal Name
	  	 Type of Entity
	  	 Registered

Org.
 (Yes/No)
	  	Organizational
Number	  	FEIN	  	 State of

Formation

	 Red Lion Hotels Corporation
	  	Corporation	  	Yes	  	601-319-277	  	91-1032187	  	WA
						
	 Red Lion Hotels Holdings, Inc.
	  	Corporation	  	Yes	  	2388985	  	91-1634199	  	DE
						
	 Red Lion Hotels Limited Partnership
	  	Limited Partnership	  	Yes	  	2811564	  	91-1873798	  	DE
						
	 Red Lion Hotels Franchising, Inc.
	  	Corporation	  	Yes	  	601-043-993	  	91-1361462	  	WA
						
	 Red Lion Hotels Canada Franchising, Inc.
	  	Corporation	  	Yes	  	604-026-674	  	81-3619760	  	WA
						
	 Red Lion Hotels Management, Inc.
	  	Corporation	  	Yes	  	602-540-714	  	20-4431472	  	WA
						
	 Red Lion Anaheim LLC
	  	LLC	  	Yes	  	602-751-740	  	26-0838537	  	WA
						
	 Red Lion Properties, Inc.
	  	Corporation	  	Yes	  	2111378	  	91-1366134	  	DE
						
	 Knights Franchise Systems, Inc.
	  	Corporation	  	Yes	  	2436440	  	22-3367833	  	DE
						
	 WestCoast Hotel Properties, Inc.
	  	Corporation	  	Yes	  	601-094-723	  	91-1438619	  	WA

  

 Schedule 1(b) 

Changes in Corporate Identity; Other Names 
 None.

  
 3 

 Schedule 1(c) 

Changes in Corporate Identity; Other Names 

1. Red Lion Hotels Corporation DBA RLH Corporation 

  
 4 

 Schedule 2 

Chief Executive Offices 
  

							
	 Company/Subsidiary
	  	 Address of

Chief Executive Office
	  	 County
	  	 State

	 Red Lion Hotels Corporation and all subsidiaries
	  	 1550 Market Street #350
 Denver, CO
	  	Denver	  	CO

  
 5 

 Schedule 3 

Extraordinary Transactions 
  

					
	 Company
	  	 Description of Transaction, Including Parties
	  	Date of
Transaction
	 Red Lion Hotels Franchising, Inc.

Red Lion Hotels Canada Franchising, Inc.
	  	 Asset Purchase Agreement between Red Lion Hotels Franchising, Inc. and Red Lion Hotels Canada Franchising, Inc. (collectively
“Buyer”) and Vantage Hospitality Group, Inc. a Florida corporation, Thirty-Eight Street, Inc., Vantage Franchising, Inc. , a Florida corporation, LHINDI, Inc., a Florida corporation, and certain other sellers.

 
 Assets acquired were franchise agreements and intellectual property, including hotel
brands.
	  	9/30/2016
			
	 Red Lion Hotels Corporation
	  	 Asset Purchase Agreement between Guesthouse International, L.L.C., a South Dakota limited liability company (“Seller”), and Red
Lion Hotels Corporation (“Buyer”), and the guarantor party thereto.
  
 Assets
acquired were franchise agreements and intellectual property, including hotel brands.
	  	4/23/2015

  
 6 

 Schedule 4 

UCC Search Reports 
 [See attached]

  
 7 

 Schedule 5 

Appropriate Filing Offices 
  

					
	 Type of

Filing
	  	 Entity
	  	 Jurisdiction / Filing Office

	UCC-1	  	Red Lion Hotels Corporation	  	Washington Department of Licensing
			
	UCC-1	  	Red Lion Hotels Holdings, Inc.	  	Delaware Secretary of State
			
	UCC-1	  	Red Lion Hotels Limited Partnership	  	Delaware Secretary of State
			
	UCC-1	  	Red Lion Hotels Franchising, Inc.	  	Washington Department of Licensing
			
	UCC-1	  	Red Lion Hotels Canada Franchising, Inc.	  	Washington Department of Licensing
			
	UCC-1	  	Red Lion Hotels Management, Inc.	  	Washington Department of Licensing
			
	UCC-1	  	Red Lion Anaheim, LLC	  	Washington Department of Licensing
			
	UCC-1	  	Red Lion Properties, Inc.	  	Delaware Secretary of State
			
	UCC-1	  	Knights Franchise Systems, Inc.	  	Delaware Secretary of State
			
	UCC-1	  	West Coast Hotel Properties, Inc.	  	Washington Department of Licensing
			
	Trademark Security Agreement	  	Red Lion Hotels Franchising, Inc.	  	United States Patent and Trademark Office
			
	Trademark Security Agreement	  	Red Lion Hotels Corporation	  	United States Patent and Trademark Office
			
	Trademark Security Agreement	  	Knights Franchise Systems, Inc.	  	United States Patent and Trademark Office

  
 8 

 Schedule 6 

Financing Statements 
 [See
attached] 

  
 9 

 

 
 UCC FINANCING STATEMENT FOLLOW INSTRUCTIONS A. NAME & PHONE OF CONTACT AT FILER (optional) Emily Ohannessian (212) 450-4000 B. E-MAIL emily. CONTACT ohannessian@davispolk. AT FILER (optional) com C. SEND ACKNOWLEDGMENT TO: (Name and Address) Davis Polk & Wardwell LLP 450 Lexington
Avenue New York, NY 10017 THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY 1. DEBTOR’S NAME: Provide only one Debtor name (1a or 1b) (use exact, full name; do not omit, modify, or abbreviate any part of the Debtor’s name); if any part of the
Individual Debtor’s name will not fit in line 1b, leave all of item 1 blank, check here and provide the Individual Debtor information in item 10 of the Financing Statement Addendum (Form UCC1Ad) 1a. Knights ORGANIZATION’S Franchise NAME
Systems, Inc. OR 1b. INDIVIDUAL’S SURNAME FIRST PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 1c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 1550 Market St #350 Denver CO 80202 USA 2. DEBTOR’S NAME: Provide only one Debtor name
(2a or 2b) (use exact, full name; do not omit, modify, or abbreviate any part of the Debtor’s name); if any part of the Individual Debtor’s name will not fit in line 2b, leave all of item 2 blank, check here and provide the Individual
Debtor information in item 10 of the Financing Statement Addendum (Form UCC1Ad) 2a. ORGANIZATION’S NAME OR 2b. INDIVIDUAL’S SURNAME FIRST PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 2c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY
3. SECURED PARTY’S NAME (or NAME of ASSIGNEE of ASSIGNOR SECURED PARTY): Provide only one Secured Party name (3a or 3b) 3a. ORGANIZATION’S NAME Deutsche Bank AG New York Branch, as Collateral Agent OR 3b. INDIVIDUAL’S SURNAME FIRST
PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 3c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 60 Wall Street New York NY 10005 USA 4. COLLATERAL: This financing statement covers the following collateral: All assets of the Debtor whether now
owned or hereafter acquired or in which the Debtor otherwise has rights and all Proceeds thereof; provided, however, that the foregoing shall not include the Excluded Collateral (as defined in the Credit Agreement dated as of May 14, 2018, by,
between and among the Debtor, certain affiliates of the Debtor and the Secured Party). 5. Check only if applicable and check only one box: Collateral is held in a Trust (see UCC1Ad, item 17 and Instructions) being administered by a Decedent’s
Personal Representative 6a. Check only if applicable and check only one box: 6b. Check only if applicable and check only one box: Public-Finance Transaction Manufactured-Home Transaction A Debtor is a Transmitting Utility Agricultural Lien Non-UCC Filing 7. ALTERNATIVE DESIGNATION (if applicable): Lessee/Lessor Consignee/Consignor Seller/Buyer Bailee/Bailor Licensee/Licensor Filed 8. OPTIONAL with: FILER DE REFERENCE —Secretary DATA: of State
F#631781 A#871540 ïƒ—,FILING OFFICE COPY — UCC FINANCING STATEMENT (Form UCC1) (Rev. 04/20/11) 

 

 
 UCC FINANCING STATEMENT FOLLOW INSTRUCTIONS A. NAME & PHONE OF CONTACT AT FILER (optional) Emily Ohannessian (212) 450-4000 B. E-MAIL emily. CONTACT ohannessian@davispolk. AT FILER (optional) com C. SEND ACKNOWLEDGMENT TO: (Name and Address) Davis Polk & Wardwell LLP 450 Lexington
Avenue New York, NY 10017 THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY 1. DEBTOR’S NAME: Provide only one Debtor name (1a or 1b) (use exact, full name; do not omit, modify, or abbreviate any part of the Debtor’s name); if any part of the
Individual Debtor’s name will not fit in line 1b, leave all of item 1 blank, check here and provide the Individual Debtor information in item 10 of the Financing Statement Addendum (Form UCC1Ad) 1a. Red ORGANIZATION’S Lion Anaheim, NAME
LLC OR 1b. INDIVIDUAL’S SURNAME FIRST PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 1c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 1550 Market St #350 Denver CO 80202 USA 2. DEBTOR’S NAME: Provide only one Debtor name (2a or 2b)
(use exact, full name; do not omit, modify, or abbreviate any part of the Debtor’s name); if any part of the Individual Debtor’s name will not fit in line 2b, leave all of item 2 blank, check here and provide the Individual Debtor
information in item 10 of the Financing Statement Addendum (Form UCC1Ad) 2a. ORGANIZATION’S NAME OR 2b. INDIVIDUAL’S SURNAME FIRST PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 2c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 3.
SECURED PARTY’S NAME (or NAME of ASSIGNEE of ASSIGNOR SECURED PARTY): Provide only one Secured Party name (3a or 3b) 3a. ORGANIZATION’S NAME Deutsche Bank AG New York Branch, as Collateral Agent OR 3b. INDIVIDUAL’S SURNAME FIRST
PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 3c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 60 Wall Street New York NY 10005 USA 4. COLLATERAL: This financing statement covers the following collateral: All assets of the Debtor whether now
owned or hereafter acquired or in which the Debtor otherwise has rights and all Proceeds thereof; provided, however, that the foregoing shall not include the Excluded Collateral (as defined in the Credit Agreement dated as of May 14, 2018, by,
between and among the Debtor, certain affiliates of the Debtor and the Secured Party). 5. Check only if applicable and check only one box: Collateral is held in a Trust (see UCC1Ad, item 17 and Instructions) being administered by a Decedent’s
Personal Representative 6a. Check only if applicable and check only one box: 6b. Check only if applicable and check only one box: Public-Finance Transaction Manufactured-Home Transaction A Debtor is a Transmitting Utility Agricultural Lien Non-UCC Filing 7. ALTERNATIVE DESIGNATION (if applicable): Lessee/Lessor Consignee/Consignor Seller/Buyer Bailee/Bailor Licensee/Licensor Filed 8. OPTIONAL with: FILER WA REFERENCE —Department DATA: of
Licensing (13350/545) F#631764 A#871522 ïƒ—FILING OFFICE COPY — UCC FINANCING STATEMENT (Form UCC1) (Rev. 04/20/11) 

 

 
 UCC FINANCING STATEMENT FOLLOW INSTRUCTIONS A. NAME & PHONE OF CONTACT AT FILER (optional) Emily Ohannessian (212) 450-4000 B. E-MAIL emily. CONTACT ohannessian@davispolk. AT FILER (optional) com C. SEND ACKNOWLEDGMENT TO: (Name and Address) Davis Polk & Wardwell LLP 450 Lexington
Avenue New York, NY 10017 THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY 1. DEBTOR’S NAME: Provide only one Debtor name (1a or 1b) (use exact, full name; do not omit, modify, or abbreviate any part of the Debtor’s name); if any part of the
Individual Debtor’s name will not fit in line 1b, leave all of item 1 blank, check here and provide the Individual Debtor information in item 10 of the Financing Statement Addendum (Form UCC1Ad) 1a. Red ORGANIZATION’S Lion Hotels NAME
Canada Franchising, Inc. OR 1b. INDIVIDUAL’S SURNAME FIRST PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 1c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 1550 Market St #350 Denver CO 80202 USA 2. DEBTOR’S NAME: Provide only one
Debtor name (2a or 2b) (use exact, full name; do not omit, modify, or abbreviate any part of the Debtor’s name); if any part of the Individual Debtor’s name will not fit in line 2b, leave all of item 2 blank, check here and provide the
Individual Debtor information in item 10 of the Financing Statement Addendum (Form UCC1Ad) 2a. ORGANIZATION’S NAME OR 2b. INDIVIDUAL’S SURNAME FIRST PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 2c. MAILING ADDRESS CITY STATE POSTAL
CODE COUNTRY 3. SECURED PARTY’S NAME (or NAME of ASSIGNEE of ASSIGNOR SECURED PARTY): Provide only one Secured Party name (3a or 3b) 3a. ORGANIZATION’S NAME Deutsche Bank AG New York Branch, as Collateral Agent OR 3b. INDIVIDUAL’S
SURNAME FIRST PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 3c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 60 Wall Street New York NY 10005 USA 4. COLLATERAL: This financing statement covers the following collateral: All assets of the
Debtor whether now owned or hereafter acquired or in which the Debtor otherwise has rights and all Proceeds thereof; provided, however, that the foregoing shall not include the Excluded Collateral (as defined in the Credit Agreement dated as of
May 14, 2018, by, between and among the Debtor, certain affiliates of the Debtor and the Secured Party). 5. Check only if applicable and check only one box: Collateral is held in a Trust (see UCC1Ad, item 17 and Instructions) being administered
by a Decedent’s Personal Representative 6a. Check only if applicable and check only one box: 6b. Check only if applicable and check only one box: Public-Finance Transaction Manufactured-Home Transaction A Debtor is a Transmitting Utility
Agricultural Lien Non-UCC Filing 7. ALTERNATIVE DESIGNATION (if applicable): Lessee/Lessor Consignee/Consignor Seller/Buyer Bailee/Bailor Licensee/Licensor Filed 8. OPTIONAL with: FILER WA REFERENCE
—Department DATA: of Licensing (13350/545) F#631762 A#871520 ïƒ—FILING OFFICE COPY — UCC FINANCING STATEMENT (Form UCC1) (Rev. 04/20/11) 

 

 
 UCC FINANCING STATEMENT FOLLOW INSTRUCTIONS A. NAME & PHONE OF CONTACT AT FILER (optional) Emily Ohannessian (212) 450-4000 B. E-MAIL emily. CONTACT ohannessian@davispolk. AT FILER (optional) com C. SEND ACKNOWLEDGMENT TO: (Name and Address) Davis Polk & Wardwell LLP 450 Lexington
Avenue New York, NY 10017 THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY 1. DEBTOR’S NAME: Provide only one Debtor name (1a or 1b) (use exact, full name; do not omit, modify, or abbreviate any part of the Debtor’s name); if any part of the
Individual Debtor’s name will not fit in line 1b, leave all of item 1 blank, check here and provide the Individual Debtor information in item 10 of the Financing Statement Addendum (Form UCC1Ad) 1a. Red ORGANIZATION’S Lion Hotels NAME
Corporation OR 1b. INDIVIDUAL’S SURNAME FIRST PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 1c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 1550 Market St #350 Denver CO 80202 USA 2. DEBTOR’S NAME: Provide only one Debtor name (2a
or 2b) (use exact, full name; do not omit, modify, or abbreviate any part of the Debtor’s name); if any part of the Individual Debtor’s name will not fit in line 2b, leave all of item 2 blank, check here and provide the Individual Debtor
information in item 10 of the Financing Statement Addendum (Form UCC1Ad) 2a. ORGANIZATION’S NAME OR 2b. INDIVIDUAL’S SURNAME FIRST PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 2c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 3.
SECURED PARTY’S NAME (or NAME of ASSIGNEE of ASSIGNOR SECURED PARTY): Provide only one Secured Party name (3a or 3b) 3a. ORGANIZATION’S NAME Deutsche Bank AG New York Branch, as Collateral Agent OR 3b. INDIVIDUAL’S SURNAME FIRST
PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 3c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 60 Wall Street New York NY 10005 USA 4. COLLATERAL: This financing statement covers the following collateral: All assets of the Debtor whether now
owned or hereafter acquired or in which the Debtor otherwise has rights and all Proceeds thereof; provided, however, that the foregoing shall not include the Excluded Collateral (as defined in the Credit Agreement dated as of May 14, 2018, by,
between and among the Debtor, certain affiliates of the Debtor and the Secured Party). 5. Check only if applicable and check only one box: Collateral is held in a Trust (see UCC1Ad, item 17 and Instructions) being administered by a Decedent’s
Personal Representative 6a. Check only if applicable and check only one box: 6b. Check only if applicable and check only one box: Public-Finance Transaction Manufactured-Home Transaction A Debtor is a Transmitting Utility Agricultural Lien Non-UCC Filing 7. ALTERNATIVE DESIGNATION (if applicable): Lessee/Lessor Consignee/Consignor Seller/Buyer Bailee/Bailor Licensee/Licensor Filed 8. OPTIONAL with: FILER WA REFERENCE —Department DATA: of
Licensing (13350/545) F#631755 A#871513 ïƒ— FILING OFFICE COPY — UCC FINANCING STATEMENT (Form UCC1) (Rev. 04/20/11) 

 

 
 UCC FINANCING STATEMENT FOLLOW INSTRUCTIONS A. NAME & PHONE OF CONTACT AT FILER (optional) Emily Ohannessian (212) 450-4000 B. E-MAIL emily. CONTACT ohannessian@davispolk. AT FILER (optional) com C. SEND ACKNOWLEDGMENT TO: (Name and Address) Davis Polk & Wardwell LLP 450 Lexington
Avenue New York, NY 10017 THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY 1. DEBTOR’S NAME: Provide only one Debtor name (1a or 1b) (use exact, full name; do not omit, modify, or abbreviate any part of the Debtor’s name); if any part of the
Individual Debtor’s name will not fit in line 1b, leave all of item 1 blank, check here and provide the Individual Debtor information in item 10 of the Financing Statement Addendum (Form UCC1Ad) 1a. Red ORGANIZATION’S Lion Hotels NAME
Franchising, Inc. OR 1b. INDIVIDUAL’S SURNAME FIRST PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 1c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 1550 Market St #350 Denver CO 80202 USA 2. DEBTOR’S NAME: Provide only one Debtor
name (2a or 2b) (use exact, full name; do not omit, modify, or abbreviate any part of the Debtor’s name); if any part of the Individual Debtor’s name will not fit in line 2b, leave all of item 2 blank, check here and provide the Individual
Debtor information in item 10 of the Financing Statement Addendum (Form UCC1Ad) 2a. ORGANIZATION’S NAME OR 2b. INDIVIDUAL’S SURNAME FIRST PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 2c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY
3. SECURED PARTY’S NAME (or NAME of ASSIGNEE of ASSIGNOR SECURED PARTY): Provide only one Secured Party name (3a or 3b) 3a. ORGANIZATION’S NAME Deutsche Bank AG New York Branch, as Collateral Agent OR 3b. INDIVIDUAL’S SURNAME FIRST
PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 3c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 60 Wall Street New York NY 10005 USA 4. COLLATERAL: This financing statement covers the following collateral: All assets of the Debtor whether now
owned or hereafter acquired or in which the Debtor otherwise has rights and all Proceeds thereof; provided, however, that the foregoing shall not include the Excluded Collateral (as defined in the Credit Agreement dated as of May 14, 2018, by,
between and among the Debtor, certain affiliates of the Debtor and the Secured Party). 5. Check only if applicable and check only one box: Collateral is held in a Trust (see UCC1Ad, item 17 and Instructions) being administered by a Decedent’s
Personal Representative 6a. Check only if applicable and check only one box: 6b. Check only if applicable and check only one box: Public-Finance Transaction Manufactured-Home Transaction A Debtor is a Transmitting Utility Agricultural Lien Non-UCC Filing 7. ALTERNATIVE DESIGNATION (if applicable): Lessee/Lessor Consignee/Consignor Seller/Buyer Bailee/Bailor Licensee/Licensor Filed 8. OPTIONAL with: FILER WA REFERENCE —Department DATA: of
Licensing (13350/545) F#631761 A#871519 ïƒ— FILING OFFICE COPY — UCC FINANCING STATEMENT (Form UCC1) (Rev. 04/20/11) 

 

 
 UCC FINANCING STATEMENT FOLLOW INSTRUCTIONS A. NAME & PHONE OF CONTACT AT FILER (optional) Emily Ohannessian (212) 450-4000 B. E-MAIL emily. CONTACT ohannessian@davispolk. AT FILER (optional) com C. SEND ACKNOWLEDGMENT TO: (Name and Address) Davis Polk & Wardwell LLP 450 Lexington
Avenue New York, NY 10017 THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY 1. DEBTOR’S NAME: Provide only one Debtor name (1a or 1b) (use exact, full name; do not omit, modify, or abbreviate any part of the Debtor’s name); if any part of the
Individual Debtor’s name will not fit in line 1b, leave all of item 1 blank, check here and provide the Individual Debtor information in item 10 of the Financing Statement Addendum (Form UCC1Ad) 1a. Red ORGANIZATION’S Lion Hotels NAME
Holdings, Inc. OR 1b. INDIVIDUAL’S SURNAME FIRST PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 1c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 1550 Market St #350 Denver CO 80202 USA 2. DEBTOR’S NAME: Provide only one Debtor name
(2a or 2b) (use exact, full name; do not omit, modify, or abbreviate any part of the Debtor’s name); if any part of the Individual Debtor’s name will not fit in line 2b, leave all of item 2 blank, check here and provide the Individual
Debtor information in item 10 of the Financing Statement Addendum (Form UCC1Ad) 2a. ORGANIZATION’S NAME OR 2b. INDIVIDUAL’S SURNAME FIRST PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 2c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY
3. SECURED PARTY’S NAME (or NAME of ASSIGNEE of ASSIGNOR SECURED PARTY): Provide only one Secured Party name (3a or 3b) 3a. ORGANIZATION’S NAME Deutsche Bank AG New York Branch, as Collateral Agent OR 3b. INDIVIDUAL’S SURNAME FIRST
PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 3c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 60 Wall Street New York NY 10005 USA 4. COLLATERAL: This financing statement covers the following collateral: All assets of the Debtor whether now
owned or hereafter acquired or in which the Debtor otherwise has rights and all Proceeds thereof; provided, however, that the foregoing shall not include the Excluded Collateral (as defined in the Credit Agreement dated as of May 14, 2018, by,
between and among the Debtor, certain affiliates of the Debtor and the Secured Party). 5. Check only if applicable and check only one box: Collateral is held in a Trust (see UCC1Ad, item 17 and Instructions) being administered by a Decedent’s
Personal Representative 6a. Check only if applicable and check only one box: 6b. Check only if applicable and check only one box: Public-Finance Transaction Manufactured-Home Transaction A Debtor is a Transmitting Utility Agricultural Lien Non-UCC Filing 7. ALTERNATIVE DESIGNATION (if applicable): Lessee/Lessor Consignee/Consignor Seller/Buyer Bailee/Bailor Licensee/Licensor Filed 8. OPTIONAL with: FILER DE REFERENCE —Secretary DATA: of State
(13350/545) F#631758 A#871516 ïƒ— FILING OFFICE COPY — UCC FINANCING STATEMENT (Form UCC1) (Rev. 04/20/11) 

 

 
 UCC FINANCING STATEMENT FOLLOW INSTRUCTIONS A. NAME & PHONE OF CONTACT AT FILER (optional) Emily Ohannessian (212) 450-4000 B. E-MAIL emily. CONTACT ohannessian@davispolk. AT FILER (optional) com C. SEND ACKNOWLEDGMENT TO: (Name and Address) Davis Polk & Wardwell LLP 450 Lexington
Avenue New York, NY 10017 THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY 1. DEBTOR’S NAME: Provide only one Debtor name (1a or 1b) (use exact, full name; do not omit, modify, or abbreviate any part of the Debtor’s name); if any part of the
Individual Debtor’s name will not fit in line 1b, leave all of item 1 blank, check here and provide the Individual Debtor information in item 10 of the Financing Statement Addendum (Form UCC1Ad) 1a. Red ORGANIZATION’S Lion Hotels NAME
Limited Partnership OR 1b. INDIVIDUAL’S SURNAME FIRST PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 1c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 1550 Market St #350 Denver CO 80202 USA 2. DEBTOR’S NAME: Provide only one Debtor
name (2a or 2b) (use exact, full name; do not omit, modify, or abbreviate any part of the Debtor’s name); if any part of the Individual Debtor’s name will not fit in line 2b, leave all of item 2 blank, check here and provide the Individual
Debtor information in item 10 of the Financing Statement Addendum (Form UCC1Ad) 2a. ORGANIZATION’S NAME OR 2b. INDIVIDUAL’S SURNAME FIRST PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 2c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY
3. SECURED PARTY’S NAME (or NAME of ASSIGNEE of ASSIGNOR SECURED PARTY): Provide only one Secured Party name (3a or 3b) 3a. ORGANIZATION’S NAME Deutsche Bank AG New York Branch, as Collateral Agent OR 3b. INDIVIDUAL’S SURNAME FIRST
PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 3c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 60 Wall Street New York NY 10005 USA 4. COLLATERAL: This financing statement covers the following collateral: All assets of the Debtor whether now
owned or hereafter acquired or in which the Debtor otherwise has rights and all Proceeds thereof; provided, however, that the foregoing shall not include the Excluded Collateral (as defined in the Credit Agreement dated as of May 14, 2018, by,
between and among the Debtor, certain affiliates of the Debtor and the Secured Party). 5. Check only if applicable and check only one box: Collateral is held in a Trust (see UCC1Ad, item 17 and Instructions) being administered by a Decedent’s
Personal Representative 6a. Check only if applicable and check only one box: 6b. Check only if applicable and check only one box: Public-Finance Transaction Manufactured-Home Transaction A Debtor is a Transmitting Utility Agricultural Lien Non-UCC Filing 7. ALTERNATIVE DESIGNATION (if applicable): Lessee/Lessor Consignee/Consignor Seller/Buyer Bailee/Bailor Licensee/Licensor Filed 8. OPTIONAL with: FILER DE REFERENCE —Secretary DATA: of State
(13350/545) F#631760 A#871518 ïƒ— FILING OFFICE COPY — UCC FINANCING STATEMENT (Form UCC1) (Rev. 04/20/11) 

 

 
 UCC FINANCING STATEMENT FOLLOW INSTRUCTIONS A. NAME & PHONE OF CONTACT AT FILER (optional) Emily Ohannessian (212) 450-4000 B. E-MAIL emily. CONTACT ohannessian@davispolk. AT FILER (optional) com C. SEND ACKNOWLEDGMENT TO: (Name and Address) Davis Polk & Wardwell LLP 450 Lexington
Avenue New York, NY 10017 THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY 1. DEBTOR’S NAME: Provide only one Debtor name (1a or 1b) (use exact, full name; do not omit, modify, or abbreviate any part of the Debtor’s name); if any part of the
Individual Debtor’s name will not fit in line 1b, leave all of item 1 blank, check here and provide the Individual Debtor information in item 10 of the Financing Statement Addendum (Form UCC1Ad) 1a. Red ORGANIZATION’S Lion Hotels NAME
Management, Inc. OR 1b. INDIVIDUAL’S SURNAME FIRST PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 1c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 1550 Market St #350 Denver CO 80202 USA 2. DEBTOR’S NAME: Provide only one Debtor name
(2a or 2b) (use exact, full name; do not omit, modify, or abbreviate any part of the Debtor’s name); if any part of the Individual Debtor’s name will not fit in line 2b, leave all of item 2 blank, check here and provide the Individual
Debtor information in item 10 of the Financing Statement Addendum (Form UCC1Ad) 2a. ORGANIZATION’S NAME OR 2b. INDIVIDUAL’S SURNAME FIRST PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 2c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY
3. SECURED PARTY’S NAME (or NAME of ASSIGNEE of ASSIGNOR SECURED PARTY): Provide only one Secured Party name (3a or 3b) 3a. ORGANIZATION’S NAME Deutsche Bank AG New York Branch, as Collateral Agent OR 3b. INDIVIDUAL’S SURNAME FIRST
PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 3c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 60 Wall Street New York NY 10005 USA 4. COLLATERAL: This financing statement covers the following collateral: All assets of the Debtor whether now
owned or hereafter acquired or in which the Debtor otherwise has rights and all Proceeds thereof; provided, however, that the foregoing shall not include the Excluded Collateral (as defined in the Credit Agreement dated as of May 14, 2018, by,
between and among the Debtor, certain affiliates of the Debtor and the Secured Party). 5. Check only if applicable and check only one box: Collateral is held in a Trust (see UCC1Ad, item 17 and Instructions) being administered by a Decedent’s
Personal Representative 6a. Check only if applicable and check only one box: 6b. Check only if applicable and check only one box: Public-Finance Transaction Manufactured-Home Transaction A Debtor is a Transmitting Utility Agricultural Lien Non-UCC Filing 7. ALTERNATIVE DESIGNATION (if applicable): Lessee/Lessor Consignee/Consignor Seller/Buyer Bailee/Bailor Licensee/Licensor Filed 8. OPTIONAL with: FILER WA REFERENCE —Department DATA: of
Licensing (13350/545) F#631763 A#871521 ïƒ— FILING OFFICE COPY — UCC FINANCING STATEMENT (Form UCC1) (Rev. 04/20/11) 

 

 
 UCC FINANCING STATEMENT FOLLOW INSTRUCTIONS A. NAME & PHONE OF CONTACT AT FILER (optional) Emily Ohannessian (212) 450-4000 B. E-MAIL emily. CONTACT ohannessian@davispolk. AT FILER (optional) com C. SEND ACKNOWLEDGMENT TO: (Name and Address) Davis Polk & Wardwell LLP 450 Lexington
Avenue New York, NY 10017 THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY 1. DEBTOR’S NAME: Provide only one Debtor name (1a or 1b) (use exact, full name; do not omit, modify, or abbreviate any part of the Debtor’s name); if any part of the
Individual Debtor’s name will not fit in line 1b, leave all of item 1 blank, check here and provide the Individual Debtor information in item 10 of the Financing Statement Addendum (Form UCC1Ad) 1a. Red ORGANIZATION’S Lion Properties, NAME
Inc. OR 1b. INDIVIDUAL’S SURNAME FIRST PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 1c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 1550 Market St #350 Denver CO 80202 USA 2. DEBTOR’S NAME: Provide only one Debtor name (2a or 2b)
(use exact, full name; do not omit, modify, or abbreviate any part of the Debtor’s name); if any part of the Individual Debtor’s name will not fit in line 2b, leave all of item 2 blank, check here and provide the Individual Debtor
information in item 10 of the Financing Statement Addendum (Form UCC1Ad) 2a. ORGANIZATION’S NAME OR 2b. INDIVIDUAL’S SURNAME FIRST PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 2c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 3.
SECURED PARTY’S NAME (or NAME of ASSIGNEE of ASSIGNOR SECURED PARTY): Provide only one Secured Party name (3a or 3b) 3a. ORGANIZATION’S NAME Deutsche Bank AG New York Branch, as Collateral Agent OR 3b. INDIVIDUAL’S SURNAME FIRST
PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 3c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 60 Wall Street New York NY 10005 USA 4. COLLATERAL: This financing statement covers the following collateral: All assets of the Debtor whether now
owned or hereafter acquired or in which the Debtor otherwise has rights and all Proceeds thereof; provided, however, that the foregoing shall not include the Excluded Collateral (as defined in the Credit Agreement dated as of May 14, 2018, by,
between and among the Debtor, certain affiliates of the Debtor and the Secured Party). 5. Check only if applicable and check only one box: Collateral is held in a Trust (see UCC1Ad, item 17 and Instructions) being administered by a Decedent’s
Personal Representative 6a. Check only if applicable and check only one box: 6b. Check only if applicable and check only one box: Public-Finance Transaction Manufactured-Home Transaction A Debtor is a Transmitting Utility Agricultural Lien Non-UCC Filing 7. ALTERNATIVE DESIGNATION (if applicable): Lessee/Lessor Consignee/Consignor Seller/Buyer Bailee/Bailor Licensee/Licensor Filed 8. OPTIONAL with: FILER DE REFERENCE —Secretary DATA: of State
(13350/545) F#631765 A#871523 ïƒ— FILING OFFICE COPY — UCC FINANCING STATEMENT (Form UCC1) (Rev. 04/20/11)     

 

 
 UCC FINANCING STATEMENT FOLLOW INSTRUCTIONS A. NAME & PHONE OF CONTACT AT FILER (optional) Emily Ohannessian (212) 450-4000 B. E-MAIL emily. CONTACT ohannessian@davispolk. AT FILER (optional) com C. SEND ACKNOWLEDGMENT TO: (Name and Address) Davis Polk & Wardwell LLP 450 Lexington
Avenue New York, NY 10017 THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY 1. DEBTOR’S NAME: Provide only one Debtor name (1a or 1b) (use exact, full name; do not omit, modify, or abbreviate any part of the Debtor’s name); if any part of the
Individual Debtor’s name will not fit in line 1b, leave all of item 1 blank, check here and provide the Individual Debtor information in item 10 of the Financing Statement Addendum (Form UCC1Ad) 1a. West ORGANIZATION’S Coast NAME Hotel
Properties, Inc. OR 1b. INDIVIDUAL’S SURNAME FIRST PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 1c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 1550 Market St #350 Denver CO 80202 USA 2. DEBTOR’S NAME: Provide only one Debtor name
(2a or 2b) (use exact, full name; do not omit, modify, or abbreviate any part of the Debtor’s name); if any part of the Individual Debtor’s name will not fit in line 2b, leave all of item 2 blank, check here and provide the Individual
Debtor information in item 10 of the Financing Statement Addendum (Form UCC1Ad) 2a. ORGANIZATION’S NAME OR 2b. INDIVIDUAL’S SURNAME FIRST PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 2c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY
3. SECURED PARTY’S NAME (or NAME of ASSIGNEE of ASSIGNOR SECURED PARTY): Provide only one Secured Party name (3a or 3b) 3a. ORGANIZATION’S NAME Deutsche Bank AG New York Branch, as Collateral Agent OR 3b. INDIVIDUAL’S SURNAME FIRST
PERSONAL NAME ADDITIONAL NAME(S)/INITIAL(S) SUFFIX 3c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 60 Wall Street New York NY 10005 USA 4. COLLATERAL: This financing statement covers the following collateral: All assets of the Debtor whether now
owned or hereafter acquired or in which the Debtor otherwise has rights and all Proceeds thereof; provided, however, that the foregoing shall not include the Excluded Collateral (as defined in the Credit Agreement dated as of May 14, 2018, by,
between and among the Debtor, certain affiliates of the Debtor and the Secured Party). 5. Check only if applicable and check only one box: Collateral is held in a Trust (see UCC1Ad, item 17 and Instructions) being administered by a Decedent’s
Personal Representative 6a. Check only if applicable and check only one box: 6b. Check only if applicable and check only one box: Public-Finance Transaction Manufactured-Home Transaction A Debtor is a Transmitting Utility Agricultural Lien Non-UCC Filing 7. ALTERNATIVE DESIGNATION (if applicable): Lessee/Lessor Consignee/Consignor Seller/Buyer Bailee/Bailor Licensee/Licensor Filed 8. OPTIONAL with: FILER WA REFERENCE —Department DATA: of
Licensing (13350/545) F#631769 A#871527 ïƒ— FILING OFFICE COPY — UCC FINANCING STATEMENT (Form UCC1) (Rev. 04/20/11) 

 Schedule 7(a) 

None. 

  
 10 

 Schedule 7(b) 

Termination Statement Filings 
 None. 

  
 11 

 Schedule 8 

Real Property 
  

							
	 Owner
	  	 Resort / Purpose
	  	 Street Address
	  	 City, State, Zip

	RL Post Falls, LLC	  	 Red Lion Templin’s
 Hotel on the
River
	  	414 E 1st Ave	  	Post Falls, ID 83854
				
	RL Port Angeles, LLC	  	Red Lion Hotel Port Angeles	  	221 N. Lincoln	  	Port Angeles, WA 98362
				
	RL Olympia, LLC	  	Hotel RL Olympia	  	2300 Evergreen Park Drive	  	Olympia, WA 98502
				
	RL Salt Lake City, LLC	  	Hotel RL Salt Lake City	  	161 W 600 South	  	Salt Lake City, UT 84101
				
	RL Spokane, LLC	  	Hotel RL Spokane	  	303 W North River Dr.	  	Spokane, WA 99201
				
	RLH Atlanta, LLC	  	Red Lion Hotel Atlanta Airport	  	1419 Virginia Ave	  	Atlanta, GA 30337
				
	RL Baltimore, LLC	  	Hotel RL Baltimore	  	207 E Redwood St.	  	Baltimore, MD 21202
				
	RLH DC, LLC	  	Hotel RL Washington DC	  	1823 L Street NW	  	Washington DC, 20036

  
 12 

											
	  

	T268460.US.01	  	 500179-00372

Red Lion Hotels Franchising, Inc.
	  	 3 PALMS HOTEL & Design
 

	  	 United States of America

Registered
	  	 77/425,965
 Mar 19, 2008
	  	 4378025
 Aug 6, 2013

	
	043: Hotel and motel services.
	  

	    
	  

	T268302.US.01	  	 500179-00373
 Red Lion Hotels Franchising,
Inc.
	  	 3 PALMS HOTELS & RESORTS & Design
 

	  	 United States of America
 Registered
	  	 77/425,996
 Mar 19, 2008
	  	 4378027
 Aug 6, 2013

	
	043: Hotel and motel services.
	  

	    
	  

	T268303.US.01	  	 500179-00374
 Red Lion Hotels Franchising,
Inc.
	  	 3 PALMS RESORT & Design
 

	  	 United States of America
 Registered
	  	 77/425,988
 Mar 19, 2008
	  	 4378026
 Aug 6, 2013

	
	043: Hotel and motel services.
	  

	    
	  

	T268305.US.01	  	 500179-00375
 Red Lion Hotels Franchising,
Inc.
	  	A SUITE FOR THE PRICE OF A ROOM	  	 United States of America
 Registered
	  	 73/470,496
 Mar 16, 1984
	  	 1309495
 Dec 11, 1984

	
	042: Rental of temporary living quarters to others.
	  

	    
	  

	T268307.US.01	  	 500179-00294
 Red Lion Hotels Franchising,
Inc.
	  	A VOICE AND A VOTE	  	 United States of America
 Registered
	  	 86/281,132
 May 14, 2014
	  	 4659539
 Dec 23, 2014

	
	035: Offering marketing and business management assistance in the establishment and operation of lodging facilities.
	  

	    
	  

	T268309.US.01	  	 500179-00293
 Red Lion Hotels Franchising,
Inc.
	  	 A VOICE AND A VOTE & Design
 

	  	 United States of America
 Registered
	  	 86/281,130
 May 14, 2014
	  	 4659538
 Dec 23, 2014

	
	035: Offering marketing and business management assistance in the establishment and operation of lodging facilities.
	  

  
 13 

											
	  

	T268311.US.01	  	 500179-00376
 Red Lion Hotels Franchising,
Inc.
	  	AAROGEN	  	 United States of America
 Registered
	  	 85/728,577
 Sep 13, 2012
	  	 4431126
 Nov 12, 2013

	
	035: Business meeting and business event planning.
	043: Travel services, namely, providing information and advice regarding reservations for lodging.
	  

	    
	  

	T268313.US.01	  	 500179-00377
 Red Lion Hotels Franchising,
Inc.
	  	 AAROGEN & Design
 

	  	 United States of America
 Registered
	  	 86/073,175
 Sep 24, 2013
	  	 4536917
 May 27, 2014

	
	035: Business meeting and business event planning.
	039: Travel services, namely, providing information and advice regarding reservations for transportation.
	043: Travel services, namely, providing information and advice regarding reservations for lodging.
	  

	    
	  

	T268315.US.01	  	 500179-00378
 Red Lion Hotels Franchising,
Inc.
	  	ABVI	  	 United States of America
 Registered
	  	 86/073,170
 Sep 24, 2013
	  	 4525504
 May 6, 2014

	
	035: Offering marketing and business management assistance in the establishment and operation of hotels and motels.
	043: Hotel and motel services.
	  

	    
	  

	T268317.US.01	  	 500179-00379
 Red Lion Hotels Franchising,
Inc.
	  	 ABVI & Design
 

	  	 United States of America
 Registered
	  	 86/073,180
 Sep 24, 2013
	  	 4525506
 May 6, 2014

	
	035: Offering marketing and business management assistance in the establishment and operation of hotels and motels.
	043: Hotel and motel services.
	  

	    
	  

	T268321.US.01	  	 500179-00380
 Red Lion Hotels Franchising,
Inc.
	  	AMERICA’S BEST INN	  	 United States of America
 Registered
	  	 78/223,773
 Mar 10, 2003
	  	 2880406
 Aug 31, 2004

	
	043: Hotel and motel services.
	  

	    
	  

	T268323.US.01	  	 500179-00381
 Red Lion Hotels Franchising,
Inc.
	  	AMERICA’S BEST INN & SUITES	  	 United States of America
 Registered
	  	 78/483,894
 Sep 15, 2004
	  	 3081844
 Apr 18, 2006

	
	043: Hotel and motel services.
	  

  
 14 

											
	  

	T268324.US.01	  	 500179-00382
 Red Lion Hotels Franchising,
Inc.
	  	AMERICA’S BEST INNS	  	 United States of America
 Registered
	  	 78/219,442
 Feb 26, 2003
	  	 2877997
 Aug 24, 2004

	
	043: Hotel and motel services.
	  

	    
	  

	T268325.US.01	  	 500179-00383
 Red Lion Hotels Franchising,
Inc.
	  	AMERICA’S BEST INNS & SUITES	  	 United States of America
 Registered
	  	 78/223,810
 Mar 10, 2003
	  	 2875693
 Aug 17, 2004

	
	043: Hotel and motel services.
	  

	    
	  

	T268326.US.01	  	 500179-00384
 Red Lion Hotels Franchising,
Inc.
	  	AMERICA’S BEST SUITES	  	 United States of America
 Registered
	  	 78/223,793
 Mar 10, 2003
	  	 2875692
 Aug 17, 2004

	
	043: Hotel and motel services.
	  

	    
	  

	T268328.US.01	  	 500179-00385
 Red Lion Hotels Franchising,
Inc.
	  	AMERICAS BEST VALUE INN	  	 United States of America
 Registered
	  	 85/675,443
 Jul 12, 2012
	  	 4330925
 May 7, 2013

	
	035: Offering business management and technical assistance in the establishment and/or operation of hotels and motels.
	043: Hotel and motel services.
	  

	    
	  

	T268268.US.01	  	 500179-00243
 Red Lion Hotels Franchising,
Inc.
	  	 AMERICAS BEST VALUE INN & Design (Check Mark in Star)
 

	  	 United States of America
 Published
	  	 87/606,387
 Sep 13, 2017
	  	
	
	035: Offering marketing and business management assistance in the establishment and operation of hotels and motels.
	043: Hotel and motel services; making reservations and bookings for temporary lodging.
	  

	    
	  

	T268269.US.01	  	 500179-00242
 Red Lion Hotels Franchising,
Inc.
	  	 AMERICAS BEST VALUE INN & Design (Star and Check Mark)
 

	  	 United States of America
 Published
	  	 87/606,399
 Sep 13, 2017
	  	
	
	035: Offering marketing and business management assistance in the establishment and operation of hotels and motels.
	043: Hotel and motel services; making reservations and bookings for temporary lodging.
	  

  
 15 

											
	  

	T268300.US.01	  	 500179-00238
 Red Lion Hotels Franchising,
Inc.
	  	 AMERICAS BEST VALUE INN BY VANTAGE & Design
 

	  	 United States of America
 Registered
	  	 78/352,859
 Jan 16, 2004
	  	 3216237
 Mar 6, 2007

	
	043: Hotel and motel services.
	  

	    
	  

	T268339.US.01	  	 500179-00386
 Red Lion Hotels Franchising,
Inc.
	  	AS CLOSE TO HOME AS WE CAN MAKE IT...	  	 United States of America
 Registered
	  	 76/503,253
 Mar 27, 2003
	  	 2810370
 Feb 3, 2004

	043: Temporary accommodations, namely, hotel and motel services.
	  

	    
	  

	T268285.US.01	  	 500179-00240
 Red Lion Hotels Franchising,
Inc.
	  	 CANADAS BEST VALUE INN & Design (Check Mark in Maple Leaf)
 

	  	 United States of America
 Published
	  	 87/606,409
 Sep 13, 2017
	  	
	
	035: Offering marketing and business management assistance in the establishment and operation of hotels and motels.
	043: Hotel and motel services; making reservations and bookings for temporary lodging.
	  

	    
	  

	T268286.US.01	  	 500179-00241
 Red Lion Hotels Franchising,
Inc.
	  	 CANADAS BEST VALUE INN & Design (Maple Leaf and Check Mark)
 

	  	 United States of America
 Published
	  	 87/606,417
 Sep 13, 2017
	  	
	
	035: Offering marketing and business management assistance in the establishment and operation of hotels and motels.
	043: Hotel and motel services; making reservations and bookings for temporary lodging.
	  

	    
	  

	T255538.US.01	  	 500179-00004
 Red Lion Hotels Franchising,
Inc.
	  	CASCADIA SOAPERY	  	 United States of America
 Registered
	  	 86/339,504
 Jul 16, 2014
	  	 4778810
 Jul 21, 2015

	
	 003: Body moisturizers; soaps for personal use; bath gels; shampoos and hair
conditioners; non-medicated cosmetics and skin care preparations, including creams, lotions, and perfumes.

	  

	    
	  

	T258089.US.01	  	 500179-00110
 Red Lion Hotels Franchising,
Inc.
	  	CASCADIA SOAPERY	  	 United States of America
 Registered
	  	 86/880,500
 Jan 20, 2016
	  	 5031231
 Aug 30, 2016

	
	024: Towel sets; towels; washcloths; hand towels.
	  

  
 16 

											
	  

	T255539.US.01	  	 500179-00051
 Red Lion Hotels Franchising,
Inc.
	  	 CASCADIA SOAPERY & Design
 

	  	 United States of America
 Registered
	  	 86/339,510
 Jul 16, 2014
	  	 4778811
 Jul 21, 2015

	
	 003: Body moisturizers; soaps for personal use; bath gels; shampoos and hair
conditioners; non-medicated cosmetics and skin care preparations, including creams, lotions, and perfumes.

	  

	    
	  

	T258090.US.01	  	 500179-00111
 Red Lion Hotels Franchising,
Inc.
	  	 CASCADIA SOAPERY & Design
 

	  	 United States of America
 Registered
	  	 86/880,510
 Jan 20, 2016
	  	 5031234
 Aug 30, 2016

	
	 024: Towel sets; towels; washcloths; hand towels.

	  

	    
	  

	T255542.US.01	  	 500179-00053
 Red Lion Hotels Limited
Partnership
	  	CAVANAUGHS	  	 United States of America
 Registered
	  	 75/378,921
 Oct 24, 1997
	  	 2218641
 Jan 19, 1999

	042: Hotel and restaurant services.
	  

	    
	  

	T270821.US.01	  	 500179-00435
 Red Lion Hotels
Corporation
	  	 CH & Bird Design
  

	  	 United States of America
 Pending
	  	 87/796,439
 Feb 13, 2018
	  	
	
	 035: Franchise services, namely, offering marketing and business management
assistance in the establishment and operation of hotels and motels.

	 043: Hotel and motel services; making reservations and bookings for temporary
lodging.

	  

	    
	  

	T270480.US.01	  	 500179-00433
 Red Lion Hotels
Corporation
	  	COUNTRY HEARTH	  	 United States of America
 Pending
	  	 87/836,172
 Mar 15, 2018
	  	
	
	 035: Franchise services, namely, offering marketing and business management
assistance in the establishment and operation of hotels and motels.

	 043: Hotel and motel services; making reservations and bookings for temporary
lodging.

	  

	    
	  

	T268354.US.01	  	 500179-00389
 Red Lion Hotels Franchising,
Inc.
	  	COUNTRY HEARTH INN	  	 United States of America
 Registered
	  	 76/445,297
 Aug 29, 2002
	  	 2724063
 Jun 10, 2003

	
	 043: Temporary accommodations, namely, hotel and motel services.

	  

  
 17 

											
	  

	T268359.US.01	  	 500179-00391
 Red Lion Hotels Franchising,
Inc.
	  	 COUNTRY HEARTH INN & Design
 

	  	 United States of America
 Registered
	  	 73/489,564
 Jul 12, 1984
	  	 1393558
 May 13, 1986

	
	042: Motel services.
	  

	    
	  

	T268358.US.01	  	 500179-00390
 Red Lion Hotels Franchising,
Inc.
	  	 COUNTRY HEARTH INN & Design
 

	  	 United States of America
 Registered
	  	 77/374,392
 Jan 17, 2008
	  	 3488185
 Aug 19, 2008

	
	043: Hotel and motel services.
	  

	    
	  

	T268356.US.01	  	 500179-00392
 Red Lion Hotels Franchising,
Inc.
	  	COUNTRY HEARTH INN & SUITES	  	 United States of America
 Registered
	  	 76/445,296
 Aug 29, 2002
	  	 2724062
 Jun 10, 2003

	
	043: Temporary accommodations, namely, hotel and motel services.
	  

	    
	  

	T268357.US.01	  	 500179-00393
 Red Lion Hotels Franchising,
Inc.
	  	 COUNTRY HEARTH INN & SUITES & Design
  

	  	 United States of America
 Registered
	  	 77/374,398
 Jan 17, 2008
	  	 3488187
 Aug 19, 2008

	
	043: Hotel and motel services.
	  

	    
	  

	T268360.US.01	  	 500179-00394
 Red Lion Hotels Franchising,
Inc.
	  	COUNTRY HEARTH INNS & SUITES	  	 United States of America
 Registered
	  	 77/374,376
 Jan 17, 2008
	  	 3488182
 Aug 19, 2008

	
	043: Hotel and motel services.
	  

	    
	  

	T268362.US.01	  	 500179-00395
 Red Lion Hotels Franchising,
Inc.
	  	COUNTRY HEARTH SUITES	  	 United States of America
 Registered
	  	 76/445,295
 Aug 29, 2002
	  	 2724061
 Jun 10, 2003

	
	043: Temporary accommodations, namely, hotel and motel services.
	  

  
 18 

											
	  

	T268363.US.01	  	 500179-00396
 Red Lion Hotels Franchising,
Inc.
	  	 COUNTRY HEARTH SUITES & Design
 

	  	 United States of America
 Registered

To Be Abandoned
	  	 77/374,407
 Jan 17, 2008
	  	 3488189
 Aug 19, 2008

	
	 043: Hotel and motel services.

	  

	    
	  

	T268372.US.01	  	 500179-00397
 Red Lion Hotels Franchising,
Inc.
	  	DREAMIUM BED	  	 United States of America
 Registered
	  	 78/544,979
 Jan 10, 2005
	  	 3032342
 Dec 20, 2005

	
	 043: Hotel and motel services.

	  

	    
	  

	T268376.US.01	  	 500179-00398
 Red Lion Hotels Franchising,
Inc.
	  	EXPLORE THE VALUE	  	 United States of America
 Registered
	  	 78/469,510
 Aug 18, 2004
	  	 3001843
 Sep 27, 2005

	
	 043: Hotel and motel services.

	  

	    
	  

	T255528.US.01	  	 500179-00054
 Red Lion Hotels Franchising,
Inc.
	  	FRANCHISE REVOLUTION	  	 United States of America
 Registered
	  	 85/898,345
 Apr 8, 2013
	  	 4480174
 Feb 11, 2014

	
	 035: Franchise services, namely, offering business management assistance in the
establishment and operation of hotel, motel and temporary lodging services.

	  

	    
	  

	T270383.US.01	  	 500179-00431
 Red Lion Hotels Franchising,
Inc.
	  	 FRANCHISEASY & Design (Snap)
 

	  	 United States of America
 Pending
	  	 87/796,462
 Feb 13, 2018
	  	
	
	 035: Franchise services, namely, offering business management assistance in the
establishment and operation of hotels; providing competitive intelligence services related to the hospitality industry; operation of telephone call centers for others in the hospitality field; promoting hotel services of others by arranging access
to online travel agencies; administering group discount purchasing programs for the hospitality industry by negotiating contracts with approved vendors.

	 042: Software as a service (SAAS) services featuring software for hotel
property management and central reservation systems; Designing, creating, maintaining, and hosting hotel websites for others in the hospitality field.

	  

	    
	  

	T268383.US.01	  	 500179-00400
 Red Lion Hotels Franchising,
Inc.
	  	FREESTYLE	  	 United States of America
 Registered
	  	 85/874,123
 Mar 12, 2013
	  	 4425156
 Oct 29, 2013

	
	 035: Offering marketing and business management assistance in the establishment
and operation of hotels and motels.

	  

  
 19 

											
	  

	T268382.US.01	  	 500179-00399
 Red Lion Hotels Franchising,
Inc.
	  	FREESTYLE	  	 United States of America
 Registered
	  	 78/880,663
 May 10, 2006
	  	 3747862
 Feb 9, 2010

	
	 043: Hotel and motel services, not including overnight accommodations, rendered
to existing and prospective hotel and property owners and not provided to the general public.

	  

	    
	  

	T255529.US.01	  	 500179-00056
 Red Lion Hotels Franchising,
Inc.
	  	 GH & Design
 

	  	 United States of America
 Registered
	  	 74/545,534
 Jul 5, 1994
	  	 1952433
 Jan 30, 1996

	
	042: Making hotel reservations for others and hotel and motel services.
	  

	    
	  

	T259924.US.01	  	 500179-00115
 Red Lion Hotels Franchising,
Inc.
	  	 GH & Design (Box)
  

	  	 United States of America
 Registered
	  	 87/056,274
 Jun 1, 2016
	  	 5127900
 Jan 24, 2017

	
	043: Hotel services; hotels; making reservations and bookings for temporary lodging.
	  

	    
	  

	T259925.US.01	  	 500179-00117
 Red Lion Hotels Franchising,
Inc.
	  	 GH & Design (Box) (in Color)
  

	  	 United States of America
 Registered
	  	 87/056,326
 Jun 1, 2016
	  	 5127904
 Jan 24, 2017

	
	043: Hotel services; hotels; making reservations and bookings for temporary lodging.
	  

	    
	  

	T255530.US.01	  	 500179-00057
 Red Lion Hotels Franchising,
Inc.
	  	 GH GUESTHOUSE INTERNATIONAL INNS HOTELS SUITES & Design

 
 

	  	 United States of America
 Registered
	  	 85/016,995
 Apr 16, 2010
	  	 3947053
 Apr 19, 2011

	
	043: Hotel and motel services.
	  

	    
	  

	T259928.US.01	  	 500179-00116
 Red Lion Hotels Franchising,
Inc.
	  	GUESTHOUSE	  	 United States of America
 Suspended
	  	 87/056,200
 Jun 1, 2016
	  	
	
	 043: Hotel services; Hotels; Making reservations and bookings for temporary
lodging; all of the foregoing provided in connection with a nationwide hotel chain and wherein each hotel caters to business travelers as well as to leisure travelers and typically features fitness center, pool, and spa services, and business center
and meeting space services in connection with the hotel services; excluding guesthouses.

	  

  
 20 

											
	  

	T255532.US.01	  	 500179-00059
 Red Lion Hotels Franchising,
Inc.
	  	GUESTHOUSE INTERNATIONAL	  	 United States of America
 Registered
	  	 76/499,958
 Mar 24, 2003
	  	 2871046
 Aug 10, 2004

	
	 035: Franchising, namely, offering technical assistance in the establishment
and/or operation of hotels and motels.

	 043: Hotel and motel reservation services for others.

	  

	    
	  

	T255545.US.01	  	 500179-00061
 Red Lion Hotels Franchising,
Inc.
	  	HELLO REWARDS	  	 United States of America
 Registered
	  	 86/352,913
 Jul 30, 2014
	  	 4918924
 Mar 15, 2016

	
	 035: Administration of a customer loyalty program which provides for
complimentary hospitality services, complimentary food and drink, complimentary service upgrades and complimentary gifts; arranging and conducting incentive reward programs to promote the sale of hospitality services.

	  

	    
	  

	T255575.US.01	  	 500179-00062
 Red Lion Hotels Franchising,
Inc.
	  	HOTEL RL	  	 United States of America
 Registered
	  	 86/608,229
 Apr 23, 2015
	  	 4979515
 Jun 14, 2016

	
	 043: Hotel services; hotels; making reservations and bookings for temporary
lodging; providing conference rooms; providing facilities for exhibitions.

