Document:

Credit Agreement

 Exhibit 10.3 
  

 
 CREDIT AGREEMENT 

Dated as of October 18, 2012 
 among 
 HILL INTERNATIONAL, INC., 

as the Borrower, 

OBSIDIAN AGENCY SERVICES, INC., 
 as Administrative Agent, 
 and 

The Lenders Party Hereto 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	ARTICLE I DEFINITIONS AND ACCOUNTING TERMS	  	 	1	  
			
	 1.01
	 	Defined Terms	  	 	1	  
			
	 1.02
	 	Other Interpretive Provisions	  	 	23	  
			
	 1.03
	 	Accounting Terms	  	 	23	  
			
	 1.04
	 	Rounding	  	 	24	  
			
	 1.05
	 	Times of Day	  	 	24	  
			
	 1.06
	 	 [Intentionally Omitted]
	  	 	24	  
			
	 1.07
	 	Currency Equivalents Generally	  	 	24	  
		
	ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS	  	 	25	  
			
	 2.01
	 	Term Loans	  	 	25	  
			
	 2.02
	 	Borrowings of Term Loans	  	 	25	  
			
	 2.03
	 	 [Intentionally Omitted]
	  	 	25	  
			
	 2.04
	 	 [Intentionally Omitted]
	  	 	25	  
			
	 2.05
	 	Prepayments	  	 	25	  
			
	 2.06
	 	Termination of Commitments	  	 	26	  
			
	 2.07
	 	Repayment of Loans	  	 	26	  
			
	 2.08
	 	Interest	  	 	28	  
			
	 2.09
	 	Fees	  	 	30	  
			
	 2.10
	 	Computation of Fees	  	 	30	  
			
	 2.11
	 	Evidence of Debt	  	 	30	  
			
	 2.12
	 	Payments Generally; Administrative Agent’s Clawback	  	 	30	  
			
	 2.13
	 	Sharing of Payments by Lenders	  	 	32	  

  
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	 ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY
	  	 	32	  
			
	 3.01
	 	Taxes	  	 	32	  
			
	 3.02
	 	 [Intentionally Omitted]
	  	 	36	  
			
	 3.03
	 	 [Intentionally Omitted]
	  	 	36	  
			
	 3.04
	 	Increased Costs	  	 	36	  
			
	 3.05
	 	 [Intentionally Omitted]
	  	 	37	  
			
	 3.06
	 	Mitigation Obligations; Replacement of Lenders	  	 	37	  
			
	 3.07
	 	Replacement of Lenders	  	 	37	  
			
	 3.08
	 	Survival	  	 	37	  
		
	ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	  	 	37	  
			
	 4.01
	 	Conditions of Initial Credit Extension	  	 	37	  
		
	ARTICLE V REPRESENTATIONS AND WARRANTIES	  	 	42	  
			
	 5.01
	 	Existence, Qualification and Power	  	 	42	  
			
	 5.02
	 	Authorization; No Contravention	  	 	42	  
			
	 5.03
	 	Governmental Authorization; Other Consents	  	 	42	  
			
	 5.04
	 	Binding Effect	  	 	42	  
			
	 5.05
	 	Financial Statements; No Material Adverse Effect	  	 	43	  
			
	 5.06
	 	Litigation	  	 	43	  
			
	 5.07
	 	No Default	  	 	43	  
			
	 5.08
	 	Ownership of Property; Liens; Investments	  	 	43	  
			
	 5.09
	 	Environmental Compliance	  	 	44	  
			
	 5.10
	 	Insurance	  	 	44	  
			
	 5.11
	 	Taxes	  	 	44	  
			
	 5.12
	 	ERISA Compliance	  	 	44	  
			
	 5.13
	 	Subsidiaries; Equity Interests; Loan Parties	  	 	45	  

  
 - ii -

							
	 5.14
	 	Margin Regulations; Investment Company Act	  	 	45	  
			
	 5.15
	 	Disclosure	  	 	46	  
			
	 5.16
	 	Compliance with Laws	  	 	46	  
			
	 5.17
	 	Intellectual Property; Licenses, Etc.	  	 	46	  
			
	 5.18
	 	Solvency	  	 	46	  
			
	 5.19
	 	Casualty, Etc.	  	 	47	  
			
	 5.20
	 	Labor Matters	  	 	47	  
			
	 5.21
	 	Collateral Documents	  	 	47	  
			
	 5.22
	 	Working Capital Loan Documents	  	 	47	  
			
	 5.23
	 	Foreign Assets Control Regulations, Etc.	  	 	47	  
			
	 5.24
	 	Sanctioned Persons	  	 	48	  
		
	ARTICLE VI AFFIRMATIVE COVENANTS	  	 	48	  
			
	 6.01
	 	Financial Statements	  	 	48	  
			
	 6.02
	 	Certificates; Other Information	  	 	50	  
			
	 6.03
	 	Notices	  	 	51	  
			
	 6.04
	 	Payment of Obligations	  	 	52	  
			
	 6.05
	 	Preservation of Existence, Etc.	  	 	52	  
			
	 6.06
	 	Maintenance of Properties	  	 	52	  
			
	 6.07
	 	Maintenance of Insurance	  	 	52	  
			
	 6.08
	 	Compliance with Laws	  	 	53	  
			
	 6.09
	 	Books and Records	  	 	53	  
			
	 6.10
	 	Inspection Rights	  	 	53	  
			
	 6.11
	 	Use of Proceeds	  	 	53	  
			
	 6.12
	 	Covenant to Guarantee Obligations and Give Security; Further Assurances	  	 	53	  
			
	 6.13
	 	Compliance with Environmental Laws	  	 	57	  

  
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	 6.14
	 	Surety Bonds	  	 	57	  
			
	 6.15
	 	Foreign Subsidiaries	  	 	57	  
		
	ARTICLE VII NEGATIVE COVENANTS	  	 	57	  
			
	 7.01
	 	Liens	  	 	57	  
			
	 7.02
	 	Indebtedness	  	 	60	  
			
	 7.03
	 	Investments	  	 	63	  
			
	 7.04
	 	Fundamental Changes	  	 	66	  
			
	 7.05
	 	Dispositions	  	 	67	  
			
	 7.06
	 	Restricted Payments	  	 	67	  
			
	 7.07
	 	Change in Nature of Business	  	 	68	  
			
	 7.08
	 	Transactions with Affiliates	  	 	68	  
			
	 7.09
	 	Burdensome Agreements	  	 	68	  
			
	 7.10
	 	Use of Proceeds	  	 	69	  
			
	 7.11
	 	Financial Covenants	  	 	69	  
			
	 7.12
	 	Amendments of Organization Documents	  	 	70	  
			
	 7.13
	 	Accounting Changes	  	 	70	  
			
	 7.14
	 	Prepayments, Etc. of Indebtedness	  	 	70	  
			
	 7.15
	 	Amendment, Etc. of Indebtedness	  	 	70	  
			
	 7.16
	 	Post-Closing Deliveries	  	 	70	  
			
	 7.17
	 	Operating Accounts	  	 	70	  
			
	 7.18
	 	Other Domestic Accounts	  	 	70	  
			
	 7.19
	 	Sale and Lease-Back Transactions	  	 	71	  
		
	ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES	  	 	71	  
			
	 8.01
	 	Events of Default	  	 	71	  
			
	 8.02
	 	Remedies Upon Event of Default	  	 	74	  

  
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	 8.03
	 	Application of Funds	  	 	74	  
		
	ARTICLE IX ADMINISTRATIVE AGENT	  	 	75	  
			
	 9.01
	 	Appointment and Authority	  	 	75	  
			
	 9.02
	 	Rights as a Lender	  	 	75	  
			
	 9.03
	 	Exculpatory Provisions	  	 	76	  
			
	 9.04
	 	Reliance by Administrative Agent	  	 	77	  
			
	 9.05
	 	Delegation of Duties	  	 	77	  
			
	 9.06
	 	Resignation of Administrative Agent	  	 	77	  
			
	 9.07
	 	Non-Reliance on Administrative Agent and Other Lenders	  	 	78	  
			
	 9.08
	 	 [Intentionally Omitted]
	  	 	78	  
			
	 9.09
	 	Administrative Agent May File Proofs of Claim	  	 	78	  
			
	 9.10
	 	Collateral and Guaranty Matters	  	 	79	  
			
	 9.11
	 	Intercreditor Agreement	  	 	80	  
		
	ARTICLE X MISCELLANEOUS	  	 	81	  
			
	 10.01
	 	Amendments, Etc.	  	 	81	  
			
	 10.02
	 	Notices; Effectiveness; Electronic Communications	  	 	82	  
			
	 10.03
	 	No Waiver; Cumulative Remedies	  	 	84	  
			
	 10.04
	 	Expenses; Indemnity; Damage Waiver	  	 	84	  
			
	 10.05
	 	Payments Set Aside	  	 	86	  
			
	 10.06
	 	Successors and Assigns	  	 	86	  
			
	 10.07
	 	Treatment of Certain Information; Confidentiality	  	 	89	  
			
	 10.08
	 	Right of Setoff	  	 	90	  
			
	 10.09
	 	Interest Rate Limitation	  	 	91	  
			
	 10.10
	 	Counterparts; Integration; Effectiveness	  	 	91	  
			
	 10.11
	 	Survival of Representations and Warranties	  	 	91	  

  
 - v -

							
	 10.12
	 	 Severability
	  	 	91	  
			
	 10.13
	 	 Replacement of Lenders
	  	 	92	  
			
	 10.14
	 	 Defaulting Lenders and Impacted Lenders
	  	 	92	  
			
	 10.15
	 	 Governing Law; Jurisdiction; Etc.
	  	 	96	  
			
	 10.16
	 	 Waiver of Jury Trial
	  	 	97	  
			
	 10.17
	 	 No Advisory or Fiduciary Responsibility
	  	 	97	  
			
	 10.18
	 	 Electronic Execution of Assignments and Certain Other Documents
	  	 	98	  
			
	 10.19
	 	 USA PATRIOT Act Notice
	  	 	98	  
			
	 10.20
	 	 Public Disclosure
	  	 	98	  
			
	 10.21
	 	 Integration
	  	 	98	  
			
	 10.22
	 	 Intercreditor Agreement
	  	 	98	  

  
 - vi -

			
	 SCHEDULES

		
	 1.01A
	  	 Immaterial Subsidiaries

	 1.01B
	  	 Permitted Countries

	 2.01
	  	 Commitments and Applicable Percentages

	 5.06
	  	 Litigation

	 5.08(b)
	  	 Real Property

	 5.11
	  	 Taxes

	 5.13
	  	 Subsidiaries and Other Equity Investments; Loan Parties

	 5.17
	  	 Intellectual Property

	 6.12
	  	 Guarantors

	 6.15
	  	 Foreign Subsidiaries

	 7.01
	  	 Existing Liens

	 7.02(c)
	  	 Existing Indebtedness

	 7.02(d)
	  	 Existing Indebtedness of Subsidiaries of Borrower to Borrower

	 7.02(h)
	  	 Existing Indebtedness of Foreign Subsidiaries

	 7.03
	  	 Existing Investments

	 7.16
	  	 Post-Closing Deliveries

	 10.02
	  	 Administrative Agent’s Office, Certain Addresses for Notices

 EXHIBITS 

Form of 
  

			
	 A
	  	 Term Loan Notice

	 B
	  	 Term Note

	 C
	  	 Compliance Certificate

	 D-1
	  	 Assignment and Assumption

	 D-2
	  	 Administrative Questionnaire

	 E
	  	 Guarantee and Collateral Agreement

	 F
	  	 Opinion Matters

  
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 CREDIT AGREEMENT 

This CREDIT AGREEMENT (“Agreement”) is entered into as of October 18, 2012, among HILL INTERNATIONAL, INC., a
Delaware corporation (the “Borrower”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and OBSIDIAN AGENCY SERVICES, INC., as Administrative
Agent. 
 PRELIMINARY STATEMENTS: 
 The Borrower has requested that the Lenders provide a term loan credit facility, and the 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 
 1.01 Defined Terms. As used in this
Agreement, the following terms shall have the meanings set forth below: 
 “Account Control Agreement” has the
meaning specified in the Guarantee and Collateral Agreement. 
 “Administrative Agent” means Obsidian Agency
Services, Inc., 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, as appropriate, account as set
forth on Schedule 10.02, or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders. 
 “Administrative Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit D-2 or any other form approved 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. 
 “Agent
Advances” has the meaning specified in Section 9.10. 
 “Aggregate Commitments” means the
Commitments of all the Lenders. 
 “Agreement” means this Credit Agreement. 

 “Applicable Percentage” means with respect to any Lender at any time, the
percentage (carried out to the ninth decimal place) of the Aggregate Commitments represented by such Lender’s Commitment at such time. If no Commitments are outstanding, then the Applicable Percentage of each Lender shall be determined based on
a fraction (expressed as a percentage), the numerator of which is the aggregate amount of Obligations owed to such Lender and the denominator of which is the aggregate amount of the Obligations owed to the Lenders. The initial Applicable Percentage
of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender
or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Assignee Group”
means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment advisor. 
 “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by
Section 10.06(b), and accepted by the Administrative Agent, in substantially the form of Exhibit D-1 or any other form approved by the Administrative Agent. 
 “Assumption Agreement” means an Assumption Agreement, substantially in the form thereof attached to the Guarantee and Collateral Agreement. 

“Attributable Indebtedness” means, on any date, (a) 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, (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease or similar payments
under the relevant lease or other applicable agreement or instrument that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease or other agreement or instrument were accounted for as a
Capitalized Lease and (c) all Synthetic Debt of such Person. 
 “Audited Financial Statements” means the
audited consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2011, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year
of the Borrower and its Subsidiaries, including the notes thereto. 
 “Availability” means
“Availability” as defined in the Working Capital Credit Agreement, as in effect on the date hereof. 

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy”, as now or hereafter in
effect, or any successor statute. 
 “Bonded Contract” means any Contractual Obligation, or any task order
issued under or in connection with a Contractual Obligation, with respect to which the Borrower’s or its Subsidiaries’ payment, performance or other obligations are guaranteed by a bond issued by a surety company. 

  
 - 2 -

 “Borrower” has the meaning specified in the introductory paragraph hereto.

 “Business Day” means any day other than a Saturday, Sunday or other day on which banks in New York, New York
or Los Angeles, California are authorized or required by law to close. 
 “Capital Expenditures” means, with
respect to any Person for any period, any expenditure in respect of the purchase or other acquisition of any fixed or capital asset (excluding normal replacements and maintenance which are properly charged to current operations). For purposes of
this definition, the purchase price of equipment that is purchased substantially contemporaneously with the trade-in or sale of existing equipment or with insurance proceeds shall be included in Capital Expenditures only to the extent of the gross
amount by which such purchase price exceeds the credit granted to such Person for the equipment being traded in by the seller of such new equipment, the proceeds of such sale or the amount of the insurance proceeds, as the case may be. 

“Capitalized Leases” means all leases that have been or should be, in accordance with GAAP, recorded as capitalized
leases. 
 “Cash Equivalents” means any of the following types of Investments: 

(a) readily marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or
instrumentality thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that the full faith and credit of the United States of America is pledged in support thereof; 

(b) time or demand deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that
(i) (A) is a Lender or (B) is organized under the laws of the United States of America, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the
United States of America, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause (c) of this definition
and (iii) has combined capital and surplus of at least $500,000,000, in each case with maturities of not more than 180 days from the date of acquisition thereof; 
 (c) (i) commercial paper issued by any Person organized under the laws of any state of the United States of America and rated at least “Prime-1” (or the then equivalent grade) by
Moody’s or at least “A-1” (or the then equivalent grade) by S&P and (ii) up to $5,000,000 in the aggregate at any time outstanding of commercial paper issued by any Person organized under the laws of any state of the United
States of America and rated at least “Prime-2” (or the then equivalent grade) by Moody’s or at least “A-2” (or the then equivalent grade) by S&P, in the case of each type of commercial paper in clauses
(i) and (ii) with maturities of not more than 180 days from the date of acquisition thereof; 
 (d) fully
collateralized repurchase agreements with a term of not more than thirty (30) days for securities described in clause (a) above (without regard to the limitation on maturity contained in such clause) and entered into with a
financial institution satisfying the 

  
 - 3 -

 
criteria, at the time of acquisition thereof, described in clause (c) above or with any primary dealer and having a market value at the time that such repurchase agreement is entered
into of not less than 100% of the repurchase obligation of such counterparty entity with whom such repurchase agreement has been entered into; and 
 (e) Investments, classified in accordance with GAAP as current assets of the Borrower or any of its Subsidiaries, in money market investment programs registered under the Investment Company Act of 1940,
the portfolios of which are limited solely to Investments of the character, quality and maturity described in clauses (a), (b), (c) and (d) of this definition. 

“CFC” means a Person that is a controlled foreign corporation under Section 957 of the Code. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption
or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making
or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directive promulgated by the Bank for International Settlements, the Basel Committee on
Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law,” regardless of the date enacted,
adopted or issued. 
 “Change of Control” means an event or series of events by which: 

(a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) other than the Permitted Management
Shareholders becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such
person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of 25% or more of the equity securities of the
Borrower entitled to vote for members of the board of directors or equivalent governing body of the Borrower on a fully-diluted basis (and taking into account all such securities that such “person” or “group” has the right to
acquire pursuant to any option right); or 
 (b) during any period of 12 consecutive months, a majority of the members of the
board of directors or other equivalent governing body of the Borrower cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to
that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the 

  
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time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was
approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body (excluding, in the case of both
clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office as, a member of that board or equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or
consents for the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more directors by or on behalf of the board of directors); 

(c) any Person or two or more Persons (other than the Permitted Management Shareholders) acting in concert shall have acquired by
contract or otherwise, or shall have entered into a contract or arrangement that, upon consummation thereof, will result in its or their acquisition of the power to exercise, directly or indirectly, a controlling influence over the management or
policies of the Borrower, or control over the equity securities of the Borrower entitled to vote for members of the board of directors or equivalent governing body of the Borrower on a fully-diluted basis (and taking into account all such securities
that such Person or Persons have the right to acquire pursuant to any option right) representing 25% or more of the combined voting power of such securities; or 
 (d) the Borrower shall cease to be the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934) of 100% of the aggregate voting or economic power of the
Equity Interests of each other Loan Party and each of its Subsidiaries (other than in connection with a transaction permitted pursuant to Section 7.04), free and clear of all Liens (other than Permitted Liens). 

“Closing Date” means the first date all the conditions precedent in Section 4.01 are satisfied or waived in
accordance with Section 10.01. 
 “Code” means the Internal Revenue Code of 1986. 

“Collateral” means all of the “Collateral” referred to in the Collateral Documents and all of the other
property that is or is intended under the terms of the Collateral Documents to be subject to Liens in favor of the Administrative Agent for the benefit of the Secured Parties. 
 “Collateral Documents” means, collectively, the Guarantee and Collateral Agreement, the Account Control Agreements, the Mortgages, each of the collateral assignments, security agreements,
pledge agreements or other similar agreements delivered to the Administrative Agent pursuant to Section 6.12, and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the
Administrative Agent for the benefit of the Secured Parties. 
 “Commitment” means, as to each Lender, its
obligation to make Term Loans to the Borrower pursuant to Section 2.01, in an aggregate principal amount set forth opposite such Lender’s name on Schedule 2.01 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. 

  
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 “Compliance Certificate” means a certificate substantially in the form of
Exhibit C. 
 “Consolidated EBITDA” means, at any date of determination, an amount equal to
Consolidated Net Income of the Borrower and its Subsidiaries on a consolidated basis for the most recently completed Measurement Period plus (a) the following to the extent deducted in calculating such Consolidated Net Income:
(i) Consolidated Interest Charges, (ii) the provision for Federal, state, local and foreign income taxes payable, (iii) depreciation and amortization expense, (iv) Non-Cash Charges and (v) any deductions attributable to
minority interests of third parties in non-wholly owned Subsidiaries, except to the extent of cash dividends declared or paid on Equity Interests of such Subsidiaries held by third parties (in each case of or by the Borrower and its Subsidiaries for
such Measurement Period) and minus (b) the following to the extent included in calculating such Consolidated Net Income: (i) Federal, state, local and foreign income tax credits, (ii) all gains from investments recorded using the
equity method, except to the extent of cash dividends or distributions received by Borrower or any other Subsidiary in respect of such investments and (iii) all non-cash items increasing Consolidated Net Income (in each case of or by the
Borrower and its Subsidiaries for such Measurement Period). 
 “Consolidated Fixed Charge Coverage Ratio”
means, at any date of determination, the ratio of (a) (i) Consolidated EBITDA, plus (ii) rental expense under leases of real or personal, or mixed, property, less (iii) the sum of (A) the aggregate amount of
Federal, state, local and foreign income taxes paid in cash (other than taxes paid as a result of the receipt of the Libya Receivable) and (B) the aggregate amount of all dividends and distributions paid in cash by the Borrower to its
shareholders to (b) the sum of (i) Consolidated Interest Charges, (ii) rental expense under leases of real or personal, or mixed, property, (iii) payments on long-term debt made or required to be made during the most
recently completed Measurement Period (including the principal component of any payments in respect of Capitalized Leases) and (iv) any Earnout Payments required to be paid in cash, in each case, of or by the Borrower and its Subsidiaries for
the most recently completed Measurement Period. 
 “Consolidated Funded Indebtedness” means, as of any date of
determination, for the Borrower and its Subsidiaries on a consolidated basis, the sum of (a) the outstanding principal amount of all obligations, whether current or long-term, for borrowed money (including Obligations hereunder) and the
outstanding principal amount of all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (b) all purchase money Indebtedness, (c) all direct obligations arising under letters of credit (including
standby and commercial), bankers’ acceptances, bank guaranties and similar instruments (excluding surety bonds), (d) all obligations in respect of the deferred purchase price of property or services (other than trade accounts payable in the
ordinary course of business and any Earnout Payments in connection with acquisitions permitted hereunder), (e) all Attributable Indebtedness, (f) without duplication, all Guarantees with respect to outstanding Indebtedness of the types specified in
clauses (a) through (e) above of Persons other than the Borrower or any Subsidiary, and (g) all Indebtedness of the types referred to in clauses (a) through (f) above of any partnership or joint venture
(other than a joint venture that is itself a corporation or limited liability company) in which the Borrower or a Subsidiary is a general partner or joint venturer, unless such Indebtedness is expressly made non-recourse to the Borrower or such
Subsidiary, it being understood that for purposes hereof, the principal amount of the Term Loans shall be based on 

  
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the par value thereof (minus any loan repayments made on the Term Loans and excluding any contingent obligations arising from any minimum yield requirements in respect of the Term Loans).

 “Consolidated Interest Charges” means, for any Measurement Period, (i) the sum of (a) all
interest, premium payments, debt discount, fees, charges and related expenses in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as
interest in accordance with GAAP, (b) all interest paid or payable with respect to discontinued operations and (c) the portion of rent expense under Capitalized Leases that is treated as interest in accordance with GAAP, less
(ii) the sum of (a) paid-in-kind interest expenses or other non-cash interest expense, (b) the amortization or write-off of any financing fees paid by the Borrower and (c) the amortization of debt discounts, in each case, of or
by the Borrower and its Subsidiaries on a consolidated basis for the most recently completed Measurement Period. 

“Consolidated Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Funded
Indebtedness as of such date to (b) Consolidated EBITDA for the most recently completed Measurement Period, it being understood that obligations of foreign Subsidiaries arising under letters of credit shall be excluded from such ratio.

 “Consolidated Net Income” means, at any date of determination, the net income (or loss) of the Borrower and
its Subsidiaries on a consolidated basis for the most recently completed Measurement Period; provided that Consolidated Net Income shall exclude extraordinary gains and extraordinary losses and gains or losses from discontinued operations.

 “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” 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. 

“Credit Extension” means a Term Loan 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. 
 “Declined Proceeds” has the meaning specified in
Section 2.07. 
 “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
Excess” has the meaning specified in Section 10.14. 

  
 - 7 -

 “Default Rate” means an interest rate equal to 9.50% per annum.

 “Defaulted Loan” has the meaning specified in Section 10.14. 

“Defaulted Payment” has the meaning specified in Section 10.14. 

“Defaulting Lender” has the meaning specified in Section 10.14. 

“Designated Liquidity Event” means (i) Dispositions, other than (a) inventory sold in the ordinary course of
business, (b) sales, assignments, transfers or dispositions of accounts in the ordinary course of business for purposes of collection and (c) any such other assets to the extent that the aggregate value of such assets sold in any single
transaction or related series of transactions is equal to $100,000 or less or the aggregate value of such assets sold in any fiscal year of the Borrower is equal to $350,000 or less); provided, that any sale, transfer, license or other
disposition of assets by a joint venture in which the Borrower or any Subsidiary owns Equity Interest shall not constitute a Disposition for purposes of this definition; provided, further, that the proceeds of any such sale, transfer,
license or other disposition of assets that are distributed to the Borrower or any Subsidiary by such joint venture shall be subject to Section 2.07(b), (ii) condemnation awards and insurance payments to the extent amounts received
exceed $250,000 for any single occurrence or $1,500,000 for all such events from the Closing Date through the date of determination and are not reinvested within 360 days of the date of receipt thereof in accordance with Section 2.07(d);
provided, that any condemnation awards and insurance payments received by a joint venture in which the Borrower or any Subsidiary owns Equity Interest shall not constitute condemnation awards and insurance payments for purposes of this
definition; provided, further, that such condemnation awards and insurance payments that are distributed to the Borrower or any Subsidiary by such joint venture shall be subject to Section 2.07(b), (iii) receipt of any
payment on the Libya Receivable, (iv) any payments or distributions received by the Borrower or any of its Subsidiaries from the HillStone International LLC joint venture, (v) the receipt of proceeds of the issuance or sale of any
additional equity interests in the Borrower (other than (a) under the existing Hill International, Inc. 2006 Employee Stock Option Plan and the Hill International, Inc. Employee Stock Purchase Plan and (b) such proceeds that are used to
make Investments described in Section 7.03(l)), and (vi) the receipt of proceeds of the issuance or incurrence of any indebtedness with respect to borrowed monies of the Borrower (including any Indebtedness that is convertible into
equity interests of the Borrower and including any Indebtedness in connection with which the Borrower may grant to the lender equity interests or rights to purchase equity interests of the Borrower), other than Indebtedness permitted under
Section 7.02. 
 “Disposition” or “Dispose” means the sale, transfer, license,
lease or other disposition (including any sale and leaseback transaction) of any property by any Person (or the granting of any option or other right to do any of the foregoing), 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. 
 “Distress
Event” has the meaning specified in Section 10.14. 
 “Distressed Person” has the meaning
specified in Section 10.14. 

  
 - 8 -

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

 “Domestic Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of
the United States. 
 “Earnout Payment” means, in connection with any acquisition permitted hereunder, the
obligation to pay a portion of the purchase price after the closing date thereof to the extent such obligation is structured as an earnout or similar contingent payment, whether such payment is based on changes in earnings, specified revenue targets
or otherwise. 
 “Eligible Assignee” means any Person that meets the requirements to be an assignee under
Section 10.06(b)(iii) and (v) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)). 
 “Environmental Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants,
franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions
and discharges to waste or public systems. 
 “Environmental Liability” means any liability, contingent or
otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or based upon
(a) violation of 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 release or threatened release
of any Hazardous Materials into the environment 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 of capital
stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person,
all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such
other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests
are outstanding on any date of determination. 
 “ERISA” means the Employee Retirement Income Security Act of
1974. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with
the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

  
 - 9 -

 “ERISA Event” means (a) a Reportable Event with respect to a Pension
Plan; (b) a withdrawal by the Borrower 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 the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in
reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or
Multiemployer Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) 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 the Borrower or any ERISA Affiliate. 
 “Event of Default” has the meaning specified in Section 8.01. 
 “Excess Cash Flow” means, for the Borrower and its Subsidiaries, for any period (a) the sum, without duplication, of: (i) Consolidated EBITDA for such period;
(ii) extraordinary or non-recurring cash receipts of the Borrower and its Subsidiaries, if any, during such period and not included in Consolidated EBITDA; (iii) reductions to non-cash working capital of the Borrower and its Subsidiaries
for such period (i.e., the decrease, if any, in consolidated current assets minus consolidated current liabilities from the beginning to the end of such period); (iv) any reduction in Excess Cash Flow for the prior period resulting from
Subcontractor Payables paid during such period; (v) to the extent subtracted in determining Consolidated EBITDA, all items that did not result from a cash payment by the Borrower or any of its Subsidiaries on a consolidated basis during such
period, and (vi) decreases in Restricted Cash for such period, minus (b) the sum, without duplication, of: (i) cash principal payments made on the Term Loans by the Borrower or any of its Subsidiaries during such period;
(ii) cash principal payments made on the Working Capital Loans by the Borrower or any of its Subsidiaries during such period to the extent that amounts equal to such cash payments are not able to be reborrowed; (iii) the amount of any cash
income taxes and other cash taxes paid by the Borrower and its Subsidiaries with respect to such period; (iv) Consolidated Interest Charges of the Borrower and its Subsidiaries to the extent paid in cash during such period; (v) Capital
Expenditures made in cash only from internally generated funds during such period (and not deducted from Excess Cash Flow in any prior year); (vi) extraordinary or non-recurring expenses and losses to the extent paid in cash by the Borrower and
its Subsidiaries, if any, during such period and not included in Consolidated EBITDA; (vii) additions to non-cash working capital of the Borrower and its Subsidiaries for such period (i.e., the increase, if any, in consolidated current assets
minus consolidated current liabilities from the beginning to the end of such period); (viii) the amount of all fees and expenses paid in cash during such period directly relating to the refinancing of the Obligations and the Working Capital
Obligations; (ix) expenses or losses excluded from the calculation of Consolidated EBITDA during such period to the extent paid in cash during such period; (x) to the extent added to determine Consolidated EBITDA, all items that did not
result from a cash payment to the Borrower or any of its Subsidiaries on a consolidated basis during 

  
 - 10 -

 
such period; (xi) Subcontractor Payables for such period, provided that (a) the cash received from the client relating to such Subcontractor Payables (1) was received during the
final 10 business days of such period, (2) results in a reduction to accounts receivable for such period, and (3) for which no payment was made during the period resulting in a reduction to accounts payable, and (b) the Subcontractor
Payables were paid during the first 10 business days of the subsequent period; (xii) increases in Restricted Cash during such period; (xii) to the extent not externally financed, Investments made during such period pursuant to
Section 7.03(f) and Section 7.03(m) and Investments by Hill N.V. and Gerens (each as defined in Section 7.03(l)) made in cash in honoring the underlying obligations described in clauses (i), (ii) and
(iii) of Section 7.03(l); (xiv) to the extent not externally financed, Restricted Payments made in cash by the Borrower during such period pursuant to Section 7.06; and (xv) principal payments made on long term
liabilities of the Borrower or any of its Subsidiaries other than Indebtedness. 
 “Excluded Taxes” means, with
respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and
franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the Laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in
which its applicable Lending Office is located, (b) any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which the Borrower is located, (c) any backup withholding tax that is
required by the Code to be withheld from amounts payable to a Lender that has failed to comply with clause (A) of Section 3.01(e)(ii), and (d) in the case of a Foreign Lender (other than an assignee pursuant to a request
by the Borrower under Section 10.13), any United States withholding tax that (i) is required to be imposed on amounts payable to such Foreign Lender pursuant to the Laws in force at the time such Foreign Lender becomes a party
hereto (or designates a new Lending Office) or (ii) is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with Section 3.01(e), except to the extent that such
Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new Lending Office (or assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant to
Section 3.01(a)(ii) or (iii). 
 “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 arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day
next succeeding such day; 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 on such next succeeding Business Day, the average of the quotations for the day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing
selected by it. 
 “Fee Letter” means the letter agreement, dated as of the Closing Date, among the Borrower
and the Administrative Agent. 

  
 - 11 -

 “Fixed Price Contract” means a contract (i) where the amount of
payment does not depend on the amount of resources or time expended and (ii) that is not subject to any adjustment. 

“Foreign Government Scheme or Arrangement” has the meaning specified in Section 5.12(d). 

“Foreign Lender” means any Lender that is organized under the Laws of a jurisdiction other than that in which the
Borrower is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

“Foreign Plan” has the meaning specified in Section 5.12(d). 

“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 (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements
of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 
 “Governmental Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as
the European Union or the European Central Bank). 
 “Guarantee” means, as to any Person, (a) any
obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other 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 obligation, (ii) to purchase or
lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other 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 obligation, or (iv) entered into for the purpose of
assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to 

  
 - 12 -

 
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 obligation of any other Person,
whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). 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. 

“Guarantee and Collateral Agreement” means the Guarantee and Collateral Agreement made by the Guarantors in favor of the
Secured Parties, substantially in the form of Exhibit E, together with each Assumption Agreement executed and delivered by the Borrower and each of its Subsidiaries, as applicable, the Administrative Agent pursuant to Section 6.12
or otherwise. 
 “Guarantors” means, collectively, the Subsidiaries of the Borrower listed on Schedule
6.12 and each other Subsidiary of the Borrower (other than an Immaterial Subsidiary or a CFC) that shall be required to execute and deliver a guaranty or guaranty supplement pursuant to Section 6.12. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances,
wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated
pursuant to any Environmental Law. 
 “Immaterial Subsidiary” means each Subsidiary specified on Schedule
1.01A hereto and each other Subsidiary of the Borrower designated by the Borrower in writing to the Administrative Agent as an “Immaterial Subsidiary” for purposes of this Agreement and the other Loan Documents, provided that
for purposes of this Agreement, at no time shall (i) the total assets of all Immaterial Subsidiaries, as of the end of the most recent fiscal quarter for which financial statements have been delivered pursuant to Section 6.01(a) or
6.01(b), equal or exceed five percent (5%) of the consolidated total assets of the Borrower and its Subsidiaries, or (ii) the gross revenues of all Immaterial Subsidiaries for any Measurement Period equal or exceed five percent
(5%) of the consolidated gross revenues of the Borrower and its Subsidiaries for such Measurement Period, in each case as determined in accordance with GAAP. In the event that the total assets or the gross revenues of all Immaterial
Subsidiaries as tested at the end of any fiscal quarter exceed five percent (5%) of the consolidated total assets or consolidated gross revenues, as applicable, of the Borrower and its Subsidiaries, the Borrower shall identify Subsidiaries
previously designated as Immaterial Subsidiaries to become Loan Parties pursuant Section 6.12(a) so that Loan Parties represent no less than ninety-five percent (95%) of consolidated total assets and ninety-five percent
(95%) of consolidated gross revenues at all times. Once a Subsidiary becomes a Guarantor, it shall cease to be an Immaterial Subsidiary and may not again be designated as an Immaterial Subsidiary throughout the term of this Agreement. For
clarity, no Person that is a Loan Party may be designated as an Immaterial Subsidiary. 

  
 - 13 -

 “Impact Period” has the meaning specified in Section 10.14.

 “Impacted Lender” has the meaning specified in Section 10.14. 

“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not
included as indebtedness or liabilities in accordance with GAAP: 
 (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; 
 (b) the
maximum amount of all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 

(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 trade accounts payable in the ordinary course of business); 

(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), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; 

(f) all Attributable Indebtedness in respect of Capitalized Leases and Synthetic Lease Obligations of such Person and all Synthetic Debt
of such Person; 
 (g) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in
respect of any Equity Interest in such Person or any other Person or any warrant, right or option to acquire such Equity Interest, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation
preference plus accrued and unpaid dividends; and 
 (h) all Guarantees of such Person in respect of any of the foregoing.

 For all purposes hereof, the Indebtedness of any Person shall 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 (but only to the extent of the Indebtedness of such partnership or joint venture for which such
Person is liable), unless such Indebtedness is expressly made non-recourse to such Person. 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. 

“Indemnified Taxes” means Taxes other than Excluded Taxes. 

“Indemnitees” has the meaning specified in Section 10.04(b). 

  
 - 14 -

 “Information” has the meaning specified in Section 10.07.

 “Intercreditor Agreement” means the Intercreditor Agreement, dated as of the date hereof, by and among the
Loan Parties, the Administrative Agent and the Working Capital Agent, in form and substance satisfactory to the Administrative Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with this
Agreement. 
 “Interest Payment Date” means the last Business Day of each March, June, September and December
and the Maturity Date. 
 “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 of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other
acquisition of any other debt or interest in, another Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit or all or a substantial part of
the business of such Person. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment. 

“IP Rights” has the meaning specified in Section 5.17. 

“IRS” means the United States Internal Revenue Service. 

“Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 

“Lender” has the meaning specified in the introductory paragraph hereto. 

“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. 
 “Libya Receivable” means any obligation or amount owed to the Borrower or any of its Subsidiaries on account of management services provided as of March 6, 2012, in connection with
the construction and renovation of various universities located in the country of Libya, including any obligation arising from services provided to the Organization for the Development of Administrative Centers (Libya). 

“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 in the nature of a security interest of any kind or 

  
 - 15 -

 
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 financing 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. 
 “Loan Documents” means,
collectively, (a) this Agreement, (b) the Notes, (c) the Collateral Documents, (d) the Intercreditor Agreement and (e) the Fee Letter. 
 “Loan Parties” means, collectively, the Borrower and each Guarantor. 
 “Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business, properties, liabilities (actual or contingent),
condition (financial or otherwise) or prospects of the Borrower or the Borrower and its Subsidiaries taken as a whole; (b) a material impairment of the rights and remedies of the Administrative Agent or any Lender under any Loan Document, or of
the ability of any Loan Party to perform its obligations under any Loan Document to which it is a party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document
to which it is a party. 
 “Material Bond Indemnity Agreement” means any indemnity agreement between the
Borrower or any of its Subsidiaries and a surety company that has issued a payment, performance, bid or similar bond with respect to a Bonded Contract, to the extent that the bond or bonds issued thereunder or the aggregate bonding capacity is in
excess of $2,500,000. 
 “Material Real Property Interest” means any parcel or series of related parcels of
real property owned in fee or subject to a ground lease by a Loan Party having a fair market value in excess $2,500,000. 

“Maturity Date” means October 18, 2016, provided, however, that if such Maturity Date is not a
Business Day, the Maturity Date shall be the next preceding Business Day. 
 “Maximum Working Capital Amount”
means as of any date of determination, the sum of (1) the aggregate outstanding principal amount of loans (including overadvances), letters of credit and other financial accommodations made, issued or incurred under the Working Capital Loan
Documents up to an aggregate maximum amount equal to the result of (A) $65,000,000, minus (B) any permanent reductions of the revolving loan commitment under the Working Capital Credit Agreement made after the Closing Date;
provided, that, for purposes of determining the Maximum Working Capital Amount, upon termination of the revolving loan commitment, the revolving loan commitment shall not be deemed to have been reduced to an amount less than the outstanding
principal amount of all loans (including overadvances), letters of credit and other financial accommodations made, issued or incurred under the Working Capital Loan Documents as of the date of such permanent reduction plus (2) cash management
and hedge obligations under or secured by the Working Capital Loan Documents up to an aggregate maximum amount not to exceed $1,000,000. 

  
 - 16 -

 “Measurement Period” means, at any date of determination, the most recently
completed four fiscal quarters of the Borrower. 
 “Minimum Liquidity Requirement” means (i) cash and cash
equivalents other than Restricted Cash and (ii) Availability in an aggregate amount of $30 million. 

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

“Mortgage” means a mortgage, deed of trust, assignment of leases and rents, leasehold mortgage or other security
document granting a Lien on any real property to secure the Obligations. Each Mortgage shall be satisfactory in form and substance to the Administrative Agent. 
 “Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to make
contributions, or during the preceding five plan years, has made or been obligated to make contributions. 
 “Net Libya
Receivable” means the portion of the Libya Receivable paid to the Borrower or any of its Subsidiaries in U.S. Dollars or readily convertible currencies, net of (a) up to an aggregate amount of $16,000,000 of paid-when-paid obligations
owed at the time of receipt of any such payment or payments, (b) all taxes due solely in connection with the Libya Receivable and (c) amounts to be paid to subcontractors or suppliers in U.S. Dollars or readily convertible currencies
solely in connection with the Libya Receivable. 
 “Non-Cash Charges” means (a) non-cash losses on asset
sales, disposals or abandonments, (b) any impairment charge or asset write-down related to intangible assets, long-lived assets, and investments in debt and equity securities pursuant to GAAP, (c) all non-cash losses from investments
recorded using the equity method, and (d) other non-cash charges, including paid-in-kind interest expenses or other non-cash interest expenses and non-recurring expenses, reducing Consolidated Net Income (provided that if any non-cash charges,
expenses and write-downs referred to in this definition represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such
extent). 
 “Note” means a promissory note made by the Borrower in favor of a Lender evidencing Term Loans made
by such Lender, substantially in the form of Exhibit B. 
 “Obligations” means all advances to, and
debts, liabilities, obligations, covenants and duties of, any Loan Party 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 any Affiliate thereof 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. 
 “Organization
Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive 

  
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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. 
 “Other Taxes” means all present or future stamp or documentary taxes or any other excise or property
taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document other than any of
the foregoing imposed on a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 10.13) as a result of an assignment of its Loans or Commitment pursuant to the Laws of the jurisdiction in which such
Lender is organized or its Lending Office is located if such Law is in force at the time such Lender becomes a party hereto (or designates a new Lending Office). 
 “Outstanding Amount” means with respect to Term Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any prepayments or repayments of Term Loans
occurring on such date. 
 “Participant” has the meaning specified in Section 10.06(d). 

“PBGC” means the Pension Benefit Guaranty Corporation. 

“Permitted Countries” means the countries set forth on Schedule 1.01B. 

“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 the Borrower or any ERISA Affiliate or to which the Borrower 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 five plan years. 
 “Permitted Liens” means any Lien permitted by Section 7.01. 
 “Permitted Management Shareholder” means each of Irvin E. Richter, David L. Richter and Stuart S. Richter. 
 “Permitted Subordinated Indebtedness” means any unsecured Indebtedness of the Borrower or any of its Subsidiaries permitted under Section 7.02 incurred from time to time which
has been subordinated to the Obligations in a manner acceptable to the Administrative Agent. 
 “Person” means
any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

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

“Pledged Equity” has the definition set forth in the Guarantee and Collateral Agreement. 

“Register” has the meaning specified in Section 10.06(c). 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors,
officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 
 “Reportable
Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived. 
 “Request for Credit Extension” means with respect to a Term Loan Borrowing, a Term Loan Notice. 
 “Required Lenders” means, as of any date of determination, Lenders having more than 50.1% of the Aggregate Commitments or, if the commitment of each Lender to make Loans have been
terminated pursuant to Section 8.02, Lenders holding in the aggregate more than 50.1% of the Total Outstandings; provided that, (i) as set forth in Section 10.14, the 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 and (ii) in the event there is only one Lender or only one Lender that is not a Defaulting Lender, the term
“Required Lenders” shall mean such Lender. 
 “Responsible Officer” means the chief executive
officer, president, chief financial officer, chairman, treasurer, assistant treasurer or controller of a 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, 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 Cash” means all restricted cash as shown on the Borrower’s consolidated financial statements plus cash
held in non-wholly owned Subsidiaries. 
 “Restricted Payment” means any dividend or other distribution
(whether in cash, securities or other property) with respect to any capital stock or other Equity Interest of any Person or any of its Subsidiaries, 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 capital stock or other Equity Interest, or on account of any return of capital to any Person’s stockholders,
partners or members (or the equivalent of any thereof), or any option, warrant or other right to acquire any such dividend or other distribution or payment. 

  
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 “S&P” means Standard & Poor’s Ratings Services, a
division of The McGraw-Hill Companies, Inc., and any successor thereto. 
 “SEC” means the Securities and
Exchange Commission, or any Governmental Authority succeeding to any of its principal functions. 
 “Secured
Parties” means, collectively, the Administrative Agent, the Lenders, each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.05, and the other Persons the Obligations owing to which are
or are purported to be secured by the Collateral under the terms of the Collateral Documents. 
 “Solvent” and
“Solvency” mean, with respect to any Person on any date of determination, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of
such Person, (b) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person
does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature, (d) such Person is not engaged in business or a transaction, and is not about
to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small capital, and (e) such Person is able to pay its debts and liabilities, contingent obligations and other commitments as they
mature in the ordinary course of business. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be
expected to become an actual or matured liability. 
 “Stock-Based Acquisitions” has the meaning specified in
Section 7.03(f). 
 “Subcontractor Payables” means the portion of cash received from clients that
is contractually required to be paid to subcontractors and other vendors for work performed for such client. 

“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. 
 “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

  
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combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and
(b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any
International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master
Agreement. 
 “Swap 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). 
 “Synthetic Debt” means, with respect to any Person as of any date of determination thereof, all obligations of such Person in respect of transactions entered into by such Person that are
intended to function primarily as a borrowing of funds but are not otherwise included in the definition of “Indebtedness” or as a liability on the consolidated balance sheet of such Person and its Subsidiaries in accordance with
GAAP. 
 “Synthetic Lease Obligation” means the monetary obligation of a Person under a so-called synthetic,
off-balance sheet, tax retention or other lease or similar arrangement, which, upon the application of any Debtor Relief Laws to such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment).

 “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including
backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Term Loan Borrowing” means a borrowing of a Term Loan pursuant to Section 2.01. 
 “Term Loan” has the meaning specified in Section 2.01. 
 “Term Loan Notice” means a notice of a Term Loan Borrowing, which shall be substantially in the form of Exhibit A. 

“Threshold Amount” means $2,000,000. 
 “Total Outstandings” means the aggregate Outstanding Amount of all Loans. 
 “UCC” means the Uniform Commercial Code as in effect in the State of New York; provided that, if perfection or the effect of perfection or non-perfection or the priority of any
security interest in any Collateral is governed by the Uniform Commercial Code as in effect 

  
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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. 
 “Unfunded Pension
Liability” means the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the
Pension Plan pursuant to Section 412 of the Code for the applicable plan year. 
 “United States” and
“U.S.” mean the United States of America. 
 “Unreimbursed Amount” has the meaning specified
in Section 2.03(c)(i). 
 “U.S. Loan Party” means any Loan Party that is organized under the laws
of one of the states of the United States of America and that is not a CFC. 
 “Working Capital Agent” means
Bank of America, N.A., in its capacity as administrative agent under the Working Capital Credit Agreement, and any successor thereunder. 
 “Working Capital Credit Agreement” means the Credit Agreement, dated as of June 30, 2009, among the Loan Parties, the Working Capital Agent, and the lenders party thereto, as
amended, restated, modified, refinanced, replaced or otherwise supplemented from time to time in accordance with the terms thereof and hereof and permitted by the Intercreditor Agreement. 

“Working Capital Loans” means the “Loans” as defined in the Working Capital Credit Agreement as in effect on
the Closing Date or as amended, restated, modified, refinanced, replaced or otherwise supplemented from time to time in accordance with the terms hereof (including Section 7.15) and permitted by the Intercreditor Agreement. 

“Working Capital Loan Documents” means, collectively, the Working Capital Credit Agreement, the other “Loan
Documents” (as defined in the Working Capital Credit Agreement as in effect on the Closing Date) and all other instruments, documents and agreements entered into from time to time in connection with any of the foregoing, each as amended,
restated, modified, refinanced, replaced or otherwise supplemented from time to time in accordance with the terms thereof and hereof (including Section 7.15) and permitted by the Intercreditor Agreement. For the avoidance of doubt, no
instrument, document or agreement entered into in connection with any extension, refinancing, refunding, replacement or renewal of Working Capital Obligations shall constitute a Working Capital Loan Document unless such extension, refinancing,
refunding, replacement or renewal is effectuated in accordance with the terms hereof and of the Intercreditor Agreement. 

“Working Capital Obligations” means the “Obligations” as defined in the Working Capital Credit Agreement as in
effect on the Closing Date (or as refinanced in accordance with the terms hereof and of the Intercreditor Agreement) or as amended with the written consent of the Administrative Agent. 

  
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 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 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 or other document (including any Organization Document) shall be construed as referring to such agreement,
instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference
herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein,” “hereof” and “hereunder,” and words of similar import when used in any
Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Preliminary Statements, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Preliminary Statements, Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions
consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) 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.

 (b) 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.” 

(c) 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. 
 1.03 Accounting Terms. (i) Generally. 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 on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein.

 (a) Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or
requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the
original intent thereof in light of such change in GAAP (subject to the approval of 

  
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the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and
(ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such
ratio or requirement made before and after giving effect to such change in GAAP. 
 (b) Consolidation of Variable Interest
Entities. All references herein to consolidated financial statements of the Borrower and its Subsidiaries or to the determination of any amount for the Borrower and its Subsidiaries on a consolidated basis or any similar reference shall, in each
case, be deemed to include each variable interest entity that the Borrower is required to consolidate pursuant to FASB Interpretation No. 46 – Consolidation of Variable Interest Entities: an interpretation of ARB No. 51 (January 2003)
as if such variable interest entity were a Subsidiary as defined herein. For purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Borrower and its
Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof (but with respect to the Indebtedness under this Agreement and the other Loan Documents, excluding any exit fees), and the effects of FASB ASC 825 and
FASB SC 470-20 on financial liabilities shall be disregarded. 
 1.04 Rounding. Any financial ratios required to be
maintained by the Borrower pursuant to 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). 
 1.05 Times of
Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable). 
 1.06 [Intentionally Omitted]. 
 1.07 Currency Equivalents Generally. Any
amount specified in this Agreement (other than in Articles II, IX and X) or any of the other Loan Documents to be in Dollars shall also include the equivalent of such amount in any currency other than Dollars, such equivalent
amount thereof in the applicable currency to be determined by the Administrative Agent at such time on the basis of the Spot Rate (as defined below) for the purchase of such currency with Dollars. For purposes of this Section 1.07, the
“Spot Rate” for a currency means the rate determined by the Administrative Agent to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency
through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date of such determination; provided that the Administrative Agent may obtain such spot rate from another financial
institution designated by the Administrative Agent if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency. 

  
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 ARTICLE II 
 THE COMMITMENTS AND CREDIT EXTENSIONS 
 2.01 Term Loans. Subject to the
terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “Term Loan”) to the Borrower on the Closing Date in an aggregate amount equal to (and not to exceed) the amount of such
Lender’s Commitment. The Term Loans made on the Closing Date shall be in an aggregate principal amount equal to (and not to exceed) $100,000,000. Amounts paid or prepaid in respect of the Term Loans may not be reborrowed. 

2.02 Borrowings of Term Loans. (a) Each Term Loan Borrowing shall be made upon the Borrower’s irrevocable notice to the
Administrative Agent, which shall be made by delivery to the Administrative Agent of a written Term Loan Notice, appropriately completed and signed by at least two of the following: the chief executive officer, chief financial officer, or chief
operating officer of the Borrower. Such notice must be received by the Administrative Agent not later than 11:00 a.m. on the Business Day preceding the requested date of any Borrowing of Term Loans. 

(b) Following receipt of a Term Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Applicable
Percentage of the applicable Term Loans. Each Lender shall make the amount of its Term Loan available to the Administrative Agent in immediately available 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 Term Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.01, 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 each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower. 

2.03 [Intentionally Omitted]. 
 2.04 [Intentionally Omitted]. 
 2.05 Prepayments. Subject to the applicable
provisions of the Intercreditor Agreement, the Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Term Loans in whole or in part without premium or penalty; provided that (i) such
notice must be received by the Administrative Agent not later than 11:00 a.m. at least three Business Days prior to any date of prepayment of Term Loans; and (ii) any prepayment of Term Loans shall be in a principal amount of $1,000,000 or a
whole multiple of $500,000 in excess thereof; or, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment. The Administrative Agent will promptly notify each Lender of its
receipt of each such notice, and of the amount of such Lender’s Applicable Percentage 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. Subject to Section 10.14, each such prepayment shall be applied to the Term Loans of the Lenders in accordance with their respective Applicable Percentages. 

  
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 2.06 Termination of Commitments. The Commitments shall automatically terminate upon
the making of the Term Loans on the Closing Date. Notwithstanding the foregoing, all the Commitment of the Lenders shall terminate at 5:00 p.m. (New York City time) on October 18, 2012, if the Closing Date shall not have occurred by such time.

 2.07 Repayment of Loans. (a) The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal
amount of all Term Loans outstanding on such date. 
 (b) Subject to Section 2.07(h), one hundred percent
(100%) of the net proceeds (but in the case of an event described in clause (v) of the definition of Designated Liquidity Event, 50% of the net proceeds thereof) received by the Borrower or any of its Subsidiaries on account of
(1) any Designated Liquidity Event (other than in the case of an event described in clauses (iii) and (iv) of the definition of Designated Liquidity Event) shall be immediately applied, (i) first, to satisfy the Minimum Liquidity
Requirement (first by application of such proceeds to the repayment of the Working Capital Loans then outstanding and second by the retention of such proceeds by the Borrower to the extent necessary to satisfy the Minimum Liquidity Requirement), and
(ii) second, (x) up to 50% of the remaining net proceeds to repay all or a portion of the Working Capital Loans (subject to reborrowing) then outstanding pursuant to the Working Capital Credit Agreement and (y) the remaining net
proceeds to prepay the outstanding principal amount of the Loans and (2) any event described in clauses (iii) (but in the case of the Libya Receivable, the Net Libya Receivable) and (iv) of the definition of Designated Liquidity Event
shall be immediately applied, (i) first, to satisfy the Minimum Liquidity Requirement (first by application of such proceeds to the repayment of the Working Capital Loans then outstanding and second by the retention of such proceeds by the
Borrower to the extent necessary to satisfy the Minimum Liquidity Requirement), and (ii) second, (x) 50% of the remaining net proceeds to repay all or a portion of the Working Capital Loans (subject to reborrowing) then outstanding
pursuant to the Working Capital Credit Agreement (on the understanding that to the extent such 50% exceeds such outstanding Working Capital Loans, the excess amount may be retained by the Borrower) and (y) 50% of the remaining net proceeds to
prepay the outstanding principal amount of the Loans. 
 (c) Subject to Section 2.07(h), in the case of an event
described in clause (i) of the definition of Designated Liquidity Event, so long as no Default or Event of Default shall have occurred and be continuing and to the extent that (i) such net asset sale proceeds do not exceed $2,500,000 in
any single transaction and (ii) the aggregate net asset sale proceeds from the Closing Date through the date of determination do not exceed $5,000,000, the Borrower shall have the option, directly or through one or more of its Subsidiaries to
invest such amount within 360 days of receipt thereof by delivering to Administrative Agent a certificate, signed by at least two of the following: the chief executive officer, chief financial officer, or chief operating officer of the Borrower,
setting forth (x) that portion of such net asset sale proceeds that the Borrower or such Subsidiary intends to reinvest in equipment or other long term productive assets of the general type used in the business of the Borrower and its
Subsidiaries within 360 days of such date of receipt and (y) the proposed use of such portion of the net asset sale proceeds and such other information with respect to such reinvestment as

  
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Administrative Agent may reasonably request, and the Borrower shall, or shall cause one or more of its Subsidiaries to, promptly and diligently apply such portion to such reinvestment purposes;
provided, however, that, pending such reinvestment, such portion of the net asset sale proceeds shall be deposited in an account subject to the dominion and control of the Administrative Agent. In addition, the Borrower shall, no later than
360 days after receipt of such net asset sale proceeds that have not theretofore been applied to the Obligations or that have not been so reinvested as provided above, make an additional prepayment of the Loans in the full amount of all such
net asset sale proceeds in accordance with Section 2.07(b). 
 (d) Subject to Section 2.07(h), in the
case of an event described in clause (ii) of the definition of Designated Liquidity Event, so long as no Default or Event of Default shall have occurred and be continuing, the Borrower shall have the option, directly or through one or more of
its Subsidiaries to invest such excess amount within 360 days of receipt thereof (i) in long term productive assets of the general type used in the business of the Borrower and its Subsidiaries or (ii) to repair, restore or replace the
assets subject to the applicable casualty event. The Borrower shall deliver to Administrative Agent a certificate, signed by signed by at least two of the following: the chief executive officer, chief financial officer, or chief operating officer of
the Borrower, setting forth (x) that portion of such net proceeds that the Borrower or such Subsidiary intends to reinvest in long term productive assets of the general type used in the business of the Borrower and its Subsidiaries or repair,
restore or replace the assets subject to the applicable casualty event and (y) the proposed use of such portion of the net proceeds and such other information with respect to such reinvestment as Administrative Agent may reasonably request, and
the Borrower shall, or shall cause one or more of its Subsidiaries to, promptly and diligently apply such portion to such reinvestment purposes; provided, however, that, pending such reinvestment, such portion of the net proceeds shall be deposited
in an account subject to the dominion and control of the Administrative Agent. In addition, any such net proceeds that have not been reinvested within 360 days of receipt thereof shall be applied by Borrower to prepay the Loans in accordance
with Section 2.07(b). 
 (e) Subject to Section 2.07(h), within 10 Business Days after the annual
financial statements are required to be delivered pursuant to Section 6.01(a) hereof, commencing with such annual financial statements for the fiscal year ending December 31, 2013 or, if such financial statements are not delivered to the
Administrative Agent and each Lender on the date such statements are required to be delivered pursuant to Section 6.01(a), 10 Business Days after the date such statements are required to be delivered to the Administrative Agent and each Lender
pursuant to Section 6.01(a), the Borrower shall deliver to the Administrative Agent a written calculation of Excess Cash Flow for such fiscal year and certified as correct by at least two of the following: the chief executive officer, chief
financial officer or chief operating officer of the Borrower, and such Excess Cash Flow shall be applied as follows: (i) if the Consolidated Leverage Ratio as of the last day of such fiscal year is 3.25 to 1.00 or greater, first, to
satisfy the Minimum Liquidity Requirement (first by application of such proceeds to the repayment of the Working Capital Loans then outstanding and second by the retention of such proceeds by the Borrower to the extent necessary to satisfy the
Minimum Liquidity Requirement) and second, (x) 50% of the remaining Excess Cash Flow to repay all or a portion of the Working Capital Loans (subject to reborrowing) then outstanding pursuant to the Working Capital Credit Agreement (on
the understanding that to the extent such 50% exceeds such outstanding Working Capital Loans, the excess amount may be retained by the Borrower) and (y) 50% of the remaining Excess Cash 

  
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Flow to prepay the principal amount of the Loans and (ii) if the Consolidated Leverage Ratio as of the last day of such fiscal year is less than 3.25 to 1.00, first, 50% of such
Excess Cash Flow to be retained by the Borrower for working capital, and second, the remaining Excess Cash Flow shall be used to satisfy the Minimum Liquidity Requirement (first by application of such proceeds to the repayment of the Working
Capital Loans then outstanding and second by the retention of such proceeds by the Borrower to the extent necessary to satisfy the Minimum Liquidity Requirement) and third, (x) 50% of the remaining Excess Cash Flow (after satisfaction of
the Minimum Liquidity Requirement) to repay all or a portion of the Working Capital Loans (subject to reborrowing) then outstanding pursuant to the Working Capital Credit Agreement (on the understanding that to the extent such 50% exceeds such
outstanding Working Capital Loans, the excess amount may be retained by the Borrower) and (y) 50% of the remaining Excess Cash Flow to prepay the outstanding principal amount of the Loans. 

(f) Notwithstanding anything to the contrary herein, any Lender may elect, by notice to the Borrower prior to any prepayment of Loans
required to be made by the Borrower pursuant to this Section 2.07, to decline all (but not a portion) of its share of such prepayment (such declined amounts, the “Declined Proceeds”). Any Declined Proceeds shall be offered to
the Lenders not so declining such prepayment. To the extent such non-declining Lenders elect to decline their share of such Declined Proceeds, such Declined Proceeds may be retained by the Borrower for working capital and general corporate purposes.

 (g) All prepayments of the Loans under this Section 2.07 shall be accompanied by accrued and unpaid interest on the
principal amount to be prepaid to but excluding the date of payment. 
 (h) If an Event of Default exists, each prepayment
pursuant to subsections (b), (c), (d) and (e) above shall (i) not be applied to satisfy the Minimum Liquidity Requirement and (ii) be applied (x) up to 50% of the remaining net proceeds or Excess Cash Flow, as applicable, to
(i) first, repay all or a portion of the Working Capital Loans then outstanding pursuant to the Working Capital Credit Agreement and (ii) second, cash collateralize the letters of credit issued pursuant to the Working Capital Credit
Agreement (and in the case of subsections (b)(1), (c) and (d), together with a concurrent permanent reduction to the commitment to make Working Capital Loans or issue letters of credit equal to the sum of such repayment and cash collateral) and
(y) the remaining net proceeds or Excess Cash Flow, as applicable, to prepay the outstanding principal amount of the Loans. 
 2.08 Interest. (a) Subject to the provisions of Section 2.08(b), the Term Loans shall bear interest at a rate per annum equal to 7.50% per annum. 

(b) (i) If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated
maturity, by acceleration or otherwise, such amount shall thereafter bear interest at an interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(ii) If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (without
regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders such amount shall thereafter bear interest at a rate per annum at all times equal to the Default Rate to
the fullest extent permitted by applicable Laws. 

  
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 (iii) Upon the request of the Required Lenders, while any Event of Default exists, the
Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(iv) Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 (v) If, as of the last day of any fiscal quarter of the Borrower, Fixed Price Contracts of the Borrower and its Subsidiaries
(excluding business conducted pursuant to the HillStone International LLC joint venture) exceed 25% of the Borrower’s and its Subsidiaries’ revenue for the next twelve (12) months as set forth in the most recent backlog report, the
principal amount of all outstanding Obligations hereunder shall bear interest at a rate per annum at all times during the immediately succeeding fiscal quarter of the Borrower equal to the Default Rate to the fullest extent permitted by applicable
Laws. The determination of whether there has been a breach of the threshold requirements set forth in this clause (v) shall be based upon the Compliance Certificate relating to the relevant determination date. 

(vi) If, as of the last day of any fiscal quarter of the Borrower, (i) accounts receivable of the Borrower and its Subsidiaries
payable by all account debtors located in any individual country that is not a Permitted Country (other than the United Arab Emirates), for which more than 120 days have elapsed from the invoice date with respect to such accounts receivable, exceed
10% (the numerator being the sum of all accounts aged more than 120 days in a given country) out of the total outstanding accounts receivable of the Borrower and its Subsidiaries or (ii) accounts receivable of the Borrower and its Subsidiaries
payable by all account debtors located in the United Arab Emirates, for which more than 120 days have elapsed from the invoice date with respect to such accounts receivable, exceed 14% (the numerator being the sum of all accounts aged more than 120
days in the United Arab Emirates) out of the total outstanding accounts receivable of the Borrower and its Subsidiaries; provided, that, in each case, the Libya Receivable that exists as of the Closing Date shall be excluded for purposes of
determining compliance with this clause (vi) (from both the numerator and denominator of all calculations), the principal amount of all outstanding Obligations hereunder shall bear interest at a rate per annum at all times during the
immediately succeeding fiscal quarter of the Borrower equal to the Default Rate to the fullest extent permitted by applicable Laws. The determination of whether there has been a breach of the threshold requirements set forth in this clause
(vi) shall be based upon the Compliance Certificate relating to the relevant determination date. 
 (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. 

  
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 2.09 Fees. The Borrower shall pay to the Administrative Agent, for the benefit of the
Lenders, fees in the amounts and at the times specified in the Fee Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 
 2.10 Computation of Fees. All computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being
paid than if computed on the basis of a 365-day year). 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 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. 
 2.11 Evidence of Debt. The Credit Extensions made by
each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be
conclusive 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, 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, amount and maturity of its Loans and
payments with respect thereto. 
 2.12 Payments Generally; Administrative Agent’s Clawback. (a) General.
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 Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. (New York City time) on the date
specified herein. On the date that such payment is deemed received (as set forth below), the Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in
like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent after 2:00 p.m. (New York City time) shall be deemed received on the next succeeding Business Day and any applicable
interest or fee shall continue to accrue. 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. Notwithstanding anything to the contrary set forth in this Agreement or any other Loan Document, at any time that Obsidian Agency Services, Inc. serves as the Administrative Agent hereunder,
(a) the Lenders shall directly fund the Term Loans to the Borrower, (b) each Lender shall provide wire instructions to the Borrower with respect to 

  
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payments to be received from the Borrower hereunder and the Borrower shall directly make any payments required or permitted hereunder to the Lenders and (c) neither the Lenders nor the
Borrower shall remit any funds to the Administrative Agent to forward to another party hereunder. 
 (b) Payments by
Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that
the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such
event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender in immediately available funds with interest
thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation. 
 A notice of the Administrative Agent to any Lender or the
Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error. 