	  

	    
	  

	T255574.US.01	  	 500179-00063
 Red Lion Hotels Franchising,
Inc.
	  	HOTEL RL BY RED LION	  	 United States of America
 Registered
	  	 86/608,243
 Apr 23, 2015
	  	 4979516
 Jun 14, 2016

	
	 043: Hotel services; hotels; making reservations and bookings for temporary
lodging; providing conference rooms; providing facilities for exhibitions.

	  

	    
	  

	T268384.US.01	  	 500179-00401
 Red Lion Hotels Franchising,
Inc.
	  	I’VE SLEPT WITH THE BEST	  	 United States of America
 Registered
	  	 76/596,613
 Jun 4, 2004
	  	 3090765
 May 9, 2006

		
	 043: Hotel and motel services.
	  	
	  

	    
	  

	T267097.US.01	  	 500179-00138
 Red Lion Hotels Franchising,
Inc.
	  	JAMESON INN	  	 United States of America
 Registered
	  	 85/243,549
 Feb 16, 2011
	  	 4031513
 Sep 27, 2011

	
	 043: Hotel accommodation services; hotel and motel services.

	  

	    
	  

	T267098.US.01	  	 500179-00139
 Red Lion Hotels Franchising,
Inc.
	  	JAMESON SUITES	  	 United States of America
 Registered
	  	 77/075,648
 Jan 4, 2007
	  	 3499595
 Sep 9, 2008

	
	 043: Hotel and motel services.

	  

  
 21 

											
	  

	T268171.US.01	  	 500179-00239
 Red Lion Hotels Franchising,
Inc.
	  	 JJ & Design
 

	  	 United States of America
 Registered

To Be Abandoned
	  	 75/265,274
 Mar 27, 1997
	  	 2182034
 Aug 18, 1998

	 042: Motels.

	  

	    
	  

	T255546.US.01	  	 500179-00065
 Red Lion Hotels Franchising,
Inc.
	  	LEO HOTEL COLLECTION	  	 United States of America
 Registered
	  	 85/824,045
 Jan 15, 2013
	  	 4518874
 Apr 22, 2014

	
	 043: Bar services; hotel services; providing conference rooms; providing
facilities for exhibitions; providing information and advice on hotels and restaurants to tourists and business travelers; providing of food and drink; providing temporary housing accommodations; restaurant and hotel services; restaurant reservation
services; restaurant services.

	  

	    
	  

	T268459.US.01	  	 500179-00402
 Red Lion Hotels Franchising,
Inc.
	  	LET US HANDLE THE DETAILS	  	 United States of America
 Registered
	  	 85/728,588
 Sep 13, 2012
	  	 4438529
 Nov 26, 2013

	
	 035: Business meeting and business event planning.

	 043: Travel services, namely, providing information and advice regarding
reservations for lodging.

	  

	    
	  

	T267513.US.01	  	 500179-00143
 Red Lion Hotels Franchising,
Inc.
	  	LEXINGTON	  	 United States of America
 Registered
	  	 85/728,560
 Sep 13, 2012
	  	 4331872
 May 7, 2013

	
	 035: Offering business management assistance in the establishment and/or
operation of hotels.

	  

	    
	  

	T267215.US.01	  	 500179-00141
 Red Lion Hotels Franchising,
Inc.
	  	LEXINGTON	  	 United States of America
 Registered
	  	 73/092,348
 Jul 2, 1976
	  	 1072371
 Aug 30, 1977

	
	 036: Rental of temporary and permanent living quarters to others.

	  

	    
	  

	T267512.US.01	  	 500179-00142
 Red Lion Hotels Franchising,
Inc.
	  	LEXINGTON	  	 United States of America
 Registered
	  	 75/344,278
 Aug 20, 1997
	  	 2212584
 Dec 22, 1998

	
	 042: Hotel services.

	  

	    
	  

	T267516.US.01	  	 500179-00146
 Red Lion Hotels Franchising,
Inc.
	  	 LEXINGTON & Design
 

	  	 United States of America
 Registered
	  	 85/980,224
 Sep 13, 2012
	  	 4500881
 Mar 25, 2014

	
	 035: Offering business management assistance in the establishment and/or
operation of hotels.

	  

  
 22 

											
	  

	T267514.US.01	  	 500179-00144
 Red Lion Hotels Franchising,
Inc.
	  	 LEXINGTON & Design
 

	  	 United States of America
 Registered
	  	 85/728,600
 Sep 13, 2012
	  	 4496892
 Mar 18, 2014

	
	 043: Hotel and motel services.

	  

	    
	  

	T267515.US.01	  	 500179-00145
 Red Lion Hotels Franchising,
Inc.
	  	LEXINGTON LEGACY	  	 United States of America
 Registered
	  	 85/781,160
 Nov 16, 2012
	  	 4499142
 Mar 18, 2014

	
	 035: Business management assistance in the establishment and/or operation of
hotels and motels.

	 043: Hotels and motels.

	  

	    
	  

	T267517.US.01	  	 500179-00147
 Red Lion Hotels Franchising,
Inc.
	  	LEXINGTON REWARDS	  	 United States of America
 Registered
	  	 86/081,605
 Oct 3, 2013
	  	 4525828
 May 6, 2014

	
	 035: Customer loyalty services, namely, providing hotel incentive award
programs for customers through the issuance and processing of points for frequent use of participating hotels and motels.

	  

	    
	  

	T267518.US.01	  	 500179-00148
 Red Lion Hotels Franchising,
Inc.
	  	 LEXINGTON REWARDS & Design
 

	  	 United States of America
 Registered
	  	 86/081,610
 Oct 3, 2013
	  	 4525829
 May 6, 2014

	
	 035: Customer loyalty services, namely, providing hotel incentive award
programs for customers through the issuance and processing of points for frequent use of participating hotels and motels.

	  

	    
	  

	T255547.US.01	  	 500179-00066
 Red Lion Hotels Franchising,
Inc.
	  	 LHC LEO HOTEL COLLECTION & Design (Black & White)

 
 

	  	 United States of America
 Registered
	  	 85/824,032
 Jan 15, 2013
	  	 4518872
 Apr 22, 2014

	
	 043: Bar services; hotel services; providing conference rooms; providing
facilities for exhibitions; providing information and advice on hotels and restaurants to tourists and business travelers; providing of food and drink; providing temporary housing accommodations; restaurant and hotel services; restaurant reservation
services; restaurant services.

	  

  
 23 

											
	  

	T255548.US.01	  	 500179-00067
 Red Lion Hotels Franchising,
Inc.
	  	 LHC LEO HOTEL COLLECTION & Design (Color)
  

	  	 United States of America
 Registered
	  	 85/824,040
 Jan 15, 2013
	  	 4518873
 Apr 22, 2014

	
	 043: Bar services; hotel services; providing conference rooms; providing
facilities for exhibitions; providing information and advice on hotels and restaurants to tourists and business travelers; providing of food and drink; providing temporary housing accommodations; restaurant and hotel services; restaurant reservation
services; restaurant services.

	  

	    
	  

	T255554.US.01	  	 500179-00069
 Red Lion Hotels Franchising,
Inc.
	  	MAKE IT #WORTH IT	  	 United States of America
 Registered
	  	 86/644,124
 May 28, 2015
	  	 5246910
 Jul 18, 2017

	
	 041: Arranging for ticket reservations for shows and other entertainment
events; booking of seats for shows and booking of theatre tickets; booking of seats for shows and sports events.

	  

	    
	  

	T255553.US.01	  	 500179-00068
 Red Lion Hotels Franchising,
Inc.
	  	MAKE IT #WORTH IT	  	 United States of America
 Registered
	  	 86/644,181
 May 28, 2015
	  	 5237563
 Jul 4, 2017

	
	 045: Organizing and arranging, in response to customer requests, personal
arrangements and reservations pertaining to recreational activities via hotel concierge.

	  

	    
	  

	T268348.US.01	  	 500179-00388
 Red Lion Hotels Franchising,
Inc.
	  	 Miscellaneous Design (Building)
 

	  	 United States of America
 Registered

To Be Abandoned
	  	 75/227,902
 Jan 20, 1997
	  	 2183112
 Aug 18, 1998

	
	 042: Motels.

	  

	    
	  

	T255549.US.01	  	 500179-00070
 Red Lion Hotels Franchising,
Inc.
	  	 Miscellaneous Design (Lion’s Head)
 

	  	 United States of America
 Registered
	  	 77/528,735
 Jul 22, 2008
	  	 3583039
 Mar 3, 2009

	
	 039: Coordinating travel arrangements for individuals and for groups; providing
an interactive computer database in the field of tourism via a global computer network; providing links to web sites of others featuring travel.

	  

	    
	  

	T255550.US.01	  	 500179-00071
 Red Lion Hotels Franchising,
Inc.
	  	 Miscellaneous Design (Lion’s Head)
 

	  	 United States of America
 Registered
	  	 77/528,728
 Jul 22, 2008
	  	 3583035
 Mar 3, 2009

	
	 041: Arranging for ticket reservations for shows and other entertainment
events; booking of seats for shows and booking of theatre tickets; booking of seats for shows and sports events; providing fitness and exercise facilities; providing information, news and commentary in the field of recreation and leisure
activities.

	  

  
 24 

											
	  

	T255551.US.01	  	 500179-00072
 Red Lion Hotels Franchising,
Inc.
	  	 Miscellaneous Design (Lion’s Head)
  

	  	 United States of America
 Registered
	  	 77/528,732
 Jul 22, 2008
	  	 3583038
 Mar 3, 2009

	
	 043: Bar and restaurant services; hotel and restaurant reservation services;
hotels; providing conference rooms; providing facilities for exhibitions; providing of food and drink; providing temporary accommodation.

	  

	    
	  

	T268371.US.01	  	 500179-00403
 Red Lion Hotels Franchising,
Inc.
	  	 Miscellaneous Design (Sun and Check Mark)
  

	  	 United States of America
 Registered
	  	 78/447,730
 Jul 8, 2004
	  	 2967196
 Jul 12, 2005

	
	 035: Management assistance and consultation services in the fields of hotel and
motel operation; technical assistance in the establishment and operation of hotel and motel businesses.

	 043: Hotel and motel services.

	  

	    
	  

	T255589.US.01	  	 500179-00073
 Red Lion Hotels Franchising,
Inc.
	  	 Miscellaneous Design (Westcoast Sconce)
  

	  	 United States of America
 Registered
	  	 76/391,736
 Apr 5, 2002
	  	 2692846
 Mar 4, 2003

	
	 043: Hotel services.

	  

	    
	  

	T255552.US.01	  	 500179-00074
 Red Lion Hotels Franchising,
Inc.
	  	 Miscellanous Design (Lion’s Head with Stippling)
  

	  	 United States of America
 Registered
	  	 73/176,970
 Jul 3, 1978
	  	 1131985
 Mar 11, 1980

	
	 042: Motel, hotel and restaurant services.

	  

	    
	  

	T268387.US.01	  	 500179-00404
 Red Lion Hotels Franchising,
Inc.
	  	MORE VALUE. MORE SMILES.	  	 United States of America
 Registered
	  	 77/733,643
 May 11, 2009
	  	 3835999
 Aug 17, 2010

		
	 043: Hotel and motel services.
	  	
	  

	    
	  

	T268389.US.01	  	 500179-00405
 Red Lion Hotels Franchising,
Inc.
	  	OUR GUESTS COME FIRST	  	 United States of America
 Registered
	  	 86/073,169
 Sep 24, 2013
	  	 4525503
 May 6, 2014

	 043: Hotel and motel services.

	  

  
 25 

											
	  

	T268391.US.01	  	 500179-00406
 Red Lion Hotels Franchising,
Inc.
	  	 OUR GUESTS COME FIRST DISCOVER. DELIVER. DELIGHT & Design

 
 

	  	 United States of America
 Registered
	  	 86/073,172
 Sep 24, 2013
	  	 4536916
 May 27, 2014

	 043: Hotel and motel services.

	  

	    
	  

	T255557.US.01	  	 500179-00077
 Red Lion Hotels Franchising,
Inc.
	  	 PROJECT WAKE UP CALL
	  	 United States of America
 Registered
	  	 86/651,694
 Jun 4, 2015
	  	 4901002
 Feb 16, 2016

	
	 035: Charitable services, namely, promoting public awareness of homelessness;
promoting the charitable services of others, namely, providing individuals with information about various charities for the purpose of making donations to charities.

	  

	    
	  

	T255559.US.01	  	 500179-00079
 Red Lion Hotels Franchising,
Inc.
	  	RED LION	  	 United States of America
 Registered
	  	 77/528,699
 Jul 22, 2008
	  	 3583032
 Mar 3, 2009

	
	 039: Coordinating travel arrangements for individuals and for groups; providing
an interactive computer database in the field of tourism via a global computer network; providing links to web sites of others featuring travel.

	  

	    
	  

	T255561.US.01	  	 500179-00081
 Red Lion Hotels Franchising,
Inc.
	  	RED LION	  	 United States of America
 Registered
	  	 77/528,682
 Jul 22, 2008
	  	 3678549
 Sep 8, 2009

	
	 041: Arranging for ticket reservations for shows and other entertainment
events; booking of seats for shows and booking of theatre tickets; booking of seats for shows and sports events; providing fitness and exercise facilities; providing information, news and commentary in the field of recreation and leisure
activities.

	  

	    
	  

	T255560.US.01	  	 500179-00080
 Red Lion Hotels Franchising,
Inc.
	  	RED LION	  	 United States of America
 Registered
	  	 77/528,685
 Jul 22, 2008
	  	 3583031
 Mar 3, 2009

	
	 043: Bar and restaurant services; hotel and restaurant reservation services;
hotels; providing conference rooms; providing facilities for exhibitions; providing of food and drink; providing temporary accommodation.

	  

	    
	  

	T255562.US.01	  	 500179-00082
 Red Lion Hotels Franchising,
Inc.
	  	 RED LION (Stylized)
 

	  	 United States of America
 Registered
	  	 73/122,184
 Apr 11, 1977
	  	 1095529
 Jul 4, 1978

	 042: Motel, hotel and restaurant services.

	  

  
 26 

											
	  

	T255563.US.01	  	 500179-00083
 Red Lion Hotels Franchising,
Inc.
	  	RED LION HOTEL	  	 United States of America
 Registered
	  	 74/521,784
 May 3, 1994
	  	 1915645
 Aug 29, 1995

	
	 042: Motel, hotel and restaurant services.

	  

	       

	  

	T255564.US.01	  	 500179-00084
 Red Lion Hotels Franchising,
Inc.
	  	 RED LION HOTELS & INNS & Design (Stacked)
 

	  	 United States of America
 Registered
	  	 76/216,791
 Feb 28, 2001
	  	 2534139
 Jan 29, 2002

	
	 042:Hotel services.

	  

	       

	  

	T255565.US.01	  	 500179-00085
 Red Lion Hotels Franchising,
Inc.
	  	 RED LION HOTELS EST 1959 & Design
 

	  	 United States of America
 Registered
	  	 86/334,047
 Jul 10, 2014
	  	 4933183
 Apr 5, 2016

	
	 043: Bar and restaurant services; hotel and restaurant services; hotels;
providing conference rooms; providing facilities for exhibitions; providing of food and drink; providing temporary accommodation; reservation of temporary accommodation; restaurant reservation services.

	  

	       

	  

	T255567.US.01	  	 500179-00087
 Red Lion Hotels Franchising,
Inc.
	  	RED LION INN	  	 United States of America
 Registered
	  	 73/635,427
 Dec 15, 1986
	  	 1485662
 Apr 19, 1988

	
	 042: Motel, hotel and restaurant services.

	  

	       

	  

	T255568.US.01	  	 500179-00088
 Red Lion Hotels Franchising,
Inc.
	  	RED LION INN & SUITES	  	 United States of America
 Registered
	  	 76/216,792
 Feb 28, 2001
	  	 2527331
 Jan 8, 2002

	
	 042: Hotel services.

	  

	       

	  

	T255570.US.01	  	 500179-00089
 Red Lion Hotels Franchising,
Inc.
	  	 RED LION INN & SUITES & Design (Stacked with Box in Color)
 

	  	 United States of America
 Registered
	  	 85/824,070
 Jan 15, 2013
	  	 4595255
 Sep 2, 2014

	
	 043: Bar services; hotel services; providing conference rooms; providing
facilities for exhibitions; providing information and advice on hotels and restaurants to tourists and business travelers; providing of food and drink; providing temporary housing accommodations; restaurant and hotel services; restaurant reservation
services; restaurant services.

	  

  
 27 

											
	  

	T255569.US.01	  	 500179-00090
 Red Lion Hotels Franchising,
Inc.
	  	 RED LION INN & SUITES & Design (Stacked)
 

	  	 United States of America
 Registered
	  	 76/216,790
 Feb 28, 2001
	  	 2524923
 Jan 1, 2002

	
	 042: Hotel services.

	  

	       

	  

	T255571.US.01	  	 500179-00091
 Red Lion Hotels Franchising,
Inc.
	  	 RED LION INN & SUITES EST 1959 & Design
 

	  	 United States of America
 Registered
	  	 86/334,074
 Jul 10, 2014
	  	 4933184
 Apr 5, 2016

	
	 043: Bar and restaurant services; hotel and restaurant services; hotels;
providing conference rooms; providing facilities for exhibitions; providing of food and drink; providing temporary accommodation; reservation of temporary accommodation; restaurant reservation services.

	  

	       

	  

	T255533.US.01	  	 500179-00094
 Red Lion Hotels Franchising,
Inc.
	  	REST REWARDS	  	 United States of America
 Registered

To Be Abandoned
	  	 78/893,096
 May 25, 2006
	  	 3360803
 Dec 25, 2007

	
	 043: Temporary accommodations, namely, hotel and motel services featuring a
customer appreciation program associated therewith.

	  

	       

	  

	T255573.US.01	  	 500179-00095
 Red Lion Hotels Franchising,
Inc.
	  	 RL HOTEL RL BY RED LION (Composite Logo)
 

	  	 United States of America
 Registered
	  	 86/608,256
 Apr 23, 2015
	  	 4979517
 Jun 14, 2016

	
	 043: Hotel services; hotels; making reservations and bookings for temporary
lodging; providing conference rooms; providing facilities for exhibitions.

	  

	       

	  

	T255576.US.01	  	 500179-00096
 Red Lion Hotels Franchising,
Inc.
	  	RLH	  	 United States of America
 Registered
	  	 86/226,321
 May 19, 2014
	  	 5340984
 Nov 21, 2017

	
	 043: Bar services; hotel services; providing conference rooms; providing
facilities for exhibitions; providing information and advice on hotels and restaurants to tourists and business travelers; providing of food and drink; providing temporary housing accommodations; restaurant and hotel services; restaurant reservation
services; restaurant services.

	  

	       

	  

	T255577.US.01	  	 500179-00097
 Red Lion Hotels Franchising,
Inc.
	  	RLHC	  	 United States of America
 Registered
	  	 86/334,032
 Jul 10, 2014
	  	 4933182
 Apr 5, 2016

	
	 043: Bar and restaurant services; hotel and restaurant services; hotels;
providing conference rooms; providing facilities for exhibitions; providing of food and drink; providing temporary accommodation; reservation of temporary accommodation; restaurant reservation services.

	  

  
 28 

											
	  

	T255579.US.01	  	 500179-00098
 Red Lion Hotels Franchising,
Inc.
	  	 RLHC & Design (Black Box with Wavy Background)
 

	  	 United States of America
 Registered
	  	 86/334,016
 Jul 10, 2014
	  	 4942039
 Apr 19, 2016

	
	 043: Bar and restaurant services; hotel and restaurant services; hotels;
providing conference rooms; providing facilities for exhibitions; providing of food and drink; providing temporary accommodation; reservation of temporary accommodation; restaurant reservation services.

	  

	       

	  

	T255578.US.01	  	 500179-00099
 Red Lion Hotels Franchising,
Inc.
	  	 RLHC & Design (Black Box)
 

	  	 United States of America
 Registered
	  	 86/339,900
 Jul 17, 2014
	  	 4933200
 Apr 5, 2016

	
	 043: Bar and restaurant services; hotel and restaurant services; hotels;
providing conference rooms; providing facilities for exhibitions; providing of food and drink; providing temporary accommodation; reservation of temporary accommodation; restaurant reservation services.

	  

	       

	  

	T255580.US.01	  	 500179-00039
 Red Lion Hotels Franchising,
Inc.
	  	 RLHC (Stylized -stacked)
 

	  	 United States of America
 Registered
	  	 86/339,886
 Jul 17, 2014
	  	 4933199
 Apr 5, 2016

	
	 043: Bar and restaurant services; hotel and restaurant services; hotels;
providing conference rooms; providing facilities for exhibitions; providing of food and drink; providing temporary accommodation; reservation of temporary accommodation; restaurant reservation services.

	  

	       

	  

	T255581.US.01	  	 500179-00040
 Red Lion Hotels Franchising,
Inc.
	  	ROARING START	  	 United States of America
 Registered
	  	 76/223,464
 Mar 13, 2001
	  	 2701799
 Apr 1, 2003

	
	 042: Hotel services featuring a complimentary breakfast.

	  

	       

	  

	T266735.US.01	  	 500179-00135
 Red Lion Hotels Franchising,
Inc.
	  	 S SIGNATURE INN & Design (Old Logo)
 

	  	 United States of America
 Registered
	  	 73/282,512
 Oct 20, 1980
	  	 1211925
 Oct 5, 1982

	
	 042: Motel services.

	  

	       

	  

	T255534.US.01	  	 500179-00041
 Red Lion Hotels Franchising,
Inc.
	  	SETTLE INN	  	 United States of America
 Registered
	  	 78/589,731
 May 17, 2005
	  	 3070813
 May 21, 2006

	
	 043: Temporary accommodations, namely, hotel and motel services.

	  

  
 29 

											
	  

	T255535.US.01	  	 500179-00042
 Red Lion Hotels Franchising,
Inc.
	  	 SETTLE INN & Design
 

	  	 United States of America
 Registered
	  	 78/896,173
 May 30, 2006
	  	 3360817
 Dec 25, 2007

	
	 043: Temporary accommodations, namely, hotel and motel services.

	  

	    
	  

	T255536.US.01	  	 500179-00043
 Red Lion Hotels Franchising,
Inc.
	  	SETTLE INN & SUITES	  	 United States of America
 Registered
	  	 78/660,905
 Jun 29, 2005
	  	 3073657
 Mar 28, 2006

	
	 043: Temporary accommodations, namely, hotel and motel services.

	  

	    
	  

	T255537.US.01	  	 500179-00044
 Red Lion Hotels Franchising,
Inc.
	  	 SETTLE INN & SUITES & Design
 

	  	 United States of America
 Registered
	  	 78/896,041
 May 30, 2006
	  	 3360814
 Dec 25, 2007

	
	 043: Temporary accommodations, namely, hotel and motel services.

	  

	    
	  

	T259926.US.01	  	 500179-00119
 Red Lion Hotels Franchising,
Inc.
	  	 SETTLE INN EXTENDED STAY & Design
 

	  	 United States of America
 Registered
	  	 87/056,370
 Jun 1, 2016
	  	 5154570
 Mar 7, 2017

	
	 043: Hotel services; hotels; making reservations and bookings for temporary
lodging.

	  

	    
	  

	T259927.US.01	  	 500179-00118
 Red Lion Hotels Franchising,
Inc.
	  	 SETTLE INN EXTENDED STAY & Design (in Color)
 

	  	 United States of America
 Registered
	  	 87/056,521
 Jun 1, 2016
	  	 5154571
 Mar 7, 2017

	
	 043: Hotel services; hotels; making reservations and bookings for temporary
lodging.

	  

  
 30 

											
	  

	T269900.US.01	  	 500179-00424
 Red Lion Hotels Franchising,
Inc.
	  	 SIGNATURE & Design (Diamond without Starburst)
 

	  	 United States of America
 Pending
	  	 87/822,804
 Mar 6, 2018
	  	
	
	 035: Offering marketing and business management assistance in the establishment
and operation of hotels and motels.

	 043: Hotel and motel services.

	  

	    
	  

	T272194.US.01	  	 500179-00438
 Red Lion Hotels Franchising,
Inc.
	  	 SIGNATURE & Design (Diamond)
 

	  	 United States of America
 Pending
	  	 87/822,793
 Mar 6, 2018
	  	
	
	 035: Offering marketing and business management assistance in the establishment
and operation of hotels and motels.

	 042: Hotel and motel services.

	  

	    
	  

	T266587.US.01	  	 500179-00134
 Red Lion Hotels Franchising,
Inc.
	  	 SIGNATURE INN & Design
 

	  	 United States of America
 Allowed
	  	 86/970,870
 Apr 11, 2016
	  	
	
	 035: Offering marketing and business management assistance in the establishment
and operation of hotels and motels.

	 043: Hotel and motel services.

	  

	    
	  

	T272193.US.01	  	 500179-00439
 Red Lion Hotels Franchising,
Inc.
	  	SIGNATURE INN & Design (Diamond without Starburst)	  	 United States of America
 Pending
	  	 87/822,779
 Mar 6, 2018
	  	
	
	 035: Offering marketing and business management assistance in the establishment
and operation of hotels and motels.

	 042: Hotel and motel services.

	  

	    
	  

	T268899.US.01	  	 500179-00300
 Red Lion Hotels Franchising,
Inc.
	  	 SIGNATURE INN & Design (Diamond)
 

	  	 United States of America
 Published
	  	 87/616,079
 Sep 20, 2017
	  	
	
	 035: Offering marketing and business management assistance in the establishment
and operation of hotels and motels.

	 043: Hotel and motel services.

	  

  
 31 

											
	  

	T267100.US.01	  	 500179-00137
 Red Lion Hotels Franchising,
Inc.
	  	THE JAMESON INN	  	 United States of America
 Registered
	  	 74/254,287
 Mar 11, 1992
	  	 1719701
 Sep 22, 1992

	
	 042: Hotel and motel services.

	  

	    
	  

	T268416.US.01	  	 500179-00407
 Red Lion Hotels Franchising,
Inc.
	  	VALUE INN WORLDWIDE	  	 United States of America
 Registered
	  	 77/868,365
 Nov 9, 2009
	  	 3844194
 Sep 7, 2010

	
	 043: Hotel and motel services.

	  

	    
	  

	T268434.US.01	  	 500179-00408
 Red Lion Hotels Franchising,
Inc.
	  	 VALUE INN WORLDWIDE BY VANTAGE & Design
 

	  	 United States of America
 Registered
	  	 78/352,903
 Jan 16, 2004
	  	 3735284
 Jan 5, 2010

	
	 043: Hotel and motel services.

	  

	    
	  

	T268438.US.01	  	 500179-00409
 Red Lion Hotels Franchising,
Inc.
	  	VALUE INNS OF AMERICA	  	 United States of America
 Registered
	  	 72/433,017
 Aug 17, 1972
	  	 972568
 Nov 6, 1973

	
	 042: Motel services.

	  

	    
	  

	T268441.US.01	  	 500179-00290
 Red Lion Hotels Franchising,
Inc.
	  	VALUE ON THE ROAD	  	 United States of America
 Registered
	  	 85/927,781
 May 9, 2013
	  	 4428928
 Nov 5, 2013

	
	 039: Providing travel and sightseeing information

	 043: Providing information in the fields of temporary accommodations for
travelers, hotel and motel hospitality, and dining.

	  

	    
	  

	T268440.US.01	  	 500179-00410
 Red Lion Hotels Franchising,
Inc.
	  	 VALUE ON THE ROAD & Design
  

	  	 United States of America
 Registered
	  	 85/583,467
 Mar 29, 2012
	  	 4336125
 May 14, 2013

	
	 039: Providing travel and sightseeing information.

	 043: Providing information in the fields of temporary accommodations for
travelers, hotel and motel hospitality, and dining.

	  

  
 32 

											
	  

	T268444.US.01	  	 500179-00411
 Red Lion Hotels Franchising,
Inc.
	  	 VANTAGE & Design (Small Swoosh and Underline)
 

	  	 United States of America
 Registered
	  	 77/877,505
 Nov 20, 2009
	  	 3906398
 Jan 18, 2011

	
	 035: Assistance with management of hotel operations of others.

	  

	    
	  

	T268443.US.01	  	 500179-00412
 Red Lion Hotels Franchising,
Inc.
	  	 VANTAGE & Design (Swoosh)
 

	  	 United States of America
 Registered
	  	 85/921,707
 May 2, 2013
	  	 4532186
 May 20, 2014

	
	 035: Offering marketing and business management assistance in the establishment
and operation of hotels and motels.

	  

	    
	  

	T268447.US.01	  	 500179-00414
 Red Lion Hotels Franchising,
Inc.
	  	VIA	  	 United States of America
 Registered
	  	 72/441,294
 Nov 16, 1972
	  	 1000331
 Dec 24, 1974

	
	 035: Aiding in the establishment and operation of motel businesses for
others.

	 042: Motel services.

	  

	    
	  

	T268448.US.01	  	 500179-00415
 Red Lion Hotels Franchising,
Inc.
	  	WAKE UP TO MORE VALUE.	  	 United States of America
 Registered
	  	 85/034,571
 May 10, 2010
	  	 3897111
 Dec 28, 2010

	
	 043: Hotel and motel services.

	  

	    
	  

	T255583.US.01	  	 500179-00047
 Red Lion Hotels Franchising,
Inc.
	  	WESTCOAST	  	 United States of America
 Registered
	  	 73/689,626
 Oct 14, 1987
	  	 1492728
 Jun 14, 1988

	
	 042: Hotel services.

	  

	    
	  

	T268451.US.01	  	 500179-00416
 Red Lion Hotels Franchising,
Inc.
	  	WE’VE GOT YOU COVERED	  	 United States of America
 Registered
	  	 78/469,538
 Aug 18, 2004
	  	 3091362
 May 9, 2006

	
	 043: Hotel and motel services.

	  

  
 33 

											
	  

	T268453.US.01	  	 500179-00417
 Red Lion Hotels Franchising,
Inc.
	  	YOU DESERVE IT	  	 United States of America
 Registered

To Be Abandoned
	  	 78/880,786
 May 10, 2006
	  	 3341923
 Nov 20, 2007

	
	 043: Hotels; motels.

	  

	    
	  

		  	Knights Franchise Systems, Inc.	  	1-800-THE KNIGHTS	  	 United States of America
 Registered
	  	 78/011246
 Jun 5, 2010
	  	 2469865
 Jul 17, 2001

	
	 042: Hotel/motel and restaurant services

	  

	    
	  

		  	Knights Franchise Systems, Inc.	  	EVERY KNIGHT, JUST RIGHT	  	 United States of America
 Registered
	  	 75483109
 May 11, 1998
	  	 2310691
 Jan 25, 2000

	
	 042: Hotel/motel and restaurant services

	  

	    
	  

		  	Knights Franchise Systems, Inc.	  	 KNIGHTS INN AND DESIGN
 

	  	 United States of America
 Registered
	  	 73/205285
 Feb 26, 1979
	  	 1150070
 Mar 31, 1981

	
	 042: Motel services

	  

	    
	  

		  	Knights Franchise Systems, Inc.	  	KNIGHTS INN	  	 United States of America
 Registered
	  	 74/578951
 Sep 27, 1994
	  	 1962870
 Mar 19, 1996

	
	 035: Management consulting services with regard to the operation of inns and
motels and franchising services – providing technical assistance in the establishment and operation of inns and motels

	  

	    
	  

		  	Knights Franchise Systems, Inc.	  	KNIGHTS INN & SUITES	  	 United States of America
 Registered
	  	 78864400
 Apr 19, 2006
	  	 3357748
 Dec 18, 2007

		  		  	

	  		  		  	
	
	 043: Making hotel reservations for others; motels

	  

  
 34 

											
	  

		  	Knights Franchise Systems, Inc.	  	KNIGHTS INN AND DESIGN	  	 United States of America
 Registered
	  	 86296275
 May 30, 2014
	  	 4674957
 Jan 20, 2015

		  		  	

	  		  		  	
	
	 035: Management consulting services with regard to the operation of inns and
motels and franchising services – providing technical assistance in the establishment and operation of inns and motels

	  

  
 35 

 Schedule 9(b) 

Copyrights 
 None. 

  
 1 

 Schedule 9(c) 

Licenses 
 None. 

  
 2 

 Schedule 9(d) 

 

	1.	See Trademark Security Agreement dated as of May 14, 2018, by Red Lion Hotels Corporation and each of the subsidiaries of the Company party hereto in favor of Deutsche Bank AG New York Branch, in its capacity as
collateral agent pursuant to the Credit Agreement. 

  
 3 

 Schedule 10(a) 

Stock Ownership and Other Equity Interests 

  
 4 

											
	 Issuer
	  	 Record

Owner
	  	 Jurisdiction
of Issuer
	  	 Certificate

No. (to the
 extent

certificated)1
	  	 No.

Shares/Share

Class
	  	Percentage
of
Ownership
	 Red Lion Hotels Holdings, Inc.
	  	Red Lion Hotels Corporation	  	DE	  	None	  	313.875 /common stock	  	100%
						
	 Red Lion Properties, Inc.
	  	Red Lion Hotels Holdings, Inc.	  	DE	  	None	  	1,000 /common stock	  	100%
						
	 Red Lion Hotels Franchising, Inc.
	  	Red Lion Hotels Corporation	  	WA	  	None	  	 80,000 – Class A common stock

20,000 – Class B common stock
	  	100%
						
	 Red Lion Hotels Canada Franchising, Inc.
	  	Red Lion Hotels Franchising, Inc.	  	WA	  	None	  	1,000 /common stock	  	100%
						
	 WestCoast Hotel Properties, Inc.
	  	Red Lion Hotels Franchising, Inc.	  	WA	  	None	  	50,000 / common stock	  	100%
						
	 Red Lion Hotels Management, Inc.
	  	Red Lion Hotels Corporation	  	WA	  	None	  	1,000	  	100%

  

	1 	Pursuant to Schedule 6.15 to the Credit Agreement, Red Lion Hotels, Inc., Red Lion Properties, Inc., Red Lion Hotels Franchising Inc., Red Lion Hotels Canada Franchising, Inc., WestCoast Hotel Properties, Inc. and Red
Lion Hotels Management, Inc. will be certificated on a post-Closing basis. 

  
 5 

											
	 Issuer
	  	 Record

Owner
	  	 Jurisdiction
of Issuer
	  	 Certificate

No. (to the
 extent

certificated)1
	  	 No.

Shares/Share

Class
	  	Percentage
of
Ownership
	 Red Lion Hotels Limited Partnership
	  	Red Lion Hotels Corporation	  	DE	  	None	  	 . 0.53765% / General Partnership Interest

99.46229% / Limited Partnership Interest
	  	100%
						
	 Red Lion Anaheim, LLC
	  	Red Lion Hotels Corporation	  	WA	  	None	  	100 / Class A Units	  	100%
						
	 Knights Franchise Systems, Inc.
	  	Red Lion Hotels Franchising, Inc.	  	DE	  	6	  	200 / common stock	  	100%
						
	 RLS Alta Venture LLC
	  	Red Lion Hotels Corporation	  	DE	  	None	  		  	55%
						
	 RLH Atlanta, LLC
	  	RLS Alta Venture LLC	  	DE	  	None	  		  	100%
						
	 RLS Balt Venture LLC
	  	Red Lion Hotels Corporation	  	DE	  	None	  		  	73.138%
						
	 RL Baltimore, LLC
	  	RLS Balt Venture LLC	  	DE	  	None	  		  	100%
						
	 RLS DC Venture LLC
	  	Red Lion Hotels Corporation	  	DE	  	None	  		  	55%
						
	 RLH DC, LLC
	  	RLS DC Venture LLC	  	DE	  	None	  		  	100%

  
 6 

													
	 Issuer
	  	 Record

Owner
	  	 Jurisdiction
of Issuer
	  	 Certificate

No. (to the
 extent

certificated)1
	  	 No.

Shares/Share

Class
	  	Percentage
of
Ownership	 
	 RL Venture, LLC
	  	Red Lion Hotels Corporation	  	DE	  	None	  		  	 	55%	 
						
	 RL Venture Holding, LLC
	  	RL Venture, LLC	  	DE	  	None	  		  	 	100%	 
						
	 RL Bend, LLC
	  	RL Venture Holding, LLC	  	DE	  	None	  		  	 	100%	 
						
	 RL Boise, LLC
	  	RL Venture Holding, LLC	  	DE	  	None	  		  	 	100%	 
						
	 RL Coos Bay, LLC
	  	RL Venture Holding, LLC	  	DE	  	None	  		  	 	100%	 
						
	 RL Eureka, LLC
	  	RL Venture Holding, LLC	  	DE	  	None	  		  	 	100%	 
						
	 RL Olympia, LLC
	  	RL Venture Holding, LLC	  	DE	  	None	  		  	 	100%	 
						
	 RL Pasco, LLC
	  	RL Venture Holding, LLC	  	DE	  	None	  		  	 	100%	 
						
	 RL Port Angeles, LLC
	  	RL Venture Holding, LLC	  	DE	  	None	  		  	 	100%	 
						
	 RL Post Falls, LLC
	  	RL Venture Holding, LLC	  	DE	  	None	  		  	 	100%	 

  
 7 

													
	 Issuer
	  	 Record

Owner
	  	 Jurisdiction

of Issuer
	  	 Certificate

No. (to the
 extent

certificated)1
	  	 No.

Shares/Share

Class
	  	Percentage
of
Ownership	 
	 RL Redding, LLC
	  	RL Venture Holding, LLC	  	DE	  	None	  		  	 	100%	 
						
	 RL Richland LLC
	  	RL Venture Holding, LLC	  	DE	  	None	  		  	 	100%	 
						
	 RL Salt Lake, LLC
	  	RL Venture Holding, LLC	  	DE	  	None	  		  	 	100%	 
						
	 RL Spokane, LLC
	  	RL Venture Holding, LLC	  	DE	  	None	  		  	 	100%	 

  
 8 

 Schedule 11 

Instruments and Tangible Chattel Paper 
  

	1.	Promissory Notes: 

 Intercompany Note dated as of May 14, 2018, by and between the Borrower and certain
Affiliates thereof 
  

	2.	Chattel Paper: 

 None. 

  
 9 

 Schedule 12 

Commercial Tort Claims 
  

	1.	Red Lion Hotels Franchising, Inc. v. Century-Omaha Land, LLC; and Edwin W. Leslie, Case No. 2:18-cv-00131 (United States District
Court for the Eastern District of Washington). On April 20, 2018, we filed a lawsuit against a former franchisee and its individual guarantor as a result of the franchisee’s failure to comply with its post-termination obligations under the
franchise agreement and failure to timely pay franchise fees and loan payments. Specifically, we have brought claims for trademark and service mark infringement, breach of the franchise license agreement and guarantee of the franchise license
agreement, breach of financing agreement and guarantee of financing agreement, and breach of PIP financing agreement and promissory note for PIP financing. The Defendants have yet to file a response to our initial complaint. Defendant Leslie has
requested an extension to respond, which we have stipulated to, and we expect him to file a response no later than May 31, 2018. 

  

	2.	Red Lion Hotels Franchising, Inc. v. First Capital Real Estate Investments, LLC et al., Case No. 17-cv-00145, filed April 19,
2017 in the United States District Court for Eastern District of Washington. We filed a complaint alleging breach of the franchise license agreement, breach of guarantee of franchise license agreement, and collection of unpaid fees and liquidated
damages. Mediation is scheduled for May 14, 2018. 

  

	3.	Red Lion Hotels Franchising, Inc. v. Linger Chu and His-Hsieh Chu, Case
No. 16-02-02283-3, Filed June 17, 2016 in Superior Court of the County of Spokane, WA. We filed a complaint against the
guarantors under the guarantee of franchise license agreement alleging breach of the guarantee of franchise license agreement, and collection of liquidated damages. We were awarded a default judgment. We then filed the following case and received a
sister state judgment in the State of CA: Red Lion Hotels Franchising, Inc. v. Linger Chu and His-Hsieh, Case No. ESo21809, Filed August 10, 2017 in the Superior Court of California, County of Los
Angeles. The CA court dismissed the CA County action to register the judgement and found that service was not sufficient despite the Spokane County Court’s prior decision that service was sufficient. Subsequently, the defendants continued to
dispute the default judgement in Spokane County and the default judgement in Spokane County was vacated on January, 18 2018. A joint status report was submitted to the Court on March 14, 2018, and trial is scheduled for April 1, 2019.

  
 10 

 Schedule 13 

Insurance 
 [See attached] 

 

 
 Schedue 13 RLH Corporation 2017 Insurance Renewal Summary Une of Coverage Carrier Polky No Premiums Umits Notes
Deduttibles Property /Casualty Lines/Workers Compensation - Policy Perod 7/1/17 to 7/1/18 Property ME 119294351 627,463 $300M / $25K Induces 550M quake all locations (exc CA) and terrorrism QOM limits/Sodeductible) GL Liberty Mutual TB269L-454-16317
583,857 5lM/$2M/$0 Includes liquor anderime (gueste property). Wtedpay $5K Automobile Liberty Mutual A5269L-454-163117 7D.9$7 $2M/$2M/$1K Umbrella VlE(Pmy E TH7591-454-163157 136,500 575M Liberty Mutual) Workers Compensaron non-WA) + WA Stop Gap
Liberty Mutual WC76aH54-163097 1,12D,555 Property & Casualty Lines w/o Comm 2,369,362 Total Property & Casualty Lines 2,369,362 w/o comm Commission 113,125 Total Property & Casualty Lines wcomm 2,507,467 Financial and Profesional Lines -
PolicyPeriod 7/1/17 to 7/1/18 Internet ICyber) Beailey W11A2C17P7P1 64.466 $5M/S50« EPLI Liberty Mutual E PLNVBC219009 55,000 $5M/$200K CA and $150K aII other Tanchisar’s ESO CHA JS643142B 62,894 ĺ7M/tl)0at! Crime Chartis
QL-605-SS-ie 20,965 $5M/$25ft Fidudary Chartis 15IÍ56011 8.744 $5M/$5r; Manase!** Professional ESO CHA 596522299 12.396 g5IV|/$U>: Total Finandal and Professional Lines 234,965 Eub-Total All Lines 2,742,452 Financial and Professional Lines -
Polĺcy Perĺod 10/J1/17 to 10/31/1 & Dio various | Primary is 253,651 $25M ‘*/ ad ttianal AIG) UOM dedicated Side A/JlMfor Mi. A daims and S5CCK all other roa All Lines 2 996063 

 EXHIBIT I 

[FORM OF] 
 INTERCOMPANY NOTE 

May [                ], 2018 

FOR VALUE RECEIVED, each of the undersigned, to the extent a borrower from time to time from any other entity listed on the signature page hereto (each, in
such capacity, an “Issuer”), hereby promises to pay on demand to the order of such other entity listed below (each, in such capacity, a “Holder” and, together with each Issuer, a “Note Party”), in
immediately available funds at such location as the applicable Holder shall from time to time designate, the unpaid principal amount of all loans and advances or other credit extensions (including trade payables) made by such Holder to such Issuer.
Each Issuer promises also to pay interest on the unpaid principal amount of all such loans and advances or other credit extensions in like money at said location from the date of such loans and advances until paid at such rate per annum as shall be
agreed upon from time to time by such Issuer and such Holder. 
 This note (“Note”) is an Intercompany Note referred to in the Credit
Agreement, dated as of [ ] (as amended, modified, refinanced and/or restated from time to time, the “Credit Agreement”), among Red Lion Hotels Corporation, a Washington corporation (the “Borrower”), the other
Guarantors party thereto from time to time, Deutsche Bank AG New York Branch, as Administrative Agent (the “Administrative Agent”) and Collateral Agent and the lenders party thereto from time to time and (collectively, the
“Lenders” and individually, a “Lender”) and is subject to the terms thereof, and shall be pledged by each Holder pursuant to the Security Agreement (as defined in the Credit Agreement), to the extent required
pursuant to the terms thereof. Each Holder hereby acknowledges and agrees that the Administrative Agent may exercise all rights provided in the Credit Agreement and the Security Agreement with respect to this Note. 

Anything in this Note to the contrary notwithstanding, the indebtedness evidenced by this Note owed by any Issuer that is the Borrower or a Guarantor to any
Holder shall be subordinate and junior in right of payment, to the extent and in the manner hereinafter set forth, to (i) all obligations of such Issuer under the Credit Agreement, including, without limitation, where applicable, under such
Issuer’s guarantee of the obligations under the Credit Agreement and (ii) all other Indebtedness (as defined in the Credit Agreement) of such Issuer or any guaranty thereof, other than Indebtedness that by its terms expressly provides that
it shall not be Senior Indebtedness (as defined below) hereunder (such Obligations and such Indebtedness and other indebtedness and obligations in connection with any renewal, refunding, restructuring or refinancing thereof, including interest
thereon accruing after the commencement of any proceedings referred to in clause (i) below, whether or not such interest is an allowed claim in such proceeding, being hereinafter collectively referred to as “Senior
Indebtedness”): 
 (i) In the event of any insolvency or bankruptcy proceedings, and any receivership, liquidation,
reorganization or other similar proceedings in connection therewith, relative to any Issuer or to its creditors, as such, or to its property, and in the event of any proceedings for voluntary liquidation, dissolution or other winding up of such
Issuer, whether or not involving insolvency or bankruptcy, then (x) the holders of Senior Indebtedness shall be paid in full in cash in respect of all amounts constituting Senior Indebtedness before any Holder is entitled to receive

  
 I-1 

 
(whether directly or indirectly), or make any demands for, any payment on account of this Note and (y) until the holders of Senior Indebtedness are paid in full in cash in respect of all
amounts constituting Senior Indebtedness, any payment or distribution to which such Holder would otherwise be entitled (other than debt securities of such Issuer that are subordinated, to at least the same extent as this Note, to the payment of all
Senior Indebtedness then outstanding (such securities being hereinafter referred to as “Restructured Debt Securities”)) shall be made to the holders of Senior Indebtedness; 

(ii) if any default occurs and is continuing with respect to any Senior Indebtedness (including any Default under the Credit
Agreement or the Senior Unsecured Notes Documents), then no payment or distribution of any kind or character shall be made by or on behalf of the Issuer or any other Person on its behalf with respect to this Note; and 

(iii) if any payment or distribution of any character, whether in cash, securities or other property (other than Restructured
Debt Securities), in respect of this Note shall (despite these subordination provisions) be received by any Holder in violation of clause (i) or (ii) before all Senior Indebtedness shall have been paid in full in cash, such payment or
distribution shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Indebtedness (or their representatives), ratably according to the respective aggregate amounts remaining unpaid thereon, to the
extent necessary to pay all Senior Indebtedness in full in cash. 
 To the fullest extent permitted by law, no present or future holder of Senior
Indebtedness shall be prejudiced in its right to enforce the subordination of this Note by any act or failure to act on the part of any Issuer or by any act or failure to act on the part of such holder or any trustee or agent for such holder. Each
Holder and each Issuer hereby agree that the subordination of this Note is for the benefit of the Administrative Agent and the Lenders under the Credit Agreement and such parties are obligees under this Note to the same extent as if their names were
written herein as such and the Administrative Agent may, on behalf of itself and the Lenders, proceed to enforce the subordination provisions herein. 
 The
indebtedness evidenced by this Note owed by any Issuer that is not the Borrower or a Guarantor shall not be subordinated to, and shall rank pari passu in right of payment with, any other obligation of such Issuer. 

Notwithstanding the foregoing, (i) nothing contained in the subordination provisions set forth above is intended to or will impair, as between each
Issuer and each Holder, the obligations of such Issuer, which are absolute and unconditional, to pay to such Holder the principal of and interest on this Note as and when due and payable in accordance with its terms, or is intended to or will affect
the relative rights of such Holder and other creditors of such Issuer other than the holders of Senior Indebtedness and (ii) with respect to any indebtedness owing from any Issuer to any Holder with a “works council” or other employee
representative body, such Indebtedness shall, unless such body has been consulted with respect to such subordination, and, if and to the extent required, unconditionally approved such subordination (by means of a prior positive advice or otherwise),
not be subordinated to the Senior Indebtedness to the extent, and only to the extent, that the terms of such subordination would require the approval of or consultation with such entity before such subordination could be effective. 

Each Holder is hereby authorized to record all loans and advances or other credit extensions made by it to any Issuer (all of which shall be evidenced by this
Note), and all repayments or prepayments thereof, in its books and records, such books and records constituting prima facie evidence of the accuracy of the information contained therein. For the avoidance of doubt, this Note as between each Issuer
and each Holder contains additional terms to any intercompany loan agreement between them and this Note does not in any way replace such intercompany loans between them nor does this Note in any way change the principal amount of any intercompany
loans between them. 

  
 I-2 

 Upon execution and delivery after the date hereof by Red Lion Hotels Corporation or any subsidiary of Red Lion
Hotels Corporation of a counterpart signature page hereto, such subsidiary shall become a Note Party hereunder with the same force and effect as if originally named as a Note Party hereunder. The rights and obligations of each Note Party hereunder
shall remain in full force and effect notwithstanding the addition of any new Note Party as a party to this Note. 
 Each Issuer hereby waives presentment,
demand, protest or notice of any kind in connection with this Note. All payments under this Note shall be made without offset, counterclaim or deduction of any kind. 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

[Remainder of page intentionally left blank]

  
 I-3 

 
			
	
	RED LION HOTELS CORPORATION as both Issuer and Holder,
		
	By:	 	  

		 	Name:
		 	Title:
	
	 [                ]

each, as both Issuer and Holder,

		
	By:	 	  

		 	Name:
		 	Title:

  

  
 I-4 

 EXHIBIT J-1 

[FORM OF] 
 FIRST LIEN
INTERCREDITOR AGREEMENT 
 dated as of [    ], 20[    ], 

among 
 RED LION HOTELS
CORPORATION 
 the other GRANTORS party hereto, 

DEUTSCHE BANK AG NEW YORK BRANCH, 

as Credit Agreement Collateral Agent, 

[        ], 

as Initial Additional First Lien Collateral Agent, 

and 
 each ADDITIONAL COLLATERAL
AGENT from time to time party hereto 

  
 J-1-1 

 FIRST LIEN INTERCREDITOR AGREEMENT dated as of [    ],
20[    ] (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), among RED LION HOTELS CORPORATION, a Washington corporation (the “Borrower”), the other
Grantors party hereto, DEUTSCHE BANK AG NEW YORK BRANCH, in its capacity as collateral agent for the Credit Agreement Secured Parties (in such capacity, the “Credit Agreement Collateral Agent”), [    ], (in such
capacity, the “Initial Additional First Lien Collateral Agent”), and each Additional Collateral Agent (as defined below) from time to time party hereto as collateral agent for any First Lien Obligations (as defined below) of any
other Class (as defined below). 
 The parties hereto agree as follows: 

ARTICLE I 
 Definitions

 SECTION 1.01. Certain Defined Terms. As used in this Agreement, the following terms have the meanings specified below or, if
defined in the New York UCC, the meanings specified therein: 
 “Additional Collateral Agent” has the meaning assigned to
such term in Article IX. 
 “Additional First Lien Obligations” means all obligations of the Borrower and the other
Grantors that shall have been designated as such pursuant to Article IX, together with any Refinancing thereof; provided, that the holders of any such Refinancing debt (or the applicable Collateral Agent on their behalf) shall, to the extent
not already party hereto in such capacity, bind themselves in writing to the terms of this Agreement. 
 “Additional First Lien
Obligations Documents” means the notes, the indentures, security documents or any other agreements or instruments under which Additional First Lien Obligations of any Series are issued or incurred and all other instruments, agreements and
other documents evidencing or governing Additional First Lien Obligations of such Series or providing any guarantee, Lien or other right in respect thereof. 

“Additional Secured Parties” means the holders of any Additional First Lien Obligations and any collateral agent named as
authorized representative for such Series in the Collateral Agent Joinder Agreement. 
 “Affiliate” means, with respect to
any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. “Control” means the possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings
correlative thereto. 
 “Agreement” has the meaning assigned to such term in the preamble hereto. 

“Amend” means, in respect of any agreement, to amend, restate, supplement, waive or otherwise modify such agreement, in whole
or in part. The terms “Amended” and “Amendment” shall have correlative meanings. 
 “Authorized
Officer” means, with respect to any Person, the chief executive officer, the chief financial officer, principal accounting officer, the president, any vice president, treasurer, general counsel, secretary or another executive officer of
such Person. 

  
 J-1-2 

 “Bankruptcy Case” has the meaning assigned to such term in Section 5.01(a).

 “Bankruptcy Code” means Title 11 of the United States Code, as amended. 

“Bankruptcy Law” means the Bankruptcy Code and any similar Federal, state or foreign law for the relief of debtors. 

“Borrower” has the meaning assigned to such term in the preamble hereto. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed. 
 “Class”, when used in reference to (a) any First Lien Obligations,
refers to whether such First Lien Obligations are the Credit Agreement Obligations, the Initial Additional First Lien Obligations or the Additional First Lien Obligations of any Series, (b) any Collateral Agent, refers to whether such
Collateral Agent is the Credit Agreement Collateral Agent, the Initial Additional First Lien Collateral Agent or the Additional Collateral Agent with respect to the Additional First Lien Obligations of any Series, (c) any Secured Parties,
refers to whether such Secured Parties are the Credit Agreement Secured Parties, the Initial Additional First Lien Secured Parties or the holders of the Additional First Lien Obligations of any Series, (d) any Secured Credit Documents, refers
to whether such Secured Credit Documents are the Credit Agreement Documents, the Initial Additional First Lien Documents or the Additional First Lien Obligations Documents with respect to Additional First Lien Obligations of any Series, and
(e) any Security Documents, refers to whether such Security Documents are part of the Credit Agreement Documents, the Initial Additional First Lien Documents or the Additional First Lien Obligations Documents with respect to Additional First
Lien Obligations of any Series. 
 “Collateral” means all assets of the Borrower or any of the Grantors now or hereafter
subject to a Lien securing any First Lien Obligation. 
 “Collateral Agent Joinder Agreement” means a supplement to this
Agreement substantially in the form of Exhibit I. 
 “Collateral Agents” means the Credit Agreement Collateral Agent, the
Initial Additional First Lien Collateral Agent and each Additional Collateral Agent. 
 “Control” has the meaning assigned
thereto in the definition of “Affiliate”. 
 “Controlling Collateral Agent” means (a) until the earlier of
(x) the Discharge of Credit Agreement Obligations and (y) the Non-Controlling Collateral Agent Enforcement Date, the Credit Agreement Collateral Agent and (b) thereafter, the Major Non-Controlling Collateral Agent as of the occurrence of the event describe in clause (a) of this definition. 

“Controlling Secured Parties” means, with respect to any Shared Collateral, the Class of First Lien Obligations whose
Collateral Agent is the Controlling Collateral Agent for such Shared Collateral. 

  
 J-1-3 

 “Credit Agreement” means the Credit Agreement dated as of [ ] by and among the
Borrower, the other guarantors party thereto from time to time, the lenders party thereto from time to time, Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and one or more other financing arrangements (including,
without limitation, any guarantee agreements and security documents), in each case as such agreements may be amended (including any amendment and restatement thereof), supplemented or otherwise modified from time to time, including any agreement,
indenture, credit facility, commercial paper facility or new agreement extending the maturity of, refinancing, replacing, consolidating or otherwise restructuring all or any portion of the Indebtedness under any such agreement or any successor or
replacement agreement and whether by the same or any other agent, lender or group of lenders and whether or not increasing the amount of Indebtedness that may be incurred thereunder (provided that such Indebtedness is permitted to be incurred under
the Secured Credit Documents); provided (a) that the collateral agent for any such other financing arrangement or agreement becomes a party hereto by executing and delivering a Collateral Agent Joinder Agreement and (b) in the case
of any refinancing or replacement, the Borrower designates such financing arrangement or agreement as the “Credit Agreement” (and not an Additional First Lien Obligation) hereunder. 