(c) Failure to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Loan to be
made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in
Article IV 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. 

(d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make Term Loans and to make payments pursuant to
Section 10.04(c) are several and not joint. The failure of any Lender to make any Term Loan, to fund any such participation or to make any payment under Section 10.04(c) on any date required hereunder shall not relieve any
other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Term Loan, to purchase its participation or to make its payment under
Section 10.04(c). 
 (e) Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the
funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 

(f) Insufficient Funds. If at any time insufficient funds are received by and available to the Administrative Agent to pay fully
all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, toward payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of
interest and fees then due to such parties, and (ii) second, toward payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties. 

  
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 2.13 Sharing of Payments by Lenders. If any Lender shall, by exercising any right of
setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Term Loans made by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Term Loans or
participations and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and
(b) purchase (for cash at face value) participations in the Term Loans of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance
with the aggregate amount of principal of and accrued interest on their respective Term Loans and other amounts owing them, provided that: 
 (i) if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and
the purchase price restored to the extent of such recovery, without interest; and 
 (ii) the provisions of this Section 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 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, other than to the Borrower or any Subsidiary thereof (as to which the provisions of this Section shall apply). 

The provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of the Borrower pursuant to
and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender or an Impacted Lender), or (y) 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, other than to the Borrower or any Subsidiary thereof (as to which the provisions of this Section shall apply). 

The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring
a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such
participation. 
 ARTICLE III 
 TAXES, YIELD PROTECTION AND ILLEGALITY 
 3.01 Taxes. (a) Payments
Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. (i) Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document shall to the extent permitted by applicable Laws be

  
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made free and clear of and without reduction or withholding for any Taxes. If, however, applicable Laws require the Borrower or the Administrative Agent to withhold or deduct any Tax, such Tax
shall be withheld or deducted in accordance with such Laws as determined by the Borrower or the Administrative Agent, as the case may be, upon the basis of the information and documentation to be delivered pursuant to subsection
(e) below. 
 (ii) If the Borrower or the Administrative Agent shall be required by the Code to withhold or deduct any
Taxes including both United States Federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or make such deductions as are determined by the Administrative Agent to be required based
upon the information and documentation it has received pursuant to subsection (e) below, (B) the Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with
the Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by the Borrower shall be increased as necessary so that after any required withholding or the making of
all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent or Lender, as the case may be, receives an amount equal to the sum it would have received had no such withholding or
deduction been made. 
 (b) Payment of Other Taxes by the Borrower. Without limiting the provisions of subsection
(a) above, the Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) Tax Indemnifications. (i) Without limiting the provisions of subsection (a) or (b) above, the Borrower shall, and does hereby, indemnify the Administrative Agent
and each Lender, and shall make payment in respect thereof within 10 days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to
amounts payable under this Section) withheld or deducted by the Borrower or the Administrative Agent or paid by the Administrative Agent or such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or
with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. The Borrower shall also, and does hereby, indemnify the Administrative Agent, and shall
make payment in respect thereof within 10 days after demand therefor, for any amount which a Lender for any reason fails to pay indefeasibly to the Administrative Agent as required by clause (ii) of this subsection. A certificate as to
the amount of any such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 (ii) Without limiting the provisions of subsection (a) or (b) above, each Lender shall, and does
hereby, indemnify the Borrower and the Administrative Agent, and shall make payment in respect thereof within 10 days after demand therefor, against any and all Taxes and any and all related losses, claims, liabilities, penalties, interest and
expenses (including the fees, charges and disbursements of any counsel for the Borrower or the Administrative Agent) incurred by or asserted against the Borrower or the Administrative Agent 

  
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by any Governmental Authority as a result of the failure by such Lender to deliver, or as a result of the inaccuracy, inadequacy or deficiency of, any documentation required to be delivered by
such Lender to the Borrower or the Administrative Agent pursuant to subsection (e). 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 to the Administrative Agent under this clause (ii). The agreements in the foregoing clause (ii) shall survive the resignation and/or replacement of the Administrative Agent, any
assignment of rights by, or the replacement of, a Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all other Obligations. 
 (d) Evidence of Payments. Upon request of the Borrower or the Administrative Agent, as the case may be, after any payment of Taxes by the Borrower or the Administrative Agent to a Governmental
Authority as provided in this Section 3.01, the Borrower shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the Borrower, as the case may be, the original or a certified copy of a receipt issued by
such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to the Borrower or the Administrative Agent, as the case may be. 

(e) Status of Lenders; Tax Documentation. (i) Each Lender shall deliver to the Borrower and to the Administrative Agent, at
the time or times prescribed by applicable Laws or when reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Laws or by the taxing authorities of any
jurisdiction and such other reasonably requested information as will permit the Borrower or the Administrative Agent, as the case may be, to determine (A) whether or not payments made hereunder or under any other Loan Document are subject to
Taxes, (B) if applicable, the required rate of withholding or deduction, and (C) such Lender’s entitlement to any available exemption from, or reduction of, applicable Taxes in respect of all payments to be made to such Lender by the
Borrower pursuant to this Agreement or otherwise to establish such Lender’s status for withholding tax purposes in the applicable jurisdiction. 
 (ii) Without limiting the generality of the foregoing, if the Borrower is resident for tax purposes in the United States, 
 (A) any Lender that is a “United States person” within the meaning of Section 7701(a)(30) of the Code shall deliver to the Borrower and the Administrative Agent executed originals of
Internal Revenue Service Form W-9 or such other documentation or information prescribed by applicable Laws or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent, as the case may
be, to determine whether or not such Lender is subject to backup withholding or information reporting requirements; and 
 (B)
each Foreign Lender that is entitled under the Code or any applicable treaty to an exemption from or reduction of withholding tax with respect to payments hereunder or under any other Loan Document shall deliver to the Borrower and the
Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of the Borrower or
the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: 
 (I) executed originals of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States is a party; 

  
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 (II) executed originals of Internal Revenue Service Form W-8ECI; 

(III) executed originals of Internal Revenue Service Form W-8IMY and all required supporting documentation; 

(IV) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code,
(x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrower within the meaning of section
881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) executed originals of Internal Revenue Service Form W-8BEN; or 

(V) executed originals of any other form prescribed by applicable Laws as a basis for claiming exemption from or a reduction in United
States Federal withholding tax together with such supplementary documentation as may be prescribed by applicable Laws to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made. 

(iii) Each Lender shall promptly (A) notify the Borrower and the Administrative Agent of any change in circumstances which would
modify or render invalid any claimed exemption or reduction, and (B) take such steps as shall not be materially disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably necessary (including the re-designation
of its Lending Office) to avoid any requirement of applicable Laws of any jurisdiction that the Borrower or the Administrative Agent make any withholding or deduction for taxes from amounts payable to such Lender. 

(f) Treatment of Certain Refunds. Unless required by applicable Laws, at no time shall the Administrative Agent have any
obligation to file for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid for the account of such Lender. If the Administrative Agent or any Lender
determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section, it shall
pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all
out-of-pocket expenses incurred by the Administrative Agent or such Lender, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the
Borrower, 

  
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upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This subsection shall not be construed to require the
Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Borrower or any other Person. 

3.02 [Intentionally Omitted]. 
 3.03 [Intentionally Omitted]. 
 3.04 Increased Costs. (a) Increased
Costs Generally. If any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit, compulsory
loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender; 
 (ii) subject any Lender to any tax of any kind whatsoever with respect to this Agreement, or change the basis of taxation of payments to such Lender in respect thereof (except for Indemnified Taxes or
Other Taxes covered by Section 3.01 and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender); or 
 (iii) impose on any Lender any other condition, cost or expense affecting this Agreement; 
 and
the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Loan, or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or any other
amount) then, upon request of such Lender, the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 

(b) Capital Requirements. If any Lender determines that any Change in Law affecting such Lender or any Lending Office of such
Lender or such Lender’s holding company, if any, regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a
consequence of this Agreement, the Commitment of such Lender or the Loans made by such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration
such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or
such Lender’s holding company for any such reduction suffered. 
 (c) Certificates for Reimbursement. A certificate
of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the Borrower shall be
conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 

  
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 (d) Delay in Requests. Failure or delay on the part of any Lender to demand
compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender pursuant to the
foregoing provisions of this Section for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of
such Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of
retroactive effect thereof). 
 3.05 [Intentionally Omitted]. 

3.06 Mitigation Obligations; Replacement of Lenders. (a) Designation of a Different Lending Office. If any Lender
requests compensation under Section 3.04, or the Borrower is required to pay any additional amount to any Lender, or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender gives a
notice pursuant to Section 3.02, then such Lender shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to
another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the
future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such
Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
 3.07 Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrower is required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 3.01, the Borrower may replace such Lender in accordance with Section 10.13. 
 3.08 Survival. All of the Borrower’s obligations under this Article III shall survive termination of the Aggregate Commitments, repayment of all other Obligations hereunder, and
resignation of the Administrative Agent. 
 ARTICLE IV 
 CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 
 4.01 Conditions of Initial Credit
Extension. The obligation of each Lender to make its initial Credit Extension hereunder is subject to satisfaction of the following conditions precedent: 
 (a) The Administrative Agent’s receipt of the following, each of which shall be originals or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a
Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to the Administrative Agent and
each of the Lenders: 
 (i) executed counterparts of this Agreement and the Guarantee and Collateral Agreement, sufficient in
number for distribution to the Administrative Agent, each Lender and the Borrower; 

  
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 (ii) a Note executed by the Borrower in favor of each Lender requesting a Note; 

(iii) such certificates of resolutions or other action, incumbency certificates and/or other certificates of the Secretary of each Loan
Party as the Administrative Agent may require evidencing the identity, authority and capacity of each officer thereof authorized to act as an authorized 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; 
 (iv) such documents and certifications as the Administrative Agent may reasonably require to
evidence that each Loan Party is duly organized or formed, and that each of the Borrower and each Guarantor is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of
properties or the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; 

(v) a favorable opinion of (i) Duane Morris LLP, counsel to the Loan Parties and (ii) any special local counsel to the Loan
Parties, in each case, addressed to the Administrative Agent and each Lender, as to the matters set forth in Exhibit F and such other matters concerning the Loan Parties and the Loan Documents as the Required Lenders may reasonably request;

 (vi) a certificate, signed by at least two of the following: the chief executive officer, chief financial officer, or chief
operating officer, of the Borrower either (A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by each Loan Party and the validity against such Loan Party of the Loan
Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required; 

(vii) a certificate, signed by at least two of the following: the chief executive officer, chief financial officer, or chief operating
officer of the Borrower, certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied and (B) that there has been no event or circumstance since the date of the Audited Financial
Statements that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect; 

  
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 (viii) true, correct and complete copies of all Material Bond Indemnity Agreements;

 (ix) evidence that all insurance required to be maintained pursuant to the Loan Documents has been obtained and is in
effect, together with the certificates of insurance, naming the Administrative Agent, on behalf of the Secured Parties, as an additional insured or loss payee, as the case may be, under all insurance policies maintained with respect to the assets
and properties of the Loan Parties that constitutes Collateral; 
 (x) Uniform Commercial Code financing statements suitable in
form and substance for filing in all places required by applicable law to perfect the Liens of the Administrative Agent under the Collateral Documents as a second priority Lien (subject only to Permitted Liens) as to items of Collateral in which a
security interest may be perfected by the filing of financing statements, and such other documents and/or evidence of other actions as may be reasonably necessary under applicable law to perfect the Liens of the Administrative Agent under such
Collateral Documents as a second priority Lien (subject only to Permitted Liens) in and to such other Collateral as the Administrative Agent may require including without limitation the delivery by the Loan Parties of all certificates evidencing
pledged interests, accompanied in each case by duly executed stock powers (or other appropriate transfer documents) in blank affixed thereto; 
 (xi) Uniform Commercial Code search results showing only those Liens as are acceptable to the Administrative Agent; 
 (xii) evidence that the all Indebtedness (excluding any Indebtedness permitted under Section 7.02 hereof) of the Borrower, any Guarantor and their Subsidiaries existing on the Closing Date has
been repaid or cancelled, all documentation representing such Indebtedness shall have been terminated and all Guarantees, Liens and security interests associated therewith have been released, or that reasonably adequate measures have been or
concurrently with the Closing Date are being taken to terminate such documentation and release such Guarantees, Liens and security interests, except as otherwise agreed by Administrative Agent; 

(xiii) the (a) Audited Financial Statements and (b) GAAP unaudited consolidated or combined, as applicable, balance sheets and
related statements of income and cash flows of the Borrower and its Subsidiaries for (i) each subsequent fiscal quarter ended 46 days before the Closing Date and (ii) to the extent available, each fiscal month after the most recent
fiscal quarter for which financial statements were received by the Lenders as described above and ended 31 days before the Closing Date and, in each case, in form and substance satisfactory to the Administrative Agent and certified by at least
two of the following: the chief executive officer, chief financial officer, or chief operating officer of the Borrower; 

(xiv) fully executed copies of the Working Capital Loan Documents, including, without limitation, a fully executed copy of the amendment
to the Working Capital Credit Agreement (the “Working Capital Credit Agreement Amendment”), in form and substance satisfactory to the Administrative Agent (including without limitation, provisions thereof that (A) extend the
maturity date thereof to no earlier than March 31, 2015, 

  
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(B) permanently reduce the commitment to make the Working Capital Loans to a maximum amount of $65,000,000, and (C) permit the incurrence of the Obligations and the Liens securing the
Obligations; certified as true and correct copies thereof signed by at least two of the following: the chief executive officer, chief financial officer, or chief operating officer of the Borrower, together with a certificate, signed by at least two
of the following: the chief executive officer, chief financial officer, or chief operating officer of the Borrower, stating that such agreements remain in full force and effect and that none of the Loan Parties has breached or defaulted in any of
its obligations under such agreements; 
 (xv) a certificate from at least two of the following: the chief executive officer,
chief financial officer, or chief operating officer of the Borrower, to the effect that, immediately after giving effect to any Credit Extension hereunder and the use of the proceeds thereof, the Borrower, individually and together with its
Subsidiaries on a consolidated basis, is and will be Solvent; 
 (xvi) a fully executed Intercreditor Agreement, executed by
all the parties thereto, including the Working Capital Agent; and 
 (xvii) such other assurances, certificates, documents,
consents or opinions as the Administrative Agent or any Lender reasonably may require. 
 (b) (i) All fees required to be
paid to the Administrative Agent on or before the Closing Date shall have been paid and (ii) all fees required to be paid to the Lenders on or before the Closing Date shall have been paid. 

(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable fees, charges and disbursements of counsel to
the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced prior to or on the Closing Date, plus such additional reasonable amounts of such fees, charges and disbursements as shall constitute
its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and
the Administrative Agent). 
 (d) The Closing Date shall in no event occur later than October 18, 2012. 

(e) No Material Adverse Effect shall have occurred and no disruption, adverse change or condition in the financial, lending or capital
markets generally in each case, in the Administrative Agent’s sole judgment, at any time prior to the Closing Date. 
 (f)
The Administrative Agent does not become aware of any new or inconsistent information or other matter not previously disclosed to the Administrative Agent relating to the Loan Parties or the Credit Extensions which the Administrative Agent, in its
reasonable judgment, deems material and adverse relative to the information or other matters disclosed to the Administrative Agent prior to the date hereof. 

  
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 (g) Except as set forth on Schedule 5.06, there shall not exist any action, suit,
investigation, litigation, proceeding, hearing or other legal or regulatory developments, pending or threatened in any court or before any arbitrator or Governmental Authority that, in the reasonable opinion of Administrative Agent, singly or in the
aggregate, could reasonably be expected to materially impair any of the transactions contemplated by the Loan Documents, or that could reasonably be expected to have a Material Adverse Effect. 

(h) All requisite Governmental Authorities and other material third parties shall have approved or consented to the Credit Extensions
and the other transactions contemplated hereby to the extent required, all applicable appeal periods shall have expired and there shall not be any pending or threatened litigation, governmental, administrative or judicial action, actual or
threatened, that could reasonably be expected to restrain, prevent or impose materially burdensome conditions on the Credit Extensions. 
 (i) The Administrative Agent shall have completed a legal due diligence investigation of the Loan Parties in scope, and with results, satisfactory to the Administrative Agent, including without
limitation, as to environmental concerns, corporate structure, capital structure, other debt instruments, governing documents, and the tax, accounting, legal, regulatory, environmental and other issues relevant to the Loan Parties, and shall have
been given access to the external independent auditors, management, records, books of account, contracts and properties of the Loan Parties and shall have received such other information regarding the Loan Parties as it shall have requested.

 (j) (i) The representations and warranties of the Borrower and each other Loan Party contained in Article V or
any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the Closing Date, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, and except that for purposes of this Section 4.01, the representations
and warranties contained in Sections 5.05(a) and (b) shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b), respectively, (ii) no Default shall exist, or would
result from such proposed Credit Extension or from the application of the proceeds thereof, and (iii) the Borrower shall have delivered to the Administrative Agent an officer’s certificate, in form and substance satisfactory to
Administrative Agent, certifying as to the matters set forth in clauses (i) and (ii). 
 (k) The Administrative Agent
shall have received a Request for Credit Extension in accordance with the requirements hereof 
 (l) The Administrative Agent
shall have received copies of all audit reports and related work papers, management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of the Borrower by independent accountants in
connection with the accounts or books of the Borrower or any of its Subsidiaries, or any audit of any of them, in each case, for the three (3) years preceding the Closing Date. 

  
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 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES 
 The Borrower represents and warrants to the
Administrative Agent and the Lenders that: 
 5.01 Existence, Qualification and Power. The Borrower and each of its
Subsidiaries (a) is duly organized or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite
governmental licenses, authorizations, consents and approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, and (c) is
duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case
referred to in clause (b)(i) or (c), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 5.02 Authorization; No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is or is to be a party have been duly authorized by all
necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any
Lien under, or require any payment to be made under (i) 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 (ii) any order, injunction, writ or
decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law. 
 5.03 Governmental Authorization; Other Consents. Upon the filing of Uniform Commercial Code financing statements pursuant to Section 4.01(a)(x) or Section 6.12, as the case
may be, and the delivery of Pledged Equity pursuant to the Guarantee and Collateral Agreement, no other 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, (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 second priority nature thereof) or (d) the exercise by the Administrative Agent or any Secured Party
of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents. 

5.04 Binding Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly
executed and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan
Party that is party thereto 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. 

  
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 5.05 Financial Statements; No Material Adverse Effect. (a) The Audited Financial
Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the Borrower and its Subsidiaries
as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material
indebtedness and other liabilities, direct or contingent, of the Borrower and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness. 

(b) The unaudited consolidated balance sheet of the Borrower and its Subsidiaries dated as of June 30, 2012, and the related
consolidated statements of income or operations and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted
therein, and (ii) fairly present in all material respects the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby, subject, in the case of clauses
(i) and (ii), to the absence of footnotes and to normal year-end audit adjustments. 
 (c) Since the date of
the Audited Financial Statements, 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. 

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 after due and diligent investigation, threatened or contemplated, 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 (a) purport to affect or pertain to this Agreement or any other Loan Document or any of the transactions contemplated hereby or thereby, or (b) either individually or in the aggregate, if determined
adversely, could reasonably be expected to have a Material Adverse Effect. 
 5.07 No Default. Neither the Borrower nor
any Subsidiary is in default under or with respect to any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result
from the consummation of the transactions contemplated by this Agreement or any other Loan Document. 
 5.08 Ownership of
Property; Liens; Investments. (a) The Borrower and each of its Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business,
except for (i) such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect and (ii) Permitted Liens. 

  
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 (b) Schedule 5.08(b) sets forth a complete and accurate list, as of the Closing
Date, of (i) all Material Real Property Interests of the Borrower and each of its Subsidiaries and (ii) each location where tangible personal property with a fair market value in excess of $2,500,000 or material books and records are
located. 
 5.09 Environmental Compliance. The Borrower and its Subsidiaries conduct in the ordinary course of business a
review of the effect of existing Environmental Laws and claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations and properties, and as a result thereof the Borrower has
reasonably concluded that such Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 5.10 Insurance. The properties of the Borrower and its Subsidiaries are insured with financially sound and reputable insurance companies not Affiliates of the Borrower, in such amounts (after
giving effect to any self-insurance compatible with the following standards), with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the
Borrower or the applicable Subsidiary operates. 
 5.11 Taxes. The Borrower and its Subsidiaries have filed all Federal,
state and other material tax returns and reports required to be filed, and have paid all Federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets
otherwise due and payable, except those set forth on Schedule 5.11 which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP. There is no
proposed tax assessment against the Borrower or any Subsidiary that would, if made, have a Material Adverse Effect. Neither the Borrower nor any Subsidiary is party to any tax sharing agreement. 

5.12 ERISA Compliance. (a) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the
Code and other Federal or state Laws. Each Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination letter from the IRS or an application for such a letter is currently being processed by
the IRS with respect thereto and, to the best knowledge of the Borrower, nothing has occurred which would prevent, or cause the loss of, such qualification. The Borrower and each ERISA Affiliate have made all required contributions to each Plan
subject to Section 412 of the Code, and no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any Plan. 

(b) There are no pending or, to the best knowledge of the Borrower, threatened claims, actions or lawsuits, or action by any
Governmental Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has
resulted or could reasonably be expected to result in a Material Adverse Effect. 
 (c) (i) No ERISA Event has occurred or is
reasonably expected to occur; (ii) no Pension Plan has any Unfunded Pension Liability; (iii) neither the Borrower nor 

  
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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); (iv) neither the Borrower 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 Section 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (v) neither the Borrower nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or 4212(c) of
ERISA. 
 (d) With respect to each scheme or arrangement mandated by a government other than the United States (a
“Foreign Government Scheme or Arrangement”) and with respect to each employee benefit plan maintained or contributed to by any Loan Party or any Subsidiary of any Loan Party that is not subject to United States law (a
“Foreign Plan”): 
 (i) any employer and employee contributions required by law or by the terms of any Foreign
Government Scheme or Arrangement or any Foreign Plan have been made, or, if applicable, accrued, in accordance with normal accounting practices; 
 (ii) the fair market value of the assets of each funded Foreign Plan, the liability of each insurer for any Foreign Plan funded through insurance or the book reserve established for any Foreign Plan,
together with any accrued contributions, is sufficient to procure or provide for the accrued benefit obligations, as of the Closing Date, with respect to all current and former participants in such Foreign Plan according to the actuarial assumptions
and valuations most recently used to account for such obligations in accordance with applicable generally accepted accounting principles; and 
 (iii) each Foreign Plan required to be registered has been registered and has been maintained in good standing with applicable regulatory authorities. 

5.13 Subsidiaries; Equity Interests; Loan Parties. As of the Closing Date, the Borrower has no Subsidiaries other than those
specifically disclosed in Part (a) of Schedule 5.13, and all of the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by a Loan Party in the amounts
specified on Part (a) of Schedule 5.13 free and clear of all Liens (other than Permitted Liens). As of the Closing Date, the Borrower has no equity investments in any other corporation or entity other than those specifically
disclosed in Part (b) of Schedule 5.13. All of the outstanding Equity Interests in the Borrower have been validly issued, are fully paid and non-assessable. Set forth on Part (c) of Schedule 5.13 is a complete
and accurate list of all Loan Parties, showing as of the Closing Date (as to each Loan Party) the jurisdiction of its incorporation, the address of its principal place of business and its U.S. taxpayer identification number or, in the case of any
non-U.S. Loan Party that does not have a U.S. taxpayer identification number, its unique identification number issued to it by the jurisdiction of its incorporation. Each non-wholly owned Domestic Subsidiary is an Immaterial Subsidiary. 

5.14 Margin Regulations; Investment Company Act. (a) The Borrower is not engaged and will not engage, principally or as one
of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. 

  
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 (b) None of the Borrower, any Person Controlling the Borrower, or any Subsidiary is or is
required to be registered as an “investment company” under the Investment Company Act of 1940. 
 5.15
Disclosure. The Borrower has disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that,
individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. No report, financial statement, certificate or other information furnished (whether in writing or orally) by or on behalf of any Loan Party to the
Administrative 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 (in each case as modified or supplemented by other information
so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading in any material respect;
provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being understood that such
projected financial information is subject to significant uncertainties and contingencies, many of which are beyond the control of the Loan Parties, that no assurance is given that any particular projections will be realized, that actual results may
differ and that such differences may be material). 
 5.16 Compliance with Laws. The Borrower and each of its
Subsidiaries is in compliance in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or
order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect. 
 5.17 Intellectual Property; Licenses, Etc. Except, in each case, as set forth on Schedule
5.17 and as could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, the Borrower and each of its Subsidiaries own, or possess the right to use, all of the trademarks, service marks, trade names,
copyrights, patents, patent rights, franchises, licenses and other intellectual property rights (collectively, “IP Rights”) that are reasonably necessary for the operation of their respective businesses, without conflict with the
rights of any other Person. To the best knowledge of the Borrower, no slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by the Borrower or any of its
Subsidiaries infringes upon any rights held by any other Person. No claim or litigation regarding any of the foregoing is pending or, to the best knowledge of the Borrower, threatened, which, either individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect. 
 5.18 Solvency. As of the Closing Date and immediately after giving
effect to any Credit Extension hereunder and the use of the proceeds thereof, the Borrower, individually and together with its Subsidiaries on a consolidated basis, is and will be Solvent. 

  
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 5.19 Casualty, Etc. Neither the businesses nor the properties of the Borrower or any
of its Subsidiaries are affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance) that,
either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 5.20 Labor
Matters. There are no collective bargaining agreements or Multiemployer Plans covering the employees of the Borrower or any of its Subsidiaries as of the Closing Date and neither the Borrower nor any Subsidiary has suffered any strikes,
walkouts, work stoppages or other material labor difficulty within the last two years. 
 5.21 Collateral Documents. The
provisions of the Collateral Documents are effective to create in favor of the Administrative Agent for the benefit of the Secured Parties a legal, valid and enforceable second priority Lien (subject to Permitted Liens) on all right, title and
interest of the respective Loan Parties in the Collateral described therein. Except for the delivery of Pledged Equity pursuant to the Guarantee and Collateral Agreement and the filings completed on or prior to the Closing Date (including without
limitation the filing of Uniform Commercial Code financing statements pursuant to Section 4.01(a)(x)) and as otherwise contemplated hereby and by the Collateral Documents, no filing or other action will be necessary to perfect or protect
such Liens. 
 5.22 Working Capital Loan Documents. After giving effect to the amendment to the Working Capital Loan
Documents on the Closing Date, no Default or Event of Default exists, or has occurred and is continuing under and as defined in the Working Capital Loan Documents. The Administrative Agent and the Lenders have received true, correct and complete
copies of all of the Working Capital Loan Documents in effect as of the Closing Date. 
 5.23 Foreign Assets Control
Regulations, Etc. (a) Neither the borrowing of the Loans by the Borrower hereunder nor its use of the proceeds thereof will violate (i) the United States Trading with the Enemy Act, as amended, (ii) any of the foreign
assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto, (iii) Executive Order No. 13,224, 66 Fed Reg 49,079
(2001), issued by the President of the United States (Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism) (the “Terrorism Order”) or (iv) the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, Public Law 107-56 (October 26, 2001). No part of the proceeds from the Loans will be used, directly or
indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or
obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 
 (b) No
Loan Party (i) is or will become a “blocked person” as described in Section 1.01 of the Terrorism Order or (ii) engages or will engage in any dealings or transactions, or is otherwise associated, with any such blocked
person. 

  
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 (c) The Borrower and its Subsidiaries are in compliance, in all material respects, with the
Uniting And Strengthening America By Providing Appropriate Tools Required To Intercept And Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, Public Law 107-56 (October 26, 2001). 

5.24 Sanctioned Persons. None of the Loan Parties nor, to the knowledge of the Borrower, any director, officer, agent, employee or
Subsidiary of any of the Loan Parties is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); the Borrower will not directly or
indirectly use the proceeds of the Loans or otherwise make available such proceeds to any Person, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. 

ARTICLE VI 

AFFIRMATIVE COVENANTS 
 So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other than contingent indemnification obligations for which no claim has then been asserted in accordance with this
Agreement) hereunder shall remain unpaid or unsatisfied, the Borrower shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02, 6.03 and 6.11) cause each Subsidiary to: 

6.01 Financial Statements. Deliver to the Administrative Agent and each Lender, in form and detail satisfactory to the
Administrative Agent and the Required Lenders: 
 (a) as soon as available, but in any event within 90 days after the end of
each fiscal year of the Borrower, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, changes in shareholders’ 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, to be audited and accompanied by (i) a report and opinion of
EisnerAmper LLP or another independent certified public accountant of recognized standing reasonably acceptable to the Required Lenders, 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) as soon as available, but in any event within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower (commencing with the fiscal quarter ending
September 30, 2012), a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, and the related consolidated statements of income or operations and cash flows for such fiscal quarter and for the
portion of the Borrower’s fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in
reasonable detail, to be certified by at least two of the following: the chief executive officer, chief financial officer, or chief operating officer of the Borrower, as 

  
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fairly presenting the financial condition, results of operations, shareholders’ 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) as soon as available, but in any event within 45 days after the
end of each fiscal month of the Borrower (commencing with the fiscal month ending September 30, 2012), a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal month, and the related consolidated statements
of income or operations for such fiscal month and for the portion of the Borrower’s fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal month of the previous fiscal year and the
corresponding portion of the previous fiscal year, all in reasonable detail, to be certified by at least two of the following: the chief executive officer, chief financial officer, or chief operating officer of the Borrower, as fairly presenting the
financial condition and results of operations of the Borrower and its Subsidiaries, subject only to normal year-end audit adjustments and the absence of footnotes; 
 (d) as soon as available, but in any event within 45 days after the end of each fiscal year of the Borrower, an annual business plan and budget of the Borrower and its Subsidiaries on a consolidated
basis, including forecasts prepared by management of the Borrower, in form satisfactory to the Administrative Agent, of consolidated balance sheets and statements of income or operations and cash flows of the Borrower and its Subsidiaries on a
quarterly basis for the immediately following fiscal year; 
 (e) as soon as available, but in any event within 45 days after
the end of each fiscal quarter, (i) an aged schedule of accounts receivable of the Borrower, listing the name and amount due from each debtor on such accounts receivable and showing the aggregate amounts due from (A) 0 to 30 days,
(B) 31 to 60 days, (C) 61 to 90 days and (D) more than 90 days, and (ii) the Borrower and each of its Subsidiaries’ work in process report, in each case, certified as accurate by at least two of the following: the chief
executive officer, chief financial officer, or chief operating officer of the Borrower, and otherwise in form and substance satisfactory to the Administrative Agent; and 
 (f) no later than 45 calendar days after the end of each fiscal quarter, commencing on November 15, 2012, a report in form reasonably satisfactory to the Administrative Agent setting forth a detailed
summary of (a) the Borrower’s and its Subsidiaries Indebtedness, including all intercompany Indebtedness (which shall constitute Pledged Notes in the case of Indebtedness owed to a Loan Party in accordance with Section 7.02(d) of the
Credit Agreement) and all letter of credit facilities and Investments made under Section 7.03 during the applicable fiscal quarter, and (b) any changes to the capital structure of the Borrower and its Subsidiaries, including as a result of
the formation or acquisition of new Subsidiaries, together with a certification as to compliance with the covenants contained in Section 6.04, including the absence of a default with respect to any Indebtedness that would constitute an Event of
Default. 
 As to any information contained in materials furnished pursuant to Section 6.02(c), the Borrower shall
not be separately required to furnish such information under Section 6.01(a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Borrower to furnish the information and materials described in
Sections 6.01(a) and (b) above at the times specified therein. 