“Credit Agreement Administrative Agent” has the meaning assigned to the term “Administrative Agent” in the Credit
Agreement and shall include any successor administrative agent. 
 “Credit Agreement Collateral Agent” has the meaning
assigned to such term in the preamble hereto. 
 “Credit Agreement Documents” has the meaning assigned to the term
“Loan Documents” in the Credit Agreement. 
 “Credit Agreement Obligations” has the meaning assigned to the term
“Obligations” in the Credit Agreement, together with any Refinancing thereof. 
 “Credit Agreement Secured
Parties” has the meaning assigned to the term “Secured Parties” in the Credit Agreement. 
 “Credit Agreement
Security Agreement” has the meaning assigned to the term “Security Agreement” in the Credit Agreement. 
 “DIP
Financing” has the meaning assigned to such term in Section 5.01(a). 
 “DIP Financing Liens” has the meaning
assigned to such term in Section 5.01(a). 
 “DIP Lenders” has the meaning assigned to such term in
Section 5.01(a). 
 “Discharge” means, with respect to any Shared Collateral and any Class of First Lien
Obligations, the date on which such Class of First Lien Obligations is no longer secured by such Shared Collateral. The term “Discharged” shall have a corresponding meaning. 

“Event of Default” means an “Event of Default” (or similar event, however denominated) as defined in any Secured
Credit Document. 
 “First Lien Obligations” means (a) all the Credit Agreement Obligations, (b) all the Initial
Additional First Lien Obligations and (c) all the Additional First Lien Obligations. 
 “Grantor Joinder Agreement”
means a supplement to this Agreement substantially in the form of Exhibit II. 

  
 J-1-4 

 “Grantors” means, at any time, the Borrower and each Subsidiary that, at such
time, pursuant to Security Documents of any Class have granted a Lien on any of its assets to secure any First Lien Obligations of such Class. 

“Impairment” has the meaning assigned to such term in Section 2.02. 

“Indebtedness” has the meaning assigned to such term in the Credit Agreement or in the Initial Additional First Lien
Agreement, as applicable. 
 “Initial Additional First Lien Agreement” means that certain [Indenture][Credit
Agreement][Other Agreement], dated as of [                ], among the Borrower, [the Guarantors identified therein,] and
[                ], as [trustee][administrative agent], as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time,
together with any Refinancing thereof; provided, (a) the obligations in respect of any such Refinancing are secured by Liens on the Shared Collateral that rank pari passu to the Liens securing the First Lien Obligations and
(b) that the holders of any such Refinancing debt (or their agent on their behalf) shall bind themselves in writing to the terms of this Agreement. 

“Initial Additional First Lien Collateral Agent” has the meaning assigned to such term in the preamble hereto. 

“Initial Additional First Lien Documents” means the Initial Additional First Lien Agreement and the other related facility
[“Documents”] as defined in the Initial Additional First Lien Agreement. 
 “Initial Additional First Lien
Obligations” means the [“Obligations”] as such term is defined in the Initial Additional First Lien Security Agreement. 

“Initial Additional First Lien Secured Parties” means the means the Initial Additional First Lien Collateral Agent and the
holders of the Initial Additional First Lien Obligations issued pursuant to the Initial Additional First Lien Agreement. 
 “Initial
Additional First Lien Security Agreement” means the [security][collateral] agreement, dated as of the date hereof, among the Borrower, the Initial Additional First Lien Collateral Agent and the other parties thereto, as amended, restated,
amended and restated, extended, supplemented or otherwise modified from time to time. 
 “Insolvency or Liquidation
Proceeding” means: 
 (a) any case commenced by or against the Borrower or any other Grantor under any Bankruptcy
Law, any other proceeding for the reorganization, receivership, recapitalization or adjustment or marshalling of the assets or liabilities of the Borrower or any other Grantor, any receivership or assignment for the benefit of creditors relating to
the Borrower or any other Grantor or its assets or any similar case or proceeding relative to the Borrower or any other Grantor or its creditors or its assets, as such, in each case whether or not voluntary; 

(b) any liquidation, dissolution, marshalling of assets or liabilities, assignment for the benefit of creditors or other
winding up of or relating to the Borrower or any other Grantor or its assets, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency and whether or not in a court supervised proceeding; or 

(c) any other proceeding of any type or nature in which substantially all claims of creditors of the Borrower or any other
Grantor are determined and any payment or distribution is or may be made on account of such claims. 

  
 J-1-5 

 “Intervening Creditor” has the meaning assigned to such term in
Section 2.02. 
 “Intervening Lien” has the meaning assigned to such term in Section 2.02. 

“Lien” means, with respect to any asset, any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance,
lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or
other encumbrance on title to real property, and any Capitalized Lease (as defined in the Credit Agreement) having substantially the same economic effect as any of the foregoing). 

“Major Non-Controlling Collateral Agent” means, with respect to any Shared
Collateral, the Collateral Agent of the Class of First Lien Obligations (other than the Credit Agreement Obligations) that constitutes the largest outstanding principal amount of any Indebtedness for borrowed money then outstanding
Class of First Lien Obligations (other than the Credit Agreement Obligations) with respect to such Shared Collateral. 
 “New
York UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York. 
 “Non-Controlling Collateral Agent” means, at any time with respect to any Shared Collateral, any Collateral Agent that is not the Controlling Collateral Agent at such time with respect to such Shared
Collateral. 
 “Non-Controlling Collateral Agent Enforcement Date” means, with
respect to any Non-Controlling Collateral Agent, the date which is 120 days (throughout which 120 day period such Non-Controlling Collateral Agent was the Major Non-Controlling Collateral Agent) after the occurrence of both (a) an Event of Default (under and as defined in the Secured Credit Documents under which such Non-Controlling Collateral Agent is the Collateral
Agent) and (b) the Controlling Collateral Agent’s and each other Collateral Agent’s receipt of written notice from such Non-Controlling Collateral Agent certifying that (x) such
Non-Controlling Collateral Agent is the Major Non-Controlling Collateral Agent and that an Event of Default (under and as defined in the Secured Credit Documents under
which such Non-Controlling Collateral Agent is the Collateral Agent) has occurred and is continuing and (y) the First Lien Obligations of the Class with respect to which such Non-Controlling Collateral Agent is the Collateral Agent are
currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the applicable Secured Credit Documents; provided that the Non-Controlling
Collateral Agent Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred with respect to any Shared Collateral (1) at any time the Controlling Collateral Agent has commenced and is diligently pursuing any
enforcement action with respect to such Shared Collateral or (2) at any time the Grantor that has granted a security interest in such Shared Collateral is then a debtor under or with respect to (or otherwise subject to) any Insolvency or
Liquidation Proceeding. 
 “Non-Controlling Secured Parties” means, with respect to
any Shared Collateral, the Secured Parties which are not Controlling Secured Parties with respect to such Shared Collateral. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, governmental authority or other entity. 

  
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 “Possessory Collateral” means any Shared Collateral in the possession of a
Collateral Agent (or its agents or bailees), to the extent that possession thereof perfects a Lien thereon under the Uniform Commercial Code of any jurisdiction. Possessory Collateral includes, without limitation, any Certificated Securities,
Promissory Notes, Instruments, and Chattel Paper, in each case, delivered to or in the possession of any Collateral Agent under the terms of the Security Documents. 

“Proceeds” has the meaning assigned to such term in Section 2.01(b). 

“Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, refund, repay, prepay, redeem, purchase,
defease, retire, restructure, amend, increase, modify, supplement or replace, or to issue other Indebtedness or enter alternative financing arrangements in exchange or replacement for, such Indebtedness, in whole or in part, including by adding or
replacing lenders, creditors, agents, borrowers and/or guarantors, and including, in each case, but not limited to, after the original instrument giving rise to such indebtedness has been terminated and including, in each case, through any credit
agreement, indenture or other agreement. “Refinanced” and “Refinancing” shall have correlative meanings. 

“Related Secured Credit Documents” means, with respect to the Collateral Agent or Secured Parties of any Class, the Secured
Credit Documents of such Class. 
 “Related Secured Parties” means, with respect to the Collateral Agent of any Class, the
Secured Parties of such Class. 
 “Secured Credit Documents” means, collectively, (a) the Credit Agreement Documents,
(b) the Initial Additional First Lien Documents and (c) the Additional First Lien Obligations Documents. 
 “Secured
Parties” means (a) the Credit Agreement Secured Parties, (b) the Initial Additional First Lien Secured Parties and (c) the Additional Secured Parties. 

“Security Documents” means (a) the Credit Agreement Security Agreement and the other Collateral Documents (as defined in
the Credit Agreement), (b) the Initial Additional First Lien Security Agreement and the other [Collateral Documents] (as defined in the Initial Additional First Lien Agreement) and (c) any other agreement entered into in favor of the Collateral
Agent of any other Class for the purpose of securing the First Lien Obligations of such Class. 
 “Series”, when used
in reference to Additional First Lien Obligations, refers to such Additional First Lien Obligations as shall have been issued or incurred pursuant to the same indentures or other agreements and with respect to which the same Person acts as the
Additional Collateral Agent. 
 “Shared Collateral” means, at any time, Collateral on which Collateral Agents or Secured
Parties of any two or more Classes have at such time a Lien (including as a result of the agreements set forth in Section 4.01). If First Lien Obligations of more than two Classes are outstanding at any time, then any Collateral shall
constitute Shared Collateral with respect to First Lien Obligations of any Class only if the Collateral Agent or Secured Parties of such Class have at such time a Lien on such Collateral. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity
of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a
contingency) are at the time beneficially owned directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall
refer to a Subsidiary 

  
 J-1-7 

 
or Subsidiaries of the Borrower. For the avoidance of doubt, any entity that is owned at a 50.0% or less level (as described above) shall not be a “Subsidiary” for any purpose under
this Agreement, regardless of whether such entity is consolidated on Borrower’s or any Subsidiary’s financial statements. 

SECTION 1.02. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise, (a) any definition of or reference to any agreement,
instrument, other document, statute or regulation herein shall be construed as referring to such agreement, instrument, other document, statute or regulation as from time to time amended, supplemented or otherwise modified, (b) any reference
herein to any Person shall be construed to include such Person’s successors and assigns, but shall not be deemed to include the subsidiaries of such Person unless express reference is made to such subsidiaries, (c) the words
“herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles,
Sections and Exhibits shall be construed to refer to Articles, and Sections of, and Exhibits to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to
any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION 1.03.
Concerning the Credit Agreement Collateral Agent, the Initial Additional First Lien Collateral Agent and Each Additional Collateral Agent. 

(a) Each acknowledgement, agreement, consent and waiver (whether express or implied) in this Agreement made by the Credit Agreement Collateral
Agent, whether on behalf of itself or any of its Related Secured Parties, is made in reliance on the authority granted to the Credit Agreement Collateral Agent pursuant to the authorization thereof under the Credit Agreement. It is understood and
agreed that the Credit Agreement Collateral Agent shall not be responsible for or have any duty to ascertain or inquire into whether any of its Related Secured Parties is in compliance with the terms of this Agreement, and no party hereto or any
other Secured Party shall have any right of action whatsoever against the Credit Agreement Collateral Agent for any failure of any of its Related Secured Parties to comply with the terms hereof or for any of its Related Secured Parties taking any
action contrary to the terms hereof. 
 (b) Each acknowledgement, agreement, consent and waiver (whether express or implied) in this
Agreement made by the Initial Additional First Lien Collateral Agent, whether on behalf of itself or any of its Related Secured Parties, is made in reliance on the authority granted to the Initial Additional First Lien Collateral Agent pursuant to
the authorization thereof under the Initial Additional First Lien Agreement. It is understood and agreed that the Initial Additional First Lien Collateral Agent shall not be responsible for or have any duty to ascertain or inquire into whether any
of its Related Secured Parties is in compliance with the terms of this Agreement, and no party hereto or any other Secured Party shall have any right of action whatsoever against the Initial Additional First Lien Collateral Agent for any failure of
any of its Related Secured Parties to comply with the terms hereof or for any of its Related Secured Parties taking any action contrary to the terms hereof. 

(c) Each acknowledgement, agreement, consent and waiver (whether express or implied) in this Agreement made by any Additional Collateral Agent,
whether on behalf of itself or any of its Related Secured Parties, is made in reliance on the authority granted to such Additional Collateral Agent pursuant to the authorization thereof under the Additional First Lien Obligations Documents relating
to such Class of First Lien Obligations. It is understood and agreed that no Additional Collateral 

  
 J-1-8 

 
Agent shall be responsible for or have any duty to ascertain or inquire into whether any of its Related Secured Parties is in compliance with the terms of this Agreement, and no party hereto or
any other Secured Party shall have any right of action whatsoever against the Additional Collateral Agent for any failure of any of its Related Secured Parties to comply with the terms hereof or for any of its Related Secured Parties taking any
action contrary to the terms hereof. 
 ARTICLE II 

Lien Priorities; Proceeds 

SECTION 2.01. Relative Priorities. 

(a) Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Lien on any Shared Collateral securing
any First Lien Obligation, and notwithstanding any provision of the Uniform Commercial Code of any jurisdiction, any other applicable law or any Secured Credit Document, or any other circumstance whatsoever (but, in each case, subject to
Section 2.01(b) and Section 2.02), each Collateral Agent, for itself and on behalf of its Related Secured Parties, agrees that Liens on any Shared Collateral securing First Lien Obligations of any Class shall be of equal priority.

 (b) Each Collateral Agent, for itself and on behalf of its Related Secured Parties, agrees that, notwithstanding (x) any provision of
any Secured Credit Document to the contrary (but subject to Section 2.02) and (y) the date, time, method, manner or order of grant, attachment or perfection of any Lien on any Shared Collateral securing any First Lien Obligation, and
notwithstanding any provision of the Uniform Commercial Code of any jurisdiction, any other applicable law or any Secured Credit Document, or any other circumstance whatsoever (but, in each case, subject to Section 2.02), if an Event of Default
has occurred and is continuing and (i) such Collateral Agent or any of its Related Secured Parties takes any action to enforce rights or exercise remedies in respect of any Shared Collateral (including any such action referred to in
Section 3.01(a)), (ii) any distribution is made in respect of any Shared Collateral in any Insolvency or Liquidation Proceeding of the Borrower or any other Grantor or (iii) such Collateral Agent or any of its Related Secured Parties
receives any payment with respect to any Shared Collateral pursuant to any intercreditor agreement (other than this Agreement), then the proceeds of any sale, collection or other liquidation of any Shared Collateral obtained by such Collateral Agent
or any of its Related Secured Parties on account of such enforcement of rights or exercise of remedies, and any such distributions or payments received by such Collateral Agent or any of its Related Secured Parties (all such proceeds, distributions
and payments being collectively referred to as “Proceeds”), shall be applied as follows: 
 (i) FIRST, to
the payment of all amounts owing to and all costs and expenses incurred by any Collateral Agent, the Credit Agreement Administrative Agent and the Initial Additional First Lien Collateral Agent (in their capacities as such), pursuant to the terms of
any Secured Credit Document or in connection with any enforcement of rights or exercise of remedies pursuant thereto, including all court costs and the reasonable fees and expenses of agents and legal counsel and, in each case, including all costs
and expenses incurred in enforcing its rights to obtain such payment; 
 (ii) SECOND, subject to Section 2.02 to the
payment in full of all First Lien Obligations of each Class secured by a Lien on such Shared Collateral at the time due and payable (the amounts so applied to be distributed, as among such Classes of First Lien Obligations, ratably in
accordance with the amounts of the First Lien Obligations of each such Class on the date of such application); and 

  
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 (iii) THIRD, after payment in full of all the First Lien Obligations, to the
Borrower and the other Grantors or their successors or assigns, as their interests may appear, or as a court of competent jurisdiction may direct. 

(c) For the avoidance of doubt, any amounts to be distributed pursuant to this Section 2.01 shall be distributed by the Controlling
Collateral Agent to each Non-Controlling Collateral Agent for further distribution to its Related Secured Parties. 

(d) It is acknowledged that the First Lien Obligations of any Class may, subject to the limitations set forth in the then extant Secured
Credit Documents, be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, Refinanced or otherwise amended or modified from time to time, all without affecting the priorities set forth in
Section 2.01(b) or the provisions of this Agreement defining the relative rights of the Secured Parties of any Class. 
 SECTION 2.02.
Impairments. It is the intention of the parties hereto that the Secured Parties of any given Class of First Lien Obligations (and not the Secured Parties of any other Class of First Lien Obligations) bear the risk of any
determination by a court of competent jurisdiction that (i) any First Lien Obligations of such Class of First Lien Obligations are unenforceable under applicable law or are subordinated to any other obligations (other than to any First
Lien Obligations), (ii) the Secured Parties of such Class of First Lien Obligations do not have a Lien on any of the Collateral securing any First Lien Obligations of any other Class of First Lien Obligations and/or (iii) any Person
(other than any Collateral Agent or Secured Party) has a Lien on any Shared Collateral that is senior in priority to the Lien on such Shared Collateral securing First Lien Obligations of such Class of First Lien Obligations, but junior to the
Lien on such Shared Collateral securing any other Class of First Lien Obligations (any such Lien being referred to as an “Intervening Lien”, and any such Person being referred to as an “Intervening Creditor”)
(any condition with respect to First Lien Obligations of such Class of First Lien Obligations being referred to as an “Impairment” of such Class). In the event an Impairment exists with respect to First Lien Obligations of any
Class, the results of such Impairment shall be borne solely by the Secured Parties of such Class of First Lien Obligations, and the rights of the Secured Parties of such Class of First Lien Obligations (including the right to receive
distributions in respect of First Lien Obligations of such Class of First Lien Obligations pursuant to Section 2.01(b)) set forth herein shall be modified to the extent necessary so that the results of such Impairment are borne solely by
the Secured Parties of such Class. In furtherance of the foregoing, in the event First Lien Obligations of any Class of First Lien Obligations shall be subject to an Impairment in the form of an Intervening Lien of any Intervening Creditor, the
value of any Shared Collateral or Proceeds that are allocated to such Intervening Creditor shall be deducted solely from the Shared Collateral or Proceeds to be distributed in respect of First Lien Obligations of such Class. 

SECTION 2.03. Payment Over. Each Collateral Agent, on behalf of itself and its Related Secured Parties, agrees that if such Collateral
Agent or any of its Related Secured Parties shall at any time obtain possession of any Shared Collateral or receive any Proceeds (other than as a result of any application of Proceeds pursuant to Section 2.01(b)), then it shall hold such Shared
Collateral or Proceeds in trust for the other Secured Parties and promptly transfer such Shared Collateral or Proceeds, as the case may be, to the Controlling Collateral Agent, to be distributed in accordance with the provisions of
Section 2.01(b) hereof. 
 SECTION 2.04. Determinations with Respect to Amounts of Obligations and Liens. Whenever the
Collateral Agent of any Class shall be required, in connection with the exercise of its rights or the performance of its obligations hereunder, to determine the existence or amount of any First Lien Obligations of any other Class, or the Shared
Collateral subject to any Lien securing the First Lien Obligations of any other Class (and whether such Lien constitutes a valid and perfected Lien), it may 

  
 J-1-10 

 
request that such information be furnished to it in writing by the Collateral Agent of such other Class and shall be entitled to make such determination on the basis of the information so
furnished; provided that if, notwithstanding the request of the Collateral Agent of such Class, the Collateral Agent of such other Class shall fail or refuse reasonably promptly to provide the requested information, the Collateral Agent
of such Class shall be entitled to make any such determination by such method as it may, in the exercise of its good faith judgment, determine, including by reliance upon a certificate of an Authorized Officer of the Borrower. Each Collateral
Agent may rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the provisions of the preceding sentence (or as otherwise directed by a court of competent jurisdiction) and shall have no
liability to any Grantor, any Secured Party or any other Person as a result of such determination or any action taken or not taken pursuant thereto. 

SECTION 2.05. Exculpatory Provisions. Without limitation of Article VI, none of the Collateral Agents or any Secured Parties shall be
liable for any action taken or omitted to be taken by any Collateral Agent or Secured Party with respect to any Shared Collateral in accordance with the provisions of this Agreement. 

ARTICLE III 
 Rights and
Remedies; Matters Relating to Shared Collateral 
 SECTION 3.01. Exercise of Rights and Remedies. 

(a) Only the Controlling Collateral Agent shall act or refrain from acting with respect to any Shared Collateral (including with respect to any
intercreditor agreement with respect to any junior Liens on Shared Collateral). No Non-Controlling Collateral Agent and no Non-Controlling Secured Party shall commence
any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power as a secured
creditor with respect to, or otherwise take any action to enforce its security interest in or realize upon, or take any other action available to it in respect of, any Shared Collateral (including with respect to any intercreditor agreement with
respect to junior Liens on any Shared Collateral), whether under any Secured Credit Document, applicable law or otherwise, it being agreed that only the Controlling Collateral Agent, acting in accordance with the applicable Secured Credit Documents,
shall be entitled to take any such actions or exercise any such remedies with respect to Shared Collateral at any time. Without limitation of the foregoing, (A) in any Insolvency or Liquidation Proceeding commenced by or against the Borrower or
any other Grantor, each Collateral Agent or any of its Related Secured Parties may file a proof of claim or statement of interest with respect to the applicable obligations thereto, (B) in any Insolvency or Liquidation Proceeding commenced by
or against the Borrower or any other Grantor, each Collateral Agent or its Related Secured Parties may file any necessary or appropriate responsive pleadings in opposition to any motion, adversary proceeding or other pleading filed by any Person
objecting to or otherwise seeking disallowance of the claim or Lien of such Collateral Agent or Related Secured Party, (C) each Collateral Agent or its Related Secured Parties may file any pleadings, objections, motions, or agreements which
assert rights available to unsecured creditors of the Borrower or any other Grantor arising under any Insolvency or Liquidation Proceeding or applicable non-bankruptcy law, and (D) each Collateral Agent
and its Related Secured Party may vote on any plan of reorganization in any Insolvency or Liquidation Proceeding of the Borrower or any other Grantor, in each case (A) through (D) above to the extent such action is not inconsistent with, or
could not result in a resolution inconsistent with, the terms of this Agreement. 
 (b) Notwithstanding the equal priority of the Liens
securing each Class of First Lien Obligations, the Controlling Collateral Agent may deal with the Shared Collateral as if such Controlling Collateral Agent had a senior Lien on such Collateral. No
Non-Controlling Collateral Agent or Non-

  
 J-1-11 

 
Controlling Secured Party will contest, protest or object to any foreclosure proceeding or action brought by the Controlling Collateral Agent or any Controlling Secured Party or any other
exercise by the Controlling Collateral Agent or any Controlling Secured Party of any rights and remedies relating to the Shared Collateral. The foregoing shall not be construed to limit the rights and priorities of any Secured Party or any
Collateral Agent with respect to any Collateral not constituting Shared Collateral or impair any rights available to them as unsecured creditors. 

SECTION 3.02. Prohibition on Contesting Liens. Each Collateral Agent agrees, on behalf of itself and its Related Secured Parties, that
neither such Collateral Agent nor any of its Related Secured Parties will, and each hereby waives any right to, contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the
perfection, priority, validity, attachment or enforceability of a Lien held by or on behalf of any other Collateral Agent or any of its Related Secured Parties in all or any part of the Shared Collateral; provided that nothing in this
Agreement shall be construed to prevent or impair the rights of any Collateral Agent or any of its Related Secured Parties to enforce this Agreement. 

SECTION 3.03. Prohibition on Challenging this Agreement. Each Collateral Agent agrees, on behalf of itself and its Related Secured
Parties, that neither such Collateral Agent nor any of its Related Secured Parties will attempt, directly or indirectly, whether by judicial proceedings or otherwise, to challenge the enforceability of any provision of this Agreement;
provided that nothing in this Agreement shall be construed to prevent or impair the rights of any Collateral Agent or any of its Related Secured Parties to enforce this Agreement. 

SECTION 3.04. Release of Liens. The parties hereto agree and acknowledge that the release of Liens on any Shared Collateral securing
First Lien Obligations of any Class, whether in connection with a sale, transfer or other disposition of such Shared Collateral or otherwise, shall be governed by and subject to the Secured Credit Documents of such Class, and that nothing in this
Agreement shall be deemed to amend or affect the terms of the Secured Credit Documents of such Class with respect thereto; provided that if, at any time any Shared Collateral is transferred to a third party or otherwise disposed of, in
each case, in connection with any enforcement by the Controlling Collateral Agent in accordance with the provisions of this Agreement, then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of the
other Collateral Agents for the benefit of each Class of Secured Parties upon such Shared Collateral will automatically be released and discharged upon final conclusion of foreclosure proceeding as and when, but only to the extent, such Liens
on the Shared Collateral of the Controlling Collateral Agent are released and discharged; provided that any proceeds of any Shared Collateral realized therefrom shall be applied pursuant to Section 2.01(b) hereof. Each Collateral Agent
agrees to execute and deliver (at the sole cost and expense of the Grantors) all such authorizations and other instruments as shall reasonably be requested by the any other Collateral Agent to evidence and confirm any release of Shared Collateral
provided for in this Section. 
 ARTICLE IV 

Collateral 
 SECTION 4.01.
Bailment for Perfection of Security Interests. 
 (a) The Possessory Collateral shall be delivered to the Controlling Collateral Agent
and by accepting such Possessory Collateral such Controlling Collateral Agent agrees to hold any Shared Collateral constituting Possessory Collateral that is part of the Collateral in its possession or control (or in the possession or control of its
agents or bailees) as gratuitous bailee for the benefit of each other Secured Party and any assignee solely for the purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the applicable Security
Documents, in each case, subject to the terms and conditions of this Section 4.01. 

  
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 (b) The Controlling Collateral Agent shall, upon the Discharge of the First Lien Obligations with
respect to which such Collateral Agent is the Collateral Agent, transfer the possession and control of the Possessory Collateral, together with any necessary endorsements but without recourse or warranty, to the successor Controlling Collateral
Agent. In connection with any transfer under the foregoing sentence by any Collateral Agent, such transferor Collateral Agent agrees to take all actions in its power as shall be necessary or reasonably requested by the transferee Collateral Agent to
permit the transferee Collateral Agent to obtain, for the benefit of its Related Secured Parties, a first priority security interest in the applicable Possessory Collateral. The Borrower shall take such further action as is required to effectuate
the transfer contemplated hereby and shall indemnify each Collateral Agent for loss or damage suffered by such Collateral Agent as a result of such transfer, except for loss or damage suffered by such Collateral Agent as a result of its own willful
misconduct, gross negligence or bad faith. 
 (c) Each Collateral Agent agrees to hold any Shared Collateral constituting Possessory
Collateral, from time to time in its possession, as gratuitous bailee for the benefit of each other Secured Party and any assignee, solely for the purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to
the applicable Security Documents, in each case, subject to the terms and conditions of this Section 4.01. 
 (d) The duties or
responsibilities of each Collateral Agent under this Section 4.01 shall be limited solely to holding any Shared Collateral constituting Possessory Collateral as gratuitous bailee for the benefit of each other Secured Party for purposes of
perfecting the Lien held by such Secured Parties thereon. 
 SECTION 4.02. Delivery of Documents. Promptly after the execution and
delivery to any Collateral Agent by any Grantor of any Security Document (other than (a) any Security Document in effect on the date hereof and (b) any Additional First Lien Obligations Document referred to in paragraph (b) of
Article IX, but including any amendment, amendment and restatement, waiver or other modification of any such Security Document or Additional First Lien Obligations Document), the Borrower shall deliver to each Collateral Agent party hereto at
such time a copy of such Security Document. 
 ARTICLE V 

Certain Agreements With Respect to Bankruptcy or Insolvency Proceedings 

SECTION 5.01. Certain Agreements With Respect to Bankruptcy or Insolvency Proceedings. 

(a) If the Borrower and/or any other Grantor shall become subject to a case (a “Bankruptcy Case”) under the Bankruptcy Code
and shall, as debtor(s)-in-possession, move for approval of financing (“DIP Financing”) to be provided by one or more lenders (the “DIP
Lenders”) under Section 364 of the Bankruptcy Code or any equivalent provision of any other Bankruptcy Law or the use of cash collateral under Section 363 of the Bankruptcy Code or any equivalent provision of any other Bankruptcy
Law, each Secured Party (other than any Controlling Secured Party or any of its Related Secured Parties) agrees that it will raise no objection to any such financing or to the Liens on the Shared Collateral securing the same (“DIP Financing
Liens”) or to any use of cash collateral that constitutes Shared Collateral, unless the Controlling Collateral Agent shall then oppose or object to such DIP Financing or such DIP Financing Liens or use of cash collateral (and (i) to
the extent that such DIP Financing Liens are 

  
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senior to the Liens on any such Shared Collateral for the benefit of the Controlling Secured Parties, each Non-Controlling Secured Party will subordinate
its Liens with respect to such Shared Collateral on the same terms as the Liens of the Controlling Secured Parties (other than any Liens of any Secured Parties constituting DIP Financing Liens) are subordinated thereto, and (ii) to the extent
that such DIP Financing Liens rank pari passu with the Liens on any such Shared Collateral granted to secure the First Lien Obligations of the Controlling Secured Parties, each Non-Controlling Secured
Party will confirm the priorities with respect to such Shared Collateral as set forth herein); provided, in each case, that (A) the Secured Parties of each Class retain the benefit of their Liens on all such Shared Collateral
pledged to the DIP Lenders, including proceeds thereof arising after the commencement of such proceeding, with the same priority vis-à-vis all the other Secured
Parties (other than any Liens of the Secured Parties constituting DIP Financing Liens) as existed prior to the commencement of the Bankruptcy Case, (B) the Secured Parties of each Class are granted Liens on any additional collateral
pledged to any Secured Parties as adequate protection or otherwise in connection with such DIP Financing or use of cash collateral, with the same priority
vis-à-vis the Secured Parties as set forth in this Agreement, (C) if any amount of such DIP Financing or cash collateral is applied to repay any of the First
Lien Obligations, such amount is applied pursuant to Section 2.01, and (D) if any Secured Parties are granted adequate protection, including in the form of periodic payments, in connection with such DIP Financing or use of cash collateral,
the proceeds of such adequate protection are applied pursuant to Section 2.01; provided, further, that this Agreement shall not limit the right of the Secured Parties of each Class to object to the grant of a Lien to secure the DIP
Financing over any Collateral subject to Liens in favor of the Secured Parties of such Class or the Collateral Agent with respect thereto that shall not constitute Shared Collateral; and provided, further, however, that the
Secured Parties receiving adequate protection shall not object to any other Secured Party receiving adequate protection comparable to any adequate protection granted to such Secured Parties in connection with a DIP Financing or use of cash
collateral permitted by this paragraph. 
 (b) Each Non-Controlling Secured Party agrees that it will
not object to or oppose any release of their Liens in connection with any sale or other disposition of any Shared Collateral (or any portion thereof) under Section 363 of the Bankruptcy Code or any other provision of the Bankruptcy Code if the
Controlling Collateral Agent and the Controlling Secured Parties shall have consented to such sale or disposition of such Shared Collateral; provided that the Liens of the Secured Parties will attach to the proceeds of such sale or
disposition on the same basis of priority as they do with respect to the Shared Collateral in accordance with this Agreement, and further provided that the Non-Controlling Secured Parties will be
entitled to assert any objection to such sale or disposition that may be asserted by any unsecured creditor of the Borrower or any other Grantor in such Insolvency or Liquidation Proceeding. 

SECTION 5.02. Reorganization Securities. If, in any Insolvency or Liquidation Proceeding, debt obligations of the reorganized debtor
secured by Liens upon any property of the reorganized debtor are distributed pursuant to a plan of reorganization or liquidation or similar dispositive restructuring plan on account of each Class of First Lien Obligations, then, to the extent
the debt obligations distributed on account of each Class of First Lien Obligations are secured by Liens upon the same property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and
will apply with like effect to the Liens securing such debt obligations. 
 ARTICLE VI 

The Controlling Collateral Agent 

(a) Notwithstanding any other provision of this Agreement, nothing herein shall be construed to impose any fiduciary or other duty on any
Controlling Collateral Agent to any Non-Controlling Secured Party or give any Non-Controlling Secured Party the right to direct any Controlling Collateral Agent, except
that each Controlling Collateral Agent shall be obligated to distribute proceeds of any Shared Collateral in accordance with Section 2.01(b) hereof. 

  
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 (b) In furtherance of the foregoing, each Non-Controlling
Secured Party acknowledges and agrees that the Controlling Collateral Agent shall be entitled, for the benefit of the Secured Parties, to sell, transfer or otherwise dispose of or deal with any Shared Collateral as provided herein and in the
Security Documents, as applicable, pursuant to which the Controlling Collateral Agent is the collateral agent for such Shared Collateral, without regard to any rights to which the Non-Controlling Secured
Parties would otherwise be entitled as a result of the First Lien Obligations held by such Non-Controlling Secured Parties. Without limiting the foregoing, each
Non-Controlling Secured Party agrees that none of the Controlling Collateral Agent or any other Controlling Secured Party shall have any duty or obligation first to marshal or realize upon any type of Shared
Collateral (or any other Collateral securing any of the First Lien Obligations), or to sell, dispose of or otherwise liquidate all or any portion of such Shared Collateral (or any other Collateral securing any First Lien Obligations), in any manner
that would maximize the return to the Non-Controlling Secured Parties, notwithstanding that the order and timing of any such realization, sale, disposition or liquidation may affect the amount of proceeds
actually received by the Non-Controlling Secured Parties from such realization, sale, disposition or liquidation. Except with respect to any actions expressly prohibited or required to be taken by this
Agreement, each of the Secured Parties waives any claim it may now or hereafter have against any Collateral Agent or any other Secured Party of any other Class arising out of (i) any actions which any Collateral Agent or Secured Party
takes or omits to take (including, actions with respect to the creation, perfection or continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any of the
Collateral and actions with respect to the collection of any claim for all or any part of the First Lien Obligations from any account debtor, guarantor or any other party) in accordance with the Security Documents or any other agreement related
thereto or to the collection of the First Lien Obligations or the valuation, use, protection or release of any security for the First Lien Obligations, (ii) any election by any Collateral Agent or any holders of First Lien Obligations, in any
proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy Code or (iii) subject to Section 5.01, any borrowing by, or grant of a security interest or administrative expense priority under
Section 364 of the Bankruptcy Code or any equivalent provision of any other Bankruptcy Law, by the Borrower or any of its Subsidiaries, as debtor-in-possession.
Notwithstanding any other provision of this Agreement, the Controlling Collateral Agent shall not accept any Shared Collateral in full or partial satisfaction of any First Lien Obligations pursuant to
Section 9-620 of the Uniform Commercial Code of any jurisdiction, without the consent of each Collateral Agent representing holders of First Lien Obligations for whom such Collateral constitutes Shared
Collateral. 
 ARTICLE VII 

Other Agreements 
 SECTION
7.01. Concerning Secured Credit Documents and Collateral. 
 (a) The Secured Credit Documents of any Class may be Amended, in
whole or in part, in accordance with their terms, in each case without notice to or the consent of the Collateral Agent or any Secured Parties of any other Class; provided that nothing in this paragraph shall affect any limitation on any such
Amendment that is set forth in the Secured Credit Documents of any such other Class. 
 (b) The Grantors agree that they shall not grant to
any Person any Lien on any Shared Collateral securing First Lien Obligations of any Class other than through the Collateral Agent of such Class (it being understood that the foregoing shall not be deemed to prohibit grants of set-off rights to Secured Parties of any Class). 

  
 J-1-15 

 (c) The Grantors agree that they shall not, and shall not permit any Subsidiary to, grant or
permit or suffer to exist any additional Liens (unless otherwise permitted under each Secured Credit Document) on any asset or property to secure any Class of First Lien Obligations unless it has granted a Lien on such asset or property to
secure each other Class of First Lien Obligations; provided, that to the extent the foregoing is not complied with for any reason, without limiting any other rights and remedies available to the Secured Parties, each Secured Party agrees
that any amounts received by or distributed to any of them pursuant to or as a result of Liens granted in contravention of this Section 7.01(c) shall be subject to Article II; 

SECTION 7.02. Refinancings. The First Lien Obligations of any Class may be increased or Refinanced (including, for the avoidance
of doubt, any additional Indebtedness incurred to pay premiums (including tender premiums), defeasance costs, and accrued interest, fees and expenses in connection with such Refinancing), in whole or in part, in each case, without notice to, or the
consent of the Collateral Agent or any Secured Party of any other Class, all without affecting the priorities provided for herein or the other provisions hereof, so long as permitted by the terms of each Secured Credit Document; provided,
that if any obligations of the Grantors in respect of such Refinancing indebtedness shall be secured by Liens on any Shared Collateral, such obligations and the holders thereof shall be subject to and bound by the provisions of this Agreement and,
if not already, the collateral agent under such obligations shall become a party hereto by executing and delivering a Collateral Agent Joinder Agreement. 

SECTION 7.03. Reinstatement. If, in any Insolvency or Liquidation Proceeding or otherwise, all or part of any payment with respect to
the First Lien Obligations of any Class previously made shall be rescinded for any reason whatsoever (including an order or judgment for disgorgement of a preference or other avoidance action under the Bankruptcy Code, or any similar law), then
the terms and conditions of this Agreement shall be fully applicable thereto until all the First Lien Obligations of such Class shall again have been satisfied in full. 

SECTION 7.04. Reorganization Modifications. In the event the First Lien Obligations of any Class are modified pursuant to
applicable law, including Section 1129 of the Bankruptcy Code, any reference to the First Lien Obligations of such Class or the Secured Credit Documents of such Class shall refer to such obligations or such documents as so modified.

 SECTION 7.05. Further Assurances. Each of the Collateral Agents and the Grantors agrees that it will execute, or will cause to be
executed, such reasonable further documents, agreements and instruments, and take all such reasonable further actions, as may be required under any applicable law, or which any Collateral Agent may reasonably request, to effectuate the terms of this
Agreement. 
 ARTICLE VIII 

No Reliance; No Liability 

SECTION 8.01. No Reliance; Information. Each Collateral Agent, on behalf of its Related Secured Parties, acknowledges that (a) its
Related Secured Parties have, independently and without reliance upon any Collateral Agent or any Related Secured Parties, and based on such documents and information as they have deemed appropriate, made their own credit analysis and decision to
enter into the Secured Credit Documents to which they are party and (b) its Related Secured Parties will, independently and without reliance upon any Collateral Agent or any of its Related Secured Parties, and 

  
 J-1-16 

 
based on such documents and information as they shall from time to time deem appropriate, continue to make their own credit decision in taking or not taking any action under this Agreement or any
other Secured Credit Document. The Collateral Agent or Secured Parties of any Class shall have no duty to disclose to any Collateral Agent or any Secured Party of any other Class any information relating to the Borrower or any of the
Grantors or their Subsidiaries, or any other circumstance bearing upon the risk of nonpayment of any of the First Lien Obligations, that is known or becomes known to any of them or any of their Affiliates. If the Collateral Agent or any Secured
Party of any Class, in its sole discretion, undertakes at any time or from time to time to provide any such information to, as the case may be, the Collateral Agent or any Secured Party of any other Class, it shall be under no obligation (i) to
make, and shall not be deemed to have made, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of the information so provided, (ii) to provide any additional
information or to provide any such information on any subsequent occasion or (iii) to undertake any investigation. 
 SECTION 8.02.
No Warranties or Liability. 
 (a) Each Collateral Agent, for itself and on behalf of its Related Secured Parties, acknowledges and
agrees that no Collateral Agent or Secured Party of any other Class has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability or enforceability of any
of the Secured Credit Documents, the ownership of any Shared Collateral or the perfection or priority of any Liens thereon. The Collateral Agent and the Secured Parties of any Class will be entitled to manage and supervise their loans and other
extensions of credit in the manner set forth in their Related Secured Credit Documents. No Collateral Agent shall, by reason of this Agreement, any other Security Document or any other document, have a fiduciary relationship or other implied duties
in respect of any other Collateral Agent or any other Secured Party. 
 (b) No Collateral Agent or Secured Parties of any Class shall
have any express or implied duty to the Collateral Agent or any Secured Party of any other Class to act or refrain from acting in a manner that allows, or results in, the occurrence or continuance of a default or an Event of Default under any
Secured Credit Document (other than, in each case, this Agreement), regardless of any knowledge thereof that they may have or be charged with. 

SECTION 8.03. Rights of Initial Additional First Lien Collateral Agent. 

Notwithstanding anything contained herein to the contrary, the Initial Additional First Lien Collateral Agent shall be entitled to the same
rights, protections, immunities and indemnities as set forth in the Initial Additional First Lien Agreement as if the provisions setting forth those rights, protections, immunities and indemnities are fully set forth herein. 

ARTICLE IX 
 Additional First
Lien Obligations 
 The Borrower may from time to time, subject to any limitations contained in any Secured Credit Documents in effect
at such time, incur and designate additional indebtedness and related obligations that are, or are to be, secured by Liens on any assets of the Borrower or any of the Grantors that would, if such Liens were granted, constitute Shared Collateral as
Additional First Lien Obligations by delivering to each Collateral Agent party hereto at such time a certificate of an Authorized Officer of the Borrower: 

  
 J-1-17 

 (a) describing the indebtedness and other obligations being designated as
Additional First Lien Obligations, and including a statement of the maximum aggregate outstanding principal amount of such indebtedness as of the date of such certificate; 

(b) setting forth the Additional First Lien Obligations Documents under which such Additional First Lien Obligations are or
will be issued or incurred or the Guarantees of or Liens securing such Additional First Lien Obligations are, or are to be, granted or created, and attaching copies of such Additional First Lien Obligations Documents as each Grantor has executed and
delivered to the Person that serves as the collateral agent, collateral trustee or a similar representative for the holders of such Additional First Lien Obligations (such Person being referred to as the “Additional Collateral
Agent”) with respect to such Additional First Lien Obligations on the closing date of such Additional First Lien Obligations, certified as being true and complete in all material respects by an Authorized Officer of the Borrower; 

(c) identifying the Person that serves as the Additional Collateral Agent; 

(d) certifying that the incurrence of such Additional First Lien Obligations, the creation of the Liens securing such
Additional First Lien Obligations and the designation of such Additional First Lien Obligations as “Additional First Lien Obligations” hereunder do not or will not violate or result in a default under any provision of any Secured Credit
Document of any Class in effect at such time; 
 (e) certifying that the Additional First Lien Obligations Documents
authorize the Additional Collateral Agent to become a party hereto by executing and delivering a Collateral Agent Joinder Agreement and provide that, upon such execution and delivery, such Additional First Lien Obligations and the holders thereof
shall become subject to and bound by the provisions of this Agreement; and 
 (f) attaching a fully completed Collateral
Agent Joinder Agreement executed and delivered by the Additional Collateral Agent. 
 Upon the delivery of such certificate and the related attachments as
provided above and as so long as the statements made therein are true and correct as of the date of such certificate, the obligations designated in such notice shall become Additional First Lien Obligations for all purposes of this Agreement.
Notwithstanding anything herein contained to the contrary, each Collateral Agent may conclusively rely on such certificate delivered by the Borrower, and upon its receipt of such certificate, each Collateral Agent shall execute the Collateral Agent
Joinder Agreement evidencing its acknowledgment thereof, and shall incur no liability to any Person for such execution. 
 ARTICLE X 

Miscellaneous 
 SECTION
10.01. Notices. All notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile, as follows: 

(a) if to any Grantor, to it (or, in the case of any Grantor other than the Borrower, to it in care of the Borrower) at: 

  
 J-1-18 

 Red Lion Hotels Corporation 

[    ] 

Facsimile: [    ] 

Attention: [    ] 

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

[ ] 
 (b) if to
the Credit Agreement Collateral Agent, to it at: 
 Deutsche Bank AG New York Branch

Attention: [    ] 

60 Wall Street 
 New York, New
York 10005 
 Telephone: [    ] 

Facsimile: [    ] 

Electronic mail: [    ] 

(c) if to the Initial Additional First Lien Collateral Agent, to it at: 

[    ] 

(d) if to any Additional Collateral Agent, to it at the address set forth in the applicable Collateral Agent Joinder Agreement.

 Any party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto. All
notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt (if a Business Day) and on the next Business Day thereafter (in all other cases)
if delivered by hand or overnight courier service or sent by facsimile or on the date five Business Days after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided
in this Section or in accordance with the latest unrevoked direction from such party given in accordance with this Section. As agreed to in writing by any party hereto from time to time, notices and other communications to such party may also be
delivered by e-mail to the e-mail address of a representative of such party provided from time to time by such party. 

SECTION 10.02. Waivers; Amendment; Joinder Agreements. 

(a) No failure or delay on the part of any party hereto in exercising any right or power hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and
remedies of the parties hereto are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any party therefrom shall in any event be
effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on any party hereto in any
case shall entitle such party to any other or further notice or demand in similar or other circumstances. 

  
 J-1-19 

 (b) Neither this Agreement nor any provision hereof may be waived, amended or otherwise modified
except as contemplated by the Secured Credit Documents and then pursuant to an agreement or agreements in writing entered into by each Collateral Agent then party hereto; provided that no such agreement shall by its terms amend, modify or
otherwise affect the rights or obligations of any Grantor without the Borrower’s prior written consent; provided, further that without any action or consent of any Collateral Agent (i) (A) this Agreement may be supplemented
by a Collateral Agent Joinder Agreement, and an Additional Collateral Agent may become a party hereto, in accordance with Article IX and (B) this Agreement may be supplemented by a Grantor Joinder Agreement, and a Subsidiary may become a
party hereto, in accordance with Section 10.12, and (ii) in connection with any Refinancing of First Lien Obligations of any Class, the Collateral Agents then party hereto shall enter (and are hereby authorized to enter without the consent
of any other Secured Party), at the request of any Collateral Agent or the Borrower, into such amendments or modifications of this Agreement as are reasonably necessary to reflect such Refinancing; provided that such Collateral Agent shall
not be required to enter into such amendments or modifications unless it shall have received a certificate of an Authorized Officer of the Borrower certifying that such Refinancing is permitted hereunder. 

SECTION 10.03. Parties in Interest. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns, as well as the other Secured Parties, all of whom are intended to be bound by, and to be third party beneficiaries of, this Agreement. No other Person shall have or be entitled to assert rights or benefits
hereunder. 
 SECTION 10.04. Effectiveness; Survival. This Agreement shall become effective when executed and delivered by the
parties hereto. All covenants, agreements, representations and warranties made by any party in this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement.
This Agreement shall continue in full force and effect notwithstanding the commencement of any Insolvency or Liquidation Proceeding against the Borrower or any other Grantor, and the parties hereto acknowledge that this Agreement is intended to be
and shall be enforceable as a “subordination” agreement under Bankruptcy Code Section 510(a). All references herein to any Grantor shall apply to any trustee for such Person and such Person as a debtor-in-possession. 
 SECTION 10.05. Counterparts. This Agreement may be executed in
counterparts, each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile or other electronic transmission shall be as
effective as delivery of a manually signed counterpart of this Agreement. 
 SECTION 10.06. Severability. Any provision of this
Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of
the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 10.07. Governing Law; Jurisdiction; Consent to Service of Process. 

(a) This Agreement shall be construed in accordance with and governed by the law of the State of New York. 

  
 J-1-20 

 (b) Each party hereto irrevocably and unconditionally submits, for itself and its property, to
the exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan, New York County and of the United States District Court of the Southern District of New York sitting in the Borough of Manhattan, and any
appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all
claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each party hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any party hereto or any Secured Party may otherwise have to bring any action
or proceeding relating to this Agreement against any party hereto or its properties in the courts of any jurisdiction. 
 (c) Each party
hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement in any court referred to in paragraph (b) of this Section. Each party hereto irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such
court. 
 (d) Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 10.01, such
service to be effective upon receipt. Nothing in this Agreement will affect the right of any party hereto or any Secured Party to serve process in any other manner permitted by law. 

SECTION 10.08. WAIVER OF JURY TRIAL. EACH PARTY HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF
ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 SECTION 10.09. Headings.
Article and Section headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

SECTION 10.10. Conflicts. In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of
any other Secured Credit Documents, the provisions of this Agreement shall control. 
 SECTION 10.11. Provisions Solely to Define
Relative Rights. The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the Secured Parties in relation to one another. Except as expressly provided in this Agreement, none of the
Borrower, any other Grantor, any other Subsidiary or any other creditor of any of the foregoing shall have any rights or obligations hereunder, and none of the Borrower, any other Grantor or any other Subsidiary may rely on the terms hereof. Nothing
in this Agreement is intended to or shall impair the obligations of the 

  
 J-1-21 

 
Borrower or any other Grantor, which are absolute and unconditional, to pay the First Lien Obligations as and when the same shall become due and payable in accordance with their terms. For the
avoidance of doubt, nothing contained herein shall be construed to constitute a waiver or an amendment of any covenant of the Borrower or any other Grantor contained in any Secured Credit Document, which restricts the incurrence of any Indebtedness
or the grant of any Lien. 
 SECTION 10.12. Additional Grantors. In the event any Subsidiary shall have granted a Lien on any of its
assets to secure any First Lien Obligations, the Borrower shall cause such Subsidiary, if not already a party hereto, to become a party hereto as a “Grantor”. Upon the execution and delivery by any Subsidiary of a Grantor Joinder
Agreement, any such Subsidiary shall become a party hereto and a Grantor hereunder with the same force and effect as if originally named as such herein. The execution and delivery of any such instrument shall not require the consent of any other
party hereto. The rights and obligations of each party hereto shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this Agreement. 

SECTION 10.13. Specific Performance. Each Collateral Agent, on behalf of itself and its Related Secured Parties, may demand specific
performance of this Agreement. Each Collateral Agent, on behalf of itself and its Related Secured Parties, hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other defense that might be asserted to bar the remedy
of specific performance in any action which may be brought by the Secured Parties. 
 SECTION 10.14. Integration. This Agreement,
together with the other Secured Credit Documents, represents the agreement of each of the Grantors and the Secured Parties with respect to the subject matter hereof and there are no promises, undertakings, representations or warranties by any
Grantor, any Collateral Agent or any other Secured Party relative to the subject matter hereof not expressly set forth or referred to herein or in the other Secured Credit Documents. 

[SIGNATURE PAGE FOLLOWS] 

  
 J-1-22 

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

			
	DEUTSCHE BANK AG NEW YORK BRANCH, as Credit Agreement Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Intercreditor Agreement] 

  
 J-1-23 

 
			
	[    ],
	as Initial Additional First Lien Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 J-1-24 

 
			
	RED LION HOTELS CORPORATION
		
	By:	 	
                     

		 	Name:
		 	Title:
	
	[OTHER GRANTORS]
		
	By:	 	  

		 	Name:
		 	Title:

  
 J-1-25 

 EXHIBIT I 

[FORM OF] COLLATERAL AGENT JOINDER AGREEMENT NO. [                ] dated as
of [                ], 20[ ] (this “Joinder Agreement”) to the FIRST LIEN INTERCREDITOR AGREEMENT dated as of [    ],
20[    ] (the “Intercreditor Agreement”), among RED LION HOTELS CORPORATION, a Washington corporation (the “Borrower”), the GRANTORS party thereto, DEUTSCHE BANK AG NEW YORK BRANCH, as the Credit
Agreement Collateral Agent, [    ], as Initial Additional First Lien Collateral Agent, and each ADDITIONAL COLLATERAL AGENT from time to time party thereto. 

A. Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Intercreditor
Agreement. 
 B. The Borrower proposes to issue or incur Additional First Lien Obligations and the Person identified in the signature pages
hereto as the “Additional Collateral Agent” (the “Additional Collateral Agent”) will serve as the collateral agent, collateral trustee or a similar representative for the Additional Secured Parties. The Additional First
Lien Obligations are being designated as such by the Borrower in accordance with Article IX of the Intercreditor Agreement. 
 C. The
Additional Collateral Agent wishes to become a party to the Intercreditor Agreement and to acquire and undertake, for itself and on behalf of the Additional Secured Parties, the rights and obligations of an “Additional Collateral Agent”
thereunder. The Additional Collateral Agent is entering into this Joinder Agreement in accordance with the provisions of the Intercreditor Agreement in order to become an Additional Collateral Agent thereunder. 

Accordingly, the Additional Collateral Agent and the Borrower agree as follows, for the benefit of the Additional Collateral Agent, the
Borrower and each other party to the Intercreditor Agreement: 
 SECTION 1. Accession to the Intercreditor Agreement. The Additional
Collateral Agent (a) hereby accedes and becomes a party to the Intercreditor Agreement as an Additional Collateral Agent for the Additional Secured Parties from time to time in respect of the Additional First Lien Obligations, (b) agrees,
for itself and on behalf of the Additional Secured Parties from time to time in respect of the Additional First Lien Obligations, to all the terms and provisions of the Intercreditor Agreement and (c) shall have all the rights and obligations
of an Additional Collateral Agent under the Intercreditor Agreement. 
 SECTION 2. Counterparts. This Joinder Agreement may be
executed in multiple counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Joinder Agreement shall become effective when each Collateral Agent shall have received a
counterpart of this Joinder Agreement that bears the signature of the Additional Collateral Agent. Delivery of an executed signature page to this Joinder Agreement by facsimile or other electronic transmission shall be effective as delivery of a
manually signed counterpart of this Joinder Agreement. 
 SECTION 3. Benefit of Agreement. The agreements set forth herein or
undertaken pursuant hereto are for the benefit of, and may be enforced by, any party to the Intercreditor Agreement. 
 SECTION 4.
Governing Law. THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

  
 J-1-26 

 SECTION 5. Severability. In case any one or more of the provisions contained in this
Joinder Agreement should be held invalid, illegal or unenforceable in any respect, none of the parties hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the
validity, legality and enforceability of the remaining provisions contained herein and in the Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 6. Notices. All communications and notices hereunder shall be in writing and given as provided in Section 10.01 of the
Intercreditor Agreement. All communications and notices hereunder to the Additional Collateral Agent shall be given to it at the address set forth under its signature hereto, which information supplements Section 10.01 of the Intercreditor
Agreement. 
 SECTION 7. Expense Reimbursement. The Borrower agrees to reimburse each Collateral Agent for its reasonable and
invoiced out-of-pocket expenses in connection with this Joinder Agreement, including the reasonable and invoiced fees, other charges and disbursements of counsel for
each Collateral Agent. 

  
 J-1-27 

 IN WITNESS WHEREOF, the Additional Collateral Agent and the Borrower have duly executed this
Joinder Agreement to the Intercreditor Agreement as of the day and year first above written. 
  

			
	[NAME OF ADDITIONAL COLLATERAL AGENT], as ADDITIONAL COLLATERAL AGENT for the ADDITIONAL SECURED PARTIES
		
	By:	 	  

		 	Name:
		 	Title:
	
	Address for notices:
	  

	attention of:
	Telecopy:
	
	RED LION HOTELS CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
	
	[OTHER GRANTORS]
	By:	 	  

		 	Name:
		 	Title:

  
 J-1-28 

			
	 Acknowledged by:
  

	DEUTSCHE BANK AG NEW YORK BRANCH, as Credit Agreement Collateral Agent
		
	By:	 	          

		 	Name:
		 	Title:
	
	 [    ],
 as
Initial Additional First Lien Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:
	
	[EACH OTHER ADDITIONAL
	COLLATERAL AGENT], as Additional
	Collateral Agent
		
	By:	 	  

	Name:
	Title:

  
 J-1-29 

 [FORM OF] GRANTOR JOINDER AGREEMENT NO.
[            ] dated as of [            ], 20[ ] (this “Grantor Joinder Agreement”) to the FIRST LIEN
INTERCREDITOR AGREEMENT dated as of [    ], 20[    ] (the “Intercreditor Agreement”), among RED LION HOTELS CORPORATION, a Washington corporation (the “Borrower”), the
GRANTORS party thereto, DEUTSCHE BANK AG NEW YORK BRANCH, as the Credit Agreement Collateral Agent, [    ], as Initial Additional First Lien Collateral Agent, each ADDITIONAL COLLATERAL AGENT from time to time party thereto and
[            ], a [            ], as an additional GRANTOR. 

A. Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Intercreditor
Agreement. 
 B. [            ], a Subsidiary of the Borrower (the
“Additional Grantor”), has granted a Lien on all or a portion of its assets to secure First Lien Obligations and such Additional Grantor is not a party to the Intercreditor Agreement. 

C. The Additional Grantor wishes to become a party to the Intercreditor Agreement and to acquire and undertake the rights and obligations of a
Grantor thereunder. The Additional Grantor is entering into this Grantor Joinder Agreement in accordance with the provisions of the Intercreditor Agreement in order to become a Grantor thereunder. 

Accordingly, the Additional Grantor agrees as follows, for the benefit of the Collateral Agents, the Borrower and each other party to the
Intercreditor Agreement: 
 SECTION 1. Accession to the Intercreditor Agreement. In accordance with Section 10.12 of the
Intercreditor Agreement, the Additional Grantor (a) hereby accedes and becomes a party to the Intercreditor Agreement as a Grantor with the same force and effect as if originally named therein as a Grantor, (b) agrees to all the terms and
provisions of the Intercreditor Agreement and (c) shall have all the rights and obligations of a Grantor under the Intercreditor Agreement. 