  
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 6.02 Certificates; Other Information. Deliver to the Administrative Agent and each
Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders: 
 (a) concurrently with the
delivery of the financial statements referred to in Sections 6.01(a), (b) and (c) (commencing with the delivery of the financial statements for the fiscal quarter ended September 30, 2012), a duly completed Compliance
Certificate signed by at least two of the following: the chief executive officer, chief financial officer, or chief operating officer of the Borrower; 
 (b) promptly after any request by the Administrative Agent or any Lender (and in any event, whether requested or not, at least once per calendar year), copies of any detailed audit reports and related
work papers, management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of the Borrower by independent accountants in connection with the accounts or books of the Borrower or any of
its Subsidiaries, as well as one call or meeting per calendar year with the audit chairperson of the board of directors of the Borrower and the lead audit partner at the Borrower’s accounting firm; 

(c) promptly after the same are available, copies of each annual report, proxy or financial statement or other report or communication
sent to the stockholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration statements which the Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Securities
Exchange Act of 1934, or with any national securities exchange, and in any case not otherwise required to be delivered to the Administrative Agent pursuant hereto; 
 (d) promptly, and in any event within five Business Days after receipt thereof by the Borrower or any Subsidiary, copies of each notice or other correspondence received from the SEC (or comparable agency
in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational results of the Borrower or any Subsidiary; 

(e) as soon as available, but in any event within 45 days after the end of each fiscal year of the Borrower, a report summarizing the
insurance coverage (including summaries of the type, amount and carrier of such coverage) and bonding coverage (including summaries of the amount of such bonding, contracts covered thereby and applicable surety) in effect for each Loan Party and its
Subsidiaries and containing such additional information as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably specify; 
 (f) promptly after the assertion or occurrence thereof, notice of any action or proceeding against or of any noncompliance by the Borrower or any of its Subsidiaries with any Environmental Law or
Environmental Permit that could reasonably be expected to have a Material Adverse Effect; 

  
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 (g) promptly, such additional information regarding the business, financial, legal or
corporate affairs of any Loan Party or any Subsidiary thereof, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably request; and 

(h) promptly after delivery or receipt thereof, copies of all reports, notices and other documents delivered to or received from the
Working Capital Agent under the Working Capital Loan Documents. 
 Documents required to be delivered pursuant to
Section 6.01(a), (b) or (c) or Section 6.02(c) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be
deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address listed on Schedule 10.02; or (ii) on which
such documents are posted on the Borrower’s behalf on an Internet or intranet 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) the Borrower shall deliver paper copies of such documents to the Administrative Agent or any Lender that requests the Borrower to deliver such paper copies until a written request to cease delivering paper
copies is given by the Administrative Agent or such Lender and (ii) the Borrower shall notify the Administrative Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and 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. Except for such Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event
shall have no responsibility to monitor compliance by the Borrower with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

6.03 Notices. Promptly notify the Administrative Agent and each Lender: 

(a) of the occurrence of any Default; 
 (b) of any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including (i) breach or non-performance of, or any default under, a Contractual Obligation
of the Borrower or any Subsidiary; (ii) any dispute, litigation, investigation, proceeding or suspension between the Borrower or any Subsidiary and any Governmental Authority; or (iii) the commencement of, or any material development in,
any litigation or proceeding affecting the Borrower or any Subsidiary, including pursuant to any applicable Environmental Laws; 
 (c) of the occurrence of any ERISA Event; 

  
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 (d) of any material change in accounting policies or financial reporting practices by the
Borrower or any Subsidiary, including any determination by the Borrower referred to in Section 2.10(b). 
 Each
notice pursuant to this Section 6.03 shall be accompanied by a statement of at least two of the following: the chief executive officer, chief financial officer, or chief operating officer of the Borrower, setting forth details of the
occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto. Each notice pursuant to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement
and any other Loan Document that have been breached. 
 6.04 Payment of Obligations. Pay and discharge as the same shall
become due and payable, all its obligations and liabilities, including (a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets; (b) all lawful claims which, if unpaid, would by law become
a Lien upon its property; and (c) all Indebtedness, as and when due and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness, unless, in each such case, the same are being
contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Borrower or such Subsidiary. 
 6.05 Preservation of Existence, Etc. (a) Preserve, renew and maintain in full force and effect its legal existence and good standing (except, with respect to any Subsidiary, to the extent the
failure to do so could not reasonably be expected to have a Material Adverse Effect) under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.04 or 7.05; (b) take all reasonable
action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect;
and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected to have a Material Adverse Effect. 

6.06 Maintenance of Properties. (a) Except to the extent that the failure to do so could not reasonably be expected,
individually or in the aggregate, to result in a Material Adverse Effect, maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and
tear excepted; and (b) make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) use the standard of care typical
in the industry in the operation and maintenance of its facilities. 
 6.07 Maintenance of Insurance. Maintain with
financially sound and reputable insurance companies not Affiliates of the Borrower, 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 compatible with the following standards) as are customarily carried under similar circumstances by such other Persons and providing for not less than 30
days’ prior notice to the Administrative Agent of termination, lapse or cancellation of such insurance. The Administrative Agent and the Lenders acknowledge that the insurance reflected on the insurance

  
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certificate furnished pursuant to Section 4.01(a)(ix) and the insurance carriers providing such insurance reflected on such certificate are acceptable to the Administrative Agent and
such Lenders as of the Closing Date. 
 6.08 Compliance with Laws. Comply in all material respects with the requirements
of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by
appropriate proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 
 6.09 Books and Records. Maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions
and matters involving the assets and business of the Borrower or such Subsidiary, as the case may be. 
 6.10 Inspection
Rights. Permit representatives and independent contractors of the Administrative Agent and each Lender to visit and inspect any of its properties (including the inventory and such other Collateral located on any such property), to perform
appraisals of its equipment, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants,
in each case, the results of which must be satisfactory to such Lender in such Lender’s reasonable discretion, 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, however, that the Borrower shall only be obligated to reimburse the reasonable out-of-pocket expenses of one such on-site visit and inspection per calendar
year and one off-site visit and inspection per calendar year, which may include a telephonic or video conference; 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, as often as may be desired, at any time during normal business hours and without advance notice. 

6.11 Use of Proceeds. Use the proceeds of the Credit Extensions toward the partial payment of the Working Capital Obligations
(together with a concurrent permanent reduction to the commitment to make Working Capital Loans in the amount of such payment), the payment of fees and expenses incurred in connection with this Agreement and/or in connection with the amendment of
the Working Capital Credit Agreement on the Closing Date, and for other general corporate purposes not in contravention of any Law or of any Loan Document. 
 6.12 Covenant to Guarantee Obligations and Give Security; Further Assurances. 
 (a) Formation or Acquisition of New Subsidiary; Designation of Loan Parties. Upon the formation or acquisition of any new direct or indirect Subsidiary (other than any CFC or a Subsidiary that is
held directly or indirectly by a CFC) by any Loan Party or the designation of a Person that was an Immaterial Subsidiary as a Person that will become a Loan Party pursuant to this Section as described in the definition of “Immaterial
Subsidiary”, then the Borrower shall, at the Borrower’s expense: 
 (i) within 30 days after such formation,
acquisition or designation, cause such Subsidiary, and cause each direct and indirect parent of such Subsidiary (if it has not already done so), to duly execute and deliver to the Administrative Agent an Assumption Agreement, pursuant to which such
Person shall guaranty the Obligations and pledge a security interest in and to all of its assets (limited so that in no event shall more than 65% of the total outstanding voting Equity Interests of any CFC be pledged as Collateral) in support of
such guaranty in accordance with the terms and conditions thereof, 

  
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 (ii) within 30 days after such formation, acquisition or designation, furnish to the
Administrative Agent a description of the Material Real Property Interests personal properties of such Subsidiary, in detail satisfactory to the Administrative Agent, 
 (iii) within 30 days after such formation, acquisition or designation, cause such Subsidiary and each direct and indirect parent of such Subsidiary (if it has not already done so) to duly execute and
deliver to the Administrative Agent deeds of trust, trust deeds, deeds to secure debt, mortgages, leasehold mortgages, leasehold deeds of trust, and other security and pledge agreements, as specified by and in form and substance reasonably
satisfactory to the Administrative Agent (including delivery of all Pledged Equity in and of such Subsidiary, and other instruments of the type specified in Section 5.6 of the Guarantee and Collateral Agreement), securing payment of all the
Obligations and constituting Liens on all such personal properties and Material Real Property Interests, 
 (iv) within 45 days
after such formation, acquisition or designation, cause such Subsidiary and each direct and indirect parent of such Subsidiary (if it has not already done so) to take whatever action (including the recording of mortgages, the filing of Uniform
Commercial Code financing statements and the giving of notices) may be necessary or reasonably advisable in the opinion of the Administrative Agent to vest in the Administrative Agent (or in any representative of the Administrative Agent designated
by it) valid and subsisting Liens on the properties purported to be subject to the Assumption Agreement, Mortgages and other Collateral Documents delivered pursuant to this Section 6.12, enforceable against all third parties in
accordance with their terms, or as may be reasonably necessary to assure title therein or protect such Liens (including entering into satisfactory landlord waivers and access letters for each location where tangible personal property with a fair
market value in excess of $2,500,000 or material books and records are located or will be located), 
 (v) within 60 days after
such formation, acquisition or designation, deliver to the Administrative Agent, upon the request of the Administrative Agent in its sole discretion, a signed copy of a favorable opinion, addressed to the Administrative Agent and the other Secured
Parties, of counsel for the Loan Parties acceptable to the Administrative Agent as to the matters contained in clauses (i), (iii) and (iv) above, and as to such other matters as the Administrative Agent may reasonably
request, and 

  
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 (vi) as promptly as practicable after such formation, acquisition or designation, deliver,
upon the request of the Administrative Agent in its sole discretion, to the Administrative Agent with respect to each Material Real Property Interest of the entity that is the subject of such formation, acquisition or designation, title reports,
surveys and engineering, soils and other reports, and environmental assessment reports, each in scope, form and substance satisfactory to the Administrative Agent (it being understood and agreed that the Administrative Agent will not request
surveys, engineering or environmental reports not otherwise being obtained by the Borrower or any Subsidiary in connection with such formation, acquisition or designation if the cost of obtaining such surveys or reports is excessive (as determined
by the Administrative Agent) in relation to the benefit to the Lenders when assessed both individually and in light of the value of all other Collateral), provided, however, that to the extent that any Loan Party or any of its
Subsidiaries shall have otherwise received any of the foregoing items with respect to such Material Real Property Interest, such items shall, promptly after the receipt thereof, be delivered to the Administrative Agent. 

(b) Acquisition of Property. Upon the acquisition of any property by any Loan Party (including, without limitation, any Material
Real Property Interest), if such property, in the judgment of the Administrative Agent, shall not already be subject to a perfected second priority security interest in favor of the Administrative Agent for the benefit of the Secured Parties, then
the Borrower shall, at the Borrower’s expense: 
 (i) within 30 days after such acquisition, furnish to the Administrative
Agent a description of the property so acquired in detail reasonably satisfactory to the Administrative Agent, 
 (ii) within
30 days after such acquisition, cause the applicable Subsidiary (other than any CFC or a Subsidiary that is held directly or indirectly by a CFC) to duly execute and deliver to the Administrative Agent deeds of trust, trust deeds, deeds to secure
debt, mortgages, leasehold mortgages, leasehold deeds of trust, and other security and pledge agreements, as specified by and in form and substance reasonably satisfactory to the Administrative Agent, securing payment of all the Obligations,

 (iii) within 45 days after such acquisition, cause each Subsidiary (other than any CFC or a Subsidiary that is held directly
or indirectly by a CFC) to take whatever action (including the recording of mortgages, the filing of Uniform Commercial Code financing statements and the giving of notices) may be necessary or advisable in the opinion of the Administrative Agent to
vest in the Administrative Agent (or in any representative of the Administrative Agent designated by it) valid and subsisting Liens on such property, enforceable against all third parties, or as may be reasonably necessary to assure title therein or
protect such Liens (including entering into satisfactory landlord waivers and access letters for each location where tangible personal property with a fair market value in excess of $2,500,000 or material books and records are located or will be
located), 
 (iv) within 60 days after such acquisition, deliver to the Administrative Agent, upon the request of the
Administrative Agent in its sole discretion, a signed copy of a favorable opinion, addressed to the Administrative Agent and the other Secured Parties, of counsel for the Loan Parties acceptable to the Administrative Agent as to the matters
contained in clauses (ii) and (iii) above and as to such other matters as the Administrative Agent may reasonably request; and 

  
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 (v) as promptly as practicable after any acquisition of any Material Real Property
Interest, deliver, upon the request of the Administrative Agent in its sole discretion, to the Administrative Agent with respect to such Material Real Property Interest, surveys and engineering, soils and other reports, and environmental assessment
reports, each in scope, form and substance satisfactory to the Administrative Agent (it being understood and agreed that the Administrative Agent will not request surveys, engineering or environmental reports not otherwise being obtained by the
Borrower or any Subsidiary in connection with such formation or acquisition if the cost of obtaining such surveys or reports is excessive (as determined by the Administrative Agent) in relation to the benefit to the Lenders when assessed both
individually and in light of the value of all other Collateral), provided, however, that to the extent that any Loan Party or any of its Subsidiaries shall have otherwise received any of the foregoing items with respect to such
Material Real Property Interest, such items shall, promptly after the receipt thereof, be delivered to the Administrative Agent. 
 (c) Deposit Accounts and Collections. Subject to Section 7.16, the Borrower shall, and shall cause each Loan Party to ensure that all collections and/or payments in respect of accounts
or other Collateral and all other proceeds whatsoever of or from any Collateral are promptly paid into one or more deposit accounts subject to an Account Control Agreement in accordance with procedures and arrangements reasonably acceptable to the
Administrative Agent and subject only to such changes as may be approved in advance by the Administrative Agent. To the extent that any collections and/or payments with respect to accounts or other Collateral or any other proceeds whatsoever of or
from any Collateral are not sent directly to such accounts in accordance with procedures and arrangements reasonably acceptable to the Administrative Agent, such collections, payments and/or proceeds shall be held in trust for the benefit of the
Administrative Agent and the Working Capital Agent (subject to the applicable provisions of the Intercreditor Agreement) and immediately remitted for transfer to such accounts. So long as no Event of Default has occurred and is continuing, the Loan
Parties shall be permitted to withdraw funds from such accounts without any restriction and without the consent of the Administrative Agent. 
 (d) Further Assurances Generally. At any time upon the reasonable request of the Administrative Agent, the Borrower shall, at the Borrower’s expense, or cause any applicable Subsidiary to,
(i) correct any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof, (ii) promptly execute and deliver Notices of Assignment under the Assignment of Claims
Act of 1940 or similar applicable state Laws, and otherwise do all acts and things and execute all documents necessary or advisable, in Administrative Agent’s sole discretion, with respect to any contract with a Governmental Authority, and
(iii) 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, without limitation, landlord waivers and access
letters with respect to locations where tangible personal property with a fair market value in excess of $2,500,000 or material books and records are located) as the Administrative Agent, or any Lender through the Administrative Agent, may
reasonably require from time to time in order to (A) carry out more effectively the purposes of the Loan Documents, (B) to the fullest extent permitted by applicable 

  
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law, subject any Loan Party’s or any of its Subsidiaries’ properties, assets, rights or interests to the Liens now or hereafter intended to be covered by any of the Collateral
Documents, (C) perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents and any of the Liens intended to be created thereunder and (D) assure, convey, grant, assign, transfer, preserve, protect and
confirm more effectively unto the Secured Parties the rights granted or now or hereafter intended to be granted to the Secured Parties under any Loan Document or under any other instrument executed in connection with any Loan Document to which any
Loan Party or any of its Subsidiaries is or is to be a party. 
 6.13 Compliance with Environmental Laws. Comply, and
cause all lessees and other Persons operating or occupying its properties to comply, in all material respects, with all applicable Environmental Laws and Environmental Permits; obtain and renew all Environmental Permits necessary for its operations
and properties; and conduct any investigation, study, sampling and testing, and undertake any cleanup, removal, remedial or other action necessary to remove and clean up all Hazardous Materials from any of its properties, in accordance with the
requirements of all Environmental Laws; provided, however, that neither the Borrower nor any of its Subsidiaries shall be required to undertake any such cleanup, removal, remedial or other action to the extent that its obligation to do
so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP. 
 6.14 Surety Bonds. Maintain bonding coverage, if required pursuant to the agreements for the provision of services to which the Borrower or any such Subsidiary is a party, in terms and amounts
satisfactory to the Administrative Agent for existing and projected work provided by a surety listed on the U.S. Treasury Department’s Treasury’s List of Approved Sureties and, at the time the bonding relationship is entered into, having a
“Secure” A.M. Best Rating (B+ or better). 
 6.15 Foreign Subsidiaries. Except as set forth on Schedule
6.15, cause each Subsidiary of the Borrower that is not a Domestic Subsidiary to be owned 100% (directly or indirectly) by Hill International N.V. 
 ARTICLE VII 
 NEGATIVE COVENANTS 

So long as any Lender shall have any Commitment hereunder, or any Loan or other Obligation (other than contingent indemnification
obligations for which no claim has then been asserted in accordance with this Agreement) hereunder shall remain unpaid or unsatisfied, the Borrower shall not, nor shall it permit any Subsidiary to, directly or indirectly: 

7.01 Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or
hereafter acquired, or sign or file or suffer to exist under the Uniform Commercial Code of any jurisdiction a financing statement that names the Borrower or any of its Subsidiaries as debtor (provided that if any such financing statement is
filed without the knowledge or consent of the Borrower or the applicable Subsidiary, the Borrower or such Subsidiary shall terminate such financing statement within forty-five (45) days after obtaining knowledge thereof), or assign any accounts
or other right to receive income, other than the following: 
 (a) Liens pursuant to any Loan Document; 

  
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 (b) Liens existing on the Closing Date and listed on Schedule 7.01 and any renewals
or extensions thereof, provided that (i) the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased except as contemplated by Section 7.02(c), (iii) the direct or any
contingent obligor with respect thereto is not changed, and (iv) any renewal or extension of the obligations secured or benefited thereby is permitted by Section 7.02(c); 

(c) Liens for taxes not yet due or which are being contested in good faith and by appropriate proceedings diligently conducted, if
adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 
 (d)
carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business which are not overdue for a period of more than 30 days or which are being contested in good
faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 

(e) pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and
other social security legislation, other than any Lien imposed by ERISA; 
 (f) deposits to secure the performance of bids,
trade contracts and leases (other than Indebtedness), statutory obligations, surety and appeal bonds, performance bonds, letters of credit and other obligations of a like nature incurred in the ordinary course of business; 

(g) easements, covenants, conditions, restrictions, building code laws, zoning restrictions, encroachments, rights-of-way and similar
encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially interfere with the ordinary conduct of business of the applicable Person and such other
minor title defects or survey matters that are disclosed by current surveys that, in each case, do not materially interfere with the ordinary conduct of business of the applicable Person; and 

(h) Liens securing judgments, decrees, attachments and awards for the payment of money not constituting an Event of Default under
Section 8.01(h); 
 (i) Liens securing Indebtedness permitted under Section 7.02(g); provided
that (i) such Liens do not at any time encumber any property other than the property financed by such Indebtedness and (ii) the Indebtedness secured thereby does not exceed the cost or fair market value, whichever is lower, of the property
being acquired on the date of acquisition; 

  
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 (j) landlords’ and lessors’ Liens in respect of rent not in default, in each case
other than Liens of any such landlord or lessor that have been waived in a landlord agreement or access letter delivered pursuant to Section 4.01 or 6.12 of this Agreement or as required pursuant to any Collateral Document;

 (k) possessory Liens in favor of brokers and dealers arising in connection with the acquisition or disposition of
Investments permitted under Section 7.03, provided that such Liens (i) attach only to such Investments and (ii) secure only obligations incurred in the ordinary course and arising in connection with the acquisition or
disposition of such Investments and not any obligation in connection with margin financing; 
 (l) Liens arising solely by
virtue of any statutory or common law provisions relating to banker’s liens, liens in favor of securities intermediaries, rights of setoff or similar rights and remedies as to deposit accounts or securities accounts or other funds maintained
with depository institutions or securities intermediaries, except to the extent required to be waived pursuant to any agreement delivered pursuant to Section 4.01 or 6.12 of this Agreement or any Account Control Agreement or other
Collateral Document delivered in connection herewith; 
 (m) Uniform Commercial Code financing statements filed for
precautionary purposes in connection with “true” operating leases; 
 (n) any interest or title (i) of a lessor
or sublessor under leases or subleases; or (ii) secured by a lessor’s or sublessor’s interests under leases, entered into by the Borrower or any of its Subsidiaries in the ordinary course of business, but only to the extent such
interest or title extends only to the applicable leased property; 
 (o) 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; 

(p) Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods (including under
Article 2 of the UCC) and Liens that are contractual rights of set-off relating to purchase orders and other similar agreements entered into by the Borrower or any of its Subsidiaries in the ordinary course of business; 

(q) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto incurred in the
ordinary course of business; 
 (r) licenses or sublicenses granted to third Persons, in each case in the ordinary course of
business and which do not materially interfere with the business of the Borrower and its Subsidiaries; 
 (s) Liens securing
Indebtedness permitted under Section 7.02(i); provided that (i) such Liens do not at any time encumber any property other than the property (and proceeds thereof) financed by such Indebtedness and (ii) the Indebtedness
secured thereby does not exceed the cost or fair market value, whichever is lower, of the property being acquired on the date of such acquisition; 

  
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 (t) Liens securing the Working Capital Obligations permitted by
Section 7.02(o), provided that, such Liens are subject to the Intercreditor Agreement; and 
 (u) Liens not
otherwise permitted by this Section to the extent that the aggregate outstanding amount principal amount of the obligations secured thereby does not at any time exceed $2,000,000. 

7.02 Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except: 

(a) Indebtedness under this Agreement or any other Loan Document; 

(b) obligations (contingent or otherwise) existing or arising under any Swap Contract, provided that (i) such obligations
are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with fluctuations in interest rates or foreign exchange rates and (ii) such Swap Contract does not contain any
provision exonerating the non-defaulting party from its obligation to make payments on outstanding transactions to the defaulting party; 
 (c) Indebtedness outstanding on the Closing Date (and in the case of a revolving credit or similar facility, Indebtedness in an amount up to the maximum availability thereunder as in effect on the Closing
Date) and listed on Schedule 7.02(c) and any refinancings, refundings, renewals or extensions thereof; provided that the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension
except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder and the direct
or any contingent obligor with respect thereto is not changed, as a result of or in connection with such refinancing, refunding, renewal or extension; and provided, still further, that the terms relating to principal amount, amortization,
maturity, collateral (if any) and subordination (if any), and other material terms taken as a whole, of any such refinancing, refunding, renewing or extending Indebtedness, and of any agreement entered into and of any instrument issued in connection
therewith, are no less favorable in any material respect to the Loan Parties or the Lenders than the terms of any agreement or instrument governing the Indebtedness being refinanced, refunded, renewed or extended and the interest rate applicable to
any such refinancing, refunding, renewing or extending Indebtedness does not exceed the then applicable market interest rate; 

(d) Indebtedness of a Subsidiary of the Borrower owed to the Borrower or a wholly-owned Subsidiary of the Borrower outstanding on the
Closing Date and listed on Schedule 7.02(d) and additional Indebtedness of a Subsidiary of the Borrower owed to the Borrower or a wholly-owned Subsidiary of the Borrower (other than the types of Indebtedness described in Section 7.02(p)), which
Indebtedness shall (i) in the case of Indebtedness owed to a Loan Party (other than certain Indebtedness disclosed on such schedule under the heading “To/From”, to the extent such Indebtedness is not of the type described in
Section 7.02(p), which need not be evidenced by Pledged Notes), constitute “Pledged Notes” under the Guarantee and Collateral Agreement (and such Pledged Notes shall, subject to the applicable provisions of the Intercreditor
Agreement, be delivered to the Administrative Agent in 

  
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accordance with the Guarantee and Collateral Agreement) except to the extent that creation and delivery of a Pledged Note could reasonably be expected to cause a material tax consequence,
(ii) be on terms reasonably acceptable to the Administrative Agent and (iii) be otherwise permitted under the provisions of Section 7.03; 
 (e) Guarantees of the Borrower or any Subsidiary in respect of Indebtedness otherwise permitted hereunder of the Borrower or any wholly-owned Subsidiary; provided, in the case of any Guarantee by any Loan
Party of any Indebtedness of any Person that is not a Loan Party, that such Investment is permitted by Section 7.03(b); 
 (f) performance guaranties issued by the Borrower or any Subsidiary of the operating obligations of any of its Subsidiaries made in the ordinary course of business; provided, that any such guaranty
shall exclude any guaranty of the payment of such Subsidiary’s monetary obligations; 
 (g) Indebtedness in respect of
Capitalized Leases, Synthetic Lease Obligations and purchase money obligations for fixed or capital assets within the limitations set forth in Section 7.01(i); provided, however, that the aggregate amount of all such
Indebtedness at any one time outstanding shall not exceed $2,500,000; 
 (h) Indebtedness (other than the types of Indebtedness
described in Sections 7.02(d) and (p)) of the Borrower’s foreign Subsidiaries incurred (a) in connection with advance payment or performance guaranties outstanding on the Closing Date (and in the case of a revolving credit or similar
facility, Indebtedness in an amount up to the maximum availability thereunder as in effect on the Closing Date) and listed on Schedule 7.02(h) and any refinancings, refundings. renewals or extensions thereof. provided, that
(i) the amount of such Indebtedness (as measured in and by the applicable currency set forth on Schedule 7.02(h)) is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable
premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder and the direct or any contingent obligor with respect
thereto is not changed, as a result of or in connection with such refinancing, refunding, renewal or extension; and (ii) the terms relating to principal amount, amortization, maturity, collateral (if any) and subordination (if any), and other
material terms taken as a whole, of any such refinancing, refunding, renewing or extending Indebtedness, and of any agreement entered into and of any instrument issued in connection therewith, are no less favorable in any material respect to such
foreign Subsidiary or the Lenders than the terms of any agreement or instrument governing the Indebtedness being refinanced, refunded, renewed or extended and the interest rate applicable to any such refinancing, refunding, renewing or extending
Indebtedness does not exceed the then applicable market interest rate, and (b) in addition to Indebtedness otherwise permitted under Section 7.02 (including clause (a) above), and not limited to the types of Indebtedness in clause
(a) above, up to an aggregate of $8,000,000 at any time outstanding; 
 (i) Indebtedness incurred in connection with an
Investment permitted under Section 7.03(f) (including existing Indebtedness of a Person acquired in connection with such Investment provided such Indebtedness was not incurred solely in contemplation of such Investment) in an
aggregate amount at any one time outstanding of no more than $2,000,000 (the “Permitted Acquisition Indebtedness”); 

  
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 (j) (i) Indebtedness constituting indemnification obligations or obligations in respect of
purchase price or other similar adjustments in connection with Investments permitted under Section 7.03 and Dispositions permitted under Section 7.05; and (ii) Indebtedness consisting of obligations of the Borrower or
any Subsidiary under deferred compensation or other similar arrangements incurred by such Person in connection with any Investment permitted under Section 7.03; 
 (k) Indebtedness consisting of the financing of insurance premiums in the ordinary course of business; 
 (l) Indebtedness in respect of netting services, overdraft protections and similar arrangements and related liabilities arising from treasury, depository and cash management services or any automated
clearing house transfers of funds in the ordinary course of business; 
 (m) Indebtedness representing deferred compensation to
directors, officers and employees of the Borrower or any of its Subsidiaries incurred in the ordinary course of business and consistent with past practice; 
 (n) to the extent constituting Indebtedness, judgments, decrees, attachments or awards not constituting an Event of Default under Section 8.01(h); 

(o) Working Capital Obligations in an aggregate principal amount not exceeding the Maximum Working Capital Amount and the amount
permitted under the Intercreditor Agreement; 
 (p) other Indebtedness (not described in any other clause of this Section, as
to which such clause shall govern the Indebtedness and this clause (p) shall not be additive thereto) in an aggregate principal amount not to exceed $2,500,000 at any time outstanding; 

(q) Indebtedness of foreign Subsidiaries of the Borrower arising in the ordinary course of business from payments made by one or more
Loan Parties or one or more Subsidiaries of the Borrower to third parties on behalf of one or more of such foreign Subsidiaries or from non-cash Investments by one or more Loan Parties or one or more Subsidiaries of the Borrower to one or more of
such foreign Subsidiaries resulting from the application of the Borrower’s transfer pricing policy, resulting from the Borrower paying for insurance premiums in the ordinary course of business, relating to information technology allocations,
relating to outside payroll-related services or for or relating to stock-based compensation; and 
 (r) Indebtedness to repay
Investment permitted under Section 7.03(b); 

  
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 provided (for the sake of clarity), that if Indebtedness incurred meets the criteria
of more than one of the types of Indebtedness described in the subsections above, the Borrower in its sole discretion may elect the subsection in which to classify such action or event. 