SECTION 2. Representations, Warranties and Acknowledgement of the Additional Grantor. The Additional Grantor represents and warrants to
each Collateral Agent and each Secured Party that this Grantor Joinder Agreement has been duly authorized, executed and delivered by such Additional Grantor and constitutes the legal, valid and binding obligation, enforceable against it in
accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a
proceeding in equity or at law. 
 SECTION 3. Counterparts. This Grantor Joinder Agreement may be executed in multiple counterparts,
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Grantor Joinder Agreement shall become effective when each Collateral Agent shall have received a counterpart of this Grantor
Joinder Agreement that bears the signature of the Additional Grantor. Delivery of an executed signature page to this Grantor Joinder Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually signed
counterpart of this Grantor Joinder Agreement. 
 SECTION 4. Benefit of Agreement. The agreements set forth herein or undertaken
pursuant hereto are for the benefit of, and may be enforced by, any party to the Intercreditor Agreement. 
 SECTION 5. Governing
Law. THIS GRANTOR JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

  
 J-1-30 

 SECTION 6. Severability. In case any one or more of the provisions contained in this
Grantor Joinder Agreement should be held invalid, illegal or unenforceable in any respect, none of the parties hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but
the validity, legality and enforceability of the remaining provisions contained herein and in the Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the
invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7. Notices. All communications and notices hereunder shall be in writing and given as provided in Section 10.01 of the
Intercreditor Agreement. 
 SECTION 8. Expense Reimbursement. The Additional Grantor agrees to reimburse each Collateral Agent for
its reasonable and invoiced out-of-pocket expenses in connection with this Grantor Joinder Agreement, including the reasonable and invoiced fees, other charges and
disbursements of counsel for each Collateral Agent. 

  
 J-1-31 

 IN WITNESS WHEREOF, the Additional Grantor has duly executed this Grantor Joinder Agreement to
the Intercreditor Agreement as of the day and year first above written. 
  

			
	[NAME OF SUBSIDIARY]
		
	By:	 	  

		 	Name:
		 	Title:

  
 J-1-32 

			
	 Acknowledged by:
  

	DEUTSCHE BANK AG NEW YORK BRANCH, as Credit Agreement Collateral Agent
		
	By:	 	
                 

		 	Name:
		 	Title:
	
	 [    ],
 as
Initial Additional First Lien Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:
	
	[EACH OTHER ADDITIONAL
	COLLATERAL AGENT], as Additional
	Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:

  

  
 J-1-33 

 EXHIBIT J-2 

[FORM OF] 
 JUNIOR LIEN
INTERCREDITOR AGREEMENT 
 Among 

RED LION HOTELS CORPORATION, 
 as
the Borrower, 
 the other Grantors party hereto, 

DEUTSCHE BANK AG NEW YORK BRANCH, 

as Senior Representative for the 

First Lien Credit Agreement Secured Parties, 

[each Additional Senior Debt Collateral Agent,] 

[        ], 

as the Second Priority Representative for the 

Initial Second Lien Secured Parties 

and 
 each additional
Representative from time to time party hereto 
 dated as of [    ] 

  
 J-2-1 

 JUNIOR LIEN INTERCREDITOR AGREEMENT dated as of [    ] (as amended,
supplemented or otherwise modified from time to time, this “Agreement”), among RED LION HOTELS CORPORATION, a Washington corporation (the “Borrower”), the other Grantors (as defined below) party hereto, DEUTSCHE
BANK AG NEW YORK BRANCH, as Representative for the First Lien Credit Agreement Secured Parties (in such capacity and together with its successors in such capacity, the “First Lien Credit Agreement Collateral Agent”), [each
additional Collateral Agent for any Senior Obligations (each, an “Additional Senior Debt Collateral Agent”),] [    ], as Representative for the Initial Second Lien Secured Parties (in such capacity and together
with its successors in such capacity, the “Initial Second Lien Collateral Agent”), and each additional Second Priority Representative and Senior Representative that from time to time becomes a party hereto pursuant to
Section 8.09. 
 In consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the First Lien Credit Agreement Collateral Agent (for itself and on behalf of the First Lien Credit Agreement Secured Parties), the Initial Second Lien Collateral Agent (for itself and on behalf of the
Initial Second Lien Secured Parties), each additional Senior Representative (for itself and on behalf of the Additional Senior Debt Parties under the applicable Additional Senior Debt Facility) and each additional Second Priority Representative (for
itself and on behalf of the Second Priority Debt Parties under the applicable Second Priority Debt Facility) agree as follows: 
 ARTICLE I

 Definitions 
 SECTION
1.01. Certain Defined Terms. Capitalized terms used but not otherwise defined herein, if defined in the New York UCC, have the meanings specified therein. As used in this Agreement, the following terms have the meanings specified below. 

“Additional Second Priority Debt” means any Indebtedness that is issued or guaranteed by the Borrower and/or any other
Grantor (and not guaranteed by any Subsidiary that is not a Guarantor) (other than Indebtedness constituting Initial Second Lien Obligations), which Indebtedness and guarantees are secured by the Second Priority Collateral (or any portion thereof)
on a pari passu basis (but without regard to control of remedies, other than as provided by the terms of the applicable Additional Second Priority Debt Documents) with the Initial Second Lien Obligations and any other Second Priority
Debt Obligations and which the applicable Additional Second Priority Debt Documents provide that such Indebtedness and guarantees are to be secured by such Second Priority Collateral on a subordinate basis to the Senior Obligations (and which is not
secured by Liens on any assets of the Borrower or any other Grantor other than the Second Priority Collateral or which are not included in the Senior Collateral); provided, however, that (i) such Indebtedness is permitted to be
incurred, secured and guaranteed on such basis by each then extant Senior Debt Document and Second Priority Debt Document and (ii) the Representative for the holders of such Indebtedness shall have become party to this Agreement pursuant to,
and by satisfying the conditions set forth in, Section 8.09 hereof. Additional Second Priority Debt shall include any Registered Equivalent Notes and Guarantees thereof by the Guarantors issued in exchange therefor. 

“Additional Second Priority Debt Documents” means, with respect to any series, issue or class of Additional Second Priority
Debt, the promissory notes, indentures, the Second Priority Collateral Documents or other operative agreements evidencing or governing such Indebtedness. 

“Additional Second Priority Debt Facility” means each indenture or other governing agreement with respect to any Additional
Second Priority Debt. 

  
 J-2-2 

 “Additional Second Priority Debt Obligations” means, with respect to any series,
issue or class of Additional Second Priority Debt, all amounts owing pursuant to the terms of such Additional Second Priority Debt, including, without limitation, the obligation (including guarantee obligations) to pay principal, interest (including
interest that accrues after the commencement of a Bankruptcy Case, regardless of whether such interest is an allowed claim under such Bankruptcy Case), letter of credit commissions, reimbursement obligations, charges, expenses, fees, attorneys
costs, indemnities and other amounts payable by a Grantor under any Additional Second Priority Debt Document. 
 “Additional Second
Priority Debt Parties” means, with respect to any series, issue or class of Additional Second Priority Debt, the holders of such Indebtedness, the Representative with respect thereto, any trustee or agent therefor under any related
Additional Second Priority Debt Documents and the beneficiaries of each indemnification obligation undertaken by the Borrower or any other Grantor under any related Additional Second Priority Debt Documents. 

“Additional Senior Debt” means any Indebtedness that is issued or guaranteed by the Borrower and/or any Guarantor (other than
Indebtedness constituting First Lien Credit Agreement Obligations) which Indebtedness and Guarantees are secured by the Senior Collateral (or a portion thereof) on a pari passu basis (but without regard to control of remedies) with the
First Lien Credit Agreement Obligations; provided, however, that (i) such Indebtedness is permitted to be incurred, secured and guaranteed on such basis by each then extant Senior Debt Document and Second Priority Debt Document
and (ii) the Representative for the holders of such Indebtedness shall have (A) executed and delivered this Agreement as of the date hereof or become party to this Agreement pursuant to, and by satisfying the conditions set forth in,
Section 8.09 hereof and (B) become a party to the First Lien Intercreditor Agreement pursuant to, and by satisfying the conditions set forth in, Article IX thereof. Additional Senior Debt shall include any Registered Equivalent Notes and
Guarantees thereof by the Guarantors issued in exchange therefor. 
 [“Additional Senior Debt Collateral Agent” has the
meaning assigned to such term in the introductory paragraph of this Agreement.] 
 “Additional Senior Debt Documents”
means, with respect to any series, issue or class of Additional Senior Debt, the promissory notes, indentures, the Senior Collateral Documents or other operative agreements evidencing or governing such Indebtedness. 

“Additional Senior Debt Facility” means each indenture or other governing agreement with respect to any Additional Senior
Debt. 
 “Additional Senior Debt Obligations” means, with respect to any series, issue or class of Additional Senior Debt,
all amounts owing pursuant to the terms of such Additional Senior Debt, including, without limitation, the obligation (including guarantee obligations) to pay principal, interest (including interest that accrues after the commencement of a
Bankruptcy Case, regardless of whether such interest is an allowed claim under such Bankruptcy Case), letter of credit commissions, reimbursement obligations, charges, expenses, fees, attorneys costs, indemnities and other amounts payable by a
Grantor under any Additional Senior Debt Document. 
 “Additional Senior Debt Parties” means, with respect to any series,
issue or class of Additional Senior Debt, the holders of such Indebtedness, the Representative with respect thereto, any trustee or agent therefor under any related Additional Senior Debt Documents and the beneficiaries of each indemnification
obligation undertaken by the Borrower or any Guarantor under any related Additional Senior Debt Documents. 
 “Agreement”
has the meaning assigned to such term in the introductory paragraph of this Agreement. 

  
 J-2-3 

 “Authorized Officer” means, with respect to any Person, the chief executive
officer, the chief financial officer, principal accounting officer, the president, any vice president, treasurer, general counsel, secretary or another executive officer of such Person. 

“Bankruptcy Case” means a case under the Bankruptcy Code or any other Bankruptcy Law. 

“Bankruptcy Code” means Title 11 of the United States Code, as amended or any similar federal or state law for the relief of
debtors. 
 “Bankruptcy Law” means the Bankruptcy Code and any similar federal, state or foreign law for the relief of
debtors. 
 “Borrower” has the meaning assigned to such term in the introductory paragraph of this Agreement. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed. 
 “Class Debt” has the meaning assigned to such term in
Section 8.09. 
 “Class Debt Parties” has the meaning assigned to such term in Section 8.09.

 “Class Debt Representatives” has the meaning assigned to such term in Section 8.09. 

“Collateral” means the Senior Collateral and the Second Priority Collateral. 

“Collateral Agents” means the First Lien Credit Agreement Collateral Agent, each Additional Senior Debt Collateral Agent, the
Initial Second Lien Collateral Agent and any collateral agent designated pursuant to any Additional Second Priority Debt Documents. 

“Collateral Documents” means the Senior Collateral Documents and the Second Priority Collateral Documents. 

“Debt Facility” means any Senior Facility and any Second Priority Debt Facility. 

“Designated Second Priority Representative” means (i) the Initial Second Lien Collateral Agent, until such time as the
Initial Second Lien Agreement ceases to be the only Second Priority Debt Facility under this Agreement and (ii) thereafter, the Second Priority Representative designated from time to time by the Second Priority Majority Representatives, in a
notice to the Designated Senior Representative and the Borrower hereunder, as the “Designated Second Priority Representative” for purposes hereof. 

“Designated Senior Representative” means the Controlling Collateral Agent (as defined in the First Lien Intercreditor
Agreement) at such time. 
 “DIP Financing” has the meaning assigned to such term in Section 6.01. 

“Discharge” means, with respect to any Shared Collateral and any Debt Facility, the date on which such Debt Facility and the
Senior Obligations or Second Priority Debt Obligations thereunder, as the case may be, are no longer secured by such Shared Collateral pursuant to the terms of the documentation governing such Debt Facility. The term “Discharged”
shall have a corresponding meaning. 

  
 J-2-4 

 “Discharge of Senior Obligations” means the date on which each Senior Facility
has been Discharged. 
 “First Lien Credit Agreement” means the Credit Agreement dated as of [ ] by and among the Borrower,
the other guarantors party thereto from time to time, the lenders party thereto from time to time, Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and one or more other financing arrangements (including, without
limitation, any guarantee agreements and security documents), in each case as such agreements may be amended (including any amendment and restatement thereof), supplemented or otherwise modified from time to time, including any agreement, indenture,
credit facility, commercial paper facility or new agreement extending the maturity of, refinancing, replacing, consolidating or otherwise restructuring all or any portion of the Indebtedness under any such agreement or any successor or replacement
agreement and whether by the same or any other agent, lender or group of lenders and whether or not increasing the amount of Indebtedness that may be incurred thereunder (provided that such Indebtedness is permitted to be incurred under the Senior
Debt Documents and the Second Priority Debt Documents); provided (a) that the obligations in respect of any such other financing arrangement or agreement are secured by Liens on the Shared Collateral that rank pari passu with the
Liens securing the Senior Obligations, (b) that the collateral agent for any such other financing arrangement or agreement becomes a party to the First Lien Intercreditor Agreement by executing and delivering a Collateral Agent Joinder
Agreement (as defined in the First Lien Intercreditor Agreement) and to this Agreement by executing and delivering a Joinder Agreement and (c) in the case of any refinancing or replacement, the Borrower designates such financing arrangement or
agreement as the “Credit Agreement” (and not an Additional First Lien Obligation, as defined in the First Lien Intercreditor Agreement) under the First Lien Intercreditor Agreement and as the “First Lien Credit Agreement” (and
not Additional Senior Debt) hereunder. 
 “First Lien Credit Agreement Collateral Agent” has the meaning assigned to such
term in the introductory paragraph of this Agreement and shall include any successor Collateral Agent under the First Lien Credit Agreement. 

“First Lien Credit Agreement Loan Documents” means the First Lien Credit Agreement and the other “Loan Documents”
as defined in the First Lien Credit Agreement. 
 “First Lien Credit Agreement Obligations” means the
“Obligations” as defined in the First Lien Credit Agreement. 
 “First Lien Credit Agreement Secured Parties”
means the “Secured Parties” as defined in the First Lien Credit Agreement. 
 “First Lien Credit Agreement Security
Agreement” means the “Security Agreement” as defined in the First Lien Credit Agreement. 
 “First Lien
Intercreditor Agreement” has the meaning assigned to such term in the First Lien Credit Agreement. 
 “Grantors”
means the Borrower, the other Guarantors, and each of their respective Subsidiaries or direct or indirect parent company of the Borrower which has granted a security interest pursuant to any Collateral Document to secure any Secured Obligations. The
Grantors existing on the date hereof are listed on the signature pages hereto as Grantors. 

  
 J-2-5 

 “Guarantors” means each Person that guarantees any Senior Obligations pursuant
to any Senior Debt Documents. 
 “Indebtedness” has the meaning assigned to such term in the First Lien Credit Agreement or
the Initial Second Lien Agreement, as applicable. 
 “Initial Second Lien Agreement” means that certain [Indenture][Credit
Agreement][Other Agreement], dated as of [                ], among the Borrower, [the Guarantors identified therein,] and
[                ], as [trustee][administrative agent], as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time,
together with any Refinancing thereof; provided, (a) the obligations in respect of any such Refinancing are secured by Liens on the Shared Collateral that rank junior to the Liens securing the Senior Obligations and (b) that the
holders of any such Refinancing debt (or their agent on their behalf) shall bind themselves in writing to the terms of this Agreement. 

“Initial Second Lien Collateral Agent” has the meaning assigned to such term in the introductory paragraph of this Agreement.

 “Initial Second Lien Debt Documents” means the Initial Second Lien Agreement and the other related facility
“Documents” as defined in the Initial Second Lien Agreement. 
 “Initial Second Lien Obligations” means the
“Obligations” as such term is defined in the Initial Second Lien Security Agreement. 
 “Initial Second Lien Secured
Parties” means the means the Initial Second Lien Collateral Agent and the holders of the Initial Second Lien Obligations issued pursuant to the Initial Second Lien Agreement. 

“Initial Second Lien Security Agreement” means the [security][collateral] agreement, dated as of the date hereof, among the
Borrower, the Initial Second Lien Collateral Agent and the other parties thereto, as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time. 

“Insolvency or Liquidation Proceeding” means: 

(1) any case commenced by or against the Borrower or any other Grantor under any Bankruptcy Law, any other proceeding for the
reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of the Borrower or any other Grantor, any receivership or assignment for the benefit of creditors relating to the Borrower or any other Grantor or any similar
case or proceeding relative to the Borrower or any other Grantor or its creditors, as such, in each case whether or not voluntary; 

(2) any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to the Borrower or
any other Grantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or 
 (3) any
other proceeding of any type or nature in which substantially all claims of creditors of the Borrower or any other Grantor are determined and any payment or distribution is or may be made on account of such claims. 

“Joinder Agreement” means a supplement to this Agreement in substantially the form of Annex II or Annex III hereof. 

  
 J-2-6 

 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any
easement, right of way or other encumbrance on title to real property, and any Capitalized Lease having substantially the same economic effect as any of the foregoing). 

“New York UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York. 

“Officer’s Certificate” has the meaning provided to such term in Section 8.08. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, governmental authority or other entity. 
 “Possessory Collateral” means any Shared Collateral in the
possession of a Collateral Agent (or its agents or bailees), to the extent that possession thereof perfects a Lien thereon under the Uniform Commercial Code of any jurisdiction. Possessory Collateral includes, without limitation, any Certificated
Securities, Promissory Notes, Instruments, and Chattel Paper, in each case, delivered to or in the possession of any Collateral Agent under the terms of the Senior Collateral Documents or the Second Priority Collateral Documents. 

“Proceeds” means the proceeds of any sale, collection or other liquidation of Shared Collateral and any payment or
distribution made in respect of Shared Collateral in a Bankruptcy Case and any amounts received by any Senior Representative or any Senior Secured Party from a Second Priority Debt Party in respect of Shared Collateral pursuant to this Agreement.

 “Purchase Event” has the meaning assigned to such term in Section 5.07. 

“Recovery” has the meaning assigned to such term in Section 6.04. 

“Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, refund, repay, prepay, redeem, purchase,
defease, retire, restructure, amend, increase, modify, supplement or replace, or to issue other Indebtedness or enter alternative financing arrangements in exchange or replacement for, such Indebtedness, in whole or in part, including by adding or
replacing lenders, creditors, agents, borrowers and/or guarantors, and including, in each case, but not limited to, after the original instrument giving rise to such indebtedness has been terminated and including, in each case, through any credit
agreement, indenture or other agreement. “Refinanced” and “Refinancing” shall have correlative meanings. 

“Registered Equivalent Notes” means, with respect to any notes originally issued in a Rule 144A or other private placement
transaction under the Securities Act of 1933, substantially identical notes (having the same Guarantees) issued in a dollar-for-dollar exchange therefor pursuant to an
exchange offer registered with the SEC. 
 “Replacement Senior Obligations” has the meaning assigned to such term in
Section 8.10. 
 “Representatives” means the Senior Representatives and the Second Priority Representatives. 

“SEC” means the United States Securities and Exchange Commission and any successor agency thereto. 

  
 J-2-7 

 “Second Priority Class Debt” has the meaning assigned to such
term in Section 8.09. 
 “Second Priority Class Debt Parties” has the meaning assigned to such term
in Section 8.09. 
 “Second Priority Class Debt Representative” has the meaning assigned to such
term in Section 8.09. 
 “Second Priority Collateral” means any “Collateral” as defined in any Initial
Second Lien Debt Document or any other Second Priority Debt Document or any other assets of the Borrower or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Second Priority Collateral Document as
security for any Second Priority Debt Obligation. 
 “Second Priority Collateral Documents” means the Initial Second Lien
Security Agreement and the other “Collateral Documents” as defined in the Initial Second Lien Agreement and each of the collateral agreements, security agreements and other instruments and documents executed and delivered by the Borrower
or any other Grantor for purposes of providing collateral security for any Second Priority Debt Obligation. 
 “Second Priority
Debt” means any Initial Second Lien Obligations and any Additional Second Priority Debt. 
 “Second Priority Debt
Documents” means the Initial Second Lien Debt Documents and any Additional Second Priority Debt Documents. 
 “Second
Priority Debt Facilities” means the Initial Second Lien Agreement and any Additional Second Priority Debt Facilities. 

“Second Priority Debt Obligations” means the Initial Second Lien Obligations and any Additional Second Priority Debt
Obligations. 
 “Second Priority Debt Parties” means the Initial Second Lien Secured Parties and any Additional Second
Priority Debt Parties. 
 “Second Priority Enforcement Date” means, with respect to any Second Priority Representative, the
date which is 180 days after the occurrence of both (i) an Event of Default (under and as defined in the Second Priority Debt Document for which such Second Priority Representative has been named as Representative) and (ii) the Designated
Senior Representative’s and each other Representative’s receipt of written notice from such Second Priority Representative that (x) such Second Priority Representative is the Designated Second Priority Representative and that an Event
of Default (under and as defined in the Second Priority Debt Document for which such Second Priority Representative has been named as Representative) has occurred and is continuing and (y) the Second Priority Debt Obligations of the series with
respect to which such Second Priority Representative is the Second Priority Representative are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the applicable Second
Priority Debt Document; provided that the Second Priority Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred with respect to any Shared Collateral (1) at any time the Designated Senior
Representative has commenced and is diligently pursuing any enforcement action with respect to such Shared Collateral or (2) at any time the Grantor which has granted a security interest in such Shared Collateral is then a debtor under or with
respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding. 

  
 J-2-8 

 “Second Priority Majority Representatives” means Second Priority Representatives
representing at least a majority of the then aggregate amount of Second Priority Debt Obligations for borrowed money that agree to vote together. 

“Second Priority Lien” means the Liens on the Second Priority Collateral in favor of Second Priority Debt Parties under
Second Priority Collateral Documents. 
 “Second Priority Representative” means (i) in the case of the Initial Second
Lien Obligations, the Initial Second Lien Collateral Agent and (ii) in the case of any Second Priority Debt Facility incurred after the date hereof, the Second Priority Debt Parties thereunder, the trustee, administrative agent, collateral
agent, security agent or similar agent under such Second Priority Debt Facility that is named as the Representative in respect of such Second Priority Debt Facility in the applicable Joinder Agreement. 

“Secured Obligations” means the Senior Obligations and the Second Priority Debt Obligations. 

“Secured Parties” means the Senior Secured Parties and the Second Priority Debt Parties. 

“Senior Class Debt” has the meaning assigned to such term in Section 8.09. 

“Senior Class Debt Parties” has the meaning assigned to such term in Section 8.09. 

“Senior Class Debt Representative” has the meaning assigned to such term in Section 8.09. 

“Senior Collateral” means any “Collateral” as defined in any First Lien Credit Agreement Loan Document or any other
Senior Debt Document or any other assets of the Borrower or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Senior Collateral Document as security for any Senior Obligations. 

“Senior Collateral Documents” means the First Lien Credit Agreement Security Agreement and the other “Collateral
Documents” as defined in the First Lien Credit Agreement, the First Lien Intercreditor Agreement (upon and after the initial execution and delivery thereof by the initial parties thereto) and each of the collateral agreements, security
agreements and other instruments and documents executed and delivered by the Borrower or any other Grantor for purposes of providing collateral security for any Senior Obligation. 

“Senior Debt Documents” means the First Lien Credit Agreement Loan Documents and any Additional Senior Debt Documents. 

“Senior Facilities” means the First Lien Credit Agreement and any Additional Senior Debt Facilities. 

“Senior Lien” means the Liens on the Senior Collateral in favor of the Senior Secured Parties under the Senior Collateral
Documents. 
 “Senior Obligations” means the First Lien Credit Agreement Obligations and any Additional Senior Debt
Obligations; provided that the aggregate principal amount of debt for borrowed money constituting Senior Obligations shall not exceed the amount of such debt permitted to be incurred in accordance with the terms of the Second Priority Debt
Documents. 

  
 J-2-9 

 “Senior Representative” means (i) in the case of any First Lien Credit
Agreement Obligations or the First Lien Credit Agreement Secured Parties, the First Lien Credit Agreement Collateral Agent and (ii) in the case of any Additional Senior Debt Facility and the Additional Senior Debt Parties thereunder, the
trustee, administrative agent, collateral agent, security agent or similar agent under such Additional Senior Debt Facility that is named as the Representative in respect of such Additional Senior Debt Facility hereunder or in the applicable Joinder
Agreement. 
 “Senior Secured Parties” means the First Lien Credit Agreement Secured Parties and any Additional Senior Debt
Parties. 
 “Shared Collateral” means, at any time, Collateral in which the holders of Senior Obligations under at least
one Senior Facility and the holders of Second Priority Debt Obligations under at least one Second Priority Debt Facility (or their Representatives) hold a security interest at such time (or, in the case of the Senior Facilities, are deemed pursuant
to Article II to hold a security interest). If, at any time, any portion of the Senior Collateral under one or more Senior Facilities does not constitute Second Priority Collateral under one or more Second Priority Debt Facilities, then such portion
of such Senior Collateral shall constitute Shared Collateral only with respect to the Second Priority Debt Facilities for which it constitutes Second Priority Collateral and shall not constitute Shared Collateral for any Second Priority Debt
Facility which does not have a security interest in such Collateral at such time. 
 “Subsidiary” of a Person means a
corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or
both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower. For the avoidance of doubt, any entity that is owned at a
50.0% or less level (as described above) shall not be a “Subsidiary” for any purpose under this Agreement, regardless of whether such entity is consolidated on Borrower’s or any Subsidiary’s financial statements. 

“Uniform Commercial Code” or “UCC” means, unless otherwise specified, the Uniform Commercial Code as from
time to time in effect in the State of New York. 
 SECTION 1.02. Terms Generally. The definitions of terms herein shall apply
equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise,
(i) any definition of or reference to any agreement, instrument, other document, statute or regulation herein shall be construed as referring to such agreement, instrument, other document, statute or regulation as from time to time amended,
supplemented or otherwise modified, (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, but shall not be deemed to include the subsidiaries of such Person unless express reference is
made to such subsidiaries, (iii) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof,
(iv) all references herein to Articles, Sections and Annexes shall be construed to refer to Articles, Sections and Annexes of this Agreement, (v) unless otherwise expressly qualified herein, the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (vi) the term “or” is
not exclusive. 

  
 J-2-10 

 ARTICLE II 

Priorities and Agreements with Respect to Shared Collateral 

SECTION 2.01. Subordination. 

(a) Notwithstanding the date, time, manner or order of filing or recordation of any document or instrument or grant, attachment or perfection
of any Liens granted to any Second Priority Representative or any Second Priority Debt Parties on the Shared Collateral or of any Liens granted to any Senior Representative or any other Senior Secured Party on the Shared Collateral (or any actual or
alleged defect in any of the foregoing) and notwithstanding any provision of the UCC, any applicable law, any Second Priority Debt Document or any Senior Debt Document or any other circumstance whatsoever, each Second Priority Representative, on
behalf of itself and each Second Priority Debt Party under its Second Priority Debt Facility, hereby agrees that (a) any Lien on the Shared Collateral securing any Senior Obligations now or hereafter held by or on behalf of any Senior
Representative or any other Senior Secured Party or other agent or trustee therefor, regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall have priority over and be senior in all respects and prior
to any Lien on the Shared Collateral securing any Second Priority Debt Obligations and (b) any Lien on the Shared Collateral securing any Second Priority Debt Obligations now or hereafter held by or on behalf of any Second Priority
Representative, any Second Priority Debt Parties or other agent or trustee therefor, regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on
the Shared Collateral securing any Senior Obligations. All Liens on the Shared Collateral securing any Senior Obligations shall be and remain senior in all respects and prior to all Liens on the Shared Collateral securing any Second Priority Debt
Obligations for all purposes, whether or not such Liens securing any Senior Obligations are subordinated to any Lien securing any other obligation of the Borrower, any Grantor or any other Person or otherwise subordinated, voided, avoided,
invalidated or lapsed. 
 SECTION 2.02. Nature of Senior Lender Claims. Each Second Priority Representative, on behalf of itself and
each Second Priority Debt Party under its Second Priority Debt Facility, acknowledges that (a) a portion of the Senior Obligations is revolving in nature and that the amount thereof that may be outstanding at any time or from time to time may
be increased or reduced and subsequently reborrowed, (b) the terms of the Senior Debt Documents and the Senior Obligations may be amended, supplemented or otherwise modified, and the Senior Obligations, or a portion thereof, may be Refinanced
from time to time and (c) the aggregate amount of the Senior Obligations may be increased, in each case, without notice to or consent by the Second Priority Representatives or the Second Priority Debt Parties and without affecting the
provisions hereof. The Lien priorities provided for in Section 2.01 shall not be altered or otherwise affected by any amendment, supplement or other modification, or any Refinancing, of either the Senior Obligations or the Second Priority Debt
Obligations, or any portion thereof. As between the Borrower and the other Grantors and the Second Priority Debt Parties, the foregoing provisions will not limit or otherwise affect the obligations of the Borrower and the Grantors contained in any
Second Priority Debt Document with respect to the incurrence of additional Senior Obligations. 
 SECTION 2.03. Prohibition on Contesting
Liens. Each of the Second Priority Representatives, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, agrees that it shall not (and hereby waives any right to) contest or support any other
Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the validity, extent, perfection, priority or enforceability of any Lien securing any Senior Obligations held (or purported to be held) by or on behalf of
any Senior Representative or any of the other Senior Secured Parties or other agent or trustee therefor in any Senior Collateral, and each Senior Representative, for 

  
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itself and on behalf of each Senior Secured Party under its Senior Facility, agrees that it shall not (and hereby waives any right to) contest or support any other Person in contesting, in any
proceeding (including any Insolvency or Liquidation Proceeding), the validity, extent, perfection, priority or enforceability of any Lien securing any Second Priority Debt Obligations held (or purported to be held) by or on behalf of any of any
Second Priority Representative or any of the Second Priority Debt Parties in the Second Priority Collateral. Notwithstanding the foregoing, no provision in this Agreement shall be construed to prevent or impair the rights of any Senior
Representative to enforce this Agreement (including the priority of the Liens securing the Senior Obligations as provided in Section 2.01) or any of the Senior Debt Documents. 

SECTION 2.04. No Other Liens. The parties hereto agree that, so long as the Discharge of Senior Obligations has not occurred, none of
the Grantors shall, or shall permit any of its subsidiaries to, grant or permit any Lien on any asset to secure any Second Priority Debt Obligation unless it has granted, or concurrently therewith grants, a Lien on such asset to secure the Senior
Obligations. To the extent that the provisions of the immediately preceding sentence are not complied with for any reason, without limiting any other right or remedy available to any Senior Representative or any other Senior Secured Party, each
Second Priority Representative agrees, for itself and on behalf of the other Second Priority Debt Parties, that any amounts received by or distributed to any Second Priority Debt Party pursuant to or as a result of any Lien granted in contravention
of this Section 2.04 shall be subject to Section 4.02. 
 SECTION 2.05. Perfection of Liens. Except for the limited
agreements of the Senior Representatives pursuant to Section 5.05 hereof, none of the Senior Representatives or the Senior Secured Parties shall be responsible for perfecting and maintaining the perfection of Liens with respect to the Shared
Collateral for the benefit of the Second Priority Representatives or the Second Priority Debt Parties. The provisions of this Agreement are intended solely to govern the respective Lien priorities as between the Senior Secured Parties and the Second
Priority Debt Parties and shall not impose on the Senior Representatives, the Senior Secured Parties, the Second Priority Representatives, the Second Priority Debt Parties or any agent or trustee therefor any obligations in respect of the
disposition of Proceeds of any Shared Collateral which would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental authority or any applicable law. 

ARTICLE III 
 Enforcement

 SECTION 3.01. Exercise of Remedies. 

(a) So long as the Discharge of Senior Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced
by or against the Borrower or any other Grantor, (i) neither any Second Priority Representative nor any Second Priority Debt Party will (x) exercise or seek to exercise any rights or remedies (including setoff) with respect to any Shared
Collateral in respect of any Second Priority Debt Obligations, or institute any action or proceeding with respect to such rights or remedies (including any action of foreclosure), (y) contest, protest or object to any foreclosure proceeding or
action brought with respect to the Shared Collateral or any other Senior Collateral by any Senior Representative or any Senior Secured Party in respect of the Senior Obligations, the exercise of any right by any Senior Representative or any Senior
Secured Party (or any agent or sub-agent on their behalf) in respect of the Senior Obligations under any lockbox agreement, control agreement, landlord waiver or bailee’s letter or similar agreement or
arrangement to which any Senior Representative or any Senior Secured Party either is a party or may have rights as a third party beneficiary, or any other exercise by any such party of any rights and remedies relating to the Shared

  
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Collateral under the Senior Debt Documents or otherwise in respect of the Senior Collateral or the Senior Obligations, or (z) object to the forbearance by the Senior Secured Parties from
bringing or pursuing any foreclosure proceeding or action or any other exercise of any rights or remedies relating to the Shared Collateral in respect of Senior Obligations and (ii) the Senior Representatives and the Senior Secured Parties
shall have the exclusive right to enforce rights, exercise remedies (including setoff and the right to credit bid their debt) and make determinations regarding the release, disposition or restrictions with respect to the Shared Collateral without
any consultation with or the consent of any Second Priority Representative or any Second Priority Debt Party; provided, however, that (A) in any Insolvency or Liquidation Proceeding commenced by or against the Borrower or any
other Grantor, any Second Priority Representative may file a claim or statement of interest with respect to the Second Priority Debt Obligations under its Second Priority Debt Facility, (B) any Second Priority Representative may take any action
(not adverse to the prior Liens on the Shared Collateral securing the Senior Obligations or the rights of the Senior Representatives or the Senior Secured Parties to exercise remedies in respect thereof) in order to create, prove, perfect, preserve
or protect (but not enforce) its rights in, and perfection and priority of its Lien on, the Shared Collateral, (C) any Second Priority Representative and the Second Priority Debt Parties may exercise their rights and remedies as unsecured
creditors, to the extent provided in Section 5.04, (D) the Second Priority Debt Parties may file any responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any person objecting to or
otherwise seeking the disallowance of the claims of the Second Priority Debt Parties or the avoidance of any Second Priority Lien to the extent not inconsistent with the terms of this Agreement, and (E) from and after the Second Priority
Enforcement Date, the Designated Second Priority Representative may exercise or seek to exercise any rights or remedies (including setoff) with respect to any Shared Collateral in respect of any Second Priority Debt Obligations, or institute any
action or proceeding with respect to such rights or remedies (including any action of foreclosure). In exercising rights and remedies with respect to the Senior Collateral, the Senior Representatives and the Senior Secured Parties may enforce the
provisions of the Senior Debt Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion. Such exercise and enforcement shall include the rights of an agent
appointed by them to sell or otherwise dispose of Shared Collateral upon foreclosure, to incur expenses in connection with such sale or disposition and to exercise all the rights and remedies of a secured lender under the Uniform Commercial Code of
any applicable jurisdiction and of a secured creditor under Bankruptcy Laws of any applicable jurisdiction. 
 (b) So long as the Discharge
of Senior Obligations has not occurred, except as expressly provided in the proviso in clause (ii) of Section 3.01(a), each Second Priority Representative, on behalf of itself and each Second Priority Debt Party under its Second Priority
Debt Facility, agrees that it will not, in the context of its role as secured creditor, take or receive any Shared Collateral or any Proceeds of Shared Collateral in connection with the exercise of any right or remedy (including setoff) with respect
to any Shared Collateral in respect of Second Priority Debt Obligations. Without limiting the generality of the foregoing, unless and until the Discharge of Senior Obligations has occurred, except as expressly provided in the proviso in clause
(ii) of Section 3.01(a), the sole right of the Second Priority Representatives and the Second Priority Debt Parties with respect to the Shared Collateral is to hold a Lien on the Shared Collateral in respect of Second Priority Debt
Obligations pursuant to the Second Priority Debt Documents for the period and to the extent granted therein and to receive a share of the Proceeds thereof, if any, after the Discharge of Senior Obligations has occurred. 

(c) Subject to the proviso in clause (ii) of Section 3.01(a), (i) each Second Priority Representative, for itself and on behalf of
each Second Priority Debt Party under its Second Priority Debt Facility, agrees that neither such Second Priority Representative nor any such Second Priority Debt Party will take any action that would hinder any exercise of remedies undertaken by
any Senior Representative or any Senior Secured Party with respect to the Shared Collateral under the Senior Debt Documents, including any sale, lease, exchange, transfer or other disposition of the Shared Collateral, whether by

  
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foreclosure or otherwise, and (ii) each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, hereby waives any
and all rights it or any such Second Priority Debt Party may have as a junior lien creditor or otherwise to object to the manner in which the Senior Representatives or the Senior Secured Parties seek to enforce or collect the Senior Obligations or
the Liens granted on any of the Senior Collateral, regardless of whether any action or failure to act by or on behalf of any Senior Representative or any other Senior Secured Party is adverse to the interests of the Second Priority Debt Parties.

 (d) Each Second Priority Representative hereby acknowledges and agrees that no covenant, agreement or restriction contained in any Second
Priority Debt Document shall be deemed to restrict in any way the rights and remedies of the Senior Representatives or the Senior Secured Parties with respect to the Senior Collateral as set forth in this Agreement and the Senior Debt Documents.

 (e) Subject to Section 3.01(a), the Designated Senior Representative shall have the exclusive right to exercise any right or remedy
with respect to the Shared Collateral and shall have the exclusive right to determine and direct the time, method and place for exercising such right or remedy or conducting any proceeding with respect thereto. Following the Discharge of Senior
Obligations, the Designated Second Priority Representative who may be instructed by the Second Priority Majority Representatives shall have the exclusive right to exercise any right or remedy with respect to the Collateral, and the Designated Second
Priority Representative who may be instructed by the Second Priority Majority Representatives shall have the exclusive right to direct the time, method and place of exercising or conducting any proceeding for the exercise of any right or remedy
available to the Second Priority Debt Parties with respect to the Collateral, or of exercising or directing the exercise of any trust or power conferred on the Second Priority Representatives, or for the taking of any other action authorized by the
Second Priority Collateral Documents; provided, however, that nothing in this Section 3.01(e) shall impair the right of any Second Priority Representative or other agent or trustee acting on behalf of the Second Priority Debt
Parties to take such actions with respect to the Collateral after the Discharge of Senior Obligations as may be otherwise required or authorized pursuant to any intercreditor agreement governing the Second Priority Debt Parties or the Second
Priority Debt Obligations. 
 SECTION 3.02. Cooperation. Subject to the proviso in clause (ii) of Section 3.01(a), each
Second Priority Representative, on behalf of itself and each Second Priority Debt Party under its Second Priority Debt Facility, agrees that, unless and until the Discharge of Senior Obligations has occurred, it will not commence, or join with any
Person (other than the Senior Secured Parties and the Senior Representatives upon the request of the Designated Senior Representative) in commencing, any enforcement, collection, execution, levy or foreclosure action or proceeding with respect to
any Lien held by it in the Shared Collateral under any of the Second Priority Debt Documents or otherwise in respect of the Second Priority Debt Obligations. 

SECTION 3.03. Actions upon Breach. Should any Second Priority Representative or any Second Priority Debt Party, contrary to this
Agreement, in any way take, attempt to take or threaten to take any action with respect to the Shared Collateral (including any attempt to realize upon or enforce any remedy with respect to this Agreement) or fail to take any action required by this
Agreement, any Senior Representative or other Senior Secured Party (in its or their own name or in the name of the Borrower or any other Grantor) or the Borrower may obtain relief against such Second Priority Representative or such Second Priority
Debt Party by injunction, specific performance or other appropriate equitable relief. Each Second Priority Representative, on behalf of itself and each Second Priority Debt Party under its Second Priority Facility, hereby (i) agrees that the
Senior Secured Parties’ damages from the actions of the Second Priority Representatives or any Second Priority Debt Party may at that time be difficult to ascertain and may be irreparable and waives any defense that the Borrower, any other
Grantor or the Senior Secured Parties cannot demonstrate damage or be made whole by the 

  
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awarding of damages and (ii) irrevocably waives any defense based on the adequacy of a remedy at law and any other defense that might be asserted to bar the remedy of specific performance in
any action that may be brought by any Senior Representative or any other Senior Secured Party. 
 ARTICLE IV 

Payments 
 SECTION 4.01.
Application of Proceeds. After an event of default under any Senior Debt Document has occurred and until such event of default is cured or waived, so long as the Discharge of Senior Obligations has not occurred, the Shared Collateral or
Proceeds thereof received in connection with the sale or other disposition of, or collection on, such Shared Collateral upon the exercise of remedies shall be applied to the Senior Obligations in such order as specified in the relevant Senior Debt
Documents (including the First Lien Intercreditor Agreement) until the Discharge of Senior Obligations has occurred. Upon the Discharge of Senior Obligations, each applicable Senior Representative shall deliver promptly to the Designated Second
Priority Representative any Shared Collateral or Proceeds thereof held by it in the same form as received, with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct, to be applied by the Designated Second Priority
Representative to the Second Priority Debt Obligations in such order as specified in the relevant Second Priority Debt Documents. 
 SECTION
4.02. Payments Over. Unless and until the Discharge of Senior Obligations has occurred, any Shared Collateral or Proceeds thereof received by any Second Priority Representative or any Second Priority Debt Party in connection with the exercise
of any right or remedy (including setoff) relating to the Shared Collateral, in contravention of this Agreement or otherwise, shall be segregated and held in trust for the benefit of and forthwith paid over to the Designated Senior Representative
for the benefit of the Senior Secured Parties in the same form as received, with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct. The Designated Senior Representative is hereby authorized to make any such
endorsements as agent for each of the Second Priority Representatives or any such Second Priority Debt Party. This authorization is coupled with an interest and is irrevocable. 

ARTICLE V 
 Other Agreements

 SECTION 5.01. Releases. 

(a) Each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility,
agrees that, in the event of a sale, transfer or other disposition of any specified item of Shared Collateral (including all or substantially all of the equity interests of any subsidiary of the Borrower) other than a release granted upon or
following the Discharge of Senior Obligations, the Liens granted to the Second Priority Representatives and the Second Priority Debt Parties upon such Shared Collateral to secure Second Priority Debt Obligations shall terminate and be released,
automatically and without any further action, concurrently with the termination and release of all Liens granted upon such Shared Collateral to secure Senior Obligations; provided that, in the case of any such sale, transfer or other
disposition of Shared Collateral (other than any sale, transfer or other disposition in connection with the enforcement or exercise of any rights or remedies with respect to the Shared Collateral), the Liens granted to the Second Priority
Representatives and the Second Priority Debt Parties shall not be so released if such sale, transfer or other disposition is not permitted under the terms of any Second Priority Debt Document. Upon delivery to a Second Priority Representative of an

  
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Officer’s Certificate stating that any such termination and release of Liens securing the Senior Obligations has become effective (or shall become effective concurrently with such
termination and release of the Liens granted to the Second Priority Debt Parties and the Second Priority Representatives) and any necessary or proper instruments of termination or release prepared by the Borrower or any other Grantor, such Second
Priority Representative will promptly execute, deliver or acknowledge, at the Borrower’s or the other Grantor’s sole cost and expense, such instruments to evidence such termination and release of the Liens. Nothing in this
Section 5.01(a) will be deemed to affect any agreement of a Second Priority Representative, for itself and on behalf of the Second Priority Debt Parties under its Second Priority Debt Facility, to release the Liens on the Second Priority
Collateral as set forth in the relevant Second Priority Debt Documents. 
 (b) Each Second Priority Representative, for itself and on behalf
of each Second Priority Debt Party under its Second Priority Debt Facility, hereby irrevocably constitutes and appoints the Designated Senior Representative and any officer or agent of the Designated Senior Representative, with full power of
substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Second Priority Representative or such
Second Priority Debt Party or in the Designated Senior Representative’s own name, from time to time in the Designated Senior Representative’s discretion, for the purpose of carrying out the terms of Section 5.01(a), to take any and
all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the purposes of Section 5.01(a), including any termination statements, endorsements or other instruments of transfer or
release. 
 (c) Notwithstanding anything to the contrary in any Second Priority Collateral Document, in the event the terms of a Senior
Collateral Document and a Second Priority Collateral Document each require any Grantor (i) to make payment in respect of any item of Shared Collateral, (ii) to deliver or afford control over any item of Shared Collateral to, or deposit any
item of Shared Collateral with, (iii) to register ownership of any item of Shared Collateral in the name of or make an assignment of ownership of any Shared Collateral or the rights thereunder to, (iv) cause any securities intermediary,
commodity intermediary or other Person acting in a similar capacity to agree to comply, in respect of any item of Shared Collateral, with instructions or orders from, or to treat, in respect of any item of Shared Collateral, as the entitlement
holder, (v) hold any item of Shared Collateral in trust for (to the extent such item of Shared Collateral cannot be held in trust for multiple parties under applicable law), (vi) obtain the agreement of a bailee or other third party to hold any
item of Shared Collateral for the benefit of or subject to the control of or, in respect of any item of Shared Collateral, to follow the instructions of or (vii) obtain the agreement of a landlord with respect to access to leased premises where
any item of Shared Collateral is located or waivers or subordination of rights with respect to any item of Shared Collateral in favor of, in any case, both the Designated Senior Representative and any Second Priority Representative or Second
Priority Debt Party, such Grantor may, until the applicable Discharge of Senior Obligations has occurred, comply with such requirement under the applicable Second Priority Collateral Document as it relates to such Shared Collateral by taking any of
the actions set forth above only with respect to, or in favor of, the Designated Senior Representative. 
 SECTION 5.02. Insurance and
Condemnation Awards. Unless and until the Discharge of Senior Obligations has occurred, the Designated Senior Representative and the Senior Secured Parties shall have the sole and exclusive right, subject to the rights of the Grantors under the
Senior Debt Documents, (a) to be named as additional insured and loss payee under any insurance policies maintained from time to time by any Grantor, (b) to adjust settlement for any insurance policy covering the Shared Collateral in the
event of any loss thereunder and (c) to approve any award granted in any condemnation or similar proceeding affecting the Shared Collateral. Unless and until the Discharge of Senior Obligations has occurred, all proceeds of any such policy and
any such award, if in respect of the Shared Collateral, shall be paid (i) first, prior to the occurrence of the Discharge of Senior Obligations, to the 

  
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Designated Senior Representative for the benefit of Senior Secured Parties pursuant to the terms of the Senior Debt Documents, (ii) second, after the occurrence of the Discharge of Senior
Obligations, to the Designated Second Priority Representative for the benefit of the Second Priority Debt Parties pursuant to the terms of the applicable Second Priority Debt Documents and (iii) third, if no Second Priority Debt Obligations are
outstanding, to the owner of the subject property, such other Person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct. If any Second Priority Representative or any Second Priority Debt Party shall, at any time,
receive any proceeds of any such insurance policy or any such award in contravention of this Agreement, it shall pay such proceeds over to the Designated Senior Representative in accordance with the terms of Section 4.02. 

SECTION 5.03. Amendments to Debt Documents. 

(a) The Senior Debt Documents may be amended, restated, supplemented or otherwise modified in accordance with their terms, and the Indebtedness
under the Senior Debt Documents may be Refinanced, in each case, without the consent of any Second Priority Debt Party; provided, however, that, without the consent of the Second Priority Majority Representatives, no such
amendment, restatement, supplement, modification or Refinancing (or successive amendments, restatements, supplements, modifications or Refinancings) shall contravene any provision of this Agreement. 

(b) Without the prior written consent of the Senior Representatives, no Second Priority Debt Document may be amended, restated, supplemented or
otherwise modified, or entered into, and no Indebtedness under the Second Priority Debt Documents may be Refinanced, to the extent such amendment, restatement, supplement or modification or Refinancing, or the terms of such new Second Priority Debt
Document, would (i) contravene the provisions of this Agreement, (ii) change to earlier dates any scheduled dates for payment of principal (including the final maturity date) or of interest on Indebtedness under such Second Priority Debt
Document or (iii) reduce the capacity to incur Indebtedness for borrowed money constituting Senior Obligations to an amount less than the aggregate principal amount of term loans or outstanding notes and aggregate principal amount of revolving
commitments, in each case, under the Senior Debt Documents on the day of any such amendment, restatement, supplement, modification or Refinancing. 

(c) Each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility,
agrees that each Second Priority Collateral Document under its Second Priority Debt Facility shall include the following language (or language to similar effect reasonably approved by the Designated Senior Representative): 

“Notwithstanding anything herein to the contrary, (i) the liens and security interests granted to the [Second Priority
Representative] pursuant to this Agreement are expressly subject and subordinate to the liens and security interests granted in favor of the Senior Secured Parties (as defined in the Junior Lien Intercreditor Agreement referred to below), including
liens and security interests granted to Deutsche Bank AG New York Branch, as collateral agent, pursuant to or in connection with the First Lien Credit Agreement, dated as of [ ], among the Borrower, the other guarantors from time to time party
thereto, the lenders from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the other parties thereto, as further amended, restated, amended and restated, extended, supplemented or
otherwise modified from time to time and (ii) the exercise of any right or remedy by the [Second Priority Representative] hereunder is subject to the limitations and provisions of the Junior Lien Intercreditor Agreement dated as of
[    ] (as amended, restated, supplemented or otherwise modified from time to time, the “Junior Lien Intercreditor Agreement”), among 

  
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Deutsche Bank AG New York Branch, as First Lien Credit Agreement Collateral Agent, [    ], as Initial Second Lien Collateral Agent, the Borrower and its subsidiaries and
affiliated entities party thereto. In the event of any conflict between the terms of the Junior Lien Intercreditor Agreement and the terms of this Agreement, the terms of the Junior Lien Intercreditor Agreement shall govern.” 

(d) In the event that each applicable Senior Representative and/or the Senior Secured Parties enter into any amendment, waiver or consent in
respect of any of the Senior Collateral Documents for the purpose of adding to or deleting from, or waiving or consenting to any departures from any provisions of, any Senior Collateral Document or changing in any manner the rights of the Senior
Representatives, the Senior Secured Parties, the Borrower or any other Grantor thereunder (including the release of any Liens in Senior Collateral) in a manner that is applicable to all Senior Facilities, then such amendment, waiver or consent shall
apply automatically to any comparable provision of each comparable Second Priority Collateral Document without the consent of any Second Priority Representative or any Second Priority Debt Party and without any action by any Second Priority
Representative, the Borrower or any other Grantor; provided, however, that (i) no such amendment, waiver or consent shall (A) remove assets subject to the Second Priority Liens or release any such Liens, except to the extent
that such release is permitted or required by Section 5.01(a) and provided that there is a concurrent release of the corresponding Senior Liens or (B) amend, modify or otherwise affect the rights or duties of any Second Priority
Representative in its role as Second Priority Representative without its prior written consent and (ii) written notice of such amendment, waiver or consent shall have been given to each Second Priority Representative within 10 Business Days
after the effectiveness of such amendment, waiver or consent. 
 (e) The Borrower agrees to deliver to each of the Designated Senior
Representative and the Designated Second Priority Representative copies of (i) any amendments, supplements or other modifications to the Senior Debt Documents or the Second Priority Debt Documents and (ii) any new Senior Debt Documents or
Second Priority Debt Documents promptly after effectiveness thereof. 
 SECTION 5.04. Rights as Unsecured Creditors. Notwithstanding
anything to the contrary in this Agreement, the Second Priority Representatives and the Second Priority Debt Parties may exercise rights and remedies as unsecured creditors against the Borrower and any other Grantor in accordance with the terms of
the Second Priority Debt Documents and applicable law so long as such rights and remedies do not violate any express provision of this Agreement. Nothing in this Agreement shall prohibit the receipt by any Second Priority Representative or any
Second Priority Debt Party of the required payments of principal, premium, interest, fees and other amounts due under the Second Priority Debt Documents so long as such receipt is not the direct or indirect result of the exercise in contravention of
this Agreement by a Second Priority Representative or any Second Priority Debt Party of rights or remedies as a secured creditor in respect of Shared Collateral. In the event any Second Priority Representative or any Second Priority Debt Party
becomes a judgment lien creditor in respect of Shared Collateral as a result of its enforcement of its rights as an unsecured creditor in respect of Second Priority Debt Obligations, such judgment lien shall be subordinated to the Liens securing
Senior Obligations on the same basis as the other Liens securing the Second Priority Debt Obligations are so subordinated to such Liens securing Senior Obligations under this Agreement. Nothing in this Agreement shall impair or otherwise adversely
affect any rights or remedies the Senior Representatives or the Senior Secured Parties may have with respect to the Senior Collateral. 

SECTION 5.05. Bailment for Perfection of Security Interest. 

(a) The Possessory Collateral shall be delivered to the Designated Senior Representative and by accepting such Possessory Collateral such
Designated Senior Representative agrees to hold any Shared Collateral constituting Possessory Collateral that is part of the Collateral in its 

  
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possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee for the benefit of the Second Priority Representatives and any assignee solely for the
purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the applicable Second Priority Collateral Documents, in each case, subject to the terms and conditions of this Section 5.05. 

(b) Except as otherwise specifically provided herein, until the Discharge of Senior Obligations has occurred, the Senior Representatives and
the Senior Secured Parties shall be entitled to deal with the Possessory Collateral in accordance with the terms of the Senior Debt Documents as if the Liens under the Second Priority Collateral Documents did not exist. The rights of the Second
Priority Representatives and the Second Priority Debt Parties with respect to the Possessory Collateral shall at all times be subject to the terms of this Agreement. 

(c) The Senior Representatives and the Senior Secured Parties shall have no obligation whatsoever to the Second Priority Representatives or any
Second Priority Debt Party to assure that any of the Possessory Collateral is genuine or owned by the Grantors or to protect or preserve rights or benefits of any Person or any rights pertaining to the Shared Collateral, except as expressly set
forth in this Section 5.05. The duties or responsibilities of the Senior Representatives under this Section 5.05 shall be limited solely to holding or controlling the Shared Collateral and the related Liens referred to in paragraphs
(a) and (b) of this Section 5.05 as sub-agent and gratuitous bailee for the relevant Second Priority Representative for purposes of perfecting the Lien held by such Second Priority Representative. 

(d) The Senior Representatives shall not have by reason of the Second Priority Collateral Documents or this Agreement, or any other document, a
fiduciary relationship in respect of any Second Priority Representative or any Second Priority Debt Party, and each, Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility,
hereby waives and releases the Senior Representatives from all claims and liabilities arising pursuant to the Senior Representatives’ roles under this Section 5.05 as sub-agents and gratuitous
bailees with respect to the Shared Collateral. 
 (e) Upon the Discharge of Senior Obligations, each applicable Senior Representative shall,
at the Grantors’ sole cost and expense, (i) (A) deliver to the Designated Second Priority Representative, to the extent that it is legally permitted to do so, all Shared Collateral, including all proceeds thereof, held or controlled by
such Senior Representative or any of its agents or bailees, including the transfer of possession and control, as applicable, of the Possessory Collateral, together with any necessary endorsements and notices to depositary banks, securities
intermediaries and commodities intermediaries, and assign its rights under any landlord waiver or bailee’s letter or any similar agreement or arrangement granting it rights or access to Shared Collateral, or (B) direct and deliver such
Shared Collateral as a court of competent jurisdiction may otherwise direct, (ii) notify any applicable insurance carrier that it is no longer entitled to be a loss payee or additional insured under the insurance policies of any Grantor issued
by such insurance carrier and (iii) notify any governmental authority involved in any condemnation or similar proceeding involving any Grantor that the Designated Second Priority Representative is entitled to approve any awards granted in such
proceeding. The Borrower and the other Grantors shall take such further action as is required to effectuate the transfer contemplated hereby and shall indemnify each Senior Representative for loss or damage suffered by such Senior Representative as
a result of such transfer, except for loss or damage suffered by any such Person as a result of its own willful misconduct, gross negligence or bad faith. The Senior Representatives have no obligations to follow instructions from any Second Priority
Representative or any other Second Priority Debt Party in contravention of this Agreement. 