7.03 Investments. Make or hold any Investments, except: 
 (a) Investments held by the Borrower and its Subsidiaries in the form of Cash Equivalents; 
 (b) (i) Investments by the Borrower and its Subsidiaries in their respective Subsidiaries outstanding on the Closing Date, (ii) additional Investments by the Borrower and its Subsidiaries in Loan
Parties, (iii) additional Investments by Subsidiaries of the Borrower that are not Loan Parties in other Subsidiaries that are not Loan Parties, including Investments by Hill N.V. and Gerens (each as defined in Section 7.03(l)) made
by honoring the underlying obligations described in clauses (i), (ii) and (iii) of Section 7.03(l) and (iv) so long as (x) no Default has occurred and is continuing or would result from such Investment and
(y) immediately before and immediately after giving effect to such Investment, Borrower shall have satisfied the Minimum Liquidity Requirement, additional Investments by the Loan Parties in wholly-owned Subsidiaries that are not Loan Parties
(but not for the purposes described in clause (l) of this Section) in an aggregate amount made from and after the Closing Date not to exceed $4,000,000 at any time outstanding; 

(c) 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 to the extent reasonably necessary in order to prevent or limit loss; 

(d) Guarantees permitted by Section 7.02; 
 (e) Investments existing on the Closing Date (other than those referred to in Section 7.03(b)(i)) and set forth on Schedule 7.03; 

(f) the purchase or other acquisition of all of the Equity Interests in, or all or substantially all of the property of, any Person
that, upon the consummation thereof, will be wholly-owned directly by the Borrower or one or more of its wholly-owned Subsidiaries (including as a result of a merger or consolidation); provided that, (1) unless and until the Consolidated
Leverage Ratio is less than or equal to 3.75 to 1.00, the Borrower and its Subsidiaries shall be prohibited from making any Investment described in this Section 7.03(f) without the prior written consent of the Required Lenders,
(2) notwithstanding the foregoing, the Borrower shall be permitted to make acquisitions of up to an aggregate amount of $10,000,000 under, and subject to meeting the other requirements set forth in, this Section 7.03(f) without satisfying
such Consolidated Leverage Ratio test, so long as the sole forms of consideration provided by the Borrower consist of Equity Interests in the Borrower and the assumption of future obligations under ordinary course contracts to which such Person is a
party prior to the applicable transaction (such acquisitions, “Stock-Based Acquisitions”), (3) notwithstanding anything to the contrary contained herein, Investments by the Borrower and its Subsidiaries

  
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under this Section 7.03(f) on and after the Closing Date, when combined with Investments by the Borrower and its Subsidiaries under Section 7.03(m) on and after the Closing Date, not
including Investments relating to Stock-Based Acquisitions, shall not exceed $10,000,000 (cumulative) without the prior written consent of the Required Lenders, and (4) with respect to each purchase or other acquisition made pursuant to this
Section 7.03(f): 
 (i) any such newly-created or acquired Subsidiary shall comply with the requirements of
Section 6.12; 
 (ii) the lines of business of the Person to be (or the property of which is to be) so purchased or
otherwise acquired shall be substantially the same lines of business as one or more of the principal businesses of the Borrower and its Subsidiaries in the ordinary course; 
 (iii) the total consideration paid by or on behalf of the Borrower and its Subsidiaries for any such purchase or other acquisition shall not exceed $10,000,000; 

(iv) (A) immediately before and immediately after giving pro forma effect to any such purchase or other acquisition, no Default shall
have occurred and be continuing, (B) immediately after giving effect to such purchase or other acquisition, the Borrower and its Subsidiaries shall be in pro forma compliance with all of the covenants set forth in Section 7.11;
provided that, in the event Indebtedness is incurred in connection with such purchase or acquisition the Consolidated Leverage Ratio, on a pro forma basis, shall be less than the then-applicable ratio required by Section 7.11(b)
minus 0.25 (the “Additional Leverage Requirement”); provided further that, for the purpose of the calculations set forth above, Consolidated EBITDA attributable to such purchase or acquisition shall only be permitted
to be included in the calculation of the Additional Leverage Requirement; in each case, such compliance to be determined on the basis of the financial information most recently delivered to the Administrative Agent and the Lenders pursuant to
Section 6.01(a) or (b) as though such purchase or other acquisition had been consummated as of the first day of the fiscal period covered thereby and giving effect to any other material purchases or acquisitions that have
occurred during such fiscal period, and (C) immediately before and immediately after giving effect to any such purchase or other acquisition, the Borrower shall have satisfied the Minimum Liquidity Requirement; and 

(v) the Borrower shall have delivered to the Administrative Agent and each Lender, at least five Business Days prior to the date on
which any such purchase or other acquisition is to be consummated, (A) a Compliance Certificate (signed by at least two of the following: the chief executive officer, chief financial officer or chief operating officer of the Borrower)
evidencing pro forma compliance with the financial covenants as described in clauses (f)(l) (if applicable) and (iv)(B) above, together with all relevant financial information with respect to such purchase or acquisition (including, without
limitation, historical financial information, internally prepared projections and business plans) and such other information as reasonably requested by the Administrative Agent; and (B) a certificate signed by at least two of the following: the
chief executive officer, chief financial officer or chief operating officer of the Borrower, in form and substance reasonably satisfactory to the Administrative Agent and the Required Lenders, certifying that all of the requirements set forth in
this Section 7.03(f) have been satisfied or will be satisfied on or prior to the consummation of such purchase or other acquisition; and 

  
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 (g) (i) advances of payroll payments to employees in the ordinary course of business and
consistent with past practice and (ii) other loans and advances to officers, directors and employees of the Loan Parties and Subsidiaries in the ordinary course of business in an aggregate amount not to exceed $100,000 at any time outstanding;

 (h) Investments of any Person existing at the time such Person becomes a Subsidiary of any Loan Party or consolidates or
merges with the Borrower or any of its Subsidiaries (including in connection with an Investment permitted under Section 7.03(f)), so long as such Investments were not made in contemplation of such Person becoming a Subsidiary or of such
consolidation or merger; 
 (i) promissory notes and other non-cash consideration received in connection with Dispositions
permitted by Section 7.05; 
 (j) to the extent constituting Investments, lease, utility and other similar deposits
made in the ordinary course of business consistent with past practices; 
 (k) Investments in the ordinary course of business
consisting of endorsements for collection or deposit pursuant to Article 3 of the UCC and customary trade arrangements with clients pursuant to Article 4 of the UCC, in each case in the ordinary course of business consistent with past practices;

 (l) So long as no Default has occurred and is continuing or would result therefrom, Investments by the Borrower in Hill
International N.V. (“Hill N.V.”) in an aggregate amount not to exceed $23,000,000 in cash (with no restriction on any such Investments paid by delivery of the Borrower’s Equity Interests) made for the purposes of (i) permitting
Hill N.V. to purchase the shares of minority shareholders of Gerens Hill International, S.A. (“Gerens”) to the extent Hill N.V. is obligated to do so pursuant to an agreement entered into with said minority shareholders at the time of Hill
N.V.’s acquisition of 60% of the outstanding capital stock of Gerens on or about February 15, 2008, (ii) permitting Gerens to purchase the shares of minority shareholders of Engineering S.A. Servicos Tecnicos (“S.A.”) to the
extent Gerens is obligated to do so pursuant to an agreement entered into with said minority shareholders at the time of Gerens’ acquisition of 60% of the outstanding capital stock of S.A. on or about February 28, 2011 (the “Original
ESA Acquisition”) and (iii) permitting Gerens to fulfill its remaining payment obligations owing in connection with the Original ESA Acquisition; provided that the aggregate amount of cash Investments for the purposes set forth in
clauses (i), (ii) and (iii) above shall not exceed $13,000,000, $10,000,000 and $6,000,000, respectively (each of which shall be reduced whenever an obligation described in clause (i), (ii) or (iii), as applicable, is paid from a
source other than a cash Investment that is the subject of this subsection as follows: with respect to any payment made for an obligation described in clause (i) or (ii), 50% of such payment; and with respect to any payment made for an
obligation described in clause (iii), 100% of such payment); provided further that the obligations described in clauses (i), (ii) and (iii) above shall first be satisfied using Gerens’ and its Subsidiaries’ cash and
cash equivalents to the extent said cash (or cash equivalents) exceeds $1,000,000 at the time such 

  
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obligations are payable, but payment from such cash and cash equivalents shall be required only after such time as and to the extent that the Borrower is able, directly or indirectly, to control
distributions and dividends by Gerens or any such Subsidiaries, as applicable; and 
 (m) other Investments (not described in
any other clause of this Section, as to which such clause shall govern the Investment and this clause (m) shall not be additive thereto) at any time outstanding not exceeding $5,000,000 in the aggregate, provided that, unless and until
the Consolidated Leverage Ratio is less than or equal to 3.75 to 1.00, the Borrower and its Subsidiaries shall be prohibited from making any Investment described in this Section 7.03(m) without the prior written consent of the Required Lenders,
provided, further, that, notwithstanding anything to the contrary contained herein, Investments by the Borrower and its Subsidiaries under this Section 7.03(m) on and after the Closing Date, when combined with Investments by the
Borrower and its Subsidiaries under Section 7.03(f) on and after the Closing Date, not including Investments relating to Stock-Based Acquisitions, shall not exceed $10,000,000 (cumulative) without the prior written consent of the Required
Lenders; 
 provided, however, that notwithstanding the foregoing, the Investments specified in clauses (a) or
(k) shall be subject to Account Control Agreements to the extent required by the Guarantee and Collateral Agreement, provided further (for the sake of clarity), that if an Investment meets the criteria of more than one of
the types of Investments described in the subsections above, the Borrower in its sole discretion may elect the subsection in which to classify such action or event. 
 7.04 Fundamental Changes. 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, so long as no Default exists or would result therefrom: 
 (a) any Subsidiary may merge with (i) the Borrower, provided that the Borrower shall be the continuing or surviving Person, or (ii) any one or more other Subsidiaries, provided that when
any Loan Party is merging with another Subsidiary, such Loan Party shall be the continuing or surviving Person; 
 (b) any Loan
Party may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower or to another Loan Party; 
 (c) any Subsidiary that is not a Loan Party may dispose of all or substantially all its assets (including any Disposition that is in the nature of a liquidation) to (i) another Subsidiary that is not
a Loan Party or (ii) to a Loan Party; 
 (d) in connection with any acquisition permitted under Section 7.03,
any Subsidiary of the Borrower may merge into or consolidate with any other Person or permit any other Person to merge into or consolidate with it; provided that (i) the Person surviving such merger shall be a wholly-owned Subsidiary of
the Borrower and (ii) in the case of any such merger to which any Loan Party (other than the Borrower) is a party, such Loan Party is the surviving Person; and 

  
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 (e) so long as no Default has occurred and is continuing or would result therefrom, any
Subsidiary of the Borrower may merge into or consolidate with any other Person or permit any other Person to merge into or consolidate with it; provided, that in each case, immediately after giving effect thereto (i) in the case of any
such merger to which the Borrower is a party, the Borrower is the surviving corporation and (ii) in the case of any such merger to which any Loan Party (other than the Borrower) is a party, such Loan Party is the surviving corporation.

 7.05 Dispositions. Make any Disposition or enter into any agreement to make any Disposition, except: 

(a) Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;

 (b) Dispositions of inventory in the ordinary course of business; 

(c) Dispositions of equipment or real property to the extent that (i) such property is exchanged for credit against the purchase
price of similar replacement property or (ii) the proceeds of such Disposition are applied in accordance with Section 2.07 to the purchase price of such replacement property; 

(d) Dispositions of property (including any Equity Interest of any Subsidiary) by any Subsidiary to the Borrower or to a wholly-owned
Subsidiary; provided that if the transferor of such property is a Guarantor, the transferee thereof must either be the Borrower or a Guarantor; 
 (e) Dispositions permitted by Section 7.04; 
 (f) Dispositions of any
unsecured Indebtedness owed to a Loan Party by another Loan Party or any other Subsidiary that is not a Loan Party to any other Subsidiary that is not a Loan Party, provided that after giving effect to such transfer, the Investment of such
Indebtedness in the transferee Subsidiary would otherwise be permitted under Section 7.03(b)(iv); 
 (g)
Dispositions consisting of the compromise, settlement or collection of accounts receivable in the ordinary course of business, consistent with past practices; and 
 (h) Dispositions by the Borrower and its Subsidiaries not otherwise permitted under this Section 7.05; provided that (i) at the time of such Disposition, no Default shall exist or
would result from such Disposition, (ii) the aggregate book value of all property Disposed of in reliance on this clause (h) in any fiscal year shall not exceed $2,500,000;  

provided, however, that any Disposition pursuant to Section 7.05(a), (b), (c) or (h) shall be
for fair market value. 
 7.06 Restricted Payments. Declare or make, directly or indirectly, any Restricted Payment, or
incur any obligation (contingent or otherwise) to do so, or issue or sell any Equity Interests or accept any capital contributions, except that, so long as no Default shall have occurred and be continuing at the time of any action described below or
would result therefrom: 
 (a) each Subsidiary may make Restricted Payments to the Borrower, any Subsidiaries of the Borrower
that are Guarantors and any other Person that owns a direct Equity Interest in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made; 

  
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 (b) the Borrower and each Subsidiary may declare and make dividend payments or other
distributions payable solely in the common stock or other common Equity Interests of such Person; 
 (c) the Borrower and each
Subsidiary may purchase, redeem or otherwise acquire Equity Interests with the proceeds received from the substantially concurrent issue of new common Equity Interests; and 
 (d) the Borrower may purchase, redeem or otherwise acquire for cash Equity Interests of the Borrower on the open market from Persons who are neither insiders of the Borrower nor relatives of insiders of
the Borrower, provided that, (i) immediately before and immediately after giving effect to such purchase or redemption, Borrower shall have satisfied the Minimum Liquidity Requirement, (ii) the aggregate amount of such cash payments
shall not exceed $2,000,000 and (iii) no Default shall have occurred and be continuing at the time. 
 7.07 Change in
Nature of Business. Engage in any material line of business substantially different from those lines of business conducted by the Borrower and its Subsidiaries on the Closing Date or any business substantially related or incidental thereto.

 7.08 Transactions with Affiliates. Enter into, renew, extend or be a party to any transaction of any kind with any
Affiliate of the Borrower, whether or not in the ordinary course of business, other than on fair and reasonable 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, provided that the foregoing restriction shall not apply to (a) a transaction between or among the Loan Parties, (b) a transaction between or among
any Subsidiaries of the Borrower that are not Loan Parties, (c) transactions, arrangements, reimbursements and indemnities permitted between or among Loan Parties, (d) the payment of reasonable fees and out-of-pocket costs to directors,
and compensation and employee benefit arrangements paid to, and indemnities provided for the benefit of, directors, officers or employees of the Borrower or its Subsidiaries, (e) any issuances of securities or other payments, awards or grants
in cash, securities or otherwise pursuant to, or the funding of, employment agreements, stock options and stock ownership plans approved by the Borrower’s board of directors, or (f) non-exclusive, royalty-free licenses of any of the
Borrower’s or Subsidiaries’ trademarks, trade names and business systems by Loan Parties to Subsidiaries which are not Loan Parties. 
 7.09 Burdensome Agreements. Enter into or permit to exist any Contractual Obligation (other than this Agreement or any other Loan Document) that (a) limits the ability (i) of any
Subsidiary to make Restricted Payments to the Borrower or any Guarantor or to otherwise 

  
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transfer property to or invest in the Borrower or any Guarantor, except for any agreement in effect (A) on the Closing Date and set forth on Schedule 7.09 or (B) at the time any
Subsidiary becomes a Subsidiary of the Borrower, so long as such agreement was not entered into solely in contemplation of such Person becoming a Subsidiary of the Borrower, (ii) of any Subsidiary to Guarantee the Indebtedness of the Borrower
or (iii) of the Borrower or any Subsidiary to create, incur, assume or suffer to exist Liens on property of such Person; provided, however, that this clause (iii) shall not prohibit any negative pledge incurred or
provided in favor of any holder of Indebtedness permitted under Section 7.02(g) solely to the extent any such negative pledge relates to the property financed by or the subject of such Indebtedness; or (b) requires the grant of a
Lien to secure an obligation of such Person if a Lien is granted to secure another obligation of such Person. 
 7.10 Use of
Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to
others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose. 

7.11 Financial Covenants. (a) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio for each Measurement
Period ending on each date set forth below to be greater than the corresponding ratio set forth opposite such date: 
  

			
	 Measurement Period
	  	Consolidated Leverage Ratio
	 December 31, 2012
	  	9.00 to 1.00
	 March 31, 2013
	  	7.35 to 1.00
	 June 30, 2013
	  	7.00 to 1.00
	 September 30, 2013
	  	7.00 to 1.00
	 December 31, 2013
	  	7.00 to 1.00
	 March 31, 2014
	  	7.00 to 1.00
	 June 30, 2014
	  	7.00 to 1.00
	 September 30, 2014
	  	7.00 to 1.00
	 December 31, 2014
	  	6.75 to 1.00
	 March 31, 2015
	  	6.75 to 1.00
	 June 30, 2015
	  	6.75 to 1.00
	 September 30, 2015
	  	6.75 to 1.00
	 December 31, 2015 and the last day of each fiscal quarter thereafter
	  	6.50 to 1.00

 (b) Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge Coverage Ratio
for each Measurement Period ending on each date set forth below to be less than the corresponding ratio set forth opposite such date: 
  

			
	 Measurement Period
	  	Consolidated Fixed Charge
Coverage Ratio
	 December 31, 2012
	  	0.65 to 1.00
	 March 31, 2013
	  	0.85 to 1.00
	 June 30, 2013
	  	0.85 to 1.00
	 September 30, 2013
	  	0.95 to 1.00
	 December 31, 2013
	  	0.95 to 1.00
	 March 31, 2014
	  	0.95 to 1.00
	 June 30, 2014
	  	0.95 to 1.00
	 September 30, 2014
	  	0.95 to 1.00
	 December 31, 2014 and the last day of each fiscal quarter thereafter
	  	1.20 to 1.00

  
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 7.12 Amendments of Organization Documents. Amend, modify or waive any of a Loan
Party’s rights under its Organization Documents in a manner that could reasonably be expected to be materially adverse to the Administrative Agent or any Lender. 
 7.13 Accounting Changes. Either (a) change the fiscal year of any Loan Party, or (b) change the accounting policies or reporting practices of the Loan Parties, except as required by GAAP
or except for the adoption by the Borrower of the International Financial Reporting Standards (subject to Section 1.03 hereof) (the foregoing not being intended to waive or modify the Loan Parties’ requirement to furnish notice to
the Administrative Agent of such change in accounting policies in accordance with the provisions of Section 6.03(d)). 
 7.14 Prepayments, Etc. of Indebtedness. Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner, or make any payment in violation of any
subordination terms of, any Indebtedness, except (a) the prepayment of the Credit Extensions in accordance with the terms of this Agreement, and (b) the Working Capital Obligations. 

7.15 Amendment, Etc. of Indebtedness. Amend, modify or change in any manner any term or condition of (a) any Indebtedness set
forth in Schedule 7.02, except for any refinancing, refunding, renewal or extension thereof permitted by Section 7.02(c), (b) the Working Capital Obligations (other than to the extent permitted pursuant to the provisions of
the Intercreditor Agreement) or (c) any Permitted Subordinated Indebtedness. 
 7.16 Post-Closing Deliveries. Fail
to satisfy any of the requirements set forth on Schedule 7.16 within the time period(s) specified therein. 
 7.17
Operating Accounts. Permit any of the Borrower’s Subsidiaries and joint ventures that are not Loan Parties to have a calendar month-end cash balance within their unrestricted operating accounts in excess of an aggregate amount equal to
$10 million for more than 7 Business Days, provided, however, that the foregoing covenant shall not apply with respect to Gerens Hill International, S.A., Hill International de Mexico, S.A., Gerens Hill Gestion de Activos S.L., Hill
International Brasil Participacoes Ltda, Engineering, S.A. Servicos Tecnicos, or Engineering, S.A. Servicos Tecnicos SP. 
 7.18
Other Domestic Accounts. Permit the Borrower and its domestic wholly-owned Subsidiaries to have in their domestic bank accounts other than those accounts maintained 

  
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by the Working Capital Agent, a calendar month-end cash balance in excess of an aggregate amount of $25,000 for more than seven (7) Business Days. Subject to compliance with this
Section 7.18, the Administrative Agent and the Lenders agree that the Borrower and its domestic Subsidiaries need not comply with the provisions of Section 5.9 of the Guarantee and Collateral Agreement with respect to accounts
existing on October 17, 2011. 
 No payment or transfer of funds otherwise required pursuant to Sections 7.17 or
7.18 herein shall be required to be made if either (a) such payment or transfer would constitute or give rise to a Default or Event of Default, (b) such payment or transfer would cause a material adverse tax consequence to the
Borrower or any of its Subsidiaries or (c) such payment or transfer would violate applicable law. In addition, the Borrower and its Subsidiaries shall not be required to comply with the provisions of Sections 7.17 and 7.18 at any
time there are no outstanding Working Capital Loans. 
 7.19 Sale and Lease-Back Transactions. Enter into any
arrangement, directly or indirectly, with any person whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other
property which it intends to use for substantially the same purpose or purposes as the property being sold or transferred unless (a) the sale or transfer of such property is permitted by Section 7.04 and Section 7.05 and
(b) any Capitalized Leases, Synthetic Lease Obligations or Liens arising in connection therewith are permitted by Section 7.01 and Section 7.02, as the case may be. 

ARTICLE VIII 

EVENTS OF DEFAULT AND REMEDIES 
 8.01 Events of Default. Any of the following shall constitute an Event of Default: 
 (a) Non-Payment. The Borrower or any other Loan Party fails to (i) pay when and as required to be paid herein, any amount of principal of any Loan, or (ii) pay within five days after the
same becomes due, any interest on any Loan or any fee due hereunder, or (iii) pay within five days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or 

(b) Specific Covenants. (i) The Borrower fails to perform or observe any term, covenant or agreement contained in any of
Section 6.01, 6.02, 6.03, 6.05, 6.10, 6.11, 6.12, 6.14, 6.15 or Article VII or (ii) any of the Guarantors fails to perform or observe any term, covenant or agreement
contained in the Guarantee and Collateral Agreement; or 
 (c) Other Defaults. Any Loan Party fails to perform or
observe any other covenant or agreement (not specified in Section 8.01(a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days; or 

  
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 (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 other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect or misleading when made or deemed
made; or 
 (e) Cross-Default. (i) The Borrower or any Subsidiary, except in respect of Indebtedness under the
Working Capital Credit Agreement or any Default or Event of Default (each as defined in the Working Capital Credit Agreement) thereunder (which are the subject of clause (iv) below), (A) fails to make any payment when due (whether by
scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including
undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition
relating to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or
holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (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 be
demanded or 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, or such Guarantee to become
payable or cash collateral in respect thereof to be demanded; (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to
which the Borrower or any Subsidiary is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which the Borrower or any Subsidiary is an Affected Party (as so
defined) and, in either event, the Swap Termination Value owed by the Borrower or such Subsidiary as a result thereof is greater than the Threshold Amount; or (iii) any default occurs under any Material Bond Indemnity Agreement, which default
has been declared by the applicable surety to exist and has not been cured or waived prior to the expiration of any applicable grace periods; or (iv) an Event of Default (as defined in the Working Capital Credit Agreement) occurs under the
Working Capital Credit Agreement; provided that, with respect to an Event of Default under the Working Capital Credit Agreement pursuant to a breach of Section 7.11 in the Working Capital Credit Agreement, such Event of Default under the
Working Capital Credit Agreement shall not constitute an Event of Default in this Section 8.01(e) unless such Event of Default under the Working Capital Credit Agreement results in an acceleration of the maturity of the Indebtedness
under the Working Capital Credit Agreement; or 
 (f) Insolvency Proceedings, Etc. The Borrower 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 or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person
and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding 

  
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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
60 calendar days, or an order for relief is entered in any such proceeding; or 
 (g) Inability to Pay Debts;
Attachment. (i) The Borrower 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 any such Person and is not released, vacated or fully bonded within 30 days after its issue or levy; or 
 (h) Judgments. There is entered against the Borrower or any Subsidiary (i) one or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments and
orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer is rated at least “A” by A.M. Best Company, has been notified of the potential claim and does not dispute
coverage), or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced
by any creditor upon such judgment or order, or (B) there is a period of 30 consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or 

(i) Debarment. Any Loan Party or any Subsidiary thereof is debarred or suspended under Section 9.4 of the Federal
Acquisition Regulations or otherwise prohibited from future contracting with agencies of the executive branch of the United States Government. 
 (j) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability of the Borrower under Title
IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) the Borrower 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 in excess of the Threshold Amount; or 

(k) Invalidity of Loan Documents. Any 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 or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party or any other Person contests in any manner the validity or enforceability of
any provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any provision of any Loan Document, or purports to revoke, terminate or rescind any provision of any Loan Document; or 

(l) Invalidity of Subordination Provisions, etc. Any subordination provision in any document or instrument governing Permitted
Subordinated Indebtedness or any subordination provision in any guaranty by any Subsidiary of any Permitted Subordinated Indebtedness, shall cease to be in full force and effect, or any Loan Party or any other Person (including the holder of any
applicable Permitted Subordinated Indebtedness) shall contest in any manner the validity, binding nature or enforceability of any such provision. 

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

(n) Collateral Documents. Any Collateral Document after delivery thereof pursuant to Section 4.01 or 6.12
shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected second priority Lien (subject to Permitted Liens) on the Collateral purported to be covered thereby. 

8.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall, at the
request of, or may, with the consent of, the Required Lenders, take any or all of the following actions: 
 (a) declare the
commitment of each Lender to make Loans to be terminated, whereupon such commitments and obligation shall be terminated; 
 (b)
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; 
 (c) exercise on behalf of
itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents; 
 provided, however,
that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans shall automatically terminate, and the unpaid
principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, in each case without further act of the Administrative Agent or any Lender. 

8.03 Application of Funds. After the exercise of remedies provided for in Section 8.02 (or after the Loans have
automatically become immediately due as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations, subject to the Intercreditor Agreement and the provisions of Sections 2.07, 2.15 and
10.14, shall be applied by the Administrative Agent in the following order: 
 First, to payment of that portion
of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative 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 fees, charges and disbursements of counsel to the respective Lenders (including fees and time charges for attorneys who may be employees of any Lender) arising under the
Loan Documents and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; 

Third, to payment of that portion of the Obligations constituting interest on the Agent Advances arising under the Loan Documents
payable to the Administrative Agent; 

  
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 Fourth, to payment of that portion of the Obligations constituting unpaid principal
of the Agent Advances payable to the Administrative Agent; 
 Fifth, to payment of that portion of the Obligations
constituting interest on the Loans and other Obligations arising under the Loan Documents, ratably among the Lenders in proportion to the respective amounts described in this clause Fifth payable to them; 

Sixth. to payment of that portion of the Obligations constituting unpaid principal of the Loans, ratably among the Lenders in
proportion to the respective amounts described in this clause Sixth held by them; and 
 Seventh, the balance, if
any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law. 

ARTICLE IX 

ADMINISTRATIVE AGENT 
 9.01 Appointment and Authority. (a) Each of the Lenders hereby irrevocably appoints the Administrative Agent to act on its behalf hereunder and under the other Loan Documents and authorizes
the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The
provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders, and the Borrower shall not have rights as a third party beneficiary of any of such provisions. 

(b) The Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of the Lenders
hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the
Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Administrative Agent, as “collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the
Administrative Agent pursuant to Section 9.05 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 Administrative Agent), shall be entitled to the benefits of all provisions of this Article IX and Article XI (including Section 10.04(c), 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. 
 9.02 Rights as
a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term
“Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity.

  
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Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the
Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 
 9.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the
generality of the foregoing, the Administrative Agent: 
 (a) shall not be subject to any fiduciary or other implied duties,
regardless of whether a Default has occurred and is continuing; 
 (b) shall not have any duty to take any discretionary action
or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such
other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its
counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law; and 

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

The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the
Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 10.01 and 8.02)
or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by the
Borrower or a Lender. 
 The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into
(i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection
herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or
genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Collateral Documents, (v) the value or the sufficiency of
any Collateral, or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

  
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 9.04 Reliance by Administrative Agent. The Administrative Agent shall be entitled to
rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution)
believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the
proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may
presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who may
be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

9.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers
hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or
through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in
connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

9.06 Resignation of Administrative Agent. The Administrative Agent may at any time give notice of its resignation to the Lenders
and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor. If no such successor shall have been so appointed by the Required Lenders and
shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders, appoint a successor Administrative Agent meeting the
qualifications set forth above; provided that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with
such notice and (a) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on
behalf of the Lenders under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (b) all payments, communications and
determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this
Section. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative
Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan 

  
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Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 10.04 shall
continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as
Administrative Agent. 
 9.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender acknowledges that it
has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter
into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time
to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

9.08 [Intentionally Omitted]. 
 9.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any 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)
shall be 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 and
the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the
Administrative Agent under Sections 2.03(h) and (i), 2.09, 2.10(b) and 10.04) 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, 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 and, if the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of
the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.09, 2.10(b) and 10.04. 

  
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 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 authorize the Administrative Agent to vote in respect of the claim
of any Lender in any such proceeding. 
 9.10 Collateral and Guaranty Matters. Each of the Lenders irrevocably authorize
the Administrative Agent, at its option and in its discretion, 
 (a) to release any Lien on any property granted to or held by
the Administrative Agent under any Loan Document (i) upon termination of the Aggregate Commitments and payment in full of all Obligations (other than contingent indemnification obligations), (ii) that is sold or to be sold as part of or in
connection with any sale permitted hereunder or under any other Loan Document, (iii) if approved, authorized or ratified in writing in accordance with Section 10.01, or (iv) in connection with a credit bid or purchase
authorized under this Section 9.10; 
 (b) to release any Guarantor from its obligations under the Guarantee and
Collateral Agreement if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder; 
 (c) to
subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 7.01(i); 

(d) to make such disbursements and advances (“Agent Advances”) which the Administrative Agent, in its sole discretion,
deems necessary or desirable to preserve, protect, prepare for sale or lease or dispose of the Collateral or any portion thereof, to enhance the likelihood or maximize the amount of repayment by the Borrower of the Loans and other Obligations or to
pay any other amount chargeable to the Borrower pursuant to the terms of this Agreement, including costs, fees and expenses as described in Section 10.04. The Agent Advances shall be repayable on demand and be secured by the Collateral and
shall bear interest at a rate per annum equal to the rate then applicable to Term Loans. The Administrative Agent shall notify each Lender and the Borrower in writing of each such Agent Advance, which notice shall include a description of the
purpose of such Agent Advance. Each Lender agrees that it shall make available to the Administrative Agent, upon the Administrative Agent’s demand, in Dollars in immediately available funds, the amount equal to such Lender’s Applicable
Percentage of each such Agent Advance. If such funds are not made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such funds on demand from such Lender, together with interest thereon for
each day from the date such payment was due until the date such amount is paid to the Administrative Agent; and 
 (e) to
(i) consent to, credit bid or purchase (either directly or indirectly through one or more entities) all or any portion of the Collateral at any sale thereof conducted under the provisions of the Bankruptcy Code, including Section 363 of
the Bankruptcy Code, (b) credit bid or purchase (either directly or indirectly through one or more entities) all or any portion of the Collateral at any sale or other disposition thereof conducted under the provisions

  
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of the UCC, including pursuant to Sections 9-610 or 9-620 of the UCC, or (c) credit bid or purchase (either directly or indirectly through one or more entities) all or any portion of the
Collateral at any other sale or foreclosure conducted or consented to by the Administrative Agent in accordance with applicable law in any judicial action or proceeding or by the exercise of any legal or equitable remedy. In connection with any such
credit bid or purchase, (i) the Obligations owed to the Lenders shall be entitled to be, and shall be, credit bid on a ratable basis (with Obligations with respect to contingent or unliquidated claims being estimated for such purpose if the
fixing or liquidation thereof would not impair or unduly delay the ability of the Administrative Agent to credit bid or purchase at such sale or other disposition of the Collateral and, if such contingent or unliquidated claims cannot be estimated
without impairing or unduly delaying the ability of the Administrative Agent to credit bid at such sale or other disposition, then such claims shall be disregarded, not credit bid, and not entitled to any interest in the Collateral that is the
subject of such credit bid or purchase) and the Lenders whose Obligations are credit bid shall be entitled to receive interests (ratably based upon the proportion of their Obligations credit bid in relation to the aggregate amount of Obligations so
credit bid) in the Collateral that is the subject of such credit bid or purchase (or in the Equity Interests of the any entities that are used to consummate such credit bid or purchase), and (ii) the Administrative Agent, based upon the
instruction of the Required Lenders, may accept non-cash consideration, including debt and equity securities issued by any entities used to consummate such credit bid or purchase and in connection therewith the Administrative Agent may reduce the
Obligations owed to the Lenders (ratably based upon the proportion of their Obligations credit bid in relation to the aggregate amount of Obligations so credit bid) based upon the value of such non-cash consideration. 

Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative 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 Guarantee and Collateral Agreement pursuant to this Section 9.10. In each case as
specified in this Section 9.10, the Administrative Agent will, at the Borrower’s expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item
of Collateral from the assignment and security interest granted under the Collateral Documents or to subordinate its interest in such item, or to release such Guarantor from its obligations under the Guarantee and Collateral Agreement, in each case
in accordance with the terms of the Loan Documents and this Section 9.10. 
 9.11 Intercreditor Agreement.

 (a) EACH LENDER, ON BEHALF OF ITSELF AND ANY OTHER SECURED PARTY WHICH IS AN AFFILIATE THEREOF, HEREBY GRANTS TO THE
ADMINISTRATIVE AGENT ALL REQUISITE AUTHORITY TO ENTER INTO OR OTHERWISE BECOME BOUND BY THE INTERCREDITOR AGREEMENT AND TO BIND THE LENDERS AND THE OTHER SECURED PARTIES THERETO BY THE ADMINISTRATIVE AGENT’S ENTERING INTO OR OTHERWISE BECOMING
BOUND THEREBY, AND NO FURTHER CONSENT OR APPROVAL ON THE PART OF THE LENDERS OR ANOTHER SECURED PARTY IS OR WILL BE REQUIRED IN CONNECTION WITH THE PERFORMANCE OF THE INTERCREDITOR AGREEMENT. 

  
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 (b) The Administrative Agent, solely in its capacity as such, shall have no obligations,
liabilities, responsibilities or duties under this Agreement or any other Loan Document. The Administrative Agent agrees that it shall not enter into any amendment, waiver, modification or other supplement of the Intercreditor Agreement, or
affirmatively provide any consent granted solely to the Administrative Agent pursuant to the terms and provisions of the Intercreditor Agreement, in each case, without the written consent of the Required Lenders. 