  
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 (f) None of the Senior Representatives nor any of the other Senior Secured Parties shall be
required to marshal any present or future collateral security for any obligations of the Borrower or any Subsidiary to any Senior Representative or any Senior Secured Party under the Senior Debt Documents or any assurance of payment in respect
thereof, or to resort to such collateral security or other assurances of payment in any particular order, and all of their rights in respect of such collateral security or any assurance of payment in respect thereof shall be cumulative and in
addition to all other rights, however existing or arising. 
 SECTION 5.06. When Discharge of Senior Obligations Deemed To Not Have
Occurred. If, at any time substantially concurrently with or after the occurrence of the Discharge of Senior Obligations, the Borrower or any Subsidiary consummates any Refinancing of any Senior Obligations, then such Discharge of Senior
Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken prior to the date of such designation as a result of the occurrence of such first Discharge of Senior
Obligations) and the applicable agreement governing such Senior Obligations shall automatically be treated as a Senior Debt Document for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Shared
Collateral set forth herein and the agent, representative or trustee for the holders of such Senior Obligations shall be the Senior Representative for all purposes of this Agreement. Upon receipt of notice of such incurrence (including the identity
of the new Senior Representative), each Second Priority Representative (including the Designated Second Priority Representative) shall promptly (a) enter into such documents and agreements, including amendments or supplements to this Agreement,
as the Borrower or such new Senior Representative shall reasonably request in writing in order to provide the new Senior Representative the rights of a Senior Representative contemplated hereby, (b) deliver to such Senior Representative, to the
extent that it is legally permitted to do so, all Shared Collateral, including all proceeds thereof, held or controlled by such Second Priority Representative or any of its agents or bailees, including the transfer of possession and control, as
applicable, of the Possessory Collateral, together with any necessary endorsements and notices to depositary banks, securities intermediaries and commodities intermediaries, and assign its rights under any landlord waiver or bailee’s letter or
any similar agreement or arrangement granting it rights or access to Shared Collateral, (c) notify any applicable insurance carrier that it is no longer entitled to be a loss payee or additional insured under the insurance policies of any
Grantor issued by such insurance carrier and (d) notify any governmental authority involved in any condemnation or similar proceeding involving a Grantor that the new Senior Representative is entitled to approve any awards granted in such
proceeding. 
 SECTION 5.07. Purchase Right. Without prejudice to the enforcement of the Senior Secured Parties remedies, the Senior
Secured Parties agree that following (a) the acceleration of all Senior Obligations in accordance with the terms of the Senior Debt Documents or (b) the commencement of an Insolvency Proceeding (each, a “Purchase Event”),
within thirty (30) days of the Purchase Event, one or more of the Second Priority Debt Parties may request, and the Senior Secured Parties hereby offer the Second Priority Debt Parties the option, to purchase all, but not less than all, of the
aggregate amount of outstanding Senior Obligations outstanding at the time of purchase at par, plus any premium that would be applicable upon prepayment of the Senior Obligations and accrued and unpaid interest and fees, without warranty or
representation or recourse (except for representations and warranties required to be made by assigning lenders pursuant to the Assignment and Assumption (as such term is defined in the First Lien Credit Agreement)). If such right is exercised, the
parties shall endeavor to close promptly thereafter but in any event within ten Business Days of the request. If one or more of the Second Priority Debt Parties exercise such purchase right, it shall be exercised pursuant to documentation mutually
acceptable to each of the Senior Representative and the Second Priority Representative. If none of the Second Priority Debt Parties exercise such right, the Senior Secured Parties shall have no further obligations pursuant to this Section 5.07
for such Purchase Event and may take any further actions in their sole discretion in accordance with the Senior Debt Documents and this Agreement. 

  
 J-2-20 

 ARTICLE VI 

Insolvency or Liquidation Proceedings. 

SECTION 6.01. Financing Issues. Until the Discharge of Senior Obligations has occurred, if the Borrower or any other Grantor shall be
subject to any Insolvency or Liquidation Proceeding and any Senior Representative or any Senior Secured Party shall desire to consent (or not object) to the sale, use or lease of cash or other collateral or to consent (or not object) to the
Borrower’s or any other Grantor’s obtaining financing under Section 363 or Section 364 of the Bankruptcy Code or any similar provision of any other Bankruptcy Law (“DIP Financing”), then each Second Priority
Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, agrees that it will raise no objection to and will not otherwise contest (a) such sale, use or lease of such cash or other
collateral, unless each Senior Representative or any other Senior Secured Party shall oppose or object to such use of cash collateral (in which case, no Second Priority Representative nor any other Second Priority Debt Party shall seek any relief in
connection therewith that is inconsistent with the relief being sought by the Senior Secured Parties); (b) such DIP Financing, unless each Senior Representative or any other Senior Secured Party shall oppose or object to such DIP Financing
(provided that the foregoing shall not prevent the Second Priority Debt Parties from proposing any other DIP Financing to any Grantors or to a court of competent jurisdiction), and, except to the extent permitted by the proviso in clause
(ii) of Section 3.01(a) and Section 6.03, will not request adequate protection or any other relief in connection therewith and, to the extent the Liens securing any Senior Obligations are subordinated or pari passu with
such DIP Financing, will subordinate (and will be deemed hereunder to have subordinated) its Liens in the Shared Collateral to (x) such DIP Financing (and all obligations relating thereto) on the same basis as the Liens securing the Second
Priority Debt Obligations are so subordinated to Liens securing Senior Obligations under this Agreement, (y) any adequate protection Liens provided to the Senior Secured Parties, and (z) to any
“carve-out” for professional and United States Trustee fees agreed to by the Senior Representatives; (c) any motion for relief from the automatic stay or from any injunction against foreclosure
or enforcement in respect of Senior Obligations made by any Senior Representative or any other Senior Secured Party; (d) any exercise by any Senior Secured Party of the right to credit bid Senior Obligations at any sale in foreclosure of Senior
Collateral under Section 363(k) of the Bankruptcy Code or any similar provision of any other Bankruptcy Law; (e) any other request for judicial relief made in any court by any Senior Secured Party relating to the lawful enforcement of any
Lien on Senior Collateral; or (f) any order relating to a sale or other disposition of assets of any Grantor to which any Senior Representative has consented or not objected that provides, to the extent such sale or other disposition is to be
free and clear of Liens, that the Liens securing the Senior Obligations and the Second Priority Debt Obligations will attach to the proceeds of the sale on the same basis of priority as the Liens on the Shared Collateral securing the Senior
Obligations rank to the Liens on the Shared Collateral securing the Second Priority Debt Obligations pursuant to this Agreement. Each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second
Priority Debt Facility, agrees that notice received two Business Days prior to the entry of an order approving such usage of cash or other collateral or approving such financing shall be adequate notice. 

SECTION 6.02. Relief from the Automatic Stay. Until the Discharge of Senior Obligations has occurred, each Second Priority
Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, agrees that none of them shall seek relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding or
take any action in derogation thereof, in each case in respect of any Shared Collateral, without the prior written consent of the Designated Senior Representative. 

  
 J-2-21 

 SECTION 6.03. Adequate Protection. Each Second Priority Representative, for itself and on
behalf of each Second Priority Debt Party under its Second Priority Debt Facility, agrees that none of them shall (A) object, contest or support any other Person objecting to or contesting (a) any request by any Senior Representative or
any Senior Secured Parties for adequate protection, (b) any objection by any Senior Representative or any Senior Secured Parties to any motion, relief, action or proceeding based on any Senior Representative’s or Senior Secured
Party’s claiming a lack of adequate protection or (c) the payment of interest, fees, expenses or other amounts of any Senior Representative or any other Senior Secured Party under Section 506(b) of the Bankruptcy Code or any similar
provision of any other Bankruptcy Law or (B) assert or support any claim for costs or expenses of preserving or disposing of any Collateral under Section 506(c) of the Bankruptcy Code or any similar provision of any other Bankruptcy Law.
Notwithstanding anything contained in this Section 6.03 or in Section 6.01, in any Insolvency or Liquidation Proceeding, (i) if the Senior Secured Parties (or any subset thereof) are granted adequate protection in the form of
additional collateral or superpriority claims in connection with any DIP Financing or use of cash collateral under Section 363 or 364 of the Bankruptcy Code or any similar provision of any other Bankruptcy Law, then each Second Priority
Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, may seek or request adequate protection in the form of a replacement Lien or superpriority claim on such additional collateral,
which (A) Lien is subordinated to the Liens securing all Senior Obligations and such DIP Financing (and all obligations relating thereto) on the same basis as the other Liens securing the Second Priority Debt Obligations are so subordinated to
the Liens securing Senior Obligations under this Agreement and (B) superpriority claim is subordinated to all superpriority claims of the Senior Secured Parties on the same basis as the other claims of the Second Priority Debt Parties are so
subordinated to the claims of the Senior Secured Parties under this Agreement, (ii) in the event any Second Priority Representatives, for themselves and on behalf of the Second Priority Debt Parties under their Second Priority Debt Facilities,
seek or request adequate protection and such adequate protection is granted (in each instance, to the extent such grant is otherwise permissible under the terms and conditions of this Agreement) in the form of additional or replacement collateral,
then such Second Priority Representatives, for themselves and on behalf of each Second Priority Debt Party under their Second Priority Debt Facilities, agree that each Senior Representative shall also be granted a senior Lien on such additional or
replacement collateral as security for the Senior Obligations and any such DIP Financing and that any Lien on such additional or replacement collateral securing the Second Priority Debt Obligations shall be subordinated to the Liens on such
collateral securing the Senior Obligations and any such DIP Financing (and all obligations relating thereto) and any other Liens granted to the Senior Secured Parties as adequate protection on the same basis as the other Liens securing the Second
Priority Debt Obligations are so subordinated to such Liens securing Senior Obligations under this Agreement (and, to the extent the Senior Secured Parties are not granted such adequate protection in such form, any amounts recovered by or
distributed to any Second Priority Debt Party pursuant to or as a result of any Lien on such additional or replacement collateral so granted to the Second Priority Debt Parties shall be subject to Section 4.02), and (iii) in the event any
Second Priority Representatives, for themselves and on behalf of the Second Priority Debt Parties under their Second Priority Debt Facilities, seek or request adequate protection and such adequate protection is granted (in each instance, to the
extent such grant is otherwise permissible under the terms and conditions of this Agreement) in the form of a superpriority claim, then such Second Priority Representatives, for themselves and on behalf of each Second Priority Debt Party under their
Second Priority Debt Facilities, agree that each Senior Representative shall also be granted adequate protection in the form of a superpriority claim, which superpriority claim shall be senior to the superpriority claim of the Second Priority Debt
Parties (and, to the extent the Senior Secured Parties are not granted such adequate protection in such form, any amounts recovered by or distributed to any Second Priority Debt Party pursuant to or as a result of any such superpriority claim so
granted to the Second Priority Debt Parties shall be subject to Section 4.02). 

  
 J-2-22 

 SECTION 6.04. Preference Issues. If any Senior Secured Party is required in any Insolvency
or Liquidation Proceeding or otherwise to disgorge, turn over or otherwise pay any amount to the estate of the Borrower or any other Grantor (or any trustee, receiver or similar Person therefor), because the payment of such amount was declared to be
fraudulent or preferential in any respect or for any other reason, any amount (a “Recovery”), whether received as proceeds of security, enforcement of any right of setoff or otherwise, then the Senior Obligations shall be reinstated
to the extent of such Recovery and deemed to be outstanding as if such payment had not occurred and the Senior Secured Parties shall be entitled to the benefits of this Agreement until a Discharge of Senior Obligations with respect to all such
recovered amounts. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the
obligations of the parties hereto. Each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, hereby agrees that none of them shall be entitled to benefit from any
avoidance action affecting or otherwise relating to any distribution or allocation made in accordance with this Agreement, whether by preference or otherwise, it being understood and agreed that the benefit of such avoidance action otherwise
allocable to them shall instead be allocated and turned over for application in accordance with the priorities set forth in this Agreement. 

SECTION 6.05. Separate Grants of Security and Separate Classifications. Each Second Priority Representative, for itself and on behalf
of each Second Priority Debt Party under its Second Priority Debt Facility, acknowledges and agrees that (a) the grants of Liens pursuant to the Senior Collateral Documents and the Second Priority Collateral Documents constitute separate and
distinct grants of Liens and (b) because of, among other things, their differing rights in the Shared Collateral, the Second Priority Debt Obligations are fundamentally different from the Senior Obligations and must be separately classified in
any plan of reorganization proposed or adopted in an Insolvency or Liquidation Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that any claims of the Senior Secured Parties
and the Second Priority Debt Parties in respect of the Shared Collateral constitute a single class of claims (rather than separate classes of senior and junior secured claims), then each Second Priority Representative, for itself and on behalf of
each Second Priority Debt Party under its Second Priority Debt Facility, hereby acknowledges and agrees that all distributions shall be made as if there were separate classes of senior and junior secured claims against the Grantors in respect of the
Shared Collateral, with the effect being that, to the extent that the aggregate value of the Shared Collateral is sufficient (for this purpose ignoring all claims held by the Second Priority Debt Parties), the Senior Secured Parties shall be
entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of post-petition interest (whether or not allowed
or allowable) before any distribution is made in respect of the Second Priority Debt Obligations, and each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, hereby
acknowledges and agrees to turn over to the Designated Senior Representative amounts otherwise received or receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the
claim or recovery of the Second Priority Debt Parties. 
 SECTION 6.06. No Waivers of Rights of Senior Secured Parties. Nothing
contained herein shall, except as expressly provided herein, prohibit or in any way limit any Senior Representative or any other Senior Secured Party from objecting in any Insolvency or Liquidation Proceeding or otherwise to any action taken by any
Second Priority Debt Party, including the seeking by any Second Priority Debt Party of adequate protection or the assertion by any Second Priority Debt Party of any of its rights and remedies under the Second Priority Debt Documents or otherwise.

 SECTION 6.07. Application. This Agreement, which the parties hereto expressly acknowledge is a “subordination agreement”
under Section 510(a) of the Bankruptcy Code or any similar provision of any other Bankruptcy Law, shall be effective before, during and after the commencement of any Insolvency or Liquidation Proceeding. The relative rights as to the Shared
Collateral and proceeds thereof shall continue after the commencement of any Insolvency or Liquidation Proceeding on the same 

  
 J-2-23 

 
basis as prior to the date of the petition therefor, subject to any court order approving the financing of, or use of cash collateral by, any Grantor. All references herein to any Grantor shall
include such Grantor as a debtor-in-possession and any receiver or trustee for such Grantor. 

SECTION 6.08. Other Matters. To the extent that any Second Priority Representative or any Second Priority Debt Party has or acquires
rights under Section 363 or Section 364 of the Bankruptcy Code or any similar provision of any other Bankruptcy Law with respect to any of the Shared Collateral, such Second Priority Representative, on behalf of itself and each Second
Priority Debt Party under its Second Priority Debt Facility, or such Second Priority Debt Party agrees not to assert any such rights without the prior written consent of each Senior Representative, provided that if requested by any Senior
Representative, such Second Priority Representative shall timely exercise such rights in the manner requested by the Senior Representatives (acting unanimously), including any rights to payments in respect of such rights. 

SECTION 6.09. 506(c) Claims. Until the Discharge of Senior Obligations has occurred, each Second Priority Representative, on behalf of
itself and each Second Priority Debt Party under its Second Priority Debt Facility, agrees that it will not assert or enforce any claim under Section 506(c) of the Bankruptcy Code or any similar provision of any other Bankruptcy Law senior to
or on a parity with the Liens securing the Senior Obligations for costs or expenses of preserving or disposing of any Shared Collateral. 

SECTION 6.10. Reorganization Securities. 

(a) If, in any Insolvency or Liquidation Proceeding, debt obligations of the reorganized debtor secured by Liens upon any property of the
reorganized debtor are distributed, pursuant to a plan of reorganization or similar dispositive restructuring plan, on account of both the Senior Obligations and the Second Priority Debt Obligations, then, to the extent the debt obligations
distributed on account of the Senior Obligations and on account of the Second Priority Debt Obligations are secured by Liens upon the same assets or property, the provisions of this Agreement will survive the distribution of such debt obligations
pursuant to such plan and will apply with like effect to the Liens securing such debt obligations. 
 (b) No Second Priority Debt
Party (whether in the capacity of a secured creditor or an unsecured creditor) shall propose, vote in favor of, or otherwise directly or indirectly support any plan of reorganization that is inconsistent with the priorities or other provisions
of this Agreement, other than with the prior written consent of the Designated Senior Representative or to the extent any such plan is proposed or supported by the number of Senior Secured Debt Parties required under
Section 1126(d) of the Bankruptcy Code.
 SECTION 6.11. Section 1111(b) of the Bankruptcy Code. Each Second
Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, shall not object to, oppose, support any objection, or take any other action to impede, the right of any Senior Secured
Party to make an election under Section 1111(b)(2) of the Bankruptcy Code. Each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, waives any claim it may
hereafter have against any senior claimholder arising out of the election by any Senior Secured Party of the application of Section 1111(b)(2) of the Bankruptcy Code. 

  
 J-2-24 

 ARTICLE VII 

Reliance; Etc. 
 SECTION
7.01. Reliance. All loans and other extensions of credit made or deemed made on and after the date hereof by the Senior Secured Parties to the Borrower or any Subsidiary shall be deemed to have been given and made in reliance upon this
Agreement. Each Second Priority Representative, on behalf of itself and each Second Priority Debt Party under its Second Priority Debt Facility, acknowledges that it and such Second Priority Debt Parties have, independently and without reliance on
any Senior Representative or other Senior Secured Party, and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into the Second Priority Debt Documents to which they are party or by
which they are bound, this Agreement and the transactions contemplated hereby and thereby, and they will continue to make their own credit decisions in taking or not taking any action under the Second Priority Debt Documents or this Agreement. 

SECTION 7.02. No Warranties or Liability. Each Second Priority Representative, on behalf of itself and each Second Priority Debt Party
under its Second Priority Debt Facility, acknowledges and agrees that neither any Senior Representative nor any other Senior Secured Party has made any express or implied representation or warranty, including with respect to the execution, validity,
legality, completeness, collectability or enforceability of any of the Senior Debt Documents, the ownership of any Shared Collateral or the perfection or priority of any Liens thereon. The Senior Secured Parties will be entitled to manage and
supervise their respective loans and extensions of credit under the Senior Debt Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate, and the Senior Secured Parties may manage their loans and
extensions of credit without regard to any rights or interests that the Second Priority Representatives and the Second Priority Debt Parties have in the Shared Collateral or otherwise, except as otherwise provided in this Agreement. Neither any
Senior Representative nor any other Senior Secured Party shall have any duty to any Second Priority Representative or Second Priority Debt Party to act or refrain from acting in a manner that allows, or results in, the occurrence or continuance of
an event of default or default under any agreement with the Borrower or any Subsidiary (including the Second Priority Debt Documents), regardless of any knowledge thereof that they may have or be charged with. Except as expressly set forth in this
Agreement, the Senior Representatives, the Senior Secured Parties, the Second Priority Representatives and the Second Priority Debt Parties have not otherwise made to each other, nor do they hereby make to each other, any warranties, express or
implied, nor do they assume any liability to each other with respect to (a) the enforceability, validity, value or collectability of any of the Senior Obligations, the Second Priority Debt Obligations or any guarantee or security which may have
been granted to any of them in connection therewith, (b) any Grantor’s title to or right to transfer any of the Shared Collateral or (c) any other matter except as expressly set forth in this Agreement. 

SECTION 7.03. Obligations Unconditional. All rights, interests, agreements and obligations of the Senior Representatives, the Senior
Secured Parties, the Second Priority Representatives and the Second Priority Debt Parties hereunder shall remain in full force and effect irrespective of: 

(a) any lack of validity or enforceability of any Senior Debt Document or any Second Priority Debt Document; 

(b) any change in the time, manner or place of payment of, or in any other terms of, all or any of the Senior Obligations or
Second Priority Debt Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of the First Lien Credit Agreement or any other Senior Debt
Document or of the terms of the Initial Second Lien Agreement or any other Second Priority Debt Document; 

  
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 (c) any exchange of any security interest in any Shared Collateral or any other
collateral or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the Senior Obligations or Second Priority Debt Obligations or any guarantee thereof; 

(d) the commencement of any Insolvency or Liquidation Proceeding in respect of the Borrower or any other Grantor; or 

(e) any other circumstances that otherwise might constitute a defense available to (i) the Borrower or any other Grantor
in respect of the Senior Obligations (other than the Discharge of Senior Obligations subject to Sections 5.06 and 6.04) or (ii) any Second Priority Representative or Second Priority Debt Party in respect of this Agreement. 

ARTICLE VIII 
 Miscellaneous

 SECTION 8.01. Conflicts. Subject to Section 8.22, in the event of any conflict between the provisions of this Agreement
and the provisions of any Senior Debt Document or any Second Priority Debt Document, the provisions of this Agreement shall govern. Notwithstanding the foregoing, the relative rights and obligations of the Senior Representatives and the Senior
Secured Parties (as amongst themselves) with respect to any Senior Collateral shall be governed by the terms of the First Lien Intercreditor Agreement and in the event of any conflict between the First Lien Intercreditor Agreement and this Agreement
as to such relative rights and obligations, the provisions of the First Lien Intercreditor Agreement shall control. 
 SECTION 8.02.
Continuing Nature of this Agreement; Severability. Subject to Section 6.04, this Agreement shall continue to be effective until the Discharge of Senior Obligations shall have occurred. This is a continuing agreement of Lien
subordination, and the Senior Secured Parties may continue, at any time and without notice to the Second Priority Representatives or any Second Priority Debt Party, to extend credit and other financial accommodations and lend monies to or for the
benefit of the Borrower or any Subsidiary constituting Senior Obligations in reliance hereon. The terms of this Agreement shall survive and continue in full force and effect in any Insolvency or Liquidation Proceeding. Any provision of this
Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal
or unenforceable provisions. 
 SECTION 8.03. Amendments; Waivers. 

(a) No failure or delay on the part of any party hereto in exercising any right or power hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.
The rights and remedies of the parties hereto are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any party

  
 J-2-26 

 
therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. No notice or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in similar or other circumstances. 

(b) This Agreement may be amended in writing signed by each Representative (in each case, acting in accordance with the documents governing the
applicable Debt Facility); provided that any such amendment, supplement or waiver which by the terms of this Agreement requires the Borrower’s consent or which increases the obligations or reduces the rights of, or otherwise materially
adversely affects, the Borrower or any Grantor, shall require the consent of the Borrower. Any such amendment, supplement or waiver shall be in writing and shall be binding upon the Senior Secured Parties and the Second Priority Debt Parties and
their respective successors and assigns. 
 (c) Notwithstanding the foregoing, without the consent of any Secured Party (and with respect to
any amendment or modification which by the terms of this Agreement requires the Borrower’s consent or which increases the obligations or reduces the rights of the Borrower or any other Grantor, with the consent of the Borrower), any
Representative may become a party hereto by execution and delivery of a Joinder Agreement in accordance with Section 8.09 of this Agreement and upon such execution and delivery, such Representative and the Secured Parties and Senior Obligations
or Second Priority Debt Obligations of the Debt Facility for which such Representative is acting shall be subject to the terms hereof. 

SECTION 8.04. Information Concerning Financial Condition of the Borrower and the Subsidiaries. The Senior Representatives, the Senior
Secured Parties, the Second Priority Representatives and the Second Priority Debt Parties shall each be responsible for keeping themselves informed of (a) the financial condition of the Borrower and the Subsidiaries and all endorsers or
guarantors of the Senior Obligations or the Second Priority Debt Obligations and (b) all other circumstances bearing upon the risk of nonpayment of the Senior Obligations or the Second Priority Debt Obligations. The Senior Representatives, the
Senior Secured Parties, the Second Priority Representatives and the Second Priority Debt Parties shall have no duty to advise any other party hereunder of information known to it or them regarding such condition or any such circumstances or
otherwise. In the event that any Senior Representative, any Senior Secured Party, any Second Priority Representative or any Second Priority Debt Party, in its sole discretion, undertakes at any time or from time to time to provide any such
information to any other party, it shall be under no obligation to (i) make, and the Senior Representatives, the Senior Secured Parties, the Second Priority Representatives and the Second Priority Debt Parties shall not make or be deemed to
have made, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided, (ii) provide any additional information or to provide any such
information on any subsequent occasion, (iii) undertake any investigation or (iv) disclose any information that, pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise
required to maintain confidential. 
 SECTION 8.05. Subrogation. Each Second Priority Representative, on behalf of itself and each
Second Priority Debt Party under its Second Priority Debt Facility, hereby waives any rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of Senior Obligations has occurred. 

SECTION 8.06. Application of Payments. Except as otherwise provided herein, all payments received by the Senior Secured Parties may be
applied, reversed and reapplied, in whole or in part, to such part of the Senior Obligations as the Senior Secured Parties, in their sole discretion, deem appropriate, consistent with the terms of the Senior Debt Documents. Except as otherwise
provided 

  
 J-2-27 

 
herein, each Second Priority Representative, on behalf of itself and each Second Priority Debt Party under its Second Priority Debt Facility, assents to any such extension or postponement of the
time of payment of the Senior Obligations or any part thereof and to any other indulgence with respect thereto, to any substitution, exchange or release of any security that may at any time secure any part of the Senior Obligations and to the
addition or release of any other Person primarily or secondarily liable therefor. 
 SECTION 8.07. Additional Grantors. The Borrower
agrees that, if any Subsidiary shall become a Grantor after the date hereof, it will promptly cause such Subsidiary to become party hereto by executing and delivering an instrument in the form of Annex I. Upon such execution and delivery, such
Subsidiary will become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution and delivery of such instrument shall not require the consent of any other party hereunder, and will be acknowledged
by the Designated Second Priority Representative and the Designated Senior Representative. The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this
Agreement. 
 SECTION 8.08. Dealings with Grantors. Upon any application or demand by the Borrower or any Grantor to any
Representative to take or permit any action under any of the provisions of this Agreement or under any Collateral Document (if such action is subject to the provisions hereof), at the request of such Representative, the Borrower or such Grantor, as
appropriate, shall furnish to such Representative a certificate of an Authorized Officer (an “Officer’s Certificate”) stating that all conditions precedent, if any, provided for in this Agreement or such Collateral Document, as
the case may be, relating to the proposed action have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Agreement or any
Collateral Document relating to such particular application or demand, no additional certificate or opinion need be furnished. 
 SECTION
8.09. Additional Debt Facilities. To the extent, but only to the extent, permitted by the provisions of the then extant Senior Debt Documents and Second Priority Debt Documents, the Borrower may incur or issue and sell one or more series or
classes of Additional Second Priority Debt and one or more series or classes of Additional Senior Debt. Any such additional class or series of Second Priority Debt (the “Second Priority Class Debt”) may be secured
by a second priority, subordinated Lien on Shared Collateral, in each case under and pursuant to the relevant Second Priority Collateral Documents for such Second Priority Class Debt, if and subject to the condition that the Representative of
any such Second Priority Class Debt (each, a “Second Priority Class Debt Representative”), acting on behalf of the holders of such Second Priority Class Debt (such Representative and holders in respect
of any Second Priority Class Debt being referred to as the “Second Priority Class Debt Parties”), becomes a party to this Agreement by satisfying conditions (i) through (iii), as applicable, of the
immediately succeeding paragraph. Any such additional class or series of Senior Facilities (the “Senior Class Debt”; and the Senior Class Debt and Second Priority Class Debt, collectively, the
“Class Debt”) may be secured by a senior Lien on Shared Collateral, in each case under and pursuant to the relevant Senior Collateral Documents, if and subject to the condition that the Representative of any such
Senior Class Debt (each, a “Senior Class Debt Representative”; and the Senior Class Debt Representatives and Second Priority Class Debt Representatives, collectively, the
“Class Debt Representatives”), acting on behalf of the holders of such Senior Class Debt (such Representative and holders in respect of any such Senior Class Debt being referred to as the “Senior
Class Debt Parties; and the Senior Class Debt Parties and Second Priority Class Debt Parties, collectively, the “Class Debt Parties”), becomes a party to (x) the First Lien
Intercreditor Agreement pursuant to Article IX and (y) this Agreement by satisfying the conditions set forth in clauses (i) through (iii), as applicable, of the immediately succeeding paragraph. In order for a Class Debt
Representative to become a party to this Agreement: 

  
 J-2-28 

 (A) such Class Debt Representative shall have executed and delivered a
Joinder Agreement substantially in the form of Annex II (if such Representative is a Second Priority Class Debt Representative) or Annex III (if such Representative is a Senior Class Debt Representative) (with such changes as may be
reasonably approved by the Designated Senior Representative and such Class Debt Representative) pursuant to which it becomes a Representative hereunder, and the Class Debt in respect of which such Class Debt Representative is the
Representative constitutes Additional Senior Debt Obligations or Additional Second Priority Debt Obligations, as applicable, and the related Class Debt Parties become subject hereto and bound hereby as Additional Senior Debt Parties or
Additional Second Priority Debt Parties, as applicable; 
 (B) the Borrower (a) shall have delivered to the Designated
Senior Representative an Officer’s Certificate identifying the obligations to be designated as Additional Senior Debt Obligations or Additional Second Priority Debt Obligations, as applicable, and the initial aggregate principal amount or face
amount thereof and certifying that such obligations are permitted to be incurred and secured (I) in the case of Additional Senior Debt Obligations, on a senior basis under each of the Senior Debt Documents and (II) in the case of
Additional Second Priority Debt Obligations, on a junior basis under each of the Second Priority Debt Documents and (b) if requested, shall have delivered true and complete copies of each of the Second Priority Debt Documents or Senior Debt
Documents, as applicable, relating to such Class Debt, certified as being true and correct by an authorized officer of the Borrower; and 

(C) the Second Priority Debt Documents or Senior Debt Documents, as applicable, relating to such Class Debt shall provide
that each Class Debt Party with respect to such Class Debt will be subject to and bound by the provisions of this Agreement in its capacity as a holder of such Class Debt. 

SECTION 8.10. Refinancings. The Senior Obligations and the Second Priority Debt may be increased, refinanced or replaced, in whole or
in part, in each case, without notice to, or the consent (except to the extent a consent is otherwise required to permit the refinancing transaction under any Senior Debt Document or any Second Priority Debt Document) of any Senior Representative or
any Secured Party, all without affecting the Lien priorities provided for herein or the other provisions hereof, so long as permitted by the terms of each Senior Debt Document and Second Priority Debt Document. [Each Second Priority
Representative][The Initial Second Lien Collateral Agent] hereby agrees that at the request of the Borrower in connection with refinancing or replacement of Senior Obligations (“Replacement Senior Obligations”) it will enter into an
agreement in form and substance reasonably acceptable to the Second Priority Representative with the agent for the Replacement Senior Obligations containing terms and conditions substantially similar to the terms and conditions of this Agreement.

 SECTION 8.11. Consent to Jurisdiction; Waivers. Each Representative, on behalf of itself and the Secured Parties of the Debt
Facility for which it is acting, irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal
action or proceeding relating to this Agreement and the Collateral Documents, or for recognition and enforcement of any judgment in respect thereof, to the exclusive jurisdiction of the courts of the State of New York or the United States of America
located in the Borough of Manhattan, City of New York, and appellate courts from any thereof; 
 (b) consents and agrees that
any such action or proceeding shall be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient
court and agrees not to plead or claim the same; 

  
 J-2-29 

 (c) agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person (or its Representative) at the address referred to in Section 8.12; 

(d) agrees that nothing herein shall affect the right of any other party hereto (or any Secured Party) to effect service of
process in any other manner permitted by law; and 
 (e) waives, to the maximum extent not prohibited by law, any right it
may have to claim or recover in any legal action or proceeding referred to in this Section 8.11 any special, exemplary, punitive or consequential damages. 

SECTION 8.12. Notices. All notices, requests, demands and other communications provided for or permitted hereunder shall be in writing
and shall be sent: 
 (A) if to the Borrower or any Grantor, to the Borrower, at its address at: 

Red Lion Hotels Corporation 

[    ] 

Facsimile: [    ] 

Attention: [    ] 

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

[ ] 
 (B) if to
the First Lien Credit Agreement Collateral Agent, to it at:     
 Deutsche Bank AG New York Branch 

Attention: [    ] 

60 Wall Street 
 New York, New
York 10005 
 Telephone: [ ] 

Facsimile: [    ] 

Electronic mail: [    ] 

(C) if to the Initial Second Lien Collateral Agent, to it at: 

[    ] 

Attention: [    ] 

[    ] 

Telephone: [    ] 

Facsimile: [    ] 

Electronic mail: [    ] 

(D) if to any other Representative, to it at the address specified by it in the Joinder Agreement delivered by it pursuant to
Section 8.09. 

  
 J-2-30 

 Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to
be given shall be in writing and, may be personally served, telecopied, electronically mailed or sent by courier service or U.S. mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy
or electronic mail or upon receipt via U.S. mail (registered or certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto shall be as set forth above or, as to each party, at such other
address as may be designated by such party in a written notice to all of the other parties. 
 SECTION 8.13. Further Assurances. Each
Senior Representative, on behalf of itself and each Senior Secured Party under the Senior Debt Facility for which it is acting, each Second Priority Representative, on behalf of itself, and each Second Priority Debt Party under its Second Priority
Debt Facility, agrees that it will take such further action and shall execute and deliver such additional documents and instruments (in recordable form, if requested) as the other parties hereto may reasonably request to effectuate the terms of, and
the Lien priorities contemplated by, this Agreement. 
 SECTION 8.14. GOVERNING LAW; WAIVER OF JURY TRIAL. 

(A) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (B) EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY
JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN. 
 SECTION 8.15. Binding on
Successors and Assigns. This Agreement shall be binding upon the Senior Representatives, the Senior Secured Parties, the Second Priority Representatives, the Second Priority Debt Parties, the Borrower, the other Grantors party hereto and their
respective successors and assigns. 
 SECTION 8.16. Section Titles. The section titles contained in this Agreement are and shall be
without substantive meaning or content of any kind whatsoever and are not a part of this Agreement. 
 SECTION 8.17. Counterparts.
This Agreement may be executed in one or more counterparts, including by means of facsimile or other electronic method, each of which shall be an original and all of which shall together constitute one and the same document. Delivery of an executed
signature page to this Agreement by facsimile or other electronic transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

SECTION 8.18. Authorization. By its signature, each Person executing this Agreement on behalf of a party hereto represents and warrants
to the other parties hereto that it is duly authorized to execute this Agreement.     
 SECTION 8.19. No Third Party
Beneficiaries; Successors and Assigns. The lien priorities set forth in this Agreement and the rights and benefits hereunder in respect of such lien priorities shall inure solely to the benefit of the Senior Representatives, the Senior Secured
Parties, the Second Priority Representatives and the Second Priority Debt Parties, and their respective permitted successors and assigns, and no other Person (including the Grantors, or any trustee, receiver, debtor in possession or bankruptcy
estate in a bankruptcy or like proceeding) shall have or be entitled to assert such rights. 

  
 J-2-31 

 
Nothing in this Agreement is intended to or shall impair the obligations of the Borrower or any other Grantor, which are absolute and unconditional, to pay the Senior Obligations and the Second
Priority Debt Obligations as and when the same shall become due and payable in accordance with their terms. 
 SECTION 8.20.
Effectiveness. This Agreement shall become effective when executed and delivered by the parties hereto. 
 SECTION 8.21.
Collateral Agent and Representative. It is understood and agreed that (a) the First Lien Credit Agreement Collateral Agent is entering into this Agreement in its capacity as administrative agent and collateral agent under the First Lien
Credit Agreement and the provisions of Article IX of the First Lien Credit Agreement applicable to the Agents (as defined therein) thereunder shall also apply to the First Lien Credit Agreement Collateral Agent hereunder and (b) the Initial
Second Lien Collateral Agent is entering into this Agreement in its capacity as administrative agent and collateral agent under the Initial Second Lien Agreement and the provisions of Article [IX] of the Initial Second Lien Agreement applicable to
the Agents (as defined therein) thereunder shall also apply to the Initial Second Lien Collateral Agent hereunder. 
 SECTION 8.22.
Relative Rights. Notwithstanding anything in this Agreement to the contrary (except to the extent contemplated by Sections 5.01(a), 5.01(d) or 5.03(d)), nothing in this Agreement is intended to or will (a) amend, waive or otherwise
modify the provisions of the First Lien Credit Agreement, any other Senior Debt Document, the Initial Second Lien Agreement or any other Second Priority Debt Documents, (b) change the relative priorities of the Senior Obligations or the Liens
granted under the Senior Collateral Documents on the Shared Collateral (or any other assets) as among the Senior Secured Parties, (c) otherwise change the relative rights of the Senior Secured Parties in respect of the Shared Collateral as
among such Senior Secured Parties or (d) obligate the Borrower or any Grantor to take any action, or fail to take any action, that would otherwise constitute a breach of, or default under, the First Lien Credit Agreement, any other Senior Debt
Document, the Initial Second Lien Agreement or any other Second Priority Debt Document. 
 SECTION 8.23. Survival of Agreement. All
covenants, agreements, representations and warranties made by any party in this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement. 

  
 J-2-32 

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

			
	DEUTSCHE BANK AG NEW YORK BRANCH
	as First Lien Credit Agreement Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	[        ]
	
	as Initial Second Lien Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	RED LION HOTELS CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
	
	[EACH SUBSIDIARY GUARANTOR], as a Grantor
		
	By:	 	  

		 	Name:
		 	Title:

  
 J-2-33 

 ANNEX I 

SUPPLEMENT NO. [    ] dated as of    , to the JUNIOR LIEN INTERCREDITOR AGREEMENT dated as of
[    ] (the “Second Junior Intercreditor Agreement”), among Red Lion Hotels Corporation, a Washington corporation (the “Borrower”), certain subsidiaries and affiliates of the Borrower (each a
“Grantor”), Deutsche Bank AG New York Branch, as First Lien Credit Agreement Collateral Agent under the First Lien Credit Agreement, [    ], as Initial Second Lien Collateral Agent under the Initial Second Lien
Agreement, and the additional Representatives from time to time party thereto. 
 A. Capitalized terms used herein and not otherwise defined
herein shall have the meanings assigned to such terms in the Junior Lien Intercreditor Agreement. 
 B. The Grantors have entered into the
Junior Lien Intercreditor Agreement. Pursuant to the First Lien Credit Agreement, the Initial Second Lien Agreement, certain Additional Senior Debt Documents and certain Additional Second Priority Debt Documents, certain newly acquired or organized
Subsidiaries of the Borrower are required to enter into the Junior Lien Intercreditor Agreement. Section 8.07 of the Junior Lien Intercreditor Agreement provides that such Subsidiaries may become party to the Junior Lien Intercreditor Agreement
by execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary (the “New Grantor”) is executing this Supplement in accordance with the requirements of the First Lien Credit Agreement, the
Initial Second Lien Agreement, the Additional Second Priority Debt Documents and Additional Senior Debt Documents. 
 Accordingly, the
Designated Senior Representative and the New Subsidiary Grantor agree as follows: 
 SECTION 1. In accordance with Section 8.07 of the
Junior Lien Intercreditor Agreement, the New Grantor by its signature below becomes a Grantor under the Junior Lien Intercreditor Agreement with the same force and effect as if originally named therein as a Grantor, and the New Grantor hereby agrees
to all the terms and provisions of the Junior Lien Intercreditor Agreement applicable to it as a Grantor thereunder. Each reference to a “Grantor” in the Junior Lien Intercreditor Agreement shall be deemed to include the New Grantor. The
Junior Lien Intercreditor Agreement is hereby incorporated herein by reference. 
 SECTION 2. The New Grantor represents and warrants to the
Designated Senior Representative and the other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms,
except as such enforceability may be limited by Bankruptcy Laws and by general principles of equity. 
 SECTION 3. This Supplement may be
executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the Designated Senior Representative shall have received a
counterpart of this Supplement that bears the signature of the New Grantor. Delivery of an executed signature page to this Supplement by facsimile transmission or other electronic method shall be as effective as delivery of a manually signed
counterpart of this Supplement. 
 SECTION 4. Except as expressly supplemented hereby, the Junior Lien Intercreditor Agreement shall remain
in full force and effect. 

  
 J-2-34 

 SECTION 5. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK. 
 SECTION 6. In case any one or more of the provisions contained in this Supplement should be held invalid,
illegal or unenforceable in any respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability of the remaining
provisions contained herein and in the Junior Lien Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7. All communications and notices hereunder shall be in writing and given as provided in Section 8.12 of the Junior Lien
Intercreditor Agreement. All communications and notices hereunder to the New Grantor shall be given to it in care of the Borrower as specified in the Junior Lien Intercreditor Agreement. 

SECTION 8. The Borrower agrees to reimburse the Designated Senior Representative for its reasonable out-of-pocket expenses in connection with this Supplement, including the reasonable fees, other charges and disbursements of counsel for the Designated Senior Representative as required by the applicable
Senior Debt Documents. 

  
 J-2-35 

 IN WITNESS WHEREOF, the New Grantor, and the Designated Senior Representative have duly executed
this Supplement to the Junior Lien Intercreditor Agreement as of the day and year first above written. 
  

			
	[NAME OF NEW SUBSIDIARY GRANTOR]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Acknowledged by:
	
	[        ], as Designated Senior Representative
		
	By:	 	  

		 	Name:
		 	Title:
	
	[        ], as Designated Second Priority Representative
		
	By:	 	  

		 	Name:
		 	Title:

  
 J-2-36 

 ANNEX II 

[FORM OF] REPRESENTATIVE SUPPLEMENT NO. [ ] dated as of
[                ], 201[ ] to the JUNIOR LIEN INTERCREDITOR AGREEMENT dated as of [    ] (the “Junior Lien Intercreditor
Agreement”), among Red Lion Hotels Corporation, a Washington corporation (the “Borrower”), certain subsidiaries and affiliates of the Borrower (each a “Grantor”), Deutsche Bank AG New York Branch, as First
Lien Credit Agreement Collateral Agent under the First Lien Credit Agreement, [                ], as Initial Second Lien Collateral Agent under the Initial Second Lien
Agreement, and the additional Representatives from time to time party thereto. 
 A. Capitalized terms used herein but not otherwise defined
herein shall have the meanings assigned to such terms in the Junior Lien Intercreditor Agreement. 
 B. As a condition to the ability of the
Borrower to incur Second Priority Class Debt after the date of the Junior Lien Intercreditor Agreement and to secure such Second Priority Class Debt with the Second Priority Lien and to have such Second Priority Class Debt guaranteed
by the Grantors, in each case under and pursuant to the Second Priority Collateral Documents relating thereto, the Second Priority Class Debt Representative in respect of such Second Priority Class Debt is required to become a
Representative under, and such Second Priority Class Debt and the Second Priority Class Debt Parties in respect thereof are required to become subject to and bound by, the Junior Lien Intercreditor Agreement. Section 8.09 of the
Junior Lien Intercreditor Agreement provides that such Second Priority Class Debt Representative may become a Representative under, and such Second Priority Class Debt and such Second Priority Class Debt Parties may become subject to
and bound by, the Junior Lien Intercreditor Agreement as Additional Second Priority Debt Obligations and Additional Second Priority Debt Parties, respectively, pursuant to the execution and delivery by the Second Priority Class Debt
Representative of an instrument in the form of this Representative Supplement and the satisfaction of the other conditions set forth in Section 8.09 of the Junior Lien Intercreditor Agreement. The undersigned Second Priority Class Debt
Representative (the “New Representative”) is executing this Supplement in accordance with the requirements of the Senior Debt Documents and the Second Priority Debt Documents. 

Accordingly, the Designated Senior Representative and the New Representative agree as follows: 

SECTION 1. In accordance with Section 8.09 of the Junior Lien Intercreditor Agreement, the New Representative by its signature below
becomes a Representative under, and the related Second Priority Class Debt and Second Priority Class Debt Parties become subject to and bound by, the Junior Lien Intercreditor Agreement as Additional Second Priority Debt Obligations and
Additional Second Priority Debt Parties, respectively, with the same force and effect as if the New Representative had originally been named therein as a Representative, and the New Representative, on behalf of itself and such Second Priority
Class Debt Parties, hereby agrees to all the terms and provisions of the Junior Lien Intercreditor Agreement applicable to it as a Second Priority Representative and to the Second Priority Class Debt Parties that it represents as Second
Priority Debt Parties. Each reference to a “Representative” or “Second Priority Representative” in the Junior Lien Intercreditor Agreement shall be deemed to include the New Representative. The Junior Lien
Intercreditor Agreement is hereby incorporated herein by reference. 
 SECTION 2. The New Representative represents and warrants to the
Designated Senior Representative and the other Secured Parties that (i) it has full power and authority to enter into this Representative Supplement, in its capacity as [agent] [trustee], (ii) this Representative Supplement has been duly
authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, 

  
 J-2-37 

 
enforceable against it in accordance with the terms of such Agreement and (iii) the Second Priority Debt Documents relating to such Second Priority Class Debt provide that, upon the New
Representative’s entry into this Agreement, the Second Priority Class Debt Parties in respect of such Second Priority Class Debt will be subject to and bound by the provisions of the Junior Lien Intercreditor Agreement as Second
Priority Debt Parties. 
 SECTION 3. This Representative Supplement may be executed in counterparts, each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. This Representative Supplement shall become effective when the Designated Senior Representative shall have received a counterpart of this Representative Supplement
that bears the signature of the New Representative. Delivery of an executed signature page to this Representative Supplement by facsimile transmission or other electronic method shall be effective as delivery of a manually signed counterpart of this
Representative Supplement. 
 SECTION 4. Except as expressly supplemented hereby, the Junior Lien Intercreditor Agreement shall remain in
full force and effect. 
 SECTION 5. THIS REPRESENTATIVE SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK. 
 SECTION 6. In case any one or more of the provisions contained in this Representative Supplement should be
held invalid, illegal or unenforceable in any respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability of
the remaining provisions contained herein and in the Junior Lien Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7. All communications and notices hereunder shall be in writing and given as provided in Section 8.12 of the Junior Lien
Intercreditor Agreement. All communications and notices hereunder to the New Representative shall be given to it at the address set forth below its signature hereto. 

SECTION 8. The Borrower agrees to reimburse the Designated Senior Representative for its reasonable out-of-pocket expenses in connection with this Representative Supplement, including the reasonable fees, other charges and disbursements of counsel for the Designated Senior Representative as required by the
applicable Senior Debt Documents. 

  
 J-2-38 

 IN WITNESS WHEREOF, the New Representative and the Designated Senior Representative have duly
executed this Representative Supplement to the Junior Lien Intercreditor Agreement as of the day and year first above written. 
  

			
	[NAME OF NEW REPRESENTATIVE],
	as [    ] for the holders of [    ]

 
			
		
	By:	 	  

		 	Name:
		 	Title:
	
	Address for notices:
	  

	  

			
	Attention of:	 	  

	Telecopy:	 	  

	
	[    ],
	as Designated Senior Representative

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 J-2-39 

			
	Acknowledged by:
	
	RED LION HOTELS CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
	
	[SUBSIDIARY GRANTORS]
		
	By:	 	  

		 	Name:
		 	Title:

  
 J-2-40 

 Schedule I to the 

Representative Supplement to the 

Junior Lien Intercreditor Agreement 

Grantors 

[                ] 

  
 J-2-41 

 ANNEX III 

[FORM OF] REPRESENTATIVE SUPPLEMENT NO. [ ] dated as of [     ], 201[ ] to the JUNIOR LIEN INTERCREDITOR AGREEMENT dated as
of [    ] (the “Junior Lien Intercreditor Agreement”), among Red Lion Hotels Corporation (the “Borrower”), certain subsidiaries and affiliates of the Borrower (each a “Grantor”),
Deutsche Bank AG New York Branch, as First Lien Credit Agreement Collateral Agent under the First Lien Credit Agreement, [    ], as Initial Second Lien Collateral Agent under the Initial Second Lien Agreement, and the additional
Representatives from time to time party thereto. 
 A. Capitalized terms used herein but not otherwise defined herein shall have the
meanings assigned to such terms in the Junior Lien Intercreditor Agreement. 
 B. As a condition to the ability of the Borrower to incur
Senior Class Debt after the date of the Junior Lien Intercreditor Agreement and to secure such Senior Class Debt with the Senior Lien and to have such Senior Class Debt guaranteed by the Grantors on a senior basis, in each case under
and pursuant to the Senior Collateral Documents relating thereto, the Senior Class Debt Representative in respect of such Senior Class Debt is required to become a Representative under, and such Senior Class Debt and the Senior
Class Debt Parties in respect thereof are required to become subject to and bound by, the Junior Lien Intercreditor Agreement. Section 8.09 of the Junior Lien Intercreditor Agreement provides that such Senior Class Debt Representative
may become a Representative under, and such Senior Class Debt and such Senior Class Debt Parties may become subject to and bound by, the Junior Lien Intercreditor Agreement as Additional Senior Debt Obligations and Additional Senior Debt
Parties, respectively, pursuant to the execution and delivery by the Senior Class Debt Representative of an instrument in the form of this Representative Supplement and the satisfaction of the other conditions set forth in Section 8.09 of
the Junior Lien Intercreditor Agreement. The undersigned Senior Class Debt Representative (the “New Representative”) is executing this Supplement in accordance with the requirements of the Senior Debt Documents and the Second
Priority Debt Documents. 
 Accordingly, the Designated Senior Representative and the New Representative agree as follows: 

SECTION 1. In accordance with Section 8.09 of the Junior Lien Intercreditor Agreement, the New Representative by its signature below
becomes a Representative under, and the related Senior Class Debt and Senior Class Debt Parties become subject to and bound by, the Junior Lien Intercreditor Agreement as Additional Senior Debt Obligations and Additional Senior Debt
Parties, respectively, with the same force and effect as if the New Representative had originally been named therein as a Representative, and the New Representative, on behalf of itself and such Senior Class Debt Parties, hereby agrees to all
the terms and provisions of the Junior Lien Intercreditor Agreement applicable to it as a Senior Representative and to the Senior Class Debt Parties that it represents as Senior Debt Parties. Each reference to a
“Representative” or “Senior Representative” in the Junior Lien Intercreditor Agreement shall be deemed to include the New Representative. The Junior Lien Intercreditor Agreement is hereby incorporated herein by
reference. 
 SECTION 2. The New Representative represents and warrants to the Designated Senior Representative and the other Secured
Parties that (i) it has full power and authority to enter into this Representative Supplement, in its capacity as [agent] [trustee], (ii) this Representative Supplement has been duly authorized, executed and delivered by it and constitutes
its legal, valid and binding obligation, enforceable against it in accordance with the terms of such Agreement and (iii) the Senior Debt Documents relating to such Senior Class Debt provide that, upon the New Representative’s entry
into this Agreement, the Senior Class Debt Parties in respect of such Senior Class Debt will be subject to and bound by the provisions of the Junior Lien Intercreditor Agreement as Senior Secured Parties. 

  
 J-2-42 

 SECTION 3. This Representative Supplement may be executed in counterparts, each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. This Representative Supplement shall become effective when the Designated Senior Representative shall have received a counterpart of this Representative
Supplement that bears the signature of the New Representative. Delivery of an executed signature page to this Representative Supplement by facsimile transmission or other electronic method shall be effective as delivery of a manually signed
counterpart of this Representative Supplement. 
 SECTION 4. Except as expressly supplemented hereby, the Junior Lien Intercreditor
Agreement shall remain in full force and effect. 
 SECTION 5. THIS REPRESENTATIVE SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 6. In case any one or more of the provisions contained in this
Representative Supplement should be held invalid, illegal or unenforceable in any respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the
validity, legality and enforceability of the remaining provisions contained herein and in the Junior Lien Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace
the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7. All communications and notices hereunder shall be in writing and given as provided in Section 8.12 of the Junior Lien
Intercreditor Agreement. All communications and notices hereunder to the New Representative shall be given to it at the address set forth below its signature hereto. 

SECTION 8. The Borrower agrees to reimburse the Designated Senior Representative for its reasonable out-of-pocket expenses in connection with this Representative Supplement, including the reasonable fees, other charges and disbursements of counsel for the Designated Senior Representative as required by the
applicable Senior Debt Documents. 

  
 J-2-43 

 IN WITNESS WHEREOF, the New Representative and the Designated Senior Representative have duly
executed this Representative Supplement to the Junior Lien Intercreditor Agreement as of the day and year first above written. 
  

			
	[NAME OF NEW REPRESENTATIVE],
	as [    ] for the holders of [    ]

 
			
		
	By:	 	  

		 	Name:
		 	Title:
	
	Address for notices:
	  

	  

			
	Attention of:	 	  

	Telecopy:	 	  

	
	[    ],
	as Designated Senior Representative

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 J-2-44 

			
	Acknowledged by:
	
	RED LION HOTELS CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
	
	[SUBSIDIARY GRANTORS]
		
	By:	 	  

		 	Name:
		 	Title:

  
 J-2-45 

 Schedule I to the 

Representative Supplement to the 

Junior Lien Intercreditor Agreement 

Grantors 

[            ] 

  
 J-2-46 

 EXHIBIT K-1 

UNITED STATES TAX COMPLIANCE CERTIFICATE 

(FOR FOREIGN LENDERS THAT ARE NOT PARTNERSHIPS FOR U.S. FEDERAL INCOME 

TAX PURPOSES) 
 Reference
is made to the Credit Agreement, dated as of May [ ], 2018 (as amended, modified, refinanced and/or restated from time to time, the “Credit Agreement”), among Red Lion Hotels Corporation, a Washington corporation (the
“Borrower”), the other Guarantors party thereto from time to time, the lenders party thereto from time to time and Deutsche Bank AG New York Branch, as Administrative Agent and Collateral Agent. Capitalized terms used herein but not
otherwise defined shall have the meaning given to such term in the Credit Agreement. 
 Pursuant to the provisions of Section 3.01(d)
of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is
not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a “10-percent shareholder” of the Borrower or Parent within the meaning of
Section 871(h)(3)(B) of the Code and (iv) it is not a “controlled foreign corporation” related to the Borrower or Parent as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its
non-U.S. person status on Internal Revenue Service Form W-8BEN or W-8BEN-E, as
applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, or if a lapse in time or change in circumstances renders the information on this certificate obsolete, expired
or inaccurate in any material respect, the undersigned shall promptly so inform the Borrower and the Administrative Agent in writing and deliver promptly to the Borrower and the Administrative Agent an updated certificate or other appropriate
documentation (including any new documentation reasonably requested by the Borrower or the Administrative Agent) or promptly notify the Borrower and the Administrative Agent in writing of its inability to do so, and (2) the undersigned shall
have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned or in either of the two calendar
years preceding such payments, or at such times are as reasonably requested by the Borrower or the Administrative Agent. 
  

			
	[NAME OF LENDER]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:                     ,
20[    ] 

  
 K-1-1 

 EXHIBIT K-2 

UNITED STATES TAX COMPLIANCE CERTIFICATE 

(FOR FOREIGN PARTICIPANTS THAT ARE NOT PARTNERSHIPS FOR U.S. FEDERAL 

INCOME TAX PURPOSES) 

Reference is made to the Credit Agreement, dated as of [ ] (as amended, modified, refinanced and/or restated from time to time, the
“Credit Agreement”), among Red Lion Hotels Corporation, a Washington corporation (the “Borrower”), the other Guarantors party thereto from time to time, the lenders party thereto from time to time and Deutsche Bank
AG New York Branch, as Administrative Agent and Collateral Agent. Capitalized terms used herein but not otherwise defined shall have the meaning given to such term in the Credit Agreement. 

Pursuant to the provisions of Section 3.01(d) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a “10-percent shareholder” of the Borrower or Parent within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a “controlled foreign corporation” related to the Borrower
or Parent as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its participating Lender with a
certificate of its non-U.S. person status on an Internal Revenue Service Form W-8BEN or
W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, or if a lapse in
time or change in circumstances renders the information on this certificate obsolete, expired or inaccurate in any material respect, the undersigned shall promptly so inform such Lender in writing and deliver promptly to such Lender an updated
certificate or other appropriate documentation (including any new documentation reasonably requested by such Lender) or promptly notify such Lender in writing of its inability to do so, and (2) the undersigned shall have at all times furnished
such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned or in either of the two calendar years preceding such payments, or at such times are as
reasonably requested by such Lender. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:                     ,
20[    ] 

  
 K-2-1 

 EXHIBIT K-3 

UNITED STATES TAX COMPLIANCE CERTIFICATE 

(FOR FOREIGN LENDERS THAT ARE PARTNERSHIPS FOR U.S. FEDERAL INCOME TAX PURPOSES) 

Reference is made to the Credit Agreement, dated as of [ ] (as amended, modified, refinanced and/or restated from time to time, the
“Credit Agreement”), among Red Lion Hotels Corporation, a Washington corporation (the “Borrower”), the other Guarantors party thereto from time to time, the lenders party thereto from time to time and Deutsche Bank
AG New York Branch, as Administrative Agent and Collateral Agent. Capitalized terms used herein but not otherwise defined shall have the meaning given to such term in the Credit Agreement. 