ARTICLE X 

MISCELLANEOUS 

10.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any
departure by the Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and
each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall: 

(a) waive any condition set forth in Section 4.01 (other than Section 4.01(b)(i) or (c)), or, in the case
of the initial Credit Extension, Section 4.02, without the written consent of each Lender; 
 (b) extend or
increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the written consent of such Lender; 
 (c) postpone any date fixed by this Agreement or any other Loan Document for any payment of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under such other
Loan Document without the written consent of each Lender directly affected thereby; 
 (d) reduce the principal of, or the rate
of interest specified herein on, any Loan, or (subject to clause (iv) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of
each Lender entitled to such amount; provided, however, that only the consent of the Required Lenders shall be necessary (i) to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay
interest at the Default Rate or (ii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or to reduce any fee payable hereunder;

 (e) change Section 2.13 or Section 8.03 in a manner that would alter the pro rata sharing of
payments required thereby without the written consent of each Lender; 
 (f) change any provision of this
Section 10.01 or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or
grant any consent hereunder, without the written consent of each Lender; 

  
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 (g) release all or substantially all of the Collateral in any transaction or series of
related transactions, without the written consent of each Lender; or 
 (h) release any Guarantor from the Guarantee and
Collateral Agreement, without the written consent of each Lender, except to the extent the release of any Subsidiary from the Guarantee and Collateral Agreement is permitted pursuant to Section 9.10 (in which case such release may be
made by the Administrative Agent acting alone); 
 and provided, further, that (i) no amendment, waiver or consent shall, unless in writing
and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and (ii) the Fee Letter may be amended, or rights or
privileges thereunder waived, in a writing executed only by the parties thereto. 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 may be effected with the consent of all Lenders other than Defaulting Lenders), except that (i) the Commitment of Defaulting Lender may not be increased or
extended without the consent of such Lender and (ii) any amendment, waiver or consent requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall
require the consent of such Defaulting Lender. 
 If any Lender does not consent to a proposed amendment, waiver, consent or
release with respect to any Loan Document that requires the consent of each Lender and that has been approved by the Required Lenders, the Borrower may replace such non-consenting Lender in accordance with Section 10.13; provided
that such amendment, waiver, consent or release can be effected as a result of the assignment contemplated by such Section (together with all other such assignments required by the Borrower to be made pursuant to this paragraph). 

10.02 Notices; Effectiveness; Electronic Communications. (a) Notices Generally. Except in the case of notices and
other communications expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telecopier as follows, 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 the Administrative Agent, to the address, telecopier number, electronic mail address or telephone
number specified for such Person on Schedule 10.02; and 
 (ii) if to any other Lender, to the address, telecopier
number, electronic mail address or telephone number specified in its Administrative Questionnaire. 
 Notices and other communications sent by
hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not
given during normal business hours for the recipient, shall be deemed to have been given at 

  
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the opening of business on the next business day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in
subsection (b) below shall be effective as provided in such subsection (b). 
 (b) Electronic
Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent,
provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.
The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures
may be limited to particular notices or communications. 
 Unless the Administrative Agent otherwise prescribes,
(i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as
available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at
the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 
 (c) Change of Address, Etc. Each of the Borrower and the Administrative Agent may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the
other parties hereto. Each other Lender may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the Borrower and the Administrative Agent. In addition, each Lender agrees to notify the
Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may
be sent and (ii) accurate wire instructions for such Lender. 
 (d) Reliance by Administrative Agent and Lenders.
The Administrative Agent and the Lenders shall be entitled to rely and act upon any 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 the Administrative Agent, each Lender and the
Related Parties of each of them 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. All telephonic notices to and other telephonic
communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording. 

  
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 10.03 No Waiver; Cumulative Remedies. No failure by any Lender or the Administrative
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 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. 
 Notwithstanding anything to the
contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and
proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders; provided, however, that
the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents,
(b) any Lender from exercising setoff rights in accordance with Section 10.08 (subject to the terms of Section 2.13), or (c) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf
during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then
(i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b), and (c) of the preceding
proviso and subject to Section 2.13, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. 

10.04 Expenses; Indemnity; Damage Waiver. (a) Costs and Expenses. The Borrower shall pay (i) all reasonable
out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent), in connection with the syndication of the credit facilities provided
for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), and (ii) all out-of-pocket expenses incurred by the Administrative Agent or any Lender (including the fees, charges and disbursements of any counsel for the Administrative Agent or any
Lender), and shall pay all fees and time charges for attorneys, including those who may be employees of the Administrative Agent or any Lender, in connection with the enforcement or protection of its rights (A) in connection with this Agreement
and the other Loan Documents, including its rights under this Section, or (B) in connection with Loans hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans.

 (b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent
thereof), each Lender and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and
related 

  
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expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements
for attorneys, including those who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower or any other Loan Party arising out of, in connection with, or as a result of
(i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the
consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in
respect of any matters addressed in Section 3.01), (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or
operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any
of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party or any of the Borrower’s or such Loan Party’s directors, shareholders or creditors, and
regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a
court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Borrower or any other Loan Party against an
Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such other Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by
a court of competent jurisdiction. 
 (c) Reimbursement by Lenders. To the extent that the Borrower for any reason fails
to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof) or any Related Party of any of the foregoing, each Lender severally
agrees to pay to the Administrative Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought)
of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) in its
capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) in connection with such capacity. The obligations of the Lenders under this subsection (c) are subject to
the provisions of Section 2.12(d). 
 (d) Waiver of Consequential Damages, Etc. To the fullest extent
permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising
out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No Indemnitee
referred to in subsection (b) above shall be liable for any damages 

  
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arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other
information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of
such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction. 
 (e)
Payments. All amounts due under this Section shall be payable not later than ten Business Days after demand therefor. 

(f) Survival. The agreements in this Section shall survive the resignation of the Administrative Agent, the replacement of any
Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations. 

10.05 Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent or
any Lender, or the Administrative 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 the Administrative 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 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 (without duplication) of any amount so recovered from or repaid by the Administrative 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 Federal Funds Rate from time to time in effect. The obligations of the Lenders under clause (b) of the preceding sentence shall survive the payment in full of the
Obligations and the termination of this Agreement. 
 10.06 Successors and Assigns. (a) Successors and Assigns
Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of
its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance
with the provisions of Section 10.06(b), (ii) by way of participation in accordance with the provisions of Section 10.06(d), or (iii) by way of pledge or assignment of a security interest subject to the restrictions
of Section 10.06(f) (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties
hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative
Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

  
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 (b) Assignments by Lenders. Any Lender may at any time assign to one or more
assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions:

 (i) Minimum Amounts. 
 (A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of
a Lender or an Approved Fund, no minimum amount need be assigned; and 
 (B) in any case not described in subsection
(b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender
subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the
Trade Date, shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or
delayed); provided, however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee
Group) will be treated as a single assignment for purposes of determining whether such minimum amount has been met. 
 (ii)
Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned.

 (iii) Required Consents. No consent shall be required for any assignment except to the extent required by
subsection (b)(i)(B) of this Section and, in addition: 
 (A) the consent of the Borrower (such consent not to be
unreasonably withheld or delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; and

 (B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if
such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender. 
 (iv) Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in
the amount of $3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to
the Administrative Agent an Administrative Questionnaire. 

  
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 (v) No Assignment to Certain Persons. No such assignment shall be made to
(A) the Borrower or any of the Borrower’s Affiliates or Subsidiaries, or (B) to any Defaulting Lender, any Impacted Lender, any of their respective Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute
any of the foregoing Persons described in this clause (B), or (C) to a natural person. 
 (vi) Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender or Impacted 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, to each of which the applicable assignee and assignor hereby irrevocably consent), to pay and satisfy in full all Default Excess and interest accrued thereon attributable to such
Defaulting Lender or Impacted Lender, as the case may be. 
 Subject to acceptance and recording thereof by the Administrative
Agent pursuant to Section 10.06(c), from and after the effective date specified in each Assignment and Assumption, 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 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 and 10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, 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 subsection 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 10.06(d). 
 (c) Register. 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 a register for the recordation of the names and addresses of the
Lenders, and the Commitments of, and principal 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, and the Borrower, the
Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. In addition, the
Administrative Agent shall maintain on the Register the designation, and revocation of such designation, of any Lender as a Defaulting Lender of which the Administrative Agent has received notice. The Register shall be available for inspection by
the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

  
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 (d) Participations. Any Lender may at any time, without the consent of, or notice
to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural person, a Defaulting Lender, the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all
or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall
remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the 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 to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, waiver or other modification described in the first proviso to Section 10.01 that affects such Participant. Subject to subsection (e) of this Section, the Borrower agrees that each Participant shall be entitled to
the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 10.06(b). To the extent permitted by law, each Participant also
shall be entitled to the benefits of Section 10.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.13 as though it were a Lender. 

(e) Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment under
Section 3.01 or 3.04 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. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless the Borrower is notified of the participation sold to such Participant
and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.01(e) as though it were a Lender. 
 (f) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (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. 
 10.07 Treatment of Certain Information; Confidentiality. Each
of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners,
directors, officers, employees, agents, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any 

  
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remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder,
(f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this
Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.14(c) or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its
obligations, (g) with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, any
Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower. 
 For purposes
of this Section, “Information” means all information received from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or their respective businesses, other than any such information that is available to the
Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower or any Subsidiary, provided that, in the case of information received from the Borrower or any such Subsidiary after the Closing Date, such
information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such
Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 
 Each of the Administrative Agent and the Lenders acknowledges that (a) the Information may include material non-public information concerning the Borrower or a Subsidiary, as the case may be,
(b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state
securities Laws. 
 10.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and
each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever
currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or
hereafter existing under this Agreement or any other Loan Document to such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower
may be contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated on such 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 10.14 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. The rights of each Lender 

  
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and its Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or its Affiliates may have. Each Lender agrees to notify the
Borrower and the Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application. 

10.09 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 the Administrative 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 the
Administrative 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. 

10.10 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents constitute the entire contract among the parties relating to
the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall
have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a
signature page of this Agreement by telecopy or other electronic imaging means (including .PDF) shall be effective as delivery of a manually executed counterpart of this Agreement. 

10.11 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 the Administrative
Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative 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. 
 10.12 Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the
remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or

  
 - 91 -

 
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. 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 10.12, if and to the extent that the enforceability of any
provisions in this Agreement relating to Defaulting Lenders or Impacted 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. 
 10.13 Replacement of Lenders. If any Lender requests compensation under Section 3.04, or
if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender is a Defaulting Lender or an Impacted Lender, then the Borrower
may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by,
Section 10.06), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such
assignment), provided that: 
 (a) the Borrower shall have paid to the Administrative Agent the assignment fee specified
in Section 10.06(b); 
 (b) such Lender shall have received payment of an amount equal to the outstanding principal
of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or the Borrower (in the case of all other amounts); 
 (c) in the case of any such
assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; and

 (d) such assignment does not conflict with applicable Laws. 

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or
otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 
 10.14
Defaulting Lenders and Impacted Lenders. (a) Notwithstanding anything contained in this Agreement, if any Lender becomes a Defaulting Lender (defined below), then, to the extent permitted by applicable Law, 

(i) Waivers and Amendments. During any Impact Period with respect to such Defaulting Lender, such Defaulting Lender’s right
to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 10.01. 
 (ii) Reallocation of Loan Payments. Until such time as the Default Excess of such Defaulting Lender shall have been reduced to zero, any payment or prepayment of the Loans of such Lender (whether
voluntary or mandatory, at maturity, pursuant 

  
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to Article VIII or otherwise) shall be applied, first, to the Loans of other Lenders as if such Defaulting Lender had no Loans outstanding, until such time as the Outstanding Amount
of Term Loans of each Lender shall equal its pro rata share thereof based on its Applicable Percentage (without giving effect to the last sentence in the definition thereof) ratably to the Lenders in accordance with their Applicable Percentages of
Loans being repaid or prepaid; and second, to the then outstanding Defaulted Payments owed by such Defaulting Lender (and applicable interest thereon), ratably to the Persons entitled thereto. Any of the such amounts as are reallocated
pursuant to this Section 10.14(a)(ii) that are payable or paid (including pursuant to Section 10.08) to such Defaulting Lender shall be deemed paid to such Defaulting Lender and applied by the Administrative Agent on behalf
of such Defaulting Lender, and each Lender hereby irrevocably consents thereto. 
 (iii) Other Payments. Until such time
as all Defaulted Payments (defined below) and interest thereon with respect to such Defaulting Lender shall have been paid, the Administrative Agent may (in its discretion and with the irrevocable consent of each Defaulting Lender, which is hereby
given) deem any amounts (other than those described in clause (ii) immediately above) thereafter received by the Administrative Agent for the account of such Defaulting Lender (including amounts made available to the Administrative Agent
by such Defaulting Lender pursuant to Section 10.08) to have been paid to such Defaulting Lender and applied on behalf of such Defaulting Lender, to the then outstanding Defaulted Payments owed by such Defaulting Lender (and applicable
interest thereon) ratably to the Persons entitled thereto. 
 (iv) Certain Fees. With respect to any Defaulting Lender
with one or more Defaulted Loans or Defaulted Payments, such Defaulting Lender shall not be entitled to receive any commitment fee pursuant to Section 2.10(a) for any Impact Period with respect to such 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 such Defaulting Lender) for any Impact Period with respect to such Defaulting Lender. 

(v) At the request of the Borrower, such Defaulting Lender may be replaced in accordance with Section 10.13. 

(vi) No assignments otherwise permitted by Section 10.06 shall be made to (A) a Defaulting Lender or Impacted Lender or
(B) any of the Subsidiaries or Affiliates of such Person that are themselves Distressed Persons (as defined below). 
 (b)
Notwithstanding anything to the contrary contained in this Agreement to the contrary, if any Lender becomes an Impacted Lender, then, to the extent permitted by applicable Law: 

(i) At the request of the Borrower, such Impacted Lender may be replaced in accordance with Section 10.13. 

(ii) No assignments otherwise permitted by Section 10.06 shall be made to a (A) a Defaulting Lender or Impacted Lender
or (B) any of the Subsidiaries or Affiliates of such Person that are themselves Distressed Persons (as defined below). 

  
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 (c) As used in this Agreement: 

“Default Excess” means, as at the date of computation thereof with respect to any Defaulting Lender, the sum of the
amounts of Defaulted Loans and Defaulted Payments of such Lender at such date. 
 “Defaulted Loan” has the
meaning specified in the definition of “Defaulting Lender”. 
 “Defaulted Payment” has the meaning
specified in the definition of “Defaulting Lender”. 
 “Defaulting Lender” means any Lender that
(i) has failed to fund any portion of the Loans required to be funded by it hereunder (each such Loan, a “Defaulted Loan”) within three Business Days of the date required to be funded by it hereunder, (ii) has otherwise
failed to pay over to Administrative Agent or any other Lender any other amount required to be paid by it hereunder (each such payment, a “Defaulted Payment”) within three Business Days of the date when due, unless the subject of a
good faith dispute, or (iii) as to which a Distress Event has occurred, in each case in clauses (i) and (ii) above, for so long as the applicable Impact Period is in effect. 

“Distress Event” means, with respect to any Person (each, a “Distressed Person”), (i) the
commencement of a voluntary or involuntary case (or comparable proceeding) with respect to such Distressed Person under the Bankruptcy Code or any comparable bankruptcy, insolvency, receivership, reorganization or other debtor relief laws (which, as
to any involuntary case or comparable proceeding, has not been dismissed) (ii) a custodian, conservator, receiver or similar official is appointed for such Distressed Person or for any substantial part of such Distressed Person’s assets,
(iii) such Distressed Person consummates a forced (in the good faith judgment of the Administrative Agent) liquidation, merger, sale of assets or other transaction resulting, in the good faith judgment of the Administrative Agent, in a change
of ownership or operating control of such Distressed Person supported in whole or in part by guaranties, assumption of liabilities or other comparable credit support of (including without limitation the nationalization or assumption of ownership or
operating control by) any Governmental Authority and either the Administrative Agent or the Required Lenders have concluded (in their respective, good faith judgment) that any such event described in this clause (iii) increases the risk
that such Distressed Person will incur Defaulted Loans or Defaulted Payments, or (iv) 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, bankrupt, or deficient in meeting any minimum capital adequacy or liquidity requirement of any Governmental Authority applicable to such Distressed Person. 

“Distressed Person” has the meaning specified in the definition of “Distress Event”. 

  
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 “Impact Period” means, with respect to any Defaulting Lender or Impacted
Lender, 
 (i) in the case of any Defaulted Loan, the period commencing on the date the applicable Defaulted Loan was required
to be extended to the Borrower under this Agreement and ending on the earlier of the following: (x) the date on which (A) the related Default Excess with respect to such Defaulting Lender has been reduced to zero (whether by the funding of
any Defaulted Loan by such Defaulting Lender, the repayment of Loans by the Borrower, the non-pro-rata application of any prepayment pursuant to Section 10.14(a)(ii) or otherwise) and (B) such Defaulting Lender shall have delivered
to the Borrower and the Administrative Agent a written reaffirmation of its intention to honor its obligations hereunder with respect to its Commitment; and (y) the date on which the Borrower, the Administrative Agent and the Required Lenders
(not including such Defaulting Lender in any such determination, in accordance with Section 10.14(a)(i)) waive the application of this Section 10.14 with respect to such Defaulted Loans of such Defaulting Lender in writing;

 (ii) in the case of any Defaulted Payment, the period commencing on the date the applicable Defaulted Payment was required
to have been paid to the Administrative Agent or other Lender under this Agreement and ending on the earlier of the following: (x) the date on which (A) such Defaulted Payment has been paid to the Administrative Agent or other Lender, as
applicable, together with (to the extent that such Person has not otherwise been compensated by the Borrower for such Defaulted Payment) interest thereon for each day from and including the date such amount is paid but excluding the date of payment,
at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with its then-applicable policies regarding interbank compensation (whether by the funding of any Defaulted Payment by such Defaulting Lender,
the application of any amount pursuant to Section 10.14(a)(iii) or otherwise) and (B) such Defaulting Lender shall have delivered to the Administrative Agent or other Lender, as applicable, a written reaffirmation of its intention
to honor its obligations hereunder with respect to such payments; and (y) the date on which the Administrative Agent and any such other Lender waive the application of this Section 10.14 with respect to such Defaulted Payments of
such Defaulting Lender in writing; 
 (iii) in the case of any Distress Event determined by the Administrative Agent (in its
good faith judgment) or the Required Lenders (in their respective good faith judgment) to exist, the period commencing on the date that the applicable Distress Event was so determined to exist and ending on the earlier of the following: (x) the
date on which both (A) such Distress Event is determined by the Administrative Agent (in its good faith judgment) or the Required Lenders (in their respective good faith judgment) to no longer exist and (B) such Defaulting Lender or
Impacted Lender shall have delivered to the Borrower and the Administrative Agent a written reaffirmation of its intention to honor its obligations hereunder with respect to its Commitment; and (y) such date as the Borrower and the
Administrative Agent mutually agree, in their sole discretion, to waive the application of this Section 10.14 with respect to such Distress Event of such Defaulting Lender or Impacted Lender; provided that in each case all Default
Excess (including any required interest thereon) and Fronting Exposure arising as a consequence of such Distress Event shall either (x) have been paid in full or otherwise eliminated as herein provided, or (y) each Person entitled to
payments or Cash Collateral (or other credit support) in respect thereof shall have waived the receipt thereof; and 
 (iv) in
the case of any event described in clauses (a) or (b) of the definition of “Impacted Lender,” the period commencing on the date that the applicable event 

  
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or determination occurred and ending on the (A) such event is determined by the Administrative Agent (in its good faith judgment) or the Required Lenders (in their respective good faith
judgment) to no longer exist and (B) such Impacted Lender shall have delivered to the Borrower and the Administrative Agent a written reaffirmation of its intention to honor its obligations hereunder with respect to its Commitment; and
(y) such date as the Administrative Agent agrees, in its sole discretion, to waive the application of this Section 10.14 with respect to. 
 “Impacted Lender” means any Lender (a) that has given verbal or written notice to the Borrower or the Administrative Agent or has otherwise publicly announced, that such Lender is or
believes it will become, or that fails following inquiry from the Administrative Agent making such inquiry, to provide reasonably satisfactory assurance that such Lender will not become, a Defaulting Lender or (b) with respect to which any
Distress Event has occurred with respect to any Affiliate of such Lender of which the Lender is a direct or indirect Subsidiary, in each case for so long as the applicable Impact Period is in effect. 

10.15 Governing Law; Jurisdiction; Etc. (a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (b) SUBMISSION TO JURISDICTION. THE BORROWER IRREVOCABLY AND
UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE
COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES
THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL
JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT
THAT THE ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

(c) WAIVER OF VENUE. THE BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

  
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 (d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS
IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW 

10.16 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

10.17 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including
in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services
regarding this Agreement provided by the Administrative Agent are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Administrative Agent, on the other hand, (B) the Borrower has
consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, understands and accepts, the terms, risks and conditions of the transactions contemplated
hereby and by the other Loan Documents; (ii) (A) the Administrative Agent is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an
advisor, agent or fiduciary, for the Borrower or any of its Affiliates, or any other Person and (B) the Administrative Agent has no obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except
those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent and its respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the
Borrower and its Affiliates, and the Administrative Agent has no obligation to disclose any of such interests to the Borrower or its Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may
have against the Administrative Agent with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

  
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 10.18 Electronic Execution of Assignments and Certain Other Documents. The words
“execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption or in any amendment or other modification hereof (including waivers and consents) shall be deemed to include electronic
signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent
and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic
Transactions Act. 
 10.19 USA PATRIOT Act Notice. Each Lender that is subject to the Act (as hereinafter defined) 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 (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Act”), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or the Administrative
Agent, as applicable, to identify the Borrower in accordance with the Act. The Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or
such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act. 

10.20 Public Disclosure. The Borrower agrees that neither it nor its Affiliates will in the future issue any press releases or
other public disclosures using the name of the Administrative Agent or a Lender or its Affiliates or referring to this Agreement or the other Loan Documents without at least three (3) Business Days’ prior notice to the Administrative Agent
or such Lender and without the prior written consent of the Administrative Agent or such Lender unless (and only to the extent that) the Borrower or such Affiliate is required to do so under law and then, in any event, the Borrower or such Affiliate
will use reasonable efforts to consult with the Administrative Agent or such Lender before issuing such press release or other public disclosures. The Borrower consents to the publication by the Administrative Agent or Lenders of a tombstone or
similar advertising materials relating to the financing transactions contemplated by this Agreement. The Administrative Agent or Lenders shall provide a draft of any such tombstone or similar advertising material to the Borrower for review and
comment prior to the publication thereof. The Administrative Agent and Lenders reserves the right to provide to industry trade organizations information necessary and customary for inclusion in league table measurements. 

10.21 Integration. This Agreement, together with the other Loan Documents, reflects the entire understanding of the parties with
respect to the transactions contemplated hereby and shall not be contradicted or qualified by any other agreement, oral or written, before the date hereof. 
 10.22 Intercreditor Agreement. This agreement and the rights and obligations evidenced hereby are subject to the Intercreditor Agreement and each party to this agreement, by its acceptance hereof,
irrevocably agrees to be bound by the provisions of the Intercreditor Agreement. 
 [Signature pages follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed as of the date first written. 
  

			
	HILL INTERNATIONAL, INC.
		
	By:	 	 /s/ Irvin E. Richter

	Name:	 	 Irvin E. Richter

	Title:	 	 Chairman and Chief Executive Officer

 
			
	OBSIDIAN AGENCY SERVICES, INC., as
	Administrative Agent
		
	By:	 	 /s/ Mark Holdsworth

	Name:	 	 Mark Holdsworth

	Title:	 	 Managing Partner

 
			
	 SPECIAL VALUE OPPORTUNITIES FUND, LLC
 SPECIAL VALUE EXPANSION FUND, LLC
 TENNENBAUM OPPORTUNITIES PARTNERS V, LP

TENNENBAUM OPPORTUNITIES FUND VI, LLC

	 as Lenders
  

By: Tennenbaum Capital Partners, LLC
 Its:
Investment Manager

		
	By:	 	 /s/ Mark Holdsworth

	Name:	 	 Mark Holdsworth

	Title:	 	 Managing PartnerGuarantee and Collateral Agreement

 Exhibit 10.4 
 EXHIBIT E 
 GUARANTEE AND COLLATERAL AGREEMENT 

 
  
 GUARANTEE AND COLLATERAL AGREEMENT 
 made by 

HILL INTERNATIONAL, INC., 
 and certain of its Subsidiaries 
 in favor of 

OBSIDIAN AGENCY SERVICES, INC., 
 as Administrative Agent 
 Dated as of October 18, 2012 

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	SECTION 1.	  	        DEFINED TERMS	  	 	1	  
			
	 1.1.
	  	Incorporated Definitions	  	 	1	  
			
	 1.2.
	  	Definitions	  	 	1	  
			
	 1.3.
	  	Other Interpretive Provisions	  	 	4	  
			
	SECTION 2.	  	        GUARANTEE	  	 	3	  
			
	 2.1.
	  	Guarantee	  	 	3	  
			
	 2.2.
	  	Right of Contribution	  	 	4	  
			
	 2.3.
	  	No Subrogation	  	 	4	  
			
	 2.4.
	  	Amendments, etc., with respect to the Obligations	  	 	5	  
			
	 2.5.
	  	Guarantee Absolute and Unconditional	  	 	5	  
			
	 2.6.
	  	Payments	  	 	6	  
			
	SECTION 3.	  	        GRANT OF SECURITY INTEREST	  	 	6	  
			
	SECTION 4.	  	        REPRESENTATIONS AND WARRANTIES	  	 	8	  
			
	 4.1.
	  	Title; No Other Liens	  	 	8	  
			
	 4.2.
	  	Perfected Liens	  	 	8	  
			
	 4.3.
	  	Grantor Information	  	 	8	  
			
	 4.4.
	  	Collateral Locations	  	 	8	  
			
	 4.5.
	  	Certain Property	  	 	8	  
			
	 4.6.
	  	Investment Property	  	 	9	  
			
	 4.7.
	  	Receivables	  	 	9	  
			
	 4.8.
	  	Intellectual Property	  	 	9	  
			
	 4.9.
	  	Depositary and Other Accounts	  	 	9	  
			
	 4.10.
	  	Commercial Tort Claims	  	 	9	  
			
	SECTION 5.	  	        COVENANTS	  	 	10	  
			
	 5.1.
	  	Delivery of Instruments, Certificated Securities and Chattel Paper	  	 	10	  
			
	 5.2.
	  	Maintenance of Insurance	  	 	10	  
			
	 5.3.
	  	Maintenance of Perfected Security Interest; Further Documentation	  	 	10	  
			
	 5.4.
	  	Changes in Locations, Name, etc.	  	 	11	  
			
	 5.5.
	  	Investment Property	  	 	11	  
			
	 5.6.
	  	Receivables	  	 	12	  

  
 i 

							
	 	  	 	  	Page	 
			
	 5.7.
	  	Intellectual Property	  	 	13	  
			
	 5.8.
	  	Commercial Tort Claims	  	 	14	  
			
	 5.9.
	  	Depositary and Other Deposit Accounts	  	 	14	  
			
	 5.10.
	  	Other Matters	  	 	14	  
			
	 SECTION 6.
	  	        REMEDIAL PROVISIONS	  	 	15	  
			
	 6.1.
	  	Certain Matters Relating to Receivables	  	 	15	  
			
	 6.2.
	  	Communications with Obligors; Grantors Remain Liable	  	 	16	  
			
	 6.3.
	  	Investment Property	  	 	17	  
			
	 6.4.
	  	Proceeds to be Turned Over to Administrative Agent	  	 	18	  
			
	 6.5.
	  	Code and Other Remedies	  	 	18	  
			
	 6.6.
	  	Registration Rights	  	 	19	  
			
	 6.7.
	  	Waiver; Deficiency	  	 	20	  
			
	 SECTION 7.
	  	        THE ADMINISTRATIVE AGENT	  	 	20	  
			
	 7.1.
	  	Administrative Agent’s Appointment as Attorney-in-Fact, etc.	  	 	20	  
			
	 7.2.
	  	Duty of Administrative Agent	  	 	22	  
			
	 7.3.
	  	Financing Statements	  	 	22	  
			
	 7.4.
	  	Authority of Administrative Agent	  	 	22	  
			
	 SECTION 8.
	  	        MISCELLANEOUS	  	 	23	  
			
	 8.1.
	  	Amendments	  	 	23	  
			
	 8.2.
	  	Notices	  	 	23	  
			
	 8.3.
	  	No Waiver by Course of Conduct; Cumulative Remedies	  	 	23	  
			
	 8.4.
	  	Expenses; Indemnity; Damage Waiver	  	 	23	  
			
	 8.5.
	  	Binding Agreement; Assignment	  	 	24	  
			
	 8.6.
	  	Setoff	  	 	24	  
			
	 8.7.
	  	Counterparts	  	 	25	  
			
	 8.8.
	  	Severability	  	 	25	  
			
	 8.9.
	  	Rules of Interpretation	  	 	25	  
			
	 8.10.
	  	Integration	  	 	25	  
			
	 8.11.
	  	[Intentionally omitted]	  	 	25	  
			
	 8.12.
	  	Governing Law; Jurisdiction; Etc.	  	 	25	  
			
	 8.13.
	  	Waiver of Jury Trial	  	 	26	  
			
	 8.14.
	  	Acknowledgments	  	 	27	  

  
 ii 

							
	 	  	 	  	Page	 
			
	 8.15.
	  	Additional Grantors	  	 	27	  
			
	 8.16.
	  	Reinstatement	  	 	27	  
			
	 8.17.
	  	Additional Interests	  	 	27	  
			
	 8.18.
	  	Releases	  	 	28	  
			
	 8.19.
	  	Conflicts with Certain Other Agreements	  	 	28	  

  

			
	SCHEDULES	  	
	Schedule 1	  	Perfection Matters
	Schedule 2	  	Jurisdictions of Organization
	Schedule 3	  	Inventory and Equipment Locations
	Schedule 4	  	Investment Property
	Schedule 5	  	Intellectual Property
	Schedule 6	  	Deposit Accounts
	Schedule 7	  	Commercial Tort Claims
		
	ANNEXES	  	
	Annex 1	  	Form of Assumption Agreement
	Annex 2	  	Form of Supplement

  
 iii

 GUARANTEE AND COLLATERAL AGREEMENT 

This GUARANTEE AND COLLATERAL AGREEMENT dated as of October 18, 2012 (this “Agreement”) is entered into among HILL
INTERNATIONAL, INC. (the “Borrower” and a “Grantor”), EACH OF THE UNDERSIGNED SUBSIDIARIES OF THE BORROWER AND EACH OTHER PERSON WHO SHALL BECOME A PARTY HERETO BY EXECUTION OF AN ASSUMPTION AGREEMENT (each a
“Grantor” and together with the Borrower, collectively, the “Grantors”) in favor of OBSIDIAN AGENCY SERVICES, INC., as the Administrative Agent for the benefit of the Secured Parties (as defined in the Credit
Agreement referenced below). 
 PRELIMINARY STATEMENTS: 

Pursuant to a Credit Agreement dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time,
including any increases thereof, the “Credit Agreement”), among the Borrower, the lending and other financial institutions from time to time parties thereto (collectively, the “Lenders”) and Obsidian Agency
Services, Inc., as Administrative Agent, the Borrower has requested certain extensions of credit. 
 Each Grantor (other than
the Borrower) is, directly or indirectly, a Subsidiary of the Borrower and will materially benefit from such extensions of credit. 
 It is a condition precedent to the Secured Parties’ obligations to make and maintain such extensions of credit that the Grantors shall have executed and delivered this Agreement to the Administrative
Agent. 
 In order to induce the Secured Parties to from time to time make and maintain extensions of credit under the Credit
Agreement, the parties hereto agree as follows: 
 SECTION 1. DEFINED TERMS 

1.1. Incorporated Definitions. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have
the meanings given to them in the Credit Agreement, and the following terms are used herein as defined in the UCC: Accounts; Certificated Security; Chattel Paper; Commercial Tort Claims; Deposit Accounts; Documents; Electronic Chattel Paper;
Equipment; Farm Products; Fixtures; General Intangibles; Goods; Health Care Insurance Receivables; Instruments; Inventory; Leases; Letter-of-Credit Rights; Money; Payment Intangibles; Supporting Obligations; and Tangible Chattel Paper. 

1.2. Definitions. The following terms shall have the following meanings: 

“Account Control Agreement” means each deposit account control agreement now or hereafter executed in
favor of the Administrative Agent granting the Administrative Agent for the benefit of the Secured Parties control of any Grantor’s deposit accounts as security for the Secured Obligations, each of which shall be in form and substance
reasonably satisfactory to the Administrative Agent. 
 “Applicable Governmental Authority” is
defined in Section 5.6(c). 

  
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 “Collateral” is defined in Section 3.

 “Copyrights” means (i) all copyrights arising under the laws of the United States, any
other country or any political subdivision thereof, whether registered or unregistered and whether published or unpublished (including, without limitation, those listed in Schedule 5), all registrations and recordings thereof, and all
applications in connection therewith, including, without limitation, all registrations, recordings and applications in the United States Copyright Office, and (ii) the right to obtain all renewals thereof. 

“Copyright Licenses” means any agreement, whether written or oral, naming any Grantor as licensor or
licensee (including, without limitation, those listed in Schedule 5), granting any right under any Copyright, including, without limitation, the grant of rights to manufacture, distribute, exploit and sell materials derived from any
Copyright. 
 “Facility Termination Date” means, subject to reinstatement pursuant to
Section 8.16, the date on which (i) the Aggregate Commitments have terminated, and (ii) all Obligations (other than contingent indemnification obligations) have been paid in full. 

“Guarantors” means the collective reference to each Grantor other than the Borrower, if any. 

“Intellectual Property” means (i) all rights, priorities and privileges relating to intellectual
property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, the Copyrights, the Copyright Licenses, the Patents, the Patent Licenses, the Trademarks and the Trademark Licenses, and
(ii) all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 

“Intercompany Note” means any promissory note evidencing loans made by any Grantor to any other Grantor.

 “Investment Property” means the collective reference to (i) all “investment
property” as such term is defined in Section 9-102(a)(49) of the UCC (limited so that in no event shall any Grantor pledge hereunder (a) more than 65% of the total outstanding voting Equity Interests of any CFC or (b) any Equity
Interests of non-wholly owned Domestic Subsidiaries whose Organization Documents (as defined in the Credit Agreement) prohibit such pledge) and (ii) whether or not constituting “investment property” as so defined, all Pledged Notes
and Pledged Equity. 
 “Issuers” means, collectively, all issuers of Investment Property
constituting Collateral. 
 “Patents” means (i) all letters patent of the United States,
any other country or any political subdivision thereof, all reissues and extensions thereof and all goodwill associated therewith, including, without limitation, any of the foregoing referred to in Schedule 5, (ii) all applications
for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part thereof, including, without limitation, any of the foregoing referred to in Schedule 5, and (iii) all rights to
obtain any reissues or extensions of the foregoing. 
 “Patent License” means any agreement,
whether written or oral, providing for the grant by or to any Grantor of any right to manufacture, use or sell any invention covered in whole or in part by a Patent, including, without limitation, any of the foregoing referred to in
Schedule 5. 

  
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 “Pledged Notes” means, collectively, all promissory notes
listed on Schedule 4, all Intercompany Notes at any time issued to any Grantor and all other promissory notes issued to or held by any Grantor. 
 “Pledged Equity” means the Equity Interests listed on Schedule 4, together with any other Equity Interests of any Person that may be issued or granted to, or held by, any Grantor while
this Agreement is in effect; provided that in no event shall any Grantor pledge hereunder (i) more than 65% of the total outstanding voting Equity Interests of any CFC or (ii) any Equity Interests of non-wholly owned Domestic
Subsidiaries whose Organization Documents (as defined in the Credit Agreement) prohibit such pledge. 

“Proceeds” means all “proceeds” as such term is defined in Section 9-102(a)(64) of the UCC
and, in any event, shall include all dividends or other income from the Investment Property, collections thereon or distributions or payments with respect thereto. 

“Receivable” means any right to payment for goods sold or leased or for services rendered, whether or not
such right is evidenced by an Instrument or Chattel Paper and whether or not it has been earned by performance (including, without limitation, any Account). 
 “Secured Obligations” means (i) in the case of the Borrower, the Obligations and (ii) in the case of each Guarantor, its Obligations arising under Section 2 of this
Agreement or otherwise under each other Loan Document to which it is a party from time to time. 

“Securities Act” means the Securities Act of 1933. 

“Trademarks” means (i) all trademarks, trade names, corporate names, company names, business names,
fictitious business names, trade styles, service marks, logos and other source or business identifiers, and all goodwill associated therewith, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and all
applications in connection therewith, whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof, or otherwise, and
all common-law rights related thereto, including, without limitation, any of the foregoing referred to in Schedule 5, and (ii) the right to obtain all renewals thereof. 

“Trademark License” means any agreement, whether written or oral, providing for the grant by or to any
Grantor of any right to use any Trademark, including, without limitation, any of the foregoing referred to in Schedule 5. 
 SECTION 2. GUARANTEE 
 2.1. Guarantee. (a) Each of the Guarantors
hereby, jointly and severally, unconditionally and irrevocably, as a primary obligor and not only a surety, guarantees to the Administrative Agent, for the ratable benefit of the Secured Parties, the prompt and complete payment and performance when
due (whether at the stated maturity, by acceleration or otherwise) of the Obligations of each other Grantor. This is a guaranty of payment not of collection. 

  
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 (b) Anything herein or in any other Loan Document to the contrary notwithstanding, the
maximum liability of each Guarantor hereunder and under the other Loan Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable Debtor Relief Laws (after giving effect to the right of contribution
established in Section 2.2). 
 (c) Each Guarantor agrees that the Obligations may at any time and from time to time
exceed the amount of the liability of such Guarantor hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of any Secured Party hereunder. 

(d) Subject to the provisions of Section 8.16, the guarantee contained in this Section 2 shall remain in full
force and effect until the Facility Termination Date has occurred, notwithstanding that from time to time during the term of this Agreement there may be no Obligations then outstanding. 

(e) No payment made by the Borrower, any of the Guarantors, any other guarantor or any other Person or received or collected by the
Administrative Agent or any other Secured Party from the Borrower, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any setoff, recoupment, appropriation or application at any time or from time
to time in reduction of or in payment of the Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such payment, remain liable for the Obligations up to
the maximum liability of such Guarantor hereunder until the Facility Termination Date has occurred. 
 2.2. 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 2.3. The provisions of this
Section 2.2 shall in no respect limit the obligations and liabilities of any Guarantor to any Secured Party, and each Guarantor shall remain liable to the Administrative Agent and each other Secured Party for the full amount guaranteed
by such Guarantor hereunder. 
 2.3. No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any
setoff, recoupment or application of funds of any Guarantor by any Secured Party, no Guarantor shall be entitled to be subrogated to any of the rights of any Secured Party against the Borrower or any other Guarantor or any collateral security,
guarantee or right of setoff or recoupment held by any Secured Party for the payment of the Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Borrower or any other Guarantor in respect of
payments made by such Guarantor hereunder, until the date that is 181 days after the Facility Termination Date. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time prior to the Facility Termination Date,
such amount shall be held by such Guarantor in trust for the Administrative Agent and the other Secured Parties, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Administrative
Agent in the exact form received 

  
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by such Guarantor (duly indorsed by such Guarantor to the Administrative Agent, if required), to be applied against the Obligations, whether matured or unmatured, in such order as the
Administrative Agent may determine. 
 2.4. Amendments, etc., with respect to the Obligations. To the fullest extent
permitted by applicable law, each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the
Obligations made by any Secured Party may be rescinded by the Administrative Agent or such other Secured Party and any of the Obligations continued, and the Obligations, or the liability of any other Person upon them or for any part thereof, or any
collateral security or guarantee therefor or right of setoff or recoupment with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by any
Secured Party, and the Credit Agreement and the other Loan Documents and any other documents executed and delivered in connection therewith may be amended, restated, modified, supplemented or terminated, in whole or in part, as the Administrative
Agent (or the Required Lenders or all Lenders, as the case may be) may deem advisable from time to time, and any collateral security, guarantee or right of setoff or recoupment at any time held by any Secured Party for the payment of the Obligations
may be sold, exchanged, waived, surrendered or released. Neither the Administrative Agent nor any other Secured Party shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Obligations or
for the guarantee contained in this Section 2 or any property subject thereto. 
 2.5. Guarantee Absolute and
Unconditional. To the fullest extent permitted by applicable law, each Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations and notice of or proof of reliance by any Secured Party upon the
guarantee contained in this Section 2 or acceptance of the guarantee contained in this Section 2. Without limitation of the foregoing, the Obligations shall conclusively be deemed to have been created, contracted or incurred,
or renewed, extended, amended or waived, as the case may be, in reliance upon the guarantee contained in this Section 2 and all dealings between the Borrower and any of the Guarantors, on the one hand, and any of the Secured Parties, on
the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Section 2. To the fullest extent permitted by applicable law, each Guarantor waives
(a) diligence, presentment, protest, demand for payment and notice of default, dishonor or nonpayment and all other notices whatsoever to or upon the Borrower or any of the Guarantors with respect to the Obligations, (b) notice of the
existence or creation or nonpayment of all or any of the Obligations and (c) all diligence in collection or protection of or realization upon any Obligations or any security for or guaranty of any Obligations. Each Guarantor understands and
agrees that the guarantee contained in this Section 2, to the fullest extent permitted by applicable law, shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity or
enforceability of the Credit Agreement or any other Loan Document, any of the Obligations or any other collateral security therefor or guarantee or right of setoff or recoupment with respect thereto at any time or from time to time held by any
Secured Party, (b) any defense, setoff or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by the Borrower or any other Person against any Secured Party or (c) any other
circumstance whatsoever (with or without notice to or knowledge of the Borrower or such Guarantor) which 

  
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constitutes, or might be construed to constitute, an equitable or legal discharge of any of the Obligations guaranteed pursuant to this Section 2, or of such Guarantor under the
guarantee contained in this Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Administrative Agent on behalf of the
Secured Parties may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as any Secured Party may have against the Borrower, any other Guarantor or any other Person or against any collateral
security or guarantee for the Obligations or any right of setoff or recoupment with respect thereto, and any failure by any Secured Party to make any such demand, to pursue such other rights or remedies or to collect any payments from the Borrower,
any other Guarantor or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of setoff or recoupment, or any release of the Borrower, any other Guarantor or any other Person or any such
collateral security, guarantee or right of setoff or recoupment, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of
law, of any Secured Party against any Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings. 
 2.6. Payments. Each Guarantor hereby guarantees that payments hereunder will be paid to the Administrative Agent without setoff, recoupment or counterclaim in Dollars at the Administrative
Agent’s Office. 
 SECTION 3. GRANT OF SECURITY INTEREST 

Each Grantor hereby assigns and transfers to the Administrative Agent, and hereby grants to the Administrative Agent, for the ratable
benefit of the Secured Parties, a security interest in, all of the following property 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 “Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Secured Obligations of such Grantor:

 (a) all Accounts; 
 (b) all Chattel Paper; 
 (c) all Deposit Accounts; 

(d) all Documents; 
 (e) all Equipment; 
 (f) all Fixtures; 

(g) all General Intangibles; 
 (h) all Goods; 

  
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 (i) all Instruments; 

(j) all Intellectual Property; 
 (k) all Inventory; 
 (l) all Investment Property; 

(m) all Letter-of-Credit Rights; 
 (n) all Money; 
 (o) all Payment Intangibles; 

(p) all Commercial Tort Claims with respect to the matters described on Schedule 7; 

(q) all other personal property not otherwise described above; 
 (r) all books and records pertaining to the Collateral; and 
 (s) to the extent not
otherwise included, all Proceeds, Supporting Obligations and products of any and all of the foregoing and all collateral security and guarantees given by any Person with respect to any of the foregoing. 

Notwithstanding anything herein to the contrary, the term “Collateral” shall not include, and no Grantor is pledging, nor granting a security
interest hereunder in, (i) any of such Grantor’s right, title or interest in any license, contract or agreement to which such Grantor is a party as of the date hereof or any of its right, title or interest thereunder to the extent, but
only to the extent, that such a grant would, under the express terms of such license, contract or agreement on the date hereof result in a breach of the terms of, or constitute a default under, such license, contract or agreement (other than to the
extent that any such term (A) has been waived or (B) would be rendered ineffective pursuant to Sections 9-406, 9-408, 9-409 of the UCC or other applicable provisions of the Uniform Commercial Code of any relevant jurisdiction or any other
applicable law (including the Bankruptcy Code) or principles of equity); provided that (x) immediately upon the ineffectiveness, lapse, termination or waiver of any such provision, the Collateral shall include, and such Grantor shall be
deemed to have granted a security interest in, all such right, title and interest as if such provision had never been in effect and (y) the foregoing exclusion shall in no way be construed so as to limit, impair or otherwise affect the
Administrative Agent’s unconditional continuing security interest in and liens upon any rights or interests of a Grantor in or to the proceeds of, or any monies due or to become due under, any such license, contract or agreement, or
(ii) any intent-to-use United States trademark applications for which an amendment to allege use or statement of use has not been filed under 15 U.S.C. § 1051(c) or 15 U.S.C. § 1051(d), respectively, or if filed, has not
been deemed in conformance with 15 U.S.C. § 1051(a) or examined and accepted, respectively, by the United States Patent and Trademark Office, provided that, upon such filing and acceptance, such intent-to-use applications shall be
included in the definition of Collateral. 

  
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 SECTION 4. REPRESENTATIONS AND WARRANTIES 

Each Grantor hereby represents and warrants to the Administrative Agent for the benefit of the Secured Parties that: 

4.1. Title; No Other Liens. Except for Permitted Liens, such Grantor owns each item of the Collateral free and clear of any and
all Liens or claims of others. No financing statement or other public notice with respect to all or any part of the Collateral is on file or of record in any public office, except filings evidencing Permitted Liens. 

4.2. Perfected Liens. The security interests granted pursuant to this Agreement (i) upon completion of the filings and other
actions specified on Schedule 1 (which, in the case of all filings and other documents referred to on Schedule 1, have been delivered to the Administrative Agent in completed and, where required, duly executed form) will
constitute valid perfected security interests in all of the Collateral in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, as collateral security for the Secured Obligations of such Grantor, enforceable in
accordance with the terms hereof, 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, against all creditors of such Grantor and any Persons purporting to purchase any Collateral from such Grantor and (ii) are prior to all other Liens on the Collateral in existence on the date hereof except for
Permitted Liens for which priority is accorded under applicable law or except as provided in the Intercreditor Agreement. 

4.3. Grantor Information. As of the date of execution of this Agreement or Assumption Agreement by each Grantor, as applicable
(with respect to each Grantor, its “Applicable Date”), Schedule 2 sets forth (a) such Grantor’s jurisdiction of organization, (b) the location of such Grantor’s chief executive office, (c) such
Grantor’s exact legal name as it appears on its Organization Documents and (d) such Grantor’s organizational identification number (to the extent such Grantor is organized in a jurisdiction which assigns such numbers) and federal
employer identification number. 
 4.4. Collateral Locations. As of its Applicable Date, Schedule 3 sets forth
(a) each place of business of such Grantor (including its chief executive office), (b) all locations where all Inventory and the Equipment owned by such Grantor is kept, except with respect to Inventory and Equipment with a fair market
value of less than $500,000 (in the aggregate for all Grantors) which may be located at other locations and (c) whether each such Collateral location and place of business (including such Grantor’s chief executive office) is owned or
leased (and if leased, specifies the complete name and notice address of each lessor). No Collateral is located outside the United States or in the possession of any lessor, bailee, warehouseman or consignee, except as indicated on Schedule
3. 
 4.5. Certain Property. None of the Collateral constitutes, or is the Proceeds of, (a) Farm Products,
(b) Health Care Insurance Receivables or (c) vessels, aircraft or any other property subject to any certificate of title or other registration statute of the United States, any State or other jurisdiction, except for personal vehicles
owned by the Grantors and used by employees of the Grantors in the ordinary course of business with a fair market value of less than $500,000 (in the aggregate for all Grantors). 

  
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 4.6. Investment Property. (a) As of the its Applicable Date, the Pledged Equity
pledged by such Grantor hereunder constitutes all the issued and outstanding Equity Interests of all classes of Equity Interests of each Issuer owned by such Grantor (limited, in the case of any voting Equity Interests of any CFC, to not more than
65% of the total outstanding voting Equity Interests of such CFC as set forth in the definition of Pledged Equity). 
 (b) All
Pledged Equity as has been duly and validly issued and are fully paid and nonassessable. 
 (c) Each of the Pledged Notes
constitutes the legal, valid and binding obligation of the obligor with respect thereto, enforceable in accordance with its terms (subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar
laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 

(d) Schedule 4 lists all Investment Property (other than Cash Equivalents (as defined in the Credit Agreement) to the extent that
such Cash Equivalents constitute Investment Property) owned by such Grantor. 
 (e) Such Grantor is the beneficial owner of, and
has good and marketable title to, the Investment Property pledged by it hereunder, free of any and all Liens or options in favor of, or claims of, any other Person, except Permitted Liens. 

4.7. Receivables. (a) No amount in excess of $100,000 payable to such Grantor under or in connection with any Receivable is
evidenced by any Instrument or Chattel Paper which has not been delivered to the Administrative Agent. 
 (b) The amounts
represented by such Grantor to the Administrative Agent from time to time as owing in respect of the Receivables will at all such times be accurate. 
 4.8. Intellectual Property. Schedule 5 lists all Intellectual Property owned by such Grantor in its own name as of the Closing Date. 

4.9. Depositary and Other Accounts. All Deposit Accounts maintained by such Grantor are described on Schedule 6 hereto,
which description includes for each such Deposit Account the name of the Grantor maintaining such Deposit Account, the name, address, telephone and fax numbers of the financial institution at which such Deposit Account is maintained, the account
number and the account officer, if any, of such Deposit Account. 
 4.10. Commercial Tort Claims. On the date hereof,
except to the extent listed in Schedule 7, no Grantor has knowledge of rights in any Commercial Tort Claim as to which it reasonably expects to recover more than $100,000. 

  
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 SECTION 5. COVENANTS 

Each Grantor covenants and agrees with the Administrative Agent for the benefit of the Secured Parties until the Facility Termination
Date has occurred: 
 5.1. Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable
under or in connection with any of the Collateral in excess of $100,000 shall be or become evidenced by any Instrument (other than in the ordinary course of business), Certificated Security or Chattel Paper, such Instrument, Certificated Security or
Chattel Paper shall be promptly (and in any event within 2 Business Days) delivered to the Administrative Agent, duly indorsed in a manner satisfactory to the Administrative Agent, to be held as Collateral pursuant to this Agreement and, in the case
of Electronic Chattel Paper, the applicable Grantor shall cause the Administrative Agent to have control thereof within the meaning set forth in Section 9-105 of the UCC. In the event that a Default or Event of Default shall have occurred and
be continuing, upon the request of the Administrative Agent, any Instrument, Certificated Security or Chattel Paper not theretofore delivered to the Administrative Agent and at such time being held by any Grantor shall be promptly (and in any event
within 2 Business Days) delivered to the Administrative Agent, duly indorsed in a manner satisfactory to the Administrative Agent, to be held as Collateral pursuant to this Agreement and in the case of Electronic Chattel Paper, the applicable
Grantor shall cause Administrative Agent to have control thereof within the meaning set forth in Section 9-105 of the UCC. 

5.2. Maintenance of Insurance. (a) Such Grantor will maintain the insurance required by Section 6.07 of the
Credit Agreement. 
 (b) All such insurance shall (i) provide that no cancellation, material reduction in amount or
material change in coverage thereof shall be effective until at least 30 days after receipt by the Administrative Agent of written notice thereof or, in the case of cancellation for the non-payment of premium, at least 10 days after receipt by the
Administrative Agent of written notice thereof and (ii) name the Administrative Agent as additional insured, in the case of any liability policy, or a loss payee, in the case of any casualty policy. 

5.3. Maintenance of Perfected Security Interest; Further Documentation. (a) Such Grantor shall maintain the security interest
created by this Agreement as a perfected security interest having at least the priority described in Section 4.2 and shall defend such security interest against the claims and demands of all Persons whomsoever, subject in each case to
Permitted Liens. 
 (b) Such Grantor will furnish to the Administrative Agent and the Lenders from time to time statements and
schedules further identifying and describing the assets and property of such Grantor and such other reports in connection therewith as the Administrative Agent may reasonably request, all in reasonable detail. 

(c) At any time and from time to time, upon the written request of the Administrative Agent, and at the sole expense of such Grantor,
such Grantor will promptly and duly execute and deliver, and have recorded, such further instruments and documents and take such further actions as the Administrative Agent may reasonably request for the purpose of obtaining or preserving the full
benefits of this Agreement and of the rights and powers herein granted, including, without limitation, (i) filing any financing or continuation statements under the UCC (or other similar laws) in effect in any jurisdiction with respect to the
security interests created hereby, (ii) in the case of Investment Property, Deposit Accounts, Electronic Chattel Paper, Letter-of-Credit Rights and any other relevant Collateral, taking any actions necessary to enable the

  
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Administrative Agent to obtain “control” (within the meaning of the applicable UCC) with respect thereto, and (iii) if requested by Administrative Agent during the continuance of
an Event of Default, delivering, to the extent permitted by law, any original motor vehicle certificates of title received by such Grantor from the applicable secretary of state or other governmental authority after information reflecting
Administrative Agent’s security interest has been recorded therein. 
 5.4. Changes in Locations, Name, etc. Such
Grantor will not, except upon 30 days’ prior written notice to the Administrative Agent and delivery to the Administrative Agent of (a) all additional financing statements and other documents reasonably requested by the Administrative
Agent to maintain the validity, perfection and priority of the security interests provided for herein and (b) if applicable, a written supplement to Schedule 3 showing any additional location at which Inventory or Equipment shall be
kept: (i) change its jurisdiction of organization from that specified on Schedule 2, (ii) change its name, identity or corporate structure, or (iii) permit any of the Inventory or Equipment to be kept at a location other than
those listed on Schedule 3; provided, that up to $250,000 (in the aggregate value for all Grantors) of Equipment and Inventory may be kept at other locations. 
 5.5. Investment Property. (a) If such Grantor shall become entitled to receive or shall receive any certificate (including, without limitation, any certificate representing a dividend or a
distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option or right in respect of any Equity Interest of any Issuer, whether in addition to, in
substitution of, as a conversion of, or in exchange for, any Pledged Equity, or otherwise in respect thereof, such Grantor shall accept the same as the agent of the Secured Parties, hold the same in trust for the Secured Parties and deliver the same
forthwith to the Administrative Agent in the exact form received, duly indorsed by such Grantor to the Administrative Agent, if required, together with an undated instrument of transfer covering such certificate duly executed in blank by such
Grantor, to be held by the Administrative Agent, subject to the terms hereof, as additional Collateral for the Secured Obligations. Upon the occurrence and during the continuance of an Event of Default, (i) any sums paid upon or in respect of
the Investment Property upon the liquidation or dissolution of any Issuer shall be paid over to the Administrative Agent to be held by it hereunder as additional Collateral for the Secured Obligations, and (ii) in case any distribution of
capital shall be made on or in respect of the Investment Property or any property shall be distributed upon or with respect to the Investment Property pursuant to the recapitalization or reclassification of the capital of any Issuer or pursuant to
the reorganization thereof, the property so distributed shall, unless otherwise subject to a perfected Lien in favor of the Administrative Agent, be delivered to the Administrative Agent to be held by it hereunder as additional Collateral for the
Secured Obligations. Upon the occurrence and during the continuance of an Event of Default, if any sums of money or property so paid or distributed in respect of the Investment Property shall be received by such Grantor, such Grantor shall, until
such money or property is paid or delivered to the Administrative Agent, hold such money or property in trust for the Secured Parties, segregated from other funds of such Grantor, as additional Collateral for the Secured Obligations. 

(b) Without the prior written consent of the Administrative Agent, such Grantor will not (i) vote to enable, or take any other
action to permit, any Issuer to issue any equity interests 

  
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of any nature or to issue any other securities or interests convertible into or granting the right to purchase or exchange for any equity interests of any nature of any Issuer, except, in each
case, as permitted by the Credit Agreement, (ii) sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Investment Property or Proceeds thereof other than, with respect to Investment Property not
constituting Pledged Equity or Pledged Notes, any such action which is not prohibited by the Credit Agreement, (iii) create, incur or permit to exist any Lien or option in favor of, or any claim of any Person with respect to, any of the
Investment Property or Proceeds thereof, or any interest therein, except for Permitted Liens, or (iv) enter into any agreement or undertaking restricting the right or ability of such Grantor or the Administrative Agent to sell, assign or
transfer any of the Investment Property or Proceeds thereof. 
 (c) In the case of each Grantor which is an Issuer, such Issuer
agrees that (i) it will be bound by the terms of this Agreement relating to the Investment Property issued by it and will comply with such terms insofar as such terms are applicable to it, (ii) it will notify the Administrative Agent
promptly in writing of the occurrence of any of the events described in Section 5.5(a) with respect to the Investment Property issued by it and (iii) the terms of Sections 6.3(c) and 6.6 shall apply to such
Grantor, with respect to all actions that may be required of it pursuant to Section 6.3(c) or 6.6 with respect to the Investment Property issued by it. 
 5.6. Receivables. (a) Other than in the ordinary course of business consistent with its past practices and in amounts which are not material to such Grantor, such Grantor will not
(i) grant any extension of the time of payment of any Receivable, (ii) compromise or settle any Receivable for less than the full amount thereof, (iii) release, wholly or partially, any Person liable for the payment of any Receivable,
(iv) allow any credit or discount whatsoever on any Receivable or (v) amend, supplement or modify any Receivable in any manner that could adversely affect the value thereof. 

(b) Such Grantor will deliver to the Administrative Agent a copy of each material demand, notice or document received by it that
questions or calls into doubt the validity or enforceability of more than 5% of the aggregate amount of the then-outstanding Receivables for all Grantors. 
 (c) At the request of the Administrative Agent, with respect to each contract with an Applicable Governmental Authority (as defined below), (i) provide to the Administrative Agent all such documents
and instruments, and take all such actions, as shall reasonably be requested by the Administrative Agent to enable the Administrative Agent to comply with the requirements of the Federal Assignment of Claims Act or any other applicable Laws to
perfect its security interest in such Receivables and obtain the benefits of such Act or Law with respect thereto and (ii) otherwise comply with its obligations under Section 5.3(c) with respect thereto. As used in this paragraph,
the term “Applicable Governmental Authority” shall mean any Governmental Authority the Laws applicable to which provide that, for a creditor of a Person to which such Governmental Authority has an obligation to pay money, whether
pursuant to a Receivable, a General Intangible or otherwise, to perfect such creditor’s Lien on such obligation and/or to obtain the full benefits of such Lien and such Laws, certain notice, filing, recording or other similar actions other than
the filing of a financing statement under the Uniform Commercial Code must be given, executed, filed, recorded, delivered or completed, including, without limitation, any Federal Governmental Authority to which the Federal Assignment of Claims Act
of 1940 is applicable. 

  
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 5.7. Intellectual Property. (a) Such Grantor (either itself or through
licensees) will (i) continue to use each Trademark material to its business in order to maintain such Trademark in full force free from any claim of abandonment for non-use, (ii) maintain as in the past the quality of products and services
offered under such Trademark, (iii) use such Trademark with the appropriate notice of registration and all other notices and legends required by applicable Laws, (iv) not adopt or use any mark which is confusingly similar or a colorable
imitation of such Trademark unless the Administrative Agent, for the ratable benefit of the Secured Parties, shall obtain a perfected security interest in such mark pursuant to this Agreement, and (v) not (and not permit any licensee or
sublicensee thereof to) do any act or knowingly omit to do any act whereby such Trademark may become invalidated or impaired in any way. 
 (b) Such Grantor (either itself or through licensees) will not do any act, or omit to do any act, whereby any Patent material to its business may become forfeited, abandoned or dedicated to the public.

 (c) Such Grantor (either itself or through licensees) (i) will employ each Copyright material to its business and
(ii) will not (and will not permit any licensee or sublicensee thereof to) do any act or knowingly omit to do any act whereby any material portion of such Copyrights may become invalidated or otherwise impaired. Such Grantor will not (either
itself or through licensees) do any act whereby any material portion of such Copyrights may fall into the public domain. 
 (d)
Such Grantor (either itself or through licensees) will not do any act that knowingly uses any Intellectual Property material to its business to infringe the intellectual property rights of any other Person. 

(e) Such Grantor will notify the Administrative Agent promptly if it knows, or has reason to know, that any application or registration
relating to any material Intellectual Property may become forfeited, abandoned or dedicated to the public, or of any adverse determination or development (including, without limitation, the institution of, or any such determination or development
in, any proceeding in the United States Patent and Trademark Office, the United States Copyright Office or any court or tribunal in any country) regarding such Grantor’s ownership of, or the validity of, any such Intellectual Property or such
Grantor’s right to register the same or to own and maintain the same. 
 (f) Whenever such Grantor, either by itself or
through any agent, employee, licensee or designee, shall file an application for the registration of any Intellectual Property with the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency in
any other country or any political subdivision thereof, such Grantor shall report such filing to the Administrative Agent concurrently with the next delivery of financial statements of the Borrower pursuant to Section 6.01 of the Credit
Agreement. Upon the request of the Administrative Agent, such Grantor shall execute and deliver, and have recorded, any and all agreements, instruments, documents, and papers as the Administrative Agent may request to evidence the Administrative
Agent’s security interest in any Copyright, Patent or Trademark and the goodwill and general intangibles of such Grantor relating thereto or represented thereby. 

  
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 (g) Such Grantor will take all reasonable and necessary steps to maintain and pursue each
application (and to obtain the relevant registration) and to maintain each registration of all material Intellectual Property owned by it. 
 (h) In the event that any material Intellectual Property is infringed upon, misappropriated or diluted by a third party, such Grantor shall (i) take such actions as such Grantor shall reasonably deem
appropriate under the circumstances to protect such Intellectual Property and (ii) if such Intellectual Property is of material economic value, promptly notify the Administrative Agent after it learns thereof and sue for infringement,
misappropriation or dilution, to seek injunctive relief where appropriate and to recover any and all damages for such infringement, misappropriation or dilution. 
 5.8. Commercial Tort Claims. If such Grantor shall obtain an interest in any Commercial Tort Claim as to which it determines that it reasonably expects to recover more than $100,000, such Grantor
shall within 30 days of making such determination sign and deliver documentation acceptable to the Administrative Agent granting a security interest under the terms and provisions of this Agreement in and to such Commercial Tort Claim. 

5.9. Depositary and Other Deposit Accounts. No Grantor shall open any Deposit Accounts unless such Grantor shall have given the
Administrative Agent 30 days’ prior written notice of its intention to open any such new Deposit Accounts. The Grantors shall deliver to the Administrative Agent a revised version of Schedule 6 showing any changes thereto within 5
days of any such change. Each Grantor hereby authorizes the financial institutions at which such Grantor maintains a Deposit Account to provide the Administrative Agent with such information with respect to such Deposit Account as the Administrative
Agent may from time to time reasonably request, and each Grantor hereby consents to such information being provided to the Administrative Agent. Such Grantor will, upon the Administrative Agent’s request, cause each financial institution at
which such Grantor maintains a Deposit Account to enter into a bank agency or other similar agreement with the Administrative Agent and such Grantor, in form and substance satisfactory to the Administrative Agent, in order to give the Administrative
Agent “control” (as defined in the UCC) of such Deposit Account. 
 5.10. Other Matters. 

(a) Promptly (but in any event within 30 days or such longer period as the Administrative Agent in its sole discretion may permit)
following the request of the Administrative Agent, such Grantor shall use commercially reasonable efforts to cause to be delivered to the Administrative Agent landlord waivers and access letters (in form and substance satisfactory to the
Administrative Agent) with respect to (a) any bailee with which such Grantor keeps Inventory or other assets and (b) any landlord which leases real property (and the accompanying facilities) to any of the Grantors. 

(b) Such Grantor shall, at any time and from time and to time, take such steps as the Administrative Agent may reasonably request for the
Administrative Agent (i) to obtain an 

  
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acknowledgement, in form and substance reasonably satisfactory to the Administrative Agent, of any bailee having possession of any of the Collateral, stating that the bailee holds such Collateral
for the Administrative Agent, (ii) to obtain “control” (as defined in the UCC) of any Letter-of-Credit Rights, or Electronic Chattel Paper, with any agreements establishing control to be in form and substance reasonably satisfactory
to the Administrative Agent, and (iii) otherwise to insure the continued perfection and priority of the Administrative Agent’s security interest in any of the Collateral and of the preservation of its rights therein. 