Pursuant to the provisions of Section 3.01(d) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any
Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to the Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members that is a beneficial owner of
such Loan(s) (as well as any Note(s) evidencing such Loan(s)) is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code,
(iv) none of its direct or indirect partners/members that is a beneficial owner of such Loan(s) (as well as any Note(s) evidencing such Loan(s)) is a “10-percent shareholder” of the Borrower or
Parent within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members that is a beneficial owner of such Loan(s) (as well as any Note(s) evidencing such Loan(s)) is a “controlled foreign
corporation” related to the Borrower or Parent as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished
the Administrative Agent and the Borrower with an Internal Revenue Service Form W-8IMY accompanied by one of the following forms from each of its direct or indirect partners/members that is claiming the
portfolio interest exception: (i) an Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable, or (ii) an IRS
Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E, as applicable, from each of
such direct or indirect partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, or
if a lapse in time or change in circumstances renders the information on this certificate obsolete, expired or inaccurate in any material respect, the undersigned shall promptly so inform the Borrower and the Administrative Agent in writing and
deliver promptly to the Borrower and the Administrative Agent an updated certificate or other appropriate documentation (including any new documentation reasonably requested by the Borrower or the Administrative Agent) or promptly notify the
Borrower and the Administrative Agent in writing of its inability to do so, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in
either the calendar year in which each payment is to be made to the undersigned or in either of the two calendar years preceding such payments, or at such times are as reasonably requested by the Borrower or the Administrative Agent. 

 

			
	[NAME OF LENDER]
	By:	 	  

		 	Name:
		 	Title:

 Date:                 
    , 20[ ] 

  
 K-3-1 

 EXHIBIT
K-41 
 UNITED STATES TAX COMPLIANCE
CERTIFICATE 
 (FOR FOREIGN PARTICIPANTS THAT ARE PARTNERSHIPS FOR U.S. FEDERAL INCOME TAX PURPOSES) 

Reference is made to the Credit Agreement, dated as of [ ] (as amended, modified, refinanced and/or restated from time to time, the
“Credit Agreement”), among Red Lion Hotels Corporation, a Washington corporation (the “Borrower”), the other Guarantors party thereto from time to time, the lenders party thereto from time to time and Deutsche Bank
AG New York Branch, as Administrative Agent and Collateral Agent. Capitalized terms used herein but not otherwise defined shall have the meaning given to such term in the Credit Agreement. 

Pursuant to the provisions of Section 3.01(d) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect to such participation, neither
the undersigned nor any of its direct or indirect partners/members that is a beneficial owner of such participation is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the
meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members that is a beneficial owner of such participation is a “10-percent shareholder” of the
Borrower or Parent within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members that is a beneficial owner of such participation is a “controlled foreign corporation” related to
the Borrower or Parent as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its participating Lender with
Internal Revenue Service Form W-8IMY accompanied by one of the following forms from each of its direct or indirect partners/members that is claiming the portfolio interest exception: (i) an Internal
Revenue Service Form W-8BEN or W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BEN from each of such direct or indirect partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the
undersigned agrees that (1) if the information provided on this certificate changes, or if a lapse in time or change in circumstances renders the information on this certificate obsolete, expired or inaccurate in any material respect, the
undersigned shall promptly so inform such Lender in writing and deliver promptly to such Lender an updated certificate or other appropriate documentation (including any new documentation reasonably requested by such Lender) or promptly notify such
Lender in writing of its inability to do so, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to
the undersigned or in either of the two calendar years preceding such payments, or at such times are as reasonably requested by such Lender. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:                     ,
20[    ] 
  

	1 	Tax to update 

  
 K-4-1 

 EXHIBIT L 

[Form of] 
 ADMINISTRATIVE
QUESTIONNAIRE 
  
  

	I.	General Information 

  

			
	Deal Name:	  	 Red Lion Hotels Corporation
 US $[40,000,000
Senior Secured Credit Facilities]

		
	Lender Institution’s Legal Name for Documentation Purposes:	  	
		
	Name, Phone and Fax Number of Individual(s) to Receive Draft(s):	  	
		
	Number of Signature Lines Required:	  	

  

	II.	Lender Contact Information 

  

					
	 	  	 CREDIT CONTACT
	  	 CLOSING CONTACT

	Primary Contact Name:	  		  	
			
	Back-up Name:	  		  	
			
	 Street Address
 (for courier purposes)
	  		  	
			
	 Primary Contact Phone
 Number:
	  		  	
			
	 Back-up Contact Phone

Number:
	  		  	
			
	Primary Contact Fax Number:	  		  	
			
	Back-up Contact Fax Number:	  		  	
			
	 Primary Contact E-mail

Address:
	  		  	
			
	 Back-up Contact E-mail

Address
	  		  	

  

	*	Please list any special function contacts on a separate sheet (i.e. L/C’s, Foreign Currency, Bid Loans, etc.) 

  
 M-9-1 

					
	 	  	 DEAL ADMINISTRATOR
	  	 
	Primary Contact Name:	  		  	
			
	Back-up Name:	  		  	
			
	 Street Address
 (for courier purposes)
	  		  	
			
	 Primary Contact Phone
 Number:
	  		  	
			
	Primary Contact Fax Number:	  		  	
			
	 Primary Contact E-mail

Address
	  		  	

  

	III.	Financial Information, Compliance, Intralinks, Executed Closing Documents, Etc. 

  

	
	Bank Name:
	
	Address:
	
	Department:
	
	Contact Name:
	
	Contact Phone:
	
	Contact Fax:
	
	Contact Email:

  

	IV.	Lender Fed Payment Instructions* 

  

	
	Bank Name:
	
	City and State:
	
	ABA Routing Number:
	
	Account Name:
	
	Account Number:
	
	Re::
	
	Attention:

  

	*	Please list any additional or non-Fed payment instructions on a separate sheet. 

  

	V.	Tax Reporting Information1 

 TAX ID#: 

 

	1 	Include tax form as applicable to lender. 

  
 M-9-2 

 Please fill out completely and return this form to: 

Deutsche Bank AG New York Branch 
 Attention:
[    ] 
 Fax: [    ] 

Email: [    ] 
 Attention:
[    ] 
 Fax: [    ] 

Email: Agency.Transactions@DB.com 

  
 M-9-3Exhibit 4.8

SECURITIES PURCHASE AGREEMENT

THIS SECURITIES PURCHASE AGREEMENT (“Agreement”) is made as of the 5th day of December, 2016 by and between Top Image Systems Ltd., a company limited by shares incorporated under the laws of the State of Israel (the “Company”), and HCP-FVE, LLC (the “Investor”).

Recitals

A.          The Company desires, pursuant to this Agreement, to raise $5,000,000 through the issuance and sale to the Investor of a Convertible Promissory Note (the “Note”) in the aggregate principal amount of $5,000,000, in the form of Exhibit A annexed hereto, which Note is convertible into ordinary shares, nominal value NIS 0.04 per share (together with any securities into which such shares may be reclassified, the “Common Shares”), at an initial conversion price equal to one hundred twenty percent (120%) of the Market Price (the “Initial Conversion Price”) (subject to adjustment); and

B.          The Investor desires to purchase from the Company, upon the terms and conditions stated in this Agreement, the Note; and

C.          The Company shall, on the terms and subject to the conditions set forth herein (including receipt of Stockholder Approval, as defined in Section 8.18(a) below), cause all indebtedness due and owing under the Note to be exchanged (the “Debt for Equity Exchange”) for shares of a newly-created class of redeemable convertible preferred shares of the Company (the “Preferred Shares”) having the rights, preferences and privileges to be set forth in an Amended and Restated Articles of Association of the Company, in the form set forth on Exhibit B annexed hereto (the “Amended and Restated AOA”); and

 

D.          The Company and the Investor are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by the provisions of Regulation D (“Regulation D”), as promulgated by the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended.

NOW, THEREFORE, in consideration of the mutual promises made herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.             Definitions.  In addition to those terms defined above and elsewhere in this Agreement, for purposes of this Agreement, the following terms shall have the meanings set forth below:

“Affiliate” means, with respect to any Person, any other Person which directly or indirectly through one or more intermediaries Controls, is Controlled by, or is under common Control with, such Person.

“Business Day” means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general transaction of business.

“Capitalized Lease Obligation” means any Indebtedness of the Company or any Subsidiary represented by obligations under a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP.

 

“Change of Control” means the occurrence of any of the following in one or a series of related transactions (excluding, however, the issuance of the Securities to the Investor): (i) an acquisition after the date hereof by an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) under the 1934 Act) of more than 50% of the voting rights or equity interests in the Company; (ii) a replacement of more than 50% of the members of the Company’s board of directors that is not approved by those individuals who are members of the board of directors immediately preceding the replacement;  (iii) a merger or consolidation of the Company in one or a series of related transactions, unless following such transaction or series of transactions, the holders of the Company’s securities prior to the first such transaction continue to hold at least 50% of the voting rights and equity interests in the surviving entity or acquirer of such assets, as applicable; (iv) a recapitalization, reorganization or other transaction involving the Company that constitutes  a transfer of more than 50% of the voting rights or equity interests in the Company; (v) consummation of a “Rule 13e-3 transaction” as defined in Rule 13e-3 under the 1934 Act with respect to the Company; or (vi) the occurrence of an M&A Event (as such term is defined in any bonus or change of control agreements with any of the Company’s directors or officers) under any of the bonus or change of control agreements with any of the Company’s directors of officers.

“Closing Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on an Eligible Market or any other national securities exchange, the closing bid price per Common Share for such date (or the nearest preceding date) on the primary Eligible Market or exchange on which the Common Shares are then listed or quoted; (b) if prices for the Common Shares are then reported in the “Pink Sheets” published by OTC Markets Group Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Common Share so reported; or (c) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the Investor.

“Common Share Equivalents” means any securities of the Company which would entitle the holder thereof to acquire at any time Common Shares, including without limitation, any debt, preferred shares, rights, options, warrants or other instrument that is at any time convertible into or exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares.

“Company 102 Options” means Company Options granted under Section 102 of the Israeli Tax Ordinance.

 

- 2 -

“Company Product” means any product or service offering of the Company or any Subsidiary created by or for, or marketed, sold, licensed, distributed or provided by or for the Company or any Subsidiary.

 

“Company’s Knowledge” means the actual knowledge of the executive officers (as defined in Rule 405 under the 1933 Act) of the Company, after due inquiry.  As used in this definition, the term “due inquiry” means that each of such Persons has (i) read the applicable provisions of this Agreement and the other Transaction Documents that relate to his or her area of expertise or responsibility and (ii) made specific inquiry of those individuals within the Company or its Subsidiaries whom such Person reasonably believes would have direct knowledge of the relevant matters in a good faith attempt to ascertain the existence or accuracy of such relevant matters.

“Company Option” means each option to acquire Common Shares granted under the Company Option Plan or any preceding stock option plan in existence prior thereto.

 

“Company Option Plan” means the Company’s Amended and Restated 2003 Israeli Share Option Plan.

 

“Confidential Information” means trade secrets, confidential information and know-how (including but not limited to ideas, formulae, compositions, processes, procedures and techniques, research and development information, computer program code, performance specifications, support documentation, drawings, specifications, designs, business and marketing plans, and customer and supplier lists and related information).

“Contracts” means, with respect to any Person, any agreement, undertaking, franchise, permit, lease, loan, license, guarantee, understanding, commitment, contract, note, bond, indenture, mortgage, deed of trust or other obligation, instrument, document, agreement or other arrangement of any kind (written or oral) to which such Person is a party or by which such Person, or any material amount of such Person’s property, is bound.

 

“Control” (including the terms “controlling”, “controlled by” or “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

“Conversion Price” means, as of any particular date, the conversion price then in existence under the Note.

“Covenant Period” means the period commencing on the date of execution of this Agreement and continuing for so long as either of the following clauses (y) or (z) is applicable: (y) at least thirty five percent (35%) of the original principal amount of the Note is outstanding; or (z) the Investor and/or any Affiliate thereof collectively hold at least thirty five percent (35%) of the Holder Preferred Shares issued in the Debt for Equity Exchange.  For the avoidance of doubt, the Covenant Period shall continue to be in full force and effect if the Note is converted into Holder Preferred Shares so long as the Investor and/or any Affiliate thereof collectively hold at least thirty five percent (35%) of the Holder Preferred Shares issued in the Debt for Equity Exchange.

- 3 -

“Effective Date” means the date that a Registration Statement or Registration Statements covering the Registrable Securities has been declared effective by the SEC.

“Eligible Market” means any of the following markets or exchanges on which the Common Shares are listed or quoted for trading on the date in question: the OTC Bulletin Board, The NASDAQ Global Market, The NASDAQ Global Select Market, The NASDAQ Capital Market, the New York Stock Exchange, NYSE Arca, the NYSE MKT, or the OTCQX Marketplace or the OTCQB Marketplace operated by OTC Markets Group Inc. (or any successor to any of the foregoing).

“Embedded Software” means third-party firmware licensed from third parties that is embedded in equipment for which the actual source code is inaccessible to the Company and its Subsidiaries.

“Encouragement Law” means the Israeli Law for Encouragement of Capital Investment, 1959.

“Equipment” means all present and future machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments in which the Company has any interest.

“Equity Interests” means, with respect to any Person, any and all shares, rights to purchase, options, warrants, general, limited or limited liability partnership interests, membership interests, participation or other equivalents of or interest in (regardless of how designated) equity of such Person, whether voting or nonvoting, including ordinary or common shares, common stock, preferred shares, preferred stock, convertible securities or any other “equity security” (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the SEC under the 1934 Act), including in each case all of the following rights relating to such Equity Interests, whether arising under the Organizational Documents of the Person issuing such Equity Interests (the “issuer”) or under the applicable laws of such issuer’s jurisdiction of organization relating to the formation, existence and governance of companies limited by shares, corporations, limited liability companies or partnerships or business trusts or other legal entities, as the case may be: (i) all economic rights (including all rights to receive dividends and distributions) relating to such Equity Interests; (ii) all voting rights and rights to consent to any particular action(s) by the applicable issuer; (iii) all management rights with respect to such issuer; (iv) in the case of any Equity Interests consisting of a general partner interest in a partnership, all powers and rights as a general partner with respect to the management, operations and control of the business and affairs of the applicable issuer; (v) in the case of any Equity Interests consisting of the membership/limited liability company interests of a managing member or manager in a limited liability company, all powers and rights as a managing member or manager with respect to the management, operations and control of the business and affairs of the applicable issuer; (vi) all rights to designate or appoint or vote for or remove any officers, directors, manager(s), general partner(s) or managing member(s) of such issuer and/or any members of any board of members/managers/partners/directors that may at any time have any rights to manage and direct the business and affairs of the applicable issuer under its Organizational Documents as in effect from time to time or under applicable law; (vii) all rights to amend the Organizational Documents of such issuer, (viii) in the case of any Equity Interests in a partnership or limited liability company, the status of the holder of such Equity Interests as a “partner”, general or limited, or “member” (as applicable) under the applicable Organizational Documents and/or applicable law; and (ix) all certificates evidencing such Equity Interests.

- 4 -

“Filing Date” means with respect to (i) the initial Registration Statement required to be filed pursuant to Section 9.1 of this Agreement, the ninetieth (90th) day following the Closing Date and (ii) any additional Registration Statement required to be filed pursuant to Section 9.1 of this Agreement, the ninetieth (90th) day following the date thereof.

 

“Foreign Currency Hedge” means any foreign exchange transaction, including spot and forward foreign currency purchases and sales, listed or over-the-counter options on foreign currencies, non-deliverable forwards and options, foreign currency swap agreements, currency exchange rate price hedging arrangements, and any other similar transaction providing for the purchase of one currency in exchange for the sale of another currency.

 

“Foreign Plan” means each Company Employee Plan that is not governed by the laws of the United States or that grants benefit to non-U.S employees.

 

“Governmental Entity” means (i) any nation, state, county, city, town, borough, village, district or other jurisdiction, (ii) any federal, state, local, municipal, foreign or other government, (iii) any federal, state, local, municipal, foreign or other governmental or quasi-governmental body of any nature (including any agency, branch, department, board, commission, court, tribunal or other entity exercising governmental or quasi-governmental powers), (iv) any multinational organization or body, and (v) any Person or other body entitled or purporting to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power, or official of any of the foregoing.

“Hazardous Materials” means, without limitation, any flammable explosives, radon, radioactive materials, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum and petroleum products, methane, hazardous materials, Hazardous Wastes, hazardous or Toxic Substances or related materials as defined in or subject to regulation under Environmental Laws.

 

“Hazardous Wastes” means all waste materials subject to regulation under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, the Resource Conservation and Recovery Act, as amended, or applicable state law, and any other applicable Environmental Laws now in force or hereafter enacted relating to hazardous waste disposal.

 

- 5 -

“Indebtedness” of any Person means, at any time, any and all indebtedness, obligations or liabilities (whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person for or in respect of:  (a) borrowed money; (b) amounts received under or liabilities in respect of any note purchase or acceptance credit facility, and all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; (c) all Capitalized Lease Obligations; (d) reimbursement obligations (contingent or otherwise) under any letter of credit agreement, banker’s acceptance agreement or similar arrangement; (e) obligations under any Interest Rate Hedge, Foreign Currency Hedge, or other interest rate management device, foreign currency exchange agreement, currency swap agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement; (f) any other advances of credit made to or on behalf of such Person or other transaction (including forward sale or purchase agreements, capitalized leases and conditional sales agreements) having the commercial effect of a borrowing of money entered into by such Person to finance its operations or capital requirements including to finance the purchase price of property or services and all obligations of such Person to pay the deferred purchase price of property or services (but not including trade payables and accrued expenses incurred in the ordinary course of business which are not represented by a promissory note or other evidence of indebtedness and which are not more than thirty (30) days past due); (g) all Equity Interests of such Person subject to repurchase or redemption rights or obligations (excluding repurchases or redemptions at the sole option of such Person); (h) all indebtedness, obligations or liabilities secured by a Lien on any asset of such Person, whether or not such indebtedness, obligations or liabilities are otherwise an obligation of such Person; (i) all obligations of such Person for “earnouts”, purchase price adjustments, profit sharing arrangements, deferred purchase money amounts and similar payment obligations or continuing obligations of any nature of such Person arising out of purchase and sale contracts; (j) off-balance sheet liabilities and/or pension plan liabilities of such Person; (k) obligations arising under bonus, deferred compensation, incentive compensation or similar arrangements, other than those arising in the ordinary course of business; and (l) any guaranty of any indebtedness, obligations or liabilities of a type described in the foregoing clauses (a) through (k).

 

“Intellectual Property Rights” means any rights in, arising out of or associated with any of the following:  (i) United States, international and foreign patents and patent applications (including all reissues, reexaminations, divisionals, renewals, extensions, provisionals, continuations, continuations-in-part, patent disclosures, mask works and integrated circuit topographies) and all equivalents thereof; (ii) Software (including source and object code) and related documentation, confidential information, trade secrets, inventions (whether patentable or not), proprietary and confidential business information, customer lists, proprietary and confidential know how, show how, and all documentation relating to any of the foregoing; (iii) United States and foreign copyrights, copyright registrations and applications therefor in both published and unpublished works; (iv) United States and foreign trademarks and service marks (whether or not registered), including designs, logos, slogans and general intangibles of like nature, together with goodwill appurtenant thereto, and applications for registration of any of the foregoing; and (v) Internet domain name registrations.

 

“Interest Rate Hedge” means an interest rate exchange, collar, cap, swap, floor, adjustable strike cap, adjustable strike corridor, cross-currency swap or similar agreements entered into by the Company or its Subsidiaries in order to provide protection to, or minimize the impact upon, the Company or any of its Subsidiaries of increasing floating rates of interest applicable to Indebtedness.

 

“Investor Counsel” means Greenberg Traurig, P.A.

 

- 6 -

“Israeli Tax Ordinance” means Israeli Income Tax Ordinance [New Version], 1961, and all rules and regulations promulgated thereunder, all as amended.

 

“Joint Venture” means a business arrangement between two (2) or more Persons where they combine their respective resources and share the risk, profits and liabilities of such venture (excluding any ordinary course business arrangements entered into by the Company or any of its Subsidiaries which are not required to be disclosed in an annual report by the Company on Form 20-F).

 

“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, security interest, lien (whether statutory or otherwise), charge, claim or encumbrance, restriction, or preference, priority or other security agreement or preferential arrangement held or asserted in respect of any asset of any kind or nature whatsoever including any conditional sale or other title retention agreement, any lease having substantially the same economic effect as any of the foregoing, and the filing of, or agreement to give, any financing statement under the Uniform Commercial Code or comparable law of any jurisdiction.

“Losses” means any and all damages, fines, penalties, deficiencies, liabilities, claims, losses (including loss of value), judgments, awards, settlements, actions and reasonable out-of-pocket costs and expenses arising in connection therewith (including, without limitation, interest, court costs and fees and out-of-pocket expenses of attorneys, accountants and other experts, or any other reasonable and documented out-of-pocket expenses of litigation or other Proceedings).

“Market Condition Event” means: (i) any change in local, domestic, foreign or international general economic conditions or (ii) any change in applicable laws, rules or regulations.

 

“Market Price” is $1.48.

“Material Adverse Effect” means a material adverse effect on: (i) the condition (financial or otherwise), results of operations, assets, business, properties or prospects of the Company or any Subsidiary; (ii) the ability of the Company to duly and punctually repay the Note or otherwise duly and punctually perform its obligations under the Transaction Documents; or (iii) the practical realization of the benefits of the Investor’s rights and remedies under this Agreement and the other Transaction Documents, except that the effect of any Market Condition Event will not be considered when determining whether a Material Adverse Effect has occurred so long as such Market Condition Event does not disproportionately affect the Company and/or its Subsidiaries as compared to its competitors.

 

“Material Contract” means any Contract to which the Company or any Subsidiary is a party or bound, which is material to the business of the Company or any such Subsidiary or which the failure to comply with could reasonably be expected to result in a Material Adverse Effect.  A Contract the disclosure of which would not be required in an annual report by the Company on Form 20-F will not be regarded as a Material Contract.

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“Open Source Software” means any Software subject to: (a) any so-called “open source”, “copyleft”, “freeware”, or “general public” license; (b) any license that is substantially similar to those listed at http://www.opensource.org/licenses/; and (c) any license that (i) requires (including as a condition to the license grants therein) the licensor to permit reverse-engineering of the licensed technology (such as software) or other technology incorporated into, derived from, or distributed with such licensed technology or (ii) requires (including as a condition to the license grants therein) that the licensed technology or other technology incorporated into, derived from, or distributed with such licensed technology (A) be distributed in source code form, (B) be licensed for the purpose of making modifications or derivative works, (C) be distributed at no charge, or (D) be distributed with certain notices or licenses (e.g., copyright notices or warranty disclaimers).

 

“Organizational Documents” means, with respect to any Person, any charter, memorandum, articles or certificate of incorporation or association, certificate of organization, registration or formation, certificate of partnership or limited partnership, bylaws, operating agreement, limited liability company agreement, or partnership agreement of such Person and any and all other applicable documents relating to such Person’s formation, incorporation, organization or entity governance matters (including any shareholders’ or equity holders’ agreement or voting trust agreement) and specifically includes, without limitation, any certificates of designation for preferred stock or other forms of preferred equity.

 

“Permitted Indebtedness” means:

		(a)	
Non-convertible Indebtedness for borrowed money in an aggregate amount (including, for the avoidance of doubt, the existing Indebtedness for borrowed money outstanding on the Closing Date as set forth on Schedule 1(a)) not to exceed Five Million Dollars ($5,000,000) and which Indebtedness is obtained from a bank or other standard commercial lender, is an asset-based loan and is on commercially reasonable terms for  a non-convertible, asset-based loan; and

(b)          Indebtedness to trade creditors incurred in the ordinary course of business.

“Permitted Liens” means the following:

		(a)	
Any Liens existing on the date hereof and disclosed on Schedule 5.30(a);

		(b)	
Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate Proceedings promptly instituted and diligently conducted and for which the Company maintains adequate reserves and the non-payment of such taxes, fees, assessments or other governmental charges or levies will not have a Material Adverse Effect or will not result in the forfeiture of any assets;

		(c)	
Liens placed upon fixed assets hereafter acquired to secure a portion of the purchase price thereof, provided that (x) any such Lien shall not encumber any other property of the Company and its Subsidiaries and (y) the aggregate amount of Indebtedness secured by such Liens incurred as a result of such purchases during any fiscal year shall not exceed the aggregate amount provided for in Section 8.11(II)(r);

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		(d)	
Liens incurred in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security (in each case to the extent required by applicable laws), and mechanic’s Liens, carrier’s Liens and other Liens to secure the performance of tenders, statutory obligations, contract bids, government contracts, performance and return of money bonds and other similar obligations, incurred in the ordinary course of business, whether pursuant to statutory requirements, common law or contractual arrangements;

		(e)	
Liens securing Permitted Indebtedness identified in clause (a) of the defined term “Permitted Indebtedness”; and

		(f)	
other Liens incidental to the conduct of the business of the Company and its Subsidiaries or the ownership of their property and assets which were not incurred in connection with the borrowing of money or the obtaining of advances or credit, and which do not in the aggregate materially detract from the value of the property or assets of the Company and its Subsidiaries and which do not materially impair the use thereof in the operation of their businesses.

“Permitted Restricted Payments” means:

 

(a)          the payment of any dividends by any direct or indirect wholly-owned Subsidiary of the Company on its capital stock, share capital or other equity securities; provided, that, such dividends are paid to the Company and not subsequently dividended out (or otherwise distributed) to its shareholders except for the payment of dividends on the Holder Preferred Shares in accordance with the terms of the Amended and Restated AOA; and

 

(b)          the repurchase of any shares of the Company from a former employee in connection with the termination or other departure of such employee, strictly in accordance with the terms of any agreement entered into with such employee and in effect on the Closing Date.

 

“Person” means an individual, corporation, company limited by shares, partnership, limited liability company, trust, business trust, association, joint stock company, joint venture, sole proprietorship, unincorporated organization, Governmental Entity or any other form of entity not specifically listed herein.

 

“PFIC” means a “passive foreign investment company” as defined in Section 1297 of the Code and the Treasury Regulations thereunder.

 

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding, such as a deposition).

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“Prospectus” means the prospectus included in the Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the 1933 Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by the Registration Statement, and all other amendments and supplements to the Prospectus including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.

 

“Purchase Price” means Five Million Dollars ($5,000,000).

“Registrable Securities” means all Underlying Shares, together with any securities issued or issuable upon any share split, dividend or other distribution, recapitalization or similar event with respect to the foregoing.

 

“Registration Statement” means any registration statements on Forms F-1 or F-3 required to be filed under Section 9.1 of this Agreement, including (in each case) the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.

“Required Effectiveness Date” means with respect to (i) the initial Registration Statement required pursuant to Section 9.1 of this Agreement, the one hundred eightieth (180th) day following the Closing Date and (ii) any additional Registration Statement required pursuant to Section 9.1 of this Agreement, the 180th day following the date thereof; provided, however, in the event the Company is notified by the SEC that the Registration Statement will not be reviewed or is no longer subject to further review and comments, the Required Effectiveness Date as to such Registration Statement shall be the tenth (10th) Trading Day following the date on which the Company is so notified if such date precedes the dates required above.

 

“Rule 144,” “Rule 415,” and “Rule 424” means Rule 144, Rule 415 and Rule 424, respectively, promulgated by the SEC pursuant to the 1933 Act, as such Rules may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same effect as such Rule.

 

“Securities” means the Note, the Holder Preferred Shares (as defined below) and the Underlying Shares.

“Short Sales” means all “short sales” as defined in Rule 3b-3 of the 1934 Act and includes all types of direct and indirect stock or share pledges, forward sale contracts, options, puts, calls, short sales, swaps and similar arrangements (including on a total return basis), and sales and other transactions through non-US broker dealers or foreign regulated brokers having the effect of hedging the Securities or investments made under this Agreement.

“Software” means computer software and programs in any form, including source code and object code form, operating systems, database management code, firmware and utilities, and all related documentation, developer notes, comments and annotations.

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“Subsidiary” means, at any time, any Person (other than a natural person or Governmental Entity) which the Company (either alone or through or together with any other Subsidiary), owns, directly or indirectly, more than a majority of the capital stock or equity interests the holders of which are generally entitled to vote for the election of the board of directors or other governing body of such Person.

“Technology” means (i) Software (including software development kits, APIs, computer programs, codes, interfaces, software implementations of algorithms and models and methodologies), whether in source code, object code, or other form, (ii) databases, compilations, collections of data and data, (iii) inventions (whether or not patentable), (iv) methods and processes, (v) designs and schematics, (vi) know-how, and (vii) works of authorship, including documentation (e.g. user manuals and training materials).

“TM Revenues” means, in respect of any acquisition of assets or Equity Interests by the Company or any Subsidiary or any sale, disposition, exclusive license or transfer of material assets or property of the Company or any Subsidiary, the aggregate revenues of the Company and its Subsidiaries for the twelve (12) full calendar months immediately preceding such acquisition of assets or Equity Interests by the Company or any Subsidiary or any sale, disposition, exclusive license or transfer of material assets or property of the Company or any Subsidiary, as applicable.

“Toxic Substance” means and includes any material present on any real property owned, operated or leased by the Company or any Subsidiary which has been shown to have significant adverse effect on human health, or identified as “toxic substance” (or any term of similar import in any foreign jurisdiction) or which is subject to regulation under the Toxic Substances Control Act, 15 U.S.C. §§ 2601 et seq., applicable state law, or any other applicable Environmental Laws now in force or hereafter enacted relating to toxic substances.  “Toxic Substance” includes but is not limited to asbestos, polychlorinated biphenyls (PCBs) and lead-based paints.

 

“Trading Day” means (a) any day on which the Common Shares are listed or quoted and traded on their primary Trading Market, or (b) if the Common Shares are not then listed or quoted and traded on any Trading Market, then any Business Day.

“Trading Market” means The NASDAQ Capital Market or any other primary Eligible Market or national securities exchange on which the Common Shares are then listed or quoted.

 

“Transaction Documents” means this Agreement, the Note and any other documents, certificates or agreements executed or delivered by the Company in connection with the transactions contemplated hereby.

“Underlying Shares” means Common Shares issuable (i) upon conversion of the Note, (ii) upon conversion of the Holder Preferred Shares and (iii) in satisfaction of any other obligation or right of the Company to issue Common Shares pursuant to the Transaction Documents (including as interest payments on the Note or dividend payments on the Holder Preferred Shares), and in each case, any securities issued or issuable in exchange for or in respect of such securities.

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“VWAP” means, on any particular Trading Day or for any particular period, the volume weighted average trading price per Common Share on such Trading Day or for such particular period on the Eligible Market on which the Common Shares are then traded as reported by Bloomberg L.P., through its “Volume at Price” functions, or any successor performing similar functions, or, if the foregoing does not apply, the average of the highest Closing Price and the lowest closing ask price of any of the market makers for the Common Shares as reported in the “pink sheets” by OTC Markets Group Inc.; provided, however, that during any period the VWAP is being determined, the VWAP shall be subject to adjustment from time to time for share splits, share dividends, combinations and similar events as applicable.

“1933 Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated thereunder.

“1934 Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated thereunder.

Unless otherwise expressly provided herein, references to formation documents, governing documents, agreements (including the Transaction Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other modifications are not expressly prohibited by any of the Transaction Documents and, if required by the terms of any Transaction Document, the consent of the Investor has been obtained.

2.             Purchase and Sale of the Note.  Subject to the terms and conditions of this Agreement, on the Closing Date, the Investor shall purchase, and the Company shall sell and issue to the Investor, the Note in the principal amount of Five Million Dollars ($5,000,000) in exchange for the Purchase Price.

3.             Closing.  Upon confirmation that the other conditions to closing specified in Section 7.1 have been satisfied or duly waived by the Investor, the Company shall deliver to Greenberg Traurig, in trust, the Note, registered in such name or names as the Investor may designate, with instructions that such Note is to be held for release to the Investor only upon payment in full of the Purchase Price to the Company by the Investor.  Upon such receipt by Greenberg Traurig of the Note, the Investor shall promptly, but no more than one Business Day thereafter, cause the Purchase Price to be sent via wire transfer in same day funds to the account of the Company as instructed in writing by the Company.  On the date (the “Closing Date”) the Company receives the Purchase Price, the Note shall be released to the Investor (the “Closing”).  The Closing of the purchase and sale of the Note shall take place at the offices of Greenberg Traurig, 200 Park Avenue, New York, New York 10166, or at such other location and on such other date as the Company and the Investor shall mutually agree.

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4.             Ranking of Payments.  The Company and the Investor agree that all repayments of the Note (including, without limitation, any partial prepayment of the Note, any payments of accrued but unpaid interest or principal on the Note and any payments resulting from the exercise of the rights and remedies by the Investor) shall be applied in the following order of priority: (i) all fees, expenses and other amounts due to the Investor in connection with enforcing its rights under the Transaction Documents shall be paid first; (ii) all fees, expenses and other amounts due to the holders of the Note (excluding principal and interest) under the Transaction Documents shall be paid second; (iii) all accrued but unpaid interest under the Note (including any premium thereon pursuant to Section 8.12 of this Agreement, Section 3(a) of the Note or Section 10(c) of the Note) shall be paid third; and (iv) all outstanding principal amounts on the Note (including any premium thereon pursuant to Section 8.12 of this Agreement, Section 3(a) of the Note, Section 8(b) of the Note or Section 10(c) of the Note) shall be paid fourth; provided, however, (A) for so long as no Event of Default has occurred and is continuing, the Company shall (except as otherwise provided in the Note) make quarterly interest payments on behalf of the Note in accordance with its terms and (B) the foregoing shall not restrict the ability of the holders of the Note to convert the Note into Common Shares in accordance with its terms.

5.             Representations and Warranties of the Company.  The Company hereby represents and warrants to the Investor that, in each case, except as set forth in the schedules delivered herewith (collectively, the “Disclosure Schedules”), on and as of the date hereof and on and as of the Closing Date:

5.1          Organization, Good Standing and Qualification; Subsidiaries.  Each of the Company and its Subsidiaries is a corporation or a company limited by shares, as applicable duly organized or incorporated, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization and has all requisite corporate power and authority to carry on its business as now conducted and to own its properties.  Each of the Company and its Subsidiaries is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction in which it is now conducting its business and in which the failure to be in good standing or qualified to do business as a foreign corporation would reasonably be expected to have a Material Adverse Effect.  The Company’s Subsidiaries are listed on Schedule 5.1 hereto.  Except for the Company’s Subsidiaries listed on Schedule 5.1 hereto, the Company does not directly or indirectly control or own any Equity Interest in any other corporation, partnership, or other entity nor is the Company or any of its Subsidiaries party to a Joint Venture.

5.2          Authorization.  The Company has full power and authority and has taken all requisite company action for (i) the authorization, execution and delivery of the Transaction Documents to be executed and delivered by it, (ii) the authorization of the performance of all obligations of the Company and the Subsidiaries hereunder or thereunder, and (iii) the authorization, issuance (or reservation for issuance) and delivery of the Securities, except, in the case of the Preferred Shares, for Stockholder Approval in respect of the Amended and Restated AOA providing for the creation of the Preferred Shares.  The Transaction Documents constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability, relating to or affecting creditors’ rights generally.

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5.3          Capitalization.  Schedule 5.3 accurately and completely describes the capitalization of the Company, which description of the capitalization of the Company shall include, without limitation, (a) the authorized share capital of the Company on the date hereof; (b) the number of shares issued and outstanding; (c) the number of shares issuable pursuant to the Company’s equity plans; and (d) the number of shares issuable and reserved for issuance pursuant to securities (other than the Note) exercisable for, or convertible into or exchangeable for, any shares of the Company’s share capital.  All of the issued and outstanding shares of the Company have been duly authorized and validly issued and are fully paid, nonassessable and free of pre-emptive rights and were issued in full compliance with applicable state, federal and foreign securities law and any rights of third parties.  All of the issued and outstanding shares of capital stock of each Subsidiary have been duly authorized and validly issued and are fully paid, nonassessable and free of pre-emptive rights, were issued in full compliance with applicable state, federal and foreign securities law and any rights of third parties and are owned by the Company, beneficially and of record, subject to no Lien.  No Person is entitled to pre-emptive or similar statutory or contractual rights with respect to any securities of the Company. There are no outstanding warrants, options, convertible or other rights, agreements or arrangements of any character under which the Company or any of its Subsidiaries is or may be obligated to issue any Equity Interests of any kind and except as contemplated by this Agreement, neither the Company nor any of its Subsidiaries is currently in negotiations for the issuance of any Equity Interests of any kind.  Except as described on Schedule 5.3, there are no voting agreements, buy-sell agreements, option or right of first purchase agreements or other agreements of any kind among the Company and any of the securityholders of the Company relating to the securities of the Company held by them.  Except as described on Schedule 5.3, there are no outstanding securities or instruments of the Company or any of its Subsidiaries which contain any redemption or similar provisions, and there are no Contracts by which the Company or any of its Subsidiaries is or may become bound to redeem a security of the Company or any of its Subsidiaries.  Except as described on Schedule 5.3, the Company does not have any stock appreciation rights or “phantom stock” plans or agreements or any similar plans or agreements.  Except as described on Schedule 5.3 and except as provided in this Agreement, no Person has the right to require the Company to register any securities of the Company under the 1933 Act or any applicable foreign securities law, whether on a demand basis or in connection with the registration of securities of the Company for its own account or for the account of any other Person.   There are no Proceedings or threatened Proceedings (whether oral or in writing) pursuant to which any Person claims or alleges that such Person owns, or that such Person is or was entitled to be granted, issued or receive, any capital stock or equity securities of the Company or any Subsidiary, including any options, warrants or any other security or right to receive any capital stock or equity securities of the Company or any Subsidiary.

Except as described on Schedule 5.3, the issuance and sale of the Securities hereunder will not obligate the Company to issue Common Shares or other securities to any other Person (other than the Investor) and will not result in the adjustment of the exercise, conversion, exchange or reset price of any outstanding security or any other action punitive to the Company or any Subsidiary.

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The Company does not have outstanding shareholder purchase rights or “poison pill” or any similar arrangement in effect giving any Person the right to purchase any equity interest in the Company upon the occurrence of certain events, nor do the Company’s Organizational Documents include any other anti-takeover mechanism such as “staggered board” or any similar mechanism intended to frustrate, block or derail tender offers for the purchase of the Company.

5.4          Valid Issuance.  With the exception of the Stockholder Approval necessary to authorize the Holder Preferred Shares, the Securities have been duly authorized and, except as provided in this sentence, no other corporate or shareholder action is required to be taken to authorize the Holder Preferred Shares.  The Note, when duly executed, issued and delivered against payment therefor, will be validly issued.  The Preferred Shares if issued in connection with the Debt for Equity Exchange (the “Holder Preferred Shares”) will, upon issuance, be validly issued.  The Underlying Shares or other securities issuable under the Note, when so issued in accordance with the terms of the Note, will be, validly issued.  The Underlying Shares, when so issued upon conversion of the Holder Preferred Shares, will be, validly issued. The Note is, and the Underlying Shares or other securities issuable under the Note, when so issued in accordance with the terms of the Note, as the case may be, will be, fully paid and nonassessable and free of preemptive or similar rights.  The Holder Preferred Shares, and the Underlying Shares issuable upon conversion thereof, when so issued in accordance with the terms of the Holder Preferred Shares, will be, fully paid and nonassessable and free of preemptive or similar rights.  The Note has been, and the Underlying Shares or other securities issuable under the Note, when so issued in accordance with the terms of the Note, will be, issued in compliance with applicable securities laws, rules and regulations.  The Holder Preferred Shares, if issued in accordance with the Debt for Equity Exchange, and the Underlying Shares issuable upon conversion of the Holder Preferred Shares, when so issued in accordance with the terms of the Holder Preferred Shares, will be, issued in compliance with applicable securities laws, rules and regulations.  The issuance and sale of the Securities contemplated hereby does not conflict with or violate any rules or regulations of the Trading Market.  The Company has reserved from its duly authorized share capital the maximum number of Common Shares to be issued to the Investor upon full conversion of the Note or, the Holder Preferred Shares (without giving effect to any limitations on conversion contained in the Note or the Amended and Restated AOA incorporating the terms of the Preferred Shares) or that are otherwise issuable pursuant to the Transaction Documents (including as payment of interest under the Note or payment of dividends in respect of the Holder Preferred Shares).

5.5          Consents.  The execution, delivery and performance by the Company of the Transaction Documents to which it is a party and the offer, issuance and sale of the Securities require no consent of, action by or in respect of, or filing with, any Person or Governmental Entity other than (i) filings and consents that have been waived, obtained or made, including pursuant to applicable state securities laws, (ii) post-sale filings pursuant to applicable state, federal securities laws which the Company undertakes to file within the applicable time periods, (iii) Stockholder Approval in respect of the Amended and Restated AOA providing for the creation of the Preferred Shares and (iv) the filing of the undertaking by the Investor with The National Technological Innovation Authority.  Subject to the accuracy of the representations and warranties of the Investor set forth in Section 6 hereof, the Company has taken all action necessary to exempt (i) the issuance and sale of the Securities, (ii) the issuance of the Underlying Shares upon due conversion of the Note or the Preferred Shares or that are otherwise issuable pursuant to the Transaction Documents (including as payment of interest under the Note or payment of dividends in respect of the Holder Preferred Shares), and (iii) the other transactions contemplated by the Transaction Documents from the provisions of any stockholder rights plan or other “poison pill” arrangement, any anti-takeover, business combination or control share law or statute binding on the Company or to which the Company or any of its assets and properties are bound and any provision of the Company’s Organizational Documents that is or could reasonably be expected to become applicable to the Investor as a result of the transactions contemplated hereby, including without limitation, the issuance of the Securities and the ownership, disposition or voting of the Securities by the Investor or the exercise of any right granted to the Investor pursuant to this Agreement or the other Transaction Documents.

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5.6          Delivery of SEC Filings; Business.  The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the 1933 Act and the 1934 Act for the three (3) years preceding the date hereof (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, collectively the “SEC Filings”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Filings prior to the expiration of any such extension.  The Company has made available to the Investor through the EDGAR system, true and complete copies of the SEC Filings, including Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2015, as amended (the “20-F”).  The Company has never been an issuer subject to Rule 144(i) under the 1933 Act.  The Company and its Subsidiaries are engaged in all material respects only in the business described in the SEC Filings and the SEC Filings contain a complete and accurate description in all material respects of the business of the Company and its Subsidiaries, taken as a whole.

5.7          Use of Proceeds.  The net proceeds of the sale of the Note shall be used by the Company for working capital and for general corporate purposes.

5.8          No Material Adverse Change.  Since December 31, 2015, except as identified and described in the SEC Filings or as described on Schedule 5.8, there has not been:

(i)           any material change in the consolidated assets, liabilities, financial condition or operating results of the Company from that reflected in the financial statements included in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2015, except for changes in the ordinary course of business which have not had and could not reasonably be expected to have a Material Adverse Effect, individually or in the aggregate;

(ii)          any declaration or payment of any dividend, or any authorization or payment of any distribution, on any of shares or other equity securities of the Company, or any redemption or repurchase of any securities of the Company (or any agreement entered into in connection with any redemption or repurchase of any securities of the Company);

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(iii)          any damage, destruction or loss, whether or not covered by insurance, to a substantial portion of the assets or properties of the Company and its Subsidiaries, taken as a whole;

(iv)         any waiver, not in the ordinary course of business, by the Company or any Subsidiary of a material right or of a material debt owed to it;

(v)          any change or amendment to the Company's Organizational Documents or to any Material Contract or any waiver of a material right under, or termination of, any Material Contract;

(vi)         any material labor difficulties or labor union organizing activities with respect to employees of the Company or any Subsidiary;

(vii)        any Material Contract entered into by the Company or a Subsidiary other than in the ordinary course of business;

(viii)       the loss of any customer which has had or could reasonably be expected to have a Material Adverse Effect;

(ix)          any issuance of equity securities of the Company or rights to purchase equity securities of the Company to any officer, director or Affiliate, other than pursuant to the Company Option Plan;

(x)           any substantive written complaint, allegation, assertion or claim, received by the Company, any of its Subsidiaries or any director, officer or auditor of the Company or any of its Subsidiaries that (i) the Company or any of its Subsidiaries has engaged in questionable accounting or auditing practices or (ii) the Company, any of its Subsidiaries or any of their respective current or former stockholders, directors, officers, employees or agents has violated the Foreign Corrupt Practices Act or any equivalent foreign law;

(xi)          any event of default under (or notice from the lender of any event of default under) any indebtedness for borrowed money or any request by the Company or any Subsidiary for, or receipt of, a waiver of any default or event of default under any such indebtedness for borrowed money; or

(xii)         any other event or condition of any character that has had or could reasonably be expected to have a Material Adverse Effect.

The Company does not have pending before the SEC any request for confidential treatment of information.

Neither the Company nor any Affiliate of the Company (including, without limitation, any pension plan, employee stock option plan or similar plan) has purchased or sold securities of the Company within the ninety (90) days preceding the date of this Agreement, except as set forth on Schedule 5.8.

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5.9          SEC Filings; F-3 Eligibility.

(a)          As of their respective dates, the SEC Filings complied in all material respects with the requirements of the 1933 Act and the 1934 Act, as applicable, and none of the SEC Filings, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading.

(b)          Each registration statement and any amendment thereto filed by the Company since January 1, 2013 pursuant to the 1933 Act and the rules and regulations thereunder, as of the date such statement or amendment became effective, complied as to form in all material respects with the 1933 Act and did not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading; and each prospectus filed pursuant to Rule 424(b) under the 1933 Act, as of its issue date and as of the closing of any sale of securities pursuant thereto did not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading.  The Company has furnished the Investor with copies of all comment letters received by the Company from the SEC relating to any such registration statements and all responses of the Company thereto since January 1, 2013. There are no outstanding unresolved issues with respect to the Company noted in comment letters or other correspondence received by the Company from the SEC.

(c)          Subject to any limitation imposed by the SEC pursuant to Rule 415, the Company is eligible to use Form F-3 to register the Registrable Securities for sale by the Investor as contemplated by this Agreement.

5.10        No Conflict, Breach, Violation or Default.  The execution, delivery and performance of the Transaction Documents by the Company and its Subsidiaries and the issuance and sale of the Securities will not conflict with or result in a breach or violation of any of the terms and provisions of, or constitute a default (or an event that with notice or lapse of time or both would constitute a default) under (i) the Company’s or any Subsidiary’s Organizational Documents, in each case as in effect on the date hereof (true and complete copies of which have been made available to the Investor through the EDGAR system), however, the creation of the Preferred Shares is subject to Shareholder Approval, or (ii)(a) any statute, rule, regulation, judgment or order of any Governmental Entity having jurisdiction over the Company, any Subsidiary or any of their respective assets or properties (including the rules and regulations of the NASDAQ Capital Market), or (b) any Material Contract or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, or right to receive payment under, any Material Contract.

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5.11          Tax Matters.

(a)          Except as set forth on Schedule 5.11, the Company and each Subsidiary has timely prepared and filed all tax returns required to have been filed by the Company or such Subsidiary with all appropriate Governmental Entities and timely paid all taxes shown thereon or that are due and payable by the Company or such Subsidiary.  The charges, accruals and reserves on the books of the Company in respect of taxes for all fiscal periods are adequate in all material respects, and there are no material unpaid assessments against the Company or any Subsidiary nor, to the Company’s Knowledge, any basis for the assessment of any additional taxes, penalties or interest for any fiscal period or audits by any Governmental Entity except for any assessment which is not material to the Company and its Subsidiaries, taken as a whole.  All taxes and other assessments and levies that the Company or any Subsidiary is required to withhold or to collect for payment have been duly withheld and collected and paid to the proper governmental entity or third party when due.  There are no tax Liens or claims pending or, to the Company’s Knowledge, threatened against the Company or any Subsidiary or any of their respective assets or property other than for taxes not yet due and payable.  There are no outstanding tax sharing agreements or other such arrangements between the Company and any Subsidiary or other corporation or entity.

(b)          The Company and each Subsidiary have collected all sales, use, value added and other taxes required to be collected, and have remitted such amounts to the appropriate Governmental Entity or, if applicable, have furnished properly completed exemption certificates for all exempt transactions.

(c)        All "special relationship" (as such term is defined in Section 85A of the Israeli Tax Ordinance and the regulations promulgated thereunder or in connection therewith) transactions and intercompany payments made involving the Company or any Subsidiary to which Section 85A of the Israeli Tax Ordinance and any of the regulations promulgated therein apply are in compliance with such Section, such regulations and any similar provision under applicable law. Each of the Company and its Subsidiaries has maintained in all respects all necessary documentation in connection with such "special relationship" transactions in accordance with applicable law in all material respects.

(d)          Neither the Company nor any Subsidiary has participated in a “reportable transaction” within the meaning of Section 6707A of the Code or Treasury Regulation Section 1.6011-4 (and all predecessor regulations) as in effect at the relevant time) (or any similar provision of state, local or non-U.S. law, including but not limited to Section 131(g) of the Israeli Tax Ordinance and the Israeli Income Tax Regulations (Tax Planning Requiring Reporting), 2006) or a transaction similar to a reportable transaction.

(e)          Neither the Company nor any Subsidiary is or has been a (i) United States real property holding corporation (as defined in Section 897(c)(2) of the Code) during the applicable period specified in Section 897(c)(1)(A)(ii) of the Code; or (ii) a real property corporation (Igud Mekarke’in) within the meaning of this term under Section 1 of the Israeli Land Taxation Law (Appreciation and Acquisition), 5723-1963.

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(f)          The Company qualifies as an “Industrial Company” under the Encouragement Law and is entitled to certain tax benefits for certain “Approved Enterprises” and “Benefited Enterprises” all as defined in the Encouragement Law (“Tax Incentives”). The Company is, and has always been, in material compliance with all the conditions and requirements of the Tax Incentives and that the allocation of income entitled to the Tax Incentives versus income subject to ordinary tax rates has been performed correctly, accurately and in compliance with all applicable laws in all material respects.  The Company has not taken or failed to take any action that would reasonably be expected to invalidate the Tax Incentives provided under the Encouragement Law.  No claim or challenge has been made, in writing, by any Governmental Entity with respect to the Company’s entitlement to any Tax Incentive. Subject to receipt of any approvals required herein consummation of the transactions contemplated by this Agreement will not adversely affect the continued qualification for the Tax Incentives or the terms or duration thereof or require any recapture of any previously claimed Tax Incentive.

 

5.12          Title to Properties.  Except as disclosed on Schedule 5.12, (A) the Company and each Subsidiary has good and marketable title to all real properties and valid and legal title to all personal properties and assets owned by it, in each case free from Liens (other than Permitted Liens) and (B) the Company and each Subsidiary holds any leased real or personal property under valid and enforceable leases with no exceptions that would reasonably be expected to have a Material Adverse Effect.  This Section 5.12 does not apply to Intellectual Property, which is dealt with by Section 5.15.

5.13          Certificates, Authorities and Permits.  The Company and each Subsidiary possess adequate certificates, authorities or permits issued by appropriate Governmental Entity’s necessary to conduct the business now operated by it, and neither the Company nor any Subsidiary has received any notice of Proceedings relating to the revocation or modification of any such certificate, authority or permit that, if determined adversely to the Company or such Subsidiary, could reasonably be expected to have a Material Adverse Effect, individually or in the aggregate.

 

5.14          Labor Matters.

 

(a)          Except as set forth on Schedule 5.14, neither the Company nor any Subsidiary is a party to or bound by any collective bargaining agreements or other agreements with labor organizations, except by virtue of expansion orders of the Israeli Ministry of the Economy or its predecessors or successors (Tzavei Harchava) that are applicable to the Company.  Neither the Company nor any Subsidiary has violated in any material respect any laws, regulations, orders or contract terms, affecting the collective bargaining rights of employees or labor organizations.

 

(b)          (i) There are no labor disputes existing, or to the Company's Knowledge, threatened, involving strikes, slow-downs, work stoppages, job actions, disputes, lockouts or any other disruptions of or by the Company's or any Subsidiary’s employees, (ii) there are no unfair labor practices or petitions for election pending or, to the Company's Knowledge, threatened before the National Labor Relations Board or any other foreign, federal, state or local labor commission relating to the Company's or any Subsidiary’s employees, and (iii) no demand for recognition or certification heretofore made by any labor organization or group of employees is pending with respect to the Company or any Subsidiary.

 

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(c)          The Company and each Subsidiary is, and at all times has been, in compliance in all material respects with all applicable laws respecting employment and employment practices, including with respect to terms and conditions of employment, wages and hours, immigration and naturalization, disability rights and benefits, affirmative action, pay slips, termination, overtime classification, classification of employees and independent contractors or leased employees, working during rest days, occupational safety and health, employee whistle-blowing, employee privacy, family, medical and other leaves, workers’ compensation and unemployment insurance. There are no claims pending against the Company before the Equal Employment Opportunity Commission or any other administrative body or in any court asserting any violation of Title VII of the Civil Rights Act of 1964, the Age Discrimination Act of 1967, 42 U.S.C. §§ 1981 or 1983, the Israeli Work and Rest Hours Law – 1951, the Israeli Severance Pay Law – 1963 (the “Severance Law”) or any other foreign, federal, state or local law, statute or ordinance barring discrimination in employment. Notwithstanding the above, provisions of the Company's contracts with employees relating to payment of global overtime may be held to be invalid by the labor courts of Israel.  Schedule 5.14(c) sets forth a list of all of the independent contractors of the Company and its Subsidiaries.

 

(d)          Except as disclosed in the SEC Filings or as described on Schedule 5.14(d)(i), or except under the Severance Law (including agreements governed by section 14 thereto but only up to the amount required to be paid under the Severance Law), other laws governing termination of employment or under expansion orders, neither the Company nor any Subsidiary is a party to, or bound by, any employment or other contract or agreement that contains any severance, termination pay or change of control liability or obligation, including, without limitation, any “excess parachute payment,” as defined in Section 280G(b) of the Code.  Any such obligations are duly funded and reserved against in the Company’s or any Subsidiary’s most recent financial statements included in the Disclosure Schedules, to the extent such reservation is required by GAAP.  Except as set forth in Schedule 5.14(e), the contribution and benefit liabilities of the Company and its Subsidiaries respecting each Foreign Plan are fully funded pursuant to the terms thereof and if not required to be funded, accrued in the most recent financial statements included in the SEC Filings.

(e)          All amounts that the Company or any Subsidiary is legally or contractually required either (i) to deduct from employees’ salaries or to transfer to such employees’ pension or provident, life insurance, incapacity insurance, continuing education fund or other similar funds or (ii) to withhold from employees’ salaries and benefits and to pay such withholding to any employees’ pension or provident plan and/or any Governmental Entity as required by the Israeli Tax Ordinance, and/or to the Israeli national insurance in accordance with Israeli health insurance laws or otherwise, have, in each case, been duly deducted, transferred, withheld and paid, and the Company does not have any outstanding obligation to make any such deduction, transfer, withholding or payment the date of payment of which has passed.  The Company is not liable for any payment to any trust or other fund or to any Governmental Entity with respect to unemployment compensation benefits, national insurance, or other benefits or liabilities for employees (other than routine payments to be made in the ordinary course of business).  There are no pending claims or demands against the Company or any Subsidiary under any plan or policy or for long term disability.

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5.15          Intellectual Property.

(a)          Schedule 5.15(a)(i) sets forth a list of all United States and foreign patents and patent applications, trademark and service mark registrations and applications, internet domain name registrations and applications and copyright (and mask works) registrations and applications owned by, registered, recorded, assigned, to be assigned, or filed in the name of the Company and any of its Subsidiaries (“Registered Company Intellectual Property Rights”), specifying as to each item, as applicable (i) the nature of the item, including the title, (ii) the applicant or owner(s) of the item, (iii) the jurisdiction in which the item is issued or registered or in which an application for issuance or registration has been filed, (iv) the issuance, filing, registration or application numbers and dates, (v) the prosecution status and (vi) any assignor or assignee, if applicable.  The Company and its Subsidiaries are current in the payment of all registration, maintenance and renewal fees with respect to all Registered Company Intellectual Property Rights that are used or proposed to be used in connection with the operation of the Company’s business.  The Company and its Subsidiaries have filed all affidavits, responses, recordations, certificates and other documents and taken all currently or previously required actions for the purposes of registering and  maintaining registration of the Registered Company Intellectual Property Rights that are used or proposed to be used in connection with the operation of the Company’s business. The foregoing does not impose any obligation on the Company to continue to maintain such registration.  It may choose to abandon any registration in its discretion.  Schedule 5.15(a)(ii) sets forth a list of all Contracts under which  the Company or any of its Subsidiaries is a licensee or distributor of or otherwise is authorized to use any Intellectual Property Rights of a third Person (including third party software that that is bundled into the products of the Company or any of its Subsidiaries) or under which the Company or any of its Subsidiaries otherwise obtains Intellectual Property Rights (other than (A) shrink wrap licenses or other similar licenses for commercial off-the-shelf software that are not material components of the Company’s products with an aggregate license fee of $5,000 or less which are not required to be listed, (B) licenses to Embedded Software, and (C) implied licenses to trade secrets contained in nondisclosure agreements and other confidentiality agreements (“Inbound Licenses”).  Schedule 5.15(a)(iii) sets forth a list of all (i) Material Contracts under which the Company or any of its Subsidiaries has granted to a third Person any license or sublicense to any Company Intellectual Property and (ii) Contracts with customers, distributors and resellers containing exclusive licenses or sublicenses in favor of such customers, distributors and resellers (“Outbound Licenses”).   With respect to the preceding Inbound Licenses and Outbound Licenses, there are no pending disputes regarding such Contracts, and correct and complete copies of all such  Contracts have been provided to the Investor to the extent requested by it.

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(b)          The Company and its Subsidiaries own, free of all Liens (other than Permitted Liens), or have valid and enforceable Inbound Licenses to, all right, title and interest in,  all of the Intellectual Property Rights that are necessary to the conduct of the Company’s and its Subsidiaries’ businesses, taken as a whole, as currently conducted.  The Company and its Subsidiaries are not infringing, misappropriating or otherwise violating, and have never infringed, misappropriated or otherwise violated (though allegations of such infringement, misappropriation or violation have been made and resolved), any Intellectual Property Right of any Person, and the conduct of the business of the Company and its Subsidiaries when conducted in substantially the same manner after the date hereof, will not infringe, misappropriate or otherwise violate any presently-existing Intellectual Property Right of any Person.  No Proceeding has been filed, commenced, been brought, or is pending against the Company or any Subsidiary, or is threatened in writing by any third Person against the Company or any Subsidiary with respect to any Intellectual Property Rights or Technology that are currently owned, licensed, distributed or used by the Company or any of its Subsidiaries in the operation of their respective businesses as currently conducted (“Company IP Claim”), including any Company IP Claim that alleges that the operation of any such businesses by the Company or any of its Subsidiaries infringes, misappropriates, impairs, dilutes or otherwise violates the Intellectual Property Rights of any Person, and to the Knowledge of the Company, there are no grounds for the same, and the Company and its Subsidiaries are not subject to any outstanding injunction, judgment, order, decree, ruling, charge, settlement, or other dispute involving any third Person’s Intellectual Property Rights.  To the Knowledge of the Company, no Person has infringed, misappropriated or otherwise violated, or is infringing, misappropriating or otherwise violating, any Intellectual Property Rights owned by the Company or any of its Subsidiaries and neither the Company nor any of its Subsidiaries has brought any Proceeding or threatened in writing any Company IP Claims against any Person.  Subject to the Contracts containing nonexclusive (or, in the case of distributors and resellers, also exclusive) license rights granted by the Company and its Subsidiaries in the ordinary course of business which have been made available to the Investor, the Company and its Subsidiaries solely and exclusively own all right, title and interest (including the sole right to enforce) in and to all Intellectual Property Rights owned or purported to be owned by the Company and its Subsidiaries, and have not exclusively licensed any such Intellectual Property Rights to any Person.  No funding, facilities, or personnel of any Governmental Entity or any public or private university, college, or other educational or research institution were used, directly or indirectly, to develop or create, in whole or in part, any currently-used Intellectual Property Rights owned or purported to be owned by the Company or any of its Subsidiaries.

(c)          The Company and its Subsidiaries have made and do make commercially reasonable efforts (not including registrations) to maintain and protect all material Company Intellectual Property Rights owned and purported to be owned by the Company and its Subsidiaries. Without limiting the preceding sentence, each current and former employee, consultant and contractor who developed any part of any Company Product or other material Company Intellectual Property Rights on behalf of the Company or its Subsidiaries has executed an agreement (i) that conveys or obligates such Person to convey to the Company and its Subsidiaries (as applicable) any and all right, title and interest of such Person in and to the Intellectual Property Rights developed by such Person in connection with such Person’s employment or engagement on behalf of the Company or its Subsidiaries, (ii) as to works created in the course of such Person’s employment with or engagement on behalf of the Company or its Subsidiaries, that acknowledges that the works are “works for hire” or otherwise assigns to the Company and its Subsidiaries (as applicable) all such Person’s rights, title and interest in such works, and (iii) that otherwise protects the confidentiality of Technology and Intellectual Property Rights of the Company and any of its Subsidiaries, including the trade secrets of the Company and its Subsidiaries, in each case subject only to the payment of monetary consideration that may be payable to such current and former employees, consultants and contractors, to the extent that (x) such payment is required under Israeli law and (y) the right to such payment may not be waived by any Contract.  Schedule 5.15(c) sets forth a list of those assignment of invention and “work for hire” agreements where the current or former employee, consultant or contractor did not waive such Person’s right to receive monetary consideration in connection with the assignment of such Person’s right, title and interest in and to the Intellectual Property Rights developed by such Person.

 

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(d)          The Company and its Subsidiaries have (i) complied in all material respects with their respective published privacy policies and internal privacy policies and guidelines, (ii) complied in all material respects with all applicable laws relating to data privacy, data protection and data security, including with respect to the collection, storage, transmission, transfer (including cross-border transfers), disclosure and use of personal and business information (including personally identifiable information of employees, contractors, and third Persons who have provided information to the Company and its Subsidiaries); and (iii) taken commercially reasonable measures with respect to the protection of personal and business information against loss, damage, and unauthorized access, use, modification, or other misuse.  The execution, delivery and performance of this Agreement by the Company and the consummation of the transactions contemplated by this Agreement and the other Transaction Documents complies with the Company’s and each of its Subsidiary’s privacy policies in all material respects and with all applicable laws relating to privacy and data security (including any such laws in the jurisdictions where the applicable information is collected by Company or its Subsidiaries).

 

(e)          Neither the execution, delivery and performance of this Agreement by the Company, nor the consummation of the transactions contemplated by this Agreement and the other Transaction Documents, nor any Contracts  to which Company or any of its Subsidiaries is a party or otherwise bound prior to the Closing Date, will cause or require (or purports to cause or require) the Company or any of its Subsidiaries to (i) grant to any Person any license, covenant not to sue, immunity or other right with respect to or under any Intellectual Property Rights of the Company or any of its Subsidiaries; or (ii) be obligated to pay any royalties or other amounts, or offer any discounts, to any Person (except, in each of (i) and (ii), for such royalties, other amounts, discounts, licenses, covenants not to sue, immunities or other rights that Company and its Subsidiaries would have had to pay, offer or grant had this Agreement not been entered into and the transactions contemplated hereby not have been consummated).

 

(f)          Schedule 5.15(f) contains (i) a complete and accurate list of all Open Source Software that is incorporated into, integrated or bundled with, linked to or otherwise used by the Company or any of its Subsidiaries in the development of any Company Product, (ii) a general description of the manner in which any material Open Source Software is incorporated into, integrated or bundled with, linked to, used in the development or compilation of, or otherwise used in or with any Company Product and (iii) the license terms (and version, if applicable) under which such Open Source Software is licensed or otherwise obligated (excluding, however, with respect to clauses (i),  (ii) and (iii), any Open Source Software that is incorporated into, integrated into or bundled with any Embedded Software by a third party without identifying the presence of any such Open Source Software to the Company or any of its Subsidiaries).  The Company and its Subsidiaries have complied with all Open Source Software license terms applicable to the Company Products, and neither the Company nor its Subsidiaries have used Open Source Software in a manner that would under the applicable Open Source Software license terms, with respect to any Company Product, (i) require the disclosure or distribution of the Company Product in source code form, (ii) require the licensing thereof for the purpose of making derivative works, or (iii) impose any restriction on the consideration to be charged for the distribution thereof.

 

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(g)          The computer, information technology and data processing systems, facilities and services used by the Company and its Subsidiaries are reasonably sufficient for the existing needs of the Company and its Subsidiaries, including as to capacity, and ability to process current peak volumes in a timely manner. To the Knowledge of the Company, there is no failure, breakdown or continued substandard performance of any Software, hardware, networks, communications facilities, platforms and related systems and services used by the Company or its Subsidiaries to provide the Company Products that has caused a material disruption or interruption in or to the operation of the business of Company or any of its Subsidiaries that remains unresolved.  The Company and its Subsidiaries have taken commercially reasonable steps and implemented commercially reasonable safeguards designed to protect any such systems under the possession or control of the Company or any of its Subsidiaries from any disabling codes or instructions, spyware, trojan horses, worms, viruses or other software routines that permit or cause unauthorized access to, or unauthorized disruption, impairment, disablement, or unauthorized destruction of, Software, data or other materials.

 

(h)          Except as disclosed on Schedule 5.15(h), no Intellectual Property Rights of the Company or any of its Subsidiaries or Company Product is subject to any third party rights (including the payment of royalties), restriction, constraint, control, supervision or limitation as a result of (i) the receipt or use by Company or any of its Affiliates, respective current or former directors, officers, employees or independent contractors of any funding, facilities, personnel or support from any Governmental Entity, including but not limited to the Israeli Innovation Authority and/or the Office of Chief Scientist of the Israeli Ministry of Economy, the Israel Investment Center, any foundation, including but not limited to the BIRD Foundation, or any public or private university, college, or other educational institution or research center in the development of any Intellectual Property Rights of the Company or any of its Subsidiaries or any  Company Product, or (ii) the involvement in, contribution to, or creation or development of any Intellectual Property Rights of the Company or any of its Subsidiaries or any Company Product by any current or former employee, director, officer, or independent contractor of the Company or any Subsidiary who performed services for or held any position with any Governmental Entity, foundation or any public or private university, college, or other educational institution or research center. Except as disclosed on Schedule 5.15(h), no Governmental Entity, university, college, other educational institution, research center or non-profit institution provided or provides facilities, personnel or funding for the creation or development of any Intellectual Property Rights of the Company or any of its Subsidiaries or any Company Product. No current or former employee, independent contractor or shareholder of the Company who was or is involved in, or who contributed or contributes to, the creation or development of any Intellectual Property Rights of the Company or any of its Subsidiaries or any Company Product has performed services for any Institution during a period of time during which such employee, independent contractor or shareholder of the Company was also performing services for the Company or such Subsidiary.

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5.16          Environmental Matters.

(a)          The Company and its Subsidiaries (i) comply and have at all times complied in all material respects with all foreign, federal, state and local laws, judgments, decrees, orders, consent agreements, authorizations, permits, licenses, rules, regulations, common or decision law (including, without limitation, principles of negligence and strict liability) relating to the protection, investigation or restoration of the environment (including, without limitation, natural resources), the health or safety matters of humans and other living organisms and/or the use, storage, treatment, generation, transportation, processing, handling, production or disposal of Hazardous Materials, including the Resource Conservation and Recovery Act, as amended, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, the Superfund Amendments and Reauthorization Act of 1986, as amended, the Federal Clean Water Act, as amended, the Federal Clean Air Act, as amended, the Toxic Substances Control Act, or any foreign, state and local analogue (hereinafter “Environmental Laws”), (ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (iii) are in compliance with all terms and conditions of any such permit, license or approval except where, in each of the foregoing clauses (i), (ii) and (iii), the failure to comply could not, individually or in the aggregate, reasonably be expected to have or result in a Material Adverse Effect.

(b)          (A) The Company has no Knowledge of any claim, and neither it nor any Subsidiary has received written notice of a complaint, order, directive, claim, request for information or citation, and to the Company’s Knowledge, no Proceeding has been instituted raising a claim against the Company or any predecessor or any of their respective real properties, formerly owned, leased or operated or other assets indicating or alleging any damage to the environment or any liability or obligation under or violation of any Environmental Law and (B) neither the Company nor any Subsidiary is subject to any order, decree, injunction or other directive of any Governmental Entity with regard to any Environmental Law.

(c)          (A)  Neither the Company, any Subsidiary nor, to the Company’s Knowledge, any other Person has used any portion of any property currently used or formerly owned, operated or leased by the Company or any Subsidiary for the generation, handling, processing, treatment, storage or disposal of any Hazardous Materials except in accordance with applicable Environmental Laws; (B) neither the Company nor any Subsidiary owns or operates any underground tank or other underground storage receptacle for Hazardous Materials, and no underground tank or other underground storage receptacle for Hazardous Materials is located in any portion of any property currently owned, operated or leased by the Company; and (C)  the Company has not caused or suffered to occur any releases or threatened releases of Hazardous Materials on, at, in, under, above, to, from or about any property currently used or formerly owned, operated or leased by the Company or any Subsidiary which, individually or in the aggregate, might reasonably be expected to have or result in a Material Adverse Effect

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5.17          Litigation.  Except as described on Schedule 5.17, there is no Proceeding before or by the Trading Market, any Governmental Entity, self-regulatory organization or other body pending or, to the Company’s Knowledge, threatened against or affecting the Company or any of its Subsidiaries, the Common Shares or any of the securities of the Company’s Subsidiaries or any of the Company’s or its Subsidiaries’ current or former officers or directors, whether of a civil or criminal nature or otherwise, in their capacities as such.  Such matters set forth in Schedule 5.17 would not reasonably be expected to have a Material Adverse Effect. Neither the Company nor any Subsidiary, nor, to the Company’s Knowledge, any current or former director or officer thereof (in his or her capacity as such), is or has been the subject of any Proceeding involving a claim of violation of or liability under foreign, federal or state securities laws or a claim of breach of fiduciary duty.  To the Company’s Knowledge, there is not pending or contemplated any investigation by the SEC involving the Company or any current director or officer of the Company.  The SEC has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the 1933 Act or the 1934 Act.

5.18          Financial Statements.  The financial statements in each SEC Filing present fairly, in all material respects, the consolidated financial position of the Company and its Subsidiaries as of the dates shown and its consolidated results of operations and cash flows for the periods shown, and such financial statements have been prepared in conformity with United States  generally accepted accounting principles (“GAAP”) (except as may be disclosed therein or in the notes thereto).  Except as set forth in the financial statements of the Company included in the SEC Filings filed prior to the date hereof or as described on Schedule 5.18, neither the Company nor any of its Subsidiaries has incurred any liabilities, contingent or otherwise, except those incurred in the ordinary course of business, consistent (as to amount and nature) with past practices since the date of such financial statements, none of which, individually or in the aggregate, have had or could reasonably be expected to have a Material Adverse Effect.  There is no transaction, arrangement, or other relationship between the Company (or any Subsidiary) and an unconsolidated or other off balance sheet entity or any contingent liability that is required to be disclosed by the Company in its SEC Filings and is not so disclosed or that otherwise exceeds Five Hundred Thousand Dollars ($500,000) in the aggregate or would be reasonably likely to result in a Material Adverse Effect.  The Company is not currently contemplating the amendment or restatement of any of the financial statements (including without limitation, any notes or any letter of the independent accountants of the Company with respect thereto) included in its SEC Filings, nor is the Company currently aware of facts or circumstances which would require the Company to amend or restate any such financial statements, in each case, in order for any such financial statements to be in compliance with GAAP and the rules and regulations of the SEC.  The Company has not been informed by its independent accountants that they recommend that the Company amend or restate any of the financial statements included in its SEC Filings or that there is any need for the Company to amend or restate any such financial statements.

5.19          Insurance Coverage.  The Company and each Subsidiary maintains in full force and effect insurance coverage that is customary for similar or comparably situated companies for the business being conducted and properties owned or leased by the Company and each Subsidiary, and the Company reasonably believes such insurance coverage to be adequate against all liabilities, claims and risks against which it is customary for comparably situated companies to insure.  All real property owned by the Company or any Subsidiary is insured pursuant to policies and other bonds which are valid and in full force and effect and which provide adequate coverage from reputable and financially sound insurers in amounts sufficient to insure the assets and risks of the owner of such real property in accordance with prudent business practice in the industry of such owner of real property.

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5.20          Compliance with The Nasdaq Capital Market Continued Listing Requirements.  The Company is in compliance with applicable Nasdaq Capital Market continued listing requirements.  There are no Proceedings pending or, to the Company’s Knowledge, threatened against the Company relating to the continued listing of the Common Shares on The Nasdaq Capital Market and the Company has not received any notice of, nor to the Company’s Knowledge is there any basis for, the delisting of the Common Shares from The Nasdaq Capital Market that has not been fully resolved.

5.21          Brokers and Finders.  Except for the fee due and payable by the Company to Roth Capital Partners in the amount set forth on Schedule 5.21, no Person will have, as a result of the transactions contemplated by the Transaction Documents, any valid right, interest or claim against or upon the Company or any Subsidiary or the Investor for any commission, fee or other compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of the Company or any Subsidiary.  The Investor shall have no obligation with respect to any fees or with respect to any claims (other than such fees or commissions owed by the Investor pursuant to a written agreement executed by the Investor which fees or commissions shall be the sole responsibility of the Investor) made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by this Agreement. The Company shall indemnify and hold harmless the Investor, its employees, officers, directors, agents, and partners, and their respective Affiliates, from and against all claims, losses, damages, costs (including the reasonable costs of preparation  and attorney’s fees) and expenses suffered in respect of any such claimed or existing fees, as such fees and expenses are incurred.

5.22          No Directed Selling Efforts or General Solicitation.  Neither the Company nor any Person acting on its behalf has conducted any general solicitation or general advertising (as those terms are used in Regulation D) in connection with the offer or sale of any of the Securities.

5.23          No Integrated Offering.  Neither the Company nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any Company security or solicited any offers to buy any security, under circumstances that would adversely affect reliance by the Company on Section 4(2) for the exemption from registration for the transactions contemplated hereby or would require registration of the Securities under the 1933 Act.

5.24          Private Placement.  Based, in part, in reliance of the representations of the Investor contained herein, the offer and sale of the Securities to the Investor as contemplated hereby is exempt from the registration requirements of the 1933 Act.

5.25          FCPA; Export Controls; OFAC.

(a)          Neither the Company nor any of its Subsidiaries nor, to the Company’s Knowledge, any of their respective current or former stockholders, directors, officers, employees, agents or other Persons acting on behalf of the Company or any Subsidiary, has on behalf of the Company or any Subsidiary or in connection with their respective businesses: (a) used any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity; (b) made any direct or indirect unlawful payments to any governmental officials or employees from corporate funds; (c) established or maintained any unlawful or unrecorded fund of corporate monies or other assets; (d) made any false or fictitious entries on the books and records of the Company or any Subsidiary; or (e) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment of any nature.

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(b)          None of the Company, any Subsidiary or, to the Company’s Knowledge, the Company’s or any Subsidiary’s employees have violated any law pertaining to export controls, technology transfer or industrial security including, without limitation, the Export Administration Act, as amended, the International Emergency Economic Powers Act, as amended, the Arms Export Control Act, as amended, the National Industrial Security Program Operating Manual, as amended, or any regulation, order, license or other legal requirement issued pursuant to the foregoing (including, without limitation, the Export Administration Regulations and the International Traffic in Arms Regulations).  Neither the Company, any Subsidiary nor, to the Company’s Knowledge, any employee of the Company or any Subsidiary is the subject of an action by a Governmental Entity that restricts such person’s ability to engage in export transactions.

(c)          Neither the Company, any Subsidiary nor any director, officer, agent, employee, Affiliate or Person acting on behalf of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S.  Treasury Department (“OFAC”); and the Company will not directly or indirectly use the proceeds of the sale of the Securities, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person or entity, towards any sales or operations in any country sanctioned by OFAC or for the purpose of financing the activities of any Person currently subject to any U.S. sanctions administered by OFAC.

5.26          Transactions with Affiliates.  Except as disclosed in Schedule 5.26, none of the current or former officers, directors, partners, stockholders or employees of the Company or any of its Subsidiaries, or any associate or any Affiliate of any thereof, or any relative with a relationship no more remote than first cousin of any current or former officer, director, partner, or employee of the Company or its Subsidiaries, is presently (i) a party to any transaction with the Company or any of its Subsidiaries (other than for ordinary course services as employees, officers or directors), including any Contract providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any such officer, director, partner, stockholder or employee or such associate or Affiliate or relative or, to the Company’s Knowledge, any corporation, partnership, trust or other entity in which any such officer, director, partner, stockholder or employee or such associate or Affiliate or relative has a substantial interest or is an officer, director, trustee or partner, or (ii) the direct or indirect owner of an interest in any corporation, firm, association or business organization which is a competitor, supplier or customer of the Company or its Subsidiaries (except for a passive investment (direct or indirect) of less than 5% of the Equity Interests of a company whose securities are traded on or quoted through an Eligible Market), nor, to the Company's Knowledge, does any such Person receive income from any source other than the Company or its Subsidiaries which relates to the business of the Company or its Subsidiaries or should properly accrue to the Company or its Subsidiaries.  Except as disclosed in Schedule 5.26, no employee, officer, shareholders, stockholder or director of the Company or any of its Subsidiaries or member of his or her immediate family is indebted to the Company or any of its Subsidiaries, as the case may be, nor is the Company or any of its Subsidiaries indebted (or committed to make loans or extend or guarantee credit) to any of them, other than (x) for payment of salary for services rendered, (y) reimbursement for reasonable expenses incurred on behalf of the Company, and (z) for other standard employee benefits made generally available to all employees or executives (including stock option agreements outstanding under any stock option plan approved by the board of directors of the Company).

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5.27          Internal Controls.  The Company is in material compliance with the provisions of the Sarbanes-Oxley Act of 2002 currently applicable to the Company.  The Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management's general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company has established disclosure controls and procedures (as defined in 1934 Act Rules 13a-15(e) and 15d-15(e)) for the Company and designed such disclosure controls and procedures to ensure that material information relating to the Company, including the Subsidiaries, is made known to the certifying officers by others within those entities, particularly during the period in which the Company’s most recently filed annual report under the 1934 Act, as the case may be, is being prepared.  The Company's certifying officers have evaluated the effectiveness of the Company's disclosure controls and procedures as of the end of the period covered by the most recently filed annual report under the 1934 Act (such date, the “Evaluation Date”).  The Company presented in its most recently filed annual report under the 1934 Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date.  Since the Evaluation Date, there have been no significant changes in the Company's internal controls (as such term is defined in Item 308 of Regulation S-K) or, to the Company's Knowledge, in other factors that could significantly affect the Company's internal controls.  The Company maintains and will continue to maintain a standard system of accounting established and administered in accordance with GAAP and the applicable requirements of the 1934 Act.  To the Company’s Knowledge, since January 1, 2016, neither the Company nor any of its Subsidiaries (including any employee thereof) nor the Company’s independent auditors has identified or been made aware of (i) any significant deficiency or material weakness in the system of internal accounting controls utilized by the Company or its Subsidiaries, (ii) any fraud, whether or not material, that involves the Company’s management or other employees who have a role in the preparation of financial statements or the internal accounting controls utilized by the Company and its Subsidiaries or (iii) any claim or allegation regarding any of the foregoing.

5.28          Solvency.  The Company and its Subsidiaries, taken as a whole, are able to pay their debts (including trade debts) as they mature; the fair saleable value of the Company’s and the Subsidiaries’ consolidated assets (including goodwill minus disposition costs) exceeds the fair value of their consolidated liabilities; and the Company and its Subsidiaries, taken as a whole, are not left with unreasonably small capital after the transactions contemplated by the Transaction Documents.  Following the Closing Date, the Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its Indebtedness).

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5.29          Compliance.  Neither the Company nor any Subsidiary (i) is in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a violation of) any order of any Governmental Entity (including expansion orders), or (ii) is or has been in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a violation of)  any statute, rule or regulation of any Governmental Entity, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters; except in each case as could not, individually or in the aggregate, reasonably be expected to result in, a Material Adverse Effect.

5.30          Indebtedness and other Material Contracts.

(a)          Except as disclosed on Schedule 5.30(a), neither the Company nor any of its Subsidiaries (i) has any outstanding Indebtedness for borrowed money, (ii) has any financing statements securing obligations in any material amounts, either singly or in the aggregate, filed in connection with the Company or any of its Subsidiaries, (iii) is in material breach, violation or default under any Material Contract (including any Contract pertaining to Indebtedness of the Company or any Subsidiary), and no event (including, without limitation, the transactions contemplated by the Transaction Documents) has occurred which, with notice or lapse of time or both, would (1) constitute a material breach, violation or default by the Company or any Subsidiary (or, to the Company’s Knowledge, any other party) under any such Material Contract, or (2) give rise to any Lien (other than Permitted Liens) or right of termination, modification, cancellation, prepayment, suspension, limitation, revocation or acceleration against the Company or any Subsidiary or (iv) is a party to any Material Contract or other Contract relating to any Indebtedness the performance of which, in the judgment of the Company’s officers, has or could be expected to have a Material Adverse Effect.  Schedule 5.30(a)  provides a description of the outstanding balances, interest rates and dates of return of any such outstanding Indebtedness for borrowed money.  Assuming the due execution and delivery by the other parties thereto, each of the Material Contracts is as of the date hereof legal, valid and binding, and in full force and effect, and enforceable in accordance with its terms, subject to (A) laws of general application relating to bankruptcy, insolvency, and relief of debtors, and (B) rules of law governing specific performance, injunctive relief, or other equitable remedies.  Neither the Company nor any Subsidiary is and, to the Company’s Knowledge, no other party to any such Material Contract is (after giving effect to any applicable cure period) in arrears in respect of the performance or satisfaction of any material terms or conditions on its part to be performed or satisfied under any of such Material Contract, and neither the Company nor any Subsidiary has and, to the Company’s Knowledge, no other party thereto has granted or been granted any waiver or indulgence under any of such Material Contract or repudiated any provision thereof.

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(b)          Schedule 5.30(b) sets forth a list of all of the Company's Material Contracts.  The Company has provided or made available to the Investor complete copies of each of the Material Contracts requested by it, including all schedules, exhibits and attachments thereto.

(c)          Since January 1, 2016, no counterparty to any Material Contract with the Company or any Subsidiary has (i) threatened in writing to terminate or cancel such Material Contract or the business relationship with the Company or such Subsidiary or (ii) demanded in writing any material modification or amendment to such Material Contract with the Company or such Subsidiary.

5.31          Employee Benefit Plans.

(a)          Except as set forth in Schedule 5.31(a),  the Company and the Subsidiaries have no, and are not currently negotiating any labor or collective bargaining agreements and there are no material employee benefit or compensation plans, agreements, arrangements or commitments (including “employee benefit plans,” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) or any other plans, policies, trust funds or arrangements (whether written or unwritten, insured or self-insured), including, sick leave program, severance program, retention program, referral incentive, personnel policy, stock option plan, bonus plan or arrangement, incentive award plan or arrangement, vacation policy, compensation or deferred compensation plan, policy, agreement or arrangement, executive compensation or supplemental income arrangement, or any other policy or program which may provide for payment or other benefits to employees of the Company or any Subsidiary, established, maintained, sponsored or contributed to (or with respect to any obligation that has been undertaken) by the Company, any Subsidiary or any entity that would be treated as a single employer with the Company under Section 414(b), (c), (m) or (o) of the Internal Revenue Code of 1986, as amended (the “Code”), or Section 4001 of ERISA (an “ERISA Affiliate”) or any other foreign law, for any employee, officer, director, consultant, shareholder or stockholder or their beneficiaries of the Company or any Subsidiary or with respect to which the Company or any Subsidiary has liability, or makes or has an obligation to make contributions on behalf of any such employee, officer, director, consultant or stockholder or beneficiary (each a “Company Employee Plan” and collectively the “Company Employee Plans”).

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(b)          Except for medical reimbursement spending accounts under Code Section 125, each Company Employee Plan that is an employee welfare benefit plan as defined under Section 3(l) of ERISA is funded through an insurance company contract.  Except as set forth in Schedule 5.31(b), each Company Employee Plan by its terms and operation is in material compliance with all applicable laws and all required filings, if any, with respect to such Company Employee Plan have been timely made.  Neither the Company, any Subsidiary nor, to the extent applicable, any ERISA Affiliate has at any time maintained, contributed to or been required to contribute to or has (or has had) any liability with respect to, any plan subject to Section 412 of the Code, Section 302 of ERISA or Title IV of ERISA, including, without limitation, any “multiemployer plan” (within the meaning of Sections 3(37) or 4001(a)(3) of ERISA or Section 414(f) of the Code) or any single employer pension plan (within the meaning of Section 4001(a)(15) of ERISA) which is subject to Sections 4063, 4064 and 4069 of ERISA.  The Company’s various non-qualified deferred compensation plans, that are required or are intended to satisfy the requirements of Section 201(2) of ERISA satisfy such requirements.  Except as set forth in Schedule 5.31(b),  the events contemplated by this Agreement (either alone or together with any other event) will not (A) entitle any employees, director or shareholder or stockholder of the Company or any Subsidiary (whether current, former or retired) or their beneficiaries to severance pay, termination benefits, or any other payment pursuant to such Person’s employment agreement with the Company, unemployment compensation, or other similar payments under any Company Employee Plan or law, (B) accelerate the time of payment or vesting or increase the amount of benefits due under any Company Employee Plan or compensation to any employees of the Company or any Subsidiary, (C) obligate the Company or any of its Affiliates to pay or otherwise be liable for any compensation, vacation days, pension contribution or other benefits to any current or former employee, consultant, agent or independent contractor of the Company or its Subsidiaries for periods before the Closing Date, (D) require assets to be set aside or other forms of security to be provided with respect to any liability under any “employee benefit plan” within the meaning of Section 3(3) of ERISA, (E) result in any payments (including any payment that could be characterized as an “excess parachute payment” (as defined in Section 280G(b)(1) of the Code)) under any Company Employee Plan or applicable law becoming due to any employee, director shareholders or stockholder of the Company or any Subsidiary (whether current, former or retired) or their beneficiaries, or (F) result in any change of control or similar payments to any officer, director, consultant, independent contractor or employee.  No amount payable under any Company Employee Plan would fail to be deductible under Code Section 162(m), to the extent applicable.

(c)          No severance payment or change of control payment or similar payment is currently payable to any executive officer or director of the Company or any Subsidiary, whether as a result of the transactions contemplated hereby or otherwise, and, except as set forth in Schedule 5.31(c), there are no accrued or unaccrued and unpaid obligations of the Company or any of its Subsidiaries in respect of wages, bonuses or other payouts to current or former officers, directors, consultants or employees.

(d)          With respect to each of the Company Employee Plans:  (1) each Company Employee Plan that is intended to be qualified under Section 401(a) of the Code has received a determination letter, opinion letter, advisory letter or notification letter, as applicable, from the Internal Revenue Service (the “IRS”) regarding its qualified status under the Code for all amendments required prior to the Economic Growth and Tax Relief Reconciliation Act of 2001 or, if reliance is permitted, relies on the favorable opinion letter or advisory letter of the master and prototype or volume submitter plan sponsor of such plan, and nothing has occurred, whether by action or by failure to act, that caused or could cause the loss of such qualification or the imposition of any penalty or tax liability; (2) all payments required by the Company Employee Plans, any collective bargaining agreement or other agreement, or by applicable law (including, without limitation, all contributions, insurance premiums or intercompany charges) with respect to all periods through the date of the Closing Date shall have been made prior to the Closing Date (on a pro rata basis where such payments are otherwise discretionary at year end) or provided for by the Company as applicable, in accordance with the provisions of each of the Company Employee Plans, applicable law and GAAP; (3) no action has been instituted or commenced or, to the Company’s Knowledge, has been threatened or is anticipated against any of the Company Employee Plans (other than non-material routine claims for benefits and appeals of such claims), any trustee or fiduciaries thereof, the Company, any Subsidiary or any ERISA Affiliate, any director, officer or employee thereof, or any of the assets of any trust of any of the Company Employee Plans; and (4) no Company Employee Plan is or is expected to be under audit or investigation by the IRS, Department of Labor or any other governmental entity and no such completed audit, if any, has resulted in the imposition of any tax or penalty.

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(e)          This Section 5.31 does not apply to the Company or any non-US Subsidiary. Similar matters relating to the Company and non-US Subsidiaries are dealt with in Section 5.14.

 

5.32          No Suspension or Debarment.  Neither the Company nor any Subsidiary during the last five (5) years has been and, to the Company’s Knowledge, none of their respective employees, consultants or agents during the last five (5) years has been suspended or debarred from eligibility for award of contracts with any Governmental Entity or is or was the subject of a finding of non-responsibility or ineligibility for government contracting.  During the past five (5) years, no government contracting suspension or debarment action has been threatened or commenced against the Company or a Subsidiary, or, to the Company’s Knowledge, any of its officers or employees.  The Company does not have Knowledge of a valid basis, nor specific circumstances that are or, with the passage of time, would likely become a basis for the Company’s or a Subsidiary’s suspension or debarment from award of contracts with any Government Entity.

5.33          Acknowledgment Regarding Investor’s Purchase of Securities.  The Company acknowledges and agrees that the Investor is acting solely in the capacity of an arm’s length purchaser with respect to this Agreement and the transactions contemplated hereby.  The Company further acknowledges that the Investor is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement and the transactions contemplated hereby and any advice given by the Investor or any of its representatives or agents in connection with this Agreement and the transactions contemplated hereby is merely incidental to the Investor’s purchase of the Securities.  The Company further represents to the Investor that the Company’s decision to enter into this Agreement has been based solely on the independent evaluation of the Company and its representatives. The Company further acknowledges that the Investor has not made any promises or commitments other than as set forth in this Agreement, including any promises or commitments for any additional investment by the Investor in the Company.

5.34          Investment Company.  The Company is not, and is not an Affiliate of, an investment company within the meaning of the Investment Company Act of 1940, as amended.

5.35          No Disagreements with Accountants.  There are no material disagreements of any kind presently existing, or reasonably anticipated by the Company to arise, between the Company and the accountants formerly or presently employed by the Company and the Company is current with respect to any fees owed to its accountants which could affect the Company’s ability to perform any of its obligations under any of the Transaction Documents.

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5.36          Stock Option Plans.  Each stock option granted by the Company was granted in accordance with the terms of the applicable Company stock option plan.  No stock option granted under the Company’s stock option plan has been backdated.  The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results.  Each stock option plan that is intended to qualify as a capital gains route plan under Section 102(b)(2) of the Israeli Tax Ordinance (a “102 Plan”) has been filed with the Israeli Tax Authority in accordance with applicable requirements of the Israeli Tax Ordinance, the rules and regulations promulgated thereunder and the written requirements and guidance of the Israeli Tax Authority and are approved or deemed approved by passage of time without objection by, the Israeli Tax Authority.  All Company 102 Options which were issued under the 102 Plan were and are currently in compliance in all material respects with the applicable requirements of Section 102(b)(2) of the Israeli Tax Ordinance (including the relevant sub-section of Section 102) and the written requirements and guidance of the Israeli Tax Authority, including the filing of the necessary documents with the Israeli Tax Authority, the grant of Company 102 Options only following the lapse of the required 30 day period from the filing of the 102 Plan with the Israeli Tax Authority, the receipt of the required written consents from the option holders, the appointment of an authorized trustee to hold the Company 102 Options, and the due deposit of such Company 102 Options and Company 102 Shares with such trustee pursuant to the terms of Section 102 of the Israeli Tax Ordinance and the applicable regulations and rules thereunder.

5.37          Subsidiary Rights.  The Company or one of its Subsidiaries has the unrestricted right to vote, and (subject to limitations imposed by applicable law) to receive dividends and distributions on, all capital securities of its Subsidiaries as owned by the Company or such Subsidiary.

5.38          Money Laundering Laws.  The operations of each of the Company and any Subsidiary are and have been conducted at all times in compliance with the money laundering statutes of applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any applicable Governmental Entity (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or Governmental Entity or any arbitrator involving the Company and/or any Subsidiary with respect to the Money Laundering Laws is pending or threatened.

5.39          Ranking.  Except as set forth on Schedule 5.39, no Indebtedness of the Company is senior to  the Note in right of payment, whether with respect to principal, interest or upon liquidation or dissolution, or otherwise.

5.40          No Event of Default.  After giving effect to the transactions contemplated by this Agreement and the other Transaction Documents, no Event of Default (as defined in the Note) has occurred and is continuing.

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5.41          Acquisitions.  Except as set forth on Schedule 5.41(i), since January 1, 2012, neither the Company nor any Subsidiary has acquired all or substantially all of the stock or assets of another Person (or an operating division of another Person) (“Historical Acquisitions”).  Except as set forth on Schedule 5.41(ii), neither the Company nor any Subsidiary (i) has materially breached or violated any material term of any agreement pertaining to a Historical Acquisition or (ii) has any remaining payment obligations in respect of a Historical Acquisition.

5.42          Margin Regulations.  Neither the Company nor any Subsidiary is engaged, nor will it engage, principally or as one of its important activities, in the business of extending credit for the purpose of “purchasing” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U of the Board of Governors of the Federal Reserve System as now and from time to time hereafter in effect.  No part of the proceeds of Purchase Price will be used for “purchasing” or “carrying” “margin stock” as defined in Regulation U of such Board of Governors.

5.43          Disclosures.  The representations and warranties in this Agreement are true and correct and do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained herein, in light of the circumstances under which they were made, not misleading. No event or circumstance has occurred or information exists with respect to the Company or any of its Subsidiaries or its or their business, properties, operations or financial conditions, which, under applicable law, rule or regulation, requires public disclosure or announcement by the Company but which has not been so publicly announced or disclosed.  The Company acknowledges and agrees that the Investor has not made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 6.

5.44          Dilutive Effect. The Company understands and acknowledges that the number of Underlying Shares will increase in certain circumstances.  The Company further acknowledges that its obligation to issue the Underlying Shares (whether upon conversion of the Note or, upon conversion of the Holder Preferred Shares) in accordance with this Agreement, the Note and, the terms of the Holder Preferred Shares (as shall be set forth in the Amended and Restated AOA) is absolute and unconditional, regardless of the dilutive effect that such issuance may have on the ownership interests of other stockholders of the Company.

5.45          Manipulation of Price.  Neither the Company nor any of its Subsidiaries has, and, to the Knowledge of the Company, no Person acting on their behalf has, directly or indirectly, (i) taken any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company or any of its Subsidiaries to facilitate the sale or resale of any of the Securities, (ii) except for the fees payable as set forth on Schedule 5.21, sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company or any of its Subsidiaries.

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5.46          Directors and Officers Indemnification and Insurance. Each director and officer and the Company is entitled to, and upon appointment of the HCP Designee (as defined in Section 7.1(k)) as a director pursuant to Section 7.1(k) and without any further action on part of the Company (other than (i) the countersignature by the HCP Designee and (ii) the approval of the Compensation Committee, which approval will have been obtained prior to the Closing), the HCP Designee (or any replacement thereof designated by the Investor) will be entitled to, indemnification pursuant to the terms of an indemnification agreement in substantially the form attached hereto as Exhibit D (the “Director Indemnification Agreement”), which terms have already been approved – or will have been approved - by the Board of Directors and the Compensation Committee.  The Company maintains a Directors and Officers liability insurance policy in customary terms in an amount of at least $20,000,000 (the “D&O Policy”), which D&O Policy is in full force and effect.

6.             Representations and Warranties of the Investor.  The Investor hereby represents and warrants to the Company as of the date hereof and as of the Closing Date that:

6.1          Organization and Existence.  The Investor is a validly existing limited partnership and has all requisite partnership power and authority to invest in the Securities pursuant to this Agreement.

6.2          Authorization.  The execution, delivery and performance by the Investor of the Transaction Documents to which the Investor is a party have been duly authorized and will each constitute the valid and legally binding obligation of the Investor, enforceable against the Investor in accordance with their respective terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability, relating to or affecting creditors’ rights generally.

6.3          Purchase Entirely for Own Account.  The Securities to be received by the Investor hereunder will be acquired for the Investor’s own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the 1933 Act, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same in violation of the 1933 Act without prejudice, however, to the Investor’s right at all times to sell or otherwise dispose of all or any part of such Securities in compliance with applicable federal and state securities laws.  Nothing contained herein shall be deemed a representation or warranty by the Investor to hold the Securities for any period of time.  The Investor is not a broker-dealer registered with the SEC under the 1934 Act or an entity engaged in a business that would require it to be so registered.

6.4          Investment Experience.  The Investor acknowledges that it can bear the economic risk and complete loss of its investment in the Securities and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment contemplated hereby.

6.5          Disclosure of Information.  The Investor has had an opportunity to receive all information related to the Company requested by it and to ask questions of and receive answers from the Company regarding the Company, its Subsidiaries, its business and the terms and conditions of the offering of the Securities.  The Investor acknowledges receipt of copies of the SEC Filings.  Neither such inquiries nor any other due diligence investigation conducted by the Investor shall modify, limit or otherwise affect the Investor’s right to rely on the Company’s representations and warranties contained in this Agreement.

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6.6          Restricted Securities.  The Investor understands that the Securities are characterized as “restricted securities” under the U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without registration under the 1933 Act only in certain limited circumstances.

6.7          Legends.  It is understood that, except as provided below, certificates evidencing the Securities may bear the following or any similar legend:

(a)          “The securities represented hereby may not be transferred unless (i) such securities have been registered for sale pursuant to the Securities Act of 1933, as amended, (ii) such securities may be sold pursuant to Rule 144, or (iii) the Company has received an opinion of counsel reasonably satisfactory to it that such transfer may lawfully be made without registration under the Securities Act of 1933 or qualification under applicable state securities laws.”

(b)          If required by the authorities of any state in connection with the issuance of sale of the Securities, the legend required by such state authority.

6.8          Accredited Investor.  The Investor is an accredited investor as defined in Rule 501(a) of Regulation D, as amended, under the 1933 Act.

6.9          No General Solicitation.  The Investor did not learn of the investment in the Securities as a result of any general solicitation or general advertising.

6.10        Brokers and Finders.  No Person will have, as a result of the transactions contemplated by the Transaction Documents, any valid right, interest or claim against or upon the Company, any Subsidiary or the Investor for any commission, fee or other compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of the Investor.  The Investor shall indemnify and hold harmless the Company, the Subsidiaries, their employees, officers, directors, agents, and partners, and their respective Affiliates, from and against all claims, losses, damages, costs (including the reasonable costs of preparation and attorney’s fees) and expenses suffered in respect of any such claimed or existing fees, as such fees and expenses are incurred.

6.11        No Ownership; No Trading Activity.  The Investor does not own any Common Shares.  During the past ninety (90) days, the Investor has not, directly or indirectly, bought or sold any Common Shares or engaged in any Short Sales involving the Common Shares.  The Investor has not (i) paid any compensation to any Person for soliciting its purchase of the Securities or (ii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company or any of its Subsidiaries.

 

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6.12        No Conflict, Breach, Violation or Default.  The execution, delivery and performance of the Transaction Documents by the Investor and the issuance and sale of the Securities will not conflict with or result in a breach or violation of any of the terms and provisions of, or constitute a default (or an event that with notice or lapse of time or both would constitute a default) under (i) the Investor’s Organizational Documents as in effect on the date hereof, or (ii) any statute, rule, regulation, judgment or order of any Governmental Entity having jurisdiction over the Investor or any of its assets or properties.

7.             Conditions to Closing.

7.1          Conditions to the Investor’s Obligations. The obligation of the Investor to purchase the Note at the Closing is subject to the fulfillment to the Investor’s reasonable satisfaction, on or prior to the Closing Date, of the following conditions, any of which may be waived by the Investor:

(a)          The representations and warranties made by the Company in Section 5 hereof qualified as to materiality shall be true and correct at all times prior to and on the Closing Date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which case such representation or warranty shall be true and correct as of such earlier date, and, the representations and warranties made by the Company in Section 5 hereof not qualified as to materiality shall be true and correct in all material respects at all times prior to and on the Closing Date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which case such representation or warranty shall be true and correct in all material respects as of such earlier date. No Event of Default or other event which, with the passage of time, the giving of notice or any other condition, would constitute an Event of Default, shall have occurred and be continuing.

(b)          The Company shall have obtained any and all consents, permits, approvals, registrations and waivers necessary for consummation of the purchase and sale of the Note, the Underlying Shares issuable upon conversion of the Note and the consummation of the other transactions contemplated by the Transaction Documents (including, without limitation, those required by The Nasdaq Capital Market), all of which shall be in full force and effect.

(c)          The Company shall have executed and delivered the Note to the Investor.

(d)          The Company and each Subsidiary shall have executed and delivered any Transaction Document to which they are a party.

(e)          The Company shall have filed with The Nasdaq Capital Market a true and complete Notification Form:  Listing of Additional Shares covering the Underlying Shares and shall have provided a copy of such form to the Investor and The Nasdaq Capital Market shall not have objected to the notification of such additional listing.

(f)          No judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any bankruptcy court or judge, or any order of or by any Governmental Entity, shall have been issued, and no Proceeding shall have been instituted by any Governmental Entity, enjoining or preventing the consummation of the transactions contemplated hereby.

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(g)          The Company shall have delivered a Certificate, executed on behalf of the Company by its Chief Executive Officer or its Chief Financial Officer, dated as of the Closing Date, certifying (I) to the fulfillment of the conditions specified in subsections (a), (b), (e), (f) and (j) of this Section 7.1 and (II) to the resolutions adopted by the Board of Directors of the Company approving the transactions contemplated by this Agreement and the other Transaction Documents and the issuance of the Securities, certifying the current versions of the Organizational Documents of the Company and certifying as to the signatures and authority of persons signing the Transaction Documents and related documents on behalf of the Company.

(h)          The Company shall have delivered a copy of resolutions duly adopted by the (i) Board of Directors of the Company approving the transactions contemplated by this Agreement and the other Transaction Documents and the issuance of the Securities and (ii) Compensation Committee of the Board of Directors to approve the indemnification in favor of the HCP Designee in accordance with the terms of the Indemnification Agreement.

(i)           The Investor shall have received (A) a legal opinion from Yaacov Salomon, Lipschutz & Co., the Company's Israeli counsel, addressing the legal matters described on Exhibit E(1) and (B) a legal opinion from Schwell Wimpfheimer & Associates, the Company's U.S. counsel, addressing the legal matters described on Exhibit E(2),  each dated as of the Closing Date, in form and substance reasonably acceptable to the Investor.

(j)           No stop order or suspension of trading shall have been imposed by The Nasdaq Capital Market, the SEC or any other governmental or regulatory body with respect to public trading in the Common Shares.

 

(k)          Martin Hale, Jr. shall have been appointed to the Board of Directors of the Company effective as of the Closing (initially, the “HCP Designee”).

(l)            The Company shall have executed and delivered to the HCP Designee the Director Indemnification Agreement.

(m)          Each of Izhak Nakar, Trident Capital, Inc. and Nir 4 You Technologies Ltd. shall have entered into a Voting and Support Agreement in respect of the transactions contemplated hereby, which Voting and Support Agreement shall be in substantially the form of Exhibit C attached hereto.

7.2          Conditions to Obligations of the Company. The Company's obligation to sell and issue the Note at the Closing is subject to the fulfillment to the satisfaction of the Company on or prior to the Closing Date of the following conditions, any of which may be waived by the Company:

(a)          The representations and warranties made by the Investor in Section 6 hereof shall be true and correct.  The Investor shall have performed in all material respects all obligations and covenants herein required to be performed by them on or prior to the Closing Date.

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(b)          The Investor shall have executed and delivered the Transaction Documents to which it is a party.

 

(c)          The Investor shall have delivered the Purchase Price to the Company.

 

(d)          The HCP Designee shall have executed and delivered to the Company the Director Indemnification Agreement.

 

(e)          The Investor shall have executed and delivered to the Company the undertaking in favor of The National Technological Innovation Authority.

 

7.3          Termination of Obligations to Effect Closing; Effects.

(a)          The obligations of the Company, on the one hand, and the Investor, on the other hand, to effect the Closing shall terminate as follows:

(i)             Upon the mutual written consent of the Company and the Investor;

(ii)            By the Company if any of the conditions set forth in Section 7.2 shall have become incapable of fulfillment, and shall not have been waived by the Company. For the avoidance of doubt, the Company can waive any of the conditions to closing set forth in Section 7.2;

(iii)          By the Investor if any of the conditions set forth in Section 7.1 shall have become incapable of fulfillment, and shall not have been waived by the Investor.  For the avoidance of doubt, the Investor can waive any of the conditions to closing set forth in Section 7.1; or

(iv)          By either the Company or the Investor if the Closing has not occurred on or prior to December 7, 2016;

provided, however, that, except in the case of clauses (i) and clause (iv) above, the party seeking to terminate its obligation to effect the Closing shall not then be in breach of any of its representations, warranties, covenants or agreements contained in this Agreement or the other Transaction Documents if such breach has resulted in the circumstances giving rise to such party’s seeking to terminate its obligation to effect the Closing.

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(b)          Nothing in this Section 7.3 shall be deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement or the other Transaction Documents or to impair the right of any party to compel specific performance by any other party of its obligations under this Agreement or the other Transaction Documents.

8.             Covenants and Agreements of the Company.

8.1          Reservation of Common Shares.  The Company shall at all times reserve and keep available out of its authorized but unissued share capital, solely for the purpose of providing for (i) the conversion of the Note (without giving effect to any limitations on conversion contained therein) and the issuance of such other Common Shares that may be issuable under the Note (including as payment of interest under the Note) and (ii) the conversion of the Holder Preferred Shares if issued in connection with the Debt for Equity Exchange (including as payment of dividends in respect of the Holder Preferred Shares), such number of Common Shares as shall from time to time equal the maximum number of Underlying Shares that may be issuable under the Note and the Holder Preferred Shares in accordance with their respective terms.  If, as a result of a breach by the Company of Section 8.1, the Company is unable to issue to the Investor, within five (5) Business Days following the Investor’s conversion of the Note or any Holder Preferred Shares, the number of Common Shares to be issued to the Investor and to credit the Investor’s balance account with DTC for such number of Common Shares, then, in addition to all other remedies available to the Investor, the Company shall pay in cash to the Investor on each day after such fifth (5th) Business Day that the issuance of such Common Shares is not timely effected an amount equal to 0.033% of the product of (A) the sum of the number of Common Shares not issued to the Investor on a timely basis as a result of the Company’s breach of this Section 8.1 and (B) the Closing Price of the Common Shares on the Trading Day immediately preceding the last possible date which the Company could have issued such Common Shares to the Investor without incurring the penalties to the Investor. In addition to the foregoing, the Investor shall have the right to require the Company to use its commercially reasonably best efforts to obtain the required stockholder approval necessary to permit the issuance of such Common Shares as soon as is possible, but in any event not later than the ninetieth (90th) day after such notice.

8.2          Reports.  For so long as the Note or any of the Holder Preferred Shares are outstanding, the Company shall deliver to the Investor, to the extent the Investor has not asked the Company in writing not to be privy to any material, non-public information concerning the Company, as soon as available, (i) but in any event within thirty (30) days after the end of each calendar month, a Company prepared consolidated and consolidating income statement, in a form reasonably acceptable to the Investor and certified by an executive officer of the Company, (ii) but in any event within forty-five (45) days after the end of each calendar quarter, a Company prepared balance sheet as of the end of such period, in a form reasonably acceptable to the Investor and certified by an executive officer of the Company, (iii) all reports, materials and notices furnished to the Company’s senior lender (presently Bank Leumi) as and when provided to the Company’s senior lender, (iv) all reports, materials and notices furnished to the Board of Directors or any committee thereof as and when provided to the members of the Board of Directors or any committee thereof and (v) such information relating to the Company and its Subsidiaries as from time to time may reasonably be requested by the Investor provided that it is not unduly burdensome for the Company to provide such requested information.  The Company shall cause all financial statements to be delivered pursuant to this Section 8.2 as to which GAAP is applicable to be complete and correct in all material respects (subject, in the case of interim financial statements, to normal year-end adjustments) and to be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein.  Notwithstanding the foregoing, except with respect to the reports and information to be furnished to the Investor in accordance with the first sentence of this Section 8.2 or as otherwise requested, in writing, by the Investor and information furnished to any member of the Board of Directors of the Company that is Affiliated with the Investor, the Company shall not disclose material non-public information to the Investor, or to advisors to or representatives of the Investor, unless prior to disclosure of such information the Company identifies such information as being material non-public information and provides the Investor, such advisors and representatives with the opportunity to accept or refuse to accept such material non-public information for review.  The Investor agrees to execute a non-disclosure agreement, in form and substance similar to the existing non-disclosure agreement between the Company and the Investor, with respect to the information delivered to it in accordance with this Section 8.2.

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8.3          No Conflicting Agreements.  The Company will not, and will cause each Subsidiary not to, take any action or enter into any agreement that is prohibited by the terms of any of the Transaction Documents or that restricts the ability of the Company or any Subsidiary to perform any of its obligations under the Transaction Documents.

		8.4	
D&O Insurance; Director Indemnification Matters.

(a)  The Company shall maintain and keep effective the D&O Policy.  The Company shall, at all times, cause the D&O Policy to provide that the insurance coverage in respect of the directors is primary in a manner consistent with Section 8.4(b) below and the Director Indemnification Agreement (as the same may be amended upon receipt of Stockholder Approval in accordance with Section 8.4(b) below).

(b)  The parties hereby acknowledge that the HCP Designee will be serving on the Board of Directors of the Company at the direction of the Investor (collectively with its affiliated general partner and related persons, an “Appointing Person”) and that the HCP Designee has certain rights to indemnification, expense advancement and/or insurance from the Appointing Person.  The Company hereby clarifies and confirms certain of the provisions of the Director Indemnification Agreement in respect of the hierarchy of indemnification obligations as between the Company and the Appointing Person as set forth below: (i) with respect to the HCP Designee’s service as a director of the Company, the Company’s obligations under the Director Indemnification Agreement shall be the primary source of indemnification and advancement, while the Appointing Person’s indemnification and advancement obligations shall be secondary to those of the Company, except with respect to amounts actually paid by (y) the Appointing Person (it being acknowledged and agreed that any advance or loan by the Appointing Person to the HCP Designee shall not constitute amounts actually paid by the Appointing Person) or (z) any insurance maintained by the Appointing Person (it being acknowledged that the HCP Designee has no obligation to seek recovery under any such indemnification provided by, or insurance policy maintained by, the Appointing Person), (ii) without regard to any rights the HCP Designee may have against the Appointing Person, the Company shall be required to make all advances of expenses and the Company shall be liable for all of the HCP Designee’s expenses to the extent required by the Director Indemnification Agreement and/or the Company’s Articles of Association (as amended), except with respect to amounts actually paid by (y) the Appointing Person (it being acknowledged and agreed that any advance or loan by the Appointing Person to the HCP Designee of such expenses shall not constitute amounts actually paid by the Appointing Person) or (z) any insurance maintained by the Appointing Person (it being acknowledged that the HCP Designee has no obligation to seek recovery under any such indemnification provided by, or insurance policy maintained by, the Appointing Person) and (iii) the Company irrevocably waives, relinquishes and releases any and all claims against the Appointing Person for contribution, subrogation or any other recovery of any kind in connection with the Company’s obligations under the Director Indemnification Agreement and this Section 8.4(b).   The Company agrees to seek Stockholder Approval for a new form of director indemnification agreement which shall contain the language set forth in Schedule 8.4(b).

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8.5          Compliance with Laws.  The Company will, and will cause each of its Subsidiaries to, comply in all material respects with all applicable laws, rules, regulations, orders and decrees of all Governmental Entities.

8.6          Listing of Underlying Shares and Related Matters.  Promptly following the date hereof, the Company shall use commercially reasonable efforts to cause the Underlying Shares to be listed on The Nasdaq Capital Market no later than the Closing Date.  Further, if the Company applies to have its Common Shares or other securities traded on any other Eligible Market, it shall include in such application the Underlying Shares and will use commercially reasonable efforts to cause such Common Shares to be so listed.  The Company will use commercially reasonable efforts to continue the listing and trading of its Common Shares on The Nasdaq Capital Market or any other Eligible Market on which it is then listed and, in accordance, therewith, will use commercially reasonable efforts to comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of such market or exchange, as applicable.