(c) Without limiting the generality of the foregoing, if any Grantor at any time holds or acquires an interest in any Electronic Chattel
Paper or any “transferable record”, as that term is defined in Section 201 of the Federal Electronic Signatures in Global and National Commerce Act, or in §16 of the Uniform Electronic Transactions Act as in effect in any
relevant jurisdiction, such Grantor shall promptly notify the Administrative Agent thereof and, at the request of the Administrative Agent, shall take such action as the Administrative Agent may reasonably request to vest in the Administrative Agent
“control” under Section 9-105 of the UCC of such Electronic Chattel Paper or “control” under Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or, as the case may be, §16 of the
Uniform Electronic Transactions Act, as so in effect in such jurisdiction, of such transferable record. 
 SECTION 6. REMEDIAL
PROVISIONS 
 6.1. Certain Matters Relating to Receivables. (a) At any time and from time to time after the
occurrence and during the continuance of an Event of Default, the Administrative Agent shall have the right to make test verifications of the Receivables in any manner and through any medium that it reasonably considers advisable, and each Grantor
shall furnish all such assistance and information as the Administrative Agent may require in connection with such test verifications. At any time and from time to time after the occurrence and during the continuance of an Event of Default, upon the
Administrative Agent’s request and at the expense of the relevant Grantor, such Grantor shall cause independent public accountants or others satisfactory to the Administrative Agent to furnish to the Administrative Agent reports showing
reconciliations, agings and test verifications of, and trial balances for, the Receivables. 
 (b) The Administrative Agent
hereby authorizes each Grantor to collect such Grantor’s Receivables required to be included in Collateral and, subject to the terms of the Intercreditor Agreement, the Administrative Agent may curtail or terminate such authority at any time
after the occurrence and during the continuance of an Event of Default. 
 (c) Except as set forth in Section 6.1(d)
below, each Grantor shall cause all collections and/or payments in respect of Receivables or other Collateral and all other Proceeds thereof to be promptly (and, in any event, within 2 Business Days) paid into one or more deposit accounts subject to
an Account Control Agreement in accordance with procedures and arrangements reasonably acceptable to the Administrative Agent and subject only to such changes as may be approved in advance by the Administrative Agent. To the extent that any
collections and/or payments in respect of Receivables or other Collateral and all other Proceeds thereof are not sent directly to such accounts in accordance with procedures and arrangements reasonably acceptable to the Administrative Agent, such
collections, payments and/or proceeds shall be held in trust for the benefit of the Secured Parties and immediately remitted for transfer to such accounts. 

  
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 (d) Subject to the terms of the Intercreditor Agreement, if required by the Administrative
Agent at any time after the occurrence and during the continuance of an Event of Default, any payments of Receivables, when collected by any Grantor, (i) shall be promptly (and, in any event, within 2 Business Days) deposited by such Grantor in
the exact form received, duly indorsed by such Grantor to the Administrative Agent if required, in a collateral account maintained under the sole dominion and control of the Administrative Agent, subject to withdrawal by the Administrative Agent for
the account of the Secured Parties only as provided in Section 8.03 of the Credit Agreement, and (ii) until so turned over, shall be held by such Grantor in trust for the Secured Parties, segregated from other funds of such Grantor.
Each such deposit of Proceeds of Receivables shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in the deposit. 
 (e) At any time and from time to time after the occurrence and during the continuance of an Event of Default, at the Administrative Agent’s request, each Grantor shall deliver to the Administrative
Agent all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to the Receivables, including all original orders, invoices and shipping receipts. 

6.2. Communications with Obligors; Grantors Remain Liable. (a) The Administrative Agent in its own name or in the name of
others may at any time after the occurrence and during the continuance of an Event of Default, communicate with obligors under the Receivables to verify with them to the Administrative Agent’s satisfaction the existence, amount and terms of any
Receivables. 
 (b) Upon the request of the Administrative Agent at any time after the occurrence and during the continuance of
an Event of Default, each Grantor shall notify obligors on the Receivables that the Receivables have been assigned to the Administrative Agent for the ratable benefit of the Secured Parties and that payments in respect thereof shall be made directly
to the Administrative Agent. 
 (c) Anything herein to the contrary notwithstanding, each Grantor shall remain liable under each
of the Receivables to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise thereto. No Secured Party shall have any obligation or
liability under any Receivable (or any agreement giving rise thereto) by reason of or arising out of this Agreement or the receipt by any Secured Party of any payment relating thereto, nor shall any Secured Party be obligated in any manner to
perform any of the obligations of any Grantor under or pursuant to any Receivable (or any agreement giving rise thereto), to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the
sufficiency of any performance by any party thereunder, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to it or to which it may be entitled at any
time or times. 

  
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 (d) For the purpose of enabling the Administrative Agent to exercise rights and remedies
under this Agreement, each Grantor hereby grants, to the Administrative Agent, an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to such Grantor) to use, or license or sublicense, any Intellectual
Property now owned or hereafter acquired by such Grantor, and wherever the same may be located, and including in such license 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. 
 6.3. Investment Property. (a) Unless an Event of Default shall have
occurred and be continuing and the Administrative Agent shall have given notice to the relevant Grantor of the Administrative Agent’s intent to exercise its corresponding rights pursuant to Section 6.3(b), each Grantor shall be
permitted to receive all cash dividends and distributions paid in respect of the Pledged Equity and all payments made in respect of the Pledged Notes, in each case to the extent permitted in the Credit Agreement, and to exercise all voting and
corporate or other organizational rights with respect to the Investment Property; provided, that no vote shall be cast or other right exercised or action taken which could impair the Collateral or which would be inconsistent with or result in
any violation of any provision of the Credit Agreement, this Agreement or any other Loan Document. 
 (b) If an Event of Default
shall occur and be continuing and the Administrative Agent shall give notice of its intent to exercise such rights to the relevant Grantor or Grantors, (i) the Administrative Agent shall have the right to receive any and all cash dividends and
distributions, payments (including sums paid upon the liquidation or dissolution of any Issuer or in connection with any distribution of capital) or other Proceeds paid in respect of the Investment Property and make application thereof to the
Secured Obligations in accordance with the provisions of the Credit Agreement and (ii) any or all of the Investment Property shall be registered in the name of the Administrative Agent or its nominee, and the Administrative Agent or its nominee
may thereafter exercise (x) all voting, corporate and other rights pertaining to such Investment Property at any meeting of holders of the Equity Interests of the relevant Issuer or Issuers or otherwise and (y) any and all rights of
conversion, exchange and subscription and any other rights, privileges or options pertaining to such Investment Property as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of
the Investment Property upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate or other organizational structure of any Issuer, or upon the exercise by any Grantor or the Administrative Agent of
any right, privilege or option pertaining to such Investment Property, and in connection therewith, the right to deposit and deliver any and all of the Investment Property with any committee, depositary, transfer agent, registrar or other designated
agency upon such terms and conditions as the Administrative Agent may determine), all without liability except to account for property actually received by it, but the Administrative Agent shall have no duty to any Grantor to exercise any such
right, privilege or option and shall not be responsible for any failure to do so or delay in so doing. If any sums of money paid or distributed in respect of Investment Property, which the Administrative Agent shall be entitled to receive pursuant
to clause (i) above, shall be received by a Grantor, such Grantor shall, until such money is paid to the Administrative Agent, hold such money in trust for the Secured Parties as additional collateral for the Secured Obligations. 

  
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 (c) Subject to the terms of the Intercreditor Agreement, each Grantor hereby authorizes and
instructs each Issuer of any Investment Property pledged by such Grantor hereunder to (i) comply with any instruction received by it from the Administrative Agent in writing that (x) states that an Event of Default has occurred and is
continuing and (y) is otherwise in accordance with the terms of this Agreement, without any other or further instructions from such Grantor, and each Grantor agrees that each Issuer shall be fully protected in so complying, and (ii) unless
otherwise expressly permitted hereby, pay any dividends, distributions or other payments with respect to the Investment Property directly to the Administrative Agent. 
 6.4. Proceeds to be Turned Over to Administrative Agent. If an Event of Default occurs and is continuing, all Proceeds received by any Grantor consisting of cash, checks and other near-cash items
shall be held by such Grantor in trust for the Secured Parties, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned over to the Administrative Agent in the exact form received by such Grantor
(duly indorsed by such Grantor to the Administrative Agent, if required). All Proceeds received by the Administrative Agent hereunder shall be held by the Administrative Agent in a collateral account maintained under its sole dominion and control.
All Proceeds, while held by the Administrative Agent in any collateral account (or by such Grantor in trust for the Secured Parties), shall continue to be held as collateral security for the Secured Obligations and shall not constitute payment
thereof until applied in accordance with Section 8.03 of the Credit Agreement. 
 6.5. Code and Other
Remedies. If an Event of Default occurs and is continuing, the Administrative Agent, on behalf of the Secured Parties, may exercise, in addition to all other rights and remedies granted to them in this Agreement and in any other instrument or
agreement securing, evidencing or relating to the Secured Obligations, all rights and remedies of a secured party under the UCC or any other applicable law. Without limiting the generality of the foregoing, if an Event of Default occurs and is
continuing, the Administrative Agent, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Grantor or any other Person (all and
each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give
option or options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office
of any Secured Party or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. The Secured Parties shall have the
right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Grantor, which right or
equity is hereby waived and released. Each Grantor further agrees, at the Administrative Agent’s request following and during the continuance of an Event of Default, to assemble the Collateral and make it available to the Administrative Agent
at places which the Administrative Agent shall reasonably select, whether at such Grantor’s premises or elsewhere. The Administrative Agent shall apply the net proceeds of any action taken by it pursuant to this Section 6.5 in
accordance with Section 8.03 of the Credit Agreement, and only after such application and after the payment by the Administrative Agent of any other 

  
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amount required by any provision of law, including, Section 9-615(a)(3) of the UCC, need the Administrative Agent account for the surplus, if any, to any Grantor. To the extent permitted by
applicable law, each Grantor waives all claims, damages and demands it may acquire against any Secured Party arising out of the exercise by such Secured Party or it sub-agents of any rights hereunder. If any notice of a proposed sale or other
disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such sale or other disposition. 
 6.6. Registration Rights. (a) Subject to the terms of the Intercreditor Agreement, if the Administrative Agent shall determine to exercise its rights to sell all or any of the Pledged Equity
pursuant to Section 6.5, and if, in the opinion of the Administrative Agent, it is necessary or advisable to have the Pledged Equity, or that portion thereof to be sold, registered under the provisions of the Securities Act, then if the
Pledged Equity of the relevant Issuer can be registered pursuant to the provisions of the Securities Act and in accordance with the rules and regulations of the SEC applicable thereto, the relevant Grantor will cause the Issuer thereof to
(i) execute and deliver, and cause the directors and officers of such Issuer to execute and deliver, all such instruments and documents, and do or cause to be done all such other acts as may be, in the opinion of the Administrative Agent,
necessary or advisable to register the Pledged Equity, or that portion thereof to be sold, under the provisions of the Securities Act, (ii) use its best efforts to cause the registration statement relating thereto to become effective and to
remain effective for a period of one year from the date of the first public offering of the Pledged Equity, or that portion thereof to be sold, and (iii) make all amendments thereto and/or to the related prospectus which, in the opinion of the
Administrative Agent, are necessary or advisable, all in conformity with the requirements of the Securities Act and the rules and regulations of the SEC applicable thereto. Each Grantor agrees to cause such Issuer to comply with the provisions of
the securities or “Blue Sky” laws of any and all jurisdictions which the Administrative Agent shall designate and to make available to its security holders, as soon as practicable, an earnings statement (which need not be audited) which
will satisfy the provisions of Section 11(a) of the Securities Act. 
 (b) Each Grantor recognizes that the Administrative
Agent may be unable to effect a public sale of any or all the Pledged Equity, by reason of certain prohibitions contained in the Securities Act and applicable state securities laws or otherwise, and may be compelled to resort to one or more private
sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Each Grantor
acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made
in a commercially reasonable manner. The Administrative Agent shall be under no obligation to delay a sale of any of the Pledged Equity for the period of time necessary to permit the Issuer thereof to register such securities or other interest for
public sale under the Securities Act, or under applicable state securities laws, even if such Issuer would agree to do so. 

(c) Each Grantor agrees to use its best efforts to do or cause to be done all such other acts as may be necessary to make such sale or
sales of all or any portion of the Pledged Equity pursuant to this Section 6.6 valid and binding and in compliance with any and all other applicable Laws. Each Grantor further agrees that a breach of any of the covenants contained in

  
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this Section 6.6 will cause irreparable injury to the Secured Parties, that the Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that
each and every covenant contained in this Section 6.6 may be specifically enforceable against such Grantor, and such Grantor hereby waives, to the fullest extent permitted by applicable law, and agrees not to assert any defenses against
an action for specific performance of such covenants except for a defense that no Event of Default has occurred and is continuing under the Credit Agreement. 
 6.7. Waiver; Deficiency. Each Grantor waives and agrees not to assert any rights or privileges which it may acquire under Section 9-626 of the UCC (or the Uniform Commercial Code as in effect
in any applicable jurisdiction). Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay the Secured Obligations in full and the fees and disbursements of any
attorneys employed by any Secured Party to collect such deficiency. 
 SECTION 7. THE ADMINISTRATIVE AGENT 

7.1. Administrative Agent’s Appointment as Attorney-in-Fact, etc. (a) Subject to the terms of the Intercreditor
Agreement, each Grantor hereby irrevocably constitutes and appoints the Administrative Agent and any officer or agent thereof, 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 Grantor and in the name of such Grantor or in its own name, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be
necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, each Grantor hereby gives the Administrative Agent the power and right, on behalf of such Grantor, without notice to or
assent by such Grantor, to do any or all of the following: 
 (i) in the name of such Grantor or its own name, or
otherwise, take possession of and indorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under any Receivable or with respect to any other Collateral and file any claim or take any other action
or proceeding in any court of law or equity or otherwise deemed appropriate by the Administrative Agent for the purpose of collecting any and all such moneys due under any Receivable or with respect to any other Collateral whenever payable;

 (ii) in the case of any Intellectual Property, execute and deliver, and have recorded, any and all agreements,
instruments, documents and papers as the Administrative Agent may request to evidence the Administrative Agent’s security interest in such Intellectual Property and the goodwill and general intangibles of such Grantor relating thereto or
represented thereby; 
 (iii) pay or discharge taxes and Liens levied or placed on or threatened against the
Collateral, effect any repairs or any insurance called for by the terms of this Agreement and pay all or any part of the premiums therefor and the costs thereof; 

  
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 (iv) execute, in connection with any sale provided for in
Section 6.5 or 6.6, any indorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral; and 
 (v) (1) direct any party liable for any payment under any of the Collateral to make payment of any and all moneys due or to become due thereunder directly to the Administrative Agent or as the
Administrative Agent shall direct; (2) ask or demand for, collect, and receive payment of and receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral;
(3) sign and indorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications, notices and other documents in connection with any of the Collateral;
(4) commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any portion thereof and to enforce any other right in respect of any Collateral;
(5) defend any suit, action or proceeding brought against such Grantor with respect to any Collateral; (6) settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases as
the Administrative Agent may deem appropriate; (7) assign any Copyright, Patent or Trademark, throughout the world for such term or terms, on such conditions, and in such manner, as the Administrative Agent shall in its sole discretion
determine; (8) vote any right or interest with respect to any Investment Property; (9) order good standing certificates and conduct lien searches in respect of such jurisdictions or offices as the Administrative Agent may deem appropriate;
and (10) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes, and do,
at the Administrative Agent’s option and such Grantor’s expense, at any time, or from time to time, all acts and things which the Administrative Agent deems necessary to protect, preserve or realize upon the Collateral and the
Administrative Agent’s security interests therein and to effect the intent of this Agreement, all as fully and effectively as such Grantor might do. 
 Anything in this Section 7.1(a) to the contrary notwithstanding, the Administrative Agent agrees that it will not exercise any rights under the power of attorney provided for in this
Section 7.1(a) unless an Event of Default shall have occurred and be continuing. 
 (b) If any Grantor fails to
perform or comply with any of its agreements contained herein, the Administrative Agent, at its option, but without any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement. 

(c) The out-of-pocket expenses of the Administrative Agent incurred in connection with actions undertaken as provided in this
Section 7.1, together with interest thereon at the Default Rate from the date of payment by the Administrative Agent to the date reimbursed by the relevant Grantor, shall be payable by such Grantor to the Administrative Agent on demand.

 (d) Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. All powers,
authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the security interests created hereby are released. 

  
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 7.2. Duty of Administrative Agent. The Administrative Agent’s sole duty with
respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the UCC or otherwise, shall be to deal with it in the same manner as the Administrative Agent deals with similar property
for its own account. Neither the Administrative Agent nor any other Secured Party nor any of their respective Related Parties shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall
be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the
Administrative Agent hereunder are solely to protect the Secured Parties’ interests in the Collateral and shall not impose any duty upon any Secured Party to exercise any such powers. The Secured Parties shall be accountable only for amounts
that they actually receive as a result of the exercise of such powers, and neither they nor any of their respective Related Parties shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or
willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. 
 7.3. Financing
Statements. Pursuant to any applicable law, each Grantor authorizes the Administrative Agent to file or record financing statements and other filing or recording documents or instruments with respect to the Collateral without the signature of
such Grantor in such form and in such offices as the Administrative Agent determines appropriate to perfect the security interests of the Administrative Agent under this Agreement. Each Grantor authorizes the Administrative Agent to use the
collateral description “all personal property” or “all assets” in any such financing statements. Each Grantor hereby ratifies and authorizes the filing by the Administrative Agent of any financing statement with respect to the
Collateral made prior to the date hereof; provided that, at the reasonable request of any Grantor, the Administrative Agent shall amend any such statement (and any other financing statement filed by the Administrative Agent in connection with
this Agreement) to exclude any property that is released from, or otherwise not included in, the Collateral. 
 7.4.
Authority of Administrative Agent. Each Grantor acknowledges that the rights and responsibilities of the Administrative Agent under this Agreement with respect to any action taken by the Administrative Agent or the exercise or non-exercise by
the Administrative Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Administrative Agent and the Secured Parties, be governed by
Article IX of the Credit Agreement and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Administrative Agent and the Grantors, the Administrative Agent shall be conclusively presumed
to be acting as agent for the Secured Parties with full and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority. 

  
 22 

 SECTION 8. MISCELLANEOUS 

8.1. Amendments. Neither this Agreement nor any Assumption Agreement nor any portion or provision hereof or thereof may be waived,
amended, supplemented or otherwise modified except in accordance with Section 10.01 of the Credit Agreement. 
 8.2.
Notices. Any notice required or permitted hereunder or under any Assumption Agreement shall be given, (a) with respect to each Grantor, at the address of the Borrower indicated in Schedule 10.02 of the Credit Agreement and
(b) with respect to the Administrative Agent or any other Secured Party, at the Administrative Agent’s address indicated in Schedule 10.02 of the Credit Agreement. All such addresses may be modified, and all such notices shall be
given and shall be effective, as provided in Section 10.02 of the Credit Agreement for the giving and effectiveness of notices and modifications of addresses thereunder. 

8.3. No Waiver by Course of Conduct; Cumulative Remedies. Neither the Administrative Agent nor any other Secured Party shall by
any act (except by a written instrument pursuant to Section 8.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default. No failure to exercise, nor any delay
in exercising, on the part of any Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof
or the exercise of any other right, power or privilege. A waiver by any Secured Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Administrative Agent or such Secured Party
would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 

8.4. Expenses; Indemnity; Damage Waiver. (a) Each Guarantor agrees, on a joint and several basis, to pay or reimburse the
Administrative Agent and each Secured Party for all its out-of-pocket costs and expenses (including the fees, charges and disbursements of any counsel for the such Secured Party) incurred in collecting against such Guarantor under the guarantee
contained in Section 2 or otherwise enforcing or preserving any rights under this Agreement and the other Loan Documents to which such Guarantor is a party. 
 (b) Each Guarantor agrees to pay, and to save the Administrative Agent and each Secured Party harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all
stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by this Agreement. 

(c) Each Guarantor agrees to indemnify the Administrative Agent (and any sub-agent thereof) and each Lender, and each Related Party of
any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, incurred by any Indemnitee or
asserted against any Indemnitee by any third party or by the Borrower or any other Grantor arising out of, in connection with, or as a result of the execution, delivery, enforcement, performance and administration of this Agreement to the extent the
Borrower would be required to do so pursuant to Section 10.04 of the Credit Agreement. 

  
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 (d) To the fullest extent permitted by applicable law, each Guarantor shall not assert, and
hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any
other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in Section 8.4(c) above
shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission
systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as
determined by a final and nonappealable judgment of a court of competent jurisdiction. 
 (e) All amounts due under this Section
shall be payable not later than 10 Business Days after demand therefor. 
 (f) The agreements in this Section 8.4
shall survive repayment of the Obligations and all other amounts payable under the Credit Agreement and the Facility Termination Date. 
 8.5. Binding Agreement; Assignment. This Agreement and each Assumption Agreement, and the terms, covenants and conditions hereof and thereof, shall be binding upon and inure to the benefit of the
parties hereto, and to their respective successors and assigns, except that no Grantor shall be permitted to assign this Agreement, any Assumption Agreement or any interest herein or therein or, except as expressly permitted herein or in the Credit
Agreement, in the Collateral or any part thereof or interest therein. Without limiting the generality of the foregoing sentence of this Section 8.5, any Lender may assign to one or more Persons, or grant to one or more Persons
participations in or to, all or any part of its rights and obligations under the Credit Agreement (to the extent permitted by the Credit Agreement); and to the extent of any such assignment or participation such other Person shall, to the fullest
extent permitted by law, thereupon become vested with all the benefits in respect thereof granted to such Lender herein or otherwise, subject however, to the provisions of the Credit Agreement, including Article IX thereof (concerning the
Administrative Agent) and Section 10.06 thereof (concerning assignments and participations). All references herein to the Administrative Agent and to the Secured Parties shall include any successor thereof or permitted assignee, and any
other obligees from time to time of the Secured Obligations. 
 8.6. Setoff. In addition to any rights now or hereafter
granted under applicable law or otherwise, and not by way of limitation of any such rights, during the continuance of an Event of Default, each Secured Party is hereby authorized at any time or from time to time, without presentment, demand, protest
or other notice of any kind to any Grantor, any such notice being hereby expressly waived by each Grantor to the fullest extent permitted by applicable law to set off and to appropriate and apply any and all deposits (general or special, time or
demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Secured Party to or for the credit or the account of any Grantor against and on account of the Obligations of
such Grantor then due and payable to any Secured Party under this Agreement or any of the other Loan Documents, and all other claims of 

  
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any nature or description then due and payable arising out of or connected herewith or therewith, irrespective of whether or not the Administrative Agent or such Secured Party shall have made any
demand hereunder and although said deposits or other obligations owing by such Secured Party, or any of them, shall be contingent or unmatured. The applicable Secured Party shall notify such Grantor promptly of any such setoff and the application
made by such Secured Party of the proceeds thereof, provided that the failure to give such notice shall not affect the validity of such setoff and application. The rights of the Secured Parties under this Section 8.6 are in
addition to other rights and remedies (including, without limitation, other rights of setoff) which such Secured Parties may otherwise have. 
 8.7. Counterparts. This Agreement may be executed in any number of counterparts each of which when so executed and delivered shall be deemed an original, and it shall not be necessary in making
proof of this Agreement to produce or account for more than one such counterpart executed by the Grantor against whom enforcement is sought. Without limiting the foregoing provisions of this Section 8.7, the provisions of
Section 10.10 of the Credit Agreement shall be applicable to this Agreement. 
 8.8. Severability. If any
provision of this Agreement is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby and (b) the parties shall
endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity
of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 8.9. Rules of Interpretation. The rules of interpretation contained in Section 1.02 of the Credit Agreement shall be applicable to this Agreement and each Assumption Agreement and are
hereby incorporated by reference. Where the context requires, terms relating to the Collateral or any part thereof, when used in relation to a Grantor, shall refer to such Grantor’s Collateral or the relevant part thereof. All representations
and warranties contained herein shall survive the delivery of documents and any Credit Extensions referred to herein or secured hereby. 
 8.10. Integration. This Agreement and each Assumption Agreement, together with the Credit Agreement and other Loan Documents, constitutes and expresses the entire understanding between the parties
hereto with respect to the subject matter hereof, and supersedes all prior negotiations, agreements and understandings, inducements, commitments or conditions, express or implied, oral or written, except as contained in the Loan Documents. The
express terms hereof and of the Assumption Agreements control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof or thereof. 

8.11. [Intentionally omitted] 
 8.12. Governing Law; Jurisdiction; Etc.  
 (a) THIS AGREEMENT AND EACH
ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

  
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 (b) EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY,
TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY ASSUMPTION AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE
CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR ANY ASSUMPTION AGREEMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT MAY OTHERWISE HAVE TO
BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY ASSUMPTION AGREEMENT AGAINST ANY GRANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 (c) EACH GRANTOR IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY ASSUMPTION AGREEMENT IN ANY COURT REFERRED TO IN PARAGRAPH (b) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 
 (d) EACH PARTY
HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 8.2. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 8.13. Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY ASSUMPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT
OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR 

  
 26 

 
ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT OR ANY ASSUMPTION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

8.14. Acknowledgments. Each Grantor hereby acknowledges that: 

(a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan
Documents to which it is a party; 
 (b) neither the Administrative Agent nor any other Secured Party has any
fiduciary relationship with or duty to any Grantor arising out of or in connection with this Agreement or the other Loan Documents, and the relationship between the Grantors, on the one hand, and the Administrative Agent and the other Secured
Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and 
 (c)
no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Secured Parties or among the Grantors and the Secured Parties. 

8.15. Additional Grantors. Each Subsidiary of the Borrower that is required to become a party to this Agreement pursuant to
Section 6.12 of the Credit Agreement shall become a Grantor for all purposes of this Agreement upon execution and delivery by such Subsidiary of an Assumption Agreement in the form of Annex 1 hereto. 

8.16. Reinstatement. The guarantee contained in Section 2 and the grant of a security interest in the Collateral
contained in Section 3 and the other provisions hereof shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Secured Obligations is rescinded or must otherwise be returned by any
Secured Party or is repaid by any Secured Party in whole or in part in good faith settlement of a pending or threatened avoidance claim, whether upon the insolvency, bankruptcy or reorganization of any Grantor or any other Loan Party or otherwise,
all as though such payment had not been made. The provisions of this Section 8.16 shall survive repayment of all of the Secured Obligations and the termination or expiration of this Agreement in any manner, including but not limited to
termination upon occurrence of the Facility Termination Date. 
 8.17. Additional Interests. If any Grantor shall at any
time acquire or hold any additional Pledged Equity, including any Pledged Equity issued by any Issuer not listed on Schedule 1 hereto which are required to be subject to a Lien pursuant to this Agreement by the terms hereof or of any
provision of the Credit Agreement (any such shares being referred to herein as the “Additional Interests”), such Grantor shall deliver to the Administrative Agent for the ratable benefit of the Secured Parties (i) a Supplement
in the form of Annex 2 hereto with respect to such Additional Interests duly completed and executed by such Grantor and (iii) any other document required in connection with such Additional Interests as described in
Section 5.1. 

  
 27 

 
Each Grantor shall comply with the requirements of this Section 8.17 concurrently with the acquisition of any such Additional Interests or, in the case of Additional Interests to
which Section 6.12 of the Credit Agreement applies, within the time period specified in such Section or elsewhere in the Credit Agreement with respect to such Additional Interests; provided, however, that the failure to
comply with the provisions of this Section 8.17 shall not impair the Lien on Additional Interests conferred hereunder. 
 8.18. Releases. (a) Subject to the provisions of Section 8.16, the Collateral shall be released from the Liens created hereby, and this Agreement and all obligations (other than
those expressly stated to survive such termination) of the Administrative Agent and each Grantor hereunder shall terminate on the Facility Termination Date, all without delivery of any instrument or performance of any act by any party, and all
rights to the Collateral shall revert to the Grantors. At the request and sole expense of any Grantor following any such termination, the Administrative Agent shall deliver to such Grantor any Collateral held by the Administrative Agent hereunder
and execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination. 

(b) Notwithstanding anything contained herein to the contrary, if any of the Collateral shall be sold, transferred or otherwise disposed
of by any Grantor in a transaction permitted by the Credit Agreement, then (i) the Liens created hereby on such Collateral (but not the Proceeds thereof) shall automatically be released and (ii) the Administrative Agent, at the request and
sole expense of such Grantor, shall execute and deliver to such Grantor all releases or other documents reasonably necessary or desirable for the release of the Liens created hereby on such Collateral. At the request and at the sole expense of the
Borrower, a Guarantor shall be released from its obligations hereunder in the event that such Person ceases to be a Subsidiary as a result of a transaction permitted by the Credit Agreement; provided that the Borrower shall have delivered to
the Administrative Agent, at least 10 Business Days prior to the date of the proposed release, a written request for release identifying the relevant Guarantor and the terms of the transaction in reasonable detail, together with a certification by
the Borrower stating that such transaction is in compliance with the Credit Agreement and the other Loan Documents. 
 8.19.
Conflicts with Certain Other Agreements. Notwithstanding anything to the contrary in this Security Agreement, subject to the terms of the Intercreditor Agreement and prior to the Discharge of Priority First Lien Indebtedness (as defined in
the Intercreditor Agreement), any obligation of the Grantors in this Agreement that requires delivery of Collateral to, possession or control of Collateral with, the pledge, assignment, endorsement or transfer of Collateral to or the registration of
Collateral in the name of, the Administrative Agent shall be deemed complied with and satisfied if such delivery of Collateral is made to, such possession or control of Collateral is with, or such Collateral be assigned, endorsed or transferred to
or registered in the name of, the Working Capital Agent; provided that, notwithstanding the foregoing, nothing contained in this Section 8.19 shall limit or otherwise adversely effect the grant of a lien on or a security interest in any
Collateral under Section 3 of this Agreement. To the extent that any representations or warranties set forth in this Agreement are untrue or incorrect solely as a result of the delivery to, or grant of possession or control to, the Working
Capital Agent in accordance with this Section 8.19, such representation or warranty shall not be deemed to be untrue or incorrect for purposes of this Agreement. 
 [Signature pages follow.] 

  
 28 

 IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee and Collateral
Agreement to be duly executed and delivered as of the date first above written. 
  

			
	GRANTORS:
	
	HILL INTERNATIONAL, INC.
		
	By:	 	 /s/ Irvin E. Richter

	Name:	 	Irvin E. Richter
	Title:	 	Chairman and Chief Executive Officer
	
	BOYKEN INTERNATIONAL, INC.
		
	By:	 	 /s/ Irvin E. Richter

	Name:	 	Irvin E. Richter
	Title:	 	Chairman
	
	HILL INTERNATIONAL (PUERTO RICO), INC.
		
	By:	 	 /s/ Irvin E. Richter

	Name:	 	Irvin E. Richter
	Title:	 	President
	
	HILL INTERNATIONAL DEVELOPMENT, INC.
		
	By:	 	 /s/ Irvin E. Richter

	Name:	 	Irvin E. Richter
	Title:	 	Chairman and Chief Executive Officer
	
	HILL INTERNATIONAL REAL ESTATE, LLC
		
	By:	 	 /s/ David L. Richter

	Name:	 	David L. Richter
	Title:	 	Chairman and Chief Executive Officer

 
			
	PCI GROUP, LLC
		
	By:	 	 /s/ Irvin E. Richter

	Name:	 	Irvin E. Richter
	Title:	 	Chairman and Chief Executive Officer
	
	TCM GROUP
		
	By:	 	 /s/ Irvin E. Richter

	Name:	 	Irvin E. Richter
	Title:	 	Chairman and Chief Executive Officer
	
	TRANSPORTATION CONSTRUCTION SERVICES, INC.
		
	By:	 	 /s/ Irvin E. Richter

	Name:	 	Irvin E. Richter
	Title:	 	Chairman and Chief Executive Officer
	
	TRS CONSULTANTS, INC.
		
	By:	 	 /s/ Irvin E. Richter

	Name:	 	Irvin E. Richter
	Title:	 	Chairman

 
			
	ADMINISTRATIVE AGENT:
	
	OBSIDIAN AGENCY SERVICES, INC., as Administrative Agent
		
	By:	 	 /s/ Mark Holdsworth

	Name:	 	Mark Holdsworth
	Title:	 	Managing Partner

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