8.7          Termination of Covenants.  Without derogating from other provisions of this Agreement, the provisions of Sections 8.2 through 8.5 and Sections 8.10, 8.11 and 8.22 shall terminate and be of no further force and effect on the date on which both the Note and the Holder Preferred Shares are no longer outstanding.

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8.8          Removal of Legends.  Upon the earlier of (i) registration of the Registrable Securities for resale in accordance with Section 9 of this Agreement, (ii) any sale of the Underlying Shares pursuant to Rule 144 or (iii) such time as the then holders of the Securities are not Affiliates of the Company and the Underlying Shares are eligible for sale under Rule 144 without the requirement for the Company to be in compliance with the current public information required under Rule 144 as to such Underlying Shares and without volume or manner-of-sale restrictions, the Company shall (A) deliver to the transfer agent for the Common Shares (the “Transfer Agent”) irrevocable instructions that the Transfer Agent shall issue certificates representing the Underlying Shares (or, if the Transfer Agent participates in the DTC Fast Automated Securities Transfer Program, credit the aggregate number of Common Shares to the Investor’s or its designee’s account with DTC through its Deposit/Withdrawal at Custodian system)  without legends upon receipt by such Transfer Agent of the Note (if required to be delivered pursuant to the terms of the Note), certificates representing the Holder Preferred Shares (if issued) or any legended certificates previously issued upon conversion of the Note or the Holder Preferred Shares , together with either (1) a customary representation by the Investor that the Underlying Shares are eligible for sale under Rule 144 without the requirement for the Company to be in compliance with the current public information required under Rule 144 as to such Underlying Shares or (2) a statement by the Investor that the Investor has sold Common Shares represented thereby in accordance with Rule 144 or the Plan of Distribution contained in the Registration Statement, and (B) cause its counsel to deliver to the Transfer Agent one or more opinions to the effect that the issuance of such unlegended certificates in such circumstances may be effected under the 1933 Act.  From and after the earlier of such dates, upon the Investor’s written request, the Company shall promptly cause replacement Securities to be issued without restrictive legends and/or legended certificates representing previously issued Underlying Shares to be replaced with certificates which do not bear such restrictive legends (provided that if the Company’s transfer agent is participating in the DTC Fast Automated Securities Transfer Program, the Company shall promptly cause its transfer agent to credit the aggregate number of Common Shares to the Investor’s or its designee’s account with DTC through its Deposit/Withdrawal at Custodian system (without any stop transfer instructions or other restrictions pertaining thereto)), and Underlying Shares subsequently issued by the Company shall not bear such restrictive legends provided the provisions of either clauses (i), (ii) or (iii) above, as applicable, are satisfied with respect to such Underlying Shares.  When the Company is required to cause unlegended Securities to replace previously issued legended Securities, if unlegended Securities are not delivered to the Investor within three (3) Business Days of submission by the Investor of legended Securities and all other required documents to the Transfer Agent as provided above (or to the Company, in the case of the Note), the Company shall be liable to the Investor for liquidated damages in an amount equal to 1.5% of the aggregate purchase price of the Securities evidenced thereby for each thirty (30) day period (or portion thereof) beyond such three (3) Business Day that the unlegended Securities have not been so delivered.

8.9          [Reserved]

8.10        Affirmative Covenants of the Company.  During the Covenant Period, the Company shall, and shall cause each of its Subsidiaries to,:

(a)          use its commercially reasonable best efforts to promptly satisfy all of the conditions to Closing specified in Section 7.1 above;

(b)          (A) do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and its rights and franchises; (B) continue to conduct its business substantially as now conducted and, at all times, in accordance with good business practices; and (C) at all times maintain, preserve and protect in all material respects all of its assets and properties used or useful in the conduct of its business in good working order and condition (reasonable wear and tear excepted), including all of its core Intellectual Property Rights.  Nothing in this Section 8.10(b) imposes any obligation on the Company or any Subsidiary to apply to register Intellectual Property Rights, to prosecute applications to register Intellectual Property Rights or to continue to maintain the registration of Registered Intellectual Property, except for the obligation of the Company and its Subsidiaries to maintain the registration of Registered Intellectual Property that is part of its core Intellectual Property Rights.  It may choose to abandon any application or registration that does not consist of its core Intellectual Property Rights in its discretion.

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(c)          maintain its books, accounts and records as required to permit the preparation of financial statements in accordance with GAAP;

(d)          duly pay and discharge, or cause to be paid and discharged, before the same shall become overdue, all taxes, assessments and other governmental charges imposed upon it and its properties (real and personal), sales and activities, or any part thereof, or upon the income or profits therefrom, as well as all claims for labor, materials, or supplies that if unpaid could reasonably be expected to by law become a Lien on any of its property; provided that any such tax, assessment, charge, levy or claim need not be paid if (x) the validity or amount thereof shall currently be contested in good faith by appropriate proceedings promptly instituted and diligently conducted, (y) the Company or any Subsidiary shall have set aside on its books adequate reserves with respect thereto in accordance with GAAP; and (z) the non-payment of such taxes, assessments, charges, levies or claims that will not have a Material Adverse Effect and will not result in the forfeiture of any of its assets; and provided, further that it pay all such taxes, assessments, charges, levies or claims forthwith upon the commencement of proceedings to foreclose any Lien that may have attached as security therefor;

(e)          give notice to the Investor in writing within thirty (30) days of becoming aware of any litigation or Proceedings threatened in writing against the Company or any of its Subsidiaries or any pending litigation and Proceedings affecting the Company or any of its Subsidiaries or to which any of them is or becomes a party involving a claim against any of them that could reasonably be expected to result in a Material Adverse Effect, stating the nature and status of such litigation or Proceedings;

(f)           promptly notify the Investor in writing of the occurrence of any Event of Default (as defined in the Note);

(g)          comply in all material respects with (i) the applicable laws and regulations wherever its business is conducted, including all Environmental Laws, (ii) the provisions of its Organizational Documents, (iii) all Material Contracts the failure of which to comply would result in a Material Adverse Effect and (iv) all material decrees, orders, and judgments; and

(h)          give notice to the Investor within ten (10) days of any change to the Company’s jurisdiction of organization or legal name or organization.

8.10A     Affirmative Covenants of the Investor.  From and after the date hereof and until the Closing, the Investor shall use its commercially reasonable best efforts to promptly satisfy all of the conditions to Closing specified in Section 7.2 above.

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8.11        Negative Covenants.

(I)           From and after the date hereof and for so long as either (y) at least fifty percent (50%) of the original principal amount of the Note is outstanding or (z) the Investor and/or any Affiliate thereof collectively hold at least fifty percent (50%) of the Holder Preferred Shares issued in the Debt for Equity Exchange, the Company shall not (and shall cause each of its respective Subsidiaries not to) take any of the following actions without the approval of the Board of Directors of the Company (including the HCP Designee):

(a)          consummate or be subject to the occurrence of a Fundamental  Change (as defined in the Note);

(b)         consummate any material acquisition of assets or Equity Interests of any Person for consideration, whether in cash or in kind, if (y) the total value of the consideration payable by the Company and/or any Subsidiary exceeds twenty five percent (25%) of the TM Revenues or (z) the consideration consists of Equity Interests and would result in the issuance of more than twenty percent (20%) of the outstanding Common Shares (assuming the conversion or exercise of the Equity Interests issued in connection with such acquisition of assets or Equity Interests) (for the avoidance of doubt, the approval thresholds set forth in this clause (b) shall not limit or modify the approval rights of the Investor set forth in Section 8.11(II) (including Section 8.11(II)(e)) ; or

 

(c)          consummate any sale, disposition, exclusive license or transfer, directly or indirectly, of any (i) Equity Interests of any Subsidiary or (ii) material assets or property of the Company or any Subsidiary for consideration, whether in cash or in kind, exceeding twenty five percent (25%) of the TM Revenues.

(II)          During the Covenant Period, without the prior written consent of the Investor, the Company shall not (and shall cause each of its respective Subsidiaries not to):

(a)          take or omit to be taken any action, or permit any of its Affiliates to take or to omit to take any action, which, at the time that such action is taken or omitted to be taken, would reasonably be expected, by the Company acting prudently, to result in a Material Adverse Effect;

(b)          amend, alter or modify its or any of its Subsidiaries’ Organizational Documents in a manner that adversely affects the rights of the Investor under this Agreement, the Note or any of the other Transaction Documents;

(c)          liquidate, dissolve or wind up the Company or any Subsidiary;

(d)          make any loans to its directors, officers or stockholders (other than the extension of commercial trade credit in connection with the sale of inventory in the ordinary course of business);

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(e)           issue (A) Common Shares at a purchase price less than the Conversion Price or issue any Common Share Equivalents with a conversion price, exercise price, exchange rate or other price less than the Conversion Price, other than options, restricted shares or restricted share units issued under the Company Option Plan in accordance with Section 8.13 of this Agreement, (B) any shares of Common Shares or Common Share Equivalents to the extent the effective purchase price, conversion price, exercise price or exchange rate or the number of underlying shares floats or resets or otherwise varies or is subject to adjustment (directly or indirectly) based on market prices of the Common Shares or the occurrence of specified or contingent events directly or indirectly related to the business of the Company, unless the minimum purchase price, conversion price, exercise price or exchange rate is, at all times, subject to a floor that is at least equal to, and based on the entire black scholes value is not below, the Conversion Price, (C) any warrants or other rights to purchase Common Shares that, when valued on a black scholes basis, decreases the purchase price for such warrants or other rights below the Conversion Price, (D) any capital stock of the Company (or any securities that are convertible into or exercisable or exchangeable for capital stock of the Company) that is senior to or pari passu with the Holder Preferred Shares to be issued to the Investor in connection with the Debt for Equity Exchange as to dividend rights, redemption rights, liquidation preference and other rights, or (E) any Indebtedness that is convertible into Common Shares, Common Share Equivalents or any capital stock of the Company.  In addition to the foregoing, any Equity Interests issued by the Company or any Subsidiary shall consist solely of Common Shares and Common Share Equivalents (excluding convertible Indebtedness);

(f)           (i) create, incur, assume or suffer to exist any Indebtedness for borrowed money of any kind (including becoming liable as a guarantor thereof), other than Permitted Indebtedness,  or (ii) make directly or indirectly any payment in respect of or on account of any Indebtedness for borrowed money other than Permitted Indebtedness;

(g)          directly or indirectly, pay any dividends or distributions on, or purchase, redeem (or issue securities (other than the Holder Preferred Shares in connection with the Debt for Equity Exchange) that contains a redemption feature) or retire, any Common Shares or other equity interests or any securities convertible into its Common Shares, whether now or hereafter outstanding, or make any payment on account of or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of its Common Shares or other equity interests, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of the Company or any of its Subsidiaries, except for Permitted Restricted Payments;

(h)          enter into any transaction with any Affiliates or any of its directors or officers except for (i) transactions among the Company and its direct or indirect wholly-owned Subsidiaries, (ii) transactions existing on the Closing Date and described on Schedule 8.11(II)(h) (however, any amendment to such transactions shall require the consent of the Investor, unless any such amendment is permitted by this Section 8.11(II)(h) at the time of entry into such amendment), (iii) other transactions in the ordinary course of business on terms as favorable as would be obtained by it on a comparable arm’s-length transaction with an independent, unrelated third party as determined in good faith by, and approved by, the non-interested members of the Board of Directors (or equivalent governing body) of the Company, (iv) employment and severance arrangements with the officers and directors of the Company and its Subsidiaries in the ordinary course of business and (v) payment of customary fees and reasonable out of pocket costs to, and indemnities for the benefit of, directors and officers of the Company and its Subsidiaries in the ordinary course of business to the extent attributable to the ownership or operation of the Company and its Subsidiaries; provided, that, in the case of clauses (i), (iii), (iv) and (v), (A) any such transaction or transactions do not impair the creditworthiness of the Note, the Company’s or any Subsidiary’s ability to meet its obligations under the Transaction Documents or the rights of the Investor under the Transaction Documents and (B) no Event of Default shall have occurred and be continuing;

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(i)            approve any increase in the number of shares available under the Company Option Plan, amend the Company Option Plan or adopt a new equity incentive plan;

(j)           except as set forth in Schedule 8.13, approve any cash incentive or retention plan for its executive officers and/or directors, which cash incentive and/or retention plans shall be subject to the Investor’s reasonable approval unless required to be approved, and actually approved, by the Company’s shareholders;

(k)          create, incur, assume or suffer to exist, any Lien on any of the Company’s or any Subsidiary’s respective properties or assets (including income) now owned or hereafter acquired, other than Permitted Liens;

(l)           prior to the Debt for Equity Exchange, create, form or acquire a Subsidiary or enter into any partnership, Joint Venture or similar arrangement, all in the context of which the expected annual outlays exceed $1,000,000 in cash or in kind;

(m)          (i) make any change to the Company’s or any Subsidiary’s accounting practices except in accordance with GAAP, (ii) change its fiscal year from December 31st or (iii) make any change in tax reporting treatment (elections of tax status will not be regarded as a change in tax reporting treatment) except as required by law;

(n)          file any registration statement with the SEC (other than on Form S-8 or F-4 or any Registration Statement required to be filed by Section 9 of this Agreement) until one hundred twenty (120) days after the Effective Date;

(o)          make any significant change in the nature of its business as described in the Company’s most recent annual report filed on Form 20-F with the SEC (abandoning or adding a specific product line will not be regarded as a significant change).  The Company shall not modify its corporate structure or purpose;

(p)          accept any grants or other funding from any Governmental Entity , (including but not limited to the Israeli Innovation Authority, the Office of Chief Scientist of the Israeli Ministry of Economy or the Israel Investment Center) or any public or private university, college, or other educational or research institution, for purposes of the development or creation of, or research in respect of, any Intellectual Property Rights or any Company Product;  or

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(q)           enter into an agreement to do any of the foregoing.

8.12        [Reserved] 

 

8.13        Company Option Plan.  The Board of Directors of the Company will adopt resolutions at Closing such that the number of Shares reserved for issue under the Company Option Plan will equal fifteen (15%) of the Common Shares of the Company outstanding immediately following the Closing Date (inclusive of the existing options under the Company Option Plan). Options awarded henceforth will be subject to the following conditions: (i) the exercise price will be equal to or greater than the market price of the Common Shares on the date of grant or, in cases where the grant is effective only with shareholder approval, if the Board of Directors so specifies, on the date of such approval, (ii) at least thirty percent (30%) of the unawarded options as of the Closing will be awarded following promotions, in appreciation of extraordinary performance or to new hires, (iii) vesting will be performance based with milestones (which shall be longer term in nature) determined by the Compensation Committee and the Board of Directors of the Company (and, on a case by case basis, vesting of a particular grant may include continued employment or engagement, subject to the Investor’s prior written approval in respect of any such grant), (iv) the Options shall not be transferable, except for transfers for estate planning purposes and transfers by will or intestacy following the death of the optionee, (v) the allocation of the Company Option Plan and terms of the grants thereunder shall be reasonably acceptable to the Investor and (vi) subject to the foregoing clauses (i) through (v), the Options shall otherwise be consistent with the terms of the Company Option Plan and the Company’s compensation policy.  The Board of Directors of the Company (and, where required, the Compensation Committee) will administer the Company Option Plan in accordance with the terms of this Section 8.13.  The foregoing shall not apply to those grants already committed to by the Company as set forth on Schedule 8.13.

8.14        No Solicitation or Negotiation. The Company agrees that from and after the date hereof until the earlier of the Closing Date or the termination of this Agreement in accordance with Section 7.3 hereof, neither the Company nor any of its Subsidiaries, Affiliates, officers, directors, representatives or agents will: (1) solicit, initiate, consider, encourage or accept any other proposals or offers from any Person (i) relating to any debt or equity financing for the Company or any Subsidiary or (ii) relating to the acquisition or purchase of all or any portion of the capital stock of the Company or assets of the Company (each of the events described in clauses (i) and (ii) an “Alternative Transaction”), or (2) participate in any discussions, conversations, negotiations or other communications regarding, or furnish to any other Person any information with respect to, or otherwise cooperate in any way, assist or participate in, facilitate or encourage any effort or attempt by any other Person to seek to do any Alternative Transaction.  The Company shall immediately cease and cause to be terminated all existing discussions, conversations, negotiations and other communications with any Persons conducted heretofore with respect to any of the foregoing. The Company shall notify the Investor promptly if any such proposal or offer, or any inquiry or other contact with any Person with respect thereto, is made and shall, in any such notice to the Investor, indicate in reasonable detail the identity of the Person making such proposal, offer, inquiry or contact and the terms and conditions of such proposal, offer, inquiry or other contact.

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8.15        [Reserved]

8.16        No Impairment.  At all times after the date hereof, the Company will not take or permit any action, or cause or permit any Subsidiary to take or permit any action that impairs or adversely affects the rights of the Investor under any Transaction Document.

8.17        Further Assurances.  Each party agrees to, and the Company agrees to cause the Subsidiaries to, make, execute and deliver all such additional and further acts, things, deeds and instruments as the other party may reasonably require to document and consummate the transactions contemplated hereby and to vest completely in and insure the other party its rights under this Agreement and the other Transaction Documents.

8.18        Stockholder Approval.

(a)          The Company shall use its commercially reasonable best efforts to obtain, at the next annual meeting of its shareholders (the “Next Annual Meeting”), the approval of its shareholders (“Stockholder Approval”) to (1) amend and restate the Articles of Association of the Company to (i) provide that the Investor has the right to appoint a member of the Board of Directors for so long as either (y) the Note is outstanding or (z) the Investor and/or any Affiliate thereof hold at least thirty percent (30%) of the Holder Preferred Shares  and (ii) provide for the creation of the Preferred Shares on the terms and conditions set forth in the form of the Amended and Restated AOA set forth on Exhibit B attached hereto and (2) approve a new form of director indemnification agreement for the directors of the Company (which form shall be acceptable to the Company and the Investor) covering the changes required by the last sentence of Section 8.4(b) of this Agreement.  The Company makes no representation that the Amended and Restated AOA or the new form of director indemnification agreement will be adopted.  Therefore, each reference to the Holder Preferred Shares in this Agreement will be deemed to be followed by "if created".

 

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(b)          In furtherance of the obligations of the Company under Section 8.18(a), (i) by the Closing, the Board of Directors of the Company shall adopt proper resolutions authorizing the actions set forth in Section 8.18(a) above (without determining the date of the Next General Meeting or setting the remainder of the agenda or other aspects of that meeting), (ii) the Board of Directors of the Company shall recommend and the Company shall otherwise use its commercially reasonable best efforts to duly obtain Stockholder Approval, including, without limitation, by filing any required proxy materials with the SEC, by delivering proxy materials to its shareholders in furtherance thereof, by soliciting proxies from its shareholders in connection therewith in the same manner as all other management proposals in such proxy statement and having all management-appointed proxy-holders vote their proxies in favor of such proposals to carry out such resolutions and (iii) within three (3) Business Days of obtaining such Stockholder Approval, take all actions necessary to effectuate the actions set forth in Section 8.18(a) above.  If the Company does not obtain Stockholder Approval at the Next Annual Meeting, the Company shall in addition to satisfying clauses (i), (ii) and (iii) as contemplated above, call a special meeting of its shareholders as soon as reasonably practicable but in no event later than ninety (90) days following the Next Annual Meeting to seek Stockholder Approval and shall continue such process until the date Stockholder Approval is obtained.

 

8.19          Access.  In addition to any other rights provided by law or set forth herein, from and after the date of this Agreement and for so long as the Investor and/or any Affiliate thereof own (i) the Note, (ii) more than thirty-five percent (35%) of the Holder Preferred Shares or (iii) not less than five percent (5%) of the outstanding Common Shares (assuming full conversion of the Securities and without giving effect to any limitations on conversion contained therein), the Company shall, and shall cause each of the Subsidiaries, to give the Investor and its representatives, at the request of the Investor, access during reasonable business hours to (a) all properties, assets, books, contracts, commitments, reports and records relating to the Company and the Subsidiaries, and (b) the management, accountants, lenders, customers and suppliers of the Company and the Subsidiaries; provided, however, that the Company shall not be required to provide the  Investor access to any information or Persons if the Company reasonably determines that access to such information or Persons (x) would adversely affect the attorney-client privilege between the Company and its counsel and cannot be provided to the Investor in a manner that would avoid the adverse affect on the attorney-client privilege between the Company and its counsel, (y) would result in the disclosure of trade secrets, material nonpublic information or other confidential or proprietary information and cannot be provided to the Investor in a manner that would avoid the disclosure of trade secrets, material nonpublic information or other confidential or proprietary information, or (z) would violate the requirements of any Governmental Entity, applicable law or regulation with respect to the confidentiality of information or security clearances and cannot be provided to the Investor in a manner that would not violate any such requirements, law or regulation; provided further that the Company shall be required to provide the Investor with access to the information contemplated in clause (y) above  if the Investor signs (and the obligation of the Company to provide the Investor with access to the information contemplated by Section 8.2 or this Section 8.19 is subject to the Investor signing) a confidentiality agreement with the Company with respect to such information in form and substance similar to the existing confidentiality agreement between the Company and the Investor.

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8.20        Reporting Status.  For so long as the Investor and its Affiliates collectively hold at least three percent (3%) of the outstanding Common Shares (assuming full conversion of the Securities and without giving effect to any limitations on conversion contained therein), the Company shall timely file all reports required to be filed with the SEC pursuant to the 1934 Act, and the Company shall not terminate its status as an issuer required to file reports under the 1934 Act even if the 1934 Act or the rules and regulations thereunder would no longer require or otherwise permit such termination.

 

8.21        Conversion Procedures.  The form of Conversion Notice included in the Note sets forth the totality of the procedures required of the Investor in order to convert the Note.  No additional legal opinion, other information or instructions shall be required of the Investor to convert its Note. The Company shall honor conversions of the Note and shall deliver the Underlying Shares in accordance with the terms, conditions and time periods set forth in the Note.

 

8.22       Compensation Committee.    For so long as the Note is outstanding and the Investor and/or any Affiliate thereof collectively hold a principal amount of not less than $1.5 million of the Note or the Investor and/or any Affiliate thereof collectively hold at least thirty percent (30%) of the Holder Preferred Shares, the HCP Designee (or any replacement thereof designated by the Investor) shall be appointed to, and shall serve on, the Compensation Committee of the Board of Directors of the Company; provided that he or she meets the requirements of the law, rules and regulations for such appointment and service.

 

8.23          PFIC Matters.

 

(a)          As soon as reasonably practicable (but in any event, within seventy-five (75) days) following the end of each taxable year of the Company and each Subsidiary (as determined for U.S. federal income tax purposes), the Company shall (with the assistance of its outside U.S. tax advisors) determine whether or not the Company or any Subsidiary was a PFIC for such taxable year, and shall provide a report regarding such determination to the Investor.

 

(b)          In connection with a “Qualified Electing Fund” election (“QEF election”) pursuant to Code Section 1295 or a “Protective Statement” pursuant to Treasury Regulation Section 1.1295-3, filed or proposed to be filed by the Investor or any Affiliate thereof, the Company shall, and shall cause each Subsidiary to, annually provide a PFIC annual information statement to the Investor and such Affiliate in the form required under Treasury Regulations Section 1.1295-1(g) as soon as reasonably practicable following the end of each calendar year (but in no event later than ninety (90) days following the end of each calendar year).

 

(c)          The Company shall provide the Investor with, and shall provide commercially reasonable access to records and other sources regarding, any additional information reasonably requested by the Investor to the extent necessary (i) to determine the Company’s or any Subsidiary’s status as a PFIC for any taxable year, (ii) to determine the amounts that the Investor or any Affiliate thereof may be required to report as its pro rata portion of the Company’s or such Subsidiary’s earnings in connection with a QEF election, a Protective Statement or otherwise, (iii) to enable the Investor and its Affiliates to make any election (including a QEF election) and to comply with all other requirements of such election or (iv) to prepare and file any U.S. tax return, form or statement (including IRS Forms 926, 5471, 8865 and 8886), or otherwise comply with applicable U.S. federal, state, local, non-U.S. or other tax laws.

 

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9.             Registration Rights.

9.1          Shelf Registration.

(a)          As promptly as reasonably possible, and in any event on or prior to the Filing Date, the Company shall prepare and file with the SEC a “shelf” Registration Statement covering the resale of all Registrable Securities for an offering to be made on a continuous basis pursuant to Rule 415.  If for any reason the SEC does not permit all of the Registrable Securities to be included in such Registration Statement, then the Company shall not be obligated to include such Registrable Securities in such Registration Statement but the Company shall prepare and file with the SEC a separate Registration Statement with respect to any such Registrable Securities not included with the initial Registration Statement, as promptly as reasonably possible, but in no event later than the date which is thirty (30) days after the date on which the SEC shall indicate as being the first date such filing may be made.  The Registration Statement shall be on Form F-3 and shall contain (except if otherwise directed by the Investor) the “Plan of Distribution”, substantially as attached hereto as Exhibit F.  In the event Form F-3 is not available for the registration of the resale of Registrable Securities hereunder, the Company shall (i) register the resale of the Registrable Securities on another appropriate form in accordance herewith as the Investor may consent and (ii) attempt to register the Registrable Securities on Form F-3 as soon as such form is available, provided that the Company shall maintain the effectiveness of the Registration Statements then in effect until such time as a Registration Statement on Form F-3 covering the Registrable Securities has been declared effective by the SEC.

(b)          The Company shall use commercially reasonable efforts to cause the Registration Statement to be declared effective by the SEC as promptly as reasonably possible after the filing thereof, but in any event prior to the Required Effectiveness Date, and shall use commercially reasonable efforts to keep the Registration Statement continuously effective under the 1933 Act until the earlier of (i) the fourth anniversary of the Effective Date or (ii) such time as all Registrable Securities covered by such Registration Statement have been sold publicly (the “Effectiveness Period”).

 

(c)          The Company shall notify the Investor in writing as promptly as reasonably possible (and in any event within one Business Day) after receiving notification from the SEC that the Registration Statement has been declared effective.

 

(d)          The Company shall not, prior to the Effective Date of the Registration Statement, prepare and file with the SEC a registration statement relating to an offering for its own account or the account of others under the 1933 Act of any of its equity securities.

 

(e)          If the Company issues to the Investor any Common Shares pursuant to the Transaction Documents that are not included in the initial Registration Statement, then the Company shall file an additional Registration Statement covering such number of Common Shares on or prior to the Filing Date and shall use commercially reasonable efforts to cause such additional Registration Statement to become effective by the SEC by the Required Effectiveness Date.

 

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9.2          Registration Procedures.  In connection with the Company’s registration obligations hereunder with respect to a Registration Statement pursuant to Section 9.1, the Company shall:

 

(a)          Not less than three (3) Trading Days prior to the filing of a Registration Statement or any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated or deemed to be incorporated therein by reference), the Company shall furnish to the Investor and Investor Counsel copies of all such documents proposed to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the review of the Investor and Investor Counsel.  The Company shall not file a Registration Statement or any such Prospectus or any amendments or supplements thereto to which the Investor shall reasonably object.

 

(b)          (i) Prepare and file with the SEC such amendments, including post-effective amendments, to each Registration Statement and the Prospectus used in connection therewith as may be necessary to keep the Registration Statement continuously effective as to the applicable Registrable Securities for the Effectiveness Period and prepare and file with the SEC such additional Registration Statements in order to register for resale under the 1933 Act all of the Registrable Securities; (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible, to any comments received from the SEC with respect to the Registration Statement or any amendment thereto and as promptly as reasonably possible provide the Investor true and complete copies of all correspondence from and to the SEC relating to the Registration Statement; provided, however, the Company will not be required to provide copies of any correspondence that would result in the disclosure to the Investor of material and non-public information concerning the Company unless the Investor has executed a confidentiality agreement with the Company; and (iv) comply in all material respects with the provisions of the 1933 Act and the 1934 Act with respect to the disposition of all Registrable Securities covered by the Registration Statement during the applicable period in accordance with the intended methods of disposition by the Investor thereof set forth in the Registration Statement as so amended or in such Prospectus as so supplemented.

 

(c)          Notify the Investor and Investor Counsel as promptly as reasonably possible, and (if requested by any such Person) confirm such notice in writing no later than two Trading Days thereafter (except in the case of clauses (v) and (vii), one Trading Day thereafter) of any of the following events: (i) the SEC notifies the Company whether there will be a “review” of any Registration Statement; (ii) the SEC comments in writing on any Registration Statement (in which case the Company shall deliver to the Investor a copy of such comments and of all written responses thereto; provided, however, the Company will not be required to provide copies of any responses that would result in the disclosure to the Investor of material and non-public information concerning the Company unless the Investor has executed a confidentiality agreement with the Company); (iii) any Registration Statement or any post-effective amendment is declared effective; (iv) the SEC or any other federal or state Governmental Entity requests any amendment or supplement to any Registration Statement or Prospectus or requests additional information related thereto; (v) the SEC issues any stop order suspending the effectiveness of any Registration Statement or initiates any Proceedings for that purpose; (vi) the Company receives notice of any suspension of the qualification or exemption from qualification of any Registrable Securities for sale in any jurisdiction, or the initiation or threat of any Proceeding for such purpose; or (vii) the financial statements included or incorporated by reference in any Registration Statement become ineligible for inclusion or incorporation therein or any statement made in any Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference is untrue in any material respect or any revision to a Registration Statement, Prospectus or other document is required so that it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

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(d)          Use its commercially reasonable best efforts to avoid the issuance of or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of any Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, as soon as practicable.

 

(e)          Furnish to the Investor and Investor Counsel, without charge, at least one conformed copy of each Registration Statement and each amendment thereto, including financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference, and all exhibits to the extent requested by such Person (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the SEC.

 

(f)           Promptly deliver to the Investor and Investor Counsel, without charge, as many copies of the Prospectus or Prospectuses (including each form of prospectus) and each amendment or supplement thereto as such Persons may reasonably request.  The Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by the Investor in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto.

 

(g)           (i) Prepare and timely file with each Trading Market an additional shares listing application covering all of the Registrable Securities; (ii) use commercially reasonable best efforts to cause such Registrable Securities to be approved for listing on each Trading Market as soon as reasonably practicable thereafter; (iii) provide to the Investor evidence of such listing; and (iv) use commercially reasonable best efforts to maintain the listing of such Registrable Securities on each such Trading Market or another Eligible Market.

 

(h)          Prior to any public offering of Registrable Securities, use commercially reasonable best efforts to register or qualify or cooperate with the Investor and Investor Counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as the Investor requests in writing, to keep each such registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by a Registration Statement.

 

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(i)            Cooperate with the Investor to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted by this Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as the Investor may request.

 

(j)           Upon the occurrence of any event described in Section 9.2(c)(vii), as promptly as reasonably possible, prepare a supplement or amendment, including a post-effective amendment, to the affected Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither the Registration Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

(k)          Comply with all applicable rules and regulations of the SEC.

 

(l)           The Company shall not be required to deliver any document pursuant to any provision of this Section 9.2 to any holder of Registrable Securities that is not selling Registrable Securities under the applicable Registration Statement.

 

(m)          The Company shall not identify any holder of Registrable Securities as an underwriter in any public disclosure or filing with the SEC or any Trading Market without the prior written consent of such holder.  If the Company is required by law to identify any such holder as an underwriter in any public disclosure or filing with the SEC or any Trading Market, it must notify such holder in writing in advance and such holder shall have the option, in its sole discretion, to consent to such identification as an underwriter or to elect to have its Registrable Securities be removed from such Registration Statement.  If any holder of Registrable Securities does not make such election within five (5) Business Days of such holder’s receipt of such notice, such holder shall be deemed to have elected to have its Registrable Securities be deemed to be removed from such Registration Statement and have waived the benefits of this Article 9.1.

 

9.3          Registration Expenses.  The Company shall pay (or reimburse in the case of fees and disbursements of Investor Counsel noted in clause (d) below) all reasonable fees and expenses incident to the performance of or compliance with its obligations under this Section 9, including without limitation (a) all registration and filing fees and expenses, including without limitation those related to filings with the SEC, any Trading Market and in connection with applicable state securities or Blue Sky laws, (b) printing expenses (including without limitation expenses of printing certificates for Registrable Securities and of printing prospectuses requested by the Investor), (c) messenger, telephone and delivery expenses, (d) fees and disbursements of counsel for the Company and the fees and disbursements of the Investor Counsel not to exceed $10,000, (e) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by Section 9 of this Agreement, and (f) all listing fees to be paid by the Company to the Trading Market.  Discounts, concessions, commissions and similar selling expenses, if any, payable to an underwriter and specifically attributable to the sale of Registrable Securities by the Investor will be borne by the Investor.

 

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9.4          Indemnification.

 

(a)          Indemnification by the Company.  The Company shall indemnify and hold harmless the Investor, the officers, directors, partners, members, agents, brokers (including brokers who offer and sell Registrable Securities as principal as a result of a pledge or any failure to perform under a margin call of Common Shares), investment advisors and employees of the Investor, each Person who controls the Investor (within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act) and the officers, directors, partners, members, agents and employees of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all Losses, as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in the Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus (in the case of any Prospectus or form of prospectus or supplement thereto, in the light of the circumstances under which they were made), or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that (i) such untrue statements, alleged untrue statements, omissions or alleged omissions are based solely upon information furnished in writing to the Company by the Investor expressly for use therein, or to the extent that such information relates to the Investor or the Investor’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by the Investor expressly for use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto or (ii) in the case of an occurrence of an event of the type specified in Section 9.2(c)(v)-(vii), the use by the Investor of an outdated or defective Prospectus after the Company has notified the Investor in writing that the Prospectus is outdated or defective and prior to the receipt by the Investor of the Advice contemplated in Section 9.5.

 

(b)          Indemnification by Investor.  The Investor shall indemnify and hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the 1933 Act and Section 20 of the 1934 Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses (as determined by a court of competent jurisdiction in a final judgment not subject to appeal or review) arising solely out of any untrue statement of a material fact contained in the Registration Statement, any Prospectus, or any form of prospectus, or in any amendment or supplement thereto, or arising solely out of any omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading to the extent, but only to the extent, that (i) such untrue statement or omission is based solely upon information regarding the Investor furnished in writing to the Company by the Investor expressly for use in such Registration Statement or Prospectus, or to the extent that such information relates to the Investor or the Investor’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by the Investor expressly for use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto or (ii) in the case of an occurrence of an event of the type specified in Section 9.2(c)(iv)-(vii), the use by the Investor of an outdated or defective Prospectus after the Company has notified the Investor in writing that the Prospectus is outdated or defective and prior to the receipt by the Investor of the Advice contemplated in Section 9.5.  In no event shall the liability of the Investor hereunder be greater in amount than the dollar amount of the net proceeds received by the Investor upon the sale of the Registrable Securities giving rise to such indemnification obligation.

 

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(c)          Conduct of Indemnification Proceedings.  If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have proximately and materially adversely prejudiced the Indemnifying Party.

 

An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless:  (i) the Indemnifying Party has agreed in writing to pay such fees and expenses; or (ii) the Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (iii) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and such counsel shall be at the expense of the Indemnifying Party).  The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld.  No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding.

 

All fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten (10) Trading Days of written notice thereof to the Indemnifying Party (regardless of whether it is ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided, that the Indemnifying Party may require such Indemnified Party to undertake to reimburse all such fees and expenses to the extent it is finally judicially determined that such Indemnified Party is not entitled to indemnification hereunder).

 

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(d)          Contribution.  If a claim for indemnification under Section 9.4(a) or (b) is unavailable to an Indemnified Party (by reason of public policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations.  The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission.  The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in Section 9.4(c), any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms.

 

The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 9.4(d) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph.  Notwithstanding the provisions of this Section 9.4(d), the Investor shall not be required to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually received by the Investor from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that the Investor has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.  No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 

The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties.

 

9.5          Dispositions.  The Investor agrees that it will comply with the prospectus delivery requirements of the 1933 Act as applicable to it in connection with sales of Registrable Securities pursuant to the Registration Statement.  The Investor further agrees that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in Sections 9.2(c)(iv)-(vii), the Investor will discontinue disposition of such Registrable Securities under the Registration Statement until the Investor’s receipt of the copies of the supplemented Prospectus and/or amended Registration Statement contemplated by Section 9.2(j), or until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement.  The Company may provide appropriate stop orders to enforce the provisions of this paragraph.

 

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9.6          No Piggyback on Registrations.  Except with the prior written consent of the Investor or as permitted by Section 9.7 below, neither the Company nor any of its security holders (other than the Investor) may include securities of the Company in the Registration Statement other than the Registrable Securities, and the Company shall not during the Effectiveness Period enter into any agreement providing any such right to any of its security holders to be included in the Registration Statement for the Registrable Securities.

 

9.7          Piggyback Registrations.  If at any time during the Effectiveness Period there is not an effective Registration Statement covering all of the Registrable Securities and the Company shall determine to prepare and file with the SEC a registration statement relating to an offering for its own account or the account of others under the 1933 Act of any of its equity securities, other than on Form F-4 or Form F-8 (each as promulgated under the 1933 Act) or their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with share option or other employee benefit plans, then the Company shall send to the Investor written notice of such determination and if, within ten (10) days after receipt of such notice, the Investor shall so request in writing, the Company shall include in such registration statement all or any part of such Registrable Securities the Investor requests to be registered and, if there are any cutbacks in connection with an underwritten registration, all other holders of registration rights shall be cutback prior to any cutback of the Registrable Securities, and any cutback among the Registrable Securities and the securities of the Company to be included for its own account shall be applied on a pro rata basis.

 

10.           Survival and Indemnification.

10.1        Survival.  The representations and warranties contained in this Agreement shall survive the Closing of the transactions contemplated by this Agreement.  The covenants and agreements contained in this Agreement shall survive the Closing of the transactions contemplated by this Agreement, unless such covenants by their terms expire by a specified date in which case such covenants shall expire on the expiration date set forth herein.

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10.2        Indemnification.  If the Investor or any of its Affiliates or any officer, director, partner, manager, member, controlling person, employee or agent of the Investor or any of its Affiliates (a “Related Person”) becomes involved in any capacity in any Proceeding brought by or against such Person in connection with or as a result of any breach or failure to comply by the Company or any of its Subsidiaries with any representation, warranty or covenant in the Transaction Documents (a “Third Party Claim”), the Company will indemnify, defend and hold harmless the Investor or Related Person for its reasonable out-of-pocket legal and other expenses (including the documented out-of-pocket costs of any investigation, preparation and travel)(and shall advance all such legal and other expenses to the Investor) and for any Losses incurred in connection therewith, provided, that such indemnity shall not, as to the Investor or any Related Person, be available to the extent that such Losses directly result from the Investor’s or Related Person’s gross negligence or willful misconduct as finally determined by a non-appealable ruling of a court of competent jurisdiction. In addition, the Company shall indemnify and hold harmless the Investor and Related Person from and against any and all Losses, as incurred, arising out of or relating to any breach by the Company or any Subsidiary of any of the representations, warranties or covenants made by the Company in this Agreement or any other Transaction Document.  The indemnification obligations of the Company under this Section 10.2 shall be in addition to any liability that the Company may otherwise have and shall be binding upon and inure to the benefit of any successors and assigns of the Investor to the extent such assignment was permitted pursuant to Section 11.1.  If the Company or any Subsidiary breaches any of their obligations under any Transaction Document, then, in addition to any other liabilities the Company may have under any Transaction Document or applicable law, the Company shall pay or reimburse the Investor on demand for all documented out-of-pocket costs of collection and enforcement (including reasonable attorneys’ fees and expenses).  Without limiting the generality of the foregoing, the Company specifically agrees to reimburse the Investor on demand for all costs of enforcing the indemnification obligations in this Section 10.2.

 

10.3        Conduct of Indemnification Proceedings.  Promptly after receipt by the Investor or any Related Person (the “Indemnified Person”) of notice of any Third Party Claim, such Indemnified Person shall notify the Company in writing (the “Indemnification Notice”). The Indemnified Person will permit the Company to assume the defense of such Third Party Claim, subject to (i) the Company’s timely assumption of such defense (which assumption shall occur no later than twenty (20) days following receipt of such notice of Third Party Claim) and appointment of counsel reasonably satisfactory to the Investor and (ii) the Company having the financial wherewithal to vigorously contest and defend the Third Party Claim; provided that prior to assuming control of the defense of such Third Party Claim, the Company must acknowledge that it has an indemnity obligation under this Section 10 for the Losses resulting from such Third Party Claim.  The failure of any Indemnified Person to provide the Indemnification Notice shall not relieve the Company of its obligations hereunder except to the extent that the Company is actually and materially prejudiced by such failure to notify. Any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person, unless in the reasonable judgment of counsel to such Indemnified Person representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them or the Third Party Claim seeks to impose sanctions, restrictions or obligations on the Indemnified Person or any of its Affiliates other than the payment of money damages.  Without the prior written consent of the Indemnified Person, the Company shall not effect any settlement of any Third Party Claim, unless such settlement (y) includes an unconditional release of such Indemnified Person from all liability arising out of such Proceeding and (z) involves no finding or admission of any violation of law or the rights of any Person.

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11.           Miscellaneous.

11.1        Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns.  The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investor.  The Investor may assign its rights under this Agreement (in whole or, in the case of any partial transfer of the Securities held by the Investor, in part) to any Person to whom the Investor assigns or transfers the Securities, provided such transferee (i) is an accredited investor as defined in Rule 501(a) of Regulation D, as amended, under the 1933 Act, (ii) agrees in writing to be bound, with respect to the transferred Securities, by the provisions hereof and of the applicable Transaction Documents that apply to the “Investor” (including, without limitation, the representations and warranties in Section 6 hereof, other than Section 6.11), and (iii) is not a competitor, or hold an interest of more than ten percent (10%) in a competitor, of the Company; provided, that, the approval rights set forth in Section 8.11 may not be transferred or assigned by the Investor; provided, further, however, the foregoing clauses (i), (ii) and (iii) shall not apply to any in-kind distribution, without consideration, of the Securities to the Holder’s limited partners.  For purposes of the immediately preceding sentence, the term “competitor” shall not include any financial investment firm or pooled investment vehicle (including any hedge fund, private equity fund or venture capital fund), even if such financial investment firm or pooled investment vehicle owns a portfolio company that is a competitor of the Company, and the ten percent (10%) ownership threshold shall not apply to any such financial investment firm of pooled investment vehicle; provided, however, a financial investment firm or pooled investment vehicle shall be deemed to be a competitor if more than twenty-five percent (25%) of the assets of such financial investment firm or pooled investment vehicle are invested in a competitor of the Company.  Notwithstanding anything to the contrary herein, Securities may be pledged to any Person in connection with a bona fide margin account secured by such Securities.  Nothing in this Section derogates from any limitations on the transfer of Securities imposed by their terms or under the Amended and Restated AOA or under law.

11.2        Counterparts; Faxes.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  This Agreement may also be executed via facsimile or in electronic (i.e., “pdf” or “tif”) format, which shall be deemed an original.

11.3        Titles and Subtitles.  The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

11.4        Notices.  Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing and shall be deemed effectively given as hereinafter described (i) if given by personal delivery, then such notice shall be deemed given upon such delivery, (ii) if given by facsimile, then such notice shall be deemed given upon receipt of confirmation of complete transmittal, (iii) if given by mail, then such notice shall be deemed given upon the earlier of (A) receipt of such notice by the recipient or (B) three (3) days after such notice is deposited in first class mail, postage prepaid, (iv) if given by an internationally recognized overnight air courier, then such notice shall be deemed given one Business Day after delivery to such carrier, and (v) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement); provided that, for clause (v) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or other communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.  All notices shall be addressed to the party to be notified at the address as follows, or at such other address as such party may designate from time to time to the other parties:

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If to the Company:

Top Image Systems Ltd.

2 Ben Gurion Street

Ramat Gan, 5257334 Israel

Attention:

Fax:

E-mail:

With a copy to:

Yaacov Salomon, Lipschutz & Co.

7 Abba Hillel Road

P.O. Box 3424

Ramat Gan 5213602 Israel

Attn:  Narda Ben Zvi

Fax:

E-mail: Narda@ysl-law.com

and

Schwell Wimpfheimer & Associates

1430 Broadway, Suite 1615

 New York, NY 10018 USA

Attn:  Dov Schwell

Fax:

E-mail:  Dov.Schwell@swalegal.com

If to the Investor:

HCP-FVE, LLC

c/o Hale Fund Management, LLC

17 State Street, Suite 3230

New York, NY 10004

Attn: Martin Hale, Jr.

Fax:

E-mail: martin@halefunds.com

With a copy to:

Greenberg Traurig, P.A.

401 E. Las Olas Blvd, Suite 2000

Fort Lauderdale, FL 33301

Attn: Mathew B. Hoffman

Fax:  954.759.5532

E-mail: hoffmanma@gtlaw.com

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11.5        Expenses.  The parties hereto shall pay their own costs and expenses in connection herewith, except that the Company shall reimburse the Investor for up to $167,500 (which amount is subject to increase with the approval of the Company, such approval not to be unreasonably withheld) of the diligence, legal, accounting and other reasonable fees and expenses actually incurred by the Investor in connection with its due diligence and the preparation and negotiation of the Transaction Documents (it being acknowledged and agreed that the Company has paid to the Investor a non-refundable deposit of $25,000 to cover its travel related diligence expenses and such deposit does not reduce the expense reimbursement to be made at Closing in accordance with the funds flow memorandum agreed to by the parties).  Such expenses shall be paid not later than the Closing and conditionally upon it.  The Company shall reimburse the Investor upon demand for all reasonable and documented out-of-pocket expenses incurred by the Investor, including without limitation reimbursement of reasonable and documented out-of-pocket attorneys’ fees and disbursements, in connection with (i) any amendment, modification or waiver of this Agreement or the other Transaction Documents or (ii) any enforcement of its rights under this Agreement or the other Transaction Documents. In the event that legal Proceedings are commenced by any party to this Agreement against the other party to this Agreement in connection with this Agreement or the other Transaction Documents, the party which does not prevail in such Proceedings shall pay the reasonable attorneys’ fees and other reasonable out-of-pocket costs and expenses incurred by the prevailing party in such Proceedings.

11.6        Amendments and Waivers.  No provision of this Agreement or any other Transaction Document may be waived or amended except in a written instrument signed by the Company and the Investor.  No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such right.

 

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11.7        Securities Laws Disclosure; Public Information.  Following the Closing Date (but in any event prior to the 6-K Filing), the Company shall issue a press release reasonably acceptable to the Investor disclosing the transactions contemplated hereby.  Within three (3) Business Days following the Closing Date, the Company shall file a report on Form 6-K with the SEC (the “6-K Filing”) describing the material terms of the transactions contemplated by the Transaction Documents and including as exhibits to such report on Form 6-K, among others, this Agreement and the form of Note, in the form and to the extent required by the 1934 Act.  From and after the 6-K Filing, at any time that the Investor (y) does not have an HCP Designee that is an Affiliate of the Investor and (z) is no longer receiving the reports specified in Section 8.2 above and is not otherwise requesting, in writing, to receive information pursuant to Sections 8.2 or 8.19 (the later to occur of (y) and (z), the “MNPI Expiration Date”), the Company shall not, without the express consent of the Investor, and shall cause each of its Subsidiaries and its and each of their respective officers, directors, employees and agents, not to, provide the Investor with any material, non-public information regarding the Company or any of its Subsidiaries, and Investor agrees not to request any such information. The Company shall make public disclosure of any material, non-public information promptly following the Investor’s request (but in no event later than five (5) Business Days following such request, unless otherwise agreed to by the Investor) if the Investor receives any material, non-public information regarding the Company or any of its Subsidiaries from the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates or agents after the MNPI Expiration Date, other than to the extent such information was requested, in writing, by Martin Hale, Jr. or the Chief Compliance Officer of the Investor.  In the event of a breach of the foregoing covenant by the Company, any of its Subsidiaries, or any of its or their respective officers, directors, employees and agents, in addition to any other remedy provided herein or in the Transaction Documents, the Investor shall have the right to make a public disclosure, in the form of a press release, public advertisement or otherwise, of such material, non-public information without the prior approval by the Company, its Subsidiaries, or any of its or their respective officers, directors, employees or agents.  To the extent permitted by applicable law, the Investor shall not have any liability to the Company, its Subsidiaries, or any of its or their respective officers, directors, employees, shareholders or agents for any such disclosure.  To the extent that the Company delivers any material, non-public information to the Investor following the MNPI Expiration Date without the Investor's consent, the Company hereby covenants and agrees that to the extent permitted by applicable law the Investor shall not have any contractual duty of confidentiality with respect to, or a duty not to trade on the basis of, such material, non-public information, provided that the parties shall remain subject to applicable law.  Subject to the foregoing, without the consent of the Company (in the case of the Investor) or the Investor (in the case of the Company), neither the Company, its Subsidiaries nor the Investor shall issue any press releases or any other public statements with respect to the transactions contemplated hereby (other than the initial press release specified in the first sentence of this Section 11.7). Except for the Registration Statements required to be filed pursuant to Section 9.1 of this Agreement or as required by applicable law, without the prior written consent of the Investor, neither the Company nor any of its Subsidiaries or affiliates shall disclose the name of such Investor in any filing, announcement, release or otherwise.

11.8        Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  To the extent permitted by applicable law, the parties hereby waive any provision of law which renders any provision hereof prohibited or unenforceable in any respect.

11.9        Entire Agreement.  This Agreement, including the Exhibits and the Disclosure Schedules, and the other Transaction Documents constitute the entire agreement among the parties hereof with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter hereof and thereof.

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11.10      Further Assurances.  The parties shall execute and deliver all such further instruments and documents and take all such other actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained.

11.11      Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without regard to the choice of law principles thereof provided that matters regarding corporate approvals required for approval and issuance of the Securities will be governed by the Companies Law.  Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United States District Court for the Southern District of New York for the purpose of any Proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby.  Service of process in connection with any Proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Agreement.  Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such Proceeding and to the laying of venue in such court.  Each party hereto irrevocably waives any objection to the laying of venue of any such Proceeding brought in such courts and irrevocably waives any claim that any such Proceeding brought in any such court has been brought in an inconvenient forum.  EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

11.12      Payment Set Aside.  To the extent that a party makes a payment or payments to the other party hereunder or a party enforces or exercises its rights hereunder or thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the party by a trustee, receiver or any other person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

11.13      Adjustments in Share Numbers and Prices.  In the event of any share split, subdivision, dividend or distribution payable in Common Shares (or other securities or rights convertible into, or entitling the holder thereof to receive directly or indirectly Common Shares), combination or other similar recapitalization or event occurring after the date hereof and prior to the Closing, each reference in this Agreement to a number of shares or a price per share shall be amended to appropriately account for such event (if not otherwise adjusted in respect of such event in accordance with this Agreement or the Note).

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11.14      Remedies.  In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, the Investor and the Company will be entitled to specific performance under the Transaction Documents.  The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations described in the foregoing sentence and hereby agree that, in any action for specific performance of any such obligation, it shall not assert or shall waive the defense that a remedy at law would be adequate.

11.15      Short Sales.  The Investor agrees that beginning on the date hereof until the earlier to occur of (a) ninety (90) days from the Closing Date, (b) the effective date of the initial Registration Statement to be filed in connection with the sale of the Underlying Shares and (c) the termination of this Agreement, it will not enter into any Prohibited Short Sales.  A “Prohibited Short Sale” by the Investor means a Short Sale that is executed at a time when the Investor has no equivalent offsetting long position in the Common Shares.  For purposes of determining whether the Investor has an equivalent offsetting long position in the Common Shares, all Common Shares, including all Common Shares that would be issuable upon conversion in full of the Note, and any other security held by the Investor that is convertible into Common Shares, then held by the Investor (assuming that such Note and other securities were then fully convertible or exercisable, notwithstanding any provisions to the contrary, and giving effect to any conversion or exercise price adjustments scheduled to take effect in the future) shall be deemed to be held long by the Investor.

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IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to execute this Agreement as of the date first above written.

 

	
The Company: 

	
TOP IMAGE SYSTEMS LTD.

	
 

	
 

	
 

	

By:_________________________

Name:

Title:

	
 

	
 

	
The Investor: 

	
HCP-FVE, LLC

	
 

	
 

	
 

	

By:_________________________

Name:

Title:

     

- 69 -

 

EXHIBIT A

Convertible Note

- 70 -

EXHIBIT B

Amended and Restated AOA

- 71 -

EXHIBIT C

 

Voting and Support Agreement

- 72 -

EXHIBIT D

Director Indemnification Agreement

- 73 -

EXHIBIT E

Form of Substantive Legal Opinions

- 74 -

 

EXHIBIT F

Plan of Distribution

 

The selling stockholders, which as used herein includes donees, pledgees, transferees or other successors-in-interest selling common shares or interests in common shares received after the date of this prospectus from a selling stockholder as a gift, pledge, partnership distribution or other transfer, may, from time to time, sell, transfer or otherwise dispose of any or all of their common shares or interests in common shares on any stock exchange, market or trading facility on which the shares are traded or in private transactions.  These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices.

 

The selling stockholders may use any one or more of the following methods when disposing of shares or interests therein:

 

		-	
ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

		-	
block trades in which the broker-dealer will attempt to sell the shares as agent, but may position and resell a portion of the block as principal to facilitate the transaction;

 

		-	
purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

 

		-	
an exchange distribution in accordance with the rules of the applicable exchange;

 

		-	
privately negotiated transactions;

 

		-	
short sales;

 

		-	
through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

 

		-	
broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share;

 

		-	
a combination of any such methods of sale; and

 

		-	
any other method permitted by applicable law.

 

The selling stockholders may, from time to time, pledge or grant a security interest in some or all of the common shares owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the common shares, from time to time, under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of selling stockholders to include the pledgee, transferee or other successors in interest as selling stockholders under this prospectus.  The selling stockholders also may transfer the common shares in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this Prospectus.

 

- 75 -

In connection with the sale of our common shares or interests therein, the selling stockholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the common shares in the course of hedging the positions they assume.  The selling stockholders may also sell our common shares short and deliver these securities to close out their short positions, or loan or pledge the common shares to broker-dealers that in turn may sell these securities.  The selling stockholders may also enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares offered by this Prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this Prospectus (as supplemented or amended to reflect such transaction).

 

The aggregate proceeds to the selling stockholders from the sale of the common shares offered by them will be the purchase price of the common shares less discounts or commissions, if any.  Each of the selling stockholders reserves the right to accept and, together with their agents from time to time, to reject, in whole or in part, any proposed purchase of common shares to be made directly or through agents.

 

The selling stockholders also may resell all or a portion of the shares in open market transactions in reliance upon Rule 144 under the Securities Act of 1933, provided that they meet the criteria and conform to the requirements of that rule.

 

To the extent required, the common shares to be sold, the names of the selling stockholders, the respective purchase prices and public offering prices, the names of any agents, dealer or underwriter, any applicable commissions or discounts with respect to a particular offer will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement that includes this prospectus.

 

In order to comply with the securities laws of some states, if applicable, the common shares may be sold in these jurisdictions only through registered or licensed brokers or dealers.  In addition, in some states the common shares may not be sold unless it has been registered or qualified for sale or an exemption from registration or qualification requirements is available and is complied with.

 

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We have advised the selling stockholders that the anti-manipulation rules of Regulation M under the Securities Exchange Act of 1934, as amended, may apply to sales of shares in the market and to the activities of the selling stockholders and their affiliates.  In addition, to the extent applicable we will make copies of this prospectus (as it may be supplemented or amended from time to time) available to the selling stockholders for the purpose of satisfying the prospectus delivery requirements of the Securities Act.  The selling stockholders may indemnify any broker-dealer that participates in transactions involving the sale of the shares against certain liabilities, including liabilities arising under the Securities Act.

 

We have agreed to indemnify the selling stockholders against liabilities, including liabilities under the Securities Act and state securities laws, relating to the registration of the shares offered by this prospectus.

 

We have agreed with the selling stockholders to keep the registration statement of which this Prospectus constitutes a part effective until the earlier of (i) the fifth anniversary of the effective date of such registration statement, (ii) such time as all of the common shares covered by the registration statement have been sold publicly or (iii) such time as all of the common shares covered by the registration statement may be sold by the selling stockholders pursuant to Rule 144 without volume limitations and without the requirement that there be adequate current public information with regards to us.

 

- 77 -

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